公司理财 何韧Chapter1.ppt

1、,Corporate Finance Ross Westerfield Jaffe,Seventh Edition,Chapter Outline,1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on Total Firm Value 1.3 The Corporate Firm 1.4 Goals of the Corporate Firm 1.5 Financial Markets 1.6 Outline of the Text,What is Corporate Finance?,C

2、orporate Finance addresses the following three questions: What long-term investments should the firm engage in? How can the firm raise the money for the required investments? How much short-term cash flow does a company need to pay its bills?,The Balance-Sheet Model of the Firm,The Balance-Sheet Mod

3、el of the Firm,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,What long-term investments should the firm engage in?,The Capital Budgeting Decision,The Balance-Sheet Model of the Firm,How can the firm raise the money for the required investm

4、ents?,The Capital Structure Decision,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,The Balance-Sheet Model of the Firm,How much short-term cash flow does a company need to pay its bills?,The Net Working Capital Investment Decision,Net Work

5、ing Capital,Shareholders Equity,Current Liabilities,Long-Term Debt,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Capital Structure,The value of the firm can be thought of as a pie.,The goal of the manager is to increase the size of the pie.,The Capital Structure decision can be viewed as how b

6、est to slice up a the pie.,If how you slice the pie affects the size of the pie, then the capital structure decision matters.,50% Debt,50% Equity,Hypothetical Organization Chart,The Financial Manager,To create value, the financial manager should: Try to make smart investment decisions. Try to make s

7、mart financing decisions.,The Financial Manager,How do financial managers create value? The firm should try to buy assets that generate more cash than they cost. The firm should sell bonds and stocks and other financial instruments that raise more cash than they cost.,Cash flowfrom firm (C),The Firm

8、 and the Financial Markets,Taxes (D),Firm issues securities (A),Retained cash flows (F),Investsin assets(B),Dividends anddebt payments (E),Current assetsFixed assets,Short-term debt Long-term debt Equity shares,Ultimately, the firm must be a cash generating activity.,The cash flows from the firm mus

9、t exceed the cash flows from the financial markets.,1.2 Corporate Securities as Contingent Claims on Total Firm Value,The basic feature of a debt is that it is a promise by the borrowing firm to repay a fixed dollar amount of by a certain date. The shareholders claim on firm value is the residual am

10、ount that remains after the debtholders are paid. If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing.,Debt and Equity as Contingent Claims,$F,Debt holders are promised $F.,If the value of the firm is less than $F, they get the whatever the firm

11、 if worth.,If the value of the firm is more than $F, debt holders get a maximum of $F.,If the value of the firm is less than $F, share holders get nothing.,If the value of the firm is more than $F, share holders get everything above $F.,Algebraically, the bondholders claim is: Min$F,$X,Algebraically

12、, the shareholders claim is: Max0,$X $F,Combined Payoffs to Debt and Equity,$F,Debt holders are promised $F.,If the value of the firm is less than $F, the shareholders claim is: Max0,$X $F = $0 and the debt holders claim is Min$F,$X = $X. The sum of these is = $X,If the value of the firm is more tha

13、n $F, the shareholders claim is: Max0,$X $F = $X $F and the debt holders claim is: Min$F,$X = $F. The sum of these is = $X,1.3 The Corporate Firm,The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take

14、other forms.,Forms of Business Organization,The Sole Proprietorship The Partnership General Partnership Limited Partnership The Corporation Advantages and Disadvantages Liquidity and Marketability of Ownership Control Liability Continuity of Existence Tax Considerations,A Comparison of Partnership a

15、nd Corporations,1.4 Goals of the Corporate Firm,The traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth.,The Set-of-Contracts Perspective,The firm can be viewed as a set of contracts. One of these contracts is between shareholders and

16、 managers. The managers will usually act in the shareholders interests. The shareholders can devise contracts that align the incentives of the managers with the goals of the shareholders. The shareholders can monitor the managers behavior. This contracting and monitoring is costly.,Managerial Goals,

17、Managerial goals may be different from shareholder goals Expensive perquisites Survival Independence Increased growth and size are not necessarily the same thing as increased shareholder wealth.,Separation of Ownership and Control,Board of Directors,Management,Assets,Debt,Equity,Shareholders,Debthol

18、ders,Do Shareholders Control Managerial Behavior?,Shareholders vote for the board of directors, who in turn hire the management team. Contracts can be carefully constructed to be incentive compatible. There is a market for managerial talentthis may provide market discipline to the managersthey can b

19、e replaced. If the managers fail to maximize share price, they may be replaced in a hostile takeover.,Direct finance,Loans,Financial intermediaries,Deposits,Indirect finance,1.5 Financial Markets,Funds suppliers,Funds demanders,1.5 Financial Markets,Money versus Capital Markets Money Markets For short-term debt instruments Capital Markets For long-term debt and equity,美国的证券市场,1.5 Financial Markets,Primary versus Secondary Markets Primary Market When a corporation issues securities, cash flows from investors to the firm. Usually an underwriter is involved Secondary Markets Involve the sale