公司理财Chap016
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Chap1公司理财概述
– 在此状况下，运营者往往背叛股东目的 – 追求规模最大 – 品德风险 – 逆向思想
– 运营者可以为所欲为吗？不行。由于有制约：一方面来自 股东；另一方面来自外部要挟：
– 股东防止运营者背叛股东目的〔胡罗卜加大棒〕 – 监视——由于信息不对称，运营者了解更多信息。防止〝
品德风险〞和〝逆向思想〞的出路是股东获取更多的信息， 对运营者中止监视。监视需求本钱，可以运用外部审计的 力气〔防〝小偷〞〕。
2021/11/10
第二十五页，共113页。
〔三〕公司(ɡōnɡ sī)财务管理
• 财务管理复杂地讲就是指公司组织财务活 动、协调财务关系
• 片面看法财务管理应思索(sī suǒ)以下几个方 面：
• 财务管理的主体：一切者财务、运营者财 务、财务经理财务、债务人财务
• 财务管理的客体及内容：资金
• 财务管理的依据：外部法规和外部法规
• 财务管理包括一切影响公司财务的企业决策，公司财务决 策分为三个局部：投资决策、筹资决策和股利决策〔参： Aswath Damodaran:«公司财务—实践与实务»，中国人民 大学出版社，2001年版〕。
• …… • 我国学者对财务管理的传统看法 • 财务活动——财务关系——财务管理
2021/11/10
• 代理本钱：委托人与代理人之间利益抵触 本钱。
• 直接代理本钱〔教材1.4.2〕 • 直接代理本钱。有两种类型：〔1.4.2〕 • 有利于管理层但消耗股东(gǔdōng)本钱的公
司支出 • 因监视管理层行为的需求而发作的费用
2021/11/10
第十七页，共113页。
• 从委托代理实践看，委托代理关系主要分 为以下层次：
〔对照资产负债表〕。
2021/11/10
公司理财Chap01
第1 章 公司理财导论
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
重要概念与技能
• 了解财务管理决策的基本类型和财务经 理的职责 • 了解不同的企业组织形态在财务方面的 应用 • 了解财务管理的目标 • 理解所有者与管理层之间可能发生的利 益冲突 • 理解金融市场的各种类型
两种不同的信息非对称情形
事前的信息非对称---逆向选择（Adverse Selection） • 投资人在雇佣经理人之前并不了解申请人的 实际能力（签约前） 事后的信息非对称---道德风险（Moral Hazard） • 受雇的经理人是否为投资人的利益努力工作 （签约后）
代理成本的表现形式
为自己支付过高的薪金 在职消费（豪华的办公室、公司的飞机等） 工作中的偷懒行为 自我交易（self-dealing） 盗窃和侵占公司财产 为扩张规模而进行低效率的投资
OPM理论
• To finance：“to raise or provide funds or capital for…” • Corporate finance的直译是企业法人的融 资，即公司的融资 • 关键：Other People’s Money(OPM),无论 是权益资本还是债务资本 • 别人的钱不是easy money • 由此带来理财的其他活动（投资决策、股利 决策），目标为出资人创造财富
• 劣势
– 受业主寿命长短影 响 – 权益资本大小受业 主个人财富的限制 – 需承担无限责任 – 所有权转让困难
1-9
合伙制
• 优势
– 业主为2人或2人以 上 – 可获得更多资本 – 相对公司来说，成 立手续比较方便 – 单一税负，只交个 人所得税
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
重要概念与技能
• 了解财务管理决策的基本类型和财务经 理的职责 • 了解不同的企业组织形态在财务方面的 应用 • 了解财务管理的目标 • 理解所有者与管理层之间可能发生的利 益冲突 • 理解金融市场的各种类型
两种不同的信息非对称情形
事前的信息非对称---逆向选择（Adverse Selection） • 投资人在雇佣经理人之前并不了解申请人的 实际能力（签约前） 事后的信息非对称---道德风险（Moral Hazard） • 受雇的经理人是否为投资人的利益努力工作 （签约后）
代理成本的表现形式
为自己支付过高的薪金 在职消费（豪华的办公室、公司的飞机等） 工作中的偷懒行为 自我交易（self-dealing） 盗窃和侵占公司财产 为扩张规模而进行低效率的投资
OPM理论
• To finance：“to raise or provide funds or capital for…” • Corporate finance的直译是企业法人的融 资，即公司的融资 • 关键：Other People’s Money(OPM),无论 是权益资本还是债务资本 • 别人的钱不是easy money • 由此带来理财的其他活动（投资决策、股利 决策），目标为出资人创造财富
• 劣势
– 受业主寿命长短影 响 – 权益资本大小受业 主个人财富的限制 – 需承担无限责任 – 所有权转让困难
1-9
合伙制
• 优势
– 业主为2人或2人以 上 – 可获得更多资本 – 相对公司来说，成 立手续比较方便 – 单一税负，只交个 人所得税
Chap1公司理财概述
• 财务管理的定义（西方教材中一般不做特别定 义）： 公司财务管理是公司管理的一个重要组成部分， 它是公司财务管理者根据财经法规制度，按照财 务管理原则，组织企业财务活动，处理财务关系， 以提高经济效益的的一项经济管理工作。
• 财务管理的实质公司管理的一个组成部分，其任 务是组织公司的财务活动，协调公司的财务关系 财务关系
黄埔军校 打造商201界9/11/13
一、公司财务管理的含义
• 引子：从Finance谈起－Finance的含义是 什么？ – 财务？金融？财政？ – 是名词含义，复数为“资金” – 动词含义是什么？ • 为……筹措资金 • “Financing”意思为“筹资”，或者 “理财”
黄埔军校 打造商201界9/11/13
• Financial management的细分： – Public Finance – Corporate Finance – Personal Finance – Commercial Bank Finance
• “财务”与“金融”，中文是不同概念， 英文很难区分。
• Financial Accounting? • International Finance?
