最新公司理财教学讲义ppt课件.ppt

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1、公司理财KeyConceptsandSkillsUnderstandthefinancialplanningprocessandhowdecisionsareinterrelatedBeabletodevelopafinancialplanusingthepercentageofsalesapproachBeabletocomputeexternalfinancingneededandidentifythedeterminantsofafirm’sgrowthUnderstandthefourmajordecisionareasinvolvedinlong-te

2、rmfinancialplanningUnderstandhowcapitalstructurepolicyanddividendpolicyaffectafirm’sabilitytogrow4-2ChapterOutlineWhatIsFinancialPlanning?FinancialPlanningModels:AFirstLookThePercentageofSalesApproachExternalFinancingandGrowthSomeCaveatsRegardingFinancialPlanningModels4-3FinancialPla

3、nningModelIngredientsSalesForecast–manycashflowsdependdirectlyonthelevelofsales(oftenestimatedusingsalesgrowthrate)ProFormaStatements–settinguptheplanusingprojectedfinancialstatementsallowsforconsistencyandeaseofinterpretationAssetRequirements–theadditionalassetsthatwillberequiredtom

4、eetsalesprojectionsFinancialRequirements–theamountoffinancingneededtopayfortherequiredassetsPlugVariable–determinedbymanagementdecidingwhattypeoffinancingwillbeusedtomakethebalancesheetbalanceEconomicAssumptions–explicitassumptionsaboutthecomingeconomicenvironment4-7Example:Historica

5、lFinancialStatementsGourmetCoffeeInc.BalanceSheetDecember31,2009Assets1000Debt400Equity600Total1000Total1000GourmetCoffeeInc.IncomeStatementForYearEndedDecember31,2009Revenues2000Less:costs(1600)NetIncome4004-8Example:ProFormaIncomeStatementInitialAssumptionsRevenueswillgrowat15%(2,0

6、00*1.15)Allitemsaretieddirectlytosales,andthecurrentrelationshipsareoptimalConsequently,allotheritemswillalsogrowat15%GourmetCoffeeInc.ProFormaIncomeStatementForYearEnded2010Revenues2,300Less:costs(1,840)NetIncome4604-9Example:ProFormaBalanceSheetCaseIDividendsaretheplugvariable,soeq

7、uityincreasesat15%Dividends=460(NI)–370(increaseinequity)=90dividendspaidCaseIIDebtistheplugvariableandnodividendsarepaidDebt=1,150–(600+460)=90Repay400–90=310indebtGourmetCoffeeInc.ProFormaBalanceSheetCase1Assets1,150Debt460Equity690Total1,150Total1,150GourmetCoffeeInc.ProFormaBalan

8、ceSheetCase2