公司理财汇总整理.docVIP

第一章 1.1 1The three questions 1）What long-term investments Fixed Assets1 Tangible 2 Intangible 2）How can the firm raise the money Current Liabilities;Long-Term Debt;Shareholders’ Equity 3）How much short-term cash flow does a company need to pay its bills? 2Balance Sheet 1)A=S+B Total Value of Assets=Shareholders’ Equity+The Capital Budgeting Decision 2) NWC: Current Assets-Current Liabilities 3Capital structure(P4) The answer to this involves the firm’s Capital structure,which represents the proportions of the firm’s financing from current and long-term debt and equity这一问题又涉及到资金结构，它表示公司短期及长期负债与股东权益的比例 The Capital Structure decision can be viewed as how best to slice up a the pie. v=B+S 4Cash Flow v.s. Net Income cash flow 现金流量：是指一定会计期间企业现金和现金等价物的流入和流出。 net income净收益：是指企业当期利润总额减去所得税后的金额 price价格， In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a companys revenues. Net income is sometimes called the bottom line. also called earnings or net profit. ② For an individual, gross income minus taxes, allowances, and deductions. An individuals net income is used to determine how much income tax is owed. 1.2payoff(p9) 1.3The corprate Firm(p10) The sole proprietorship（个体业主制）-A sole proprietorship is a business owned by one person The Partnership--General Partnership，Limited Partnership The Corporation Advantages and Disadvantages：①Liquidity and Marketability of Ownership ②Control③Liability④Continuity of Existence⑤Tax Considerations The partnership合伙制：A two or more person can get toghter and form a partnership The corporation公司制 1.4Goals of the Corporate Firm The traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth. 1.5Financial Markets Primary Market When a corporation issues securities, cash flows from investors to the firm. Usually an underwriter is involved Secondary Markets Involve the sale of “used” securities from one investor to ano