公司理财(罗斯)第1章(英文)

McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-0CHAPTER1IntroductiontoCorporateFinance©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-1ChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheTextMcGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-2WhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:1.Whatlong-terminvestmentsshouldthefirmengagein?2.Howcanthefirmraisethemoneyfortherequiredinvestments?3.Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-3TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-4TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionMcGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-5TheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtMcGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-6TheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholders’EquityCurrentLiabilitiesCurrentAssetsFixedAssets1Tangible2IntangibleLong-TermDebtMcGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-7CapitalStructureThevalueofthefirmcanbethoughtofasapie,itwilldependonhowwellthefirmhasmadeitsinvestmentdecisionThegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityMcGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-8HypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer(CEO)BoardofDirectorsPresidentandChiefOperatingOfficer(COO)VicePresidentandChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingMcGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-9TheFinancialManagerTocreatevalue,thefinancialmanagershould:1.Trytomakesmartinvestmentdecisions.2.Trytomakesmartfinancingdecisions.McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-10Cashflowfromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirmissuessecurities(A)Retainedcashflows(F)Investsinassets(B)Dividendsanddebtpayments(E)CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-11Multiplechoice1.Whichofthefollowingisnotconsideredoneofthebasicquestionsofcorporatefinance?A)Whatlong-livedassetsshouldthefirminvest?B)Howmuchinventoryshouldthefirmhold?C)Howcanthefirmraisecashforrequiredcapitalexpenditures?D)Howshouldtheshort-termoperatingcashflowsbemanaged?E)Alloftheabove.McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-122.Thebalancesheetismadeupofwhatfivekeycomponents?A)Fixedassets,currentliabilities,longtermdebt,tangiblecurrentassetsandshareholdersequityB)Intangiblefixedassets,currentliabilities,long-termdebt,netincomeandcurrentassetsC)Fixedassets,long-termdebt,currentassets,currentliabilitiesandshareholdersequityD)Currentassets,fixedassets,longtermdebt,shareholdersequityandretainedearningsE)Noneoftheabove.McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-133.Capitalstructureisdefinedasthemajorfinancingofthefirm.ThecapitalstructureisdividedA)betweendebtorsandcreditors.B)creditorsandshareholders.C)assetsandliabilities.D)Alloftheabove.E)Noneoftheabove.McGraw-Hill/IrwinCorporateFinance,7/e©2005TheMcGraw-HillCompanies,Inc.AllRightsReserved.1-144.InthemanagerialstructureofthecorporationthetwoofficersandtheirresponsibilitiesthatreportdirectlytotheChiefFinancialOfficer(CFO)areA)thecreditmanagerwhohandlesaccountsreceivableandthetaxmanagerwhominimizestaxpayments.B)thepersonnelmanagerwhomanagessalariesandcompensation,andtheproductionoperationsmanagerwhomanagesfacil