公司理财培训教材(powerpoint 93页)

1、Corporate Finance授课(shuk)教师：张群姿Email: 第一页，共九十五页。The big pictureFinanceFour major topics in Finance (Stephen A. Ross)：lEfficient Market (Fama and French 1972)lReturn and Risk (Portfolio Theory, Markowitz,1952; CAPM, Sharpe, 1962)lOption Pricing Theory (Black, Scholes and Merton 1973)lCorporate Financ

2、e (ModiglianiMiller Theorem, 1958, American Economic Review)第二页，共九十五页。Course DescriptionAn introductory course provides an overview of corporate finance.It emphasizes an intuitive, logically rigorous understanding of the theory and practice of corporate finance.Topics covered include: valuation theo

3、ry, corporate risk management, capital budgeting, financing decisions and financial market efficiency, dividend policy, etc.第三页，共九十五页。RequirementsAttendance: An alert, inquisitive presence in each and every class is mandatory. Attendance in seminar sessions is strongly advised but not required.Readi

4、ngs and Assignments: Students will be expected to read the assigned readings after class. Problem sets will be assigned throughout the course to illustrate and reinforce the concepts presented in class as well as in preparation of the case discussions to follow. Exam: l100% *Final Exam第四页，共九十五页。Mate

5、rials Textbook: Principles of Corporate Finance, 10th Edition, by Richard A. Brealey, Stewart C. Myers and Franklin Allen.Other recommended (but not required) Finance texts:lCorporate Finance, 7th edition, Stephen Ross, Jeffrey Jaffe, and Randolph Westerfield, 2005.第五页，共九十五页。Textbook中文版 English Vers

6、ion第六页，共九十五页。Materials (contd.)l中国上市公司http:/; 证券之星http:/; 财经（电子版）http:/; 中财网http:/; 证券时报http:/; 君安证券研究(ynji)http:/; 中国证券报http:/; etc.lThe Wall Street Journal, The Financial Times or the Business pages of The New York Times is strongly recommended.lOther reading recommandations will be made during th

7、e class.第七页，共九十五页。Course PlanWeekPart of TextbookMajor Topics1Ch 1Introduction 2Ch 2 and 3Present Value and Bond Valuation3Ch 3，4 and 5Bond, Stock Valuation and Introduction of Investment Rules4Ch 5 and 6Application of Investment Rules 5Ch 7-9Asset Pricing in Corporate Finance(WACC)6Ch 10Project Ana

8、lysis7Ch 13-15Financing Decisions (IPO)8IPO in China9Part 5 (Part 7) Payout policy and Capital Structure10Part 10Mergers and Acquisitions第八页，共九十五页。Chapter 1 IntroductionCorporate Finance第九页，共九十五页。公司的三种组织(zzh)形式单一(dny)业主制 (Individual Proprietor)合伙制 (Partnership)公司制 (Corporate)第十页，共九十五页。单一(dny)业主与合伙制优

9、势组成容易较简单(jindn)的管理不用承担公司税劣势融资难无限责任有限的生命力第十一页，共九十五页。公司制优势(yush) 持续经营 有限责任 股权转让 有利于融资劣势 双重课税 设立和维持的成本第十二页，共九十五页。Chapter 1: Introduction to Corporate Finance Corporate investment and financing decisionsThe role of the financial manager and the opportunity cost of capitalGoals of the corporationAgency p

10、roblems and corporate governance第十三页，共九十五页。1-1 Corporate Investment and Financing DecisionsReal AssetsUsed to produce goods and servicesFinancial Assets/SecuritiesFinancial claims on income generated by firms real assetsCapital Budgeting/Capital Expenditure (CAPEX)Decision to invest in tangible or i

11、ntangible assets第十四页，共九十五页。1-1 Corporate Investment and Financing DecisionsInvestment DecisionPurchase of real assetsFinancing DecisionSale of financial assetsCapital StructureChoice between debt and equity financing第十五页，共九十五页。1-1 Corporate Investment and Financing DecisionsCapital Budgeting Example

12、sTangible Assetsi.e. Expanding stores，buying new machineIntangible Assetsi.e. Research and development for new drug, Patent, marketing team第十六页，共九十五页。Table 1.1 Recent Investment/ Financing DecisionsCompanyRecent Investment DecisionsRecent Financing DecisionsLVMH (France)LVMH acquires the Italian Jew

