公司理财：Introduction to Corporate Finance(1).ppt

Introduction to Corporate Finance
Corporate Finance addresses the following three questions:
What long-term investments should the firm engage in?
How can the firm raise money for the required investments?
How much short-term cash flow does pany need to pay its bills?
(RWJ )
The Balance-Sheet Model of the Firm
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Total Value of Assets:
Shareholders’ Equity
Current Liabilities
Long-Term Debt
Total Firm Value to Investors:
The Balance-Sheet Model 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
(Investment Decision)
The Balance-Sheet Model of the Firm
How can the firm raise the money for the required investments?
The Capital Structure Decision
(Financing 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 pany need to pay its bills?
Working Capital Investment Decision
(Financial Decision)
Net Working 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 best 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
25% Debt
75% Equity
70% Debt
30% Equity
Cash flowfrom firm (C)
The Firm and the Financial Markets
Taxes (D)
Firm
Government
Firm issues securities (A)
Retained cash flows (F)
Investsin assets(B)
Dividends anddebt payments (E)
Current assetsFixed assets
Financialmarkets
Short-term debt
Long-term debt
Equity shares
Ultimately, the fi