公司理财培训资料英文版(ppt 27)(财务)

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
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

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

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:

• 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

£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

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.

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
=

• Case II – Assumptions – Corporate taxes, but no personal taxes – No bankruptcy costs
• Case III – Assumptions – Corporate taxes, but no personal taxes – Bankruptcy costs
16-15
Figure 16.3
16-16
Case I - Example
• Data
– Required return on assets = 16%; cost of debt = 10%; percent of debt = 45%
• What is the cost of equity?
16-6
Example: Financial Leverage, EPS and ROE – Part I
• We will ignore the effect of taxes at this stage
• What happens to EPS and ROE when we issue debt and buy back shares of stock?
• Proposition II
– The WACC of the firm is NOT affected by capital structure
16-14
Case I - Equations
• WACC = RA = (E/V)RE + (D/V)RD
• RE = RA + (RA – RD)(D/E)
– RA is the “cost” of the firm’s business risk, i.e., the risk of the firm’s assets

学习目的与要求：财务评价是对企业的财务状 况和经营成果的总结性分析，其目的是总结过 去、评价现在、展望未来。财务评价以公司财 务报表资料为主要依据，能将大量报表会计核 算信息转换为决策有用的财务信息。通过本章 的学习与研究，应当深入理解财务评价的基本 指标体系，熟练分析和判断公司的偿债能力、 营运能力、盈利能力，指出企业财务状况现存 的问题，作出正确的评价结论。
3.利息 I＝F－P
（三）年金收付业务
1.年金终值
FA＝A
(1
i)n i
1
2.年金现值
PA＝A
1
(1
i
i)－n
3.年偿债基金
4.年投资回收
（四）特殊年金形式
1.预付年金：期初收付 2.递延年金：后期收付 3.永续年金：无限期收付
1.预付年金：期初收付
预付FA＝A×[（FA ，i，n＋1）－1] 或 ＝FA×（ 1 + i ）
（二）资本商品的价值因素
1.资本的使用价值 –（1）资本具有货币的使用价值 –（2）资本具有劳动力的使用价值
2.资本的价值 –（1）资本的形式价值：垫支价值 –（2）资本的内涵价值：产出价值
（三）资本的价格
1.资本价格的性质 2.市场利率的构成
市场利率＝纯粹利率＋风险附加率 • （1）纯粹利率 • （2）通货膨胀附加率 • （3）变现力附加率 • （4）违约风险附加率 • （5）到期风险附加率
第二章 风险与报酬
学习目的与要求：风险与报酬的关系及计量，是财务 的应用理论，风险与报酬的关系直接影响着财务筹资 和投资决策。通过本章的学习与研究，应当深入理解 风险与报酬的相互制约关系及其实践指导意义，熟练 掌握时间价值与风险价值的计量方式。
第二章 风险与报酬