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Chapter1IntroductiontoCorporateFinance McGraw Hill Irwin Copyright 2010byTheMcGraw HillCompanies Inc Allrightsreserved KeyConceptsandSkills KnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanagerKnowthefinancialimplicationsofthedifferentformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarkets 1 1 ChapterOutline CorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation 1 2 CorporateFinance Someimportantquestionsthatareansweredusingfinance Whatlong terminvestmentsshouldthefirmtakeon Wherewillwegetthelong termfinancingtopayfortheinvestment Howwillwemanagetheeverydayfinancialactivitiesofthefirm 1 3 FinancialManager FinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer CFO Treasurer overseescashmanagement creditmanagement capitalexpenditures andfinancialplanningController overseestaxes costaccounting financialaccountinganddataprocessing 1 4 FinancialManagementDecisions CapitalbudgetingWhatlong terminvestmentsorprojectsshouldthebusinesstakeon CapitalstructureHowshouldwepayforourassets Shouldweusedebtorequity WorkingcapitalmanagementHowdowemanagetheday to dayfinancesofthefirm 1 5 FormsofBusinessOrganization ThreemajorformsintheUnitedStatesSoleProprietorshipPartnershipGeneralLimitedCorporationC CorpS CorpLimitedLiabilityCompany 1 6 SoleProprietorship AdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincome DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner spersonalwealthUnlimitedliabilityDifficulttosellownershipinterest 1 7 Partnership AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome DisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership 1 8 Corporation AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital DisadvantagesSeparationofownershipandmanagementDoubletaxation incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate 1 9 GoalofFinancialManagement Whatshouldbethegoalofacorporation Maximizeprofit Minimizecosts Maximizemarketshare Maximizethecurrentvalueofthecompany sstock Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth 1 10 TheAgencyProblem AgencyrelationshipPrincipalhiresanagenttorepresenthis herinterestsStockholders principals hiremanagers agents torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagementgoalsandagencycosts 1 11 ManagingManagers ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders 1 12 WorktheWebExample TheInternetprovidesawealthofinformationaboutindividualcompaniesOClickonthewebsurfertogotothesite chooseacompanyandseewhatinformationyoucanfind 1 13 FinancialMarkets CashflowstothefirmPrimaryvs secondarymarketsDealervs auctionmarketsListedvs over the countersecuritiesNYSENASDAQ 1 14 QuickQuiz Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer Whatarethethreemajorformsofbusinessorganization Whatisthegoaloffinancialmanagement Whatareagencyproblemsandwhydotheyexistwithinacorporation Whatisthedifferencebetweenaprimarymarketandasecondarymarket 1 15 EthicsIssues Isitethicalfortobaccocompaniestosellaproductthatisknowntobeaddictiveandadangertothehealthoftheuser Isitrelevantthattheproductislegal Shouldboardsofdirectorsconsideronlypricewhenfacedwithabuyoutoffer Isitethicaltoconcentrateonl
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