公司理财期末整理(英文版)(共8页).doc
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1、精选优质文档-倾情为你奉上一、*是什么意思?1)Capital budgeting 资金预算2)Capital Structure 资金结构3)Net working capital二、组织结构图 谁负责谁?三、 The corporate firmForms of Business Organizationl Attributes:l It is the cheapest business to form.l It pay no corporate income taxes.l The owner has unlimited liability.l Its life is limited.l
2、 It has difficulty in raising funds.1) The sole proprietorship 独资企业 特点 P72) The Partnership 合伙企业 (The business is owned by two or more persons.)Attributes:特征 Initiation Liability Life Ability to raise fundsTaxationControlling(1)General Partnership All partners agree to provide fraction of the work a
3、nd cash and to share the profit and loss.Each partner is liable for all of the debts .(2)Limited Partnership One or more partners are designated general partners and other partners are designated limited partners.3)The Corporation: 公司 A corporation is owned by individuals who normally are not active
4、 in the day to day operation of that business. It is by far the most important form of business. Features:特征1.Starting Starting a corporation is more complicated Preparing articles of incorporation and a set of by laws:Name of corporationIntended lifeBusiness purposeNumber of shares of stock Nature
5、of the right granted to shareholdersNumber of members of the initial board of directors 2. Three sets of distinct interests: Shareholders Directors Corporation officer3.It is a legal entity.4.Ownership Ownership is represented by shares of stock, it is easy to transfer ownership.5.Life6.The corporat
6、ion has unlimited life7.Liability Liability is limited to the amounted invested in the ownership .8.Taxation: double taxation9.Raising funds: easyCorporationPartnershipLiquidityShares can be easily exchangedSubject to substantial restrictionsVoting RightsUsually each share gets one voteGeneral Partn
7、er is in charge; limited partners may have some voting rightsTaxationDoublePartners pay taxes partnership profitsReinvestment and dividend payoutBroad latitudeAll profits is distributed to partnersLiabilityLimited liabilityGeneral partners may have unlimited liability; limited partners enjoy limited
8、 liabilityContinuity Perpetual lifeLimited lifeThe goal of financial management:Maximize the current value per share of the existing stock.1.5 Financial MarketsClassification of financial markets市场分类1.Money market vs capital market1) Money MarketThe market for debt securities that will pay off in th
9、e short term 2) Capital MarketThe market for long-term debt and for equity shares (common stock, preferred stock, corporate and government bonds2.Primary Market vs Secondary Markets1) Primary Market一级市场Issuance of a security for the first time2)Secondary Markets二级市场Buying and selling of previously i
10、ssued securities3.Organized security exchanges vs over-the counter market (Securities may be traded in either a dealer or auction market1) Organized security exchanges are tangible entities NYSE2)OCT include all security markets eccept the organized exchanges. NASDAQ2.3 TaxesThe one thing we can rel
11、y on with taxes is that they are always changing Marginal vs. average tax rates Marginal the percentage paid on the next dollar earned Average the tax bill / taxable income1) Average tax rate is tax bill divided your taxable income.2) Marginal tax rate is the tax you would pay (in percent) if you ea
12、rned one more dollar.例题: Taxable Income Tax Rate $ 0 - 50,000 15% 50,001-75,000 25% 75,001-100,000 34% 100,001-335,000 39% 335,001-10,000,000 34% -The tax rates apply to the part of income in the indicated range only, not all income.Suppose your firm earns $4 million in taxable income. Use table2.1,
13、we can figure out tax bill as: .15($50,000)=$7,500 .25(75,00-50,000)=6250 .34(100,000-75,000)=8500 .39(335,000-100,000)=91,650 .34(4,000,000-335,000)=1246,100 Total tax bill 1,360,000Average tax rate= 1,360,000/4,000,000 =34%EquationCash flows from the assets= Operating cash flow Investment in NWC I
14、nvestment in fixed assets1. Operating cash flowDefinition: Operating cash flow refers to the cash generated from operations.Calculation: Method 1: OCF= Sales Costs TaxesMethod 2: OCF = EBIT + Depreciation Taxes Eg Nabors, corporation.2005 Income Statement ($ in millions) Net sales $9,610 Less: Cost
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