第01章公司金融(双学位)重点.ppt

公司金融 第一章 概述 一、关于FINANCE 二、企业的组织形式 三、基本财务报表 四、公司投资的概念 一、关于FINANCE Public Finance (Public Economics) 财政学（公共经济学） Bank Finance (Monetary and Banking) 金融学（货币银行学） International Finance（International Economics) 国际金融（国际经济学） Corporate Finance 公司金融（公司理财） Personal Finance 个人理财 关于FINANCE Financial Economics 金融经济学(经济学、财政经济学、保险经济学等） Investment 投资学(有价证券投资) Corporate Finance 公司金融（公司理财） What is Corporate Finance？ Corporate finance is a specific area of finance that analyzes the financial decisions of corporations. What is Corporate Finance? Corporate Finance addresses the following three questions（公司金融探讨以下三个方面问题） What long-term investments should the firm engage in?（公司应该投资于什么样的长期资产项目） How can the firm raise the money for the required investments?（公司如何筹集投资支出所需要的资金） How much short-term cash flow does a company need to pay its bills?（公司需要多大的现金流来应对支出） The Balance-Sheet Model of the Firm The Balance-Sheet Model of the Firm The Balance-Sheet Model of the Firm Capital Structure 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? Cash Flows between Firms and Markets Cash Flows between Firms and Markets Market value of the firm ≠ Book value of the