公司理财培训资料英文版(ppt 27)(财务)
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公司理财实务英文版(ppt 16)
Current Assets
(Financial Decision)
Net Working Capital
Current Liabilitiesssets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?
Corporate Finance
Shareholders’ Equity
1-1
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision
Current Assets
(Investment Decision)
Current Liabilities
Shareholders’ Equity
© Professor Ho-Mou Wu
Corporate Finance
1-4
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.
1-6
Financial Markets
• Primary Market
– When a corporation issues securities, cash flows from investors to the firm.
– Usually an underwriter is involved
Invests in assets
公司理财英文资料31页PPT
公司理财英文资料
21、静念园林好，人间良可辞。 22、步步寻往迹，有处特依依。 23、望云惭高鸟，临木愧游鱼。 24、结庐在人境，而无车马喧；问君 何能尔 ？心远 地自偏 。 25、人生归有财富 ❖ 丰富你的人生
71、既然我已经踏上这条道路，那么，任何东西都不应妨碍我沿着这条路走下去。——康德 72、家庭成为快乐的种子在外也不致成为障碍物但在旅行之际却是夜间的伴侣。——西塞罗 73、坚持意志伟大的事业需要始终不渝的精神。——伏尔泰 74、路漫漫其修道远，吾将上下而求索。——屈原 75、内外相应，言行相称。——韩非
21、静念园林好，人间良可辞。 22、步步寻往迹，有处特依依。 23、望云惭高鸟，临木愧游鱼。 24、结庐在人境，而无车马喧；问君 何能尔 ？心远 地自偏 。 25、人生归有财富 ❖ 丰富你的人生
71、既然我已经踏上这条道路，那么，任何东西都不应妨碍我沿着这条路走下去。——康德 72、家庭成为快乐的种子在外也不致成为障碍物但在旅行之际却是夜间的伴侣。——西塞罗 73、坚持意志伟大的事业需要始终不渝的精神。——伏尔泰 74、路漫漫其修道远，吾将上下而求索。——屈原 75、内外相应，言行相称。——韩非
公司理财课资料新件英文版(ppt 25)
C1
C1 Y1=1.2m
Saver (lending)
B
1+r
Y
1
slope = -(1+r) Spender (borrowing)
A
© Professor Ho-Mou Wu
C0 Y0=1m PV(Y) Y0
Corporate Finance
Y1 (1 r)
C0 2-5
(I) Saving (Financing) Decision
• If you were to be promised $10,000 due in one year when interest rates are at 5-percent, your investment
be worth $9,523.81 in today’s dollars.
© Professor Ho-Mou Wu
(RWJ Ch 3, 4)
© Professor Ho-Mou Wu
Corporate Finance
2-0
Investment Decision
Example 1: Suppose an investment that promises to pay $10,000 in one year is offered for sale for $9,500. Your interest rate is 5%. Should you buy?
© Professor Ho-Mou Wu
Corporate Finvaluation in a Riskless World
Why do we use NPV as the investment criterion ? Assume Perfect Capital Market and Two Period
公司理财英文版课件 (27)
LongNet Working Fixed Cash = Term + Equity – – Capital Assets (excluding cash) Debt
An increase in long-term debt and or equity leads to an increase in cash—as does a decrease in fixed assets or a decrease in the non-cash components of net working capital. The sources and uses of cash follow from this reasoning.
In practice, the inventory period, the accounts receivable period, and the accounts payable period are measured by days in inventory, days in receivables, and days in payables, respectively.
26-15
Appropriate Restrictive Policy
$ Minimum point Total costs of holding current assets.
Carrying costs
Shortage costs CA* Investment in Current Assets ($)
26-8
Example
Inventory:
Beginning = 200,000 Ending = 300,000
Accounts Receivable:
An increase in long-term debt and or equity leads to an increase in cash—as does a decrease in fixed assets or a decrease in the non-cash components of net working capital. The sources and uses of cash follow from this reasoning.
In practice, the inventory period, the accounts receivable period, and the accounts payable period are measured by days in inventory, days in receivables, and days in payables, respectively.
26-15
Appropriate Restrictive Policy
$ Minimum point Total costs of holding current assets.
Carrying costs
Shortage costs CA* Investment in Current Assets ($)
26-8
Example
Inventory:
Beginning = 200,000 Ending = 300,000
Accounts Receivable:
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
企业财务基础知识培训教材(ppt 21页)(英文版).ppt
£7
10 percentile Median
£151 90 percentile
Cost drivers
➢ Complexity of assets ➢ Number of assets on register ➢ Number of asset movements ➢ Complexity of depreciation policies ➢ Complexity of authorisation procedures ➢ Range of data held ➢ Number of users of data range Source: Statistics taken from Benchmarking database: 21 February 1997
Fixed Assets - Trends
From
➢ Separate fixed assets module ➢ Lack of asset ownership ➢ Cost of asset usage not attributed to product ➢ Performed by Finance Department
not verify network assets: the fact that the network works is verification enough)
➢ Verify non capitalised assets
System Features
➢ On line asset register holding key data and current cost allocation
Controls
➢ Asset verification ➢ Asset valuation ➢ Acquisition and
《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.
企业财务知识培训资料(ppt 21页)(英文版)
14.4
Net income
$ 9.9 $15.3 $ 19.8
$ 21.6
Retentions 0.0 7.5 6.0
4.5
CCoapysrihghtf©lo20w01 by H$arc9ou.r9t, In$c. 7.8 $ 13.8
$ 17.1All rights reserved.
21 - 10
Wealth Acquirer
21 - 17 Target
$9.00
$16.39
Price
Paid for
0
5
10
15
20 Target
Bargaining Range =
Synergy
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Points About Graph
Access to new markets and technologies
Multiple parties share risks and expenses
Rivals can often work together harmoniously
Antitrust laws can shelter cooperative R&D activities
Annual cash flow Terminal value Net cash flow
2001
$9.9
$9.9
2002
$7.8
$7.8
2003
$13.8
$13.8
2004
$ 17.1 221.0
$238.1
Value
=