《Corporate Finance》公司财务课件 (15)

格式：ppt
大小：759.50 KB
文档页数：26

下载文档原格式

《Corporate Finance》公司财务课件 (5)

and the fact that callable
bonds have less interest rate
100
risk.
75
Callable bond
50
25
0
4
8
12
16
20
Yield to maturity (%)
20-11
20.4 Bond Ratings
What is rated:
The likelihood that the firm will default. The protection afforded by the loan contract in the event of default.
Features that may change over time
Rating Yield-to-Maturity Market price
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
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

Corporate Finance PPT

多数国家来说，投资者保护的改进要求法律体系发生重大变化。证券法、公司法和破产法一般都需要修改保护小股东的各种法律可能要有重要的相互补充.
在缺乏债权人保护的国家中，最大份额的信贷主要是流向少数大公司
五、改革的可能性
改革在投资者保护方面需要注意的一些关键原则第一个原则: 法规至关重要 Eg:德国纽尔(neuer)市场第二个原则: 好的法律法规是那些能够实施的法律法规 Eg:成功范例是美国1933—1934年颁布的美国证券立法第三个原则: 在无法依靠法庭实施私人合同和法律时，政府对金融市场加以规制可能有用。
意大利：
股票市场极不发达，而且银行体制也是如此．一个公司一般要分别从十二个银行中才筹集少量资金
四、以银行和以市场为中心的治理结构
所有的金融家都依靠法律保护来运作。如果一种融资方法受到法律保护，使金融家有权收回投资，那么，这种融资方法就会发展起来。因为德国和其他一些别的德国民法国家对投资者，特别是对有担保的债权人，进行了强大的法律保护，所有它们有发达的银行体系。没有这类权利时，德国银行的力量就会更小。因为英国的债权人有广泛的权利，英国也有一个大的证券市场，所以它同样也有一个大的银行部门和公共债务部门。比较而言，在意大利和比利时，既没有发展起一个债务市场，也没有发展起一个证券市场，因为那里的外部投资者并不受保护。有一点是很简单明了的：对于所有的外部投资者来说，不管他们是大还是小，是债权人还是股东，他们都要有收回资金的权益。与一些特殊机构的规模相比，投资者权利是金融发展的一个更基本的决定因素。
相对而言，在关系型公司治理结构中，主银行在每个公司的融资和治理中都占有一个重要地位。而在与之相对的以市场为中心的公司治理中，融资是由大量投资者提供的，收购者扮演了一个重要的治理角色。

《Corporate Finance》公司财务课件 (19)

3. Create a New Security
• Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices.
• In the long-run, this value creation is relatively small, however.
Time
13-11
Semi-rity Prices reflect all publicly available information. Publicly available information includes:
Historical price and volume information Published accounting statements. Information found in annual reports.
13-10
Why Technical Analysis Fails
Investor behavior tends to eliminate any profit opportunity associated with stock price patterns.
Stock Price
Sell Sell
13-12
Strong Form Market Efficiency
Security Prices reflect all information— public and private. Strong form efficiency incorporates weak and semi-strong form efficiency. Strong form efficiency says that anything pertinent to the stock and known to at least one investor is already incorporated into the security’s price.

《Corporate Finance》公司财务课件 (14)

(1,800)
Depreciation
(400)
Pretax profit
$115
Tax (34%)
(39.10)
$1,600
$475
NPV
4
= -$1,600 +
t =1
$475.90 (1.10)t
= -$91.461
Note that the NPV is calculated as of date 1, the date at which the investment of $1,600 million is made. Later we bring this number back to date 0.
Allows us to look the behind the NPV number to see firm our estimates are. When working with spreadsheets, try to build your model so that you can just adjust variables in one cell and have the NPV calculations key to that.
(1,800)
Depreciation
(400)
Pretax profit
$1,800
Tax (34%)
(612)
Net Profit
$1,188
Cash Flow
-$1,600
$1,588
NPV
4
= -$1,600 +
t =1
$1,588 (1.10)t
= $3,433.75
Note that the NPV is calculated as of date 1, the date at which the investment of $1,600 million is made. Later we bring this number back to date 0.

