公司理财(第七版)

CorporateFinanceSchoolofInternationalTrade&EconomicsProfessorShaoXueyan课程宗旨创造财富谋之有道取之有术管之有方学习方法学而不思则罔思而不学则殆选自《论语》哈佛学生学习不是与未来就业相匹配的，他们学的东西可能与他们将来所要做的工作完全不一样。广泛的知识面、有专业技能、有一定的远见、有能力在职业生涯中继续学习是哈佛对学生的培养目标。大学能做的最重要的事是，学生从学校毕业50年以后，学生还能顺应时代的发展变化而继续学习、进取、改变，这将能造就社会的领导者。——哈佛大学荣誉校长陆登庭教授于北京首届中外大学校长论坛参考书目1.《公司理财》（第五版，双语教材）理查德.A.布雷利等著中国人民大学出版社．2.《公司理财》（第九版，双语教材）斯蒂芬.A.罗斯等著机械工业出版社3.《财务报表分析》（技巧.策略)戴欣苗编著清华大学出版社．4.《上市公司虚假会计报表识别技术》刘姝威经济科学出版社5.《现代公司理财》姚益龙中山大学出版社6.《沃伦巴菲特的投资组合》[美]罗伯特.哈格斯特朗机械工业出版社7.《百万富翁的智慧》[美]托马斯.J.斯坦利博士中国大百利全书出版公司8.《公司理财》（第二版）蒋屏编著清华大学出版社2013年4月McGraw-Hill/IrwinCopyright©2012byTheMcGraw-HillCompanies,Inc.Allrightsreserved.InvestmentandFinancingDecisionsTomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets.…alsocalledtheInvestmentDecisionInvestmentandFinancingDecisionsThenatureofcapitalinvestmentdecisions◆Makinganoutlayimmediatelyvs.Yieldingbenefitsinthedistantfuture.◆Asinglelargeamountofoutlayvs.Astreamofsmalleramountofcashinflows.◆Itisdifficulttowithdrawfromaninvestment.◆Timeisvitaltoinvestmentdecision–makingCapitalinvestmentaffectstheamountoffuturecashflowsgenerated,thetimingofthosecashflows,andthevariabilityorriskofthosefuturecashflowsandthus,thevalueorworthofthecapitalbudgetingdecisions.InvestmentandFinancingDecisionsInvestmentandFinancingDecisionsFinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations.Determiningtheamount,maturityandtypeoffundsraisedinfinancialmarkets.CapitalStructureThemixoflongtermdebtandequityfinancing.1-12InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-13InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-14$1,068,232,095$479,673,700$149,121,474$2,808,013,079SizeofPayroll(000s)1,292,0812,584,427622,9081,011,973NumberofFirmsintheU.S.CorporationS-CorporationPartnershipSoleProprietorshipGoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-15WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporationsWhatisaCorporation?PublicCompanies:Sharesareavailableforpurchasebyanyinvestors,haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement.PrivateCorporations:Sharesarenotavailableforpublic,areownedbysmallgroupsofmanagersandinvestors.LimitedLiabilityCompanies(partnership):Generalpartners&Limitedpartners1-17BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-18DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”SoleProprietorshipPartnershipCorporationWhoownsthebusiness?ThemanagerPartnersShareholdersAremanagersandownersseparate?NoNoUsuallyWhatistheowner’sliability?UnlimitedUnlimitedLimitedAretheowner&businesstaxedseparately?NoNoYesWhatIsaCorporation?GoalsofTheCorporation*Productionmaximization*Incomesmaximization*Profitmaximization*Shareholders’wealthmaximization*Socialresponsibility1-21GoalsofTheCorporationShareholderswantwealthmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:CuttingdividendstoincreasecashreservesGoalsofTheCorporationShareholdersdesirewealthmaximizationShareholders’WealthMaximizationOrdinaryShareCurrentMarketValueExpectedFutureCashflowsExpectedDividends&SharePriceGoalsofTheCorporationwealthmax.vs.profitmax.*cashflow:accountingprofit*long-termreturns:short-termreturns*marketprice:differentaccountingrules*considertime&risk:ignoretime&risk1-24TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-25AgencyProblemDomanagersreallymaximizevalue?AgencyProblems•Managersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-26AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-27AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-28AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements1-294A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManager(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperations1.Cashraisedfrominvestors(how?)2.Cashinvestedinfirm3.Cashgeneratedbyoperations1-30RoleoftheFinancialManagerMostlargecompanieshave3top-levelfinancialmanagers:RoleoftheFinancialManagerSomedaily-questionsfacedbymanagersA)Willaparticularinvestmentbeprofitable?B)Wherewillthefundscomefromtofinancetheinvestment?C)Whichcustomersshouldbeofferedcreditandhowmuchshouldtheybeoffered?D)Howmuchinv