公司理财本科班第一讲IntroductionToCorporateFinancenew

公司理财CorporateFinance授课教师：张群姿Email:[e-mail]…FinanceFourmajortopicsinFinance(StephenA.Ross)：EfficientMarket(FamaandFrench1972)ReturnandRisk(PortfolioTheory,Markowitz,1952;CAPM,Sharpe,1962)OptionPricingTheory(Black,ScholesandMerton1973)CorporateFinance(Modigliani–MillerTheorem,1958,AmericanEconomicReview)CourseDescriptionAnintroductorycourseprovidesanoverviewofcorporatefinance.Itemphasizesanintuitive,logicallyrigorousunderstandingofthetheoryandpracticeofcorporatefinance.Topicscoveredinclude:valuationtheory,corporateriskmanagement,capitalbudgeting,financingdecisionsandfinancialmarketefficiency,dividendpolicy,etc.RequirementsAttendance:Analert,inquisitivepresenceineachandeveryclassismandatory.Attendanceinseminarsessionsisstronglyadvisedbutnotrequired.ReadingsandAssignments:Studentswillbeexpectedtoreadtheassignedreadingsafterclass.Problemsetswillbeassignedthroughoutthecoursetoillustrateandreinforcetheconceptspresentedinclassaswellasinpreparationofthecasediscussionstofollow.Exam:100%*FinalExamMaterialsTextbook:PrinciplesofCorporateFinance,10thEdition,byRichardA.Brealey,StewartC.MyersandFranklinAllen.Otherrecommended(butnotrequired)Financetexts:CorporateFinance,7thedition,StephenRoss,JeffreyJaffe,andRandolphWesterfield,2005.Textbook中文版EnglishVersionMaterials(contd.)中国上市公司证券之星财经（电子版）中财网证券时报君安证券研究中国证券报TheWallStreetJournal,TheFinancialTimesortheBusinesspagesofTheNewYorkTimesisstronglyrecommended.Otherreadingrecommandationswillbemadeduringtheclass.CoursePlanWeekPartofTextbookMajorTopics1Ch1Introduction2Ch2and3PresentValueandBondValuation3Ch3，4and5Bond,StockValuationandIntroductionofInvestmentRules4Ch5and6ApplicationofInvestmentRules5Ch7-9AssetPricinginCorporateFinance(WACC)6Ch10ProjectAnalysis7Ch13-15FinancingDecisions(IPO)8IPOinChina9Part5(Part7)PayoutpolicyandCapitalStructure10Part10MergersandAcquisitions11-12Part11InternationalCorporateManagement,ReviewProcessCHAPTER1INTRODUCTIONCorporateFinance公司的三种组织形式单一业主制(IndividualProprietor)合伙制(Partnership)公司制(Corporate)单一业主与合伙制优势组成容易较简单的管理不用承担公司税劣势融资难无限责任有限的生命力公司制优势持续经营有限责任股权转让有利于融资劣势双重课税设立和维持的成本Chapter1:IntroductiontoCorporateFinanceCorporateinvestmentandfinancingdecisionsTheroleofthefinancialmanagerandtheopportunitycostofcapitalGoalsofthecorporationAgencyproblemsandcorporategovernance1-1CorporateInvestmentandFinancingDecisions•RealAssets•Usedtoproducegoodsandservices•FinancialAssets/Securities•Financialclaimsonincomegeneratedbyfirm’srealassets•CapitalBudgeting/CapitalExpenditure(CAPEX)•Decisiontoinvestintangibleorintangibleassets1-1CorporateInvestmentandFinancingDecisions•InvestmentDecision•Purchaseofrealassets•FinancingDecision•Saleoffinancialassets•CapitalStructure•Choicebetweendebtandequityfinancing1-1CorporateInvestmentandFinancingDecisions•CapitalBudgetingExamples•TangibleAssets•i.e.Expandingstores，buyingnewmachine•IntangibleAssets•i.e.Researchanddevelopmentfornewdrug,Patent,marketingteamTable1.1RecentInvestment/FinancingDecisionsCompanyRecentInvestmentDecisionsRecentFinancingDecisionsLVMH(France)LVMHacquirestheItalianJeweler,Bulgari,for$5billion.Paysfortheacquisitionwithamixtureofcashandshares.Procter&Gamble(U.S.)Spends$8billiononadvertising.Raises100billionJapaneseyenbyanissueof5-yearbonds.奇虎360Qihoo360TechnologyNSYE2015年2月4日，奇虎360公司斥巨资收购国际顶级域名360.com，收购价格为1700万美元，约合人民币1.1亿元。2015年2月完成了2亿美元的股票回购计划。AlibabaGroup2015年10月16日，阿里巴巴出资45亿美金收购优酷土豆。2014年5月完成了优酷土豆18.3%的股票收购。收购预计会于2016年第一季度完成。现金收购。1-1CorporateInvestmentandFinancingDecisions•WhatIsaCorporation?•Legalentity,ownedbyshareholders•Canmakecontracts,carryonbusiness,borrow,lend,sue,andbesued•Shareholdershavelimitedliabilityandcannotbeheldpersonallyresponsibleforcorporation’sdebtsFigure1.1CashFlowbetweenFinancialMarketsandFirm’sOperationsFinancialmanagerFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(1)(2)Cashinvestedinfirm(2)(3)Cashgeneratedbyoperations(3)(4a)Cashreinvested(4a)(4b)Cashreturnedtoinvestors(4b)1-2TheFinancialGoaloftheCorporation•StockholdersWantThreeThings•Tomaximizecurrentwealth•Totransformwealthintomostdesirabletimepatternofconsumption•Tomanageriskcharacteristicsofchosenconsumptionplan1-2TheFinancialGoaloftheCorporation•ProfitMaximization•Notawell-definedfinancialobjective•Whichyear’sprofits?•Shareholderswillnotwelcomehighershort-termprofitsiflong-termprofitsaredamaged•Companymayincreasefutureprofitsbycuttingyear’sdividend,investingfreed-upcashinfirm•Notinshareholders’bestinterestifcompanyearnslessthanopportunitycostofcapital1-2TheFinancialGoaloftheCorporation•TheInvestmentTrade-off•HurdleRate/CostofCapital•Minimumacceptablerateofreturnoninvestment•OpportunityCostofCapital•InvestinginaprojecteliminatesotheropportunitiestouseinvestedcashFigure1.2TheInvestmentTrade-off1-2TheFinancialGoaloftheCorporation•Shareholdersdesirewealthmaximizat