公司金融学(研一上)完整教学课件.ppt

1、公司金融学(研一上)完整 教学课件 CHAPTER 1 IntroductionIntroduction toto Financial ManagementFinancial Management Chapter Outline Finance: A Quick Look Business Finance and The Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financ

2、ial Markets and the Corporation ChapterChapter TasksTasks Discuss the basic types of financial management decisions and the role of the financial manager Identify the goal of financial management. Compare the financial implications of the different forms of business organization Describe the conflic

3、ts of interest that can arise between owners and managers Two central issues: Definition of corporate finance, role of the financial manager The goal of financial management Basic Areas Of Finance Corporate finance Investments Financial institutions International finance 1.1 FINANCE: A QUICK LOOK Co

4、rporate Finance Topics considered in corporate finance are all much broader than those of corporations Basic financial ideas and principles applicable across all the various areas of finance and beyond will be discussed 1.1 FINANCE: A QUICK LOOK Investments Work with financial assets such as stocks

5、and bonds Value of financial assets, risk versus return and asset allocation Job opportunities Stockbroker or financial advisor Portfolio manager Security analyst 1.1 FINANCE: A QUICK LOOK Financial Institutions Businesses that specialize in financial matters Banks commercial and investment, credit

6、unions, savings and loans Insurance companies Brokerage firms Job opportunities 1.1 FINANCE: A QUICK LOOK International Finance This is an area of specialization within each of the areas discussed so far It may allow you to work in other countries or at least travel on a regular basis Need to be fam

7、iliar with international topics, such as exchange rates and political risk Need to understand the customs of other countries and speaking a foreign language fluently is also helpful 1.1 FINANCE: A QUICK LOOK Why Study Finance? Every one needs a working knowledge of finance! 1.1 FINANCE: A QUICK LOOK

8、 Why Study Finance? Marketing Budgets, marketing research, marketing financial products Accounting Dual accounting and finance function, preparation of financial statements Management Strategic thinking, job performance, profitability Personal finance Budgeting, retirement planning, college planning

9、, day- to-day cash flow issues 1.1 FINANCE: A QUICK LOOK What Is Business Finance? It is the study of ways to answer the following questions What long-term investments should the firm take on? Where will we get the long-term financing to pay for the investment? How will we manage the everyday financ

10、ial activities of the firm? 1.2 BUSINESS FINANCE ANDBUSINESS FINANCE AND THE FINANCIAL MANAGERTHE FINANCIAL MANAGER The Financial Manager Financial managers try to answer some or all of the questions mentioned The top financial manager within a firm is usually the Chief Financial Officer (CFO) Treas

11、urer oversees cash management, credit management, capital expenditures, and financial planning Controller oversees taxes, cost accounting, financial accounting, and data processing 1.2 BUSINESS FINANCE ANDBUSINESS FINANCE AND THE FINANCIAL MANAGERTHE FINANCIAL MANAGER 1.2 BUSINESS FINANCE ANDBUSINES

12、S FINANCE AND THE FINANCIAL MANAGERTHE FINANCIAL MANAGER Financial Management Decisions Capital Budgeting It is the process of planning and managing a firms long-term investments. What long-term investments or projects should the business take on? The value of the cash flow generated by an asset exc

13、eeds the cost of that same asset. Evaluating the size, timing, and risk of future cash flows, etc., are the most important considerations in capital budgeting. 1.2 BUSINESS FINANCE ANDBUSINESS FINANCE AND THE FINANCIAL MANAGERTHE FINANCIAL MANAGER Financial Management Decisions Capital structure / F

14、inancial structure It is the mixture of long-term debt and equity maintained by a firm and used to finance its operations. Concerns for the financial managers: How much should the firm borrow? What are the cheapest sources of the borrowing? How and where to raise the money? Should we use debt or equ

15、ity? 1.2 BUSINESS FINANCE ANDBUSINESS FINANCE AND THE FINANCIAL MANAGERTHE FINANCIAL MANAGER Financial Management Decisions Working capital management It refers to a firms short-term assets and liabilities. How do we manage the day-to-day finances of the firm? Questions concerned: How much cash and

16、inventory should be kept Cash sales? Credit sales? Short-term financing channle? 1.2 BUSINESS FINANCE ANDBUSINESS FINANCE AND THE FINANCIAL MANAGERTHE FINANCIAL MANAGER Three legal forms of business organization Sole proprietorship Partnership General Limited Corporation S-Corp* Limited liability co

