财务管理Chap001.ppt
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财务管理Chap001.ppt
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IntroductiontoCorporateFinance,Chapter1,Copyright2011byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,McGraw-Hill/Irwin,1-1,KnowthethreemainconcernsofcorporatefinancialmanagementEnumeratethefinancialbenefitsanddrawbacksofdifferingformsofbusinessorganizationUnderstandtheimportanceofcashflowsGraspthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagers,LearningObjectives,1-2,Knowthethreemainconcernsofcorporatefinancialmanagement,1,1-3,Economicresourcesarerequiredtoestablishandmaintainafirm:
FundsenablematerialsandprocessesfordeliveringsalablegoodsandservicesFundsareessentialforassemblingaworkforceFundsarerequiredtopurchaselong-livedassetssuchasequipmentandbuildingsTheBalanceSheetoffersinsightintothearrayofdecisions,activitiesandobjectivesoftheFinancialManager,1.1WhatIsCorporateFinance?
4,BalanceSheetModeloftheFirm,1-5,thetopthreeconcernsofcorporatefinance:
Whatlong-terminvestmentsshouldthefirmchoose?
Howshouldthefirmraisefundsfortheselectedinvestments?
Howshouldcurrentassetsbemanagedandfinanced?
TheBalanceSheetReveals,6,TheCapitalBudgetingDecision,CurrentAssets,FixedAssets1Tangible2Intangible,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,Whatlong-terminvestmentsshouldthefirmchoose?
7,TheCapitalStructureDecision,Howshouldthefirmraisefundsfortheselectedinvestments?
CurrentAssets,FixedAssets1Tangible2Intangible,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,8,Short-TermAssetManagement,Howshouldshort-termassetsbemanagedandfinanced?
NetWorkingCapital,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,CurrentAssets,FixedAssets1Tangible2Intangible,1-9,Thefirms3mainfinancialconcernsareusuallyhandledbyatopofficerandaides:
V.P.orChiefFinancialOfficerStrategist,coordinator,authorityTreasurerCashflow,capitalexpenditure,capitalstructureControllerAccounting,informationsystems,taxes,TheFinancialManager,1-10,HypotheticalOrganizationChart,1-11,Enumeratethefinancialbenefitsanddrawbacksofdifferingformsofbusinessorganization,2,1-12,Firstcompanyproblem:
raisefundsThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.,1.2TheCorporateFirm,13,FormsofBusinessOrganization,TheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporation,14,AComparison,1-15,ThecorporateformoforganizationisnotuniquetotheUnitedStates:
AGlobalPhenomenon,1-16,Understandtheimportanceofcashflows,3,1-17,Ifthefirmistoprosper,itmust:
BuyassetsthatgeneratemorecashthantheycostSellfinancialinstrumentsthatraisemorecashthantheycostThesuccessfulfirmgeneratesmorecashthanituses,1.3TheImportanceofCashFlow,1-18,Cashflowfromfirm(C),TheConceptualFlowofCash,Taxes(D),Retainedcashflows(F),Investsinassets(B),Dividendsanddebtpayments(E),CurrentassetsFixedassets,Short-termdebtLong-termdebtEquityshares,Ultimately,thefirmmustbeacashgeneratingactivity.,Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.,Firmissuessecurities(A),1-19,DonotconfusecashflowandaccountingincomeNon-Cashexpenseexample:
DepreciationNon-Cashrevenueexample:
SalesonAccount,CashFlowAccountingIncome,TheMidlandCompanyrefinesandtradesgold.Attheendoftheyear,itsold2,500ouncesofgoldfor$1million.Thecompanyhadacquiredthegoldfor$900,000atthebeginningoftheyear.Thecompanypaidcashforthegoldwhenitwaspurchased.Unfortunatelyithasyettocollectfromthecustomertowhomthegoldwassold.,CashFlowversusAccountingIncomeexample,1-20,ThemidlandcompanyaccountingviewincomestatementyearendedDecember31Sales$1,000,000-costs-900,000Profit$100,000,Examplecontinued,1-21,ThemidlandcompanyFinancialviewincomestatementyearendedDecember31Cashinflow$0-Cashoutflow-900,000netcashflow-$900,000Conclusion:
