金融管理基础英文版第16版人大版MGH版课件BHD_16e_Chap004
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金融管理基础英文课件 (14)
• Influenced by variables like:
– Interest rates – Investor confidence – Economic growth – Global crises
14-3
Types of Security Markets
• Money markets
– Short-term markets comprising of securities with maturities of one year or less
– Includes:
• Federal Home Loan Banks (FHLB)
14-9
Government Securities (cont’d)
• Federal National Mortgage Association (Fannie Mae) • Federal Home Loan Mortgage Corporation (Freddie
• Are funneled to financial intermediaries that, in turn, make investments in the capital markets
• Purchase mutual fund shares, invest in life insurance, or participate in private pension plans
Mac) • Farm Credit Banks • Student Loan Marketing Association (Sallie Mae) • Federal Agricultural Mortgage Corporation, (Farmer
Mac)
– Interest rates – Investor confidence – Economic growth – Global crises
14-3
Types of Security Markets
• Money markets
– Short-term markets comprising of securities with maturities of one year or less
– Includes:
• Federal Home Loan Banks (FHLB)
14-9
Government Securities (cont’d)
• Federal National Mortgage Association (Fannie Mae) • Federal Home Loan Mortgage Corporation (Freddie
• Are funneled to financial intermediaries that, in turn, make investments in the capital markets
• Purchase mutual fund shares, invest in life insurance, or participate in private pension plans
Mac) • Farm Credit Banks • Student Loan Marketing Association (Sallie Mae) • Federal Agricultural Mortgage Corporation, (Farmer
Mac)
金融管理基础英文课件 (13)
• Use of progressively higher discount rates to compensate for risk tends to penalize later cash flows more than earlier ones
13-16
Qualitative Measures
D
13-7
Probability Distribution of with Differing Degrees of Risk
• The larger the standard deviation (or spread of outcomes), the greater is the risk
13-8
• Measures the volatility of returns on an individual stock relative to returns on a stock market index
13-11
Betas for Five-Year Period (Ending January 2009)
13-9
Coefficient of Variation (V)
• The size difficulty can be eliminated by introducing “Coefficient of Variation” (V)
• Formula: – Co-efficient of Variation: (V) = σ ÷ D
• Setting up of risk classes based on qualitative considerations
• This again equates the discount rate to the perceived risk
13-16
Qualitative Measures
D
13-7
Probability Distribution of with Differing Degrees of Risk
• The larger the standard deviation (or spread of outcomes), the greater is the risk
13-8
• Measures the volatility of returns on an individual stock relative to returns on a stock market index
13-11
Betas for Five-Year Period (Ending January 2009)
13-9
Coefficient of Variation (V)
• The size difficulty can be eliminated by introducing “Coefficient of Variation” (V)
• Formula: – Co-efficient of Variation: (V) = σ ÷ D
• Setting up of risk classes based on qualitative considerations
• This again equates the discount rate to the perceived risk
金融管理基础英文课件 (18)
• Residual theory of earnings with two options:
– Earnings retained and reinvested in the business – Pay out as current dividends
• This theory does not consider the stockholders’ opinion on dividends
18-3
Life Cycle Growth and Dividends
18-4
Dividends as a Passive Variable
• Dividends are paid out only if the corporation cannot make better use of the funds for the benefit of stockholders
– It can be hypothesized that stockholders might:
• Apply a higher discount rate (Ke), and • Assign a lower valuation of funds that are retained in the
18-2
The Marginal Principle of Retained Earnings
• Benefits to stockholders analyzed by comparing:
– Rate of return on retained earnings – Earnings that may be generated by offering