17、mpany (LLC) 1.3 FORMS OF BUSINESS ORGANIZATION Sole proprietorship The sole proprietor is an unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popula

18、r among individual self contractors or business owners. Sole proprietorship is also known as proprietorship. 1.3 FORMS OF BUSINESS ORGANIZATION Partnership A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the

19、debts from the business. General Partnership An arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnerships obligations. 1.3 FORMS OF BUSINESS ORGANIZATION Partnership Limited Partnership - LP Two or more part

20、ners united to conduct a business jointly, and in which one or more of the partners is liable only to the extent of the amount of money that partner has invested. Limited partners do not receive dividends, but enjoy direct access to the flow of income and expenses. This term is also referred to as a

21、 limited liability partnership (LLP). 1.3 FORMS OF BUSINESS ORGANIZATION Corporation A legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, lo

22、an and borrow money, sue and be sued, hire employees, own assets and pay taxes. The most important aspect of a corporation is limited liability. That is, shareholders have the right to participate in the profits, through dividends and/or the appreciation of stock, but are not held personally liable

23、for the companys debts. 1.3 FORMS OF BUSINESS ORGANIZATION Corporation Limited Liability Company LLC A corporate structure whereby the shareholders of the company have a limited liability to the companys actions. Basically, an LLC is a hybrid between a partnership and a corporation. 1.3 FORMS OF BUS

24、INESS ORGANIZATION S-Corp* An S corporation, for United States federal income tax purposes, is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any federal income taxes. Instead, the corporations

25、 income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. 1.3 FORMS OF BUSINESS ORGANIZATION Advantages Easiest to start Least regulated Single owner keeps all the profits Taxed once as

26、 personal income Disadvantages Limited to life of owner Equity capital limited to owners personal wealth Unlimited liability Difficult to sell ownership interest Sole Proprietorship 1.3 FORMS OF BUSINESS ORGANIZATION Advantages Two or more owners More capital available Relatively easy to start Incom

27、e taxed once as personal income Disadvantages Unlimited liability General partnership Limited partnership Partnership dissolves when one partner dies or wishes to sell Difficult to transfer ownership Partnership 1.3 FORMS OF BUSINESS ORGANIZATION Advantages Limited liability Unlimited life Separatio

28、n of ownership and management Transfer of ownership is easy Easier to raise capital Disadvantages Separation of ownership and management (agency problem) Double taxation (income taxed at the corporate rate and then dividends taxed at personal rate) Corporation 1.3 FORMS OF BUSINESS ORGANIZATION What

29、 does a corporation normally pursue? Maximize profit? Minimize costs? Maximize market share? Maximize the current value of the companys stock? In a corporation, the goal is to maximize the current value per share of the existing stock. More generally, the goal is to maximize the market value of the

30、existing owners equity. Does this mean we should do anything and everything to maximize owner wealth? Sarbanes-Oxley Act* 1.4 THE GOAL OF FINANCIAL MANAGEMENT Agency relationship The relationship between stockholders and management Principal hires an agent to represent their interest Stockholders (p

31、rincipals) hire managers (agents) to run the company Agency problem Conflict of interest between principal and agent The way an agent is compensated affects this problem 1.5 THE AGENCY PROBLEM AND CONTROL THE AGENCY PROBLEM AND CONTROL OF THE CORPORATIONOF THE CORPORATION Management Goals Management

32、 goals Management may tend to overemphasize organizational survival to protect job security Management may dislike outside interference, so independence and corporate self-sufficiency may be important Agency cost* A type of internal cost that arises from, or must be paid to, an agent acting on behal

33、f of a principal 1.5 THE AGENCY PROBLEM AND CONTROL THE AGENCY PROBLEM AND CONTROL OF THE CORPORATIONOF THE CORPORATION Do Managers Act in the Stockholders Interests? Two determinant factors: Managerial compensation Incentives can be used to align management goals and stockholder goals The incentive

34、s need to be structured carefully to make sure that they achieve their goals Corporate control The threat of a takeover may result in better management 1.5 THE AGENCY PROBLEM AND CONTROL THE AGENCY PROBLEM AND CONTROL OF THE CORPORATIONOF THE CORPORATION Conclusion Stockholders control the firm Stoc

