对外贸公司理财第一节课

Chapter1IntroductiontoCorporateFinanceCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin1-2KeyConceptsandSkills•Knowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager•Knowthefinancialimplicationsofthedifferentformsofbusinessorganization•Knowthegoaloffinancialmanagement•Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers•Understandthevarioustypesoffinancialmarkets1-3ChapterOutline•CorporateFinanceandtheFinancialManager•FormsofBusinessOrganization•TheGoalofFinancialManagement•TheAgencyProblemandControloftheCorporation•FinancialMarketsandtheCorporation1-4CorporateFinance•Someimportantquestionsthatareansweredusingfinance:Whatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?1-55BalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:1-66TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?1-77TheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebt1-88Short-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2Intangible1-9•A.Decidingwhentorepayalong-termdebtB.DetermininghowmuchinventorytokeeponhandC.DetermininghowmuchdebtshouldbeborrowedfromaparticularlenderD.DecidingwhetherornottoopenanewstoreE.DetermininghowmuchmoneyshouldbekeptinthecheckingaccountWhichoneofthefollowingisacapitalbudgetingdecision?1-91-10•I.accountspayableII.accountsreceivableIII.long-termdebtIV.inventoryA.IandIIonlyB.IandIIIonlyC.IIandIVonlyD.I,II,andIVonlyE.I,III,andIVonlyWorkingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?1-101-11FinancialManager•Financialmanagerstrytoanswersomeorallofthesequestions•ThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasurer–overseescashmanagement,creditmanagement,capitalexpenditures,andfinancialplanningController–overseestaxes,costaccounting,financialaccountinganddataprocessing1-121-12HypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer(CEO)PresidentandChiefOperatingOfficer(COO)VicePresidentandChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingBoardofDirectors1-131.Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:A.chairmanoftheboard.B.director.C.chiefexecutiveofficer.D.treasurer.E.controller.2.Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:1-131-14•Whichofthefollowingquestionsareaddressedbyfinancialmanagers?I.Howshouldaproductbemarketed?II.Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?III.Shouldthefirmborrowmoremoney?IV.Shouldthefirmacquirenewequipment?1-15FinancialManagementDecisions•CapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?•CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?•WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?1-16FormsofBusinessOrganization•ThreemajorformsintheUnitedStatesSoleProprietorshipPartnership•General•LimitedCorporation•LimitedLiabilityCompany1-17SoleProprietorship•AdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincome•DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliabilityDifficulttosellownershipinterest1-18Partnership•AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome•DisadvantagesUnlimitedliability•Generalpartnership•LimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership1-19Corporation•AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital•DisadvantagesDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)1-20•I.limitedlifeofthefirmII.personalliabilityforfirmdebtIII.greaterabilitytoraisecapitalthanasoleproprietorshipIV.lackofabilitytotransferpartnershipinterestA.IandIIonlyB.IIIandIVonlyC.IIandIIIonlyD.I,II,andIVonlyE.I,III,andIVonlyWhichofthefollowingaredisadvantagesofapartnership?1-201-21•I.limitedliabilityforfirmdebtII.doubletaxationIII.abilitytoraisecapitalIV.unlimitedfirmlifeA.IandIIonlyB.IIIandIVonlyC.I,II,andIIIonlyD.II,III,andIVonlyE.I,III,andIVonlyWhichofthefollowingareadvantagesofthecorporateformofbusinessownership?1-211-22GoalofFinancialManagement•Whatshouldbeth