公司理财英文第九版PPT
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1-16
Voting Rights
Taxation Reinvestment and dividend payout Liability
Limited liability
Continuity
Perpetual life
3 The Importance of Cash Flow
Firm
Invests in assets (B)
1-1
Course Description
the framework of modern theories of finance like portfolio theory and CAPM. Topics include the goals and functions of finance, corporate financial strategy, financial mathematics, project appraisal, risk analysis, capital structure, methods of financing operations and role of financial markets, dividend policies.
1-6
1 What Is Corporate Finance?
Corporate Finance addresses the following three questions:
1. 2. 3.
What long-term investments should the firm choose? How should the firm raise funds for the selected investments? How should short-term assets be managed and financed?
4 The Goal of Financial Management
What is the correct goal?
Maximize profit? Minimize costs? Maximize market share? Maximize shareholder wealth?
1-3
Assessment
Assessment item Weighting
Attendance and discussion Quiz 1-3 Final Examination Total Marks
20% 30% 50% 100%
1-4
Session 1
Introduction to Corporate Finance
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.
Increased growth and size are not necessarily equivalent to increased shareholder wealth
1-20
Managing Managers
Managerial
Incentives
compensation
2 Intangible
Shareholders’ Equity
1-10
Short-Term Asset Management
Current Assets
Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
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
Current assets Fixed assets Firm issues securities (A) Retained cash flows (F)
Financial markets
Short-term debt
Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
1-14
Forms of Business Organization
The Sole Proprietorship The Partnership
General Partnership Limited Partnership
The Corporation
1-15
A Comparison
Corporate Finance
Course outline
Basic information
Course title: Corporate finance Course number: 182J03AA1 Semester and year offered: Term 2, 20132014 Credit point value: 3 Huanghuiqin – E: huanghuiqin@nbu.edu.cn, TEL :87609673/628628
1-18
5 The Agency Problem
Agency
relationship
Principal
hires an agent to represent his/her interest Stockholders (principals) hire managers (agents) to run the company
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
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 various 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 regulations that firms face
1-2
Learning Outcomes
financial decision-making in the areas of capital investment, capital structuபைடு நூலகம்e, dividend policies, and working capital management; the relationship between and measurement of, risk and return; have enhanced a range of generic skills, with special emphasis on analytical skills.
1-7
Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
Current Liabilities Long-Term Debt Current Assets
Fixed Assets 1 Tangible Shareholders’ Equity
1-12
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
1-8
2 Intangible
The Capital Budgeting Decision
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
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.
1-17
Agency
problem
of interest between principal and agent
Conflict
1-19
Managerial Goals
Managerial goals may be different from shareholder goals
Expensive perquisites Survival Independence
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager
Tax Manager
Financial Accounting
Cost Accounting
Financial Planning
Data Processing
1-13
2 The Corporate Firm
How should short-term assets be managed and financed?
Shareholders’ Equity
1-11
The Financial Manager
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
Shareholders’ Equity
1-9
The Capital Structure Decision
Current Assets
Current Liabilities
Long-Term Debt
How should the firm raise funds for the selected Fixed Assets investments? 1 Tangible
Voting Rights
Taxation Reinvestment and dividend payout Liability
Limited liability
Continuity
Perpetual life
3 The Importance of Cash Flow
Firm
Invests in assets (B)
1-1
Course Description
the framework of modern theories of finance like portfolio theory and CAPM. Topics include the goals and functions of finance, corporate financial strategy, financial mathematics, project appraisal, risk analysis, capital structure, methods of financing operations and role of financial markets, dividend policies.
1-6
1 What Is Corporate Finance?
Corporate Finance addresses the following three questions:
1. 2. 3.
What long-term investments should the firm choose? How should the firm raise funds for the selected investments? How should short-term assets be managed and financed?
4 The Goal of Financial Management
What is the correct goal?
Maximize profit? Minimize costs? Maximize market share? Maximize shareholder wealth?
1-3
Assessment
Assessment item Weighting
Attendance and discussion Quiz 1-3 Final Examination Total Marks
20% 30% 50% 100%
1-4
Session 1
Introduction to Corporate Finance
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.
Increased growth and size are not necessarily equivalent to increased shareholder wealth
1-20
Managing Managers
Managerial
Incentives
compensation
2 Intangible
Shareholders’ Equity
1-10
Short-Term Asset Management
Current Assets
Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
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
Current assets Fixed assets Firm issues securities (A) Retained cash flows (F)
Financial markets
Short-term debt
Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
1-14
Forms of Business Organization
The Sole Proprietorship The Partnership
General Partnership Limited Partnership
The Corporation
1-15
A Comparison
Corporate Finance
Course outline
Basic information
Course title: Corporate finance Course number: 182J03AA1 Semester and year offered: Term 2, 20132014 Credit point value: 3 Huanghuiqin – E: huanghuiqin@nbu.edu.cn, TEL :87609673/628628
1-18
5 The Agency Problem
Agency
relationship
Principal
hires an agent to represent his/her interest Stockholders (principals) hire managers (agents) to run the company
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
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 various 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 regulations that firms face
1-2
Learning Outcomes
financial decision-making in the areas of capital investment, capital structuபைடு நூலகம்e, dividend policies, and working capital management; the relationship between and measurement of, risk and return; have enhanced a range of generic skills, with special emphasis on analytical skills.
1-7
Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
Current Liabilities Long-Term Debt Current Assets
Fixed Assets 1 Tangible Shareholders’ Equity
1-12
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
1-8
2 Intangible
The Capital Budgeting Decision
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
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.
1-17
Agency
problem
of interest between principal and agent
Conflict
1-19
Managerial Goals
Managerial goals may be different from shareholder goals
Expensive perquisites Survival Independence
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager
Tax Manager
Financial Accounting
Cost Accounting
Financial Planning
Data Processing
1-13
2 The Corporate Firm
How should short-term assets be managed and financed?
Shareholders’ Equity
1-11
The Financial Manager
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
Shareholders’ Equity
1-9
The Capital Structure Decision
Current Assets
Current Liabilities
Long-Term Debt
How should the firm raise funds for the selected Fixed Assets investments? 1 Tangible