– Short-term capital gains are taxed up to a maximum in the mid 30 percent range
– Earnings retained and reinvested in the business – Pay out as current dividends
• This theory does not consider the stockholders’ opinion on dividends
18-3
Life Cycle Growth and Dividends
18-4
Dividends as a Passive Variable
• Dividends are paid out only if the corporation cannot make better use of the funds for the benefit of stockholders
– It can be hypothesized that stockholders might:
• Apply a higher discount rate (Ke), and • Assign a lower valuation of funds that are retained in the
18-2
The Marginal Principle of Retained Earnings
• Benefits to stockholders analyzed by comparing:
– Rate of return on retained earnings – Earnings that may be generated by offering
– Short-term capital gains are taxed up to a maximum in the mid 30 percent range
金融市场与机构英文版第四章
Discount Rate
How Fed Controls Money Supply
n Banks must maintain reserves as percent of deposits
n Reserves kept as deposits in Fed (plus vault cash)
n Fed controls level of member bank reserve deposits in Fed
n Open market purchase of government securities:
l Purchase securities from government securities dealers
l Increase bank deposits and bank reserves, money market liquidity and, in time…
Chapter Objectives
n Identify the Fed’s role in monetary policy n Describe the tools the Fed uses to influence
monetary policy n Explain how changes in regulation in the
Funds received from new deposits that can be lent out
$90 million
$9.0 million
$81 million
$8.1 million
$72.9 million
Monetary Policy Tools
n Open market operations and interest rates
金融管理基础英文课件 (20)
20-9
Motives of Selling Stockholders
• Desire to receive the acquiring company’s stock
– Stockholders can diversify their holdings into new investments if cash is offered
Nonfinancial Motives
• Desire to expand management and marketing capabilities, and acquisition of new products
– May be directed toward vertical or horizontal integration
• Earnings per share of Expand Corporation have increased as a result of the merger
• Whenever a firm acquires another entity whose P/E ratio is lower than its own, there is an immediate increase in earnings per share
– It improves the financing posture as a result of expansion
20-5
Financial Motives (cont’d)
• Larger firms may enjoy greater access to the capital market
20-12
Cash Purchases (cont’d)
Motives of Selling Stockholders
• Desire to receive the acquiring company’s stock
– Stockholders can diversify their holdings into new investments if cash is offered
Nonfinancial Motives
• Desire to expand management and marketing capabilities, and acquisition of new products
– May be directed toward vertical or horizontal integration
• Earnings per share of Expand Corporation have increased as a result of the merger
• Whenever a firm acquires another entity whose P/E ratio is lower than its own, there is an immediate increase in earnings per share
– It improves the financing posture as a result of expansion
20-5
Financial Motives (cont’d)
• Larger firms may enjoy greater access to the capital market
20-12
Cash Purchases (cont’d)
金融管理基础英文课件 (10)
• Assume Inflation premium goes up from 4 to 6%, with everything else being constant
– Present value of interest payments:
$100 annuity for 20 years at a discount rate of 12%;
• Business Risk: inability of the firm to retain its competitive position and stability and growth
• Financial risk: inability of the firm to meet its debt obligations as and when due
10-14
Time to Maturity
• Influences the impact of a change in yield to maturity on valuation
• Longer the maturity, the greater the impact of changes in yield
• Added to the present value of the principal (also discounted at Y)
10-5
Valuation of Bonds (cont’d)
