公司理财实务英文版.ppt

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1、IntroductiontoCorporateFinanceCorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmengagein?Howcanthefirmraisemoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?(RWJch.1)TheBalance-SheetM

2、odeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabil

3、itiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecision(InvestmentDecision)TheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecision(FinancingDecision)CurrentAssetsFixedA

4、ssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecision(FinancialDecision)NetWorkingCapitalShareholders’EquityCurre

5、ntLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffe

6、ctsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityCashflowfromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirmissuessecurities(A)Retainedcashflows(F)Investsinassets(B)Dividendsanddebtp

7、ayments(E)CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FinancialMarketsPrimaryMarketWhenacorporationissue

8、ssecurities,cashflowsfrominvestorstothefirm.UsuallyanunderwriterisinvolvedSecondaryMarketsInvolvethesaleof“used”securitiesfromoneinvestortoanother.Securitiesmaybeexchangetradedortradeover-the-co