13、eler, Bulgari, for $5 billion.Pays for the acquisition with a mixture of cash and shares.Procter & Gamble (U.S.)Spends $8 billion on advertising.Raises 100 billion Japanese yen by an issue of 5-year bonds.奇虎奇虎360Qihoo 360 TechnologyNSYE2015年2月4日，奇虎360公司斥巨资收购国际顶级域名，收购价格为1700万美元，约合人民币1.1亿元。2015年2月完成了2

14、亿美元的股票回购计划。Alibaba Group2015年10月16日，阿里巴巴出资45亿美金收购优酷土豆。2014年5月完成了优酷土豆18.3%的股票收购。收购预计会于2016年第一季度完成。现金收购。第十七页，共九十五页。1-1 Corporate Investment and Financing DecisionsWhat Is a Corporation?Legal entity, owned by shareholdersCan make contracts, carry on business, borrow, lend, sue, and be suedShareholders

15、have limited liability and cannot be held personally responsible for corporations debts第十八页，共九十五页。Figure 1.1 Cash Flow between Financial Markets and Firms OperationsFinancialmanagerFirmsoperationsFinancialmarkets(1) Cash raised from investors(1)(2) Cash invested in firm(2)(3) Cash generated by opera

16、tions(3)(4a) Cash reinvested(4a)(4b) Cash returned to investors(4b)第十九页，共九十五页。1-2 The Financial Goal of the CorporationStockholders Want Three ThingsTo maximize current wealthTo transform wealth into most desirable time pattern of consumptionTo manage risk characteristics of chosen consumption plan第

17、二十页，共九十五页。1-2 The Financial Goal of the CorporationProfit MaximizationNot a well-defined financial objectiveWhich years profits? Shareholders will not welcome higher short-term profits if long-term profits are damagedCompany may increase future profits by cutting years dividend, investing freed-up c

18、ash in firmNot in shareholders best interest if company earns less than opportunity cost of capital第二十一页，共九十五页。1-2 The Financial Goal of the CorporationThe Investment Trade-offHurdle Rate/Cost of CapitalMinimum acceptable rate of return on investmentOpportunity Cost of CapitalInvesting in a project

19、eliminates other opportunities to use invested cash第二十二页，共九十五页。Figure 1.2 The Investment Trade-off第二十三页，共九十五页。1-2 The Financial Goal of the CorporationShareholders desire wealth maximizationManagers have many constituencies, “stakeholders”“Agency Problems” represent the conflict of interest between

20、management and owners第二十四页，共九十五页。1-2 The Financial Goal of the CorporationAgency ProblemsManagers, acting as agents for stockholders, may act in their own interests rather than maximizing valueStakeholderAnyone with a financial interest in the firm第二十五页，共九十五页。 Agency ProblemsOwnership versus Managem

21、ent (Managers vs. stockholders)Difference in InformationProject investmentStock return and riskDifferent ObjectivesJob Security Annual bonus vs dividends1-2 The Financial Goal of the Corporation第二十六页，共九十五页。1-2 The Financial Goal of the CorporationAgency costs are incurred when:Managers do not attemp

22、t to maximize firm value Shareholders incur costs to monitor managers and constrain their actions第二十七页，共九十五页。1-2 The Financial Goal of the CorporationTools to Ensure Management Pays Attention to the Value of the FirmManagers actions subject to the scrutiny of board of directorsFinancial incentives p

23、rovided, such as stock optionsJob securityPressure to be acquired第二十八页，共九十五页。Other references （1st class stopped here）Allen, Franklin, James McAndrews, and Philip Strahan. “E-Finance: An Introduction” Working Paper 01-36, Financial Institutions Center, The Wharton School, University of Pennsylvania.

24、 October 2001.Core, J.E., W.R. Guay, and D.F. Larcker. “Executive Equity Compensation and Incentives: A Survey,” Federal Reserve Bank of New York Economic Policy Review, 9 (April 2003), pp. 27-50.Gompers, P.A., J.L. Ishii, and A. Metrick. “Corporate Governance and Equity Prices” Quarterly Journal of

25、 Economics, 118(1), February 2003, pp. 107-155.L. Guiso, L. Zingales, and P. Sapienza, “Trusting the Stock Market,” Journal of Finance 63 (December 2008), pp. 2557600.Mackie-Mason, J.K., and R.H. Gordon. “How Much Do Taxes Discourage Incorporation?” Journal of Finance, (June 1997).Rappaport, A. “New