• Where: • = Price of the bond; = Interest payments; = Principal payment
• The required rate of return in valuing an asset based on the risk involved
– Present value of interest payments:
$100 annuity for 20 years at a discount rate of 12%;
• Business Risk: inability of the firm to retain its competitive position and stability and growth
• Financial risk: inability of the firm to meet its debt obligations as and when due
10-14
Time to Maturity
• Influences the impact of a change in yield to maturity on valuation
• Longer the maturity, the greater the impact of changes in yield
• Added to the present value of the principal (also discounted at Y)
10-5
Valuation of Bonds (cont’d)
• Where: • = Price of the bond; = Interest payments; = Principal payment
• The required rate of return in valuing an asset based on the risk involved
《金融学基础》PPT课件
(五)利率的作用
1. 利率对宏观经济具有调节作用 2. 利率对微观经济运行的调节作用
15
二、利息率
(六)我国利率管理体制的改革
实行改革开放后，对利率管理体制进行了一系列的 重大改革，具体如下。
1978—1989年，主要是调整利率水平，允许银行 存贷款利率在一定范围内自由浮动。
1990—1993年，主要是调整利率结构，包括制定 存贷款利率的上下限；理顺存贷款利率和有价证券 利率的关系；各类利率尽可能在期限、成本、风险 上体现出差别；等等。
【案例二】 企业间融资
讨论题
案例中的融资属于什么信用形式？商业信用有什么 特点？
8
三、信用的形式
(四)消费信用
1. 消费信用的概念 2. 消费信用的形式
1) 赊销 2) 分期付款 3) 消费贷款 4) 信用卡
3. 消费信用的作用
(1) 消费信用对社会再生产具有一定的促进作用。 (2) 消费信用在一定情况下也会对经济发展产生消极 作用。
9
三、信用的形式
(五)国际信用 1. 国际信用的概念 2. 国际信用的主要形式 1) 出口信贷 2) 银行信贷 3) 政府信贷 4) 国际金融机构信贷
直接融通
金融市场
资
资
金
金
需供Βιβλιοθήκη 求给者者
金融机构
间接融通
18
二、资金融通的方式
(一)直接融通资金
1. 直接融资的含义 2. 直接融资的特点 3. 直接融资的局限性
(二)间接融通资金
1. 间接融资的含义 2. 间接融资的特点 3. 间接融资的局限性
19
本章小结
信用是以偿还和付息为条件所形成的商品或货币的借 贷关系或债权债务关系。信用关系由债权债务、信用 工具和时间间隔三个基本要素构成。
1. 利率对宏观经济具有调节作用 2. 利率对微观经济运行的调节作用
15
二、利息率
(六)我国利率管理体制的改革
实行改革开放后，对利率管理体制进行了一系列的 重大改革，具体如下。
1978—1989年，主要是调整利率水平，允许银行 存贷款利率在一定范围内自由浮动。
1990—1993年，主要是调整利率结构，包括制定 存贷款利率的上下限；理顺存贷款利率和有价证券 利率的关系；各类利率尽可能在期限、成本、风险 上体现出差别；等等。
【案例二】 企业间融资
讨论题
案例中的融资属于什么信用形式？商业信用有什么 特点？
8
三、信用的形式
(四)消费信用
1. 消费信用的概念 2. 消费信用的形式
1) 赊销 2) 分期付款 3) 消费贷款 4) 信用卡
3. 消费信用的作用
(1) 消费信用对社会再生产具有一定的促进作用。 (2) 消费信用在一定情况下也会对经济发展产生消极 作用。
9
三、信用的形式
(五)国际信用 1. 国际信用的概念 2. 国际信用的主要形式 1) 出口信贷 2) 银行信贷 3) 政府信贷 4) 国际金融机构信贷
直接融通
金融市场
资
资
金
金
需供Βιβλιοθήκη 求给者者
金融机构
间接融通
18
二、资金融通的方式
(一)直接融通资金
1. 直接融资的含义 2. 直接融资的特点 3. 直接融资的局限性
(二)间接融通资金
1. 间接融资的含义 2. 间接融资的特点 3. 间接融资的局限性
19
本章小结
信用是以偿还和付息为条件所形成的商品或货币的借 贷关系或债权债务关系。信用关系由债权债务、信用 工具和时间间隔三个基本要素构成。
金融学课件第04章_金融机构_图文
24.01.2021
金融学课件
⑵投资银行。专门为工商企业提供证券投融资服务和办理长期信贷业务的银行。
⑶进出口银行。专门为对外贸易提供结算、信贷等国际金融服务的银行。
⑷储蓄银行。专门吸收居民储蓄存款并为居民提供金融服务的银行。 ⑸农业银行。在政府的指导和资助下，专门为农业、畜牧业、林业和渔业的发展提供金融服
中国太平洋保险公司、中国平安保险公司等，2005年全国共有一百多家。现已形成了以国有保 险企业为主体，中外保险公司并存，多家竞争的格局。
24.01.2021
金融学课件
⑵信托投资公司
2000年底全国有信托投资公司145家，特点是分散性很强，地方行政背景复杂，但缺乏竞争性。 其业务主要有以下四类：①信托投资业务；②代理业务；③租赁业务；④咨询业务。但进入90年代 之后，信托投资公司大多数集中力量开拓证券业务，与证券公司展开竞争。针对这种状况，1998年 11月中国人民银行提出，信托投资公司要按“信托为本、分业管理、规模经营、严格监督”的原则 进行整顿，以解决信托投资公司的分散性和业务重心的证券化问题。
于1998年11月18日成立，是全国商业保险的主管部门。 为国务院直属正部级事业单位； 根据国务院授权履行行政管理职能，依照法律、法规统一监管全国保险市场，维护保险业的 合法、稳健运行。
24.01.20革的主要措施：
⑴建立独立经营、实行企业化管理的专业银行，并在此基础上将其转变为国有商业银行； ⑵建立专司金融宏观调控和金融行政管理职能的中央银行体制； ⑶在国有商业银行之外，组建其他商业银行，增加非国有的经济成分； ⑷组建一批政策性银行，担负政策性融资任务；
金融学课件
3. 中国证券监督管理委员会(证监会)
于1997年8月开始,是国家对证券市场进行统一管理的主管机构。 是国务院证券委的监管执行机构； 是依照法律法规对证券市场进行监督； 它的发展经历了一个从多头到统一、从分散到集中的过程。
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• May represent highs or low sales volume • May require dividends, taxes or capital expenditures
4-18
Table 4-9 Monthly Sales Pattern
4-19
Cash Receipts
4-26
Table 4-14 Monthly Cash Flow
• Difference between monthly receipts and payments is net cash flow for month
• Allows firm to anticipate need for outside funding at end of each month
• Three financial statements for forecasting are pro forma income statement, cash budget and pro forma balance sheet
• Percent-of-sales method used for forecasting • Methods to determine amount of new funds
4-27
Table 4-15 Cash Budget with Borrowing and Repayment Provisions
