CorporateFinance

SchoolofInternationalTrade&Economics

ProfessorShaoXueyanCorporateFinan

課程宗旨

創(chuàng)造財(cái)富謀之有道取之有術(shù)管之有方課程宗旨

學(xué)習(xí)方法

學(xué)而不思則罔思而不學(xué)則殆

選自《論語》學(xué)習(xí)方法哈佛學(xué)生學(xué)習(xí)不是與未來就業(yè)相匹配的，他們學(xué)的東西可能與他們將來所要做的工作完全不一樣。廣泛的知識(shí)面、有專業(yè)技能、有一定的遠(yuǎn)見、有能力在職業(yè)生涯中繼續(xù)學(xué)習(xí)是哈佛對(duì)學(xué)生的培養(yǎng)目標(biāo)。大學(xué)能做的最重要的事是，學(xué)生從學(xué)校畢業(yè)50年以后，學(xué)生還能順應(yīng)時(shí)代的發(fā)展變化而繼續(xù)學(xué)習(xí)、進(jìn)取、改變，這將能造就社會(huì)的領(lǐng)導(dǎo)者?！鸫髮W(xué)榮譽(yù)校長陸登庭教授于北京首屆中外大學(xué)校長論壇哈佛學(xué)生學(xué)習(xí)不是與未來就業(yè)相匹配的，他們學(xué)的參考書目

1.《公司理財(cái)》（第五版，雙語教材）

理查德.A.布雷利等著中國人民大學(xué)出版社．

2.《公司理財(cái)》（第九版，雙語教材）

斯蒂芬.A.羅斯等著機(jī)械工業(yè)出版社3.《財(cái)務(wù)報(bào)表分析》（技巧.策略)戴欣苗編著

清華大學(xué)出版社．4.《上市公司虛假會(huì)計(jì)報(bào)表識(shí)別技術(shù)》劉姝威經(jīng)濟(jì)科學(xué)出版社

5.《現(xiàn)代公司理財(cái)》姚益龍中山大學(xué)出版社6.《沃倫巴菲特的投資組合》[美]羅伯特.哈格斯特朗機(jī)械工業(yè)出版社7.《百萬富翁的智慧》[美]托馬斯.J.斯坦利博士中國大百利全書出版公司8.《公司理財(cái)》（第二版）蔣屏編著

清華大學(xué)出版社2013年4月公司理財(cái)(第七版)課件公司理財(cái)(第七版)課件InvestmentandFinancingDecisionsTomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets.…alsocalledtheInvestmentDecisionInvestmentandFinancingDecisInvestmentandFinancingDecisionsThenatureofcapitalinvestmentdecisions◆

Makinganoutlayimmediatelyvs.Yieldingbenefitsinthedistantfuture.◆Asinglelargeamountofoutlayvs.Astreamofsmalleramountofcashinflows.◆Itisdifficulttowithdrawfromaninvestment.◆Timeisvitaltoinvestmentdecision–makingInvestmentandFinancingDecis

Capitalinvestmentaffectstheamountoffuturecashflowsgenerated,thetimingofthosecashflows,andthevariabilityorriskofthosefuturecashflowsandthus,thevalueorworthofthecapitalbudgetingdecisions.InvestmentandFinancingDecisionsCapitalinvestmentaffectsthInvestmentandFinancingDecisionsFinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations.Determiningtheamount,maturityandtypeoffundsraisedinfinancialmarkets.CapitalStructureThemixoflongtermdebtandequityfinancing.InvestmentandFinancingDecis1-12InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-12InvestmentandFinancingD1-13InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-13InvestmentandFinancingD1-14GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-14GoalsandGovernanceofth1-15WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporations1-15WhatisaCorporation?CorpWhatisaCorporation?PublicCompanies:Sharesareavailableforpurchasebyanyinvestors,haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement.PrivateCorporations:Sharesarenotavailableforpublic,areownedbysmallgroupsofmanagersandinvestors.LimitedLiabilityCompanies(partnership):Generalpartners&LimitedpartnersWhatisaCorporation?PublicC1-17BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-17BenefitsoftheCorporatio1-18DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”1-18DrawbacksoftheCorporatiWhatIsaCorporation?WhatIsaCorporation?GoalsofTheCorporation*Productionmaximization*Incomesmaximization*Profitmaximization*Shareholders’wealthmaximization

*SocialresponsibilityGoalsofTheCorporation*P1-21GoalsofTheCorporationShareholderswantwealthmaximizationWfitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves1-21GoalsofTheCorporationShGoalsofTheCorporationShareholdersdesirewealthmaximization

Shareholders’Wealth

Maximization

OrdinaryShare

CurrentMarketValue

ExpectedFutureCashflows

ExpectedDividends&SharePriceGoalsofTheCorporationSharehGoalsofTheCorporation

fitmax.*cashflow:accountingprofit*long-termreturns:short-termreturns*marketprice:differentaccountingrules*considertime&risk:ignoretime&riskGoalsofTheCorporationweal1-24TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-24TheEthicsofMaximizingV1-25AgencyProblemDomanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-25AgencyProblemDomanagers1-26AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-26AgencyProblemDifferentIn1-27AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-27AgencyProblemSolutions1-28AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements1-28AgencyProblemSolutionsTa1-294A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManager(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperationsCashraisedfrominvestors(how?)CashinvestedinfirmCashgeneratedbyoperations1-294A.Cashreinvestedinthe1-30RoleoftheFinancialManagerMostlargecompanieshave3top-levelfinancialmanagers:1-30RoleoftheFinancialManaRoleoftheFinancialManagerSomedaily-questionsfacedbymanagers