26、 thinking on how to link executive pay with performance.” Harvard Business Review, March-April 1999, 91-104.第二十九页，共九十五页。Chapter 2 Present ValuesCorporate Finance第三十页，共九十五页。Chapter 2 How to calculate present valuesFuture values and present valuesPerpetuities and annuitiesGrowing perpetuities and annu

27、itiesHow Interest Is Paid and Quoted第三十一页，共九十五页。2-1 Future Values and present valuesCalculating Future ValuesFuture ValueAmount to which investment will grow after earning interestPresent ValueValue today of future cash flow第三十二页，共九十五页。2-1 Future Values and present valuesFuture Value of $100 =Exampl

28、e: FVWhat is the future value of $100 if interest is compounded annually at a rate of 7% for two years?tr)1 (100$FV49.114$)07.1 (100$FV49.114$)07. 1 ()07. 1 (100$FV2第三十三页，共九十五页。Figure 2.1 Future Values with compounding第三十四页，共九十五页。2-1 Future Values and present values1factordiscount =PVPV=luePresent v

29、aC第三十五页，共九十五页。2-1 Future Values and present valuesDiscount factor = DF = PV of $1Discount factors can be used to compute present value of any cash flow第三十六页，共九十五页。2-1 Future Values and present valuesGiven any variables in the equation, one can solve for the remaining variablePrior example can be rev

30、ersed 10049.114PVDFPV2)07.1 (122C第三十七页，共九十五页。Figure 2.2 Present Values with compounding第三十八页，共九十五页。2-1 Future Values and present valuesValuing an Office BuildingStep 1: Forecast Cash FlowsCost of building = C0 = $700,000Sale price in year 1 = C1 = $800,000Step 2: Estimate Opportunity Cost of Capital

31、If equally risky investments in the capital market offer a return of 7%, then cost of capital = r = 7%第三十九页，共九十五页。2-1 Future Values and present valuesValuing an Office BuildingStep 3: Discount future cash flowsStep 4: Go ahead if PV of payoff exceeds investment664,747$PV)07.1 (000,800$)1 (1rC664,47$

32、000700$664,747$NPV,第四十页，共九十五页。2-1 Future Values and present valuesrCC1=NPVinvestment requiredPV=NPV10Net Present Value第四十一页，共九十五页。2-1 Future Values and present valuesRisk and Present ValueHigher risk projects require a higher rate of returnHigher required rates of return cause lower PVs664,747$.071$

33、800,000PV7%at $800,000 of PV1C第四十二页，共九十五页。2-1 Future Values and present valuesRisk and Net Present Value$47,664 $700,00047,6647$=NPVinvestment requiredPV=NPV第四十三页，共九十五页。2-1 Future Values and present valuesNet Present Value RuleAccept investments that have positive net present valueUsing the original

34、 example: Should one accept the project given a 10% expected return?273,27$1.1$800,000+$700,000=NPV第四十四页，共九十五页。2-1 Future Values and present valuesRate of Return RuleAccept investments that offer rates of return in excess of their opportunity cost of capitalIn the project listed below, the opportuni

35、ty cost of capital is 12%. Is the project a wise investment?14.3%or .143,$700,0000,00070$000,00$8investmentprofitReturn第四十五页，共九十五页。2-1 Future Values and present valuesMultiple Cash FlowsDiscounted Cash Flow (DCF) formula:ttrCrCrC)1()1()1(0.PV2211TtrCttC1)1 (00NPV第四十六页，共九十五页。Figure 2.5 Net Present Va

36、lues第四十七页，共九十五页。2-2 Perpetuities and annuitiesPerpetuityFinancial concept in which cash flow is theoretically received foreverPVluepresent vaflowcash ReturnCr 第四十八页，共九十五页。2-2 Perpetuities and annuitiesPerpetuityrC10PVratediscount flowcash flowcash of PV第四十九页，共九十五页。2-2 Perpetuities and annuitiesPrese

37、nt Value of PerpetuitiesWhat is the present value of $1 billion every year, for eternity, if the perpetual discount rate is 10%?billion 10$PV10. 0bil $1第五十页，共九十五页。2-2 Perpetuities and annuitiesPresent Value of PerpetuitiesWhat if the investment does not start making money for 3 years?billion 51. 7$P

