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1、0,山西财经大学 会计学院 郭婧 E-mail：gjing_,1,Corporate Finance Ross Westerfield Jaffe,Sixth Edition,2,Key Concepts and Skills(主要概念和技能),Know the basic types of financial management and the role of the financial manager（了解财务管理的基本类型以及财务经理的作用） Know the financial implications of the various forms of business organiz
2、ation(了解不同组织形式的企业组织的财务影响) Know the goal of financial management(了解财务管理的目标) Understand the conflicts of interest that can arise between owners and managers(了解可能 出现的所有者与经营者之间的利益冲突) Understand the various types of financial markets(了解不同种类的金融市场),3,Chapter Outline,1.1 What is Corporate Finance? 1.2 Corpo
3、rate Securities as Contingent Claims on Total Firm Value（公司证券在整个公司价值中是一种未定权益） 1.3 The Corporate Firm（企业组织） 1.4 Goals of the Corporate Firm（企业组织的目标） 1.5 Financial Markets（金融市场） 1.6 Outline of the Text,4,What is Corporate Finance?,Corporate Finance addresses the following three questions（财务管理解决以下三个问题）
4、 What long-term investments should the firm engage in?（capital budgeting）（公司应从事什么样的长期投资） How can the firm raise the money for the required investments?（capital structure）(公司如何才能筹集到投资所需的钱) How much short-term cash flow does a company need to pay its bills?(Working capital)(一个公司需要为支付他的账单而保留多少短期现金流量),5
5、,The Balance-Sheet Model of the Firm,6,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,7,The Balance-Sheet Model of the
6、Firm,How can the firm raise the money for the required investments?,The Capital Structure Decision,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,8,The Balance-Sheet Model of the Firm,How much short-term cash flow does a company need to pay
7、 its bills?,The Net Working Capital Investment Decision,Net Working Capital,Shareholders Equity,Current Liabilities,Long-Term Debt,Current Assets,Fixed Assets 1 Tangible 2 Intangible,9,Capital Structure,The value of the firm can be thought of as a pie.,The goal of the manager is to increase the size
8、 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,10,Hypothetical Organization Chart,11,The Financial Manager,To create value, the financi
9、al manager should: Try to make smart investment decisions. Try to make smart financing decisions.,12,Cash flow from firm (C),The Firm and the Financial Markets,Taxes (D),Firm issues securities (A),Retained cash flows (F),Invests in assets (B),Dividends and debt payments (E),Current assets Fixed asse
10、ts,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.,13,1.2 Corporate Securities as Contingent Claims on Total Firm Value(在公司价值中公司债券是作为一种不确定的负债存在的),The basic featur
11、e of a debt is that it is a promise by the borrowing firm to repay a fixed dollar amount of by a certain date.（债务的基本特征是，她是一个由借债公司承诺在某一特定时点偿还固定的金额。） The shareholders claim on firm value is the residual amount that remains after the debtholders are paid.(股东对公司的求偿权是在债权人债务被偿还后的剩余求偿权) If the value of the
12、 firm is less than the amount promised to the debtholders, the shareholders get nothing.（如果公司的财产还不够偿还债权人的债务，那股东将什么都得不到。）,14,Debt and Equity as Contingent Claims,$F,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 fir
13、m 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,$X,Algebraically, the shareholders claim is: Max0,
14、$X $F,15,Combined Payoffs to Debt and Equity,$F,Debt holders are promised $F.,If the value of the firm is less than $F, the shareholders claim is: Max0,$X $F = $0 and the debt holders claim is Min$F,$X = $X. The sum of these is = $X,If the value of the firm is more than $F, the shareholders claim is
15、: Max0,$X $F = $X $F and the debt holders claim is: Min$F,$X = $F. The sum of these is = $X,16,1.3 The Corporate Firm（企业组织）,The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash.（企业的组织形式是解决筹集大量资金所碰到的许多问题的一种标准方法。） However, business
16、es can take other forms. （然而，企业也可以采用其他组织形式。）,17,Forms of Business Organization,The Sole Proprietorship The Partnership General Partnership Limited Partnership The Corporation Advantages and Disadvantages Liquidity and Marketability of Ownership(所有权的流动性和市场化，也就是股份可以自由转让) Limited Liability（有限责任） Continuity of Existence（无限存续） Double Taxaion （双重纳税）,18,A Comparison of Partnership and Corporations,19,1.4 Goals of the Corp
