公司理财第九版课件 第一章
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– Treasurer – oversees cash management, credit management, capital expenditures, and financial planning – Controller – oversees taxes, cost accounting, financial accounting and data processing
Chapter 1 Introduction to Corporate Finance
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
http://www.mhhe.com/rwj Student Edition • Course-wide Content Videos Excel Master Financial Markets Update CFA Sample Questions Appendices • Quizzes Chapter Quiz 提交每道习题选项后可看答案 More Resources Learning Objectives Excel Templates Web Exercises *Narrated Lecture Slides *iPod Content
• General partnership • LimitHale Waihona Puke Baidud partnership
– Partnership dissolves when one partner dies or wishes to sell – Difficult to transfer ownership
1-15
Corporation
1-13
Sole Proprietorship
• Advantages
– Easiest to start – Least regulated – Single owner keeps all the profits – Taxed once as personal income
• Disadvantages
– Separation of ownership and management – Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)
1-16
A Comparison
合伙企业法：修订后的《中华人民共和国合伙企业法》公布，自
2007年6月1日起施行 。
http://baike.baidu.com/view/467333.htm 公司法：《中华人民共和国公司法》1993年12月29日第八届 全国人民代表大会常务委员会第五次会议通过 ，2005年 10月27日修订后的公司法，自2006年1月1日起施行 。 http://baike.baidu.com/view/33348.htm
1-4
Corporate Finance
• Some important questions that are answered using finance:
– What long-term investments should the firm take on? – Where will we get the long-term financing to pay for the investment? – How will we manage the everyday financial activities of the firm?
• Advantages
– Limited liability – Unlimited life – Separation of ownership and management – Transfer of ownership is easy – Easier to raise capital
• Disadvantages
• Three major forms in the United States
– Sole Proprietorship – Partnership
• General • Limited
– Corporation
• C-Corp • S-Corp • Limited Liability Company
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager Financial Planning
Tax Manager
Financial Accounting
Cost Accounting Data Processing
Forms of Business Organization
– Limited to life of owner – Equity capital limited to owner’s personal wealth – Unlimited liability – Difficult to sell ownership interest
1-14
Partnership
Corporate stakeholders
Financial Manager
• Financial managers try to answer some or all of these questions • The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Key Concepts and Skills
• Know the basic types of financial management decisions and the role of the financial manager • Know the financial implications of the different 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
1-3
Chapter Outline
• • • • • Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation
Taxation Reinvestment and dividend payout Liability
Double Broad latitude
Limited liability
Continuity
Perpetual life
《中华人民共和国个人独资企业法》自2000年1 月1日起施行 第三十一条 个人独资企业财产不足以清偿债务 的，投资人应当以其个人的其他财产予以清偿。 http://baike.baidu.com/view/277498.html
Financial markets
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
Goal of Financial Management
• What should be the goal of a corporation?
– – – – Maximize profit? Minimize costs? Maximize market share? Maximize the current value of the company’s stock? – Maximize shareholder wealth?
Corporation Liquidity Shares can be easily exchanged Partnership Subject to substantial restrictions
Voting Rights
Usually each share gets one vote
General Partner is in charge; limited partners may have some voting rights Partners pay taxes on distributions All net cash flow is distributed to partners General partners may have unlimited liability; limited partners enjoy limited liability Limited life
• Advantages
– Two or more owners – More capital available – Relatively easy to start – Income taxed once as personal income
• Disadvantages
– Unlimited liability
1-11
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
财务管理：根据财经法规，按照财务管理原
则，组织财务活动，处理财务关系的一项经 济管理工作。
The Firm and the Financial Markets
Firm
Invests in assets (B) Current assets Fixed assets Firm issues securities (A) Retained cash flows (F) Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
• Working capital management
– How do we manage the day-to-day finances of the firm?
1-6
The financial management function (ACCA)
财务管理的基本涵义
财务的涵义
• 客观地存在于企业生产经营活动中的与资金运 动或现金流动相关的事务. • 与现金流动相关的各项活动（财务活动）---筹 资、投资、使用、收回、分配等
1-5
Financial Management Decisions
• Capital budgeting
– What long-term investments or projects should the business take on?