• Assumptions for table 4-15
• Firm wishes to maintain minimum cash balance of $5,000 • If balance goes below minimum, firm will borrow • If balance goes above minimum, firm will use excess to
• Number of units produced depends on
• Beginning inventory • Sales projections • Desired ending inventory
• To determine production requirements
Units + Projected sales + Desired ending inventory – Beginning inventory = Production requirements
4-20
Table 4-10 Monthly Cash Receipts
4-21
Table 4-11 Component Costs of Manufactured Goods
4-22
Cash Payments
• Primary considerations are monthly costs associated with:
4-8
Table 4-2 Stock of Beginning Inventory
Goldman Corporation has in stock the items shown
4-9
Table 4-3 Production Requirements for Six Months
4-10
Table 4-4 Unit Costs
• Comprehensive financing plan must be developed for significant growth
4-3
Constructing Pro Forma Statements
• Pro forma financial statements enable a firm to estimate future receivables, inventory, payables, as well as anticipated profits and borrowing requirements
• Firm’s outcome through external events involves
• Risk-taking desires • Ability to hedge against risk with careful planning
• No growth or decline — not primary cause of shortage of funds
required in advance • Forecasting identifies factors affecting cash
flow
4-2
Chapter Opening
• Financial Forecasting
• Ability to plan ahead and make necessary adjustments before events occur
• Payment for material made once per month after purchases have been made
4-24
Table 4-12 Average Monthly Manufacturing Costs
4-25
Table 4-13 Summary of All Monthly Cash Payments
4-23
Cash Payments
• Assumptions for next two tables
• Costs incurred on equal monthly basis over sixmonth period
• Even production level to ensure maximum efficiency
• Inventory manufactured during period
• Material • Labor • Overhead
• Disbursements for general and administrative expenses
• Interest payments, taxes and dividends • Cash payments for new plant and equipment
• Statements are often required by bankers, other lenders as guide for the future
• Systems approach to develop pro forma statements
• Construct income statement based on sales projections and the production plan
4-13
Table 4-6 Allocation of Manufacturing Cost and Determination of Gross Profits
4-14
Table 4-7 Value of Ending Inventory
4-15
Other Expense Items
• Must be subtracted from gross profits to arrive at a net profit figure
• Pro forma income statement must be translated into cash flows
• Divide long-term pro forma income statement into smaller units
• More precise time frames are set to anticipate seasonal and monthly patterns of cash inflows and outflows
• In the case of Goldman Corporation
• Break down the pro forma income statement for first half year • Divided into monthly cash budgets
• Analysis of past sales and collection records show • 20% of sales collected in month • 80% in following month
repay outstanding loan
4-28
Pro Forma Balance Sheet
• Represents cumulative changes over time
• Provides projection on anticipated profits over subsequent period
• Important steps
• Establish sales projection • Determine production schedule, associated use of new
Table 4-1 Projected Wheel and Caster Sales
• Assume Goldman Corporation has two primary products: wheels and casters
4-7
Determine Production Schedule and Gross Profit
material, direct labor, and overhead to arrive at gross profit • Compute other expenses • Determine profit by completing actual pro forma statement
4-6
4-18
Table 4-9 Monthly Sales Pattern
4-19
Cash Receipts
4-26
Table 4-14 Monthly Cash Flow
• Difference between monthly receipts and payments is net cash flow for month
• Allows firm to anticipate need for outside funding at end of each month
