efdf公司理财：Introduction to Corporate Finance(1)复习课程.ppt

《efdf公司理财：Introduction to Corporate Finance(1)复习课程.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、efdf公司理财：IntroductiontoCorporateFinance(1)TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecision(InvestmentDecision)TheBalance-SheetModeloft

2、heFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecision(FinancingDecision)CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?

3、TheNetWorkingCapitalInvestmentDecision(FinancialDecision)NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStru

4、cturedecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityCashflowfromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirmissuessecurities(A)Retainedc

5、ashflows(F)Investsinassets(B)Dividendsanddebtpayments(E)CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FinancialMarketsPrimaryMark

6、etWhenacorporationissuessecurities,cashflowsfrominvestorstothefirm.UsuallyanunderwriterisinvolvedSecondaryMarketsInvolvethesaleof“used”securitiesfromoneinvestortoanother.Securitiesmaybeexchangetradedortradeover-the-counterinadealermarket.FinancialMarketsFirmsInvestorsSecondaryMarket

7、moneysecuritiesSueBobStocksandBondsMoneyPrimaryMarketInvestmentEnvironmentTwoElementsofInvestment:TimeandRiskRiskyInvestmentandCapitalBudgetingThebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.Theshareholder’sclaimonfirmvalueistheres

8、idualamountthatrema