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2024/5/12商业财务001KeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleoftheFinancialManagerKnowthefinancialimplicationsofthevariousformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarketsChapterOutline1.1WhatisCorporateFinance?1.2TheCorporateFirm1.3TheGoalofFinancialManagement1.4TheAgencyProblemandControloftheCorporation1.5FinancialMarkets1.1WhatisCorporateFinance? CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmchoose?Howshouldthefirmraisefundsfortheselectedinvestments?Howshouldshort-termassetsbemanagedandfinanced?BalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?TheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtShort-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttoslicethepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityTheFinancialManagerTheFinancialManager’sprimarygoalistoincreasethevalueofthefirmby:SelectingvaluecreatingprojectsMakingsmartfinancingdecisionsHypotheticalOrganizationChartChairmanoftheBoardand
ChiefExecutiveOfficer(CEO)PresidentandChief
OperatingOfficer(COO)VicePresidentand
ChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccounting
DataProcessing
BoardofDirectorsCashflow
fromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)GovernmentRetained
cashflows(F)Invests
inassets
(B)Dividendsand
debtpayments(E)Currentassets
FixedassetsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FirmFirmissuessecurities(A)Financial
markets1.2TheCorporateFirmThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.FormsofBusinessOrganizationTheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporationAComparison
CorporationPartnershipLiquiditySharescanbeeasilyexchangedSubjecttosubstantialrestrictionsVotingRightsUsuallyeachsharegetsonevoteGeneralPartnerisincharge;limitedpartnersmayhavesomevotingrightsTaxationDoublePartnerspaytaxesondistributionsReinvestmentanddividendpayoutBroadlatitudeAllnetcashflowisdistributedtopartnersLiabilityLimitedliabilityGeneralpartnersmayhaveunlimitedliability;limitedpartnersenjoylimitedliabilityContinuityPerpetuallifeLimitedlife1.3TheGoalofFinancialManagementWhatisthecorrectgoal?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizeshareholderwealth?1.4TheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagerialGoalsManagerialgoalsmaybedifferentfromshareholdergoalsExpensiveperquisitesSurvivalIndependenceIncreasedgrowthandsizearenotnecessarilyequivalenttoincreasedshareholderwealthManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirintendedgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders1.5FinancialMarketsPrimaryMarketIssuanceofasecurityforthefirsttimeSecon
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