公司理财经典教程(英文版)(48页PPT).pptx

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1、McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-1CHAPTER1Introduction to Corporate Finance.my.moMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-2ChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecurit

2、iesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheTextMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-3WhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:1.Whatlo

3、ng-terminvestmentsshouldthefirmengagein?2.Howcanthefirmraisethemoneyfortherequiredinvestments?3.Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-4TheBalance-SheetModeloftheFirmCurrentAssetsFixedAsse

4、ts1Tangible2IntangibleTotalValueofAssets:ShareholdersEquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-5TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersE

5、quityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-6TheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalSt

6、ructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-7TheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWork

7、ingCapitalInvestmentDecisionNetWorkingCapitalShareholdersEquityCurrentLiabilitiesCurrentAssetsFixedAssets1Tangible2IntangibleLong-TermDebtMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-8CapitalStructureThevalueofthefirmcanbethoughtofasapie,itwilldepen

8、donhowwellthefirmhasmadeitsinvestmentdecisionThegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityMcGraw-Hill/Irw

9、inCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-9HypotheticalOrganizationChartChairman of the Board and Chief Executive Officer(CEO)Board of DirectorsPresident and Chief Operating Officer(COO)Vice President and Chief Financial Officer(CFO)TreasurerControllerCash Mana

10、gerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-10TheFinancialManagerTocreatevalue,thefinancialmanagershould:1.Trytomakesmartinvestmen

11、tdecisions.2.Trytomakesmartfinancingdecisions.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-11Cash flowfrom firm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirm issues securities(A)Retained cash flows(F)Investsin assets(B)Dividends anddebt

12、payments(E)Current assetsFixed assetsFinancialmarketsShort-term debtLong-term debtEquity sharesUltimately,thefirmmustbeacash generating activity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights R

13、eserved.1-12Multiplechoice1.Whichofthefollowingisnotconsideredoneofthebasicquestionsofcorporatefinance?A)Whatlong-livedassetsshouldthefirminvest?B)How much inventory should the firm hold?C)Howcanthefirmraisecashforrequiredcapitalexpenditures?D)Howshouldtheshort-termoperatingcashflowsbemanaged?E)Allo

14、ftheabove.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-132.Thebalancesheetismadeupofwhatfivekeycomponents?A)Fixedassets,currentliabilities,longtermdebt,tangiblecurrentassetsandshareholdersequityB)Intangiblefixedassets,currentliabilities,long-termdeb

15、t,netincomeandcurrentassetsC)Fixed assets,long-term debt,current assets,current liabilities and shareholders equity D)Currentassets,fixedassets,longtermdebt,shareholdersequityandretainedearningsE)Noneoftheabove.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Rese

16、rved.1-143.Capitalstructureisdefinedasthemajorfinancingofthefirm.ThecapitalstructureisdividedA)betweendebtorsandcreditors.B)creditors and shareholders.C)assetsandliabilities.D)Alloftheabove.E)Noneoftheabove.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved

17、.1-154.InthemanagerialstructureofthecorporationthetwoofficersandtheirresponsibilitiesthatreportdirectlytotheChiefFinancialOfficer(CFO)areA)thecreditmanagerwhohandlesaccountsreceivableandthetaxmanagerwhominimizestaxpayments.B)thepersonnelmanagerwhomanagessalariesandcompensation,andtheproductionoperat

18、ionsmanagerwhomanagesfacilityoperations.C)thetreasurerwhoisresponsiblehandlingcashflowandmakingfinancialdecisionsandthetaxmanagerwhominimizestaxpayments.D)the controller who manages the accounting function and the treasurer who is responsible handling cash flow and making financial decisions.E)Noneo

19、ftheabove.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-161.2CorporateSecuritiesasContingentClaimsonTotalFirmValueThebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.Theshareholdersclaimonfirmvalueisthe

20、residualamountthatremainsafterthedebtholdersarepaid.Ifthevalueofthefirmislessthantheamountpromisedtothedebtholders,theshareholdersgetnothing.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-17DebtandEquityasContingentClaims$F$FPayofftodebtholdersValueof

21、thefirm(X)Debtholdersarepromised$F.Ifthevalueofthefirmislessthan$F,theygetthewhateverthefirmifworth.Ifthevalueofthefirmismorethan$F,debtholdersgetamaximumof$F.$FPayofftoshareholdersValueofthefirm(X)Ifthevalueofthefirmislessthan$F,shareholdersgetnothing.Ifthevalueofthefirmismorethan$F,shareholdersget