企业财务知识资料分析(ppt 15页)(英文版)

But the following factors affect managerial behavior: Managerial compensation plans Direct intervention by shareholders The threat of firing The threat of takeover
In the long run, such actions will raise the cost of debt and ultimately lower stock price.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1 - 14
Shareholders and managers
Shareholders and creditors
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1 - 12
Shareholders versus Managers
Managers are naturally inclined to act in their own best interests.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1 -9
Corporation
Advantages: Unlimited life Easy transfer of ownership Limited liability Ease of raising capital
10 Well-Known Corporations, 1998

《Corporate Finance》公司财务课件 (12)

Must exceed a MINIMUM acceptance criteria.
Reinvestment assumption: the NPV rule assumes that all cash flows can be reinvested at the discount rate.
6-5
6.2 The Payback Period Rule
How long does it take the project to “pay back” its initial investment? Payback Period = number of years to recover initial costs Minimum Acceptance Criteria:
6-15
The Timing Problem
$10,000 $1,000 $1,000
Project A
0
1
2
3
-$10,000
$1,000 $1,000 $12,000
Project B
0
1
2
3
-$10,000 The preferred project in this case depends on the discount rate, not the IRR.
6-3
The Net Present Value (NPV) Rule
Net Present Value (NPV) = Total PV of future CF’s + Initial Investment
Estimating NPV:
1. Estimate future cash flows: how much? and when? 2. Estimate discount rate 3. Estimate initial costs

《Corporate Finance》公司财务课件 (17)

on which we want to focus:
1. Inflation
2. GDP growth 3. The dollar-euro
spot exchange rate, S($,€)
Our model is:
R =R +m +ε R = R + βI FI + βGDP FGDP + βS FS + ε βI is the inflation beta βGDP is the GDP beta
The beta coefficient, b, tells us teturn to a systematic risk.
In the CAPM, b measured the responsiveness of a
security’s return to a specific risk factor, the return
11-0
CHAPTER
11
An Alternative View of Risk and Return: The APT
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns
11.2 Risk: Systematic and Unsystematic 11.3 Systematic Risk and Betas 11.4 Portfolios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the

《Corporate Finance》公司财务课件 (13)

Changes in Net Working Capital
Recall that when the project winds down, we enjoy a return of net working capital.
7-7
Interest Expense
Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value. For now, it’s enough to assume that the firm’s level of debt (hence interest expense) is independent of the project at hand.
Opportunity costs do matter. Just because a project has a positive NPV that does not mean that it should also have automatic acceptance. Specifically if another project with a higher NPV would have to be passed up we should not proceed.
–150.00
(5) Net working capital (end of year)
10.00 10.00 16.32
(6) Change in net working capital
–10.00
–6.32
(7) Total cash flow of investment [(1) + (4) + (6)]

《Corporate Finance (公司金融学)》课件 (15)

Expansion $3,000 640 $2,360 $9.83 15% 20%
Financial Leverage and EPS
EPS
12.00
10.00
8.00
6.00
Break-even
point 4.00
2.00
0.00 (2.00)
1,000
Disadvantage to debt
Debt
EBIT rBB
rB B
Thus, the total cash flow to all stakeholde rs is
(EBIT rB B) rBB
The present value of this stream of cash flows is VL Clearly
(EBIT rBB) rBB EBIT
No Debt
Advantage to debt
2,000
3,000
EBEIBTI in dollars, no taxes
Assumptions of the Modigliani-Miller Model
• Homogeneous Expectations • Homogeneous Business Risk Classes • Perpetual Cash Flows • Perfect Capital Markets:
The Capital-Structure Question and The Pie Theory
• The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity.

《Corporate Finance》公司财务课件 (1)

$50 $54.55 =
– $100
(1.10)
16-9
Selfish Strategy 3: Milking the Property
Liquidating dividends
Suppose our firm paid out a $200 dividend to the shareholders. This leaves the firm insolvent, with nothing for the bondholders, but plenty for the former shareholders. Such tactics often violate bond indentures.
PV of Bonds Without the Project = $200 PV of Stocks Without the Project = $0
PV of Bonds With the Project:
$300 $272.73 =
(1.10)
PV of Stocks With the Project:
Value of firm under MM with corporate taxes and debt
VL = VU + TCB
Maximum firm value
Present value of financial distress costs
V = Actual value of firm VU = Value of firm with no debt
0
Debt (B)
B* Optimal amount of debt
16-14
The Pie Model Revisited

