公司理财精要Chap001课件.ppt

CORPORATEFINANCE 1 PPT交流学习 Tuesday March24 2020 Aboutme 王东Mischa SunYat SenUniversity BScinFinance 中山大学岭南学金融本科 UniveristyofQuneesland Australia MScinAppliedFinance 澳大利亚昆士兰大学金融硕士 CityUniveristyofMacau DBACandidate澳门城市大学工商管理博士在读 Coursestaught Financialaccounting财务会计Financialreports财务报告Macroeconomics宏观经济学 2 PPT交流学习 Tuesday March24 2020 CourseDescription Thisclassistoconveythemostimportantconceptsandprinciplesofcorporatefinanceatanundergraduatelevelandretainthethreebasicthemesasthecentralfocus 1 3 PPT交流学习 Focus1 Anemphasisonintuition explaintheprinciplesatworkonacommonsense intuitivelevelbeforelaunchingintospecifics Underlyingideasarediscussedfirstingeneralterms thenfollowedbyspecificexamplesthatillustrateinmoreconcretetermshowafinancialmanagermightproceedinagivensituation 1 4 PPT交流学习 Focus2 Aunifiedvaluationapproach NetPresentValueistreatedasthebasicconceptunderlyingcorporatefinance Everysubjectcoveredisfirmlyrootedinvaluation andcareistakentoexplainhowdecisionshavevaluationeffects 1 5 PPT交流学习 Focus3 Amanagerialfocus Studentslearnthatfinancialmanagementconcernsmanagement Theroleoffinancialmanagerasdecisionmakerisemphasizedandtheystresstheneedformanagerialinputandjudgment 1 6 PPT交流学习 RequiredReadings Textbook EssentialsofCorporateFinance SixthEdition StephenA Ross RandolphW Westerfield BradfordD Jordan McGraw HillRecommendedReadings Financialnewsfromwebsiteslikefollowing 1 7 PPT交流学习 Grading GradePointsAssignment50 Finalexam50 Total100 1 8 PPT交流学习 Calculators Studentsarerequiredtohaveonefinancialcalculator Themodel TexasInstrumentsBAIIPlus isstronglyrecommended Formoreinformation pleasevisitthefollowingwebsite 1 9 PPT交流学习 SpecialFeaturesoftheCourse ThecomputerskillofMSExcelisessentialtotheclass ThetechniqueofusingMSExcelandfinancialcalculatorwillbedemonstratedintheclass 1 10 PPT交流学习 ClassDiscussionandReadingSchedule Partone OverviewofFinancialManagementCh 1IntroductiontoFinancialManagementParttwo UnderstandingFinancialStatementsandCashFlowCh 2FinancialStatements Taxes andCashFlowCh 3WorkingwithFinancialStatementsPartthree ValuationofFutureCashFlowsCh 4IntroductiontoValuation TheTimeValueofMoneyCh 5DiscountedCashFlowValuationPartfour ValuingStocksandBondsCh 6InterestRatesandBondValuationCh 7EquityMarketsandStockValuationPartfive CapitalBudgetingCh 8NetPresentValueandOtherInvestmentCriteriaCh 9MakingCapitalInvestmentDecisionsPartsix RiskandReturnCh 10RiskandReturnPartseven Long TermFinancingCh 11CostofCapitalCh 12LeverageandCapitalStructure 1 11 PPT交流学习 Copyright 2011bytheMcGraw HillCompanies Inc Allrightsreserved McGraw Hill Irwin 1 12 PPT交流学习 ChapterOutline 1 1Finance AQuickLook1 2BusinessFinanceandTheFinancialManager1 3FormsofBusinessOrganization1 4TheGoalofFinancialManagement1 5TheAgencyProblemandControloftheCorporation1 6FinancialMarketsandtheCorporation RWJwebsite 1 13 PPT交流学习 KeyConceptsandSkills Haveagoodunderstandingof ThebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanagerThegoaloffinancialmanagementThefinancialimplicationsofthedifferentformsofbusinessorganizationTheconflictsofinterestthatcanarisebetweenownersandmanagers 1 14 PPT交流学习 BasicAreasOfFinance Corporatefinance BusinessFinanceInvestmentsFinancialinstitutionsInternationalfinance ReturntoQuickQuiz 1 15 PPT交流学习 Investments WorkwithfinancialassetssuchasstocksandbondsValueoffinancialassets riskversusreturn andassetallocationJobopportunitiesStockbrokerorfinancialadvisorPortfoliomanagerSecurityanalyst 1 16 PPT交流学习 FinancialInstitutions CompaniesthatspecializeinfinancialmattersBanks commercialandinvestment creditunions savingsandloansInsurancecompaniesBrokeragefirmsJobopportunities 1 17 PPT交流学习 InternationalFinance