公司理财第七版.ppt

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1、GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData2InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets3InvestmentandFinancingDecisionsArethefollow

2、ingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.4WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.Typesof

3、Corporations:PublicCorporationsPrivateCorporations5BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital6DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”7GoalsofTheCorporationShareholderswantwe

4、althmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves8TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff9AgencyProblemDomanagersreallymaximizeva

5、lue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders10AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.l

6、owermanagersStockholdersvs.banksandlenders11AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders12AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements134A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManag

7、er(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperationsCashraisedfrominvestors(how?)CashinvestedinfirmCashgeneratedbyoperations14TheFinancialManagerMostlargecompanieshave3top-levelfinancialmanagers:15Appendix:CareersinFinance16