《财务管理基础第13版》相关章节答案 ppt课件
chapters have been written so that this can be done without any problem.
本课程涉及的章节
Chapter 1 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 15 Chapter 16
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations.
9
2. The Business, Tax, and Financial Environments
12
3. The Time Value of Money*
19
4. The Valuation of Long-term Securities*
32
5. Risk and Return*
41
6. Financial Statement Analysis*
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• “不怕太阳晒，也不怕那风雨狂，只怕先生骂我 笨，没有学问无颜见爹娘 ……”
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Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
Chapter 17
THE ROLE OF FINANCIAL MANAGEMENT THE TIME VALUE OF MONEY* THE VALUATION OF LONG-TERM SECURITIES* RISK AND RETURN* FINANCIAL STATEMENT ANALYSIS* REQUIRED RETURNS AND THE COST OF CAPITAL OPERATING AND FINANCIAL LEVERAGE CAPITAL STRUCTURE DETERMINATION
2020/12/12
3
1
© Pearson Education Limited 2008
The Role of Financial Management
Increasing shareholder value over time is the bottom line of every move we make.
120
14. Risk and Managerial (Real) Options in Capital Budgeting
134
(some sections may be omitted in an abbreviated course)
15. Required Returns and the Cost of Capital
144
16. Operating and Financial Leverage (may be omitted in an abbreviated course)
157
17. Capital Structure Determination
174
18. Dividend Policy
184
19. The Capital Market
49
7. Funds Analysis, Cash-flow Analysis, and Financial Planning*
61
8. Overview of Working-capital Management
82
9. Cash and Marketable Securities Management
195
20. Long-term Debt, Preferred Stock, and Common Stock
201
21. Term Loans and Leases (may be omitted in an abbreviated course)
213
22. Convertibles, Exchangeables, and Warrants
88
10. Accounts Receivable and Inventor Financing
105
12. Capital Budgeting and Estimating Cash Flows
112
13. Capital Budgeting Techniques
ROBERT GOIZUETA Former CEO, The Coca-Cola Company
9
2020/12/12
© Pearson Education Limited 2008
2
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• 如果老师最后没有总结一节课的重点的难点，你 是否会认为老师的教学方法需要改进？
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual
Contents
Chapters
Pages
1. The Role of Financial Management
225
23. Mergers and Other Forms of Corporate Restructuring
234
24. International Financial Management
251
*Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3-5. These
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财务管理基础工业出版社13版Chap006_PPT
• Fixed assets • Permanent current assets • Part of the temporary current assets
1-24
Using Long-Term Financing for Part of Short-Term Needs
1-25
Short- Term Financing
1-9
Seasonal Sales Pattern in Target and Limited Brands
• Like publishers, retail companies do not stock inventory for more then a year • Fourth quarter is the biggest quarter for retailers • As per the figure, the Target is growing much faster than the Limited Brands • Even then, in the fourth quarter, peak earnings are almost equal for both the companies
1-16
Sales Forecasts, Cash Receipts, and Payments, and Cash Budget (cont’d)
• Table 6-3 is created to examine the buildup in accounts receivable and cash
– Lenders and financial managers need to plan inventory – Lack of correct inventory planning can lead to lost sales
1-24
Using Long-Term Financing for Part of Short-Term Needs
1-25
Short- Term Financing
1-9
Seasonal Sales Pattern in Target and Limited Brands
• Like publishers, retail companies do not stock inventory for more then a year • Fourth quarter is the biggest quarter for retailers • As per the figure, the Target is growing much faster than the Limited Brands • Even then, in the fourth quarter, peak earnings are almost equal for both the companies
1-16
Sales Forecasts, Cash Receipts, and Payments, and Cash Budget (cont’d)
• Table 6-3 is created to examine the buildup in accounts receivable and cash
– Lenders and financial managers need to plan inventory – Lack of correct inventory planning can lead to lost sales
财务管理基础工业出版社13版Chap019_PPT
1-3
Value of the Convertible Bond
• Must evaluate the conversion privileges • Other values to be considered include:
– Conversion value – Conversion premium – Pure bond value – Downside risks – Floor value
1-14
Diluted Earnings Per Share
