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Corporate Finance2014-1 (公司金融课件).ppt

Corporate Finance2014-1 (公司金融课件).ppt

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时间：2020-01-10

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1、CorporateFinance Lecture1 FundamentalsDr.OuyangHongbingDepartmentofFinanceSchoolofEconomicsHuazhongUniversityofScienceandTechnologySpring,2014WhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmengagein?Howcanthefirmraiseth

2、emoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:TheBalance-SheetModeloftheF

3、irmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionTheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecisionCurr

4、entAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCur

5、rentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatt

6、ers.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityBoardofDirectorsHypotheticalOrganizationChartChairmanoftheBoardand ChiefExecutiveOfficer(CEO)PresidentandChief OperatingOfficer(COO)VicePresidentand ChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditM

7、anagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingTheFinancialManagerTocreatevalue,thefinancialmanagershould:Trytomakesmartinvestmentdecisions.Trytomakesmartfinancingdecisions.Cashflow fromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirmis

8、suessecurities(A)Re

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