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1、Chapter 1 Introduction to Corporate Finance,McGraw-Hill/Irwin,Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved., Student Edition Course-wide Content VideosExcel MasterFinancial Markets UpdateCFA Sample QuestionsAppendices Quizzes Chapter Quiz 提交每道习题选项后可看答案 More Resources Learnin
2、g ObjectivesExcel TemplatesWeb Exercises*Narrated Lecture Slides*iPod Content,Key Concepts and Skills,Know the basic types of financial management decisions and the role of the financial manager Know the financial implications of the different forms of business organization Know the goal of financia
3、l management Understand the conflicts of interest that can arise between owners and managers Understand the various types of financial markets,1-3,Chapter Outline,Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Contro
4、l of the Corporation Financial Markets and the Corporation,1-4,Corporate Finance,Some important questions that are answered using finance: What long-term investments should the firm take on? Where will we get the long-term financing to pay for the investment? How will we manage the everyday financia
5、l activities of the firm?,1-5,Financial Management Decisions,Capital budgeting What long-term investments or projects should the business take on? Capital structure How should we pay for our assets? Should we use debt or equity? Working capital management How do we manage the day-to-day finances of
6、the firm?,1-6,The financial management function (ACCA),财务管理的基本涵义,财务的涵义 客观地存在于企业生产经营活动中的与资金运动或现金流动相关的事务. 与现金流动相关的各项活动（财务活动）-筹资、投资、使用、收回、分配等 财务管理：根据财经法规，按照财务管理原则，组织财务活动，处理财务关系的一项经济管理工作。,Cash flowfrom firm (C),The Firm and the Financial Markets,Taxes (D),Firm issues securities (A),Retained cash flows (
7、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 must exceed the cash flows from the financial markets.,Corporate stakeholders,Financial
8、Manager,Financial managers try to answer some or all of these questions The top financial manager within a firm is usually the Chief Financial Officer (CFO) Treasurer oversees cash management, credit management, capital expenditures, and financial planning Controller oversees taxes, cost accounting,
9、 financial accounting and data processing,1-11,Hypothetical Organization Chart,Forms of Business Organization,Three major forms in the United States Sole Proprietorship Partnership General Limited Corporation C-Corp S-Corp Limited Liability Company,1-13,Sole Proprietorship,Advantages Easiest to star
10、t Least regulated Single owner keeps all the profits Taxed once as personal income,Disadvantages Limited to life of owner Equity capital limited to owners personal wealth Unlimited liability Difficult to sell ownership interest,1-14,Partnership,Advantages Two or more owners More capital available Re
11、latively easy to start Income taxed once as personal income,Disadvantages Unlimited liability General partnership Limited partnership Partnership dissolves when one partner dies or wishes to sell Difficult to transfer ownership,1-15,Corporation,Advantages Limited liability Unlimited life Separation
12、of ownership and management Transfer of ownership is easy Easier to raise capital,Disadvantages Separation of ownership and management Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate),1-16,A Comparison,合伙企业法：修订后的中华人民共和国合伙企业法公布，自2007年6月1日起施行 。 公司法：中华人
13、民共和国公司法1993年12月29日第八届全国人民代表大会常务委员会第五次会议通过 ，2005年10月27日修订后的公司法，自2006年1月1日起施行 。 ,中华人民共和国个人独资企业法自2000年1月1日起施行 第三十一条 个人独资企业财产不足以清偿债务的，投资人应当以其个人的其他财产予以清偿。 ,Goal of Financial Management,What should be the goal of a corporation? Maximize profit? Minimize costs? Maximize market share? Maximize the current v
14、alue of the companys stock? Maximize shareholder wealth? Does this mean we should do anything and everything to maximize owner wealth?,1-19,财务管理目标,1.利润最大化 2.每股盈余最大化 3.股东财富最大化 4.相关者利益最大化 5.企业价值最大化,3.股东财富最大化,股东至上论 shareholder primacy，强调股东是唯一剩余索取者和风险承担者。 优点： （1）它考虑了货币时间价值； （2）它有利于克服企业在理财上的短期行为。 （3）它能够量
15、化公司理财目标，便于对经营者实施考核。 （4）有利于社会资源的合理流动和配置。 局限性： （1）它只强调股东的利益，而对企业其他人员的利益重视不够 （2）股票价格受多种因素影响，并非都是公司所能控制的，将不可控制因素引入理财目标是不合理的,4.相关者利益最大化,企业在决策时要考虑包括股东在内的债权人、经理层、企业职工、客户和供应商等利益相关者的利益。 问题：？ 导致公司财务目标多元化，由此带来决策困难。不同利益相关者的利益要求存在差异性或矛盾性； 资源有限性决定不可能完全满足所有的要求； 在诸多利益主体中，各种利益如何界定？各利益重要性如何确定？可能导致经理人只关心自己的利益。,5.企业价值最
16、大化（主流观点）（Maximum of Enterprise Value）,公司价值就是全部资产的市场价值，公司价值可表示为： V0= NCF 1/（1+r）t （T=1，2，3，N） 优点： 1、考虑了货币时间价值和投资风险价值； 2、反映公司资产保值增殖的要求； 3、克服了管理上的片面性和短期行为； 4、更能揭示公司市场认可的价值，促进社会资源的合理流动和配置，提高社会效益。 缺点： 1、非上市公司的价值须通过资产评估方式确定，有可能不准确； 2、公司股票价值并非公司所能控制，其价值波动与公司财务状况变动并非完全一致。,The Agency Problem,Agency relationship Principal hires an agent to represent his/her interests Stockholders (principals) hire managers (agents) to run the company Agency problem Conflict of interest
