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IntroductiontoCorporateFinance Chapter1 Copyright 2010bytheMcGraw HillCompanies Inc Allrightsreserved McGraw Hill Irwin 0 KeyConceptsandSkills KnowthebasictypesoffinancialmanagementdecisionsandtheroleoftheFinancialManagerKnowthefinancialimplicationsofthevariousformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersUnderstandthevariousregulationsthatfirmsface ChapterOutline 1 1WhatisCorporateFinance 1 2TheCorporateFirm1 3TheImportanceofCashFlows1 4TheGoalofFinancialManagement1 5TheAgencyProblemandControloftheCorporation1 6Regulation 1 1WhatIsCorporateFinance CorporateFinanceaddressesthefollowingthreequestions Whatlong terminvestmentsshouldthefirmchoose Howshouldthefirmraisefundsfortheselectedinvestments Howshouldshort termassetsbemanagedandfinanced BalanceSheetModeloftheFirm TheCapitalBudgetingDecision CurrentAssets FixedAssets1Tangible2Intangible Shareholders Equity CurrentLiabilities Long TermDebt Whatlong terminvestmentsshouldthefirmchoose TheCapitalStructureDecision Howshouldthefirmraisefundsfortheselectedinvestments CurrentAssets FixedAssets1Tangible2Intangible Shareholders Equity CurrentLiabilities Long TermDebt Short TermAssetManagement Howshouldshort termassetsbemanagedandfinanced NetWorkingCapital Shareholders Equity CurrentLiabilities Long TermDebt CurrentAssets FixedAssets1Tangible2Intangible TheFinancialManager TheFinancialManager sprimarygoalistoincreasethevalueofthefirmby SelectingvaluecreatingprojectsMakingsmartfinancingdecisions HypotheticalOrganizationChart 1 2TheCorporateFirm Thecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash However businessescantakeotherforms FormsofBusinessOrganization TheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporation AComparison Cashflowfromfirm C 1 3TheImportanceofCashFlow Taxes D Retainedcashflows F Investsinassets B Dividendsanddebtpayments E CurrentassetsFixedassets Short termdebtLong termdebtEquityshares Ultimately thefirmmustbeacashgeneratingactivity Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets Firmissuessecurities A 1 4TheGoalofFinancialManagement Whatisthecorrectgoal Maximizeprofit Minimizecosts Maximizemarketshare Maximizeshareholderwealth 1 5TheAgencyProblem AgencyrelationshipPrincipalhiresanagenttorepresenthis herinterestStockholders principals hiremanagers agents torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagent ManagerialGoals ManagerialgoalsmaybedifferentfromshareholdergoalsExpensiveperquisitesSurvivalIndependenceIncreasedgrowthandsizearenotnecessarilyequivalenttoincreasedshareholderwealth ManagingManagers ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirintendedgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders 1 6Regulation TheSecuritiesActof1933andtheSecuritiesExchangeActof1934IssuanceofSecurities 1933 CreationofSECandreportingrequirements 1934 Sarbanes Oxley Sarbox Increasedreportingrequirementsandresponsibilityofcorporatedirectors QuickQuiz WhatarethethreebasicquestionsFinancialManagersmustanswer Whatare
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