公司理财讲义（1--巫和懋上课讲义.ppt

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1、公司理财讲义（1）--巫和懋TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecision(InvestmentDecision)TheBalance-SheetModeloftheFirmHowcanthefirmraisethe

2、moneyfortherequiredinvestments?TheCapitalStructureDecision(FinancingDecision)CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvest

3、mentDecision(FinancialDecision)NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbevieweda

4、showbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityCashflowfromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirmissuessecurities(A)Retainedcashflows(F)Investsinass

5、ets(B)Dividendsanddebtpayments(E)CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FinancialMarketsPrimaryMarketWhenacorporationissue

6、ssecurities,cashflowsfrominvestorstothefirm.UsuallyanunderwriterisinvolvedSecondaryMarketsInvolvethesaleof“used”securitiesfromoneinvestortoanother.Securitiesmaybeexchangetradedortradeover-the-counterinadealermarket.FinancialMarketsFirmsInvestorsSecondaryMarketmoneysecuritiesSueBobS

7、tocksandBondsMoneyPrimaryMarketInvestmentEnvironmentTwoElementsofInvestment:TimeandRiskRiskyInvestmentandCapitalBudgetingThebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.Theshareholder’sclaimonfirmvalueistheresidualamountthatremain

8、safterthedebtholdersarepai