CashFlowAccountingIncome,Examplecontinued,1-22,Thevalueofaninvestmentmadebyafirmdependsonthetimingofcashflows.Onedollarreceivedtodayisworthmorethanonedollarreceivednextyear.,Timingofcashflow,1-23,theMidlandCompanyisattemptingtochoosebetweentwoproposalsfornewproducts.Bothproposalswillprovideadditionalcashflowsoverafour-yearperiodandwillinitiallycost$10,000.Thecashflowsfromtheproposalsareasfollows:
YEARNEWPRODUCTANEWPRODUCTB1$0$4,000204,000304,000420,0004,000Total$20,000$16,000,Timingofcashflow-example,1-24,Conclusion:
AtfirstitappearsthatnewproductAwouldbebest.However,thecashflowsfromproposalBcomeearlierthanthoseofA.Withoutmoreinformation,wecannotdecidewhichsetofcashflowswouldcreatethemostvalueforthebondholdersandshareholders.ItdependsonwhetherthevalueofgettingcashfromBupfrontoutweighstheextratotalcashfromA.,Timingofcashflow-example,1-25,Thefirmmustconsiderrisk.Theamountandtimingofcashflowsarenotusuallyknownwithcertainty.Mostinvestorshaveanaversiontorisk.,Riskofcashflows,1-26,TheMidlandCompanyisconsideringexpandingoperationsoverseas.ItisevaluatingEuropeandJapanaspossiblesites.Europeisconsideredtoberelativelysafe,whereasoperatinginJapanisseenasveryrisky.Inbothcasesthecompanywouldclosedownoperationsafteroneyear.PESSIMISTICMOSTLIKELYOPTIMISTICEurope$75,000$100,000$125,000Japan0150,000200,000,Riskofcashflows-example,1-27,Conclusion:
Japanappearstoberiskier,butitalsooffersahigherexpectedlevelofcashflow.Whatisriskandhowcanitbedefined?
Corporatefinancecannotavoidcopingwithriskyalternatives,andmuchofourbookisdevotedtodevelopingmethodsforevaluatingriskyopportunities.,Riskofcashflows-example,1-28,1-29,Graspthegoaloffinancialmanagement,4,1-30,PossibleGoalsSurvive.Avoidfinancialdistressandbankruptcy.Beatthecompetition.Maximizesalesormarketshare.Minimizecosts.Maximizeprofits.Maintainsteadyearningsgrowth.,1.4TheGoalofFinancialManagement,1-31,Whatisthecorrectgoal?
Maximizeprofit?
Minimizecosts?
Maximizemarketshare?
Maximizethecurrentvaluepershareoftheexistingstock?
Maximizeshareholderwealth?
1.4TheGoalofFinancialManagement,Conclusion:
Thegoaloffinancialmanagementistomaximizeshareholderwealth.Because:
Thegoalofmaximizingshareholderwealthavoidstheproblemsassociatedwiththedifferentgoalswelistedearlier.ThereisnoambiguityinthecriterionThereisnoshort-runversuslong-runissue.,1.4TheGoalofFinancialManagement,1-32,1-33,Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers,5,1-34,AgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagent,1.5TheAgencyProblem,1-35,CostofConflictofInterestExample:
LargeinvestmentpositionsfirmforlongtermpositivecashflowbuthasriskinshortrunOwnerswantthisinvestmentIncreasesfirmvalueManagersobjectRiskmayhavepersonalcostIfmanagersprevail,foregonelongtermcashflowistheAgencyCost,AgencyCost,1-36,ManagerialgoalsmaybedifferentfromshareholdergoalsExpensiveperquisitesSurvivalIndependenceIncreasedgrowthandsizeOftenleadtomanagementrewardNotnecessarilyinbestinterestofshareholders,ManagerialGoals,1-37,ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirintendedgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementInfluenceofotherstakeholders,ManagingManagers,1-38,TheSecuritiesActof1933andtheSecuritiesExchangeActof1934IssuanceofSecurities(1933)CreationofSECandreportingrequirements(1934)Sarbanes-Oxley(“Sarbox”)IncreasedreportingrequirementsandresponsibilityofcorporatedirectorsPersonalconsequencesfornon-compliance,Regulation,1-39,WhatarethethreebasicquestionsFinancialManagersmustanswer?
Whatarethethreemajorformsofbusinessorganization?
Whatisthegoaloffinancialmanagement?
Whatareagencyproblems,andwhydotheyexistwithinacorporation?
Whatmajorregulationsimpactpublicfirms?
QuickQuiz,
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