• 西方学者认为， Finance包括三个领域（见 教材P4－5） – 货币与资本市场 – 投资 – 财务管理
• 其中，财务管理是一个最为宽泛的领域 （工商企业、银行、事业单位、政府部 门）。
• 我们会计学专业所学的Finance为“公司财 务”，Corporate Finance。即：财务管理
黄埔军校 打造商201界9/11/13
• 可以用马克思经济学予以解释。G——W— —G’
黄埔军校 打造务关系
• 所谓财务关系，就是指企业在组织其财务活动过程中，与 各个不同利益主体之间发生的经济利益关系
公司理财chap
•
17、一个人即使已登上顶峰，也仍要 自强不 息。上 午6时6 分30秒 上午6时 6分06: 06:3021 .6.2
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value (par bond)
Chapter 5
Interest Rates and Bond Valuation
Key Concepts and Skills
• Understand bond values and why they fluctuate
• Understand bond ratings and what they mean
• What is the value of the bond 2 years after issuing?
When the required market interest rate is 8%
PV2 100 PVIFA8%,8 1000 PVIF8%,8 1114.7
When the required market interest rate is 10%
• The yield to maturity(到期收益率) is the required market interest rate on the bond.
Bond Valuation
• Primary Principle: – Value of financial securities = PV of expected future cash flows
5.1
chap016公司理财 课件
long term debt Debt equity ratio = equity
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
17- 6
Leverage Ratios
17- 14
Market Value Ratios
Price per share = P0 Div 1 = r - g
stock price Market to book ratio = book value per share
Tobins Q =
market value of assets estim ated replcement cost
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
17- 4
Financial Statements
Income Statement - Financial statement that shows the revenues, expenses, and net income of a firm over a period of time. Common-Size Income - Statement Income statement that presents items as a percentage of revenues. Balance Sheet - Financial statement that shows the value of the firm’s assets and liabilities at a particular time. Common-Size Balance Sheet - Balance sheet that presents items as a percentage of total assets.
Chap.01导论——【公司理财精品讲义】
公司理财可以看做是对下面三个问题的研究：
公司应该投资于什么样的长期资产？
这一问题涉及资产负债表的左边。公司资产和类型取决于业
务性质。使用“资本预算”和“资本性支出”这些专业
术语描述这些长期性资产的投资和管理过程。
公司如何筹集所需的资金呢？ 这一问题涉及资产负债表的右边。回答这一问题涉及到“资 本结构”，它反映公司负债与股东权益的比例。
代理关系问题
理论上把代理关系定义为一种合同关系，其中委托人聘用代
理人，并授予一定的决策权，代理人作为委托人的代表进行各 种（项）活动。
在企业的公司金融管理活动中，存在着两种代理关系， 即股东和经理之间的代理关系； 股东和债权人之间的代理关系。
第一章 导论
1.1
公司理财概述
1.2
折现现金流量估价
1.3
有效资本市场假说
从资产负债表了解公司理财
资产总价值
投资者拥有的总价值
流动资产
净营运 资本
(2) 公司如何筹 集资本性支出所 需的资金呢
固定资产
1 有形固定资产 2 无形固定资产
(1) 公司应该 投资于什么样 的长期资产？
资产负债表
流动负债 长期负债 所有者权益
优点:
1. 考虑了货币的时间价值 。 2. 考虑了风险因素。因为风险的高低，会对股票价格产生重
要影响
缺陷:
1. 它只适合上市公司，对非上市公司很难适用。 2. 它只强调股东的利润，而对企业其他关系 人的利益重
视不够。 3. 股票价格受多种因素影响,并非都是公司所 能控制的,把
不可控因素引入理财目标是不合理的
优点: 有利于企业讲究经济核算,关心企业经营管理,扩大利润积累.
