第一章公司理财导论dchd.pptx

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1、McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-0ChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheTextMcGraw-Hill/IrwinCopyright 2002 b

2、y The McGraw-Hill Companies,Inc.All rights reserved.1-1WhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:1.Whatlong-terminvestmentsshouldthefirmengagein?2.Howcanthefirmraisethemoneyfortherequiredinvestments?3.Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?McGraw-Hill

3、/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-2TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:ShareholdersEquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Comp

4、anies,Inc.All rights reserved.1-3TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All ri

5、ghts reserved.1-4TheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reser

6、ved.1-5TheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholdersEquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies

7、,Inc.All rights reserved.1-6CapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%

8、Equity70%Debt30%EquityMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-7HypotheticalOrganizationChartChairman of the Board and Chief Executive Officer(CEO)Board of DirectorsPresident and Chief Operating Officer(COO)Vice President and Chief Financial Officer(CFO)

9、TreasurerControllerCash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-8TheFinancialManagerTocreatevalue,thefinancialmanagershould:1.Tryto

10、makesmartinvestmentdecisions.2.Trytomakesmartfinancingdecisions.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-9Cash flowfrom firm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirm issues securities(A)Retained cash flows(F)Investsin assets(B)Dividends

11、anddebt payments(E)Current assetsFixed assetsFinancialmarketsShort-term debtLong-term debtEquity sharesUltimately,thefirmmustbeacash generating activity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights re

12、served.1-101.2CorporateSecuritiesasContingentClaimsonTotalFirmValueThebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.Theshareholdersclaimonfirmvalueistheresidualamountthatremainsafterthedebtholdersarepaid.Ifthevalueofthefirmislessthantheamountpromise

13、dtothedebtholders,theshareholdersgetnothing.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-11DebtandEquityasContingentClaims$F$FPayofftodebtholdersValueofthefirm(X)Debtholdersarepromised$F.Ifthevalueofthefirmislessthan$F,theygetthewhateverthefirmifworth.Ifthev

14、alueofthefirmismorethan$F,debtholdersgetamaximumof$F.$FPayofftoshareholdersValueofthefirm(X)Ifthevalueofthefirmislessthan$F,shareholdersgetnothing.Ifthevalueofthefirmismorethan$F,shareholdersgeteverythingabove$F.Algebraically,thebondholdersclaimis:Min$F,$XAlgebraically,theshareholdersclaimis:Max0,$X

15、$FMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-12CombinedPayoffstoDebtandEquity$F$FCombinedPayoffstodebtholdersandshareholdersValueofthefirm(X)Debtholdersarepromised$F.PayofftodebtholdersPayofftoshareholdersIfthevalueofthefirmislessthan$F,theshareholdersclai

16、mis:Max0,$X$F=$0andthedebtholdersclaimisMin$F,$X=$X.Thesumoftheseis=$XIfthevalueofthefirmismorethan$F,theshareholdersclaimis:Max0,$X$F=$X$Fandthedebtholdersclaimis:Min$F,$X=$F.Thesumoftheseis=$XMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-131.3TheCorporateFi

17、rmThecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-14FormsofBusinessOrganizationTheSoleProprietorshipThePartnershipGenera

18、lPartnershipLimitedPartnershipTheCorporationAdvantagesandDisadvantagesLiquidityandMarketabilityofOwnershipControlLiabilityContinuityofExistenceTaxConsiderationsMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-15AComparisonofPartnershipandCorporationsCorporationP

19、artnershipLiquiditySharescaneasilybeexchanged.Subjecttosubstantialrestrictions.Voting RightsUsuallyeachsharegetsonevoteGeneralPartnerisincharge;limitedpartnersmayhavesomevotingrights.TaxationDoublePartnerspaytaxesondistributions.Reinvestment BroadlatitudeAllnetcashflowisdistributedtopartners.Liabili

20、tyLimitedliabilityGeneralpartnersmayhaveunlimitedliability.Limitedpartnersenjoylimitedliability.Continuity PerpetuallifeLimitedlifeMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-161.4GoalsoftheCorporateFirmThetraditionalansweristhatthemanagersofthecorporationa

21、reobligedtomakeeffortstomaximizeshareholderwealth.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-17TheSet-of-ContractsPerspectiveThefirmcanbeviewedasasetofcontracts.Oneofthesecontractsisbetweenshareholdersandmanagers.Themanagerswillusuallyactintheshareholdersi

22、nterests.Theshareholderscandevisecontractsthataligntheincentivesofthemanagerswiththegoalsoftheshareholders.Theshareholderscanmonitorthemanagersbehavior.Thiscontractingandmonitoringiscostly.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-18ManagerialGoalsManager

23、ialgoalsmaybedifferentfromshareholdergoalsExpensiveperquisitesSurvivalIndependenceIncreasedgrowthandsizearenotnecessarilythesamethingasincreasedshareholderwealth.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-19SeparationofOwnershipandControlBoard of Directors

24、ManagementAssetsDebtEquityShareholdersDebtholdersMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-20DoShareholdersControlManagerialBehavior?Shareholdersvotefortheboardofdirectors,whointurnhirethemanagementteam.Contractscanbecarefullyconstructedtobeincentive comp

25、atible.Thereisamarketformanagerialtalentthismayprovidemarket disciplinetothemanagerstheycanbereplaced.Ifthemanagersfailtomaximizeshareprice,theymaybereplacedinahostiletakeover.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-211.5FinancialMarketsPrimaryMarketWhe

26、nacorporationissuessecurities,cashflowsfrominvestorstothefirm.UsuallyanunderwriterisinvolvedSecondaryMarketsInvolvethesaleof“used”securitiesfromoneinvestortoanother.Securitiesmaybeexchangetradedortradeover-the-counterinadealermarket.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.Al

27、l rights reserved.1-22FinancialMarketsFirmsInvestorsSecondaryMarketmoneysecuritiesSueBobStocksandBondsMoneyPrimaryMarketMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.1-231.6OutlineoftheTextI.OverviewII.ValueandCapitalBudgetingIII.RiskIV.CapitalStructureandDividendPolicyV.Long-TermFinancingVI.Options,FuturesandCorporateFinanceVII.FinancialPlanningandShort-TermFinanceVIII.SpecialTopics