Corporate Finance英文学习教学教案.ppt

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1、LectureIIntroductiontoCorporateFinanceShuJinghongFall,2011LearningObjectivesDefinethefieldofcorporatefinanceDescribethethreemajortypesofcorporatefinancialmanagementdecisionsCompareandcontrastthethreedifferentviewofcorporationIdentifytheconflictsofinterestbetweenvariousstakeholders.

2、WhatisCorporateFinanceCorporatefinancefocusesonhowacorporationcancreateandmaintainvalue.InvestmentdecisionsThetimevalueofmoneyCostofcapitalCapitalbudgetingusingNPVCapitalbudgetingunderuncertaintyWhatisCorporateFinanceFinancingdecisionsTherelevanceofcapitalstructureTheoptimalcapital

3、structurePayoutpolicyLong-termdebtfinancingIPOManagerialdecisionsWorkingcapitalmanagementShort-termfinancialplanningSpecialtopicsMerge&AcquisitionsRiskmanagementInternationalcorporatefinanceCourseAssessmentthreecases(45%)WorkingroupuptosixstudentsClasspresentationisrequiredFinalExa

4、m(55%)Finalexamisclosed-bookWhatisafirmInvestmentvehicleBalancesheetSetsofcontractsTheinvestmentvehiclemodelTheinvestmentvehiclemodel:thefirmisaninvestmentvehicle,investorsprovidefundsinexchangeforfinancialsecurities.Underthismodel,thefirm’smanagersareneutralintermediarieswhoactonl

5、yinthebestinterestoftheshareholders.TheBalance-sheetmodelofthefirmThefirm’activitiesarerecordedbybalancesheetCurrentassetsCurrentliabilitiesFixedassetsLong-termDebttangibleShareholders’equityintangibleCashflowfromfirm(C)CashflowinandoutofthefirmTaxes(D)FirmGovernmentFirmissuessecu

6、rities(A)Retainedcashflows(F)Investsinassets(B)Dividendsanddebtpayments(E)CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.Therole

7、ofFinancialMarketsChannelfundsfromsaverswhohaveexcessoffundstolenderswhohaveashortageoffundsfundsurplusunits(savings)funddeficitunits(capitalinvestment)financialintermediariesFunctionoffinancialmarketsAllocationofrisksShiftconsumptionovertheperiodoflifeSeparationofownershipandmanag

8、ementImproveinformationale