公司理财第七版.ppt

CorporateFinanceSchoolofInternationalTrade EconomicsProfessorShaoXueyan 1 1 课程宗旨创造财富谋之有道取之有术管之有方 1 2 学习方法学而不思则罔思而不学则殆选自 论语 1 3 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 1 4 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 1 5 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 1 6 InvestmentandFinancingDecisions TomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets alsocalledtheInvestmentDecision 1 8 InvestmentandFinancingDecisions Thenatureofcapitalinvestmentdecisions Makinganoutlayimmediatelyvs Yieldingbenefitsinthedistantfuture Asinglelargeamountofoutlayvs Astreamofsmalleramountofcashinflows Itisdifficulttowithdrawfromaninvestment Timeisvitaltoinvestmentdecision making 1 9 Capitalinvestmentaffectstheamountoffuturecashflowsgenerated thetimingofthosecashflows andthevariabilityorriskofthosefuturecashflowsandthus thevalueorworthofthecapitalbudgetingdecisions InvestmentandFinancingDecisions 1 10 InvestmentandFinancingDecisions FinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations Determiningtheamount maturityandtypeoffundsraisedinfinancialmarkets CapitalStructureThemixoflongtermdebtandequityfinancing 1 11 InvestmentandFinancingDecisions TheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets 1 12 InvestmentandFinancingDecisions Arethefollowingcapitalbudgetingorfinancingdecisions Appledecidestospend 500milliontodevelopanewiPhone GEborrows 400millionfrombondinvestors Microsoftissues100millionsharestobuyasmalltechnologycompany 1 13 GoalsandGovernanceoftheCorporation Thischapterintroducesthecorporation itsgoals andtherolesoffinancialmanagers Source U S Census2008SUSBAnnualData 1 14 WhatisaCorporation Corporation Abusinessorganizedasaseparatelegalentityownedbystockholders TypesofCorporations PublicCorporationsPrivateCorporations 1 15 WhatisaCorporation PublicCompanies Sharesareavailableforpurchasebyanyinvestors haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement PrivateCorporations Sharesarenotavailableforpublic areownedbysmallgroupsofmanagersandinvestors LimitedLiabilityCompanies partnership Generalpartners Limitedpartners 1 16 BenefitsoftheCorporation LimitedliabilityInfinitelifespanEaseofraisingcapital 1 17 DrawbacksoftheCorporation CorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto AgencyProblems 1 18 WhatIsaCorporation 1 19 GoalsofTheCorporation Productionmaximization Incomesmaximization Profitmaximization Shareholders wealthmaximization Socialresponsibility 1 20 GoalsofTheCorporation ShareholderswantwealthmaximizationWealthmaximizationvs profitmaximization Pitfall Profitsfromwhichperiod Pitfall Cuttingdividendstoincreasecashreserves 1 21 GoalsofTheCorporation ShareholdersdesirewealthmaximizationShareholders WealthMaximizationOrdinaryShareCurrentMarketValueExpectedFutureCashflowsExpectedDividends SharePrice 1 22 GoalsofTheCorporation wealthmax vs profitmax cashflow accountingprofit long termreturns short termreturns marketprice differentaccountingrules considertime risk ignoretime risk 1 23 TheEthicsofMaximizingValue Doesvaluemaximizationjustifyunethicalbehavior Recentexamples EnronWorldComBernardMadoff 1 24 AgencyProblem Domanagersreallymaximizevalue AgencyProblemsManagersareagentsforstockholders butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs Stakeholders 1 25 AgencyProblem DifferentInformationStockpricesvs returnsDividendPolicyFinancingDecisions DifferentObjectivesManagersvs shareholdersTopmanagersvs lowermanagersStockholdersvs banksandlenders 1 26 AgencyProblemSolutions CompensationplansBoardofDirectorsBlockholders 1 27 AgencyProblemSolutions TakeoversSpecialistMonitoringLegalandRegulatoryRequirements 1 28 4A Cashreinvestedinthefirm4B Cashreturnedtoinvestors RoleoftheFinancialManager Cashraisedfrominvestors how CashinvestedinfirmCashgeneratedbyoperations 1 29 RoleoftheFinancialManager Mostlargecompanieshave3top levelfinancialmanagers 1 30 RoleoftheFinancialManager Somedaily questionsfacedbymanagersA Willaparticularinvestmentbeprofitable B Wherewillthefundscom