Final Review 公司金融期末复习.pdf

Corporate Finance 公司金融 北京大学国家发展研究院 黄 卓 课程信息  课程简介： 本课程主要讨论公司的金融决策问题。内容包括公司的财 务报表分析，现金流估值，投资决策的资本预算，资本结 构，融资渠道，股利政策和金融风险管理。 This course focuses on financial decision making in the modern corporation. The basic issues include: capital budgeting/corporate investment, capital structure, corporate sources of funding, dividend policy and corporate contingent claims, and financial risk management. 1-1 Forms of Business Organization企业组织的形式  The Sole Proprietorship独资企业  The Partnership合伙企业  General Partnership 普通（无限责任）合伙企业  Limited Partnership 有限责任合伙企业  The Corporation公司制企业 1-2 A Comparison 比较 Corporation公司制 Partnership合伙制 Shares can be easily exchanged Subject to substantial restrictions Liquidity流动性 股份可以被轻松交易 受到大量的制约 Usually each share gets one General Partner is in charge 普通合伙人全权掌控; Voting Rights投票权 vote limited partners may have some voting 通常一股一票 rights有限合伙人可能有部分投票权 Taxation税收 Double双重征税 Partners pay taxes on distributions 合伙人依分布纳税 Reinvestment and dividend 公司在股利支付政策上有广 合伙人获得所有的收益 payout 再投资和分红 泛的选择余地 Liability责任 Limited liability General partners may have 有限责任 unlimited liability普通合伙人可 能承担无限责任;