22、everythingabove$F.Algebraically,thebondholdersclaimis:Min$F,$XAlgebraically,theshareholdersclaimis:Max0,$X$FMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-18$F$FCombinedPayoffstodebtholdersandshareholdersValueofthefirm(X)Debtholdersarepromised$F.Payof

23、ftodebtholdersPayofftoshareholdersIfthevalueofthefirmislessthan$F,theshareholdersclaimis:Max0,$X$F=$0andthedebtholdersclaimisMin$F,$X=$X.Thesumoftheseis=$XIfthevalueofthefirmismorethan$F,theshareholdersclaimis:Max0,$X$F=$X$Fandthedebtholdersclaimis:Min$F,$X=$F.Thesumoftheseis=$XCombinedPayoffstoDebt

24、andEquityMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-19Example1Supposedebtholdersarepromised$100,thefirmsvalueis$75,howmuchwillthedebtholdersandstockholdersget?Inthiscase,thedebtholderswillget$75=min(75,100),thestockholderswillgetnothing!Thestockho

25、ldersclaim=max(0,75-100)=0McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-20Example2Ifthefirmsvalueis$200,thefirmhaspromisedtopaythedebtholder$100,howmuchwillthedebtholderandstockholdersget?Thedebtholderwillget$100=min(100,200),thestockholderswillget$1

26、00=max0,(200-100).McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-21MultiplechoiceTheSimpleCorporationhasoutstandingobligationtotheComplexCorporationof$250.Itisyear-endandthetotalcashflowofSimplefromallsourcesis$325.Thecontingentpayofftothedebtholdersa

27、ndtheshareholdersisA)$250;$325B)$75;$250C)$250;$75 D)$325;$250E)Noneoftheabove.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-221.3TheCorporateFirmThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash

28、.However,businessescantakeotherforms.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-23FormsofBusinessOrganizationTheSoleProprietorship(p10)Asoleproprietorshipisabusinessownedbyoneperson.ThePartnership:anytwoormorepersonscangettogetherandformapartnersh

29、ip.GeneralPartnership:allpartnersagreetoprovidesomefractionofworkandcashandtosharetheprofitsandlossesLimitedPartnership:permittheliabilityofsomeofthepartnerstobelimitedtotheamountofcasheachhascontributedtothepartnershipMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rig

30、hts Reserved.1-24TheCorporationAcorpotationisalegalentity,itcanhaveanameandenjoymanyofthelegalpowerofnaturalpersons(enterintocontractsandmaysueandbesued)AdvantagesLiquidityandMarketabilityofOwnership:ownershipcanbereadilytransfererredLiability:limitedliabilityContinuityofExistence:unlimitedlifeDisad

31、vantagesTaxConsiderations:doubletaxationMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-25AComparisonofPartnershipandCorporations(p13)CorporationPartnershipLiquiditySharescaneasilybeexchanged.Subjecttosubstantialrestrictions.Voting RightsUsuallyeachsha

32、regetsonevoteGeneralPartnerisincharge;limitedpartnersmayhavesomevotingrights.TaxationDoublePartnerspaytaxesondistributions.Reinvestment and dividend payoutBroadlatitudeAllnetcashflowisdistributedtopartners.LiabilityLimitedliabilityGeneralpartnersmayhaveunlimitedliability.Limitedpartnersenjoylimitedl

33、iability.Continuity PerpetuallifeLimitedlifeMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-261.4GoalsoftheCorporateFirmThetraditionalansweristhatthemanagersofthecorporationareobligedtomakeeffortstomaximizeshareholderwealth.McGraw-Hill/IrwinCorporate F

34、inance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-27TheSet-of-ContractsPerspectiveTheorganisationInterestgroupInvestorThepublicSuppliersGovernmentMediaConsumersIndustrybodiesEmployeesMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-28T

35、heSet-of-ContractsPerspectiveThefirmcanbeviewedasasetofcontracts.Oneofthesecontractsisbetweenshareholdersandmanagers.Themanagerswillusuallyactintheshareholdersinterests.Theshareholderscandevisecontractsthataligntheincentivesofthemanagerswiththegoalsoftheshareholders.Theshareholderscanmonitorthemanag

36、ersbehavior.Thiscontractingandmonitoringiscostly.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-29AgencycostsThecostofresolvingtheconflictsofinterestbetweenmanagersandshareholdersarecalledagency costs.Thesecostsaredefinedasthesumof(1)themonitoringcost