• Capital structure
– How should we pay for our assets? – Should we use debt or equity?
Chapter 1 Introduction to Corporate Finance
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
http://www.mhhe.com/rwj Student Edition • Course-wide Content Videos Excel Master Financial Markets Update CFA Sample Questions Appendices • Quizzes Chapter Quiz 提交每道习题选项后可看答案 More Resources Learning Objectives Excel Templates Web Exercises *Narrated Lecture Slides *iPod Content
• General partnership • LimitHale Waihona Puke Baidud partnership
– Partnership dissolves when one partner dies or wishes to sell – Difficult to transfer ownership
1-15
Corporation
1-13
Sole Proprietorship
• Advantages
– Easiest to start – Least regulated – Single owner keeps all the profits – Taxed once as personal income
• Disadvantages
– Separation of ownership and management – Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)
1-16
A Comparison
合伙企业法：修订后的《中华人民共和国合伙企业法》公布，自
2007年6月1日起施行 。
http://baike.baidu.com/view/467333.htm 公司法：《中华人民共和国公司法》1993年12月29日第八届 全国人民代表大会常务委员会第五次会议通过 ，2005年 10月27日修订后的公司法，自2006年1月1日起施行 。 http://baike.baidu.com/view/33348.htm
1-4
Corporate Finance
• Some important questions that are answered using finance:
– What long-term investments should the firm take on? – Where will we get the long-term financing to pay for the investment? – How will we manage the everyday financial activities of the firm?
• Advantages
– Limited liability – Unlimited life – Separation of ownership and management – Transfer of ownership is easy – Easier to raise capital
• Disadvantages
• Three major forms in the United States
– Sole Proprietorship – Partnership
• General • Limited
– Corporation
• C-Corp • S-Corp • Limited Liability Company
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager Financial Planning
Tax Manager
Financial Accounting
Cost Accounting Data Processing
Forms of Business Organization
– Limited to life of owner – Equity capital limited to owner’s personal wealth – Unlimited liability – Difficult to sell ownership interest
1-14
Partnership
Corporate stakeholders
Financial Manager
• Financial managers try to answer some or all of these questions • The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Key Concepts and Skills
• Know the basic types of financial management decisions and the role of the financial manager • Know the financial implications of the different 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
1-3
Chapter Outline
• • • • • Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation
Taxation Reinvestment and dividend payout Liability
Double Broad latitude
Limited liability
Continuity
Perpetual life
《中华人民共和国个人独资企业法》自2000年1 月1日起施行 第三十一条 个人独资企业财产不足以清偿债务 的，投资人应当以其个人的其他财产予以清偿。 http://baike.baidu.com/view/277498.html
Financial markets
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
Goal of Financial Management
• What should be the goal of a corporation?
– – – – Maximize profit? Minimize costs? Maximize market share? Maximize the current value of the company’s stock? – Maximize shareholder wealth?
Corporation Liquidity Shares can be easily exchanged Partnership Subject to substantial restrictions
Voting Rights
Usually each share gets one vote
General Partner is in charge; limited partners may have some voting rights Partners pay taxes on distributions All net cash flow is distributed to partners General partners may have unlimited liability; limited partners enjoy limited liability Limited life
• Advantages
– Two or more owners – More capital available – Relatively easy to start – Income taxed once as personal income
• Disadvantages
– Unlimited liability
1-11
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
财务管理：根据财经法规，按照财务管理原
则，组织财务活动，处理财务关系的一项经 济管理工作。
The Firm and the Financial Markets
Firm
Invests in assets (B) Current assets Fixed assets Firm issues securities (A) Retained cash flows (F) Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
• Working capital management
– How do we manage the day-to-day finances of the firm?
1-6
The financial management function (ACCA)
财务管理的基本涵义
财务的涵义
• 客观地存在于企业生产经营活动中的与资金运 动或现金流动相关的事务. • 与现金流动相关的各项活动（财务活动）---筹 资、投资、使用、收回、分配等
1-5
Financial Management Decisions
• Capital budgeting
– What long-term investments or projects should the business take on?
• Capital structure
– How should we pay for our assets? – Should we use debt or equity?