悉尼大学资本市场与公司财务课件(5)

Frino, Hill, Chen: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
Share buybacks
– Share buyback
– Occurs when a company buys back its own shares from shareholders in return for cash
FIGURE n: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
Alternatives to dividends
– So far we have looked at cash dividends, but there are a number of alternatives to dividends available to companies – All of these alternatives can be considered part of dividend policy – These include: – Share buybacks – Dividend reinvestment plans (DRPs)
– May occur on-market (in the course of trading on the ASX) or off-market (via a written offer sent to all shareholders)
– Is similar to a cash dividend, in that the company gives cash to shareholders, however only shareholders offering their shares for sale receive cash in a buyback

资源配置
资本市场通过企业财务管理活动 实现资源优化配置，推动经济发 展和提高社会福利。
信息传递
企业财务管理活动向资本市场传 递经营状况和未来发展前景的信 息，有助于投资者做出合理决策 。
04
资本市场经济后果的评估与管理
资本市场经济后果的定义与类型
总结词
资本市场经济后果是指企业或个人在资本市场上的行为对市场产生的直接或间接影响。
财务管理与资本市场经济后果课 件
• 财务管理概述 • 资本市场经济概述 • 财务管理与资本市场的关联 • 资本市场经济后果的评估与管理 • 财务管理与资本市场的未来发展
01
财务管理概述
财务管理的定义与目标
总结词
财务管理的定义与目标概述
详细描述
财务管理是对企业资金运动及其所体现的财务关系所行使的直接组织、计划、 指挥、监督和协调等一系列的管理活动，其目标是实现企业价值最大化。
详细描述
资本市场经济后果可以分为正面的和负面的两类。正面的经济后果包括企业成功上市、股票价格上涨 等，可以为企业带来更多的融资机会和投资者支持。负面的经济后果包括股价下跌、投资者信心下降 等，可能给企业带来财务危机和信誉风险。
资本市场经济后果的评估方法与工具
总结词
评估资本市场经济后果的方法包括定量 分与国际
竞争和合作的机会将更多。
财务管理与资本市场的未来关系
相互影响
财务管理和资本市场之间相互影响，财务管理的决策和行 为会影响资本市场的运行和发展，而资本市场的变化也会 对财务管理产生影响。
协同发展
财务管理和资本市场应协同发展，财务管理需要关注资本 市场的变化和发展趋势，而资本市场也需要关注企业的财 务状况和经营成果。
创新与变革

5-12 Decision Criteria Test - Payback
Does the payback rule account for the time value of money?
Does the payback rule account for the risk of the cash flows?
5- 8
NPV – Decision Rule
Minimum Acceptance Criteria: Accept if NPV >0
Ranking Criteria: Choose the highest NPV
Example9.1 see page263
McGraw Hill/Irwin
a discounted basis within the specified time
McGraw Hill/Irwin
9-14 Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
5-15 Computing Discounted Payback for
of later cash flows Biased toward liquidity
Disadvantages
Ignores the time value of money
Requires an arbitrary cutoff point
Ignores cash flows beyond the cutoff date
Does the decision rule adjust for the time value of money?
Does the decision rule adjust for risk?

– These two techniques should produce the same result because free cash flows are eventually distributed to equity holders and debtholders
– The value of a company is a function of:
Frino, Hill, Chen: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
The company cost of capital
– In Chapter 3, the following expression for the value of a company was presented:
PowerPoint to accompany
Chapter 8
Company cost of capital
Overview
– Valuing an entire company may be performed by:
– Estimating the value of equity and debt separately, or – Calculating the present value of free cash flows
V
t 1
Ft
1 rt
(3.2)
where: Ft =
r=
the net cash flows after tax generated by the company for its owners (free cash flow) the company cost of capital

积极向上的心态，是成功者的最基本要素
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5、
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生人活生总就会 像给骑你单谢另车一，个想谢机保会持，平大这衡个就机得家会往叫前明走天 6、
。2024年2月17日星期六上午6时1 2分8秒 06:12:0 824.2.1 7
。 3、适度集中：资金综合效率最大化。
四、内部转移价格
转移定价及其动机 转移定价影响因素 转移定价制度 转移定价方法
1、转移定价及其动机
转移价格是指集团企业内部相关联的各 方在交易过程中所采用的价格。
集团企业的转移价格是企业对中间产品 内部转让计价结算的一种标准，其使用 的目的是实现企业的经营战略，正确地 评价和考核内部责任中心的经营成果。
。2024年2月17日星期六上午6时1 2分8秒 06:12:0 824.2.1 7
财务控制模式 财务控制要点 财务控制手段
财务控制模式
参与型财务控制模式 评价型财务控制模式 参与评价结合型财务控制模式
财务控制要点
集团总部对子公司财务决策控制的要 点有：
（1）重大筹资事项 （2）重大投资事项 （3）日常财务活动中的特殊问题 （4）企业购并、清算及破产等。
财务控制手段
2、转移定价影响因素（续）
-客体因素：客体的形式（产品、劳务、 资金、无形资产等）、中间产品的外部 市场状况、产品生命周期等。 C、管理结果：必须考虑转移定价对“责 任中心”行为的影响。
3、转移定价制度
集团总部直接干预的转移定价制度 各分部自主协商的转移定价制度
4、转移定价方法
A. 以成本为基础的转移定价方法 适用条件：〈1〉在集团之外无同样的产