37、softheshareholdersand(2)thecostsofimplementingcontroldevices.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-30ManagerialGoalsManagerialgoalsmaybedifferentfromshareholdergoalsWillimsonproposesthenotionofExpensivepreference:managersobtainvaluefromcertai

38、nkindsofexpenses.AccordingtoDonaldson:SurvivalIndependenceThebasicfinancialobjectiveofmanagersisthemaximizationofcorporatewealth.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-31SeparationofOwnershipandControlBoard of DirectorsManagementAssetsDebtEqui

39、tyShareholdersDebtholdersMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-32DoShareholdersControlManagerialBehavior?Shareholdersvotefortheboardofdirectors,whointurnhirethemanagementteam.Contractscanbecarefullyconstructedtobeincentive compatible.Thereisa

40、marketformanagerialtalentthismayprovidemarket disciplinetothemanagerstheycanbereplaced.Ifthemanagersfailtomaximizeshareprice,theymaybereplacedinahostiletakeover.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-331.5FinancialMarketsThefinancialmarketsare

41、composedofthemoney marketsandthecapital markets.Money marketsarethemarketsfordebtsecuritiesthatwillpayoffintheshortterm(usuallylessthanoneyear).Capital marketsarethemarketsforlong-termdebt(withamaturityatoveroneyear)andforequityshares.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Compa

42、nies,Inc.All Rights Reserved.1-341.5FinancialMarketsThefinancialmarketscanbeclassifiedfurtherastheprimary marketandthesecondary markets.PrimaryMarketWhenacorporationissuessecurities,cashflowsfrominvestorstothefirm.UsuallyanunderwriterisinvolvedSecondaryMarketsInvolvethesaleof“used”securitiesfromonei

43、nvestortoanother.Therearetwokindsofsecondarymarkets:theauctionmarketsandthedealermarkets.TheequitysecuritiesofmostlargeU.SfirmstradeinorganizedauctionmarketssuchastheNewYorkStockExchange(NYSE),theAmericanStockExchangeMostdebtsecuritiesaretradedindealermarkets.Securitiesmaybeexchangetradedortradeover

44、-the-counterinadealermarket.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-35FinancialMarketsFirmsInvestorsSecondaryMarketmoneysecuritiesSueBobStocksandBondsMoneyPrimaryMarketMcGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.Al

45、l Rights Reserved.1-36ExchangeTradingofListedStocksAuctionmarketsaredifferentfromdealermarketsintwoways:Tradinginagivenauctionexchangetakesplaceatasinglesiteontheflooroftheexchange.Transactionpricesofsharesarecommunicatedalmostimmediatelytothepublic.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The Mc

46、Graw-Hill Companies,Inc.All Rights Reserved.1-371.6OutlineoftheTextI.OverviewII.ValueandCapitalBudgetingIII.RiskIV.CapitalStructureandDividendPolicyV.Long-TermFinancingVI.Options,FuturesandCorporateFinanceVII.FinancialPlanningandShort-TermFinanceVIII.SpecialTopicsMcGraw-Hill/IrwinCorporate Finance,7

47、/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-38PartIIdescribeshowinvestmentopportunitiesarevaluedinfinancialmarkets.Thispartcontainsbasictheory.Becausefinanceisasubjectthatbuildsunderstandingfromthegroundup,thematerialisveryimportant.ThemostimportantconceptinPartIIisnet present value.

48、Wedevelopthenetpresentvalueruleintoatoolforvaluinginvestmentalternatives.Wediscussgeneralformulasandapplythemtoavarietyofdifferentfinancialinstruments.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Companies,Inc.All Rights Reserved.1-39PartIIIintroducesbasicmeasuresofrisk.Thecapital-ass

49、etpricingmodel(CAPM)andthearbitragepricingtheory(APT)areusedtodevisemethodsforincorporatingriskinvaluation.Aspartofthisdiscussion,wedescribethefamousbetacoefficient.Finally,weusetheabovepricingmodelstohandlecapitalbudgetingunderrisk.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGraw-Hill Compani

50、es,Inc.All Rights Reserved.1-40PartIVexaminestwointerrelatedtopics:capitalstructureanddividendpolicy.Capitalstructureistheextenttowhichthefirmreliesondebt.Itcannotbeseparatedfromtheamountofcashdividendsthefirmdecidestopayouttoitsequityshareholders.McGraw-Hill/IrwinCorporate Finance,7/e 2005 The McGr