公司理财第一章
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Corporation Liquidity Shares can be easily exchanged Usually each share gets one vote Double Broad latitude Partnership Subject to substantial restrictions General Partner is in charge; limited partners may have some voting rights Partners pay taxes on distributions All net cash flow is distributed to partners General partners may have unlimited liability; limited partners enjoy limited liability Limited life
• Advantages
– Limited liability – Unlimited life – Separation of ownership and management – Transfer of ownership is easy – Easier to raise capital
• Disadvantages
– Separation of ownership and management – Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)
1-17
A Comparison
Forms of Business Organization
• Three major forms in the United States
– Sole Proprietorship – Partnership
• General • Limited
– Corporation
• Limited Liability Company
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
Q1
• Which of the following questions are addressed by financial managers? I. How should a product be marketed? II. Should customers be given 30 or 45 days to pay for their credit purchases? III. Should the firm borrow more money? IV. Should the firm acquire new equipment?
Shareholders’ Equity
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice the pie. 70%50% 25% 30% DebtDebt Equity 50% 75% Equity
– Limited to life of owner – Equity capital limited to owner’s personal wealth – Unlimited liability – Difficult to sell ownership interest
1-15
Partnership
– Treasurer – oversees cash management, credit management, capital expenditures, and financial planning – Controller – oversees taxes, cost accounting, financial accounting and data processing
Current Liabilities Long-Term Debt
Current Assets
Fixed Assets 1 Tangible Shareholders’ Equity
2 Intangible
The Capital Budgeting Decision
Current Assets Current Liabilities
1-3
Corporate Finance
• Some important questions that are answered using finance:
– What long-term investments should the firm take on? – Where will we get the long-term financing to pay for the investment? – How will we manage the everyday financial activities of the firm?
1-4
Financial Manager
• Financial managers try to answer some or all of these questions • The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Current Assets Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets
1 Tangible
2 Intangible
How should short-term assets be managed and financed?
1-14
Sole Proprietorship
• Advantages
– Easiest to start – Least regulated – Single owner keeps all the profits – Taxed once as personal income
• Disadvantages
• What should be the goal of a corporation?
• Advantages
– Two or more owners – More capital available – Relatively easy to start – Income taxed once as personal income
• Disadvantages
– Unlimited liability
Fixed Assets
How should the firm raise funds for the selected investments?
Байду номын сангаас
Long-Term Debt
1 Tangible
2 Intangible
Shareholders’ Equity
Short-Term Asset Management
1-2
Chapter Outline
• • • • • Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation
Voting Rights
Taxation Reinvestment and dividend payout Liability
Limited liability
Continuity
Perpetual life
Q3
• Which of the following individuals have unlimited liability based on their ownership interest? I. general partner II. sole proprietor III. stockholder IV. limited partner
1-5
• Capital budgeting • Capital structure
Financial Management Decisions
– What long-term investments or projects should the business take on? – How should we pay for our assets? – Should we use debt or equity?
Q2
• Which of the following accounts are included in working capital management? I. accounts payable II. accounts receivable III. fixed assets IV. inventory
• Working capital management
– How do we manage the day-to-day finances of the firm?
1-6
Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
• General partnership • Limited partnership
– Partnership dissolves when one partner dies or wishes to sell – Difficult to transfer ownership
1-16
Corporation
Chapter 1 Introduction to Corporate Finance
McGraw-
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights
Key Concepts and Skills
• Know the basic types of financial management decisions and the role of the financial manager • Know the financial implications of the different forms of business organization • Know the goal of financial management • Understand the conflicts of interest that can arise between owners and managers • Understand the various types of financial markets
Long-Term Debt
Fixed Assets
1 Tangible
2 Intangible
What long-term investments should the firm choose?
Shareholders’ Equity
The Capital Structure Decision
Current Assets Current Liabilities
• Advantages
– Limited liability – Unlimited life – Separation of ownership and management – Transfer of ownership is easy – Easier to raise capital
• Disadvantages
– Separation of ownership and management – Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)
1-17
A Comparison
Forms of Business Organization
• Three major forms in the United States
– Sole Proprietorship – Partnership
• General • Limited
– Corporation
• Limited Liability Company
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
Q1
• Which of the following questions are addressed by financial managers? I. How should a product be marketed? II. Should customers be given 30 or 45 days to pay for their credit purchases? III. Should the firm borrow more money? IV. Should the firm acquire new equipment?
Shareholders’ Equity
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice the pie. 70%50% 25% 30% DebtDebt Equity 50% 75% Equity
– Limited to life of owner – Equity capital limited to owner’s personal wealth – Unlimited liability – Difficult to sell ownership interest
1-15
Partnership
– Treasurer – oversees cash management, credit management, capital expenditures, and financial planning – Controller – oversees taxes, cost accounting, financial accounting and data processing
Current Liabilities Long-Term Debt
Current Assets
Fixed Assets 1 Tangible Shareholders’ Equity
2 Intangible
The Capital Budgeting Decision
Current Assets Current Liabilities
1-3
Corporate Finance
• Some important questions that are answered using finance:
– What long-term investments should the firm take on? – Where will we get the long-term financing to pay for the investment? – How will we manage the everyday financial activities of the firm?
1-4
Financial Manager
• Financial managers try to answer some or all of these questions • The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Current Assets Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets
1 Tangible
2 Intangible
How should short-term assets be managed and financed?
1-14
Sole Proprietorship
• Advantages
– Easiest to start – Least regulated – Single owner keeps all the profits – Taxed once as personal income
• Disadvantages
• What should be the goal of a corporation?
• Advantages
– Two or more owners – More capital available – Relatively easy to start – Income taxed once as personal income
• Disadvantages
– Unlimited liability
Fixed Assets
How should the firm raise funds for the selected investments?
Байду номын сангаас
Long-Term Debt
1 Tangible
2 Intangible
Shareholders’ Equity
Short-Term Asset Management
1-2
Chapter Outline
• • • • • Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation
Voting Rights
Taxation Reinvestment and dividend payout Liability
Limited liability
Continuity
Perpetual life
Q3
• Which of the following individuals have unlimited liability based on their ownership interest? I. general partner II. sole proprietor III. stockholder IV. limited partner
1-5
• Capital budgeting • Capital structure
Financial Management Decisions
– What long-term investments or projects should the business take on? – How should we pay for our assets? – Should we use debt or equity?
Q2
• Which of the following accounts are included in working capital management? I. accounts payable II. accounts receivable III. fixed assets IV. inventory
• Working capital management
– How do we manage the day-to-day finances of the firm?
1-6
Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
• General partnership • Limited partnership
– Partnership dissolves when one partner dies or wishes to sell – Difficult to transfer ownership
1-16
Corporation
Chapter 1 Introduction to Corporate Finance
McGraw-
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights
Key Concepts and Skills
• Know the basic types of financial management decisions and the role of the financial manager • Know the financial implications of the different forms of business organization • Know the goal of financial management • Understand the conflicts of interest that can arise between owners and managers • Understand the various types of financial markets
Long-Term Debt
Fixed Assets
1 Tangible
2 Intangible
What long-term investments should the firm choose?
Shareholders’ Equity
The Capital Structure Decision
Current Assets Current Liabilities