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现代企业理财导论讲义.ppt

现代企业理财导论讲义.ppt

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时间：2020-03-23

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1、ChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheTextWhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshou

2、ldthefirmengagein?Howcanthefirmraisethemoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValue

3、toInvestors:TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionTheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinv

4、estments?TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholders

5、’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeof

6、thepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityHypotheticalOrganizationChartChairmanoftheBoardand ChiefExecutiveOfficer(CEO)BoardofDirectorsPresidentandChief OperatingOfficer(COO)VicePresidentand ChiefFinancialOfficer(CFO)TreasurerCont

7、rollerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingTheFinancialManagerTocreatevalue,thefinancialmanagershould:Trytomakesmartinvestmentdecisions.Trytomakesmartfinancingdecisions.Cashflow fromfirm(C)TheFirmandthe

8、FinancialMarketsTaxes(D)Fi

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