PowerPoint to accompany
Chapter 2
A review of financial mathematics
Overview
– In this lecture we will
– Review the basic mathematics used in valuing assets – Examine the mathematics for calculating and comparing:
FV = PV(1 + r)n r = 4-year interest rate = 0.05 x 4 = 0.20
Hence:
FV= 1000 (1 + 0.05)4 = $1216
Comparing different financing arrangements
– Compound interest rates are quoted as:
Comparing interest rates
Example 2.3
What is the effective interest rate on the outstanding balance on a credit card if the nominal rate quoted on the card is 15.75% per annum, compounding daily? ______________________________________________
– The intrinsic value of Asset 2 is greater because of the time value of money – If you intended to consume in year 5, rather than year 3, you would still prefer Asset 2 because you could reinvest the $100 received in year 3 and accumulate more than $100 by year 5 – If you intended to consume in year 2, you would still prefer Asset 2 – since you will have to borrow in year 2 you will be better off repaying the loan in year 3 rather than year 5

– The return required by the providers of capital – The company’s future cash flows
Frino, Hill, Chen: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
Shareholders
$2 million invested Opportunity cost = 15% Annual cost = $0.3 million
Debtholders
$8 million invested Interest rate = 10% Annual cost = $0.8 million
– The WACC is given by the expression:
D E WACC rd re D E D E
where:
re rd D E = = = = the cost of equity capital the cost of debt capital the value of debt used by the company the value of equity used by the company
– The variable r is the focus of this lecture
Frino, Hill, Chen: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
The company cost of capital (cont)
– The calculation and forecasting of free cash flows, including:

– Some background information
– In Australia, shares are traded on the Australian Securities Exchange (ASX)
– The issue of new shares to the public is referred to as the ‘primary equity market’
trading “off-market”
4. Settlement takes place, where the ownership of shares is transferred in exchange for a transfer of cash
Frino, Hill, Chen: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
Stock
Market Cap Stock
Market Cap
BHP Billiton
129 376 Telstra
57 254
Shares traded
– In addition to shares, ASX is also used to trade: – Corporate and government bonds – Hybrid securities – Warrants – Futures – Exchange traded funds (ETFs)
Frino, Hill, Chen: Introduction to Corporate Finance, 4e © 2009 Pearson Australia
Process of trading shares

内容框架三个组成部 分 1. 期权基本概念 2. 期权定价模型 3. 期权方法应用
二叉树定价模型
• 单期二叉树模型 • 二叉树模型现实化 • 风险中性估价
《 公司财务管理 》马忠编著
第 9 章 期权
期权概述 • 期权基本概念
• 看跌—看涨期权平价关系
• 期权价值影响因素 • 期权与公司权益
期权定价
实物期权 • 扩张期权 • 时机选择期权 • 放弃期权
持有者可以选择不执行权利。看 涨期权的持有者只有当标的资产 的市值超过执行价格时才会执行
CB max(S K, 0)
期权合约，即低价购买高值资产 。 如果期权在到期日仍没有执行，
看涨期权购 到期日的股票价格 期权执行价格 买方的价值
就会失效，不再具有价值。
对于看涨期权的购买方而言，到
即期，时看看涨涨期期权权购的买价方值的为价：值为股价和期权执行价格之差与零两者中的较大者。
虚值（out-of-money）状态 看涨期权的执行价格 > 当前股票的市价
平价（at-the-money）状态 看涨期权的执行价格 = 当前股票的市价
《 公司财务管理 》马忠编著
第 9 章 期权
9
9.1 期权概述
9.1.1 期权基本概念——期权到期日价值
对于看涨期权的买入者而言，期
权是一项权利而不是义务，因此
《 公司财务管理 》马忠编著
第 9 章 期权
16
9.1 期权概述
9.1.1 期权基本概念——期权到期日价值
• 若到期【日例股】票某价投格资小于者8于0元2012年6月购买了一份执行价格为80元的2013年3月 ，假设份为到60期元的，A看公跌司期股权票将欧式看跌期权。该买方即投资者与看跌期权出售

– For shares this is the total market value of all of the shares of a company on issue
Measuring wealth of corporate owners (co
Example
Major Newscorp securities traded on the ASX 7 January 2008
OR
“Maximise shareholder wealth” – This means using scarce resources (capital and labour) in the most efficient manner possible
Corporate financial decisions
Assets that represent a claim to a series of cash flows against an economic unit
e.g. a bank account
Examples of financial assets
– Shares – A claim against a company – Cash flows = dividends and sale price – Bonds – A claim against the bond issuer – Cash flows = interest and principal – Bank accounts – A claim against a bank – Cash flows = interest and principal
– The time value of money is derived from the fact that interest can be earned on an alternative investment opportunity – This interest rate is referred to as the opportunity cost of buying the asset or the opportunity cost of capital