金融学课件-公司财务导论university_of_Saskatchewan6
公司理财导论(ppt67张)
“一个企业所做的每一个决定都有其 财务上的含义，而任何一个对企业财 务状况产生影响的决定就是该企业的 财务决策。因此，从广义上讲，一个 企业所做的任何事情都属于公司理财 的范畴。”
——达摩达兰
传说
在很久很久以前，一个主人雇了三个忠实的仆人 一次，主人要出远门一年，他把自己的全部积蓄（30 枚金币）交给三位仆人保管，每人10枚 一年后，当主人回到家，三位仆人如下汇报 A：我把金币埋在安全的地方，现在完好无损 B：我把金币借给别人，现在连本带利共有11枚 C：我用金币去做生意，现在共有14枚 问题：哪位仆人值得赞扬？
要求： 关注一家上市公司 每人（或以小组为单位）对一家上市公 司的财务状况、投资、融资、公司治理 等予以关注，进行课堂交流。
财务管理与会计学科体系中其他课程之 间的关系
该课程需要的背景知识 会计学基础、经济学知识、管理学背景、 金融学知识
《财务管理》是考研、职称考试、资格考试中的 必考科目 CPA 考试科目（6+1）： 第一阶段：专业考试 会计、审计、财务成本管理、税法、经济法、 公司战略与风险管理 第二阶段：综合考试
公司制：现代企业最重要的组织形式， 公司是一个独立的“法人” 公司章程 P7 三类直接利益主体：股东、董事、高 层管理人员
中级会计师考试科目： 经济法、会计实务、财务管理
国际上与财务管理相关的各种资格认证考试 (CFA、CFP）陆续登陆中国 2008年CFA学员平均薪资 CFA一级学员收入：基本薪金RMB240,000加上 奖金RMB102,400， 总计年收入为RMB342,400
CFA二级学员收入：基本薪金RMB436,000加上奖 金RMB156,000， 总计年收入为RMB592,000 CFA三级学员收入：基本薪金RMB514,800加上奖 金RMB423,600， 总计年收入为RMB938,400
最新university_of_Saskatchewan公司财务导论(金融学)8精品资料
Fall 2003
COMM 203
5
Fundamental Principle of Valuation
The value today of any financial asset equals the present value of all of its future cash flows.
Fall 2003
COMM 203
2
Features of Common Stock
• Dividends ➢ Not a liability until declared by the Board of Directors ➢ Unlike interest on debt, dividends are not tax deductible to the firm ➢ However, shareholder receipt of dividends does have preferential tax treatment (See Chapter 2)
Stock Valuation
Features of Common Stock
• Features of Common Stock ➢ The right to vote - including major events like takeovers ➢ The right to share proportionally in dividends paid ➢ The right to share proportionally in assets remaining after liabilities have been paid, in event of a liquidation ➢ The preemptive right
university of Saskatchewan公司财务导论(金融学)10
Fall 2003
COMM 203
8
Example: Using Pro Formas for Project Evaluation (continued)
• Project Cash Flows
0 OCF Chg. NWC Cap. Sp. Total -10,000 -21,000 -31,000 $12,280 $12,280 $22,280 1 $12,280 2 $12,280 3 $12,280 10,000
Fall 2003
COMM 203
18
Example: Fairways Equipment and Operating Costs
Two golfing buddies are considering opening a new driving range, the “Fairways Driving Range” (motto: “We always treat you fairly at Fairways”). Because of the growing popularity of golf, they estimate the range will generate rentals of 20,000 buckets of balls at $3 a bucket the first year, and that rentals will grow by 750 buckets a year thereafter. The price will remain $3 per bucket. The required rate of return is 15%
