公司金融英文版.ppt

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1、1-2GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualDataContents1.1InvestmentandFinancingDecisions1.2WhatisaCorporate?1.3WhoistheFinancialManager?1.4GoalsoftheCorporate1.5CareersinFinance1-31-4Investmentand

2、FinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-5InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasma

3、lltechnologycompany.1-6WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporations1-7BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-8DrawbacksoftheCorporationCorporationsfacethep

4、roblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”1-9GoalsofTheCorporationShareholderswantwealthmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves1-10TheEthicsofMaximizingValueDoesvaluemaximizati

5、onjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-11AgencyProblemDomanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-12AgencyProblemDifferentInformationStockpri

6、cesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-13AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-14AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequiremen

7、ts1-154A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManager(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperationsCashraisedfrominvestors(how?)Cashinvestedinfir