《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
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《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
27-11
Implications of the Miller-Orr Model
To use the Miller-Orr model, the manager must do four things:
– Borrowing is likely to be more expensive than selling marketable securities. – The need to borrow will depend on management’s desire to hold low cash balances.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
27-6
The Baumol Model
F = The fixed cost of selling securities to raise cash T = The total amount of new cash needed K = The opportunity cost of holding cash, a.k.a. the interest rate. As we transfer $C each period we incur a trading cost of F each period. If we need $T in total over the planning T period we will pay $F – C times. T The trading cost is – × F Time C
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
27-11
Implications of the Miller-Orr Model
To use the Miller-Orr model, the manager must do four things:
– Borrowing is likely to be more expensive than selling marketable securities. – The need to borrow will depend on management’s desire to hold low cash balances.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
27-6
The Baumol Model
F = The fixed cost of selling securities to raise cash T = The total amount of new cash needed K = The opportunity cost of holding cash, a.k.a. the interest rate. As we transfer $C each period we incur a trading cost of F each period. If we need $T in total over the planning T period we will pay $F – C times. T The trading cost is – × F Time C
罗斯《公司理财CorporateFinance》(第七版)英文课件Ch
5705% Equity
If how you slice the pie affects the size of the pie, then the capital struቤተ መጻሕፍቲ ባይዱture decision matters.
1-9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Shareholders’ Equity
1-5
The Balance-Sheet Model
of the Firm
The Capital Budgeting Decision
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Cost Accounting Data Processing
1-10
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
1-8
Capital Structure
The value of the firm can be thought of as a pie.
If how you slice the pie affects the size of the pie, then the capital struቤተ መጻሕፍቲ ባይዱture decision matters.
1-9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Shareholders’ Equity
1-5
The Balance-Sheet Model
of the Firm
The Capital Budgeting Decision
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Cost Accounting Data Processing
1-10
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
1-8
Capital Structure
The value of the firm can be thought of as a pie.
公司理财英文版课件Chap016_522
• When we increase the amount of debt financing, we increase the fixed interest expense
• If we have a really good year, then we pay our fixed cost and we have more left over for our stockholders
• Proposed Capital 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%.Recession: 100(0.60) .1(500) = $10
– Recession: 25(.20) + .1(250) = $30
– Expected: 100(1.30) .1(500) = $80
公司理财英文版课件Chap016
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
• If we have a really good year, then we pay our fixed cost and we have more left over for our stockholders
• Proposed Capital 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%.Recession: 100(0.60) .1(500) = $10
– Recession: 25(.20) + .1(250) = $30
– Expected: 100(1.30) .1(500) = $80
公司理财英文版课件Chap016
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
公司理财罗斯第11章英文-PPT文档资料
McGraw-Hill/Irwin Corporate Finance, 7/e © 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
11-11
涌金集团董事长魏东辞世的消息今日得以证实，5月1日下午， 魏东的家属提供了魏东的最后留言--“写给我最亲爱的人们”。 4月29日下午4时许，魏东在北京家中辞世(41岁）。辞世 前将写给亲人的最后留言留在书桌抽屉里，在这份最后留言 中，魏东说自己受到失眠和抑郁的长期困扰，不愿再拖累家 人，并希望亲人和朋友能够好好生活。 事件发生后，由涌金集团控制的两家上市公司国金证券和九 芝堂30日均临时停牌。九芝堂称公司发生重大事项，临时停 牌一天。国金证券当天上午发布公告称因股票交易异动，早 盘停牌一小时，但该公司10点30分后亦一直未复牌。上证所 此后公告，国金证券因重大事项未公告，4月30日全天停牌。
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns 11.2 Risk: Systematic and Unsystematic 11.folios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory 11.7 Parametric Approaches to Asset Pricing 11.8 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e
11-11
涌金集团董事长魏东辞世的消息今日得以证实，5月1日下午， 魏东的家属提供了魏东的最后留言--“写给我最亲爱的人们”。 4月29日下午4时许，魏东在北京家中辞世(41岁）。辞世 前将写给亲人的最后留言留在书桌抽屉里，在这份最后留言 中，魏东说自己受到失眠和抑郁的长期困扰，不愿再拖累家 人，并希望亲人和朋友能够好好生活。 事件发生后，由涌金集团控制的两家上市公司国金证券和九 芝堂30日均临时停牌。九芝堂称公司发生重大事项，临时停 牌一天。国金证券当天上午发布公告称因股票交易异动，早 盘停牌一小时，但该公司10点30分后亦一直未复牌。上证所 此后公告，国金证券因重大事项未公告，4月30日全天停牌。
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns 11.2 Risk: Systematic and Unsystematic 11.folios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory 11.7 Parametric Approaches to Asset Pricing 11.8 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e
公司理财(罗斯)第1章(英文
• Structure: This book is organized into several key sections. It begins with an introduction to the field of corporate finance and its importance. Subsequent chapters cover topics such as capital budgeting, risk and return, capital structure, dividend policy, mergers and acquisitions, and international corporate finance. Each chapter includes illustrative examples, case studies, and practical applications to help readers apply the concepts discussed. The book concludes with a summary of key takeaways and additional resources for further study.