12
A/R INV -A/P
NWC
Fall 2003
公司理财导论(ppt38页).pptx
© Lizzie., 2012
3
Fundamentals of
Corporate Finance
雷曼兄弟的故事
9th
Edition • 引子：2008年5月21日，纽约，时代华纳中 心。第13届艾拉.W.索恩投资研究会议大厅， 戴维.艾因霍恩走上台：“我的绿灯资本 （Greenlight Capital）正在做空雷曼。而且 我要公开的说，这是一只值得做空的股票， 我还将继续做空下去。”
Corporate Finance
9th Edition
Ross
..Westerfield Jordan
参考书籍
• Ross等，《公司理财》，机械工业出版社 • G. Hawawini，《经理人员财务管理——创造价值的过
程》，机械工业出版社 • R. C. Higgins, 《财务管理分析》，北京大学出版社 • D. R. 爱默瑞，《公司财务管理》（上、下），中国人
• 关键字：绿灯资本、戴维
Ross
..Westerfield Jordan
© Lizzie., 2012
4
Fundamentals of
Corporate Finance
绿灯资本 & 戴维
9th
Edition • 6年之前，同样的大会上，同样是绿灯资本， 同样是戴维，上台公开挑衅一个叫联合资本的 金融公司。第二天一开市，联合资本公司股价 暴跌20%。
Ross
..Westerfield Jordan
• 谁来回答这三个问题：财务经理！
6
Fundamentals of
Corporate Finance
临阵受命的CFO
9th
Edition • 艾琳.卡伦：“金领丽人”，税务律师出身， 没有做过一天会计和公司财务。与大部分华 尔街CFO不同，她较少依赖阅读各种财务数 据制定决策，而是靠与第一线的交易员沟通 获取财务信息。
公司金融-第一章-导论PPT课件
2000年1月，苹果董事会授予乔布斯价值 2亿$的股票期权，且一掷9000万为他购 买和维护一架Gulfstream V喷气式飞机。 董事会成员说：“这家伙拯救了公司”
➢ 企业组织形态和企业控制
公 司 金融
Corporate Finance
2021
1
授课内容
§1 课程简介与安排 §2 第一章：公司理财导论
2021
2
课程简介：公司金融
1、公司金融学的名称 规范名称： Corporate Finance 现有各种名称： 公司金融、财务管理、公司理财、理 财学、企业理财学、……
2021
3
课程简介：公司金融
公司具有以下三个主要优点： (1)永久存续性。公司不会因股东死亡或退出而影响
到公司的存在； (2)股份容易转让。公司股东权益具有比独资和合伙
企业更高的流动性； (3)有限责任。债权人对公司的求偿权仅限于股东的
投资额，所以股东承担的风险仅以出资额为限。 以上三个优点使公司比独资和合伙企业更容易在资
Current Liabilities
长期负债 Long-Term
Debt
固定资产 Fixed Assets
1有形 2 无形
公司应投资于 什么样的长期 资产? （资本预算）
2021
所有者权益 Shareholders’
Equity
17
企业资产负债表（ Balance-Sheet ）模式
资本结构（ Capital Structure）决策
副总裁Vice President 财务总监Chief Financial Officer (CFO)
金融学课件-university_of_Saskatchewan公司财务导论7
C C C CF P0 1 2 T 1 (1 r1 ) (1 r2 ) (1 rT 1 ) (1 rT )T r1 , r2 ,, rT are called spot ratesobservednow.
• Each coupon as a pure-discount bond
Bond price in 6 months = 40A0.033 +1000/1.033 = $1028.29 HPR = (40+1028.29-964.54)/964.54 = 10.76% Current yield = 40/964.54 = 4.15%, Capital gain yield = (1028.29-964.54)/964.54 = 6.61%
Municipal governments • Default
Fall 2003
COMM 203
3
Valuing a Bond: An Example
• If a bond has five years to maturity, an $80 annual coupon, and a $1000 face value, its cash flows would look like this:
F P0 (1 r )T
• A coupon-bearing bond can be regarded as a portfolio of pure-discount bonds.
Fall 2003 COMM 203 12
Non-constant Interest Rates and Bond Pricing
Time 0 1 2 Coupons $80 $80 Face Value Market Price today = ? • • • How much is this bond worth? Coupon rate? Current yield?
