公司财务英文课件 (1)
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Corporation 1.6 Regulation
Copyright © 2016 McGraw-Hill Education. All rights reHale Waihona Puke Baiduerved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-2
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
Cost Accounting Data Processing
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Know the goal of financial management Understand the conflicts of interest that can arise
between owners and managers Understand the various regulations that firms face
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
Shareholders’ Equity
1-7
The Financial Manager’s primary goal is to increase the value of the firm by:
1. Selecting value creating projects 2. Making smart financing decisions
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Financial markets
Short-term debt Long-term debt Equity shares
Taxes (D)
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
1-5
Current Assets
Fixed Assets 1 Tangible
How should the firm raise funds for the selected investments?
2 Intangible
Current Liabilities Long-Term
Debt
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-13
Double
Reinvestment and dividend payout
Broad latitude
General Partner is in charge; limited partners may have some voting rights
Partners pay taxes on distributions
Firm
Firm issues securities (A)
Invests in assets
(B)
Retained cash flows (F)
Current assets
Cash flow Dividends and
Fixed assets from firm (C) debt payments (E)
1-11
Liquidity
Corporation
Shares can be easily exchanged
Partnership
Subject to substantial restrictions
Voting Rights
Usually each share gets one vote
Taxation
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education..
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-8
investments? 3. How should short-term assets be managed and financed?
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-3
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-6
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Total Value of Assets:
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Total Firm Value to Investors: Current Liabilities
Long-Term Debt
Shareholders’ Equity
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Vice President and Chief Financial Officer (CFO)
Treasurer
Controller
Cash Manager
1.1 What is Corporate Finance? 1.2 The Corporate Firm 1.3 The Importance of Cash Flows 1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Net Working Capital
Current Liabilities
Long-Term Debt
How should short-term assets be managed and financed?
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-1
1-9
The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash.
However, businesses can take other forms.
Limited life
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-12
1-10
The Sole Proprietorship The Partnership
◦ General Partnership ◦ Limited Partnership
The Corporation
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-4
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm choose? 2. How should the firm raise funds for the selected
Chapter 1
Introduction to Corporate Finance
Know the basic types of financial management decisions and the role of the Financial Manager
Know the financial implications of the various forms of business organization
All net cash flow is distributed to partners
Liability Continuity
Limited liability Perpetual life
General partners may have unlimited liability; limited partners enjoy limited liability
Copyright © 2016 McGraw-Hill Education. All rights reHale Waihona Puke Baiduerved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-2
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
Cost Accounting Data Processing
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Know the goal of financial management Understand the conflicts of interest that can arise
between owners and managers Understand the various regulations that firms face
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
Shareholders’ Equity
1-7
The Financial Manager’s primary goal is to increase the value of the firm by:
1. Selecting value creating projects 2. Making smart financing decisions
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Financial markets
Short-term debt Long-term debt Equity shares
Taxes (D)
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
1-5
Current Assets
Fixed Assets 1 Tangible
How should the firm raise funds for the selected investments?
2 Intangible
Current Liabilities Long-Term
Debt
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-13
Double
Reinvestment and dividend payout
Broad latitude
General Partner is in charge; limited partners may have some voting rights
Partners pay taxes on distributions
Firm
Firm issues securities (A)
Invests in assets
(B)
Retained cash flows (F)
Current assets
Cash flow Dividends and
Fixed assets from firm (C) debt payments (E)
1-11
Liquidity
Corporation
Shares can be easily exchanged
Partnership
Subject to substantial restrictions
Voting Rights
Usually each share gets one vote
Taxation
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education..
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-8
investments? 3. How should short-term assets be managed and financed?
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-3
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-6
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Total Value of Assets:
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Total Firm Value to Investors: Current Liabilities
Long-Term Debt
Shareholders’ Equity
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Vice President and Chief Financial Officer (CFO)
Treasurer
Controller
Cash Manager
1.1 What is Corporate Finance? 1.2 The Corporate Firm 1.3 The Importance of Cash Flows 1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Net Working Capital
Current Liabilities
Long-Term Debt
How should short-term assets be managed and financed?
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-1
1-9
The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash.
However, businesses can take other forms.
Limited life
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-12
1-10
The Sole Proprietorship The Partnership
◦ General Partnership ◦ Limited Partnership
The Corporation
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-4
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm choose? 2. How should the firm raise funds for the selected
Chapter 1
Introduction to Corporate Finance
Know the basic types of financial management decisions and the role of the Financial Manager
Know the financial implications of the various forms of business organization
All net cash flow is distributed to partners
Liability Continuity
Limited liability Perpetual life
General partners may have unlimited liability; limited partners enjoy limited liability