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
英文版公司理财chapter-1课件
Making good investment and financing decisions is the chief task of the financial manager.
英文版公司理财chapter-1
7
The Investment Decision
• Investment decision /capital budgeting decision: decision to invest in
2750% Deb50t % 3D0e%bEt quity 5705% Equity
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
英文版公司理财chapter-1
4. Understand why conflicts of interest arise, especially in large, public corporations
5. Explain how corporations mitigate conflicts and encourage ethical behavior
英文版公司理财chapter-1
Current Liabilities Long-Termபைடு நூலகம்Debt
Shareholders’ Equity
13
• The choice between debt and equity financing is often called the
capital structure decision
2
Chapter 1
The Corporation and the Financial Manager
公司理财(罗斯)第六章PPT
Year 0
1
2
3
4
|----------|----------|----------|----------|
－7000 －4000 －4000 －4000
×1.08 ×1.083 ×1.082
×1.084
23547.87
交流学习PPT
8
一、多期现金流量的PV和FV（续）
31
年 期初余额 总付款额 利息支付 本金偿还 期末余额
份
1 5000
1285.46 450
835.46 4164.54
2 4164.54 1285.46 374.81 910.65 3253.88
3 3253.88 1285.46 292.85 992.61 2261.27
4 2261.27 1285.46 203.51 1081.95 1179.32
2 4000 1360
3 3000 1270
4 2000 1180
5 1000 1090
合计
6350
利息支 付 450 360 270 180 90 1350
本金偿 期末余
还
额
1000 4000
1000 3000
1000 2000
1000 1000
1000 0
5000
例子之等额本金还款时间表
交流学习PPT
第六章贴现现金流量估价
交流学习PPT
1
引言
大牌体育明星的签约通常都非常夸张。然 而，数字有时会产生误导。例如，在 1998年10月，纽约Mets队与接球手 Mike Piazza签了一份9100万美元的合 约,这是棒球史上最大额的交易。
但9100万美元要分好几年支付。它包括 750万美元签约奖金和8350万美元的工 资。
1
2
3
4
|----------|----------|----------|----------|
－7000 －4000 －4000 －4000
×1.08 ×1.083 ×1.082
×1.084
23547.87
交流学习PPT
8
一、多期现金流量的PV和FV（续）
31
年 期初余额 总付款额 利息支付 本金偿还 期末余额
份
1 5000
1285.46 450
835.46 4164.54
2 4164.54 1285.46 374.81 910.65 3253.88
3 3253.88 1285.46 292.85 992.61 2261.27
4 2261.27 1285.46 203.51 1081.95 1179.32
2 4000 1360
3 3000 1270
4 2000 1180
5 1000 1090
合计
6350
利息支 付 450 360 270 180 90 1350
本金偿 期末余
还
额
1000 4000
1000 3000
1000 2000
1000 1000
1000 0
5000
例子之等额本金还款时间表
交流学习PPT
第六章贴现现金流量估价
交流学习PPT
1
引言
大牌体育明星的签约通常都非常夸张。然 而，数字有时会产生误导。例如，在 1998年10月，纽约Mets队与接球手 Mike Piazza签了一份9100万美元的合 约,这是棒球史上最大额的交易。
但9100万美元要分好几年支付。它包括 750万美元签约奖金和8350万美元的工 资。
《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-9
Financial Requirements
• The plan will include a section on financing arrangements. • Dividend policy and capital structure policy should be addressed. • If new funds are to be raised, the plan should consider what kinds of securities must be sold and what methods of issuance are most appropriate.
