公司财务管理教学课件：Chapter 1 Introduction to Corporate Finance

1、Corporate FinanceGreetings!Sept. 1996 Date Assistant Professor, Associate Professor, Professor, Department of accounting, School of Business, UIBE Lectures: Corporate finance, Financial Statement Analysis, Advanced Financial Accounting Major Research Area: Corporate Finance, Financial Analysis, Comp

2、arison of International Accounting StandardsSept.2012 Sept.2013 Visiting Scholar, Eli Broad College of Business, Michigan State University, USAJan.2006 Jan.2007 Visiting Scholar, Stillman School of Business, Seton Hall University, USAJan.2000 Sept.2000 Visiting Scholar, Nyenrode University, the Neth

3、erlandsWork ExperienceCourse Objective and Description The main objective of this course is to introduce MBA students to the fundamental concepts and principles of the modern theory of corporate finance. The course considers a broad range of issues faced by financial managers. It analyzes the firms

4、investment and financing decisions. Main topics to be covered in the course are valuation of financial assets (stocks and bonds), valuation of investment projects (capital budgeting), return and risk, efficient markets, capital structure, dividend policy, and working capital management.ContentsIntro

5、duction（chapter 1）Valuation（chapter 4/5/6）Capital budgeting（chapter7/8）Risk and return（chapter11/12）Capital structure（chapter 13/14/15）Dividend policy（chapter 16）Short-term finance and planning（chapter 17)Cases雷士照明控制权之争（2005/2012/2014）中海公司投资项目评价（2004）金地集团发行公司债融资（2008）用友软件股利政策（2001-2013）格力电器的营运资本管理（2

6、009-2013）Assignment 30Participation 20Final exam 50GradingCalculator ComputerEXCELReference Books公司理财，蒋屏等著，对外经济贸易大学出版社，2009年财务管理案例点评，张新民、孔宁宁编著，对外经济贸易大学出版社，2008年Corporate financeInvestment financeFinancial institutionsInternational financeGeneral Areas in FinanceTotal Value of Assets Total Firm Value

7、 to Investors“BIG” Picture of Corporate FinanceCurrent AssetsLong-Term InvestmentTangible AssetsIntangible AssetsInvestment DecisionCurrent liabilitiesLong-Term LiabilityShare capitalRetained earningsFinancingDecisionShort-Term Finance andplanningInvestment DecisionInvestment theoryStock and bond in

8、vestment decisionFinancial instrument investment (options)Capital budgetingMerger & AcquisitionFinancing DecisionFinancing theory (capital structure theory)Financial marketsLong-term financing and Dividend policy“BIG” Picture of Corporate FinanceShort-term Finance and PlanningShort-term Capital Mana

9、gement TheoryCash ManagementCredit ManagementInventory Management“BIG” Picture of Corporate FinanceCORPORATE FINANCE Chapter 1 Introduction to Corporate FinanceKnow the basic types of financial management decisions and the role of the Financial ManagerKnow the financial implications of the various f

10、orms of business organizationKnow the goal of financial managementUnderstand the conflicts of interest that can arise between owners and managersUnderstand the various types of financial markets Key Concepts and SkillsChapter Outline What is corporate financeForms of business organizationGoal of cor

11、porate financial managementOrganization of the financial management functionFinancial marketsActivities and Responsibilities of financial managersCorporate Finance addresses the following three questions:What long-term investments should the firm choose?How should the firm raise funds for the select

12、ed investments?How should short-term assets be managed and financed?1. What is Corporate Finance? Current AssetsFixed Assets1 Tangible 2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:Balance Sheet Model of the FirmCurrent AssetsFixe

13、d Assets1 Tangible 2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtWhat long-term investments should the firm choose?The Capital Budgeting DecisionHow should the firm raise funds for the selected investments?Current AssetsFixed Assets1 Tangible 2 IntangibleShareholders EquityCurrent

14、LiabilitiesLong-Term DebtThe Capital Structure DecisionThe value of the firm can be thought of as a pie.The goal of the manager is to increase the size of the pie.The Capital Structure decision can be viewed as how best to slice the pie.If how you slice the pie affects the size of the pie, then the