university of Saskatchewan公司财务导论(金融学)1
Fall 2003COMM 2032Why Study Finance?•Personal well-being¾Spend money smartly, e.g., mortgage, car loan¾Retirement planning¾Planning for your (or your kids) education¾Personal investment•Corporate business decisionsFall 2003COMM 2033ObjectivesWhat is Corporate Finance? Answer will be structuredaround the following questions:•What are the basic decisions of corporate finance?•Who is responsible for decisions concerning corporate finance?•How do corporate financial decisions depend on the legal form of the firm?•What is the economic environment in which(corporate) financial decisions have to be undertaken?•What does modern corporate finance see as an appropriate goal for the firm?Fall 2003COMM 2034What is Corporate Finance ?Corporate finance can be seen as a set of decisions made by a business that affects its finances. The following groups of decisions can be distinguished:•expenditure of funds (“Capital Budgeting ")•sources of funds (“Capital Structure ")•short-term cash flows ("Working Capital Management ")Capital BudgetingBasic Issue : Allocation of funds among alternativeinvestment opportunities.Question : Optimal allocation of funds? => Objective forcapital budgeting (“maximization of the market value of the firm's common stocks" or ???)Capital budgeting decisions are not independent of otherdecisions of the firm like:•Market analysis:¾Forecasts: Input costs, Sales.¾Macroeconomic trends: Interest rates, Exchangerates etc.•R & D decisions.Capital StructureMarket value of a firm corresponds to thevalue of two forms of securities: Bonds (loan agreements) and Stocks (share certificates).Fall 2003COMM 2037Difference: Stocks and BondsQuestion : What is the essential differencebetween stocks and bonds?•Both are contingent claims on the total valueof the firmwhere X: Total value of the firm, and F: Promised payoff (debt) to debtholders.Fall 2003COMM 2038Working Capital ManagementShort term finance: Management of short-term cashflows => Management of gaps of cash in-and outflows.What is managed isFall 2003COMM 2039Decision Makers in Corporate FinanceQuestion : Who is responsible for decisions concerning corporate finance ?The Financial Manager:•His/her objective: Create value:¾Buy assets that generate more cash than theycost¾sell financial instruments that raise more cashthan they cost•His/her position held: Vice president financeFall 2003COMM 20310Hypothetical Organization ChartCash Manager Credit Manager Capital Expenditures Financial PlanningTreasurer Tax Manager Cost AccountingManager Financial AccountingManagerData ProcessingManagerControllerVice President andChief Financial Officer (CFO)President and Chief Operations Officer (COO)Chairman of the Board and Chief Executive Officer (CEO)Board of Directors© 1999 McGraw-Hill Ryerson LimitedLegal Forms of CompaniesThere are three legal forms of businessorganization:•Sole Proprietorship •Partnership¾General Partnership ¾Limited Partnership•CorporationSole ProprietorshipFall 2003COMM 20313Partnership (*)General Partnership: all debts, Limited Partnership: equity contributionFall 2003COMM 20314Corporation•Important feature: Separation of Ownership and ControlFall 2003COMM 20315Separation of Ownership and ControlBoard of DirectorsManagementAssetsDebtEquityShareholdersDebtholders© 1999 McGraw-Hill Ryerson Limited Fall 2003COMM 20316Environment of Corporate FinanceEconomic institutions and partners for financialdecisions of the firm .•Financial institutions : Banks, Investmentdealers, insurance companies, pension funds => Financial Intermediation•Money and Capital Markets : Short-term-debt securities (T-bills, bankers acceptance) vs. Long-term securities (long-term debt and shares of stocks)Cash Flows between the Firm andthe Financial MarketsT a x e sFirm Invests in assets (B)Current assets Fixed assetsCash flowfrom firm (C)Financial marketsShort-term debt Long-term debt Equity sharesGovernment(D)Firm issues securities (A)Retainedcash flows (E)Dividends and debt payments (F)© 1999 McGraw-Hill Ryerson LimitedObjective of the Firm•Neoclassical Economics: Profit maximization.¾Problems: Ignores time dimension and thereforeuncertainty of future cash flows•Neolithic Finance: Net Present (NPV) Value maximization.¾Problems: recognizes time dimension but notuncertainty.•“Modern" Finance: Efficient markets for diversification of risk exist.¾Investors will want the firm to make decisionswhich max. current value of its stock.Fall 2003COMM 20319Informational AsymmetriesQuestion:Is the picture of “Modern" corporatefinance too idealistic?