财务管理Chap001PPT文档格式.ppt

财务管理Chap001PPT文档格式.ppt

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1.1WhatIsCorporateFinance?

1-44BalanceSheetModeloftheFirmBalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:

ShareholdersEquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:

1-5thetopthreeconcernsofcorporatefinance:

1.Whatlong-terminvestmentsshouldthefirmchoose?

2.Howshouldthefirmraisefundsfortheselectedinvestments?

3.Howshouldcurrentassetsbemanagedandfinanced?

TheBalanceSheetRevealsTheBalanceSheetReveals1-66TheCapitalBudgetingDecisionTheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?

1-77TheCapitalStructureDecisionTheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?

CurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebt1-88Short-TermAssetManagementShort-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?

NetWorkingCapitalShareholdersEquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2Intangible1-9Thefirms3mainfinancialconcernsareusuallyhandledbyatopofficerandaides:

V.P.orChiefFinancialOfficerStrategist,coordinator,authorityTreasurerCashflow,capitalexpenditure,capitalstructureControllerAccounting,informationsystems,taxesTheFinancialManagerTheFinancialManager1-10HypotheticalOrganizationChartHypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer（CEO）PresidentandChiefOperatingOfficer（COO）VicePresidentandChiefFinancialOfficer（CFO）TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingBoardofDirectors1-11Enumeratethefinancialbenefitsanddrawbacksofdifferingformsofbusinessorganization21-12Firstcompanyproblem:

raisefundsThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.1.2TheCorporateFirm1.2TheCorporateFirm1-1313FormsofBusinessOrganizationFormsofBusinessOrganizationTheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporation1-1414AComparisonAComparisonCorporationPartnershipLiquidityandmarketabilitySharescanbeeasilyexchangedSubjecttosubstantialrestrictionsVotingRightsUsuallyeachsharegetsonevoteGeneralPartnerisincharge;

limitedpartnersmayhavesomevotingrightsTaxationDoublePartnerspaytaxesondistributionsReinvestmentanddividendpayoutBroadlatitudeAllnetcashflowisdistributedtopartnersLiabilityLimitedliabilityGeneralpartnersmayhaveunlimitedliability;

limitedpartnersenjoylimitedliabilityContinuityPerpetuallifeLimitedlife1-15ThecorporateformoforganizationisnotuniquetotheUnitedStates:

AGlobalPhenomenonAGlobalPhenomenon1-16Understandtheimportanceofcashflows31-17Ifthefirmistoprosper,itmust:

BuyassetsthatgeneratemorecashthantheycostSellfinancialinstrumentsthatraisemorecashthantheycostThesuccessfulfirmgeneratesmorecashthanituses1.3TheImportanceofCashFlow1.3TheImportanceofCashFlow1-18Cashflowfromfirm（C）TheConceptualFlowofCashTheConceptualFlowofCashTaxes（D）GovernmentRetainedcashflows（F）Investsinassets（B）Dividendsanddebtpayments（E）CurrentassetsFixedassetsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FirmFirmissuessecurities（A）Financialmarkets1-19DonotconfusecashflowandaccountingincomeNon-Cashexpenseexample:

DepreciationNon-Cashrevenueexample:

SalesonAccountCashFlowAccountingIncomeCashFlowAccountingIncomeTheMidlandCompanyrefinesandtradesgold.Attheendoftheyear,itsold2,500ouncesofgoldfor$1million.Thecompanyhadacquiredthegoldfor$900,000atthebeginningoftheyear.Thecompanypaidcashforthegoldwhenitwaspurchased.Unfo