公司理财(罗斯)第2章英文

CorporateFinance(Ross)Chapter2IntroductionFinancialstatementsandanalysisCapitalbudgetCapitalcostCapitalStructureandCostofCapitalLevelingandRiskManagement目录01IntroductionThischapterintroducesthebasicconceptsandframeworksofcorporatefinance,includingthedefinitionofcorporatefinance,itsscope,andtherelationshipbetweencorporatefinanceandotherfieldsoffinanceItalsosummarizesthekeytopicsandtopicscoveredinthischapter,suchasthetimevalueofmoney,riskandreturn,capitalbudgeting,capitalstructure,dividedpolicy,andworkingcapitalmanagementThechapterincludesabriefoverviewoftheretainofthetextbookandanintroductiontothelearningobjectivesforthischapter010203ChapterOverviewUnderstandthebasicconceptsandframeworksofcorporatefinanceRecommendtheimportanceoftimevalueofmoneyincorporatefinanceGainanunderstandingoftherelationshipbetweenriskandreturnincapitalmarketsLearningobjectivesBeabletoapplycapitalbudgetingtechniquestorealworldprojectsLearnaboutdividedpolicyanditsimpactonshareholdervalueUnderstandthefactorsthatdeterminetheoptimalcapitalstructureforafirmBeafamilywithworkingcapitalmanagementtechniquesandpoliciesLearningobjectives02FinancialstatementsandanalysisDefinition01TheBalanceSheetreflectsthefinancialconditionofacompanyonaspecificdateanddisplaysthecompositionofassets,liabilities,andowner'sequity.Maincontent02includingcurrentassets,fixedassets,currentliabilities,long-termliabilities,andowner'sequity.Purpose03Tohelpinvestorsandcreditorsunderstandtheassets,liabilities,andowner'sequitystatusofacompany,evaluateitsdebtpayingabilityandoperationalefficiency.BalanceSheetDefinitionTheIncomestatementreflectstheincomeandexpensesofacompanyduringacertainaccountingperiod,anddisplaysthecompany'sprofitability.Maincontentincludingoperatingincome,operatingexpenses,pretaxprofit,andnetprofit,etc.PurposeTohelpinvestorsunderstandtheprofitabilityofacompany,evaluateitsprofitability,operationalefficiency,andcostcontrol.IncomestatementDefinitionCashflowstatementreflectsthecashflowofacompanyduringacertainaccountingperiod,includingcashflowsfromoperatingactivities,investmentactivities,andfinancingactivities.Maincontentincludingcashinflowsandoutflows,aswellasnetcashflows.PurposeTohelpinvestorsunderstandthecashflowsituationofacompany,evaluateitsliquidity,solvency,andinvestmentability.Cashflowstatement010203DefinitionFinancialratioanalysisistheevaluationofacompany'sfinancialconditionandoperationalperformancebycalculatingvariousfinancialratios.Maincontentincludingcurrentratio,quickratio,inventoryturnover,accountsreceivableturnover,totalassetturnover,etc.PurposeTohelpinvestorsandcreditorsunderstandthedebtpayingability,operationalefficiency,andprofitabilityofacompany,evaluatetheriskandinvestmentvalueofthecompany.Financialratioanalysis03Capitalbudget输入标题02010403NetPresentValue(NPV)NPVisthedifferencebetweenthepresentvalueofcashinflowsandthepresentvalueofcashoutflowsoverthelifeofaninvestmentprojectProjectswithpositiveNPVsarepotentiallyworthinvestingwhileprojectswithnegativeNPVsarenotNPVisausefultoolforrankinginvestmentprojectsbecauseitconsidersthetimevalueofmoneyItiscalculatedbytakingthesumofthepresentvaluesofeachfuturecashflowandsubtractingtheinitialinvestmentIRRisthediscountratethatmakestheNPVofaninvestmentprojectequaltozeroIRRisusefulforcomparingdifferentprojectswithdifferentcashflowsandinitialinvestmentsItmeasurestheaveragerateofreturnonaninvestmentoveritsentirelifeProjectswithhigherIRRsaregenerallymoreattractiveinvestmentsInternalRateofReturn(IRR)ItisasimplemethodofevaluatinginvestmentsbecauseitdoesnotconsiderthetimevalueofmoneyProjectswithshorterpaybackperiodsaregenerallymoreattractiveThepaybackperiodisthelengthoftimerequiredforaninvestmenttorecoveritsinitialcostPaybackperiodSensitivityanalysisisatechniqueusedtoassesshowsensitiveaninvestment'sNPVistochangeinkeyassessments,suchasdiscountrates,cashflows,orprojectlifeItinvolvesvaryingtheseassessmentsandcalculatingtheresultingchangesinNPVSensitivityanalysiscanhelpidentifywhichassessmentsaremostcriticaltotheinvestment'sprofitabilityandwhichonescanbemoreflexiblyvariedSensitivityanalysis04CapitalcostWACCistheweightedaveragecostofacompany'sliabilitiesandequitycapital,usedtoevaluatethetotalcostoffinancingforthecompany.DefinitionWACC=(Debt/MarketValueofCapital)×CostofDebt+(Equity/MarketValueofCapital)×CostofEquityCalculationformulaWACCisinfluencedbythecostofliabilities,costofequity,debttoequityratio,andmarketvalue.InfluencingfactorsWeightedAverageCostofCapital(WACC)要点三DefinitionCostofequityreferstotheexpectedrateofreturnthatinvestorsexpecttoreceivefromacompany,typicallycalculatedusingtheCapitalAssetPricingModel(CAPM).要点一要点二CalculationformulaCostofEquity=RiskFreeRate+Beta×MarketRiskPremiumInfluencingfactorsThecostofequityisinfluencedbyrisk-freeinterestrates,marketriskpremiums,specificcompanybetacoefficients,anddividendgrowthrates.要点三CostofEquityDefinitionCostofliabilitiesreferstotheinterestratethatacompanyneedstopayforborrowing,usuallyspecifiedintheloancontract.CalculationformulaCostofDebt=InterestRate/(1-TaxRate)InfluencingfactorsThecostofliabilitiesisinfluencedbyborrowingrates,taxincentives,andcorporatecreditratings.CostofdebtDefinitionThecostofpreferredstockreferstotheannualreturnthatinvestorsexpecttoreceivewhenpurchasingpreferredstock.CalculationformulaPreferredStockCost=DividedYield+GrowthRateInfluencingfactorsThecostofpreferredstockisinfluencedbypreferredstockdividendyield,expectedgrowthrate,andriskfactors.010203Preferredstockcost05CapitalStructureandCostofCapitalMMtheoryNotaxes,perfectmarkets,identityrisk,nobankcorruptioncosts,etcMM'sassessmentsThevalueofafirmisindependentofitscapitalstructurewhentaxationandfinancialfrictionsarenotconsideredModiglianiandMiller'sinitialtheoryThevalueofafirmisindependentofitscapitalstructurewhentaxationandfinancialfrictionsareconsideredModiglianiandMiller'sextendedtheoryThetheoreticalsuggestionsthatfirmchoicescapitalstructuresthatbalancethetradeoffbetweenthetaxbenefitsofdebtandthefinancialconstraintsanddefaultriskassociatedwithdebtFirmswillbowuptothepointwherethetaxbenefitsofadditionaldebtareoffsetbytheincreasedfinancialconstraintsanddefaultriskImportanceofbankruptcycostsandmanagement'spreferencesforleverageinthetradeofftheoryTradeofftheoryHighqualityfirmscanissuemoredebtbecauseauditorsaremoreconfidentintheirabilitytorepay,whichlowerstheircostofcapitalThetheoreticalsuggestionsthatdebtcanserveasasignaltoinvestorsaboutafirm'squalityByissuingdebt,firmcansigntoinvestorsthattheyhavegoodprojectsandareconfidentabouttheirfuturecashflowsSignalTheory06LevelingandRiskManagementOperatingandfinanciallevelsaretwotypesoflevelsthatbusinessesusetoincreasetheirreturnsoninvestmentandexpandtheiroperationsOperatinglevelisachievedbyfixingsomecosts,whilefinanciallevelisachievedbyborrowingmoneytofinanceoperationsorinvestmentOperatinglevel:Thelevelcreatedbyfixedcostsinacompany'soperatingstructureItmeasuresthesensitivityofearningtochangesinsalesFinancialleverage:Theleverageachievedbyacompanythroughtheuseofdebttofinanceitsoperationsand/orinvestmentItmeasurestheamountofdebtrelatedtoequityOperatingLevelandFinancialLevelEnterprisevalue:Representsthetotalvalueofacompany,consideringbothitsdebtandequity,andisdeterminedbasedonthecompany'sfuturecashflowsMarketvalue:Representsthecurrentmarketpriceofacompany'soutstandingsharesEnterprisevalueandmarketvaluearetwoimportantmetricsusedincorporatefinancetoevaluateacompany'soverallvalueEnterprisevaluefocusesonthecompany'sfuturecashflowsandd