公司理财(第七版).ppt

CorporateFinanceSchoolofInternationalTrade&EconomicsProfessorShaoXueyan,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。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8.公司理财（第二版）蒋屏编著清华大学出版社2013年4月,InvestmentandFinancingDecisions,TomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets.alsocalledtheInvestmentDecision,InvestmentandFinancingDecisions,ThenatureofcapitalinvestmentdecisionsMakinganoutlayimmediatelyvs.Yieldingbenefitsinthedistantfuture.Asinglelargeamountofoutlayvs.Astreamofsmalleramountofcashinflows.Itisdifficulttowithdrawfromaninvestment.Timeisvitaltoinvestmentdecisionmaking,Capitalinvestmentaffectstheamountoffuturecashflowsgenerated,thetimingofthosecashflows,andthevariabilityorriskofthosefuturecashflowsandthus,thevalueorworthofthecapitalbudgetingdecisions.,InvestmentandFinancingDecisions,InvestmentandFinancingDecisions,FinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations.Determiningtheamount,maturityandtypeoffundsraisedinfinancialmarkets.CapitalStructureThemixoflongtermdebtandequityfinancing.,1-12,InvestmentandFinancingDecisions,TheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets,1-13,InvestmentandFinancingDecisions,Arethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.,1-14,GoalsandGovernanceoftheCorporation,Thischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.,Source:U.S.Census2008SUSBAnnualData,1-15,WhatisaCorporation?,Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporations,WhatisaCorporation?,PublicCompanies:Sharesareavailableforpurchasebyanyinvestors,haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement.PrivateCorporations:Sharesarenotavailableforpublic,areownedbysmallgroupsofmanagersandinvestors.LimitedLiabilityCompanies(partnership):Generalpartners&Limitedpartners,1-17,BenefitsoftheCorporation,LimitedliabilityInfinitelifespanEaseofraisingcapital,1-18,DrawbacksoftheCorporation,CorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”,WhatIsaCorporation?,GoalsofTheCorporation,*Productionmaximization*Incomesmaximization*Profitmaximization*Shareholderswealthmaximization*Socialresponsibility,1-21,GoalsofTheCorporation,ShareholderswantwealthmaximizationWfitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves,GoalsofTheCorporation,ShareholdersdesirewealthmaximizationShareholdersWealthMaximizationOrdinaryShareCurrentMarketValueExpectedFutureCashflowsExpectedDividends&SharePrice,GoalsofTheCorporation,fitmax.*cashflow:accountingprofit*long-termreturns:short-termreturns*marketprice:differentaccountingrules*considertime&risk:ignoretime&risk,1-24,TheEthicsofMaximizingValue,Doesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff,1-25,AgencyProblem,Domanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders,1-26,AgencyProblem,DifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisions,DifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders,1-27,AgencyProblemSolutions,CompensationplansBoardofDirectorsBlockholders,1-28,AgencyProblemSolutions,TakeoversSpecialistMonitoringLegalandRegulatoryRequirements,1-29,4A.Cashreinvestedinthefirm4B.Cashreturnedtoinvestors,RoleoftheFinancialManager,Cashraisedfrominvestors(how?)CashinvestedinfirmCashgeneratedbyoperations,1-30,RoleoftheFinancialManager,Mostlargecompanieshave3top-levelfinancialmanagers:,RoleoftheFinancialManager,Somedaily-questionsfacedbymanagersA)Willaparticularinvestmentbeprofitable?B)Wherewillthefundscomefr