公司理財教師手冊、英文答案課件chap001_第1頁
公司理財教師手冊、英文答案課件chap001_第2頁
公司理財教師手冊、英文答案課件chap001_第3頁
公司理財教師手冊、英文答案課件chap001_第4頁
公司理財教師手冊、英文答案課件chap001_第5頁
已閱讀5頁，還剩17頁未讀， 繼續(xù)免費(fèi)閱讀

下載本文檔

版權(quán)說明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權(quán)，請進(jìn)行舉報或認(rèn)領(lǐng)

文檔簡介

IntroductiontoCorporateFinanceKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleoftheFinancialManagerKnowthefinancialimplicationsofthevariousformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarketsChapterOutline1.1WhatisCorporateFinance?1.2TheCorporateFirm1.3TheGoalofFinancialManagement1.4TheAgencyProblemandControloftheCorporation1.5FinancialMarkets1.1WhatisCorporateFinance?

CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmchoose?Howshouldthefirmraisefundsfortheselectedinvestments?Howshouldshort-termassetsbemanagedandfinanced?BalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?TheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtShort-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttoslicethepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityTheFinancialManagerTheFinancialManager’sprimarygoalistoincreasethevalueofthefirmby:SelectingvaluecreatingprojectsMakingsmartfinancingdecisionsHypotheticalOrganizationChartChairmanoftheBoardand

ChiefExecutiveOfficer(CEO)PresidentandChief

OperatingOfficer(COO)VicePresidentand

ChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccounting

DataProcessing

BoardofDirectorsCashflow

fromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)GovernmentRetained

cashflows(F)Invests

inassets

(B)Dividendsand

debtpayments(E)Currentassets

FixedassetsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FirmFirmissuessecurities(A)Financial

markets1.2TheCorporateFirmThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.FormsofBusinessOrganizationTheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporationAComparison

CorporationPartnershipLiquiditySharescanbeeasilyexchangedSubjecttosubstantialrestrictionsVotingRightsUsuallyeachsharegetsonevoteGeneralPartnerisincharge;limitedpartnersmayhavesomevotingrightsTaxationDoublePartnerspaytaxesondistributionsReinvestmentanddividendpayoutBroadlatitudeAllnetcashflowisdistributedtopartnersLiabilityLimitedliabilityGeneralpartnersmayhaveunlimitedliability;limitedpartnersenjoylimitedliabilityContinuityPerpetuallifeLimitedlife1.3TheGoalofFinancialManagementWhatisthecorrectgoal?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizeshareholderwealth?1.4TheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagerialGoalsManagerialgoalsmaybedifferentfromshareholdergoalsExpensiveperquisitesSurvivalIndependenceIncreasedgrowthandsizearenotnecessarilyequivalenttoincreasedshareholderwealthManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirintendedgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders1.5FinancialMarketsPrimaryMarketIssuanceofasecurityforthefirsttimeSecondaryMarketsBuyingandsellingofpreviouslyissuedsecuritiesSecuritiesmaybetradedineitheradealerorauctionmarketNYSENASDAQFinancialMarketsFirmsInvestorsSecondaryMarketmoneysecuritiesSueBobStocksandBondsMoneyPrimaryMarketQuickQuizWhatarethethreebasicquestionsFina

溫馨提示

  • 1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽，若沒有圖紙預(yù)覽就沒有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 人人文庫網(wǎng)僅提供信息存儲空間，僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理，對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容，請與我們聯(lián)系，我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。

最新文檔

評論

0/150

提交評論