公司理财Chap009
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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chap009
Table 9–5
9-21
Loan Amortization
• A mortgage loan to be repaid over 20 years at 8% interest:
9-22
Loan Amortization Table
•In such a case the part of the payments to the mortgage company will go toward the payment of interest, with the remainder applied to debt reduction, as indicated in the following table: Table 9–6
• A generalized formula for Future Value of Annuity: FVA = A × FVIFA
Where: FVA = Future value of the Annuity FVIFA = Annuity Factor = {[(1+i)n – 1] ÷ i} A = Annuity value i = Interest rate n = Number of periods; • Assuming, A = $1,000, n = 4, and i = 10%
9-2
Relationship to The Capital Outlay Decision
• The time value of money is used to determine whether future benefits are sufficiently large to justify current outlays
9-21
Loan Amortization
• A mortgage loan to be repaid over 20 years at 8% interest:
9-22
Loan Amortization Table
•In such a case the part of the payments to the mortgage company will go toward the payment of interest, with the remainder applied to debt reduction, as indicated in the following table: Table 9–6
• A generalized formula for Future Value of Annuity: FVA = A × FVIFA
Where: FVA = Future value of the Annuity FVIFA = Annuity Factor = {[(1+i)n – 1] ÷ i} A = Annuity value i = Interest rate n = Number of periods; • Assuming, A = $1,000, n = 4, and i = 10%
9-2
Relationship to The Capital Outlay Decision
• The time value of money is used to determine whether future benefits are sufficiently large to justify current outlays
公司理财教学资料 chap010
2019/10/23
10-4
Common Types of Cash
Flows
2019/10/23
• Sunk costs – costs that have accrued in the past
• Opportunity costs – costs of lost options • Side effects
• Suppose the appropriate depreciation schedule is straight-line
– D = (110,000 – 17,000) / 6 = 15,500 every year for 6 years
– BV in year 6 = 110,000 – 6(15,500) = 17,000 – After-tax salvage = 17,000 - .4(17,000 – 17,000)
– T = marginal tax rate
2019/10/23
10-13
Computing Depreciation
• Straight-line Depreciation
– D = (Initial cost – salvage) / number of years – Very few assets are depreciated straight-line
Project Cash Flows • More about Project Cash Flow • Alternative Definitions of Operating Cash
Flow • Some Special Cases of Discounted Cash
Flow Analysis
10-4
Common Types of Cash
Flows
2019/10/23
• Sunk costs – costs that have accrued in the past
• Opportunity costs – costs of lost options • Side effects
• Suppose the appropriate depreciation schedule is straight-line
– D = (110,000 – 17,000) / 6 = 15,500 every year for 6 years
– BV in year 6 = 110,000 – 6(15,500) = 17,000 – After-tax salvage = 17,000 - .4(17,000 – 17,000)
– T = marginal tax rate
2019/10/23
10-13
Computing Depreciation
• Straight-line Depreciation
– D = (Initial cost – salvage) / number of years – Very few assets are depreciated straight-line
Project Cash Flows • More about Project Cash Flow • Alternative Definitions of Operating Cash
Flow • Some Special Cases of Discounted Cash
Flow Analysis
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
公司理财精要chap002
2.1
McGraw-Hill/Irwin McGraw-Hill
© 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
The
Balance Sheet The Income Statement Taxes Cash Flow
Financial Statements, Taxes, and Cash Flow
Chapter 2
McGraw-Hill/Irwin McGraw-Hill
© 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
income. What is the firm’s tax liability? What is the average tax rate? What is the marginal tax rate? If you are considering a project that will increase the firm’s taxable income by $1 million, what tax rate should you use in your analysis?
Know
the difference between book value and market value Know the difference between accounting income and cash flow Know the difference between average and marginal tax rates Know how to determine a firm’s cash flow from its financial statements
McGraw-Hill/Irwin McGraw-Hill
© 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
The
Balance Sheet The Income Statement Taxes Cash Flow
Financial Statements, Taxes, and Cash Flow
Chapter 2
McGraw-Hill/Irwin McGraw-Hill
© 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
income. What is the firm’s tax liability? What is the average tax rate? What is the marginal tax rate? If you are considering a project that will increase the firm’s taxable income by $1 million, what tax rate should you use in your analysis?