1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。

1 10% 2 -5% 3 20%
(1+ rg )4 = (1+ r1) (1+ r2 ) (1+ r3) (1+ r4 ) rg = 4 (1.10) (.95) (1.20) (1.15) 1
4 15%
= .095844 = 9.58%
So, our investor made 9.58% on his money for four years, realizing a holding period return of 44.21%
9-14
9.4 Average Stock Returns and Risk-Free Returns
The Risk Premium is the additional return (over and above the risk-free rate) resulting from bearing risk. One of the most significant observations of stock market data is this long-run excess of stock return over the riskfree return.
Dividends
Ending market value
Time
0
1
•Percentage Returns
Initial investment
–the sum of the cash received and the change in value of the asset divided by the original investment.
$1,775.34
1000
$59.70
$17.48
10
Common Stocks Long T-Bonds T-Bills 0.1 1930 1940 1950 1960 1970 1980 1990 2000
Source: © Stocks, Bonds, Bills, and Inflation 2003 Yearbook™, Ibbotson Associates, Inc., Chicago (annually updates work by Roger G. Ibbotson and Rex A. Sinquefield). All rights reserved.
9-8
Holding Period Return: Example
An investor who held this investment would have
actually realized an annual return of 9.58%:
Year Return Geometric average return =
Year Return 1 10% 2 -5% 3 20% 4 15%
Your holding period return = = (1+ r1) (1+ r2 ) (1+ r3) (1+ r4 ) 1 = (1.10) (.95) (1.20) (1.15) 1 = .4421 = 44.21%
9.1 Returns
Dollar Return = Dividend + Change in Market Value
percentage return =
dollar return
beginning market value
= dividend +change in market value beginning market value
9-0
CHAPTER
9
Capital Market Theory: An Overview
Chapter Outline
9.1 Returns 9.2 Holding-Period Returns 9.3 Return Statistics 9.4 Average Stock Returns and Risk-Free
The average excess return from large company common stocks for the period 1926 through 1999 was 8.4% = 12.2% – 3.8% The average excess return from small company common stocks for the period 1926 through 1999 was 13.2% = 16.9% – 3.8% The average excess return from long-term corporate bonds for the period 1926 through 1999 was 2.4% = 6.2% – 3.8%
SD = VAR = (R1 R)2 + (R2 R)2 +(RT R)2 T 1
the frequency distribution of the returns.
9-13
Historical Returns, 1926-2002
Series
Average
Standard
Annual Return Deviation
$520 $2,500
9-6
9.2 Holding-Period Returns
The holding period return is the return that an investor would get when holding an investment over a period of n years, when the return during year i is given as ri:
holding period return = = (1+ r1) (1+ r2 ) (1+ rn ) 1
9-7
Holding Period Return: Example
Suppose your investment provides the following returns over a four-year period:
9-15
Risk Premia
Suppose that The Wall Street Journal announced that the current rate for on-year Treasury bills is 5%. What is the expected return on the market of smallcompany stocks? Recall that the average excess return from small company common stocks for the period 1926 through 1999 was 13.2% Given a risk-free rate of 5%, we have an expected return on the market of small-company stocks of 18.2% = 13.2% + 5%
9-12
9.3 Return Statistics
The history of capital market returns can be summarized by describing the
average return
R = (R1 ++ RT ) T
the standard deviation of those returns
8.7 9.4 3.2 4.4
Distribution
– 90%
0%
+ 90%
Source: © Stocks, Bonds, Bills, and Inflation 2003 Yearbook™, Ibbotson Associates, Inc., Chicago (annually updates work by Roger G. Ibbotson and Rex A. Sinquefield). All rights reserved.
Arithmetic average return = r1 + r2 + r3 + r4 4
= 10% 5% + 20% +15% = 10% 4
9-10
Holding Period Returns
A famous set of studies dealing with the rates of returns on common stocks, bonds, and Treasury bills was conducted by Roger Ibbotson and Rex Sinquefield. They present year-by-year historical rates of return starting in 1926 for the following five important types of financial instruments in the United States:
1.4421 = (1.095844)4
Hale Waihona Puke -9Holding Period Return: Example
Note that the geometric average is not the same thing as the arithmetic average:
Year Return 1 10% 2 -5% 3 20% 4 15%
$520 Your percentage gain for the year is 20.8% = $2,500