AnareaofspecializationwithineachoftheareasdiscussedsofarMayallowyoutoworkinothercountriesoratleasttravelonaregularbasisNeedtobefamiliarwithexchangeratesandpoliticalriskNeedtounderstandthecustomsofothercountries speakingaforeignlanguagefluentlyisalsohelpful 1 18 PPT交流学习 BasicAreasOfFinance 1 19 PPT交流学习 WhyStudyFinance MarketingBudgets marketingresearch marketingfinancialproductsAccountingDualaccountingandfinancefunction preparationoffinancialstatementsManagementStrategicthinking jobperformance profitabilityPersonalfinanceBudgeting retirementplanning collegeplanning day to daycashflowissues 1 20 PPT交流学习 BusinessFinance SomeimportantquestionsthatareansweredusingfinanceWhatlong terminvestmentsshouldthefirmtakeon Wherewillwegetthelong termfinancingtopayfortheinvestments Howwillwemanagetheeverydayfinancialactivitiesofthefirm 1 21 PPT交流学习 FinancialManager Financialmanagerstrytoanswersome orall ofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer CFO Treasurer overseescashmanagement creditmanagement capitalexpenditures andfinancialplanningController overseestaxes costaccounting financialaccounting anddataprocessing 1 22 PPT交流学习 CorporateOrganizationChartFigure1 1 1 23 PPT交流学习 FinancialManagementDecisions CapitalbudgetingWhatlong terminvestmentsorprojectsshouldthebusinesstakeon CapitalstructureHowshouldwepayforourassets Shouldweusedebtorequity WorkingcapitalmanagementHowdowemanagetheday to dayfinancesofthefirm ReturntoQuickQuiz 1 24 PPT交流学习 FormsofBusinessOrganization ThreemajorformsintheUnitedStatesSoleproprietorshipPartnershipGeneralLimitedCorporationLimitedliabilitycompany ReturntoQuickQuiz 1 25 PPT交流学习 SoleProprietorship AdvantagesEasiesttostartLeastregulatedSingleownerkeepsalloftheprofitsTaxedonceaspersonalincome DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner spersonalwealthUnlimitedliabilityDifficulttosellownershipinterest Businessownedbyoneperson 1 26 PPT交流学习 Partnership AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome DisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership Businessownedbytwoormorepersons 1 27 PPT交流学习 Corporation AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital DisadvantagesSeparationofownershipandmanagement agencyproblem Doubletaxation incometaxedatthecorporaterateandthendividendstaxedatpersonalrate whiledividendspaidarenottaxdeductible Alegal person distinctfromownersandaresidentofastate 1 28 PPT交流学习 InternationalCorporateForms JointstockcompaniesPubliclimitedcompaniesLimitedliabilitycompaniesAllshare PublicownershipLimitedliability 1 29 PPT交流学习 GoalOfFinancialManagement Whatshouldbethegoalofacorporation Maximizeprofit Minimizecosts Maximizemarketshare Maximizethecurrentvaluepershareofthecompany sexistingstockMaximizethemarketvalueoftheexistingowners equity ReturntoQuickQuiz 1 30 PPT交流学习 GoalOfFinancialManagement Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth Outsourcing Off shoring Enron Corporatesupportofcharities 1 31 PPT交流学习 Sarbanes OxleyAct SarBox 2002 DrivenbycorporatescandalsEnron Tyco WorldCom AdelphiaIntendedtostrengthenprotectionagainstaccountingfraudandfinancialmalpracticeComplianceverycostlyFirmsdrivento GopublicoutsidetheU S Goprivate godark 1 32 PPT交流学习 TheAgencyProblem AgencyrelationshipPrincipalhiresanagenttorepresentitsinterestsStockholders principals hiremanagers agents torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagementgoalsandagencycosts ReturntoQuickQuiz 1 33 PPT交流学习 DoManagersActintheShareholders Interests ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsIncentivesneedtobecarefullystructuredtoinsurethattheyachievetheirgoalCorporatecontrolThreatofatakeovermayresultinbettermanagementOtherstakeholders