现代企业理财导论讲义(ppt23页)教案.ppt

Chapter Outline 1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on Total Firm Value 1.3 The Corporate Firm 1.4 Goals of the Corporate Firm 1.5 Financial Markets 1.6 Outline of the Text 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 Model of the Firm The Balance-Sheet Model of the Firm The Balance-Sheet Model of the Firm The Balance-Sheet Model of 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 1.2 Corporate Securities as Contingent Claims on Total Firm Value The basic feature of a debt is that it is a promise by the borrowing firm to repay a fixed dollar amount of by a certain date. The shareholder’s claim on firm value is the residual amount that remains after the debtholders are paid. If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing. Debt and Equity as Contingent Claims 1.3 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 Partnership and Corporations 1.4 Goals of the Corporate Firm The traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth. The Set-of-Contracts Perspective The firm