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-10
Plug
• Compatibility across various growth targets will usually require adjustment in a third variable. • Suppose a financial planner assumes that sales, costs, and net income will rise at g1. Further, suppose that the planner desires assets and liabilities to grow at a different rate, g2. These two rates may be incompatible unless a third variable is adjusted. For example, compatibility may only be reached is outstanding stock grows at a third rate, g3.
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– Creditor’s claim on corporation is specified – Promised cash flows – Most are callable
Over half of outstanding bonds are owned by life insurance companies & pension funds Plain vanilla bonds to “kitchen sink” bonds
Sinking funs provide extra protection to bondholders. Sinking funs provide the firm with an option.
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-8
The Sinking Fund
There are many different kinds of sinking-fund arrangements:
20-4
Features of a Hypothetical Bond
Issue amount Issue date Maturity date Face value Coupon interest Coupon dates Offering price Yield to maturity Call provision Call price Trustee Security Rating Bond issue total face value is $20 million Bonds offered to the public in December 2003 Remaining principal is due December 31, 2023 $1,000 Face value denomination is $1,000 per bond $100 per annum Annual coupons are $100 per bond 6/30, 12/31 Coupons are paid semiannually 100 Offer price is 100% of face value 10% Based on stated offer price Callable after 12/31/08 Bonds are call protected for 5 years after issuance 110 before 12/31/13, Callable at 110 percent of par value through 100 thereafter 2008. Thereafter callable at par. United Bank of Trustee is appointed to represent Florida bondholders None Bonds are unsecured debenture Moody's A1, S&P A+ Bond credit quality rated upper medium grade by Moody's and S&P's rating $20 million 12/15/03 12/31/23
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-10
Callable Bonds versus Noncallable Bonds
200 175
Noncallable bond
20-0
Chapter Twenty
Long-Term Debt Corporate Finance
Ross Westerfield Jaffe
Seventh Edition
20
Seventh EditБайду номын сангаасon
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
– Most start between 5 and 10 years after initial issuance. – Some establish equal payments over the life of the bond. – Most high-quality bond issues establish payments to the sinking fund that are not sufficient to redeem the entire issue.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-6
Principal Repayment
Term bonds versus serial bonds Sinking funds--how do they work?
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-2
20.1 Long Term Debt: A Review
Corporate debt can be short-term (maturity less than one year) or long-term. Different from common stock:
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-3
Features of a Typical Bond
The indenture usually lists
– – – – – – – Amount of Issue, Date of Issue, Maturity Denomination (Par value) Annual Coupon, Dates of Coupon Payments Security Sinking Funds Call Provisions Covenants
McGraw-Hill/Irwin
20-9
20.3 Bond Refunding
Replacing all or part of a bond issue is called refunding. Bond refunding raises two questions:
– Should firms issue callable bonds? – Given that callable bonds have been issued, when should the bonds be called?
75
Callable bond
50
25 0 4 8 12 16 20
– – – – – – – Amount of Issue, Date of Issue, Maturity Denomination (Par value) Annual Coupon, Dates of Coupon Payments Security Sinking Funds Call Provisions Covenants
20-1
Chapter 20 Long-Term Debt
20.1 Long Term Debt: A Review 20.2 The Public Issue of Bonds 20.3 Bond Refunding 20.4 Bond Ratings 20.5 Some Different Types of Bonds 20.6 Direct Placement Compared to Public Issues 20.7 Long-Term Syndicated Bank Loans 20.8 Summary and Conclusions
20-7
Protective Covenants
Agreements to protect bondholders Negative covenant: Thou shalt not: – pay dividends beyond specified amount – sell more senior debt & amount of new debt is limited – refund existing bond issue with new bonds paying lower interest rate – buy another company’s bonds Positive covenant: Thou shalt: – use proceeds from sale of assets for other assets – allow redemption in event of merger or spinoff – maintain good condition of assets – provide audited financial information
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
Over half of outstanding bonds are owned by life insurance companies & pension funds Plain vanilla bonds to “kitchen sink” bonds
Sinking funs provide extra protection to bondholders. Sinking funs provide the firm with an option.
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-8
The Sinking Fund
There are many different kinds of sinking-fund arrangements:
20-4
Features of a Hypothetical Bond
Issue amount Issue date Maturity date Face value Coupon interest Coupon dates Offering price Yield to maturity Call provision Call price Trustee Security Rating Bond issue total face value is $20 million Bonds offered to the public in December 2003 Remaining principal is due December 31, 2023 $1,000 Face value denomination is $1,000 per bond $100 per annum Annual coupons are $100 per bond 6/30, 12/31 Coupons are paid semiannually 100 Offer price is 100% of face value 10% Based on stated offer price Callable after 12/31/08 Bonds are call protected for 5 years after issuance 110 before 12/31/13, Callable at 110 percent of par value through 100 thereafter 2008. Thereafter callable at par. United Bank of Trustee is appointed to represent Florida bondholders None Bonds are unsecured debenture Moody's A1, S&P A+ Bond credit quality rated upper medium grade by Moody's and S&P's rating $20 million 12/15/03 12/31/23
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-10
Callable Bonds versus Noncallable Bonds
200 175
Noncallable bond
20-0
Chapter Twenty
Long-Term Debt Corporate Finance
Ross Westerfield Jaffe
Seventh Edition
20
Seventh EditБайду номын сангаасon
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
– Most start between 5 and 10 years after initial issuance. – Some establish equal payments over the life of the bond. – Most high-quality bond issues establish payments to the sinking fund that are not sufficient to redeem the entire issue.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-6
Principal Repayment
Term bonds versus serial bonds Sinking funds--how do they work?
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-2
20.1 Long Term Debt: A Review
Corporate debt can be short-term (maturity less than one year) or long-term. Different from common stock:
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
20-3
Features of a Typical Bond
The indenture usually lists
– – – – – – – Amount of Issue, Date of Issue, Maturity Denomination (Par value) Annual Coupon, Dates of Coupon Payments Security Sinking Funds Call Provisions Covenants
McGraw-Hill/Irwin
20-9
20.3 Bond Refunding
Replacing all or part of a bond issue is called refunding. Bond refunding raises two questions:
– Should firms issue callable bonds? – Given that callable bonds have been issued, when should the bonds be called?
75
Callable bond
50
25 0 4 8 12 16 20
– – – – – – – Amount of Issue, Date of Issue, Maturity Denomination (Par value) Annual Coupon, Dates of Coupon Payments Security Sinking Funds Call Provisions Covenants
20-1
Chapter 20 Long-Term Debt
20.1 Long Term Debt: A Review 20.2 The Public Issue of Bonds 20.3 Bond Refunding 20.4 Bond Ratings 20.5 Some Different Types of Bonds 20.6 Direct Placement Compared to Public Issues 20.7 Long-Term Syndicated Bank Loans 20.8 Summary and Conclusions
20-7
Protective Covenants
Agreements to protect bondholders Negative covenant: Thou shalt not: – pay dividends beyond specified amount – sell more senior debt & amount of new debt is limited – refund existing bond issue with new bonds paying lower interest rate – buy another company’s bonds Positive covenant: Thou shalt: – use proceeds from sale of assets for other assets – allow redemption in event of merger or spinoff – maintain good condition of assets – provide audited financial information
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.