第一章公司金融基础.ppt

第一章 公司金融基础Introduction to Corporate Finance Purpose of the Course The purpose of the course is to give you a framework for thinking about how a firm should make investment and financing decisions to create value for its shareholders. In order to do this we will not only need to look at the firm but also to consider how financial markets work and how investors in those markets should make decisions. By the end of the course you should have a framework for thinking about business problems. Chapter Outline 1 What is Corporate Finance? 2 The Corporate Firm 3 Goals of the Corporate Firm 4 Accounting Statements and Cash Flow 5 Discussion: Should Firms be for Shareholders or All Stakeholders or Who? 1 What is Corporate Finance? Corporate Finance addresses the following three questions: What long-term investments should the firm engage in? How can the firm raise the money for the required investments? How much short-term cash flow does a company need to pay its bills? The Balance-Sheet Modelof the Firm The Balance-Sheet Modelof the Firm The Balance-Sheet Modelof the Firm The Balance-Sheet Modelof the Firm Capital Structure Hypothetical Organization Chart The Financial Manager To create value, the financial manager should: Try to make smart investment decisions. Try to make smart financing decisions. The Firm and the Financial Markets 2 The Corporate Firm 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. Forms of Business Organization The Sole Proprietorship The Partnership General Partnership Limited Partnership The Corporation Advantages and Disadvantages Liquidity and Marketability of Ownership Control Liability Continuity of Existence Tax Considerations A Comparison of Partnershipand Corporations 3 Goals of the Corporate Firm The traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth.