合并中的财务英文版).ppt

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1、BusinessFinanceFAE2002/2003JohnSlevinIFTBusinessFinanceObjectives:ToDevelopanunderstandingofPrinciplesoffinancingDecisionsandappropriateCapitalstructuresFinancialimplicationsofachangeinsizeorcircumstancesPrinciplesofriskmanagementEffectivemanagementofForeigncurrencyandrelatedtreasurytransac

2、tionsSourceofCapitalandCapitalManagementWhatisBusinessFinance?FinancialPlanning&ControltoAchievetheFinancialObjectivesoftheFirmBusinessFinanceBusinessFinanceFinancialManagementisthereforeallaboutResidualCashFlowsWhichaccruetoOrdinaryShareholdersHencetheimportanceoftheTimeValueofMoneyOrPresen

3、tValueBusinessFinancePresentValueFuturecashflowsdiscountedbacktotoday'sValue1/(1+R)^nR=TheappropriateDiscountRate(WeightedAverageCostofCapital)MostImportantDecisionTheInvestmentDecisionoftenviewedasthemostimportantdecision.Decisionmadenowaffectsfuturereturns.Generallycan’treversedecisionwith

4、outsignificantlossofinitialinvestment.FinancialImplicationsofachangeinFirmSizeInternalChapter8CapitalBudgetingExternalChapter11ValuationofCompaniesChapter12Mergers&Take-oversInternalGrowthWhatConstitutesInternalGrowth?ProductMarketVolumeServiceInternalGrowthLargeCapitalExpenditureDecision

5、Investmenti.e.MajorOutlayAtStartofProjectInvestmentinWCProjectedStreamofInflowsTerminalValuesInternalGrowthThekeyQuestion:IsthisProjectWorththeInvestmentBusinessFinanceseekstoanswerthisthroughComparativeCostsAccountingRateofReturn(ARR)PaybackDiscountedCashFlowsInternalGrowthAccountingRateofR

6、eturnPage207AverageAnnualProfits*100%AverageInvestmentPluses:Easytocalculate&UnderstandMinus:AccountingProfitnotCashFlowExamplePage207InternalGrowthPaybackPage209HowLongtorepaymentofInitialInvestmentPluses:Easy/LiquidityMgt/Caution/RiskMgtMinuses:NoCashpostPB/NoTVOM/TimingPage211InternalGrow

7、thComparativeCostPage211ProjectwithlowestcostwinsIgnoresTimeValueofMoneyProjectCashFlowsInternalGrowthDiscountedCashFlows(DCF)Page212InternalRateofReturnDiscountsallCFatRateforZeroNPVPluses:Cashflow/TVOMMinuses:Notunique/MagnitudeofCF/Failstoselect