企业理财 斯蒂芬A罗斯 第九版精要.ppt

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1、IntroductiontoCorporateFinanceChapter1Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleoftheFinancialManagerKnowthefinancialimplicationsofthevariousformsofbusinessorganizationKnowt

2、hegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersUnderstandthevariousregulationsthatfirmsfaceChapterOutline1.1WhatisCorporateFinance?1.2TheCorporateFirm1.3TheImportanceofCashFlows1.4TheGoalofFinancialManagement1.5TheAgencyProblemandControlof

3、theCorporation1.6Regulation1.1WhatIsCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmchoose?Howshouldthefirmraisefundsfortheselectedinvestments?Howshouldshort-termassetsbemanagedandfinanced?BalanceSheetModeloftheFirmCurrentAssetsF

4、ixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoo

5、se?TheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtShort-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholders’EquityCurr

6、entLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleTheFinancialManagerTheFinancialManager’sprimarygoalistoincreasethevalueofthefirmby:SelectingvaluecreatingprojectsMakingsmartfinancingdecisionsHypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer(C

7、EO)PresidentandChiefOperatingOfficer(COO)VicePresidentandChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingBoardofDirectors1.2TheCorporateFirmThecorporateformofbusi