公司理财精要Chap001ppt课件.ppt

CORPORATEFINANCE 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 1 3 CourseDescription Thisclassistoconveythemostimportantconceptsandprinciplesofcorporatefinanceatanundergraduatelevelandretainthethreebasicthemesasthecentralfocus 1 4 Focus1 Anemphasisonintuition explaintheprinciplesatworkonacommonsense intuitivelevelbeforelaunchingintospecifics Underlyingideasarediscussedfirstingeneralterms thenfollowedbyspecificexamplesthatillustrateinmoreconcretetermshowafinancialmanagermightproceedinagivensituation 1 5 Focus2 Aunifiedvaluationapproach NetPresentValueistreatedasthebasicconceptunderlyingcorporatefinance Everysubjectcoveredisfirmlyrootedinvaluation andcareistakentoexplainhowdecisionshavevaluationeffects 1 6 Focus3 Amanagerialfocus Studentslearnthatfinancialmanagementconcernsmanagement Theroleoffinancialmanagerasdecisionmakerisemphasizedandtheystresstheneedformanagerialinputandjudgment 1 7 RequiredReadings Textbook EssentialsofCorporateFinance SixthEdition StephenA Ross RandolphW Westerfield BradfordD Jordan McGraw HillRecommendedReadings Financialnewsfromwebsiteslikefollowing 1 8 Grading GradePointsAssignment50 Finalexam50 Total100 1 9 Calculators Studentsarerequiredtohaveonefinancialcalculator Themodel TexasInstrumentsBAIIPlus isstronglyrecommended Formoreinformation pleasevisitthefollowingwebsite 1 10 SpecialFeaturesoftheCourse ThecomputerskillofMSExcelisessentialtotheclass ThetechniqueofusingMSExcelandfinancialcalculatorwillbedemonstratedintheclass 1 11 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 12 Copyright 2011bytheMcGraw HillCompanies Inc Allrightsreserved McGraw Hill Irwin 1 13 ChapterOutline 1 1Finance AQuickLook1 2BusinessFinanceandTheFinancialManager1 3FormsofBusinessOrganization1 4TheGoalofFinancialManagement1 5TheAgencyProblemandControloftheCorporation1 6FinancialMarketsandtheCorporation RWJwebsite 1 14 KeyConceptsandSkills Haveagoodunderstandingof ThebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanagerThegoaloffinancialmanagementThefinancialimplicationsofthedifferentformsofbusinessorganizationTheconflictsofinterestthatcanarisebetweenownersandmanagers 1 15 BasicAreasOfFinance Corporatefinance BusinessFinanceInvestmentsFinancialinstitutionsInternationalfinance ReturntoQuickQuiz 1 16 Investments WorkwithfinancialassetssuchasstocksandbondsValueoffinancialassets riskversusreturn andassetallocationJobopportunitiesStockbrokerorfinancialadvisorPortfoliomanagerSecurityanalyst 1 17 FinancialInstitutions CompaniesthatspecializeinfinancialmattersBanks commercialandinvestment creditunions savingsandloansInsurancecompaniesBrokeragefirmsJobopportunities 1 18 InternationalFinance AnareaofspecializationwithineachoftheareasdiscussedsofarMayallowyoutoworkinothercountriesoratleasttravelonaregularbasisNeedtobefamiliarwithexchangeratesandpoliticalriskNeedtounderstandthecustomsofothercountries speakingaforeignlanguagefluentlyisalsohelpful 1 19 BasicAreasOfFinance 1 20 WhyStudyFinance MarketingBudgets marketingresearch marketingfinancialproductsAccountingDualaccountingandfinancefunction preparationoffinancialstatementsManagementStrategicthinking jobperformance profitabilityPersonalfinanceBudgeting retirementplanning collegeplanning day to daycashflowissues 1 21 BusinessFinance SomeimportantquestionsthatareansweredusingfinanceWhatlong terminvestmentsshouldthefirmtakeon Wherewillwegetthelong termfinancingtopayfortheinvestments Howwillwemanagetheeverydayfinancialactivitiesofthefirm 1 22 FinancialManager Financialmanagerstrytoanswersome orall ofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer CFO Treasurer overseescashmanagement creditmanagement capitalexpenditures andfinancialplanningController overseestaxes costaccounting financialaccounting anddataprocessing 1 23 CorporateOrganizationChartFigure1 1 1 24 FinancialManagementDecisions CapitalbudgetingWhatlong terminvestmentsorprojectsshouldthebusinesstakeon CapitalstructureHowshouldwepayforourassets Shouldweusedebtorequity WorkingcapitalmanagementHowdowemanagetheday to dayfinancesofthefirm ReturntoQuickQuiz 1 25 FormsofBusinessOrganization ThreemajorformsintheUnitedStatesSoleproprietorshipPartnershipGeneralLimitedCorporationLimitedliabilitycompany ReturntoQuickQuiz 1 26 SoleProprietorship AdvantagesEasiesttostartLeastregulatedSingleownerkeepsalloftheprofitsTaxedonceaspersonalincome DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner spersonalwealthUnlimitedliabilityDifficulttosellownershipinterest Businessownedbyoneperson 1 27 Partnership AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome DisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership Businessownedbytwoormorepersons 1 28 Corporation AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital DisadvantagesSeparationofownershipandmanagement agencyproblem Doubletaxation incometaxedatthecorporaterateandthendividendstaxedatpersonalrate whiledividendspaidarenottaxdeductible Alegal person distinctfromownersandaresidentofastate 1 29 InternationalCorporateForms JointstockcompaniesPubliclimitedcompaniesLimitedliabilitycompaniesAllshare PublicownershipLimitedliability 1 30 GoalOfFinancialManagement Whatshouldbethegoalofacorporation Maximizeprofit Minimizecosts Maximizemarketshare Maximizethecurrentvaluepershareofthecompany sexistingstockMaximizethemarketvalueoftheexistingowners equity ReturntoQuickQuiz 1 31 GoalOfFinancialManagement Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth Outsourcing Off shoring Enron Corporatesupportofcharities 1 32 Sarbanes OxleyAct SarBox 2002 DrivenbycorporatescandalsEnron Tyco WorldCom AdelphiaIntendedtostrengthenprotectionagainstaccountingfraudandfinancialmalpracticeComplianceverycostlyFirmsdrivento GopublicoutsidetheU S Goprivate godark 1 33 TheAgencyProblem AgencyrelationshipPrincipalhiresanagenttorepresentitsinterestsStockholders principals hiremanagers agents torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagementgoalsandagencycosts ReturntoQuickQuiz 1 34 DoManagersActintheShareholders Interests ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsIncentivesneedtobecarefullystructuredtoinsurethattheyachievetheirgoalCorporatecontrolThreatofatakeovermayresultin