38、V31.10110. 0bil $1第五十一页，共九十五页。2-2 Perpetuities and annuitiesAnnuityAsset that pays fixed sum each year for specified number of yearsPerpetuity (first payment in year 1)Perpetuity (first payment in year t + 1)Annuity from year 1 to year tAssetYear of Payment1 2.t t + 1Present ValuetrrCrC)1 (1第五十二页，共九

39、十五页。2-2 Perpetuities and annuitiesExample: Tiburon Autos offers payments of $5,000 per year, at the end of each year for 5 years. If interest rates are 7%, per year, what is the cost of the car? 第五十三页，共九十五页。2-2 Perpetuities and annuitiestrrrC111annuity of PV第五十四页，共九十五页。2-2 Perpetuities and annuities

40、AnnuityExample: The state lottery advertises a jackpot prize of $365 million, paid in 30 yearly installments of $12.167 million, at the end of each year. Find the true value of the lottery prize if interest rates are 6%.000,500,167$0167.12ValueLottery 30Value第五十五页，共九十五页。2-2 Perpetuities a

41、nd annuitiesFuture Value of an AnnuityrrCt11annuity of FV第五十六页，共九十五页。2-2 Perpetuities and annuitiesFuture Value of an AnnuityWhat is the future value of $20,000 paid at the end of each of the following 5 years, assuming investment returns of 8% per year?332,117$08.108.1000,20 FV5第五十七页，共九十五页。2-3 Grow

42、ing perpetuities and annuitiesConstant Growth PerpetuityThis formula can be used to value a perpetuity at any point in timegrC10PVg = the annual growth rate of the cash flowgrCtt1PV第五十八页，共九十五页。2-3 Growing perpetuities and annuitiesConstant Growth PerpetuityWhat is the present value of $1 billion pai

43、d at the end of every year in perpetuity, assuming a rate of return of 10% and constant growth rate of 4%?billion 667.16$04.10.1PV0第五十九页，共九十五页。2-3 Growing perpetuities and annuitiesGrowing AnnuitiesGolf club membership is $5,000 for 1 year, or $12,750 for three years. Find the better deal given paym

44、ent due at the end of the year and 6% expected annual price increase, discount rate 10%. 第六十页，共九十五页。2-4 How Interest is Paid and QuotedEffective Annual Interest Rate (EAR)Interest rate annualized using compound interestAnnual Percentage Rate (APR)Interest rate annualized using simple interest第六十一页，共

45、九十五页。2-4 How Interest is Paid and outlaidGiven a monthly rate of 1%, what is the (EAR)? What is the (APR)?12.00%or .12,=12 .01=APR12.68%or .1268,=1.01)+(1=EAR=1.01)+(1=EAR1212r第六十二页，共九十五页。Chapter 3 Valuing bondsCorporate Finance第六十三页，共九十五页。Chapter 3 Valuing BondsUsing present-value formulas to value

46、 bondsHow bond prices vary with interest ratesExplaining the term structureReal and nominal rates of interestCorporate bonds and the risk of default第六十四页，共九十五页。3-1 Using the present value formula to value bondsNNrCrCrC)1 (000, 1.)1 ()1 (PV2211第六十五页，共九十五页。ExampleToday is October 1, 2010; what is the

47、value of the following bond? An IBM bond pays $115 every September 30 for five years. In September 2015 it pays an additional $1,000 and retires the bond. The bond is rated AAA (WSJ AAA YTM is 7.5%).84.161, 1$075. 1115, 1075. 1115075. 1115075. 1115075. 1115PV54323-1 Using the present value formula t

48、o value bonds第六十六页，共九十五页。Example: FranceIn October 2011 you purchase 100 euros of bonds in France which pay a 5% coupon every year. If the bond matures in 2016 and the YTM is 2.4%, what is the value of the bond?11.112024. 10 .105024. 15024. 15024. 15024. 15PV54323-1 Using the present value formula t

49、o value bonds第六十七页，共九十五页。Another Example: JapanIn July 2010 you purchase 200 yen of bonds in Japan which pay an 8% coupon every year. If the bond matures in 2015 and the YTM is 4.5%, what is the value of the bond?57.243045.1216045.116045.116045.116045.116PV54323-1 Using the present value formula to

50、value bonds第六十八页，共九十五页。Example: USAIn February 2012 you purchase a three-year U.S. government bond. The bond has an annual coupon rate of 11.25%, paid semiannually. If investors demand a 0.085% semiannual return, what is the price of the bond?40.331, 1$00085. 125.105600085. 125.5600085. 125.5600085.

