McGraw Finance - Principles Of Corporate Finance.pdf

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1、PrinciplesofCorporateFinanceBrealeyandMyersSixthEditionuFinanceandtheFinancialManagerChapter12TopicsCoveredwWhatIsACorporation?wTheRoleofTheFinancialManagerwWhoIsTheFinancialManager?wSeparationofOwnershipandManagementwFinancialMarkets3CorporateStructureS

2、oleProprietorshipsUnlimitedLiabilityPersonaltaxonprofitsPartnershipsLimitedLiabilityCorporationsCorporatetaxonprofits+Personaltaxondividends4RoleofTheFinancialManager(2)(1)Firm'sFinancialFinancial(4a)operationsmanagermarkets(3)(4b)(1)Cashraisedfrominvest

3、ors(2)Cashinvestedinfirm(3)Cashgeneratedbyoperations(4a)Cashreinvested(4b)Cashreturnedtoinvestors5WhoisTheFinancialManager?ChiefFinancialOfficerTreasurerComptroller6Ownershipvs.ManagementDifferenceinInformationDifferentObjectiveswStockpricesandwManagersv

4、s.returnsstockholderswIssuesofsharesandwTopmgmtvs.othersecuritiesoperatingmgmtwDividendswStockholdersvs.bankswFinancingandlenders7FinancialMarketsMoneyPrimaryOTCMarketsMarketsSecondaryMarkets8FinancialInstitutionsCompanyObligationsFundsIntermediariesBank

5、sInsuranceCos.BrokerageFirms9FinancialInstitutionsIntermediariesObligationsFundsInvestorsDepositorsPolicyholdersInvestorsPrinciplesofCorporateFinanceBrealeyandMyersSixthEditionuPresentValueandTheOpportunityCostofCapitalChapter211TopicsCoveredwPresentValu

6、ewNetPresentValuewNPVRulewRORRulewOpportunityCostofCapitalwManagersandtheInterestsofShareholders12PresentValuePresentValueDiscountFactorValuetodayofPresentvalueofafuturecasha$1futureflow.payment.DiscountRateInterestrateusedtocomputepresentvaluesoffuturec

7、ashflows.13PresentValuePresentValue=PVPV=discountfactor´C114PresentValueDiscountFactor=DF=PVof$1DF=1t(1+r)DiscountFactorscanbeusedtocomputethepresentvalueofanycashflow.15ValuinganOfficeBuildingStep1:ForecastcashflowsCostofbuilding=C=3500SalepriceinYear1=

8、C=4001Step2:EstimateopportunitycostofcapitalIfequallyriskyinvestmentsinthecapitalmarketofferareturnof7%,thenCostofcapital=r=7%16ValuinganOfficeBuildingStep3:DiscountfuturecashflowsC1400PV===374(1+r)(1+.07)Step4:GoaheadifPV