A)Willaparticularinvestmentbeprofitable?B)Wherewillthefundscomefromtofinancetheinvestment?C)Whichcustomersshouldbeofferedcreditandhowmuchshouldtheybeoffered?D)Howmuchinventoryshouldbeheld?E)Howshouldprofitsbeusedordistributed?(Whatistheoptimaldividendpolicy?)RoleoftheFinancialManagerS1-32Appendix:CareersinFinance1-32Appendix:CareersinFinan

CorporateFinance

SchoolofInternationalTrade&Economics

ProfessorShaoXueyanCorporateFinan

課程宗旨

創(chuàng)造財(cái)富謀之有道取之有術(shù)管之有方課程宗旨

學(xué)習(xí)方法

學(xué)而不思則罔思而不學(xué)則殆

選自《論語》學(xué)習(xí)方法哈佛學(xué)生學(xué)習(xí)不是與未來就業(yè)相匹配的，他們學(xué)的東西可能與他們將來所要做的工作完全不一樣。廣泛的知識(shí)面、有專業(yè)技能、有一定的遠(yuǎn)見、有能力在職業(yè)生涯中繼續(xù)學(xué)習(xí)是哈佛對(duì)學(xué)生的培養(yǎng)目標(biāo)。大學(xué)能做的最重要的事是，學(xué)生從學(xué)校畢業(yè)50年以后，學(xué)生還能順應(yīng)時(shí)代的發(fā)展變化而繼續(xù)學(xué)習(xí)、進(jìn)取、改變，這將能造就社會(huì)的領(lǐng)導(dǎo)者。——哈佛大學(xué)榮譽(yù)校長陸登庭教授于北京首屆中外大學(xué)校長論壇哈佛學(xué)生學(xué)習(xí)不是與未來就業(yè)相匹配的，他們學(xué)的參考書目

1.《公司理財(cái)》（第五版，雙語教材）

理查德.A.布雷利等著中國人民大學(xué)出版社．

2.《公司理財(cái)》（第九版，雙語教材）

斯蒂芬.A.羅斯等著機(jī)械工業(yè)出版社3.《財(cái)務(wù)報(bào)表分析》（技巧.策略)戴欣苗編著

清華大學(xué)出版社．4.《上市公司虛假會(huì)計(jì)報(bào)表識(shí)別技術(shù)》劉姝威經(jīng)濟(jì)科學(xué)出版社

5.《現(xiàn)代公司理財(cái)》姚益龍中山大學(xué)出版社6.《沃倫巴菲特的投資組合》[美]羅伯特.哈格斯特朗機(jī)械工業(yè)出版社7.《百萬富翁的智慧》[美]托馬斯.J.斯坦利博士中國大百利全書出版公司8.《公司理財(cái)》（第二版）蔣屏編著

清華大學(xué)出版社2013年4月公司理財(cái)(第七版)課件公司理財(cái)(第七版)課件InvestmentandFinancingDecisionsTomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets.…alsocalledtheInvestmentDecisionInvestmentandFinancingDecisInvestmentandFinancingDecisionsThenatureofcapitalinvestmentdecisions◆

Makinganoutlayimmediatelyvs.Yieldingbenefitsinthedistantfuture.◆Asinglelargeamountofoutlayvs.Astreamofsmalleramountofcashinflows.◆Itisdifficulttowithdrawfromaninvestment.◆Timeisvitaltoinvestmentdecision–makingInvestmentandFinancingDecis

Capitalinvestmentaffectstheamountoffuturecashflowsgenerated,thetimingofthosecashflows,andthevariabilityorriskofthosefuturecashflowsandthus,thevalueorworthofthecapitalbudgetingdecisions.InvestmentandFinancingDecisionsCapitalinvestmentaffectsthInvestmentandFinancingDecisionsFinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations.Determiningtheamount,maturityandtypeoffundsraisedinfinancialmarkets.CapitalStructureThemixoflongtermdebtandequityfinancing.InvestmentandFinancingDecis1-44InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-12InvestmentandFinancingD1-45InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-13InvestmentandFinancingD1-46GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-14GoalsandGovernanceofth1-47WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporations1-15WhatisaCorporation?CorpWhatisaCorporation?PublicCompanies:Sharesareavailableforpurchasebyanyinvestors,haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement.PrivateCorporations:Sharesarenotavailableforpublic,areownedbysmallgroupsofmanagersandinvestors.LimitedLiabilityCompanies(partnership):Generalpartners&LimitedpartnersWhatisaCorporation?PublicC1-49BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-17BenefitsoftheCorporatio1-50DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”1-18DrawbacksoftheCorporatiWhatIsaCorporation?WhatIsaCorporation?GoalsofTheCorporation*Productionmaximization*Incomesmaximization*Profitmaximization*Shareholders’wealthmaximization

*SocialresponsibilityGoalsofTheCorporation*P1-53GoalsofTheCorporationShareholderswantwealthmaximizationWfitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves1-21GoalsofTheCorporationShGoalsofTheCorporationShareholdersdesirewealthmaximization

Shareholders’Wealth

Maximization

OrdinaryShare

CurrentMarketValue

ExpectedFutureCashflows

ExpectedDividends&SharePriceGoalsofTheCorporationSharehGoalsofTheCorporation

fitmax.*cashflow:accountingprofit*long-termreturns:short-termreturns*marketprice:differentaccountingrules*considertime&risk:ignoretime&riskGoalsofTheCorporationweal1-56TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-24TheEthicsofMaximizingV1-57AgencyProblemDomanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-25AgencyProblemDomanagers1-58AgencyProblemDifferentInfor