15、capital structure decision matters.50% Debt50% Equity25% Debt75% Equity70% Debt30% EquityCapital StructureHow should short-term assets be managed and financed?Net Working CapitalShareholders EquityCurrent LiabilitiesLong-Term DebtCurrent AssetsFixed Assets1 Tangible 2 IntangibleShort-Term Asset Mana

16、gementThe Sole ProprietorshipThe PartnershipThe Corporation2. Forms of business organization- Sole ProprietorshipOwned by one personEasy formationadvantageUnlimited liability disadvantageDifficulty raising fundsdisadvantage- PartnershipOwned by two or more personsClassified as general or limited Gen

17、eral Partner Has unlimited liability for all obligations of the business disadvantage Limited Partner Liability limited to the partnership agreement advantagePartnership dissolves when a general partner dies or withdraws, a new partner entries. disadvantage- CorporationLegal entity composed of one o

18、r more actual individuals or legal entitiesLimited liabilityFlexibility, Easy marketability of shares of ownershipPermanencyAbility to raise capitalDouble taxation disadvantage All advantages3. Goal of corporate financial managementProfit Maximization or Shareholder wealth maximization? Agency probl

19、ems in corporationSocial responsibility concerns- Profit maximizationMC=MBLacks a time dimensionDefinition of profit is subjectiveNot considers the risk- Shareholder Wealth MaximizationPrimary goalshareholder wealth = market price of common stock (firm value) = present value of the expected future r

20、eturns to owners (cash flows)Considers the timing and risk of the benefits from stock ownership 30A Firms Cash Flow Generation Process.continuedCash flowfrom firm (C)Taxes (D)FirmGovernmentFirm issues securities (A)Retained cash flows (F)Investsin assets(B)Dividends anddebt payments (E)Current asset

21、sFixed assetsFinancialmarketsShort-term debtLong-term debtEquity sharesUltimately, the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the financial markets.Cash Flow Generation ProcessBasic ConceptsAgency relationshipThe principals hire the agent

22、s to perform a service on behalf of the principles Stockholders (principals) hire managers (agents) to run the companyAgency problems Conflict of interest between principal and agentAgency costs The costs of the Conflict of interest between principal and agent - Agency problems in corporationBoard o

23、f DirectorsManagementAssetsDebtEquityShareholdersDebtholdersSeparation of Ownership and Controla. Owners and managementProblems created by separation of owners and managementManagement may maximize its own welfare instead of the owners wealthManaging managersManagerial compensation (incentives need

24、to be structured carefully to make sure that they achieve their intended goal)Market discipline (managerial markets)Corporate control (The threat of a takeover may result in better management)b. Owners and creditors Problems created by different returns offered to owners and creditorsinvestment of h

25、igher risk approved by stockholdersnew debt issuing approved by stockholdersMeasures to solve agency problemAdd protective covenants in bond indenturesCall back or cancel lending课堂案例讨论：中航油事件启示公司组织形式的完备不等于公司治理效果的完美，公司权利制衡机制缺失是公司治理中存在的根本问题（中航油：内部人控制）如何强化制衡机制？（董事和经理层的责任意识/经理层的董事会授权制/公司运作透明度/独立董事制度/监事会职

26、能）科学设计经理层薪酬激励制度（中航油：利润导向，公司利润超过一定金额，可分享盈利10%）西方国家：股票期权完善信息披露制度（中航油：大股东、董事会和经理层合谋侵犯外部利益相关者）加强监管和投资者法律保护，建立股东诉讼机制- Social responsibility concernsRun business in the interests of stakeholderscustomerssuppliersemployeescreditors communitygovernmentstockholders, etc. Be a good citizen; contribute to SWM课

27、堂案例讨论：万科“捐款门”事件“做事不能太万科，做人不能太王石” 观点上市公司股东的权益通过股东大会和董事会两个机构得以体现。公司的重要决策，首先由董事会作出决议，然后交由股东大会表决通过执行。在董事会做决议的时候，董事长有较大建议权，但作为股东投票时没有额外权利。而一旦股东大会通过了决议，董事长更没有权力超越授权，随意支配股东的权益。这是上市公司的法定原则。 万科一年拿出1000万公益慈善支出到底是多是少，这是个道德问题。而企业家在授权范围之外行使爱心，却是一个制度问题。如果一家公司的董事长可以随意支配股东权益，委托人和代理人之间的利益协调就会失序，进而股份制公司存在的基础都会动摇。做公益是

28、善，尊重公司的管理章程也是善。在现代社会中，需要处理好各种权利之间在法律范围内的有序协调 观点马云说：“我刚好和很多人相反，认为现在的中国企业家还没到专注于慈善捐款的时候。”马云认为，对眼下的中国企业家来说，最大的善举不在捐款，而是搞好自己的企业。“第一，你要为社会承担责任，你的企业提供的服务、生产的产品要对社会负责；第二，你得依法纳税，不要逃税漏税；第三，即使有钱了，你也不一定就得着急捐出去，可以好好扩大投资，把企业做得更好更大，增加更多的就业机会，让社会的财富滚动起来，等你60岁、70岁的时候再把自己的财富捐出去也不迟。”2013企业社会责任十大黑名单中国石化 上榜理由：青岛输油管道爆炸G

29、ucci 上榜理由：销售翻新产品哈药集团 上榜理由：销售假冒保健品雅培集团 上榜理由：食品安全问题和虚假宣传葛兰素史克 上榜理由：葛兰素史克行贿门光大证券 上榜理由：816光大证券乌龙事件ZARA 上榜理由：供应链污染问题强生集团 上榜理由：产品质量问题并对中国消费者实行歧视政策GE医疗 上榜理由：召回制度内外有别多美滋 上榜理由：强制消费第一口奶，损害婴幼儿健康课堂案例分析佛山照明案例雷士光电案例案例作业国美电器控制权之争佛山照明案例佛山照明案例佛山照明案例佛山照明案例分析高派现股利政策实施的前提条件分析主营业务收入和净利润持续稳定增长每股收益和现金流量保持在较高水平追求为目标股东群创造最大

30、化价值以公司长期可持续发展和真实资本价值最大化为原则配置资本和制定各种战略构建与控股股东业务发展战略和价值取向一致的目标股东群有效实施股东价值最大化需要完善股票市场和公司治理机制加强股票市场有效性建设，改变短期投机价值取向主导A股市场的格局，使投资者价值取向多样化完善上市公司治理机制，重视信息披露，鼓励股东参与治理佛山照明案例“股神”巴菲特选择哈斯威公司的股东 “我们不希望公司股票交易频繁，我们的目标是吸引长期投资。我们努力通过我们的政策、业绩和交流，吸引哪些了解我们的运作，并且能像我们（控股股东）那样衡量投资价值的股东” “我们坚持这样做，可以不断使那些怀着短期或不现实预期的股东感到乏味而不

31、进入或者离开。公司股票价格就可以始终以与企业内在价值相关的价格交易” 1988年巴菲特1988年写给伯克希尔-哈斯 威公司股东的信雷士光电案例分析在所有权和经营权无法分离的情况下，供应商和客户只能选择既能控制与管理公司又能兼顾他们利益的人掌管雷士光电控制性大股东与供应商和客户等利益相关者之间的利益关系很难实现制度化约束虽然供应商与客户对公司没有在权益资本意义上的所有权，但他们与雷士光电的关系在很大程度上影响了对企业资源的支配能力，从而决定了企业的发展能力，能够对雷士光电产生重要影响就雷士光电本身的所有权结构状况，能否把企业价值最大化作为长期财务目标还缺乏明确的制度条件4. Organizati

32、on of the FM functionThe top financial manager within a firm is usually the Chief Financial Officer (CFO)Treasurer: oversees cash management, credit management, capital expenditures and financial planningController: oversees taxes, cost accounting, financial accounting and data processing Board of D

33、irector Chief Executive Officer (CEO) VP-Human Resources VP- Marketing VP- Finance (CFO) VP- Engineering VP-Manufacturing Controller Treasurer Financial Accounting Cost Accounting Internal Auditing Tax Accounting Accounts Payable Information Systems Cash /M&S Management Capital Budgeting Analysis Financial Planning C