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页数:63页
时间:2020-03-20
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1、BusinessFinanceFAE2002/2003JohnSlevinIFTBusinessFinanceObjectives:ToDevelopanunderstandingofPrinciplesoffinancingDecisionsandappropriateCapitalstructuresFinancialimplicationsofachangeinsizeorcircumstancesPrinciplesofriskmanagementEffectivemanagementofForeigncurrencyandrelatedtreasurytransac
2、tionsSourceofCapitalandCapitalManagementWhatisBusinessFinance?FinancialPlanning&ControltoAchievetheFinancialObjectivesoftheFirmBusinessFinanceBusinessFinanceFinancialManagementisthereforeallaboutResidualCashFlowsWhichaccruetoOrdinaryShareholdersHencetheimportanceoftheTimeValueofMoneyOrPresen
3、tValueBusinessFinancePresentValueFuturecashflowsdiscountedbacktotoday'sValue1/(1+R)^nR=TheappropriateDiscountRate(WeightedAverageCostofCapital)MostImportantDecisionTheInvestmentDecisionoftenviewedasthemostimportantdecision.Decisionmadenowaffectsfuturereturns.Generallycan’treversedecisionwith
4、outsignificantlossofinitialinvestment.FinancialImplicationsofachangeinFirmSizeInternalChapter8CapitalBudgetingExternalChapter11ValuationofCompaniesChapter12Mergers&Take-oversInternalGrowthWhatConstitutesInternalGrowth?ProductMarketVolumeServiceInternalGrowthLargeCapitalExpenditureDecision
5、Investmenti.e.MajorOutlayAtStartofProjectInvestmentinWCProjectedStreamofInflowsTerminalValuesInternalGrowthThekeyQuestion:IsthisProjectWorththeInvestmentBusinessFinanceseekstoanswerthisthroughComparativeCostsAccountingRateofReturn(ARR)PaybackDiscountedCashFlowsInternalGrowthAccountingRateofR
6、eturnPage207AverageAnnualProfits*100%AverageInvestmentPluses:Easytocalculate&UnderstandMinus:AccountingProfitnotCashFlowExamplePage207InternalGrowthPaybackPage209HowLongtorepaymentofInitialInvestmentPluses:Easy/LiquidityMgt/Caution/RiskMgtMinuses:NoCashpostPB/NoTVOM/TimingPage211InternalGrow
7、thComparativeCostPage211ProjectwithlowestcostwinsIgnoresTimeValueofMoneyProjectCashFlowsInternalGrowthDiscountedCashFlows(DCF)Page212InternalRateofReturnDiscountsallCFatRateforZeroNPVPluses:Cashflow/TVOMMinuses:Notunique/MagnitudeofCF/Failstoselect
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