缺陷:
公司理财chap001
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 14
Forms of Business Organization
The Sole Proprietorship The Partnership
Voting Rights
Taxation Reinvestment and dividend payout Liability
Know the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various types of financial markets
Slide 12
Financial markets
Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
Ultimately, the firm must be a cash generating activity.
公司理财原版配套ppt_chap01ppt
2004/8
Zengping, School of Business Administration
Sole Proprietorship
Advantages
① Easiest to start ② Least regulated ③ Single owner keeps all the profits ④ Taxed once as personal income
Job opportunities
Stockbroker or financial advisor Portfolio manager Security analyst
2004/8 Zengping, School of Business Administration
Financial Institutions
The Function of Finance
DISPLAY MONITOR TACHE BRAIN OF DECISION VALUE CREATION
2004/8
Zengping, School of Business Administration
1.2 BUSINESS FINANCE AND THE FINANCIAL MANAGER
① Treasurer – oversees cash management, credit management, capital expenditures and financial planning ② Controller – oversees taxes, cost accounting, financial accounting and data processing
2004/8
Zengping, School of Business Administration
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16-11
Capital Structure Theory
• Modigliani and Miller (M&M)Theory of Capital Structure
– Proposition I – firm value – Proposition II – WACC
• The value of the firm is determined by the cash flows to the firm and the risk of the assets • Changing firm value
– RA is the “cost” of the firm’s business risk, i.e., the risk of the firm’s assets – (RA – RD)(D/E) is the “cost” of the firm’s financial risk, i.e., the additional return required by stockholders to compensate for the risk of leverage
– Recession: 100(0.60) .1(500) = $10 – Expected: 100(1.30) .1(500) = $80 – Expansion: 100(2.00) .1(500) = $150 – Recession: 25(.20) + .1(250) = $30 – Expected: 25(1.60) + .1(250) = $65 – Expansion: 25(3.00) + .1(250) = $100
16-10
Example: Homemade Leverage and ROE
• Current Capital • Proposed Capital Structure Structure • Investor borrows $500 • Investor buys $250 worth of and uses $500 of her own stock (25 shares) and $250 to buy 100 shares of stock worth of bonds paying 10%. • Payoffs: • Payoffs:
• Mirrors the payoffs from • Mirrors the payoffs from purchasing 50 shares of purchasing 50 shares under the firm under the the current capital structure proposed capital structure
Chapter 16 Financial Leverage and Capital Structure Policy
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
– RE = 16 + (16 - 10)(.45/.55) = 20.91%
• Suppose instead that the cost of equity is 25%, what is the debt-to-equity ratio?
16-2
Chapter Outline
• • • • • • • • • • The Capital Structure Question The Effect of Financial Leverage Capital Structure and the Cost of Equity Capital M&M Propositions I and II with Corporate Taxes Bankruptcy Costs Optimal Capital Structure The Pie Again The Pecking-Order Theory Observed Capital Structures A Quick Look at the Bankruptcy Process
16-4
Choosing a Capital Structure
• What is the primary goal of financial managers?
– Maximize stockholder wealth
• We want to choose the capital structure that will maximize stockholder wealth • We can maximize stockholder wealth by maximizing the value of the firm or minimizing the WACC
16-6
Example: Financial Leverage, EPS and ROE – Part I
• We will ignore the effect of taxes at this stage • What happens to EPS and ROE when we issue debt and buy back shares of stock?
16-15
Figure 16.3
16-16
Case I - Example
• Data
– Required return on assets = 16%; cost of debt = 10%; percent of debt = 45%
• What is the cost of equity?
