公司金融英文版ppt课件

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公司金融英文课件LUBS1035_Lecture2_Time_Value_of_Money

Source: /news/business-19816359
Intuition
பைடு நூலகம்
Assume that today is October 5, 2012. You have £10,000 Assume you will receive £10,000 when you graduate in 2015.
Present Value: 10,000 x 1/(1.05)
5
= 10,000 x 0.7835
We can check this figure using the present value tables
= 7,835
Table 4.3 Present Value Interest Factors
Robert Peston
“To put it in terms that we can all understand, if I expect to earn a pound from
my work tomorrow, that pound is much more likely to materialise than a pound that I might expect to earn in 2025 (if anyone will still employ me then). By extension, when First Group and Virgin made their bids to run the line that connects London with Manchester and Glasgow, it would have been reasonable to expect the Department for Transport to put a much greater weight on revenues the companies expect to generate in the first five to ten years than in the latter five years. However the Department seems to have understated the long-term risks when awarding the contract to First Group”

chapter公司金融概论PPT课件

企业所得税、个人所得税无限分离强容易
25
二、公司的金融活动
1.投资决策 2.融资决策 3.营运资本管理
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三、代理问题与公司控制
（一）公司目标与委托—代理问题 “委托代理问题（principal and agent problem)的文
献涉及一个人即委托人如何设计一个补偿系统（一个契约）来驱动另一个人（代理人）为了委托人的利益行动。” “委托代理问题这个名词最早来自罗斯（Ross,1973），其他早期对这个文献作出贡献的包括米利斯（Mirrlees,1974年 ,1976年）和斯蒂格利茨（Stiglitz,1974年，1975年）” ——《新帕尔格雷夫货币金融大辞典》第三卷第175 页。
中国中国人民大学出版社
推荐阅读的教材：
马亚明、田存志主编：《现代公司金融学》，中国金融出版社
朱叶编著：《公司金融》，北京大学出版社斯蒂芬.罗斯：《公司理财》，机械工业出版社
3
第一章公司金融导论
4
第一节什么是公司金融
一.什么是现代金融学 Stephen .Ross在《新帕尔格雷夫货币金融大辞典》
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第二节公司金融的目标
一、利润最大化缺陷
没有考虑利润获取与资本投入之间的关系没有考虑资金的时间价值没有考虑风险
二、每股收益最大化（EPS）
每股当前价值最大化没有考虑资金的时间价值没有考虑风险
三、公司价值最大化使现有股票的每股当前价值最大化。
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更一般的表述：使现有所有者权益的市场价值最大化。
（三）公司（corporation)
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企业不同组织形式的比较
组织形式法律地位承担责任
个人独资制自然人企业无限责任

金融机构英文课件 (25)

l The cash flows from a short position that is entered into at time T1 and closed out at time T2 are the opposite of those from a long position where asset is bought at time T1 and sold at time T2, except that there may be a small fee for borrowing the asset
l Both sides to a futures contract are required to post margin (cash or marketable securities) with the exchange clearinghouse. This ensures that they will honor their commitments under the contract.
l Forward contracts trade in the over-thecounter market
l They are particularly popular on currencies and interest rates
Foreign Exchange Quotes for GBP June 17, 2014 (See page 99)
l At some stage you must buy the securities back so they can be replaced in the account of the client
Short Selling (continued)

--and return(公司金融英文版) ppt课件

8-8 Markowitz Portfolio Theory
% probability
Standard Deviation VS. Expected Return
Investment D
20
18
16
14
12
10
8
6
4
2
0
-50
0
50
% return
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
8-4 Markowitz Portfolio Theory
Proportion of Days
Price changes vs. Normal distribution
Expected Return (%)
McGraw Hill/Irwin
Standard Deviation
Microsoft - Daily % change 1990-2001
0.14 0.12
0.1 0.08 0.06 0.04 0.02
0
-9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9
McGraw Hill/Irwin
Daily % Change
Copyright © 2003 by The McGraw-Hill Companies, Inc. AHale Waihona Puke l rights reserved

公司金融英文课件Lecture 5 and 6 Cash and Credit Management

The Baumol Model
The Baumol Model
Because transaction costs must be incurred whenever cash is replenished (for example, the brokerage costs of selling marketable securities), establishing large initial cash balances will lower the trading costs connected with cash management. However, the larger the average cash balance, the greater the opportunity cost (the return that could have been earned on marketable securities).
Leeds University Business School
LUBS1035 Foundations of Finance
2012/13 Semester 2
John Smith
Lecture 5&6: Cash and Credit Management
Guest Lectures
Next week – 8th March
• Professor Nick Wilson • Sources of Finance – Venture Capital/Private Equity Next semester – 19th April • Professor Phil Holmes
• Derivatives and Options

