对外贸公司理财第一节课

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1、Chapter 1Chapter 1Introduction to Introduction to Corporate FinanceCorporate FinanceCopyright 2013 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin1-2Key Concepts and Skills Know the basic types of financial management decisions and the role of the financial manager Know the fi

2、nancial implications of the different forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various types of financial markets1-3Chapter OutlineCorporate Finance and the Financial ManagerFor

3、ms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets and the Corporation1-4Corporate Finance Some important questions that are answered using finance:What long-term investments should the firm take on?Where will we get the long

4、-term financing to pay for the investment?How will we manage the everyday financial activities of the firm?1-55Balance Sheet Model of the FirmCurrent AssetsFixed Assets1 Tangible 2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:1-66T

5、he Capital Budgeting DecisionCurrent AssetsFixed Assets1 Tangible 2IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtWhat long-term investments should the firm choose?1-77The Capital Structure DecisionHow should the firm raise funds for the selected investments?Current AssetsFixed Assets

6、1 Tangible 2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term Debt1-88Short-Term Asset ManagementHow should short-term assets be managed and financed?Net Working CapitalShareholders EquityCurrent LiabilitiesLong-Term DebtCurrent AssetsFixed Assets1 Tangible 2 Intangible1-9 A.Deciding when t

7、o repay a long-term debtB.Determining how much inventory to keep on handC.Determining how much debt should be borrowed from a particular lenderD.Deciding whether or not to open a new storeE.Determining how much money should be kept in the checking accountWhich one of the following is a capital budge

8、ting decision?1-91-10 I.accounts payableII.accounts receivableIII.long-term debtIV.inventory A.I and II onlyB.I and III onlyC.II and IV onlyD.I,II,and IV onlyE.I,III,and IV onlyWorking capital management includes decisions concerning which of the following?1-101-11Financial Manager Financial manager

9、s try to answer some or all of these questions The top financial manager within a firm is usually the Chief Financial Officer(CFO)Treasurer oversees cash management,credit management,capital expenditures,and financial planning Controller oversees taxes,cost accounting,financial accounting and data p

10、rocessing1-121-12Hypothetical Organization ChartChairman of the Board and Chief Executive Officer(CEO)President and Chief Operating Officer(COO)Vice President and Chief Financial Officer(CFO)TreasurerControllerCash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial Accou

11、ntingCost Accounting Data Processing Board of Directors1-131.The person generally directly responsible for overseeing the tax management,cost accounting,financial accounting,and information system functions is the:A.chairman of the board.B.director.C.chief executive officer.D.treasurer.E.controller.

12、2.The person generally directly responsible for overseeing the cash and credit functions,financial planning,and capital expenditures is the:1-131-14 Which of the following questions are addressed by financial managers?I.How should a product be marketed?II.Should customers be given 30 or 45 days to p

13、ay for their credit purchases?III.Should the firm borrow more money?IV.Should the firm acquire new equipment?1-15Financial Management Decisions Capital budgetingWhat long-term investments or projects should the business take on?Capital structureHow should we pay for our assets?Should we use debt or

14、equity?Working capital management How do we manage the day-to-day finances of the firm?1-16Forms of Business Organization Three major forms in the United States Sole Proprietorship Partnership General Limited Corporation Limited Liability Company1-17Sole Proprietorship Advantages Easiest to start Le

15、ast regulated Single owner keeps all the profits Taxed once as personal income Disadvantages Limited to life of owner Equity capital limited to owners personal wealth Unlimited liability Difficult to sell ownership interest1-18Partnership Advantages Two or more owners More capital available Relative

16、ly easy to start Income taxed once as personal income Disadvantages Unlimited liability General partnership Limited partnership Partnership dissolves when one partner dies or wishes to sell Difficult to transfer ownership1-19Corporation Advantages Limited liability Unlimited life Separation of owner

17、ship and management Transfer of ownership is easy Easier to raise capital Disadvantages Double taxation(income taxed at the corporate rate and then dividends taxed at the personal rate)1-20 I.limited life of the firmII.personal liability for firm debtIII.greater ability to raise capital than a sole

18、proprietorshipIV.lack of ability to transfer partnership interest A.I and II onlyB.III and IV onlyC.II and III onlyD.I,II,and IV onlyE.I,III,and IV onlyWhich of the following are disadvantages of a partnership?1-201-21 I.limited liability for firm debtII.double taxationIII.ability to raise capitalIV

19、.unlimited firm life A.I and II onlyB.III and IV onlyC.I,II,and III onlyD.II,III,and IV onlyE.I,III,and IV onlyWhich of the following are advantages of the corporate form of business ownership?1-211-22Goal of Financial Management What should be the goal of a corporation?Maximize profit?Minimize cost

20、s?Maximize market share?Maximize the current value of the companys stock?Does this mean we should do anything and everything to maximize owner wealth?1-23The Agency Problem Agency relationshipPrincipal hires an agent to represent his/her interestsStockholders(principals)hire managers(agents)to run t

21、he company Agency problemConflict of interest between principal and agent Management goals and agency costs1-24 A.Increasing current costs in order to increase the market value of the stockholders equityB.Agreeing to expand the company at the expense of stockholders valueC.Refusing to lower selling

22、prices if doing so will reduce the net profitsD.Agreeing to pay bonuses based on the book value of the company stockE.Refusing to borrow money when doing so will create losses for the firmWhich one of the following actions by a financial manager creates an agency problem?1-241-25Managing Managers Ma

23、nagerial compensationIncentives can be used to align management and stockholder interestsThe incentives need to be structured carefully to make sure that they achieve their goal Corporate controlThe threat of a takeover may result in better management Other stakeholders1-26Work the Web Example The I

24、nternet provides a wealth of information about individual companies One excellent site is Click on the web surfer to go to the site,choose a company and see what information you can find!1-27Financial Markets Cash flows to and from the firm Primary vs.secondary markets Dealer vs.auction markets List

25、ed vs.over-the-counter securities NYSE NASDAQ1-28Quick Quiz What are the three types of financial management decisions and what questions are they designed to answer?What are the three major forms of business organization?What is the goal of financial management?What are agency problems and why do t

26、hey exist within a corporation?What is the difference between a primary market and a secondary market?1-29Ethics IssuesIs it ethical for tobacco companies to sell a product that is known to be addictive and a danger to the health of the user?Is it relevant that the product is legal?Should boards of directors consider only price when faced with a buyout offer?Is it ethical to concentrate only on shareholder wealth,or should stakeholders as a whole be considered?Should firms be penalized for attempting to improve returns by stifling competition(e.g.,Microsoft)?1-30End of Chapter