企业财务管理01.pdf

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1、1-0CHAPTERIntroductiontoCorporateFinance1-1ChapterOutline1.1WhatisCorporateFinance?1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimson1.2CorporateSecuritiesasContingentClaimsonTotalFirmValueTotalFirmValue1.3TheCorporateFirm1.3TheCorporateFirm1.4

2、GoalsoftheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.5FinancialMarkets1.6OutlineoftheText1.6OutlineoftheText1-2WhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreeCorporateFinanceaddressesthefollowingthreequestions:questions:1.1.Wha

3、tlong-terminvestmentsshouldthefirmengageWhatlong-terminvestmentsshouldthefirmengagein?in?2.2.HowcanthefirmraisethemoneyfortherequiredHowcanthefirmraisethemoneyfortherequiredinvestments?investments?3.3.Howmuchshort-termcashflowdoesacompanyHowmuchshort-termcashflo

4、wdoesacompanyneedtopayitsbills?needtopayitsbills?1-3TheBalance-SheetModeloftheFirmTotalValueofAssets:TotalFirmValuetoInvestors:CurrentLiabilitiesCurrentAssetsLong-TermDebtFixedAssets1TangibleShareholders’2IntangibleEquity1-4TheBalance-SheetModeloftheFirmTheCapit

5、alBudgetingDecisionCurrentLiabilitiesCurrentAssetsLong-TermDebtFixedAssetsWhatlong-term1TangibleinvestmentsShareholders’2IntangibleshouldtheEquityfirmengagein?1-5TheBalance-SheetModeloftheFirmTheCapitalStructureDecisionCurrentLiabilitiesCurrentAssetsLong-TermHow

6、canthefirmDebtraisethemoneyfortherequiredFixedAssetsinvestments?1TangibleShareholders’2IntangibleEquity1-6TheBalance-SheetModeloftheFirmTheNetWorkingCapitalInvestmentDecisionCurrentLiabilitiesCurrentNetAssetsWorkingLong-TermCapitalDebtHowmuchshort-FixedAssetster

7、mcashflow1TangibledoesacompanyShareholders’needtopayits2IntangibleEquitybills?1-7CapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageris25%70%50%30%toincreasethesizeoftheDebtDebtEquitypie.50%75%TheCapitalStructureEquitydecisioncanbeviewedasho

8、wbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.1-8HypotheticalOrganizationChartBoardofDirectorsChairmanoftheBo