公司理财第七版.ppt
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Improper corporate structures may lead to “Agency Problems”
1-18
What Is a Corporation?
Who owns the business?
Are managers and owners separate? What is the owner’s liability? Are the owner & business taxed separately?
1-15
What is a Corporation?
Public Companies: Shares are available for purchase by any investors, have a broad base of shareholders and have professional boards and management.
622,908
2,584,42 7
Corporation
S-CorБайду номын сангаасoration
Partnership
Sole Proprietorship
$1,068,232,095 $479,673,700
$2,808,013,079 $149,121,474
Source: U.S. Census 2008 SUSB Annual Data
Do managers really maximize value?
Agency Problems
• Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value
◆ A single large amount of outlay vs. A stream of smaller amount of cash inflows.
◆ It is difficult to withdraw from an investment. ◆ Time is vital to investment decision–making
1-14
What is a Corporation?
Corporation-A business organized as a separate legal entity owned by stockholders.
Types of Corporations:
Public Corporations Private Corporations
Shareholders vs. Stakeholders
1-25
Agency Problem
Different Information Stock prices vs. returns
Dividend Policy
Financing Decisions
Different Objectives Managers vs.
Sole
Partnership
Proprietorship
The manager
Partners
No
No
U nlimite d
U nlimite d
No
No
Corporation
Shareholders U sua lly Limited Yes
Goals of The Corporation
* Production maximization
Investment and Financing Decisions
Financing Decision
Raising money that the firm needs for its investments and operations.
Determining the amount, maturity and type of funds raised in financial markets.
Shareholders’ Wealth Maximization
Ordinary Share
Current Market Value
Expected Future Cash flows
Expected Dividends & Share Price
Goals of The Corporation
shareholders Top managers vs. lower
managers Stockholders vs. banks
and lenders
1-26
Agency Problem Solutions
Compensation plans Board of Directors Blockholders
Benefits of the Corporation
Limited liability Infinite lifespan Ease of raising capital
1-17
Drawbacks of the Corporation
Corporations face the problem of double taxation
8. 《公司理财》（第二版） 蒋 屏编著 清华大学出版社 2013年4月
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Investment and Financing Decisions
Capital Structure
The mix of long term debt and equity financing.
Investment and Financing Decisions
The Investment Decision
Real Assets
The Financing Decision
Financial Assets
1-12
Investment and Financing Decisions
Are the following capital budgeting or financing decisions?
Apple decides to spend $500 million to develop a new iPhone.
This chapter introduces the corporation, its goals, and the roles of financial managers.
Number of Firms in the U.S.
Size of Payroll (000s)
1,011,97 3
1,292,08 1
The Ethics of Maximizing Value
Does value maximization justify unethical behavior?
Recent examples:
Enron
WorldCom
Bernard Madoff
1-24
Agency Problem
* Incomes maximization * Profit maximization * Shareholders’ wealth maximization * Social responsibility
Goals of The Corporation
Shareholders want wealth maximization Wealth maximization vs. profit maximization:
Corporate Finance
School of International Trade & Economics
Professor Shao Xueyan
课程宗旨
创造财富 谋之有道 取之有术 管之有方
学习方法
学而不思则罔 思而不学则殆
选自《论语》
哈佛学生学习不是与未来就业相匹配的，他们 学的东西可能与他们将来所要做的工作完全不一样。 广泛的知识面、有专业技能、有一定的远见、有能 力在职业生涯中继续学习是哈佛对学生的培养目标。
wealth max. vs. profit max. * cash flow : accounting profit
* long-term returns : short-term returns * market price : different accounting rules * consider time & risk : ignore time & risk
Pitfall: Profits from which period? Pitfall: Cutting dividends to increase cash reserves
1-21
Goals of The Corporation
Shareholders desire wealth maximization
Investment and Financing Decisions
Capital investment affects the amount of future cash flows generated, the timing of those cash flows, and the variability or risk of those future cash flows and thus, the value or worth of the capital budgeting decisions.
GE borrows $400 million from bond investors.
Microsoft issues 100 million shares to buy a small technology company.
1-13
Goals and Governance of the Corporation
3. 《财务报表分析》（技巧 . 策略) 戴欣苗编著 清华大学出版社
． 4.《上市公司虚假会计报表识别技术》 刘姝威 经济科学出版社
5.《现代公司理财》 姚益龙 中山大学出版社
6.《沃伦巴菲特的投资组合》 [美]罗伯特.哈格斯特朗 机械工业出版社
7.《百万富翁的智慧》[美]托马斯.J.斯坦利博士 中国大百利全书出版公司
To make corporate investment or financing decision
Capital Budgeting Decision
Decision to invest in tangible or intangible assets.
…also called the Investment Decision
大学能做的最重要的事是，学生从学校毕业50 年以后，学生还能顺应时代的发展变化而继续学习、 进取、改变，这将能造就社会的领导者。
—— 哈佛大学荣誉校长陆登庭教授
于北京首届中外大学校长论坛
参考书目
1. 《公司理财》（第五版，双语教材） 理查德.A.布雷利等著 中国人民大学出版社
． 2.《公司理财》（第九版，双语教材） 斯蒂芬.A.罗斯 等著 机械工业出版社
Investment and Financing Decisions
The nature of capital investment decisions
◆ Making an outlay immediately vs. Yielding benefits in the distant future.
1-27
Agency Problem Solutions
Private Corporations: Shares are not available for public, are owned by small groups of managers and investors.
