公司理财(第七版)(33页PPT).pptx

Corporate Finance School of International Trade&Economics Professor Shao Xueyan 课程宗旨课程宗旨 创创 造造 财财 富富 谋谋 之之 有有 道道 取取 之之 有有 术术 管管 之之 有有 方方 学学 习习 方方 法法 学而不思则罔学而不思则罔 思而不学则殆思而不学则殆 选自论语 哈哈佛佛学学生生学学习习不不是是与与未未来来就就业业相相匹匹配配的的，他他们们学学的的东东西西可可能能与与他他们们将将来来所所要要做做的的工工作作完完全全不不一一样样。广广泛泛的的知知识识面面、有有专专业业技技能能、有有一一定定的的远远见见、有有能能力力在在职业生涯中继续学习是哈佛对学生的培养目标。职业生涯中继续学习是哈佛对学生的培养目标。大大学学能能做做的的最最重重要要的的事事是是，学学生生从从学学校校毕毕业业50年年以以后后，学学生生还还能能顺顺应应时时代代的的发发展展变变化化而而继继续续学学习习、进进取取、改改变变，这将能造就社会的领导者。这将能造就社会的领导者。哈佛大学荣誉校长陆登庭教授哈佛大学荣誉校长陆登庭教授 于北京首届中外大学校长论坛于北京首届中外大学校长论坛 参考书目参考书目 1.公司理财（第五版，双语教材）公司理财（第五版，双语教材）理查德理查德.A.布雷利等著布雷利等著 中国人民大学出版社中国人民大学出版社 2.公司理财（第九版，双语教材）公司理财（第九版，双语教材）斯蒂芬斯蒂芬.A.罗斯罗斯 等著等著 机械工业出版社机械工业出版社 3.财务报表分析（技巧财务报表分析（技巧.策略策略)戴欣苗编著戴欣苗编著 清华大学出版社清华大学出版社 4.上市公司虚假会计报表识别技术上市公司虚假会计报表识别技术 刘姝威刘姝威 经济科学出版社经济科学出版社5.现代公司理财现代公司理财 姚益龙姚益龙 中山大学出版社中山大学出版社6.沃伦巴菲特的投资组合沃伦巴菲特的投资组合 美美罗伯特罗伯特.哈格斯特朗哈格斯特朗 机械工业出版社机械工业出版社7.百万富翁的智慧百万富翁的智慧美美托马斯托马斯.J.斯坦利博士斯坦利博士 中国大百利全书出版公司中国大百利全书出版公司8.公司理财公司理财（第二版）（第二版）蒋蒋 屏编著屏编著 清华大学出版社清华大学出版社 2013年年4月月CHAPTER 1Goals and Governanceof the CorporationMcGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies,Inc.All rights reserved.Investment and Financing Decisionsw To make corporate investment or financing decision wCapital Budgeting DecisionDecision to invest in tangible or intangible assets.walso called the Investment DecisionInvestment and Financing DecisionswThe nature of capital investment decisions Making an outlay immediately vs.Yielding benefits in the distant future.A single large amount of outlay vs.A stream of smaller amount of cash inflows.It is difficult to withdraw from an investment.Time is vital to investment decisionmaking Capital investment affects the amount of future cash flows generated,the timing of those cash flows,and the variability or risk of those future cash flows and thus,the value or worth of the capital budgeting decisions.Investment and Financing DecisionsInvestment and Financing DecisionswFinancing DecisionRaising money that the firm needs for its investments and operations.Determining the amount,maturity and type of funds raised in financial markets.wCapital StructureThe mix of long term debt and equity financing.1-1-1212Investment and Financing DecisionsThe Investment DecisionReal AssetsThe Financing DecisionFinancial Assets1-1-1313Investment and Financing DecisionsAre the following capital budgeting or financing decisions?Apple decides to spend$500 million to develop a new iPhone.GE borrows$400 million from bond investors.Microsoft issues 100 million shares to buy a small technology company.1-1-1414Goals and Governance of the CorporationThis chapter introduces the corporation,its goals,and the roles of financial managers.Source:U.S.Census 2008 SUSB Annual Data1-1-1515What is a Corporation?wCorporation-A business organized as a separate legal entity owned by stockholders.wTypes of Corporations:Public CorporationsPrivate CorporationsWhat is a Corporation?Public Companies:Shares are available for purchase by any investors,have a broad base of shareholders and have professional boards and management.Private Corporations:Shares are not available for public,are owned by small groups of managers and investors.Limited Liability Companies(partnership):General partners&Limited partners1-1-1717Benefits of the CorporationwLimited