Ch1Introduction(公司理财(哈工大深圳研究生院王苏生)

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1、CorporationFinanceChapter1Introduction王苏生哈尔滨工业大学深圳研究生院TheFinanceFunctionTheFinanceFunctionInteractionbetweenFinancing&InvestmentDecisionsTheFinanceFunctionBymakinginvestingandfinancingdecisions,thefinancialmanagerisattemptingtoachievethefollowingobjective:Theobjectiveofthefinancialmanage

2、randthecorporationistoMAXIMIZETHECURRENTVALUEOFSHAREHOLDERS'WEALTH.(Takenliterally,thismeansthatafirmshouldpursuepoliciesthatmaximizeitstoday'squotationintheWallStreetJournal)VALUEVERSUSPROFITSThismayseemtoyouatfirstlikeastrangeobjective.Specifically,youmaywonderifmaximizingshareholders'

3、currentwealthencouragesforexamplepumpingupcurrentprofitbyskimpingonthequalityoftheproduct?Theanswerisnotnecessarily,becausecurrentprofitsandcurrentshareholders'wealthareverydifferent.Figuringtheimplicationsoftradingoffcurrentandfutureprofitsonthecurrentvalueofaprojectisoneofthekeytasksin

4、financeInfact,Currentvalueconsistsofprofitsthatwillbecomingin(1)atdifferentpointsinthefuture;and(2)withdifferentdegreesofuncertaintyandriskAccountingforthetimeandriskdimensionsiscriticalinmakinginvestmentdecisionsWHATISFINANCE?Thus,wecansaythatFinanceisthestudyoftheeffectsoftimeanduncert

5、aintyonvalue.THEROLEOFTHEFINANCIALOFFICERThefinancialmanagerinamodernfirmhasthreemainduties1.Meetcashneeds:Forexample,afirmmayneedtomeetapayrolltoday,butisreceivingacashinflownextmonth.Thefinancialofficerwillneedtoborrowshortterm2.Manageexcesscash:If,ontheotherhand,thepayrollpaymentsaren

6、extmonthandthecashinflowistoday,thenitisherjobtoearnareturnontheexcesscashTheseareproblemsinshort-termfinancialmanagement3.Raisecapitalforprojects:Afirmdesiringtoundertakeaninvestmentmayneedadditionalfunds.ThefinancialofficerneedstogotothecapitalmarketstoraisethecashThisisaprobleminlong-

7、termfinancialmanagementTHEROLEOFFINANCIALMARKETSThemainroleoffinancialmarketsistotakethesavingsofthosewhodonotwishtoconsume(savingsurplusunits)andtochannelthemtothosewhowishtoinvestmorethantheyhavepresently(savingdeficitunits)HOWAREFUNDSCHANNELEDINTHEFINANCIALMARKETS?Ther