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1、Introduction to Corporate FinanceChapter1Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin1-1KeyConceptsandSkillsqKnowthebasictypesoffinancialmanagementdecisionsandtheroleoftheFinancialManagerqKnowthefinancialimplicationsofthevariousformsofbusinessorganizationqK
2、nowthegoaloffinancialmanagementqUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersqUnderstandthevariousregulationsthatfirmsface1-2ChapterOutline1.1WhatisCorporateFinance?1.2TheCorporateFirm1.3TheImportanceofCashFlows1.4TheGoalofFinancialManagement1.5TheAgencyProblemandControloftheC
3、orporation1.6Regulation1-31.1WhatIsCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:1.Whatlong-terminvestmentsshouldthefirmchoose?2.Howshouldthefirmraisefundsfortheselectedinvestments?3.Howshouldshort-termassetsbemanagedandfinanced?1-4BalanceSheetModeloftheFirmCurrentAssetsFixedA
4、ssets1Tangible2IntangibleTotalValueofAssets:ShareholdersEquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:1-5TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?1-6TheCapitalS
5、tructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholdersEquityCurrentLiabilitiesLong-TermDebt1-7Short-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholdersEquityCurrentLiabilitiesLong-TermDeb
6、tCurrentAssetsFixedAssets1Tangible2Intangible1-8TheFinancialManagerTheFinancialManagersprimarygoalistoincreasethevalueofthefirmby:1.Selectingvaluecreatingprojects2.Makingsmartfinancingdecisions1-9HypotheticalOrganizationChartChairman of the Board and Chief Executive Officer (CEO)President and Chief
7、Operating Officer (COO)Vice President and Chief Financial Officer (CFO)TreasurerControllerCash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing Board of Directors1-101.2TheCorporateFirmoThecorporateformofbusinessisthestandardme
8、thodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.oHowever,businessescantakeotherforms.1-11FormsofBusinessOrganizationoTheSoleProprietorshipoThePartnershipnGeneralPartnershipnLimitedPartnershipoTheCorporation1-12AComparisonCorporationPartnershipLiquiditySharescanbeeasilyexchangedSubjec
9、ttosubstantialrestrictionsVoting RightsUsuallyeachsharegetsonevoteGeneralPartnerisincharge;limitedpartnersmayhavesomevotingrightsTaxationDoublePartnerspaytaxesondistributionsReinvestment and dividend payoutBroadlatitudeAllnetcashflowisdistributedtopartnersLiabilityLimitedliabilityGeneralpartnersmayh
10、aveunlimitedliability;limitedpartnersenjoylimitedliabilityContinuity PerpetuallifeLimitedlife1-13Cash flowfrom firm (C)1.3TheImportanceofCashFlowTaxes (D)GovernmentRetained cash flows (F)Investsin assets(B)Dividends anddebt payments (E)Current assetsFixed assetsShort-term debtLong-term debtEquity sh
11、aresUltimately,thefirmmustbeacash generating activity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.FirmFirm issues securities (A)Financialmarkets1-141.4TheGoalofFinancialManagementoWhatisthecorrectgoal?nMaximizeprofit?nMinimizecosts?nMaximizemarketshare?nMaximize shareholder
12、wealth?1-151.5TheAgencyProblemoAgencyrelationshipnPrincipalhiresanagenttorepresenthis/herinterestnStockholders(principals)hiremanagers(agents)torunthecompanyoAgencyproblemnConflictofinterestbetweenprincipalandagent1-16ManagerialGoalsoManagerialgoalsmaybedifferentfromshareholdergoalsnExpensiveperquis
13、itesnSurvivalnIndependenceoIncreasedgrowthandsizearenotnecessarilyequivalenttoincreasedshareholderwealth1-17ManagingManagersoManagerialcompensationnIncentivescanbeusedtoalignmanagementandstockholderinterestsnTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirintendedgoaloCorporate
14、controlnThethreatofatakeovermayresultinbettermanagementoOtherstakeholders1-181.6RegulationoTheSecuritiesActof1933andtheSecuritiesExchangeActof1934nIssuanceofSecurities(1933)nCreationofSECandreportingrequirements(1934)oSarbanes-Oxley(“Sarbox”)nIncreasedreportingrequirementsandresponsibilityofcorporatedirectors1-19QuickQuizoWhatarethethreebasicquestionsFinancialManagersmustanswer?oWhatarethethreemajorformsofbusinessorganization?oWhatisthegoaloffinancialmanagement?oWhatareagencyproblems,andwhydotheyexistwithinacorporation?oWhatmajorregulationsimpactpublicfirms?