• Assume 400,000 new shares will be created from potential conversion, while at the same time allowing for reduction in interest payments that would occur as a result of conversion of the debt to common stock • The before-tax interest payments are $450,000, the aftertax interest cost of $270,000 [$450,000 (1- .40) = $270,000] will be saved and can be added back to the income Diluted earnings = Adjusted earnings after taxes ; per share Shares outstanding + All convertible securities Reported Interest earnings savings = $1,500,000 + $270,000 = $1,770,000 = $1.26 1,000,000 + 400,000 1,400,000
Value of the Convertible Bond
• Must evaluate the conversion privileges • Other values to be considered include:
– Conversion value – Conversion premium – Pure bond value – Downside risks – Floor value
1-14
Diluted Earnings Per Share
• Assume 400,000 new shares will be created from potential conversion, while at the same time allowing for reduction in interest payments that would occur as a result of conversion of the debt to common stock • The before-tax interest payments are $450,000, the aftertax interest cost of $270,000 [$450,000 (1- .40) = $270,000] will be saved and can be added back to the income Diluted earnings = Adjusted earnings after taxes ; per share Shares outstanding + All convertible securities Reported Interest earnings savings = $1,500,000 + $270,000 = $1,770,000 = $1.26 1,000,000 + 400,000 1,400,000
《财务管理基础第13版》相关章节答案ppt课件
ation Limited 2008
Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations. 2. Maximizing earnings is a nonfunctional objective for the following reasons: a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all other time vectors, it is impossible to select the vector that will maximize earnings. b. Each time vector of earning possesses a risk characteristic. Maximizing expected earnings ignores the risk parameter. c. Earnings can be increased by selling stock and buying treasury bills. Earnings will continue to increase since stock does not require out-of-pocket costs. d. The impact of dividend policies is ignored. If all earnings are retained, future earnings are increased. However, stock prices may decrease as a result of adverse reaction to the absence of dividends. Maximizing wealth takes into account earnings, the timing and risk of these earnings, and the dividend policy of the firm. 3. Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus, the function of financial management can be broken down into three major decision areas: the investment, financing, and asset management decisions. 4. Yes, zero accounting profit while the firm establishes market position is consistent with the maximization of wealth objective. Other investments where short-run profits are sacrificed for the long-run also are possible. 5. The goal of the firm gives the financial manager an objective function to maximize. He/she can judge the value (efficiency) of any financial decision by its impact on that goal. Without such a goal, the manager would be "at sea" in that he/she would have no objective criterion to guide his/her actions. 6. The financial manager is involved in the acquisition, financing, and management of assets. These three functional areas are all interrelated (e.g., a decision to acquire an asset necessitates the financing and management of that asset, whereas financing and management costs affect the decision to invest). 7. If managers have sizable stock positions in the company, they will have a greater understanding for the valuation of the company. Moreover, they may have a greater incentive to maximize shareholder wealth than they would in the absence of stock holdings. However, to the extent persons have not only human capital but also most of their financial
Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations. 2. Maximizing earnings is a nonfunctional objective for the following reasons: a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all other time vectors, it is impossible to select the vector that will maximize earnings. b. Each time vector of earning possesses a risk characteristic. Maximizing expected earnings ignores the risk parameter. c. Earnings can be increased by selling stock and buying treasury bills. Earnings will continue to increase since stock does not require out-of-pocket costs. d. The impact of dividend policies is ignored. If all earnings are retained, future earnings are increased. However, stock prices may decrease as a result of adverse reaction to the absence of dividends. Maximizing wealth takes into account earnings, the timing and risk of these earnings, and the dividend policy of the firm. 3. Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus, the function of financial management can be broken down into three major decision areas: the investment, financing, and asset management decisions. 4. Yes, zero accounting profit while the firm establishes market position is consistent with the maximization of wealth objective. Other investments where short-run profits are sacrificed for the long-run also are possible. 5. The goal of the firm gives the financial manager an objective function to maximize. He/she can judge the value (efficiency) of any financial decision by its impact on that goal. Without such a goal, the manager would be "at sea" in that he/she would have no objective criterion to guide his/her actions. 6. The financial manager is involved in the acquisition, financing, and management of assets. These three functional areas are all interrelated (e.g., a decision to acquire an asset necessitates the financing and management of that asset, whereas financing and management costs affect the decision to invest). 7. If managers have sizable stock positions in the company, they will have a greater understanding for the valuation of the company. Moreover, they may have a greater incentive to maximize shareholder wealth than they would in the absence of stock holdings. However, to the extent persons have not only human capital but also most of their financial
财务会计学(第13版)PPT第2章
打开阅读材料
打开例题
打开案例
Page 9
第一页 上一页
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2.1 货币资金概述(introuction of 第一节 货ca币sh资,m金o(nceatsahr,ymroensoetuarrcyerse)sources)
2.1.2货币资金内部控制制度 2.货币资金内部控制制度的主要内容
贷：其他应付款—（×个人） 应支付给有关人员或单位的 营业外收入—现金溢余 无法查明原因的现金溢余，经批准
打开阅读材料
打开例题
打开案例
Page 22
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2.2.2库存现金的收付与清查 2.库存现金清查 （4）库存现金溢余的处理原则 ①属于应支付给有关人员或单位的,应借记“待 处理财产损溢——待处理流动资产损溢”科目, 贷记“其他应付款——应付现金溢余(××个人)” 科目。 ②属于无法查明原因的现金溢余,经批准后,借记 “待处理财产损溢——待处理流动资产损溢”科 目,贷记“营业外收入——现金溢余”科目。
管理费用——现金短缺
无法查明的其他原因
贷：待处理财产损溢——待处理流动资产损溢
打开阅读材料
打开例题
打开案例
Page 21
第一页 上一页
下一页 最后一页 结束
2.2.2库存现金的收付与清查 2.库存现金清查 （3）库存现金长缺的处理原则 ①发生长款 借：库存现金
贷：待处理财产损溢—待处理流动资产损溢 ②长款处理 借：待处理财产损溢—待处理流动资产损溢
企业必须严格按规定的限额控制现金结余量。
打开阅读材料
打开例题
打开案例
Page 15
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财务管理基础 13版 _pp13
• Project Evaluation and Selection
• Potential Difficulties
• Capital Rationing
• Project Monitoring
• Post-Completion Audit
13.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
13.8
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Payback Solution (#2)
13.9
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
PBP Acceptance Criterion
13.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
• Potential Difficulties
• Capital Rationing
• Project Monitoring
• Post-Completion Audit
13.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
13.8
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Payback Solution (#2)
13.9
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
PBP Acceptance Criterion
13.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
财务会计学(第13版)PPT第9章
1.应付职工薪酬(wages payable)定义：
是指职工为企业提供服务后,企业应当支
付给职工的各种形式的报酬或补偿。
指企业为获得职工提供的服务或解除劳
职 动关系而给予的各种形式的报酬或补偿。
工 薪 酬构
短期薪酬、离职后福利 辞退福利、其他长期职工福利
成 给职工配偶、子女、受赡养人、已
故员工遗属及其他受益人等的福利
例9-2
22
例9-2
23
例9-2
24
例9-2
25
9.2.3 短期借款的偿还
企业在短期借款到期偿还借款本金时 借：短期借款 贷：银行存款
26
承例9－1。北京宏达电子股份有限公司
2021年10月1日偿还短期借款80 000元，
编制会计分录如下：
例9-3 借：短期借款
80 000
贷：银行存款
80 000
6
2.按照偿付金额是否确定分类
按照偿付金额是否确定分类，可以分为金额 可以确定的流动负债和金额需要估计的流动负债。
（1）金额可以确定的流动负债
金额可以确定的流动负债是指有确切的债权人 和偿付日期并有确切的偿付金额的流动负债，主 要包括短期借款、应付票据、已经取得结算凭证 的应付账款、预收账款、应付职工薪酬、应付股 利、应付利息、应交税费和其他应付款等。
46
9.4.1 应付职工薪酬的核算内容
2.职工薪酬(wages payable)构成：
短期薪酬指企业在职工提供相关服务的年度报告 期间结束后十二个月内需要全部予以支付的职工薪酬。 短期薪酬具体包括:⑴职工工资、奖金、津贴和补贴, ⑵职工福利费,⑶医疗保险费、工伤保险费和生育保 险费等社会保险费,⑷住房公积金,⑸工会经费和⑹职 工教育经费,⑺短期带薪缺勤,⑻短期利润分享计划, ⑼非货币性福利以及⑽其他短期薪酬。
财务管理基础工业出版社13版Chap015_PPT
– Setting the price slightly below the current market value
• Common during the issuance of additional shares
1-15
Dilution
• Problem associated with the issuance of additional securities:
15
Chapter
Investment Bankinw-Hill/Irwin Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
1-5
Investment Banking Competitors
• There is intense competition in the market
– Being a leader in one sector helps a firm‟s overall reputation – It, however, does not ensure success in other areas
• Resulting from increase in shares outstanding
1-16
Market Stabilization
