财务管理1

Corporate Finance （ Financial Management ）
——金融的文化与社会意义 金融的文化与社会意义
Yongji Zhang Assistant Professor, Ph.D. Department of Accounting, BIT
Yongji Zhang Assistant Professor, Ph.D. Department of Accounting, BIT Finance Ph.D., Renmin University of China Statistics Co-Supervision Ph.D., Purdue University yjzhang@
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
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Corporate Finance
Capital Budget
Risk & Profit Capital Structure
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The Balance-Sheet Model of the Firm
The Capital Budgeting Decision
Current Liabilities
Current Assets
Long-Term Debt Fixed Assets 1 Tangible 2 Intangible
Shareholders’ Equity
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Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice up a the pie. 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
Treasurer
Controller
Cash Manager
Credit Manager
Tax Manager
Cost Accounting
Capital Expenditures
Financial Planning
Financial Accounting
Data Processing
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History of Modern Finance Industry
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What is Corporate Finance?
Corporate Finance addresses the following three questions: 1. What long-term investments should the firm engage in? 2. How can the firm raise the money for the required investments? 3. How much short-term cash flow does a company need to pay its bills?
Office Hours – Anytime … Make appointment by e-mail
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Agenda
Introduction Course Meeting Times Course Material Grading Discussion of Corporate Finance Why is corporate finance interesting? Why do we need financial management? An overview of financial instruments history
Valuation Option Future
公司金融
Dividend
Financial Management 管理会计
Cash Management Transfer Pricing Performance Evaluation
1971年的诺贝尔经济学奖得主是美国哈佛大学教授西蒙 史密斯 1971年的诺贝尔经济学奖得主是美国哈佛大学教授西蒙·史密斯 年的诺贝尔经济学奖得主是美国哈佛大学教授西蒙 史密斯· 库兹涅兹。在颁奖仪式上，著名经济学家伯特尔·俄林 1977年诺贝 俄林（ 库兹涅兹。在颁奖仪式上，著名经济学家伯特尔 俄林（1977年诺贝 尔经济学奖得主）代表瑞典皇家科学院致词： 尔经济学奖得主）代表瑞典皇家科学院致词： 经济科学的任务之一， “经济科学的任务之一，是研究只能直接观察某些事的世界中实 际发生了什么事” 际发生了什么事”
繁荣的资本市场——新的生产力 社会科学技术工具 新的生产力:社会科学技术工具 繁荣的资本市场 新的生产力 人类如何解放思想、怎样释放创造力 人类如何解放思想、怎样释放创造力? 为何现代金融创新多产生于美国？ 为何现代金融创新多产生于美国？ 尼达姆问题（ 尼达姆问题（Needham Question）? ） 《科学与文明》（Science and Civilization） 科学与文明》 ） 《新教伦理与资本主义精神》1904 新教伦理与资本主义精神》 《宗教和资本主义的兴起》1926 宗教和资本主义的兴起》 一个人对天职负有责任乃是资产阶级文化的社会伦理中最 具代表性的东西，而且在某种意义上说， 具代表性的东西，而且在某种意义上说，它是资产阶级文 化的根本基础。 化的根本基础。 克尔凯郭尔：你信仰什么，你就该生活什么。 克尔凯郭尔：你信仰什么，你就该生活什么。
Written Problem Sets in Study Groups / Class Contribution (Class Participation) / Presentation Final Exam
Percentages
30% 70%
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Introduction
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Introduction
Business Unit Managers Plant Managers Plant Managers
V.P. Human Resources
Controller
Treasurer
Plant Accountants
Plant Accountants
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Hypothetical Organization Chart
Partnership
Corporation
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Separation of Ownership and Control
Board of Directors Debtholders Debtholders Shareholders Shareholders Management
Assets
Debt Equity
The Net Working Capital Investment Decision
Current Liabilities
Net Working Capital
Current Assets
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?
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Corporate Finance
Major Form of Business Organizations Corporation A corporation is a type of business organization that is recognized under the law as an entity separate from its owners. Therefore, the owners are not personally liable for the debts of the business. These owners can lose no more than the amounts they have invested in the business- a concept know as limited liability. Sole Proprietorship
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Owners Board of Directors
Chief Executive Officrganization Chart
V.P. Information Services Chief Financial Officer (CFO)
V.P Ethics
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Introduction
Course Meeting Times Lectures: 2 sessions / week, 2 hours / session Course Material Ross Corporate Finance Richard A. Brealey Principles of Corporate Finance We will not cover every part of each chapter in the text! Grading A student's grade will be based on the following weights: Activities
What longterm investments should the firm engage in?
Shareholders’ Equity
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The Balance-Sheet Model of the Firm