公司金融英文课件Lecture 12 Risk, Return and the Security Market Line - Part I(1)

1. The expected return for a portfolio is simply the weighted average of the returns on the individual investments 2. The risk (as measured by variance and standard deviation) of a portfolio investment is often less than the weighted average of the risks of the individual investments
5. The security market line and the risk-return trade-off
Equity Markets in the News
/news/business/market_data/shares/default.stm
Lessons from History: Average Annual Returns for US Securities
Risk – Lecture Relationships
Last week:
• we looked at how we could incorporate risk into our NPV calculations This week: • we look at how we can measure and calculate risk – variance and standard deviation. • we introduce the idea of a portfolio, ad illustrate how a portfolio can reduce investment risk Next week: • we develop a way of systematically relating risk and return – the famous (infamous!) Security Market Line

公司金融英文课件Lecture 18 Financial Risk Management - Print Version(1)

Forward Contract
Benefits:ቤተ መጻሕፍቲ ባይዱ
• Eliminates downside risk But…
• Also eliminates upside risk
• Still exposed to credit risk – possibility that the counterparty will not honour the obligation
What action should GGF take to lock in the £2 price?
Suppose the price of wheat actually turns out to be £3. Evaluate GGFs gains and losses.
Suppose the price of wheat actually turns out to be £1. Evaluate GGFs gains and losses.
The Payoff Profile
Two key points: 1. Downward slope = negative relationship because higher oil prices mean lower profits 2. Steepness of the slope indicates the exposure to the risk because oil is a significant cost to the business
Interest Rate Volatility: A Historical Perspective
Exchange rate Volatility: A Historical Perspective

公司金融现值_PPT课件

P2V(110 ,00.00)5209,07.209
P3V(110 ,00.00)7308,16.928
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NPV的计算
NP C V 0(1 C r 1)1(1 C r 2 )2 ....
例假设一个项目需要两年的时间，每年的净现金流如下。假设项目的要求收益率为7%。
第0年第1年第2年 150 100 310
PV 4.23.75 10.12
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收益率（Rate of Return ）法则
接受收益率高于资本机会成本的投资 • 前面的房地产开发项目，如果资本机会成
本是15%，该项目是否值得投资呢？收益投利率资润 3 0..7 5 额 1.5 3%
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• 净现值法则和收益率法则是等价的 • 当发生多期现金流时，两者可能出现矛盾，
– 第一，消费者导向； – 第二，质量第一； – 第三，尊重人的价值； – 第四，劳动者与管理者之间真正的合作伙伴关系； – 第五，与商业伙伴的合作； – 第六，社会责任。
“我们公司通过确保和扩展自身的经营基础，希望为股东以及接受我们服务的社会履行我们的职责。”
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公司的经营目标是什么？
• Yoshimori1995的调查结果
• 决策既是科学，又是艺术。
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现值的计算
• 贴现因子= DF =未来$1的现值
DF 1
t
(1rt )t
• 有了贴现因子，就可以计算任何现金流的现值.
PV DtF Ct (1 Crtt)t
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例假设你现在打算为５年后读MBA做准备而进行一笔投资，如果５年后MBA的学费为10万，投资的机会成本是5%,那么现在你应该拿多少钱去投资，而５年后正好用这笔钱来交MBA的学费呢？

金融市场学英文版ppt

1.1 1.2 1.3 1.4 1.5 1.6 1.7 Introduction Functions of the Financial System Financial Instruments Financial Markets Impact of Globalisation Financial Institutions Summary
1
Chapter 1
The Financial System
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
2
Learning Objectives
financial markets • Categorise the main types of financial institutions • Understand the impact of a financial crisis on a financial system and a real economy
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
13
1.2 Functions of the Financial System (cont.)
• An efficient financial system – Encourages savings – Savings flow to the most efficient users – Implements the monetary policy of governments by influencing interest rates – The combination of assets and liabilities comprising the desired attributes of return, risk, liquidity and timing of cash flows

金融英语(4-13)ppt课件(全)

➢ Accommodating investment needs.
Financial institutions serve as intermediaries within the financial markets to channel funds from investors to corporations.
➢ Regulators.
Most countries need regulators who control their financial institutions and regulate dealings in securities markets with the objects of ensuring that the financial institutions are able to honour their commitments, that people have access to relevant information before they enter into contracts, and dealing in securities is fair.
Chapter 4 Financial Markets 4.1 Types of Financial Markets
Direct financial market and indirect financial market
• In direct financial market, borrowers borrow funds directly from lenders without using a third party service.
• International financial markets allow a number of traders who are not only across the country but also around the world to make transactions.