Limited Liability Companies (partnership): General partners & Limited partners
1-18
What Is a Corporation?
Who owns the business?
Are managers and owners separate? What is the owner’s liability? Are the owner & business taxed separately?
1-15
What is a Corporation?
Public Companies: Shares are available for purchase by any investors, have a broad base of shareholders and have professional boards and management.
622,908
2,584,42 7
Corporation
S-CorБайду номын сангаасoration
Partnership
Sole Proprietorship
$1,068,232,095 $479,673,700
$2,808,013,079 $149,121,474
Source: U.S. Census 2008 SUSB Annual Data
Do managers really maximize value?
Agency Problems
• Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value
◆ A single large amount of outlay vs. A stream of smaller amount of cash inflows.
◆ It is difficult to withdraw from an investment. ◆ Time is vital to investment decision–making
1-14
What is a Corporation?
Corporation-A business organized as a separate legal entity owned by stockholders.
Types of Corporations:
Public Corporations Private Corporations
Shareholders vs. Stakeholders
1-25
Agency Problem
Different Information Stock prices vs. returns
Dividend Policy
Financing Decisions
Different Objectives Managers vs.
Sole
Partnership
Proprietorship
The manager
Partners
No
No
U nlimite d
U nlimite d
No
No
Corporation
Shareholders U sua lly Limited Yes
Goals of The Corporation
* Production maximization
Investment and Financing Decisions
Financing Decision
Raising money that the firm needs for its investments and operations.
Determining the amount, maturity and type of funds raised in financial markets.
Shareholders’ Wealth Maximization
Ordinary Share
Current Market Value
Expected Future Cash flows
Expected Dividends & Share Price
Goals of The Corporation
shareholders Top managers vs. lower
managers Stockholders vs. banks
and lenders
1-26
Agency Problem Solutions
Compensation plans Board of Directors Blockholders
Benefits of the Corporation
Limited liability Infinite lifespan Ease of raising capital
1-17
Drawbacks of the Corporation
Corporations face the problem of double taxation
8. 《公司理财》（第二版） 蒋 屏编著 清华大学出版社 2013年4月
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Investment and Financing Decisions
Capital Structure
The mix of long term debt and equity financing.
Investment and Financing Decisions
The Investment Decision
Real Assets
The Financing Decision
Financial Assets
1-12
Investment and Financing Decisions
Are the following capital budgeting or financing decisions?
Apple decides to spend $500 million to develop a new iPhone.
This chapter introduces the corporation, its goals, and the roles of financial managers.
Number of Firms in the U.S.
Size of Payroll (000s)
1,011,97 3
1,292,08 1
The Ethics of Maximizing Value
Does value maximization justify unethical behavior?
Recent examples:
Enron
WorldCom
Bernard Madoff
1-24
Agency Problem
* Incomes maximization * Profit maximization * Shareholders’ wealth maximization * Social responsibility
Goals of The Corporation
Shareholders want wealth maximization Wealth maximization vs. profit maximization:
Corporate Finance
School of International Trade & Economics
Professor Shao Xueyan
课程宗旨
创造财富 谋之有道 取之有术 管之有方
学习方法
学而不思则罔 思而不学则殆
选自《论语》
哈佛学生学习不是与未来就业相匹配的，他们 学的东西可能与他们将来所要做的工作完全不一样。 广泛的知识面、有专业技能、有一定的远见、有能 力在职业生涯中继续学习是哈佛对学生的培养目标。
wealth max. vs. profit max. * cash flow : accounting profit
* long-term returns : short-term returns * market price : different accounting rules * consider time & risk : ignore time & risk
Pitfall: Profits from which period? Pitfall: Cutting dividends to increase cash reserves
1-21
Goals of The Corporation
Shareholders desire wealth maximization
Investment and Financing Decisions
Capital investment affects the amount of future cash flows generated, the timing of those cash flows, and the variability or risk of those future cash flows and thus, the value or worth of the capital budgeting decisions.
GE borrows $400 million from bond investors.
Microsoft issues 100 million shares to buy a small technology company.
1-13
Goals and Governance of the Corporation
3. 《财务报表分析》（技巧 . 策略) 戴欣苗编著 清华大学出版社
． 4.《上市公司虚假会计报表识别技术》 刘姝威 经济科学出版社
5.《现代公司理财》 姚益龙 中山大学出版社
6.《沃伦巴菲特的投资组合》 [美]罗伯特.哈格斯特朗 机械工业出版社
7.《百万富翁的智慧》[美]托马斯.J.斯坦利博士 中国大百利全书出版公司
To make corporate investment or financing decision
Capital Budgeting Decision
Decision to invest in tangible or intangible assets.
…also called the Investment Decision
大学能做的最重要的事是，学生从学校毕业50 年以后，学生还能顺应时代的发展变化而继续学习、 进取、改变，这将能造就社会的领导者。
—— 哈佛大学荣誉校长陆登庭教授
于北京首届中外大学校长论坛
参考书目
1. 《公司理财》（第五版，双语教材） 理查德.A.布雷利等著 中国人民大学出版社
． 2.《公司理财》（第九版，双语教材） 斯蒂芬.A.罗斯 等著 机械工业出版社
Investment and Financing Decisions
The nature of capital investment decisions
◆ Making an outlay immediately vs. Yielding benefits in the distant future.
1-27
Agency Problem Solutions
Private Corporations: Shares are not available for public, are owned by small groups of managers and investors.
Limited Liability Companies (partnership): General partners & Limited partners