公司理财ch1PPT推荐.ppt

公司理财ch1PPT推荐.ppt

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McGraw-HillRyerson2003McGrawHillRyersonLimited1-0CorporateFinanceRossWesterfieldJaffeSixthEdition1ChapterOneIntroductiontoCorporateFinancePreparedbyGadyJacobyUniversityofManitobaandSebouhAintablianAmericanUniversityofBeirutMcGraw-HillRyerson2003McGrawHillRyersonLimited1-1ChapterOutline1.1WhatisCorporateFinance?

@#@1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialInstitutions,FinancialMarkets,AndTheCorporation1.6TrendsinFinancialMarketsandManagement1.7OutlineoftheTextMcGraw-HillRyerson2003McGrawHillRyersonLimited1-2WhatisCorporateFinance?

@#@CorporateFinanceaddressesthefollowingthreequestions:

@#@1.Whatlong-terminvestmentsshouldthefirmengagein?

@#@2.Howcanthefirmraisethemoneyfortherequiredinvestments?

@#@3.Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?

@#@McGraw-HillRyerson2003McGrawHillRyersonLimited1-3TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:

@#@ShareholdersEquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:

@#@McGraw-HillRyerson2003McGrawHillRyersonLimited1-4TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?

@#@TheCapitalBudgetingDecisionMcGraw-HillRyerson2003McGrawHillRyersonLimited1-5TheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?

@#@TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtMcGraw-HillRyerson2003McGrawHillRyersonLimited1-6TheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?

@#@TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholdersEquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleMcGraw-HillRyerson2003McGrawHillRyersonLimited1-7CapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupthepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityMcGraw-HillRyerson2003McGrawHillRyersonLimited1-8HypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer（CEO）BoardofDirectorsPresidentandChiefOperatingOfficer（COO）TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingVicePresidentFinanceMcGraw-HillRyerson2003McGrawHillRyersonLimited1-9TheFinancialManagerTocreatevalue,thefinancialmanagershould:

@#@1.Trytomakesmartinvestmentdecisions.2.Trytomakesmartfinancingdecisions.McGraw-HillRyerson2003McGrawHillRyersonLimited1-10Cashflowfromfirm（C）TheFirmandtheFinancialMarketsTaxes（E）FirmGovernmentFirmissuessecurities（A）Retainedcashflows（D）Investsinassets（B）Dividendsanddebtpayments（F）CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.McGraw-HillRyerson2003McGrawHillRyersonLimited1-111.2CorporateSecuritiesasContingentClaimsonTotalFirmValueThebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountbyacertaindate.Theshareholdersclaimonfirmvalueistheresidualamountthatremainsafterthedebtholdersarepaid.Ifthevalueofthefirmislessthantheamountpromisedtothedebtholders,theshareholdersgetnothing.McGraw-HillRyerson2003McGrawHillRyersonLimited1-12DebtandEquityasContingentClaims$F$FPayofftodebtholdersValueofthefirm（X）Debtholdersarepromised$F.Ifthevalueofthefirmislessthan$F,theygetwhateverthefirmisworth.Ifthevalueofthefirmismorethan$F,debtholdersgetamaximumof$F.$FPayofftoshareholdersValueofthefirm（X）Ifthevalueofthefirmislessthan$F,shareholdersgetnothing.Ifthevalueofthefirmismorethan$F,shareholdersgeteverythingabove$F.Algebraically,thebondholdersclaimis:

@#@Min$F,$XAlgebraically,theshareholdersclaimis:

@#@Max0,$X$FMcGraw-HillRyerson2003McGrawHillRyersonLimited1-13CombinedPayoffstoDebtandEquity$F$FCombinedPayoffstodebtholdersandshareholdersValueofthefirm（X）Debtholdersarepromised$F.PayofftodebtholdersPayofftoshareholdersIfthevalueofthefirmislessthan$F,theshareholdersclaimis:

@#@Max0,$X$F=$0andthedebtholdersclaimisMin$F,$X=$X.Thesumoftheseis=$XIfthevalueofthefirmismorethan$F,theshareholdersclaimis:

@#@Max0,$X$F=$X$Fandthedebtholdersclaimis:

@#@Min$F,$X=$F.Thesumoftheseis=$XMcGraw-HillRyerson2003McGrawHillRyersonLimited1-141.3TheCorporateFirmThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.McGraw-HillRyerson2003McGrawHillRyersonLimited1-15FormsofBusinessOrganizationTheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporationAdvantagesandDisadvantagesLiquidityandMarketabilityofOwn