该【公司财务与金融(1) 】是由【小屁孩】上传分享,文档一共【865】页,该文档可以免费在线阅读,需要了解更多关于【公司财务与金融(1) 】的内容,可以使用淘豆网的站内搜索功能,选择自己适合的文档,以下文字是截取该文章内的部分文字,如需要获得完整电子版,请下载此文档到您的设备,方便您编辑和打印。CHAPTER1OverviewofCorporateFinanceandtheFinancialEnvironmentCorporatefinanceanizationObjectiveofthefirm:MaximizewealthDeterminantsofstockpricingThefinancialenvironmentFinancialinstruments,marketsandinstitutionsInterestratesandyieldcurves12021/10/10Whyiscorporatefinanceimportanttoallmanagers?Corporatefinanceprovidestheskillsmanagersneedto:,?32021/10/10Advantages:EaseofformationSubjecttofewregulationsetaxesDisadvantages:LimitedlifeUnlimitedliabilityDifficulttoraisecapitalSoleProprietorship42021/10/:UnlimitedlifeEasytransferofownershipLimitedliabilityEaseofraisingcapitalDisadvantages:DoubletaxationCostofset-upandreportfilingCorporation62021/10/10Theprimaryobjectiveshouldbeshareholderwealthmaximization,?YES!Dofirmshaveanyresponsibilitiestosocietyatlarge?YES!’sprimaryobjectivebe?72021/10/10Ismaximizingstockpricegoodforsociety,employees,andcustomers?,employmentgoesupin:firmsthatmakemanagersintoowners(suchasLBOfirms)firmsthatwereownedbythegovernmentbutthathavebeensoldtoprivateinvestors82021/10/,thesefirmshave:highqualityfromcustomers’viewemployeeswholikeworkingthere92021/10/10AmountofcashflowsexpectedbyshareholdersTimingofthecashflowstreamRiskofthecashflowsWhatthreefactorsaffectstockprices?102021/10/10
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