Know
the difference between book value and market value Know the difference between accounting income and cash flow Know the difference between average and marginal tax rates Know how to determine a firm’s cash flow from its financial statements
公司理财精要版第10版Chap09
$ 200
$ 182
2
400
331
3
700
526
4
300
205现CF $ 182
价值？
9-6
9.1 为什么要使用净现值
净现值（NPV）法则是决定是否实施投资的一个有效判 断标准。
投资的净现值等于： 投资产生的未来全部现金流量的现值 – 初始投资
一项投资的净现值是这项投资的未来现金流量（收益）的 现值减去初始投资成本。
未来现金流量的现值是考虑过适当的市场利率进行贴现后 的现金流量的价值。
项目A、B、C的预期现金流量
年份
A
0
-100
1
20
2
30
3
50
4
60
回收期（年）
3
B
C
-100
-100
50
50
30
30
20
20
60
60000
3
3
回收期法
管理视角
回收期法决策过程简便（容易理解）。 回收期法便于决策评估。 回收期法有利于加快资金回笼。
由于上述原因，回收期法常常被用来筛选大量的小 型投资项目。
固定资产 1 有形 2 无形
公司应该投
资于什么样
的长期资产 ？
流动 负债 长期 负债
所有者 权益
Good Decision Criteria
一个好的资本预算评估准则要考虑以下问题：
▪ 该评估准则考虑了货币的时间价值？ ▪ 该评估准则是否考虑了投资蕴含的风险？ ▪ 该评估准则能否判断某项投资是否为企业创造了
什么是公司理财？
公司资产负债表模型
公司理财研究以下三个问题：
009期权与公司理财课件
60
40
期权利润 ($)
20
10
股票价格 ($)
20
40 50 60
80
100
–10
买入看跌期权
–20
–40
执行价格 = 0$059期0权;与期公司权理财费 = $10
期权价值
• 内在价值
• 看涨期权: Max[ST – E, 0] • 看跌期权: Max[E – ST , 0]
• 投机价值
• 等于期权费与期权的内在价值之差
价值为E – ST
• 如果看跌期权处于虚值状况，它就 不再有价值
P = Max[E – ST, 0]
009期权与公司理财
看跌期权的到期日价值
60 50 40
期权价值 ($)
20 0 0
–20 –40
买入看跌期权
20
40
60
80
100
50
股票价格 ($)
执行价格 009期权与公司理财 = $50
看跌期权的利润
–40
22.3 看跌期权
• 看跌期权允许持有人在未来某个日 期或某个日期以前，以今天达成的 价格卖出一定数量某项资产的权利 • 执行看跌期权，将导致你将这将标 地资产“交”给某人
009期权与公司理财
看跌期权在到期日的价值
• 在到期日，美式看跌期权的价值等 于其他特征相同的欧式看跌期权的 价值 • 如果看跌期权处于实值状况，它的
60 40
20
20
406080来自10012050
股票价格 ($)
–20
–40
执行价格 009期权与公司理财 = $50
看涨期权的利润
60
40
买入看涨期权
40
期权利润 ($)
20
10
股票价格 ($)
20
40 50 60
80
100
–10
买入看跌期权
–20
–40
执行价格 = 0$059期0权;与期公司权理财费 = $10
期权价值
• 内在价值
• 看涨期权: Max[ST – E, 0] • 看跌期权: Max[E – ST , 0]
• 投机价值
• 等于期权费与期权的内在价值之差
价值为E – ST
• 如果看跌期权处于虚值状况，它就 不再有价值
P = Max[E – ST, 0]
009期权与公司理财
看跌期权的到期日价值
60 50 40
期权价值 ($)
20 0 0
–20 –40
买入看跌期权
20
40
60
80
100
50
股票价格 ($)
执行价格 009期权与公司理财 = $50
看跌期权的利润
–40
22.3 看跌期权
• 看跌期权允许持有人在未来某个日 期或某个日期以前，以今天达成的 价格卖出一定数量某项资产的权利 • 执行看跌期权，将导致你将这将标 地资产“交”给某人
009期权与公司理财
看跌期权在到期日的价值
• 在到期日，美式看跌期权的价值等 于其他特征相同的欧式看跌期权的 价值 • 如果看跌期权处于实值状况，它的
60 40
20
20
406080来自10012050
股票价格 ($)
–20
–40
执行价格 009期权与公司理财 = $50
看涨期权的利润
60
40
买入看涨期权
公司理财Chap013
13-3
Expected Returns
• Expected returns are based on the probabilities of possible outcomes • In this context, “expected” means average if the process is repeated many times • The “expected” return does not even have to be a possible return
– – – – DCLK: 19.69% KO: 5.25% INTC: 16.65% KEI: 18.24%
• E(RP) = .133(19.69) + .2(5.25) + .267(16.65) + .4(18.24) = 15.41%
13-12
Portfolio Variance
• Compute the portfolio return for each state: RP = w1R1 + w2R2 + … + wmRm • Compute the expected portfolio return using the same formula as for an individual asset • Compute the portfolio variance and standard deviation using the same formulas as for an individual asset
13-2
Chapter Outline
• Expected Returns and Variances • Portfolios • Announcements, Surprises, and Expected Returns • Risk: Systematic and Unsystematic • Diversification and Portfolio Risk • Systematic Risk and Beta • The Security Market Line • The SML and the Cost of Capital: A Preview
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Common ways working capital is overlooked: 1. Forgetting about working capital entirely. 2. Forgetting that working capital may change during the life of the project. 3. Forgetting that working capital is recovered at the end of the project.
