公司理财第七版Chap001

McGraw-Hill/IrwinCopyright©2012byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-2$1,068,232,095$479,673,700$149,121,474$2,808,013,079SizeofPayroll(000s)1,292,0812,584,427622,9081,011,973NumberofFirmsintheU.S.CorporationS-CorporationPartnershipSoleProprietorshipGoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-3InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-4InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-5WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporations1-6BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-7DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”1-8GoalsofTheCorporationShareholderswantwealthmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves1-9TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-10AgencyProblemDomanagersreallymaximizevalue?AgencyProblems•Managersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-11AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-12AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-13AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements1-144A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManager(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperations1.Cashraisedfrominvestors(how?)2.Cashinvestedinfirm3.Cashgeneratedbyoperations1-15TheFinancialManagerMostlargecompanieshave3top-levelfinancialmanagers:1-16Appendix:CareersinFinance