andreturn公司金融英文版ppt课件

Return
McGraw Hill/Irwin
B AB A
Risk
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
8- 18
Efficient Frontier
Return
McGraw Hill/Irwin
% of Portfolio
Avg Return
60%
15%
40%
21%
Standard Deviation = weighted avg = 33.6 Standard Deviation = Portfolio = 28.1 Return = weighted avg = Portfolio = 17.4%
8-6 Markowitz Portfolio Theory
% probability
Standard Deviation VS. Expected Return
Investment B
20
18
16
14
12
10
8
6
4
2
0
-50
0
50
% return
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
Expected Return (%)
McGraw Hill/Irwin
Standard Deviation
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved

金融市场与金融机构英文课件ppt.ppt

─ Mutual Savings Banks ─ Savings and Loan Associations ─ Savings and Loans in Trouble: The Thrift Crisis ─ Political Economy of the Savings and Loan Crisis
篮球比赛是根据运动队在规定的比赛时间里得分多少来决定胜负的，因此，篮球比赛的计时计分系统是一种得分类型的系统ຫໍສະໝຸດ Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
Mutual Savings Banks
▪ Depositors are the owners of the firm
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
© 2012 Pearson Education. All rights reserved.

金融英语PPT教学课件 Unit3 Commercial Bank and its Services

Introduction to Commercial Bank The general role of commercial banks is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy.（确保经济和社会的稳定和经济的可持续发展）
Commercial Bank Operations Liabilities operations 1)Accepting Deposits 2) Borrowing Operations
Assets operations 1)Discounting Bills of Exchange 2) Loans 3) Securities Investment
Borrowing Operations • It mainly includes rediscounting or borrowing from the central bank, inter-bank borrowing, the issuance of financial securities, borrowing from the international money market, and the occupation of short-term capital in the process of settlement.
Accepting Deposits
• A primary function of money is its use as a means of payment. • Consequently, one of the most important reasons for becoming a bank depositor is to use the payment facilities of the commercial banking system.

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Goals and Governance of the Corporation
This chapter introduces the corporation, its goals, and the roles of financial managers.
Number of Firms in the U.S.
Are the following capital budgeting or financing decisions?
Apple decides to spend $500 million to develop a new iPhone.
GE borrows $400 million from bond investors.
Do managers really maximize value?
Agency Problems
• Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value
Source: U.S. Census 2008 SUSB Annual Data
1-2
Contents
1.1 Investment and Financing Decisions 1.2 What is a Corporate? 1.3 Who is the Financial Manager? 1.4 Goals of the Corporate 1.5 Careers in Finance
shareholders Top managers vs. lower
managers Stockholders vs. banks
and lenders
1-12
Agency Problem Solutions
Compensation plans Board of Directors Blockholders
Types of Corporations:
Public Corporations Private Corporations
1-6
Benefits of the Corporation
Limited liability Infinite lifespan Ease of raising capital
Shareholders vs. Stakeholders
1-11
Agency Problem
Different Information Stock prices vs. returns
Dividend Policy
Financing Decisions
Different Objectives Managers vs.
(2)
(1)
Investors
Financial
Manager
(4a)
Financial
Assets
(3)
(4b)
1. Cash raised from investors (how?) 2. Cash invested in firm 3. Cash generated by operations 4A. Cash reinvested in the firm 4B. Cash returned to investors
1-13
Agency Problem Solutions
Takeovers Specialist Monitoring Legal and Regulatory Requirements
1-14
Role of the Financial Manager
Firm’s Operations
Real assets
Shareholders want wealth maximization Wealth maximization vs. profit maximization:
Pitfall: Profits from which period? Pitfall: Cutting dividends to increase cash reserves
1-9
The Ethics of Maximizing Value
Does value maximization justify unethical behavior?
Recent exampபைடு நூலகம்es:
Enron
WorldCom
Bernard Madoff
1-10
Agency Problem
Size of Payroll (000s)
1,011,97 3
1,292,08 1
622,908
2,584,42 7
Corporation
S-Corporation
Partnership
Sole Proprietorship
$1,068,232,095 $479,673,700
$2,808,013,079 $149,121,474
Microsoft issues 100 million shares to buy a small technology company.
1-5
What is a Corporation?
Corporation-A business organized as a separate legal entity owned by stockholders.
1-7
Drawbacks of the Corporation
Corporations face the problem of double taxation
Improper corporate structures may lead to “Agency Problems”
1-8
Goals of The Corporation
1-3
Investment and Financing Decisions
The Investment Decision
Real Assets
The Financing Decision
Financial Assets
1-4
Investment and Financing Decisions