• Three financial statements for forecasting are pro forma income statement, cash budget and pro forma balance sheet
• Percent-of-sales method used for forecasting • Methods to determine amount of new funds
4-27
Table 4-15 Cash Budget with Borrowing and Repayment Provisions
• Assumptions for table 4-15
• Firm wishes to maintain minimum cash balance of $5,000 • If balance goes below minimum, firm will borrow • If balance goes above minimum, firm will use excess to
• Number of units produced depends on
• Beginning inventory • Sales projections • Desired ending inventory
• To determine production requirements
Units + Projected sales + Desired ending inventory – Beginning inventory = Production requirements
4-20
Table 4-10 Monthly Cash Receipts
4-21
Table 4-11 Component Costs of Manufactured Goods
4-22
Cash Payments
• Primary considerations are monthly costs associated with:
4-8
Table 4-2 Stock of Beginning Inventory
Goldman Corporation has in stock the items shown
4-9
Table 4-3 Production Requirements for Six Months
4-10
Table 4-4 Unit Costs
• Comprehensive financing plan must be developed for significant growth
4-3
Constructing Pro Forma Statements
• Pro forma financial statements enable a firm to estimate future receivables, inventory, payables, as well as anticipated profits and borrowing requirements
• Firm’s outcome through external events involves
• Risk-taking desires • Ability to hedge against risk with careful planning
• No growth or decline — not primary cause of shortage of funds
required in advance • Forecasting identifies factors affecting cash
flow
4-2
Chapter Opening
• Financial Forecasting
• Ability to plan ahead and make necessary adjustments before events occur
• Payment for material made once per month after purchases have been made
4-24
Table 4-12 Average Monthly Manufacturing Costs
4-25
Table 4-13 Summary of All Monthly Cash Payments
4-23
Cash Payments
• Assumptions for next two tables
• Costs incurred on equal monthly basis over sixmonth period
• Even production level to ensure maximum efficiency
• Inventory manufactured during period
• Material • Labor • Overhead
• Disbursements for general and administrative expenses
• Interest payments, taxes and dividends • Cash payments for new plant and equipment
• Statements are often required by bankers, other lenders as guide for the future
• Systems approach to develop pro forma statements
• Construct income statement based on sales projections and the production plan
4-13
Table 4-6 Allocation of Manufacturing Cost and Determination of Gross Profits
4-14
Table 4-7 Value of Ending Inventory
4-15
Other Expense Items
• Must be subtracted from gross profits to arrive at a net profit figure
• Pro forma income statement must be translated into cash flows
• Divide long-term pro forma income statement into smaller units
• More precise time frames are set to anticipate seasonal and monthly patterns of cash inflows and outflows
• In the case of Goldman Corporation
• Break down the pro forma income statement for first half year • Divided into monthly cash budgets
• Analysis of past sales and collection records show • 20% of sales collected in month • 80% in following month
repay outstanding loan
4-28
Pro Forma Balance Sheet
• Represents cumulative changes over time
• Provides projection on anticipated profits over subsequent period
• Important steps
• Establish sales projection • Determine production schedule, associated use of new
Table 4-1 Projected Wheel and Caster Sales
• Assume Goldman Corporation has two primary products: wheels and casters
4-7
Determine Production Schedule and Gross Profit
material, direct labor, and overhead to arrive at gross profit • Compute other expenses • Determine profit by completing actual pro forma statement
4-6