•Are markets informationally efficient?¾Insider information ¾Market timing•How do informational asymmetries affect theseparation of ownership and control? ¾Agency ProblemsFall 2003COMM 20320Conflict: Stockholders vs. ManagersPrincipal-Agent Problem : How can shareholders(Principal) design a mechanism which gives managers (Agents) an incentive to work in their interest? =>Reduce agency costs.•Warrants and Stock Option Plans: Managers haveright to buy shares when share price increases ¾Does it work? (financial sense article )•Incentives for stockholders to play active role duringthe annual meeting to elect the board of directors and improve their information.•Take-over threats•Competition in the managerial labour market.Fall 2003COMM 20321Conflict: Stockholders vs. BondholdersSource : Different residual claims contingent upondefault. => Creditors dislike actions which increase leverage and therefore default probability.Tools :•Covenants (investment policy, dividend policy)•Protective Puts (Option to get principal backcontingent upon critical events)•Taking Equity Stakes and Warrant (Hedging ofdefault risk by convertible debt instruments.)。
最新university_of_Saskatchewan公司财务导论(金融学)7精品资料
Definition and Features of Bonds
• A bond is an IOU. • A bond represents a loan made by investors to the
issuer. • The issuer promises to:
➢ Make coupon payments until maturity ➢ Pay the face value at maturity • Coupon rate • Current yield
Fall 2003
COMM 203
1 0.1 1.12 1.13 1.14 1.15 1.15 924.18
Alternatively,
P0(Bond)
80
PVAF(0.10,5)
1000 1.15
924.18
Fall 2003
COMM 203
5
Valuing a Bond: Another Example
Assume you have the following information. Seagrams bonds have a $1000 face value. The promised annual coupon is $100. The bonds mature in 20 years.
• What is the bond’s value if the market’s required return on similar bonds is 10%? What are the coupon rate and current yield?
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
C T FVT 1 r 1 r
Fall 2003 COMM 203
11
Example: Annuity Present Value
Fall 2003 COMM 203
Q: If the annual interest rate stays at 5%, how much was the contract worth in 2001?
7
Future Value and Present Value Multiple Cash Flows
Fall 2003
COMM 203
10
Annuity
• An annuity is a stream of constant cash flow which starts at time 1 and lasts for finite T periods. Its present value is
C 1 PV 1 T r (1 r )
PV C / r
• Note the time convention regarding cash flows
Fall 2003
COMM 203
9
Perpetuity
• Example: British console In the 1800’s, the British Government decided to consolidate all its debt and do a single issue of perpetuities (consoles). Suppose the interest rate in the U.K. is approximately 10%. What is the price of a console promising $25 every year? PV=25/.1=250
Present Value Calculations for Some Patterns of Cash Flows
Future Value – Multiple Cash Flows
Future value calculated by compounding forward one period at a time
2001: $21.0M (+$10.0M signing bonus) 2002: $21.0M 2003: $21.0M 2004: $21.0M 2005: $25.0M 2006: $25.0M 2007: $27.0M 2008: $27.0M 2009: $27.0M 2010: $27.0M
Fall 2003
COMM 203
2
Future Value – Multiple Cash Flows
Future value calculated by compounding each cash flow separately
Fall 2003
COMM 203
3
Present Value – Multiple Cash Flows
Present value calculated by discounting back one period at a time
Fall 2003
COMM 203
4
Present Value – Multiple Cash Flows
Present value calculated by discounting each cash
c1 cT 1 cT PV0 (CF ) c0 T 1 1 r (1 r ) (1 r )T
COMM 203 8
Fall 2003
Perpetuity
• A perpetuity is a constant cash flow which starts at time 1 and lasts forever. Its present value
For a cash flow stream, c0, c1,…, cT,
0 C0 1 C1 2 C2 3 C3 T CT
The time T future value is
FVT (CF ) c0 (1 r)T c1 (1 r)T 1 cT 1 (1 r) cT
• The present value is
flow separatelyFall 2003C NhomakorabeaMM 203
5
Example
Toronto Blue Jays First Baseman Carlos Delgado signed a four-year US$68 million contract in October 2000. Of the total $68 million, he receives $4.8m in signing bonus, will receive $10m in 2001, $17.2 in 2002, $17.5m in 2003 and $18.5m in 2004. If his annual salaries are paid in October of each year and the interest rate over the four years stays at 5%, how much was the contract worth in 2000? How much is it worth in October of 2004?
Fall 2003
COMM 203
6
Exercise
The richest contract in MLB history was signed by Texas Rangers SS Alex Rodriguez. He signed a 10year $252 million contract in December 2000. His payment schedule is as follows: