企业财务会计分析(25页PPT).pptx
Topic Flow ChartGoal of Finance=Maximize Value of FirmHOW?Get the most cashSteps1.Methods to evaluate projects cash flow (NPV,IRR,etc)2.Develop risk adjusted discount rates for use in NPV3.Apply NPV,IRR,Decision Trees,PVI,etc to capital budgeting decisions4.Changes in capital structure influence discount rates5.Financial Distress can result form changes in capital structure Efficient Capital MarketsSwitches gearsPast lectures decided how to spend money(invest)Todays lecture deal with raising money(financing decisions)Fisher Separation TheoremMarket Efficiency Theory sezCapital markets reflect all relevant information.You can not consistently earn excess profits.Efficient Capital MarketsEfficient Capital MarketsDSRQtyCost of Capital=Price of MoneyType of Market EfficiencyWeak Form EfficiencySemistrong Form EfficiencyStrong Form EfficiencyEfficient Market TheoryAnnouncement DateEfficient Market TheoryAverage Annual Return on 1493 Mutual Funds and the Market IndexEfficient Market TheoryIPO Non-Excess ReturnsYear After OfferingEfficient Market TheoryStrong-Form Efficiency TestHistorical performanceRandom Walk TheoryRandom Walk TheoryEfficient Market TheoryFundamental AnalystsResearch the value of stocks using NPV and other measurements of cash flow Efficient Market TheoryTechnical AnalystsForecast stock prices based on the watching the fluctuations in historical prices(thus“wiggle watcherswiggle watchers”)Market Efficiency TheoryConflicts in TheoryStock market crash of 1987Daily fluctuationsCulprits?ArbitrageComputersInstitutionsEfficient Market Theory1987 Stock Market CrashEfficient Market Theory1987 Stock Market CrashLessons of Market EfficiencyMarkets have no memoryTrust market pricesThere are no financial illusionsDo it yourself diversificationSeen one stock,seen them allReading the entrailsCorporate FinancingTypes of Financing1-Equity2-Debt3-HybridsCorporate FinancingREAD TEXT FOR TERMINOLOGYInitial OfferingInitial Public Offering(IPO)-First offering of stock to the general public.Underwriter-Firm that buys an issue of securities from a company and resells it to the public.Spread-Difference between public offer price and price paid by underwriter.Prospectus-Formal summary that provides information on an issue of securities.Underpricing-Issuing securities at an offering price set below the true value of the security.General Cash OffersSeasoned Offering-Sale of securities by a firm that is already publicly traded.General Cash Offer-Sale of securities open to all investors by an already public company.Shelf Registration-A procedure that allows firms to file one registration statement for several issues of the same security.Private Placement-Sale of securities to a limited number of investors without a public offering.Rights Issue-exampleYRU Corp currently has 9 million shares outstanding.The market price is$15/sh.YRU decides to raise additional funds via a 1 for 3 rights offer at$12 per share.If we assume 100%subscription,what is the value of each right?Current Market Value=9 mil x$15=$135 milTotal Shares=9 mil+3 mil=12 milAmount of new funds=3 mil x$12=$36 milNew Shre Price=(136+36)/12 =$14.25/shValue of a Right=15-14.25=$0.75 WSJ ArticleDJIA 10%below pre-terrorist attacksLong term interest rates.below historical levelsRisk premiums are higher than normalInflation expectations are lowWSJ ArticleEffect on prices&PEMalkiel research shows 22 as current required market PE,compared to 15 historiallyInflated earnings estimates may existNew higher PE base may exist due to growth1、有时候读书是一种巧妙地避开思考的方法。11月-2211月-22Monday,November 7,20222、阅读一切好书如同和过去最杰出的人谈话。12:32:5612:32:5612:3211/7/2022 12:32:56 PM3、越是没有本领的就越加自命不凡。11月-2212:32:5612:32Nov-2207-Nov-224、越是无能的人，越喜欢挑剔别人的错儿。12:32:5612:32:5612:32Monday,November 7,20225、知人者智，自知者明。胜人者有力，自胜者强。11月-2211月-2212:32:5612:32:56November 7,20226、意志坚强的人能把世界放在手中像泥块一样任意揉捏。07十一月202212:32:56下午12:32:5611月-227、最具挑战性的挑战莫过于提升自我。十一月2212:32下午11月-2212:32November 7,20228、业余生活要有意义，不要越轨。2022/11/712:32:5612:32:5607 November 20229、一个人即使已登上顶峰，也仍要自强不息。12:32:56下午12:32下午12:32:5611月-2210、你要做多大的事情，就该承受多大的压力。11/7/2022 12:32:56 PM12:32:5607-11月-2211、自己要先看得起自己，别人才会看得起你。11/7/2022 12:32 PM11/7/2022 12:32 PM11月-2211月-2212、这一秒不放弃，下一秒就会有希望。07-Nov-2207 November 202211月-2213、无论才能知识多么卓著，如果缺乏热情，则无异纸上画饼充饥，无补于事。Monday,November 7,202207-Nov-2211月-2214、我只是自己不放过自己而已，现在我不会再逼自己眷恋了。11月-2212:32:5607 November 202212:32谢谢大家谢谢大家