51、 125.5600085. 125.5600085. 125.56PV654323-1 Using the present value formula to value bonds第六十九页，共九十五页。3-2 how bond prices vary with interest ratesExample, Continued: USATake the same three-year U.S. government bond. If investors demand a 4.0% semiannual return, what is the new price of the bond?05.1

52、203$04. 125.105604. 125.5604. 125.5604. 125.5604. 125.5604. 125.56PV65432第七十页，共九十五页。Figure 3.1 Interest rate on 10-year treasuriesYield, %Year第七十一页，共九十五页。Interest rate, %3-2 how bond prices vary with interest rates Bond price第七十二页，共九十五页。Figure 3.2 Maturity and PricesWhen interest rate = 11.25% coupo

53、n, both bonds sell for face value Bond priceInterest rate, %第七十三页，共九十五页。3-2 how bond prices vary with interest ratesPV)(PV.PV)(PV3PV)(PV2PV)(PV1Duration321TCTCCCyield1duration(%) volatilityduration Modified第七十四页，共九十五页。3-2 Duration calculationYearPayment CtPV(Ct) at 4.0%Fraction of Total ValuePV(Ct)/

54、VYear fraction of total value t PV(Ct)/PV1$90$86.540.06660.066629083.210.06400.128039080.010.06150.184649076.930.05920.236759073.970.05690.284569071.130.05470.328371090828.310.63714.4598PV = $1300.10Total = duration = 5.60第七十五页，共九十五页。3-2 Duration & Bond PricesInterest rate, %Bond price, %第七十六页，共九十五页

55、。3-3 term structure of Interest RatesShort- and long-term rates are not always parallel September 1992April 2000: U.S. short-term rates rose sharply while long-term rates declined第七十七页，共九十五页。SummarizeNext class we will continue with term structure.Interesting readings:Sundaresan, A. and S. Sundaresa

56、n, Fixed Income Markets and Their Derivatives, 2nd Edition, South-Western College Publishing, 2001.Benninga, S. Financial Modeling. 3nd Edition, Cambridge, MA: The MIT Press, 2008.Weblink: : http:/ s)理财Corporate Finance授课(shuk)教师：张群姿Email: 第七十九页，共九十五页。Course PlanWeekPart of TextbookMajor Topics1Ch 1

57、Introduction 2Ch 2 and 3Present Value and Bond Valuation3Ch 3，4 and 5Bond, Stock Valuation and Introduction of Investment Rules4Ch 5 and 6Application of Investment Rules (EVA & WACC)5Ch 7-9Asset Pricing in Corporate Finance6Ch 10Project Analysis7Ch 13-15Financing Decisions (IPO)8IPO in China9Part 5

58、(Part 7) Payout policy and Capital Structure10Part 10Mergers and Acquisitions11-12Part 11International Corporate Management,Review Process第八十页，共九十五页。第三章 债券(zhiqun)债券定价（现值公式）债券价格和利息的关系解释利率的期限结构解释利率的期限结构实际利率和名义利率实际利率和名义利率公司债券和违约公司债券和违约(wi yu)风险风险第八十一页，共九十五页。3. 利率(ll)的期限结构 (Term structure of interest r

59、ates)预期(yq)理论 （Expectations Theory）市场分割理论 （Market Segmentation Theory）YTM (r)Year19811987 （正常年份）19761 5 10 20 30第八十二页，共九十五页。解释解释利率的期限(qxin)结构预期(yq)理论 （Expectations Theory）2-Year1-Year1-Year12%5%7%第八十三页，共九十五页。解释解释利率(ll)的期限结构市场分割(fng)理论 （Market Segmentation Theory）Investment商业银行、非金融商业银行、非金融机构和货币市场机构和货

60、币市场(shchng)基金基金人寿保险公司、人寿保险公司、养老基金养老基金短期债券短期债券长期债券长期债券长短期债券长短期债券投资组合投资组合第八十四页，共九十五页。4. 债券(zhiqun)利息实际利率和名义利率 （Irving Fisher）:实际利率是指剔除通货膨胀率后储户或投资者得到利息回报(hubo)的真实利率，由供给和需求决定。名义利率是指是央行或其它提供资金借贷的机构所公布的未调整通货膨胀因素的利率，即利息（报酬）的货币额与本金的货币额的比率。名义利率= 实际利率 + 预期通货膨胀率SupplyDemand$ QtyrReal r第八十五页，共九十五页。中国实际中国实际(shj)