公司金融Chap0.pptVIP

* * * * Corporate Finance公司金融 Semester 1, 2009-2010 吴辉凡 你们的问题？ 什么是公司金融？ 对这门课程有什么期望？ 如何学习公司金融？ 金融学学科体系图 金融学 微观金融学 宏观金融学 金融决策学 金融机构学 货币政策分析 金融监管学 商业银行学 投资银行学 保险学 投资学 金融工程学 公司金融 金融风险管理 金融市场学 金融资产定价 国际金融学 微观银行学 金融经济学 两个中心问题 什么是公司金融？财务经理的作用是什么？ 公司金融的目标是什么？ 1.1 What is Corporate Finance？ Corporate finance is a specific area of finance that analyzes the financial decisions of corporations. The Balance-Sheet Model of the Firm Current Assets Fixed Assets 1 Tangible 2 Intangible Total Value of Assets: Shareholders’ Equity Current Liabilities Long-Term Debt Total Firm Value to Investors: 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（资本预算） The Balance-Sheet Model of the Firm How can the firm raise the money for the required investments? The Capital Structure Decision（资本结构） Current Assets Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity Current Liabilities Long-Term Debt The Balance-Sheet Model of the Firm How much short-term cash flow does a company need to pay its bills? The Net Working Capital Investment Decision （净营运资金） Net Working Capital Shareholders’ Equity Current Liabilities Long-Term Debt Current Assets Fixed Assets 1 Tangible 2 Intangible The Balance-Sheet Model of the Firm Corporate Financial Decisions Capital Budgeting (投资决策） The process of planning and managing a firms investments in fixed assets. It is concerned with the size, timing, and riskiness of cash flows. Financing Decision （融资决策） The mix of debt and equity used by a firm. What are the least expensive sources of funds? Is there a best mix? When and where to raise funds? Working Capital Management （营运资金管理） Managing short-term assets and liabilities. How much cash and inventory to keep around? What is our credit policy? Where will we obtain short-term loans? Every decision that a business makes has financial implications, a