公司理财(罗斯)第1章(英文.ppt

1-0,CHAPTER,1,IntroductiontoCorporateFinance,1-1,ChapterOutline,1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheText,1-2,WhatisCorporateFinance?,CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmengagein?Howcanthefirmraisethemoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?,1-3,TheBalance-SheetModeloftheFirm,1-4,TheBalance-SheetModeloftheFirm,CurrentAssets,FixedAssets1Tangible2Intangible,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,Whatlong-terminvestmentsshouldthefirmengagein?,TheCapitalBudgetingDecision,1-5,TheBalance-SheetModeloftheFirm,Howcanthefirmraisethemoneyfortherequiredinvestments?,TheCapitalStructureDecision,CurrentAssets,FixedAssets1Tangible2Intangible,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,1-6,TheBalance-SheetModeloftheFirm,Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?,TheNetWorkingCapitalInvestmentDecision,NetWorkingCapital,ShareholdersEquity,CurrentLiabilities,CurrentAssets,FixedAssets1Tangible2Intangible,Long-TermDebt,1-7,CapitalStructure,Thevalueofthefirmcanbethoughtofasapie,itwilldependonhowwellthefirmhasmadeitsinvestmentdecision,Thegoalofthemanageristoincreasethesizeofthepie.,TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.,Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.,50%Debt,50%Equity,1-8,HypotheticalOrganizationChart,1-9,TheFinancialManager,Tocreatevalue,thefinancialmanagershould:Trytomakesmartinvestmentdecisions.Trytomakesmartfinancingdecisions.,1-10,Cashflowfromfirm(C),TheFirmandtheFinancialMarkets,Taxes(D),Firmissuessecurities(A),Retainedcashflows(F),Investsinassets(B),Dividendsanddebtpayments(E),CurrentassetsFixedassets,Short-termdebtLong-termdebtEquityshares,Ultimately,thefirmmustbeacashgeneratingactivity.,Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.,1-11,Multiplechoice,1.Whichofthefollowingisnotconsideredoneofthebasicquestionsofcorporatefinance?A)Whatlong-livedassetsshouldthefirminvest?B)Howmuchinventoryshouldthefirmhold?C)Howcanthefirmraisecashforrequiredcapitalexpenditures?D)Howshouldtheshort-termoperatingcashflowsbemanaged?E)Alloftheabove.,1-12,2.Thebalancesheetismadeupofwhatfivekeycomponents?A)Fixedassets,currentliabilities,longtermdebt,tangiblecurrentassetsandshareholdersequityB)Intangiblefixedassets,currentliabilities,long-termdebt,netincomeandcurrentassetsC)Fixedassets,long-termdebt,currentassets,currentliabilitiesandshareholdersequityD)Currentassets,fixedassets,longtermdebt,shareholdersequityandretainedearningsE)Noneoftheabove.,1-13,3.Capitalstructureisdefinedasthemajorfinancingofthefirm.ThecapitalstructureisdividedA)betweendebtorsandcreditors.B)creditorsandshareholders.C)assetsandliabilities.D)Alloftheabove.E)Noneoftheabove.,1-14,4.InthemanagerialstructureofthecorporationthetwoofficersandtheirresponsibilitiesthatreportdirectlytotheChiefFinancialOfficer(CFO)areA)thecreditmanagerwhohandlesaccountsreceivableandthetaxmanagerwhominimizestaxpayments.B)thepersonnelmanagerwhomanagessalariesandcompensation,andtheproductionoperationsmanagerwhomanagesfacilityoperations.C)thetreasurerwhoisresponsiblehandlingcashflowandmakingfinancialdecisionsandthetaxmanagerwhominimizestaxpayments.D)thecontrollerwhomanagestheaccountingfunctionandthetreasurerwhoisresponsiblehandlingcashflowandmakingfinancialdecisions.E)Noneoftheabove.,1-15,1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue,Thebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.Theshareholdersclaimonfirmvalueistheresidualamountthatremainsafterthedebtholdersarepaid.Ifthevalueofthefirmislessthantheamountpromisedtothedebtholders,theshareholdersgetnothing.,1-16,DebtandEquityasContingentClaims,$F,Debtholdersarepromised$F.,Ifthevalueofthefirmislessthan$F,theygetthewhateverthefirmifworth.,Ifthevalueofthefirmismorethan$F,debtholdersgetamaximumof$F.,Ifthevalueofthefirmislessthan$F,shareholdersgetnothing.,Ifthevalueofthefirmismorethan$F,shareholdersgeteverythingabove$F.,Algebraically,thebondholdersclaimis:Min$F,$X,Algebraically,theshareholdersclaimis:Max0,$X$F,1-17,$F,Debtholdersarepromised$F.,Ifthevalueofthefirmislessthan$F,theshareholdersclaimis:Max0,$X$F=$0andthedebtholdersclaimisMin$F,$X=$X.Thesumoftheseis=$X,Ifthevalueofthefirmismorethan$F,theshareholdersclaimis:Max0,$X$F=$X$Fandthedebtholdersclaimis:Min$F,$X=$F.Thesumoftheseis=$X,CombinedPayoffstoDebtandEquity,1-18,Example1,Supposedebtholdersarepromised$100,thefirmsvalueis$75,howmuchwillthedebtholdersandstockholdersget?Inthiscase,thedebtholderswillget$75=min(75,100),thestockholderswillgetnothing!Thestockholdersclaim=max(0,75-100)=0,1-19,Example2,Ifthefirmsvalueis$200,thefirmhaspromisedtopaythedebtholder$100,howmuchwillthedebtholderandstockholdersget?Thedebtholderwillget$100=min(100,200),thestockholderswillget$100=max0,(200-100).,1-20,Multiplechoice,TheSimpleCorporationhasoutstandingobligationtotheComplexCorporationof$250.Itisyear-endandthetotalcashflowofSimplefromallsourcesis$325.ThecontingentpayofftothedebtholdersandtheshareholdersisA)$250;$325B)$75;$250C)$250;$75D)$325;$250E)Noneoftheabove.,1-21,1.3TheCorporateFirm,Thecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.,1-22,FormsofBusinessOrganization,TheSoleProprietorship(p10)Asoleproprietorshipisabusinessownedbyoneperson.ThePartnership:anytwoormorepersonscangettogetherandformapartnership.GeneralPartnership:allpartnersagreetoprovidesomefractionofworkandcashandtosharetheprofitsandlossesLimitedPartnership:permittheliabilityofsomeofthepartnerstobelimitedtotheamountofcasheachhascontributedtothepartnership,1-23,TheCorporationAcorpotationisalegalentity,itcanhaveanameandenjoymanyofthelegalpowerofnaturalpersons(enterintocontractsandmaysueandbesued)AdvantagesLiquidityandMarketabilityofOwnership:ownershipcanbereadilytransfererredLiability:limitedliabilityContinuityofExistence:unlimitedlifeDisadvantagesTaxConsiderations:doubletaxation,1-24,AComparisonofPartnershipandCorporations(p13),1-25,1.4GoalsoftheCorporateFirm,Thetraditionalansweristhatthemanagersofthecorporationareobligedtomakeeffortstomaximizeshareholderwealth.,1-26,TheSet-of-ContractsPerspective,Theorganisation,Interestgroup,Investor,Thepublic,Suppliers,Government,Media,Consumers,Industrybodies,Employees,1-27,TheSet-of-ContractsPerspective,Thefirmcanbeviewedasasetofcontracts.Oneofthesecontractsisbetweenshareholdersandmanagers.Themanagerswillusuallyactintheshareholdersinterests.Theshareholderscandevisecontractsthataligntheincentivesofthemanagerswiththegoalsoftheshareholders.Theshareholderscanmonitorthemanagersbehavior.Thiscontractingandmonitoringiscostly.,1-28,Agencycosts,Thecostofresolvingtheconflictsofinterestbetweenmanagersandshareholdersarecalledagencycosts.Thesecostsaredefinedasthesumof(1)themonitoringcostsoftheshareholdersand(2)thecostsofimplementingcontroldevices.,1-29,ManagerialGoals,ManagerialgoalsmaybedifferentfromshareholdergoalsWillimsonproposesthenotionofExpensivepreference:managersobtainvaluefromcertainkindsofexpenses.AccordingtoDonaldson:SurvivalIndependenceThebasicfinancialobjectiveofmanagersisthemaximizationofcorporatewealth.,1-30,SeparationofOwnershipandControl,BoardofDirectors,Management,Assets,Debt,Equity,Shareholders,Debtholders,1-31,DoShareholdersControlManagerialBehavior?,Shareholdersvotefortheboardofdirectors,whointurnhirethemanagementteam.Contractscanbecarefullyconstructedtobeincentivecompatible.Thereisamarketformanagerialtalentthismayprovidemarketdisciplinetothemanagerstheycanbereplaced.Ifthemanagersfailtomaximizeshareprice,theymaybereplacedinahostiletakeover.,1-32,1.5FinancialMarkets,Thefinancialmarketsarecomposedofthemoneymarketsandthecapitalmarkets.Moneymarketsarethemarketsfordebtsecuritiesthatwillpayoffintheshortterm(usuallylessthanoneyear).Capitalmarketsarethemarketsforlong-termdebt(withamaturityatoveroneyear)andforequityshares.,1-33,1.5FinancialMarkets,Thefinancialmarketscanbeclassifiedfurtherastheprimarymarketandthesecondarymarkets.PrimaryMarketWhenacorporationissuessecurities,cashflowsfrominvestorstothefirm.UsuallyanunderwriterisinvolvedSecondaryMarketsInvolvethesaleof“used”securitiesfromoneinvestortoanother.Therearetwokindsofsecondarymarkets:theauctionmarketsandthedealermarkets.TheequitysecuritiesofmostlargeU.SfirmstradeinorganizedauctionmarketssuchastheNewYorkStockExchange(NYSE),theAmericanStockExchangeMostdebtsecuritiesaretradedindealermarkets.Securitiesmaybeexchangetradedortradeover-the-counterinadealermarket.,1-34,FinancialMarkets,Firms,Investors,Sue,Bob,1-35,ExchangeTradingofListedStocks,Auctionmarketsaredifferentfromdealermarketsintwoways:Tradinginagivenauctionexchangetakesplaceatasinglesiteontheflooroftheexchange.Transactionpricesofsharesarecommunicatedalmostimmediatelytothepublic.,1-36,1.6OutlineoftheText,OverviewValueandCapitalBudgetingRiskCapitalStructureandDividendPolicyLong-TermFinancingOptions,FuturesandCorporateFinanceFinancialPlanningandShort-TermFinanceSpecialTopics,1-37,PartIIdescribeshowinvestmentopportunitiesarevaluedinfinancialmarkets.Thispartcontainsbasictheory.Becausefinanceisasubjectthatbuildsunderstandingfromthegroundup,thematerialisveryimportant.ThemostimportantconceptinPartIIisnetpresentvalue.Wedevelopthenetpresentvalueruleintoatoolforvaluinginvestmentalternatives.Wediscussgeneralformulasandapplythemtoavarietyofdifferentfinancialinstruments.,1-38,PartIIIintroducesbasicmeasuresofrisk.Thecapital-assetpricingmodel(CAPM)andthearbitragepricingtheory(APT)areusedtodevisemethodsforincorporatingriskinvaluation.Aspartofthisdiscussion,wedescribethefamousbetacoefficient.Finally,weusetheabovepricingmodelstohandlecapitalbudgetingunderrisk.,1-39,PartIVexaminestwointerrelatedtopics:capitalstructureanddividendpolicy.Capitalstructureistheextenttowhichthefirmreliesondebt.Itcannotbeseparatedfromtheamountofcashdividendsthefirmdecidestopayouttoitsequityshareholders.,1-40,PartVconcernslong-termfinancing.Wedescribethesecuritiesthatcorporationsissuetoraisecash,aswellasthemechanicsofofferingsecuritiesforapublicsale.Herewediscusscallprovisions,warrants,convertibles,andleasing.PartVIdiscussesspecialcontractualarrangementscalledOptions.,1-41,PartVIIisdevotedtofinancialplanningandshort-termfin