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1、1-0,CHAPTER,1,Introduction to Corporate Finance,1-1,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,1-2,What is Corporate Finance?,Cor
2、porate 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?,1-3,The Balance-Sheet Modelof the Firm,1-4,The Balance-Shee
3、t Modelof 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,1-5,The Balance-Sheet Modelof the Firm,How can the firm raise the money for the required
4、investments?,The Capital Structure Decision,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,1-6,The Balance-Sheet Modelof the Firm,How much short-term cash flow does a company need to pay its bills?,The Net Working Capital Investment Decisio
5、n,Net Working Capital,Shareholders Equity,Current Liabilities,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Long-Term Debt,1-7,Capital Structure,The value of the firm can be thought of as a pie,it will depend on how well the firm has made its investment decision,The goal of the manager is to i
6、ncrease 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,1-8,Hypothetical Organization Chart,1-9,The Financial Manager,To create
7、value, the financial manager should: Try to make smart investment decisions. Try to make smart financing decisions.,1-10,Cash flowfrom firm (C),The Firm and the Financial Markets,Taxes (D),Firm issues securities (A),Retained cash flows (F),Investsin assets(B),Dividends anddebt payments (E),Current a
8、ssetsFixed assets,Short-term debt Long-term debt Equity shares,Ultimately, the firm must be a cash generating activity.,The cash flows from the firm must exceed the cash flows from the financial markets.,1-11,Multiple choice,1.Which of the following is not considered one of the basic questions of co
9、rporate finance? A)What long-lived assets should the firm invest? B)How much inventory should the firm hold? C)How can the firm raise cash for required capital expenditures? D)How should the short-term operating cash flows be managed? E)All of the above.,1-12,2.The balance sheet is made up of what f
10、ive key components? A)Fixed assets, current liabilities, long term debt, tangible current assets and shareholders equity B)Intangible fixed assets, current liabilities, long-term debt, net income and current assets C)Fixed assets, long-term debt, current assets, current liabilities and shareholders
11、equity D)Current assets, fixed assets, long term debt, shareholders equity and retained earnings E)None of the above.,1-13,3. Capital structure is defined as the major financing of the firm. The capital structure is divided A)between debtors and creditors. B)creditors and shareholders. C)assets and
12、liabilities. D)All of the above. E)None of the above.,1-14,4. In the managerial structure of the corporation the two officers and their responsibilities that report directly to the Chief Financial Officer (CFO) are A)the credit manager who handles accounts receivable and the tax manager who minimize
13、s tax payments. B)the personnel manager who manages salaries and compensation, and the production operations manager who manages facility operations. C)the treasurer who is responsible handling cash flow and making financial decisions and the tax manager who minimizes tax payments. D)the controller
14、who manages the accounting function and the treasurer who is responsible handling cash flow and making financial decisions. E)None of the above.,1-15,1.2 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
15、 fixed dollar amount of by a certain date. The shareholders claim on firm value is the residual amount 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.,1-16,Debt and Equity as Contingent Claims,$F
16、,Debt holders are promised $F.,If the value of the firm is less than $F, they get the whatever the firm 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,$X,Algebraically, the shareholders claim is: Max0,$X $F,1-17,$F,Debt holders a