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Cash Flows
Chapter 8 introduced valuation techniques based on discounted cash flows. This chapter develops criteria for properly identifying and calculating cash flows.
9-18
Calculating Cash Flow: Example
Year 0 Fixed Assets Purchase of Factory (sale in 4 years) Total Cash Flow from Fixed Assets Working Capital CF from Inventory (- buildup,+ sell off) CF from Accounts Receivable Total Cash Flow from Working Capital Operations Revenues Expenses Depreciation Pre-Tax Profits After-Tax Profits (tax rate = 35%) $ $ $ $ $ 0 0 0 0 0 $120,000 $ 60,000 $ 12,500 $ 47,500 $ 30,875 $125,000 $ 61,250 $ 12,500 $ 51,250 $ 33,313 $150,000 $ 70,000 $ 12,500 $ 67,500 $ 43,875 $150,000 $ 70,000 $ 12,500 $ 67,500 $ 43,875 $ $ $ 0 0 0 -$ 20,000 -$ 35,000 -$ 55,000 -$ 10,000 -$ 25,000 -$ 35,000 $ 10,000 $ 30,000 $ 40,000 $ 20,000 $ 30,000 $ 50,000 -$100,000 -$100,000 $ $ 0 0 $ $ 0 0 $ $ 0 0 $ 50,000 $ 50,000 Year 1 Year 2 Year 3 Year 4
Year 0 1 2 3
Cash Flow $ 8,000 $ 8,000 x 1.03 = $ 8,240 $ 8,000 x 1.032 = $ 8, 487 $ 8,000 x 1.033 = $ 8,742
1
PV @ 10% $8, 000
8240 1.101 8487 1.102 8742 1.103
NPV: Cash Flows-Example
A project costs $2,000 and is expected to last 2 years, producing cash income of $1,500 and $500 respectively. The cost of the project can be depreciated at $1,000 per year. Given a 10% required return, compare the NPV using cash flows to the NPV using accounting income.
capital
9-16
Calculating Cash Flows
Capital Investments Changes in Working Capital
Operating Cash Flows Operating cash flow = Revenue – Costs – Taxes
9-17
Which is correct?
9-5
Incremental Cash Flows
Discount Incremental Cash Flows Include All Indirect Effects Forget Sunk Costs Include Opportunity Costs Recognize the Investment in Working Capital Beware of Allocated Overhead Costs Remember Shutdown Cash Flows Incremental Cash Flow
9-15
Calculating Cash Flows
Cash flows are made up of three separate parts.
Total cash flow = + cash flows from capital investments + cash flows from changes in working + operating cash flows
$ 7, 491 $ 7,014 $ 6,568 $29,073
9-8
Example (ctd) You own a lease that will earn you $8,000 next year, increasing at 3% a year for 3 additional years (4 years total). If discount rates are 10%, what is the present value of the lease?
9-13
Additional Considerations
1) Remember Terminal Cash Flows 2) Beware of Allocated Overhead Costs 3) Separation of Investment & Financing Decisions
9-14
Operating Cash Flow (OCF) = After-tax Profit + Depreciation
• Method 3: Tax Shields
OCF = (Revenue Cash Expenses) (1 Tax Rate)+(Tax Rate Depreciation)
9-3
NPV: Accounting Income Example
A project costs $2,000 and is expected to last 2 years, producing cash income of $1,500 and $500 respectively. The cost of the project can be depreciated at $1,000 per year. Given a 10% required return, compare the NPV using cash flows to the NPV using accounting income.
Sunk Cost Rule: Always ignore sunk costs.
9-11
Opportunity Costs
Opportunity Cost – Benefit or cash flow foregone as a result of an action.
Opportunity Cost Rule: Be sure to recognize the opportunity cost (that which is foregone).
Year 1 Cash Inflow Depreciation
Year 2
$1,500 $ 500 -$1,000 -$1,000
Accounting Income +$ 500 - $ 500
500 500 Apparent NPV = 0 $41.32 2 1.10 (1.10)
9-4
9-12
Investments in Working Capital
Working Capital Rule: Investments in working capital, just like investments in plant and equipment, result in cash outflows.
9-2
Identifying Cash Flows: Cash Flow vs. Accounting Income
Discount actual cash flows, not necessarily net income.
