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1、英文版公司理财chapter-1,1,Fundamentals of Corporate Finance,英文版公司理财chapter-1,2,Grades Assignments (25%) Class participation (15%) Final exam (60%) E-mail:,英文版公司理财chapter-1,3,Chapter 1,The Corporation and the Financial Manager,英文版公司理财chapter-1,4,Objectives,Give examples of the investment and financing decis
2、ions that financial managers make, and explain the responsibilities of the CFO, treasurer, and controller Cite some of the advantages and disadvantages of organizing a business as a corporation Explain why maximizing market value is the logical financial goal for the corporation Understand why confl
3、icts of interest arise, especially in large, public corporations Explain how corporations mitigate conflicts and encourage ethical behavior,英文版公司理财chapter-1,5,Content,Investment and financing decisions What is a corporation? Who is the financial manager? Goals of the corporation,英文版公司理财chapter-1,6,I
4、nvestment decision: 投资决策 Financing decision: 筹资决策 Capital budegting decision: 资本预算决策 Tangible assets: 有形资产 Intangible assets: 无形资产 Debt financing: 债务资金、债务筹资 Equity financing: 权益资金、权益筹资 Capital structure: 资本结构,英文版公司理财chapter-1,7,What is finance?,Finance can be defined as the art and science of managi
5、ng money. Corporations face two broad financial questions: What investments should the firm make? And how should it pay for those investments? The first question involves spending money; the second involves raising it.,Making good investment and financing decisions is the chief task of the financial
6、 manager.,英文版公司理财chapter-1,8,The Investment Decision,Investment decision /capital budgeting decision: decision to invest in tangible or intangible assets,Investments in automobile plant Investments in research and development (R others are intangible, such as technical expertise, trademarks, and pat
7、ents. All of them need to be paid for. To obtain the necessary money, the corporation sells claims on its real assets and on the cash those assets will generate. These claims are called financial assets or securities.,英文版公司理财chapter-1,20,Flow of cash between financial markets and the firms operation
8、s. Key: (1) Cash raised by selling financial assets to investors; (2) cash invested in the firms operations and used to purchase real assets; (3) cash generated by the firms operations; (4a) cash reinvested;(4b) cash returned to investors.,英文版公司理财chapter-1,21,Ultimately, the firm must be a cash gene
9、rating activity. The cash flows from the firm must exceed the cash flows from the financial markets,英文版公司理财chapter-1,22,Self-Test 1.2,Which of the following are financial assets, and which are real assets? A patent A share of stock issued by Bank of New York A blast furnace in a steel-making factory
10、 A mortgage loan taken out to help pay for a new home After a successful advertising campaign, potential customers believe that your brand of potato chips is extra crispy An IOU( I owe you) from your brother-in-law,英文版公司理财chapter-1,23,How can we create value through investment and financing decision
11、s?,英文版公司理财chapter-1,24,Content,Investment and financing decisions What is a corporation? Who is the financial manager? Goals of the corporation,英文版公司理财chapter-1,25,Corporation: 公司 Stockholder/shareholder: 股东 Legal entity: 法人实体 Limited liability: 有限责任 The separation of ownership and management: 所有权与经
12、营权相分离,英文版公司理财chapter-1,26,Corporation,Corporation: business organized as a separate legal entity owned by stockholders A corporation is legally distinct from its owners, therefore confers limited liability The separation of ownership and management is one distinctive feature There is an important ta
13、x drawback（欠缺，弊端）: double taxation,英文版公司理财chapter-1,27,The separation of ownership and management has clear advantages. It allows share ownership to change without interfering with the operation of the business. It allows the firm to hire professional managers. But it also brings problems if the man
14、agers and owners objectives differ.,英文版公司理财chapter-1,28,Forms of Business Organization,The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take other forms. The Sole Proprietorship The Partnership Genera
15、l Partnership Limited Partnership The Corporation,英文版公司理财chapter-1,29,Content,Investment and financing decisions What is a corporation? Who is the financial manager? Goals of the corporation,英文版公司理财chapter-1,30,Chief Finanical Officer (CFO): 财务总监 Treasurer: 资金管理人员、司库人员 Controller: 会计主管人员 financial s
16、tatements:财务报表,英文版公司理财chapter-1,31,Financial managers in large corporations,英文版公司理财chapter-1,32,The Financial Manager,The Financial Managers primary goal is to increase the value of the firm by: Selecting value creating projects Making smart financing decisions,英文版公司理财chapter-1,33,P9 Self-Test 1.3,英文版公司理财chapter-1,34,Content,Investment and financing decisions What is a corporation? Who is the financial manager? Goals of the corporation,英文版公司理财chapter-1,35,Value maximization: 价值最大化 Shareholders:
