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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

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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

《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

罗斯《公司理财CorporateFinance》(第七版)英文课件Ch

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.

公司理财英文版课件Chap016_522

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

公司理财罗斯第11章英文-PPT文档资料

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

公司理财(罗斯)第1章(英文

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

英文版公司理财chapter-1课件

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

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。

《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件

《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.

《公司理财》斯蒂芬A.罗斯

《公司理财》斯蒂芬A.罗斯

• There are two dimensions:
1. A Time Frame
• Short run is probably anything less than a year. • Long run is anything over that; usually taken to be a
two-year to five-year period.
2. A Level of Aggregation
• •
McGraw-Hill/Irwin
Each division and operational unit should have a plan.
As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-6
Sales Forecast
• All financial plans require a sales forecast. • Perfect foreknowledge is impossible since
3-0
Chapter Three
Long-Term FCinoarpnocriaatel Finance
Planning and Growth Ross • Westerfield • Jaffe

公司理财罗斯英文原书第九版第一章课件

公司理财罗斯英文原书第九版第一章课件

How should short-term assets be managed and financed?
公司理财罗斯英文原书第九版第一章
Current Liabilities Long-Term
Debt
Shareholders’ Equity
The Financial Manager
The Financial Manager’s primary goal is to increase the value of the firm by: 1. Selecting value creating projects 2. Making smart financing decisions
Know the goal of financial management Understand the conflicts of interest that can arise between
owners and managers Understand the various regulations that firms face
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm choose?
公司理财罗斯英文原书第九版第一章
Shareholders’ Equity
Know the basic types of financial management decisions and the role of the Financial Manager

《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件

《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.
5-7
Pure Discount Bonds
Information needed for valuing pure discount bonds:
5-6
5.2 How to Value Bonds
• Identify the size and timing of cash flows. • Discount at the correct discount rate.
– If you know the price of a bond and the size and timing of cash flows, the yield to maturity is the discount rate.
– Time to maturity (T) = Maturity date - today’s date – Face value (F) – Discount rate (r)
$0
0
$0
$0

T 1
$F
T
1
2
Present value of a pure discount bond at time 0:
• To value bonds and stocks we need to:
– Estimate future cash flows:
• Size (how much)ຫໍສະໝຸດ and • Timing (when)
– Discount future cash flows at an appropriate rate:

公司理财中英文课件 (18)

公司理财中英文课件 (18)
1. 存量破产：资产价值少于负债价值时，就产生存量破产。 2. 流量破产：经营性现金流量不足以抵偿现有到期债务时，则
出现流量破产。
8
Insolvency
Stock-base insolvency(存量破产)： the value of the firm’s assets is less than the value of the debt. Solvent firm Insolvent firm
企业陷入财务困境的事件多种多样 1 2 3 4 5 6 股利的减少 亏损 工厂的关闭 解雇员工 股票价格暴跌 高级主管的辞职 ……
7
1 What is Financial Distress?
破产（Insolvency）：一个人无力支付其债务；一个人缺少支 付其债务的手段。 —— Black法律大辞典
0
CHAPTER
18
Financial Distress
1
Executive Summary
This chapter discusses financial distress, private workouts, and bankruptcy. 本章讨论财务困境、私下调解和破产。 A firm that defaults on a required payment may be forced to liquidate its assets. 当企业没有足够现金流来满足合同所要支付的款项时，就陷入 了财务困境。 More often, a defaulting firm will reorganize or legal bankruptcy. 陷入财务困境的企业往往需要重组或法定破产。
11
2 What Happens in Financial Distress?