Using accounting income, rather than cash flow, could lead to erroneouThought: Incremental Cash Flows
Ask the following question: Would the cash flow still exist if the project does not exist? If yes, do not include it in your analysis. If no, include it.
Today Cash Inflow Project Cost -$2,000
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Cash Flows
Chapter 8 introduced valuation techniques based on discounted cash flows. This chapter develops criteria for properly identifying and calculating cash flows.
9-18
Calculating Cash Flow: Example
Year 0 Fixed Assets Purchase of Factory (sale in 4 years) Total Cash Flow from Fixed Assets Working Capital CF from Inventory (- buildup,+ sell off) CF from Accounts Receivable Total Cash Flow from Working Capital Operations Revenues Expenses Depreciation Pre-Tax Profits After-Tax Profits (tax rate = 35%) $ $ $ $ $ 0 0 0 0 0 $120,000 $ 60,000 $ 12,500 $ 47,500 $ 30,875 $125,000 $ 61,250 $ 12,500 $ 51,250 $ 33,313 $150,000 $ 70,000 $ 12,500 $ 67,500 $ 43,875 $150,000 $ 70,000 $ 12,500 $ 67,500 $ 43,875 $ $ $ 0 0 0 -$ 20,000 -$ 35,000 -$ 55,000 -$ 10,000 -$ 25,000 -$ 35,000 $ 10,000 $ 30,000 $ 40,000 $ 20,000 $ 30,000 $ 50,000 -$100,000 -$100,000 $ $ 0 0 $ $ 0 0 $ $ 0 0 $ 50,000 $ 50,000 Year 1 Year 2 Year 3 Year 4
Year 0 1 2 3
Cash Flow $ 8,000 $ 8,000 x 1.03 = $ 8,240 $ 8,000 x 1.032 = $ 8, 487 $ 8,000 x 1.033 = $ 8,742
1
PV @ 10% $8, 000
8240 1.101 8487 1.102 8742 1.103
NPV: Cash Flows-Example
A project costs $2,000 and is expected to last 2 years, producing cash income of $1,500 and $500 respectively. The cost of the project can be depreciated at $1,000 per year. Given a 10% required return, compare the NPV using cash flows to the NPV using accounting income.
capital
9-16
Calculating Cash Flows
Capital Investments Changes in Working Capital
Operating Cash Flows Operating cash flow = Revenue – Costs – Taxes
9-17
Which is correct?
9-5
Incremental Cash Flows
Discount Incremental Cash Flows Include All Indirect Effects Forget Sunk Costs Include Opportunity Costs Recognize the Investment in Working Capital Beware of Allocated Overhead Costs Remember Shutdown Cash Flows Incremental Cash Flow
9-15
Calculating Cash Flows
Cash flows are made up of three separate parts.
Total cash flow = + cash flows from capital investments + cash flows from changes in working + operating cash flows
$ 7, 491 $ 7,014 $ 6,568 $29,073
9-8
Example (ctd) You own a lease that will earn you $8,000 next year, increasing at 3% a year for 3 additional years (4 years total). If discount rates are 10%, what is the present value of the lease?
9-13
Additional Considerations
1) Remember Terminal Cash Flows 2) Beware of Allocated Overhead Costs 3) Separation of Investment & Financing Decisions
9-14
Operating Cash Flow (OCF) = After-tax Profit + Depreciation
• Method 3: Tax Shields
OCF = (Revenue Cash Expenses) (1 Tax Rate)+(Tax Rate Depreciation)
9-3
NPV: Accounting Income Example
A project costs $2,000 and is expected to last 2 years, producing cash income of $1,500 and $500 respectively. The cost of the project can be depreciated at $1,000 per year. Given a 10% required return, compare the NPV using cash flows to the NPV using accounting income.
Sunk Cost Rule: Always ignore sunk costs.
9-11
Opportunity Costs
Opportunity Cost – Benefit or cash flow foregone as a result of an action.
Opportunity Cost Rule: Be sure to recognize the opportunity cost (that which is foregone).
Year 1 Cash Inflow Depreciation
Year 2
$1,500 $ 500 -$1,000 -$1,000
Accounting Income +$ 500 - $ 500
500 500 Apparent NPV = 0 $41.32 2 1.10 (1.10)
9-4
9-12
Investments in Working Capital
Working Capital Rule: Investments in working capital, just like investments in plant and equipment, result in cash outflows.
9-2
Identifying Cash Flows: Cash Flow vs. Accounting Income
Discount actual cash flows, not necessarily net income.
Using accounting income, rather than cash flow, could lead to erroneouThought: Incremental Cash Flows
Ask the following question: Would the cash flow still exist if the project does not exist? If yes, do not include it in your analysis. If no, include it.
Today Cash Inflow Project Cost -$2,000