公司财务原理 布雷利&迈尔斯 （第六版ppt

uFinanceandtheFinancialManagerPrinciplesofCorporateFinanceBrealeyandMyersSixthEditionChapter12TopicsCoveredwWhatIsACorporation?wTheRoleofTheFinancialManagerwWhoIsTheFinancialManager?wSeparationofOwnershipandManagementwFinancialMarkets3CorporateStructureSoleProprietorshipsCorporationsPartnershipsUnlimitedLiabilityPersonaltaxonprofitsLimitedLiabilityCorporatetaxonprofits+Personaltaxondividends4RoleofTheFinancialManagerFinancialmanagerFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(2)Cashinvestedinfirm(3)Cashgeneratedbyoperations(4a)Cashreinvested(4b)Cashreturnedtoinvestors(1)(2)(3)(4a)(4b)5WhoisTheFinancialManager?ChiefFinancialOfficerComptrollerTreasurer6Ownershipvs.ManagementDifferenceinInformationwStockpricesandreturnswIssuesofsharesandothersecuritieswDividendswFinancingDifferentObjectiveswManagersvs.stockholderswTopmgmtvs.operatingmgmtwStockholdersvs.banksandlenders7FinancialMarketsPrimaryMarketsSecondaryMarketsOTCMarketsMoney8FinancialInstitutionsCompanyIntermediariesBanksInsuranceCos.BrokerageFirmsObligationsFunds9FinancialInstitutionsIntermediariesInvestorsDepositorsPolicyholdersInvestorsObligationsFundsuPresentValueandTheOpportunityCostofCapitalPrinciplesofCorporateFinanceBrealeyandMyersSixthEditionChapter211TopicsCoveredwPresentValuewNetPresentValuewNPVRulewRORRulewOpportunityCostofCapitalwManagersandtheInterestsofShareholders12PresentValuePresentValueValuetodayofafuturecashflow.DiscountRateInterestrateusedtocomputepresentvaluesoffuturecashflows.DiscountFactorPresentvalueofa$1futurepayment.13PresentValue1factordiscount=PVPV=ValuePresentC×14PresentValueDiscountFactor=DF=PVof$1DiscountFactorscanbeusedtocomputethepresentvalueofanycashflow.DFrt=+11()15ValuinganOfficeBuildingStep1:ForecastcashflowsCostofbuilding=C0=350SalepriceinYear1=C1=400Step2:EstimateopportunitycostofcapitalIfequallyriskyinvestmentsinthecapitalmarketofferareturnof7%,thenCostofcapital=r=7%16ValuinganOfficeBuildingStep3:DiscountfuturecashflowsStep4:GoaheadifPVofpayoffexceedsinvestment374)07.1(400)1(1===++rCPV24374350=+-=NPV17NetPresentValuerC++1C=NPVinvestmentrequired-PV=NPV1018RiskandPresentValuewHigherriskprojectsrequireahigherrateofreturn.wHigherrequiredratesofreturncauselowerPVs.374.071400PV7%at$400CofPV1=+==19RiskandPresentValue374.071400PV7%at$400CofPV1=+==357.121400PV12%at$400CofPV1=+==20RateofReturnRulewAcceptinvestmentsthatofferratesofreturninexcessoftheiropportunitycostofcapital.ExampleIntheprojectlistedbelow,theforegoneinvestmentopportunityis12%.Shouldwedotheproject?14%or.14350,000350,000400,000investmentprofitReturn=-==21NetPresentValueRulewAcceptinvestmentsthathavepositivenetpresentvalue.ExampleSupposewecaninvest$50todayandreceive$60inoneyear.Shouldweaccepttheprojectgivena10%expectedreturn?55.4$1.1060+-50=NPV=22OpportunityCostofCapitalExampleYoumayinvest$100,000today.Dependingonthestateoftheeconomy,youmaygetoneofthreepossiblecashpayoffs:140,000110,000$80,000PayoffBoomNormalSlumpEconomy000,110$3000,140000,100000,80CpayoffExpected1=++==23OpportunityCostofCapitalExample-continuedThestockistradingfor$95.65.Dependingonthestateoftheeconomy,thevalueofthestockattheendoftheyearisoneofthreepossibilities:140110$80eStockPricBoomNormalSlumpEconomy24OpportunityCostofCapitalExample-continuedThestocksexpectedpayoffleadstoanexpectedreturn.15%or15.65.9565.95110profitexpectedreturnExpected110$314010080CpayoffExpected1=-===++==investment25OpportunityCostofCapitalExample-continuedDiscountingtheexpectedpayoffattheexpectedreturnleadstothePVoftheproject.650,95$1.15110,000PV==26Investmentvs.ConsumptionwSomepeopleprefertoconsumenow.Someprefertoinvestnowandconsumelater.Borrowingandlendingallowsustoreconciletheseopposingdesireswhichmayexistwithinthefirm’sshareholders.27Investmentvs.ConsumptionAnBn100806040202020406080100incomeinperiod0incomeinperiod1SomeinvestorswillpreferAandothersB28Investmentvs.ConsumptionThegrasshopper(G)wantstoconsumenow.Theant(A)wantstowait.Buteachishappytoinvest.Apreferstoinvest14%,movinguptheredarrow,ratherthanatthe7%interestrate.Ginvestsandthenborrowsat7%,therebytransforming$100into$106.54ofimmediateconsumption.Becauseoftheinvestment,Ghas$114nextyeartopayofftheloan.Theinvestment’sNPVis$106.54-100=+6.5429Investmentvs.ConsumptionwThegrasshopper(G)wantstoconsumenow.Theant(A)wantstowait.Buteachishappytoinvest.Apreferstoinvest14%,movinguptheredarrow,ratherthanatthe7%interestrate.Ginvestsandthenborrowsat7%,therebytransforming$100into$106.54ofimmediateconsumption.Becauseoftheinvestment,Ghas$114nextyeartopayofftheloan.Theinvestment’sNPVis$106.54-100=+6.54100106.54DollarsNowDollarsLater114107Ainvests$100nowandconsumes$114nextyearGinvests$100now,borrows$106.54andconsumesnow.30ManagersandShareholderInterestswToolstoEnsureManagementResponsivenessèSubjectmanagerstooversightandreviewbyspecialists.èInternalcompetitionfortopleveljobsthatareappointedbytheboardofdirectors.èFinancialincentivessuchasstockoptions.uHowtoCalculatePresentValuesPrinciplesofCorporateFinanceBrealeyandMyersSixthEditionChapter332TopicsCoveredwValuingLong-Lived