35、kholder wealth maximization is the relevant goal of the corporation Management goals are often pursued at the expense of the stockholders Agency problems are not unique to corporations, they exist whenever there is a separation of ownership and management. 1.5 THE AGENCY PROBLEM AND CONTROL THE AGEN

36、CY PROBLEM AND CONTROL OF THE CORPORATIONOF THE CORPORATION NOTE Management and Stockholders are not the only parties with an interest in the firms decisions. Stakeholders all have a financial interest in the firm Stakeholders Those who have shares or interests in an enterprise Stakeholders in a fir

37、m may include shareholders, directors, management, suppliers, government, employees, and the community 1.5 THE AGENCY PROBLEM AND CONTROL THE AGENCY PROBLEM AND CONTROL OF THE CORPORATIONOF THE CORPORATION Work the Web Example The Internet provides a wealth of information about individual companies

38、One excellent site is Click on the web surfer to go to the site, choose a company and see what information you can find! 1.5 THE AGENCY PROBLEM AND CONTROL THE AGENCY PROBLEM AND CONTROL OF THE CORPORATIONOF THE CORPORATION 1.6 FINANCIAL MARKETS AND THE CORPORATION Cash Flows to and from the Firm Ca

39、sh Flows between the firm and the financial markets Financial Markets Broad term describing any marketplace where buyers and sellers participate in the trade of assets such as equities, currencies and derivatives Typically defined by having transparent pricing, basic regulations on trading, costs an

40、d fees and market forces determining the prices of securities that trade Some financial markets only allow participants that meet certain criteria 1.6 FINANCIAL MARKETS AND THE CORPORATION Financial Markets Primary markets - Markets that issue new securities on an transaction. Governments and other

41、groups obtain financing through debt or equity based securities - Primary markets are facilitated by underwriting groups, which consist of investment banks that will set a beginning price range for a given security and then oversee its sale directly to investors 1.6 FINANCIAL MARKETS AND THE CORPORA

42、TION Financial Markets Primary market transactions - Public offerings Various regulatory requirements and considerable expense are necessary - Private placements no registration, no underwriter, OK! 1.6 FINANCIAL MARKETS AND THE CORPORATION Financial Markets Secondary market - A market where investo

43、rs purchase securities or assets from other investors, rather than from issuing companies themselves - Secondary markets consist of dealer markets auction markets 1.6 FINANCIAL MARKETS AND THE CORPORATION Financial Markets Two Kinds of Secondary markets Dealer market or over-the-counter market (OTC)

44、 is a market where dealers are assigned specific securities. The dealers create liquid markets by purchasing and selling against personal inventory Auction market is a market in which buyers enter competitive bids and sellers enter competitive offers at the same time. The price a stock is traded rep

45、resents the highest price that a buyer is willing to pay and the lowest price that a seller is willing to sell at. Matching bids and offers are then paired together and the orders are executed 1.6 FINANCIAL MARKETS AND THE CORPORATION Financial Markets Trading in corporate securities The equity shar

46、es of most of the large firms trade in organized auction markets In the world, the largest such markets are NYSE, NASDAQ, TSE and LSE In China, we have SSE and SZSE 1.6 FINANCIAL MARKETS AND THE CORPORATION Financial Markets Listing Stocks that trade on an organized exchange (or market) are said to

47、be listed on that exchange. In order to be approved for listing, firms in question must meet certain minimum criteria concerning, for example, asset size and number of shareholders. These criteria differ for different exchanges. 1.6 FINANCIAL MARKETS AND THE CORPORATION Quick Quiz What are the four

48、basic areas of finance? What are the three types of financial management decisions and what questions are they designed to answer? What are the three major forms of business organization? What is the goal of financial management? What are agency problems and why do they exist within a corporation? F

49、inancial Statements, Financial Statements, Taxes, and Cash FlowTaxes, and Cash Flow CHAPTER 2 AFTER STUDYING THIS CHAPTER, YOU SHOULE BE ABLE TO: Differentiate between book value and market value distinguish accounting income and cash flow Explain the difference between average and marginal tax rates Determine a firms cash flow from its financial statements 45 Chapter Goal The emphasis is not on how to prepare financial statements, but on recognizing that information in financial statements are often critical for financial decisions. Thus, we will briefly examine financial statements and indi