16-7
Example: Financial Leverage, EPS and ROE – Part II
• Variability in ROE
– Current: ROE ranges from 6% to 20% – Proposed: ROE ranges from 2% to 30%
• Variability in EPS
– Current: EPS ranges from $0.60 to $2.00 – Proposed: EPS ranges from $0.20 to $3.00
• The variability in both ROE and EPS increases when financial leverage is increased
16-8Leabharlann Break-Even EBIT
• Find EBIT where EPS is the same under both the current and proposed capital structures • If we expect EBIT to be greater than the break-even point, then leverage may be beneficial to our stockholders • If we expect EBIT to be less than the break-even point, then leverage is detrimental to our stockholders
• Proposition II
– The WACC of the firm is NOT affected by capital structure
16-14
Case I - Equations
• WACC = RA = (E/V)RE + (D/V)RD • RE = RA + (RA – RD)(D/E)
– Change the risk of the cash flows – Change the cash flows
16-12
Capital Structure Theory Under Three Special Cases
• Case I – Assumptions – No corporate or personal taxes – No bankruptcy costs • Case II – Assumptions – Corporate taxes, but no personal taxes – No bankruptcy costs • Case III – Assumptions – Corporate taxes, but no personal taxes – Bankruptcy costs
16-13
Case I – Propositions I and II
• Proposition I
– The value of the firm is NOT affected by changes in the capital structure – The cash flows of the firm do not change; therefore, value doesn’t change
16-3
Capital Restructuring
• We are going to look at how changes in capital structure affect the value of the firm, all else equal • Capital restructuring involves changing the amount of leverage a firm has without changing the firm’s assets • The firm can increase leverage by issuing debt and repurchasing outstanding shares • The firm can decrease leverage by issuing new shares and retiring outstanding debt
Capital Structure Theory
• Modigliani and Miller (M&M)Theory of Capital Structure
– Proposition I – firm value – Proposition II – WACC
• The value of the firm is determined by the cash flows to the firm and the risk of the assets • Changing firm value
– RA is the “cost” of the firm’s business risk, i.e., the risk of the firm’s assets – (RA – RD)(D/E) is the “cost” of the firm’s financial risk, i.e., the additional return required by stockholders to compensate for the risk of leverage
– Recession: 100(0.60) .1(500) = $10 – Expected: 100(1.30) .1(500) = $80 – Expansion: 100(2.00) .1(500) = $150 – Recession: 25(.20) + .1(250) = $30 – Expected: 25(1.60) + .1(250) = $65 – Expansion: 25(3.00) + .1(250) = $100
16-10
Example: Homemade Leverage and ROE
• Current Capital • Proposed Capital Structure Structure • Investor borrows $500 • Investor buys $250 worth of and uses $500 of her own stock (25 shares) and $250 to buy 100 shares of stock worth of bonds paying 10%. • Payoffs: • Payoffs:
• Mirrors the payoffs from • Mirrors the payoffs from purchasing 50 shares of purchasing 50 shares under the firm under the the current capital structure proposed capital structure
Chapter 16 Financial Leverage and Capital Structure Policy
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
– RE = 16 + (16 - 10)(.45/.55) = 20.91%
• Suppose instead that the cost of equity is 25%, what is the debt-to-equity ratio?
16-2
Chapter Outline
• • • • • • • • • • The Capital Structure Question The Effect of Financial Leverage Capital Structure and the Cost of Equity Capital M&M Propositions I and II with Corporate Taxes Bankruptcy Costs Optimal Capital Structure The Pie Again The Pecking-Order Theory Observed Capital Structures A Quick Look at the Bankruptcy Process
16-4
Choosing a Capital Structure
• What is the primary goal of financial managers?
– Maximize stockholder wealth
• We want to choose the capital structure that will maximize stockholder wealth • We can maximize stockholder wealth by maximizing the value of the firm or minimizing the WACC
16-6
Example: Financial Leverage, EPS and ROE – Part I
• We will ignore the effect of taxes at this stage • What happens to EPS and ROE when we issue debt and buy back shares of stock?
16-15
Figure 16.3
16-16
Case I - Example
• Data
– Required return on assets = 16%; cost of debt = 10%; percent of debt = 45%
• What is the cost of equity?
16-7
Example: Financial Leverage, EPS and ROE – Part II
• Variability in ROE
– Current: ROE ranges from 6% to 20% – Proposed: ROE ranges from 2% to 30%
• Variability in EPS
– Current: EPS ranges from $0.60 to $2.00 – Proposed: EPS ranges from $0.20 to $3.00
• The variability in both ROE and EPS increases when financial leverage is increased
16-8Leabharlann Break-Even EBIT
• Find EBIT where EPS is the same under both the current and proposed capital structures • If we expect EBIT to be greater than the break-even point, then leverage may be beneficial to our stockholders • If we expect EBIT to be less than the break-even point, then leverage is detrimental to our stockholders
• Proposition II
– The WACC of the firm is NOT affected by capital structure
16-14
Case I - Equations
• WACC = RA = (E/V)RE + (D/V)RD • RE = RA + (RA – RD)(D/E)
– Change the risk of the cash flows – Change the cash flows
16-12
Capital Structure Theory Under Three Special Cases
• Case I – Assumptions – No corporate or personal taxes – No bankruptcy costs • Case II – Assumptions – Corporate taxes, but no personal taxes – No bankruptcy costs • Case III – Assumptions – Corporate taxes, but no personal taxes – Bankruptcy costs
16-13
Case I – Propositions I and II
• Proposition I
– The value of the firm is NOT affected by changes in the capital structure – The cash flows of the firm do not change; therefore, value doesn’t change
16-3
Capital Restructuring
• We are going to look at how changes in capital structure affect the value of the firm, all else equal • Capital restructuring involves changing the amount of leverage a firm has without changing the firm’s assets • The firm can increase leverage by issuing debt and repurchasing outstanding shares • The firm can decrease leverage by issuing new shares and retiring outstanding debt