罗斯的公司理财(第五版)PPT

罗斯的公司理财(第五版)PPT


2.1 资产负债表 2.2 损益表 2.3 净营运资本 2.4 财务现金流量 2.5 本章小结 附录2A 财务报表分析 附录2B 现金流量表 附录2C 美国联邦税率
. .
Irwin/McGraw-Hill
© The McGraw-Hill Companies, Inc., 1999
Fifth Edition
公司理财
第五版
斯蒂芬 A.罗斯 (Stephen A.Ross)
Corporate Finance
Ross Westerfield Jaffe
罗德尔福 W.菲斯特费尔德
(Randolph W.Westerfield) 杰弗利 F.杰富 (Jeffrey F.Jaffe) 吴世农 沈艺峰 等译
资本市场 (长期) 长期证券市场 长期存放市场
. .
一级
Irwin/McGraw-Hill
二级
© The McGraw-Hill Companies, Inc., 1999
第二章 会计报表与现金流量
Fifth Edition
Corporate Finance
Ross Westerfield Jaffe
jaffewesterfield总销售收入?资产收益率roa?资产净收益率净利润平均总资产?资产总收益率息前税前利润平均总资产corporrateratecorporfifiinancefifthedition财务分析五财务分析五?股利支付率roe?roe净利润平均的普通股股东权益?roe销售利润率资产周转率权益倍数净利润总销售收入平均的总资产净利润总销售收入总销售收入平均的总资产?股利支付率?股利支付率现金股利净利润?留存比率留存收益净利润irwinmcgrawhill?themcgrawhillcompaniesinc

公司理财(罗斯)第1章

公司理财(罗斯)第1章
公司理财与经济价值或财富的保值增值有关，是有关创造财富的决策。 ——（美）Arthur J. Keown （现代财务管理基础）1996年版
现代公司理财是指公司以投资者和融资者身份进入金融市场经营金融商品 的活动。 ——王永海 （公司理财通论） 1996年版
国内传统理财学 ——会计意义大于金融意义
课程简介：公司理财
公司应投资 于什么样的长 期资产?
（资本预算 ）
•所有者权益
•Shareholders’ Equity
公司理财(罗斯)第1章
企业资产负债表（ Balance-Sheet ）模式
•资本结构（ Capital Structure）决策
•流••CCAA动uussssrrrr资eeeettssnn产tt
•固定资产 Fixed Assets
考试安排： 期中考试：小论文(案例分析) 30% 期末考试: 70%
PPT文档演模板
公司理财(罗斯)第1章
第一章 公司理财导论
Introduction to Corporate Finance
PPT文档演模板
公司理财(罗斯)第1章
苹果电脑最初是一家位于车库里的两人合 伙企业。它成长迅速，到1985年，已变 成6000万股份、总市值超10亿$的大型 公开交易公司。企业创始人之一，30岁的 斯蒂芬.乔布斯拥有其中的700万股，价值 约1.2 亿$ 。
资产总价值:
企业投资者的总价值:
•流动资产
•Current Assets
•流动负债
Current Liabilities
•长期负债 Long-Term
Debt
PPT文档演模板
•固定资产 •Fixed Assets
•1 有形 •2 无形

公司理财(罗斯)第5章(英文)

公司理财(罗斯)第5章(英文)

1 C F PV = 1 + T r (1+ r) (1+ r)T
To value bonds and stocks we need to:
Estimate future cash flows:
Size (how much) and Timing (when)
Discount future cash flows at an appropriate rate:
The rate should be appropriate to the risk presented by the security.
$31.875 $31.875
$31.875
$1,031.875
12 / 31/ 09
1/1/ 05 6 / 30 / 05
McGraw-Hill/Irwin Corporate Finance, 7/e
12 / 31/ 05
6 / 30 / 09
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
5-6
5.2 How to Value Bonds
We now consider how to value following different types of bonds: Pure discount bonds Level-coupon bonds Consols
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.

公司理财(罗斯)第14章(英文)PPT课件

公司理财(罗斯)第14章(英文)PPT课件

Par and No-Par Stock Authorized versus Issued Common Stock Capital Surplus Retained Earnings Market Value, Book Value, and Replacement Value Shareholders’ Rights Dividends Classes of Stock
Authorizing a large number of shares may worry investors about dilution because authorized shares can be issued later with the approval of the board of directors but without a vote of the shareholders.
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
14-3
Par and No-Par Stock
The stated value on a stock certificate is called the par value.
Chapter Outline
14.1 Common Stock 14.2 Corporate Long-Term Debt: The Basics 14.3 Preferred Stock 14.4 Patterns of Financing 14.5 Recent Trends in Capital Structure 14.6 Summary and Conclusions http://highered.mcgraw-
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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.