• An investment banker is responsible for stabilizing the offering during the distribution period:
• The underwriting spread represents the total compensation for all participating members
• Common during the issuance of additional shares
1-15
Dilution
• Problem associated with the issuance of additional securities:
15
Chapter
Investment Bankinw-Hill/Irwin Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
1-5
Investment Banking Competitors
• There is intense competition in the market
– Being a leader in one sector helps a firm‟s overall reputation – It, however, does not ensure success in other areas
• Resulting from increase in shares outstanding
1-16
Market Stabilization
• An investment banker is responsible for stabilizing the offering during the distribution period:
• The underwriting spread represents the total compensation for all participating members
财务管理基础 financial management 清华大学出版社第13版ppt2
Chapter 2
The Business, Tax, and Financial Environments
2.1
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The Business Environment
Corporation – A business form legally separate from its owners.
• •
An artificial entity that can own assets and incur liabilities. Business income is accounted for on the income tax form of the corporation.
Advantages
•
•
Disadvantages
• •
Limited liability
Easy transfer of ownership Unlimited life
Double taxation More difficult to establish More expensive to set up and maintain
• • •
The Business Environment
The Tax Environment
The Financial Environment
2.3
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The Business, Tax, and Financial Environments
2.1
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The Business Environment
Corporation – A business form legally separate from its owners.
• •
An artificial entity that can own assets and incur liabilities. Business income is accounted for on the income tax form of the corporation.
Advantages
•
•
Disadvantages
• •
Limited liability
Easy transfer of ownership Unlimited life
Double taxation More difficult to establish More expensive to set up and maintain
• • •
The Business Environment
The Tax Environment
The Financial Environment
2.3
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
《财务管理基础第13版》相关章节答案
9
. © Pearson Education Limited 2008
Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations.
. © Pearson Education Limited 2008
Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations.
财务管理基础工业出版社13版Chap020_PPT
1-17
Portfolio Effect
• The reduction or increase in risk may influence the P/E ratio as much as the change in the growth rate
– The initial price they are paid for their shares – The outlook for the acquiring firm
• Analysis is hence made mainly from the viewpoint of the firm
1-14
1-2
Largest Acquisitions Ever
1-3
Motives for Business Combinations
• Merger
– A combination of two or more companies in which ththe identity of the acquiring firm
• Eliminating overlapping functions in production and marketing • Meshing together various engineering capabilities
1-9
Motives of Selling Stockholders
– The assumption is that the firm has a 40% tax rate. The tax shield value of a carryforward to Firm A is equal to the loss involved times the tax rate ($220,000 X 40% = $88,000) – The company can reduce its total taxes from $120,000 to $32,000, and thus could pay $88,000 for the carryforward alone – The income available to stockholders also has increased by $88,000
Portfolio Effect
• The reduction or increase in risk may influence the P/E ratio as much as the change in the growth rate
– The initial price they are paid for their shares – The outlook for the acquiring firm
• Analysis is hence made mainly from the viewpoint of the firm
1-14
1-2
Largest Acquisitions Ever
1-3
Motives for Business Combinations
• Merger
– A combination of two or more companies in which ththe identity of the acquiring firm
• Eliminating overlapping functions in production and marketing • Meshing together various engineering capabilities
1-9
Motives of Selling Stockholders
– The assumption is that the firm has a 40% tax rate. The tax shield value of a carryforward to Firm A is equal to the loss involved times the tax rate ($220,000 X 40% = $88,000) – The company can reduce its total taxes from $120,000 to $32,000, and thus could pay $88,000 for the carryforward alone – The income available to stockholders also has increased by $88,000