liabilitywInfinite lifespanwEase of raising capital1-1-1818Drawbacks of the CorporationwCorporations face the problem of double taxationwImproper corporate structures may lead to“Agency Problems”What Is a Corporation?Goals of The Corporation *Production maximization *Incomes maximization *Profit maximization *Shareholders wealth maximization *Social responsibility1-1-2121Goals of The CorporationwShareholders want wealth maximizationwWealth maximization vs.profit maximization:Pitfall:Profits from which period?Pitfall:Cutting dividends to increase cash reservesGoals of The CorporationwShareholders desire wealth maximization Shareholders Wealth Wealth Maximization Ordinary ShareOrdinary Share Current Market ValueMarket Value Expected Future Cash flowsFuture Cash flows Expected Dividends&Share PriceGoals of The Corporationw wealth max.vs.profit max.*cash flow:accounting profit *long-term returns:short-term returns *market price:different accounting rules *consider time&risk:ignore time&risk1-1-2424The Ethics of Maximizing ValueDoes value maximization justify unethical behavior?Recent examples:Enron WorldComBernard Madoff1-1-2525Agency ProblemDo managers really maximize value?Agency ProblemsManagers are agents for stockholders,but the managers may act in their own interests rather than maximizing valuewShareholders vs.Stakeholders1-1-2626Agency ProblemDifferent InformationwStock prices vs.returnswDividend PolicywFinancing DecisionsDifferent ObjectiveswManagers vs.shareholderswTop managers vs.lower managerswStockholders vs.banks and lenders1-1-2727Agency Problem SolutionsCompensation plansBoard of DirectorsBlockholders1-1-2828Agency Problem SolutionsTakeoversSpecialist MonitoringLegal and Regulatory Requirements1-1-29294A.Cash reinvested in the firm4B.Cash returned to investorsRole of the Financial ManagerFinancialManager(1)(2)(3)(4a)(4b)Real assetsInvestorsFinancial Assets FirmsOperations1.Cash raised from investors(how?)2.Cash invested in firm3.Cash generated by operations1-1-3030Role of the Financial ManagerMost large companies have 3 top-level financial managers:Role of the Financial ManagerwSome daily-questions faced by managers A)Will a particular investment be profitable?B)Where will the funds come from to finance the investment?C)Which customers should be offered credit and how much should they be offered?D)How much inventory should be held?E)How should profits be used or distributed?(What is the optimal dividend policy?)1-1-3232Appendix:Careers in Finance1、每一个成功者都有一个开始。勇于开始，才能找到成功的路。11月-2211月-22Tuesday,November 8,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。09:03:0409:03:0409:0311/8/2022 9:03:04 AM3、每天只看目标，别老想障碍。11月-2209:03:0409:03Nov-2208-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。09:03:0409:03:0409:03Tuesday,November 8,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2209:03:0409:03:04November 8,20226、生活总会给你另一个机会，这个机会叫明天。08十一月20229:03:04上午09:03:0411月-227、人生就像骑单车，想保持平衡就得往前走。十一月229:03上午11月-2209:03November 8,20228、业余生活要有意义，不要越轨。2022/11/89:03:0409:03:0408 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。9:03:04上午9:03上午09:03:0411月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/8/2022 9:03:04 AM09:03:0408-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/8/2022 9:03 AM11/8/2022 9:03 AM11月-2211月-22谢谢大家谢谢大家