1、Corporate Finance公司金融,Semester 1, 2009-2010 吳輝凡,你們的問題？,什么是公司金融？ 對這門課程有什么期望？ 如何學(xué)習(xí)公司金融？,金融學(xué)學(xué)科體系圖,兩個中心問題,什么是公司金融？財務(wù)經(jīng)理的作用是什么？ 公司金融的目標(biāo)是什么？,1.1 What is Corporate Finance？,Corporate finance is a specific area of finance that analyzes the financial decisions of corporations.,The Balance-Sheet Model of the F

2、irm,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,What long-term investments should the firm engage in?,The Capital Budgeting Decision（資本預(yù)算）,The Balance-Sheet Model of the Firm,How can the firm raise the money for the required investments?

3、,The Capital Structure Decision（資本結(jié)構(gòu)）,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,The Balance-Sheet Model of the Firm,How much short-term cash flow does a company need to pay its bills?,The Net Working Capital Investment Decision （凈營運資金）

4、,Net Working Capital,Shareholders Equity,Current Liabilities,Long-Term Debt,Current Assets,Fixed Assets 1 Tangible 2 Intangible,The Balance-Sheet Model of the Firm,Corporate Financial Decisions,Capital Budgeting (投資決策） The process of planning and managing a firms investments in fixed assets. It is c

5、oncerned with the size, timing, and riskiness of cash flows. Financing Decision （融資決策） 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 （營運資金管理） Managing short-term assets and liab

6、ilities. How much cash and inventory to keep around? What is our credit policy? Where will we obtain short-term loans?,Every decision that a business makes has financial implications, and any decision which affects the finances of a business is a corporate finance decision. Defined broadly, everythi

7、ng that a business does fits under the rubric of corporate finance. Corporate Finance or Business finance?,Corporate finance or Business Finance?,1.2 財務(wù)總監(jiān)與總會計師,To create value, the financial manager should: Try to make smart investment decisions. Try to make smart financing decisions.,2 學(xué)習(xí)的四個境界,李開復(fù)：

8、做最好的你自己一書中解釋四個學(xué)習(xí)的境界： 熟能生巧：在老師指導(dǎo)下學(xué)習(xí)，掌握課本上的內(nèi)容，知道問題的答案； 舉一反三：具備了思考的能力，掌握了學(xué)習(xí)的方法，能夠舉一反三，知其然，也知其所以然； 無師自通：掌握了自學(xué)、自修的方法，可以在沒有老師輔導(dǎo)的情況下主動學(xué)習(xí)； 融會貫通：可以將學(xué)到的知識靈活運用于生活和工作實踐，懂得做事與做人的道理,3 公司金融的學(xué)習(xí),課堂練習(xí)與課后作業(yè) 案例分析與討論 財經(jīng)新聞的解讀與思考,案例學(xué)習(xí)小組,目的：為我們提供一個將公司金融理論與模型應(yīng)用于企業(yè)實踐的機會，并學(xué)習(xí)和加強團隊協(xié)作能力。 小組組建要求 人員構(gòu)成4-6人 選出小組組長，負(fù)責(zé)成員之間以及小組與科代表間的協(xié)調(diào)和溝通 小組任務(wù) 每一個小組選擇一家上市公司作為案例分析的對象。公司要求如下：上市時間在一年（含一年）以上；至少已經(jīng)公開了一個會計年度的財務(wù)報表；盡量避免虧損企業(yè)；勿選擇金融行業(yè)。 從以下幾方面分析上市公司的相關(guān)金融決策 分析公司的治理結(jié)構(gòu)； 分析企業(yè)的資本結(jié)構(gòu)，判斷企業(yè)是否負(fù)債不足，或過度負(fù)債； 研究企業(yè)的股利政策，決定股利支付的多少 撰寫案例分析報告（PPT或WORD形式）,References,Applied Corporate Finance: A Users Manual (Second Edition) by Aswath Damodar