公司理财(原书第5版)(pdf675)

1.2.122TheVideoProductCompany199719992,000SeedLtd.,)20020(1)(2)?(3)?,[1]1.21.31.4200,0001.51.11.1.11-1[1]FirmCompanyBusiness1.31-1(1)(capitalbudgeting)(2)(Capitalstructure)(3)(networkingcapital)41.2.1.1.22]1-2VV=B+SBS502575V1-21.1.31-3(1)(2)5[2]CreditorsDebtholdersBondholdersB50257512501-31-41-4AB1-46(B)(A)(E)(C)(F)(D)CFEDFA1-4ABCDEF1-1TheMidlandCompany2,500OZ(1OZ=28.34952g)100901007(1231$1,000,000900,000$100,000(1231$0900,000$900,0001-21,ABABAAB1-31.2[3]8AB1$0$4,000204,000304,000420,0004,000$20,000$16,000$75,000$100,000$125,0000150,000200,000[3]ContingentClaims1-4TheOfficerCompanyBrighamInsuranceCompany100100100FXFFXXF1-510010010020010010010075100751-51-5200100100XFXFX=F01-5(contingentclaims)1.39FFFFFXXX1.3.1(soleproprietorship)(1)(2)(3)(4)(5)1.3.2(partnership)1212(1)(2)(3)(4)AppleComputer(5)(6)1234101.3.3(Corporation)(1)(2)(3)(4)(5)(6)(1)(2)(3)1,0001,0001,0001,000[4]1972ProfessionalLeaseManagementInc.(FinancialServicesInc.)1981198627198611[4]S-4PLM19878[5]19861987(DrexelBurnhamLambert)198822AmericanStockExchange819971015(1)(2)(3)12[5]InvestmentTaxCreditsITC(1)(2)(3)1.4[6](set-of-contractsviewpoint)1.4.1[7]121.4.2Williamson[8]Donaldson[9](1)(2)13[6]JohnMarshallfrom,TheTrusteesofDartmouthCollegev.Woodward,4,Wheaton636(1819).[7]M.C.JensenandW.Meckling,TheoryoftheFirm:ManagerialBehavior,AgencyCostsandOwnershipStructure,JournalofFinancialEconomics3(1976).[8]O.Williamson,ManagerialDiscretionandBusinessBehavior,AmericanEconomicReview,53(1963).[9]G.Donaldson,ManagingCorporateWealth:TheOperationsofaComprehensiveFinancialGoalsSystem(NewYork:PraegerPublisher,1984).1.4.3[10]1-1493,000GeneralElectric1-11996/10/100(GeneralElectric)$198.11644.5493,000(Coca-Cola)169.92504.6311,983(ShellGroup)/169.0893.424,867(Microsoft)148.61176.037,883(Exxon)147.21242.0610,416(Intel)124.1875.5124,000(ToyotaMotors)108.71875.880,000(Merck&Co.)108.5618.7247,300(PhilipMorris)106.6831.1139,700:ValueLine,July7,1997,issueofBusinessWeekandStandard&Poor'sSecurityOwnersStockGuide.1.4.4(1)(2)(3)14[10]GeraldT.GarveyandPeterL.Swan,TheEconomicsofCorporateGovernance:BeyondtheMashallianFirm,JournalofCorporateFinance1(1994)(4)1.51.1(moneymarkets)(capitalmarkers)()30()1.5.1SecuritiesandExchangeCommission11]1.5.2NYSEAMEXMidwestStockExchange8512]15[11]PrivatePlacement[12]Over-the-Counter(OTC)Market19712NationalAssociationofSecuritiesDealersNASDAQ1998251.5.31.5.4(1)250200650450(2)4,000(3)900(4)110(5)2,0001001-21-2/10019962,907$7,300,35119952,6756,01l,97119942,5704,448,28419932,3614,540,85019965632,862,38219955642,747,77519945832,367,40619935742,528,437NewYorkStockExchangeFactBook1997,NYSE.1.63216NPVCAPM[13]APT1.Mackie-Mason,J.K.,andR.H.Gordon.HowMuchDoTaxesDiscourageIncorporation?JournalofFinance(June1997).2.M.Miller.IsAmericanCorporateGovernanceFatallyFlawed?JournalofAppliedCorporateFinance(Winter1994).[14]1.2.3.4.5.17[13]CapitalAssetPricingModel[14]6.7.8.9.10.11.12.13.14.?1822.1(balancesheet)+,2-1U.S.CompositeCorporation1911922-1(192191)192191192191$140$107$213$19729427050532692802232055850$486$455$761$707$117$104$1,423$1,2744714582(550)(460)$588$562873814245221$1,118$1,035$39$39$15532347327390347(26)(20)$805$725$1,879$1,742$1,879$1,7422.1.12.1.2[1]2.1.3[2]generallyacceptedaccountingprinciplesGAAP[3]20[1][2][3]GAAP2.2(incomestatement)2-21922-2(192)$2,262(1,655)(327)(90)$19029$219(49)$170(84)$71$13$86$43$432.2.1GAAP212.2.2(non-cashitems)1,0001,0002001,000200[4]8,400IRS2.2.3[5]2.31219227,50019125,200=//192$761$486=$275191707455=252(changeinnetworkingcapital)192192191$27,500C$25,200=$2,30022[4]IRSGAAP[5]2.4(cashflow)2-119110,70019214,0003,3002B7CFACFBCFSCFACFB+CFS2-3(192)$238(173)(23)$42$366$422-3()$21990(71)$238(Pentair)19972311,200$198(25)$173=$149+$24=+192$23$238(173)(23)$422-3$4973122(86)$36$43649(43)$6(1)(operatingcashflow)(totalcashflowofthefirm)24(2)1928,6004,2002.51.a.b.c.2.GAAPKiesoD.E.,andJ.J.Weygandt.IntermediateAccounting,7thed.NewYork:JohnWiley.1992.1.2.3.4.5.6.7.8.9.10.1231$4,00082,0006,0008,0002,00034,0007,0006,00019,00025$10011.InformationControlCorp.$50,000,00030,000,000100,000,00020,000,0001,00050030012.StancilCorporation$6,00020,0001,0001,0004,00022,00013.RitterCorporation192(192)$40025050$100$50(1231)192191$150$100200100350$200$75$50750200150$350$200a192b192262A(1)(2)(3)(4)(5)2-12-22-32A.11922A.2R'Us192[6]27==761=1.57486==492=1.01[6][7]10==1,655=6.03274.5=269+280=274.52==365=60.5()6.03==2,262=8.02282=294+270=2822==365=45.5()8.0228==2,262=1.251,810.51,879+1,742=1,810.52[7]2A.31922A.4==219=4.549==1,074=0.571,879==1,074=1.33805==1,879=2.3380529ROAROAROAL.L.BeanTiffanyROAROERPE==86=0.112(11.2)765=805+725=7652ROA=ROA()=0.0475=0.0381.25ROA()=0.121=0.0971.25==86=0.0475(4.75)1,810,5==219=0.121(12.1)1,810.5==86=0.038(3.8)2,262==219=0.097(9.7)2,26230ROAROEROEROEROA2A.5ROEROE11.21/2=11.21/2=5.65.65262A.6IBMIBMP/EP/E==43=0.586===43=0.586ROE==0.112=0.0381.252.36311997207230493837NipponTelegraph&Telephone[phone]M/BQ19943.83.47.12.321.43.1M/BQ[8]QM/BQQ[9]Q4.2IBM4.2Q0.530.6132[8]KeeH.ChungandStephenW.PruittASimpleApproximationofTobin'sQ,Fina