公司理财原--英文版(全集)-罗斯-(Ross.S.A.),-威斯特菲尔德-(Westerfield

McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-0CorporateFinanceRossWesterfieldJaffeSixthEditionSixthEdition1ChapterOneIntroductiontoCorporateFinanceMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-1ChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheTextMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-2WhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:1.Whatlong-terminvestmentsshouldthefirmengagein?2.Howcanthefirmraisethemoneyfortherequiredinvestments?3.Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-3TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-4TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-5TheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-6TheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-7CapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-8HypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer(CEO)BoardofDirectorsPresidentandChiefOperatingOfficer(COO)VicePresidentandChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessingMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-9TheFinancialManagerTocreatevalue,thefinancialmanagershould:1.Trytomakesmartinvestmentdecisions.2.Trytomakesmartfinancingdecisions.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-10Cashflowfromfirm(C)TheFirmandtheFinancialMarketsTaxes(D)FirmGovernmentFirmissuessecurities(A)Retainedcashflows(F)Investsinassets(B)Dividendsanddebtpayments(E)CurrentassetsFixedassetsFinancialmarketsShort-termdebtLong-termdebtEquitysharesUltimately,thefirmmustbeacashgeneratingactivity.Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-111.2CorporateSecuritiesasContingentClaimsonTotalFirmValue•Thebasicfeatureofadebtisthatitisapromisebytheborrowingfirmtorepayafixeddollaramountofbyacertaindate.•Theshareholder’sclaimonfirmvalueistheresidualamountthatremainsafterthedebtholdersarepaid.•Ifthevalueofthefirmislessthantheamountpromisedtothedebtholders,theshareholdersgetnothing.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-12DebtandEquityasContingentClaims$F$FPayofftodebtholdersValueofthefirm(X)Debtholdersarepromised$F.Ifthevalueofthefirmislessthan$F,theygetthewhateverthefirmifworth.Ifthevalueofthefirmismorethan$F,debtholdersgetamaximumof$F.$FPayofftoshareholdersValueofthefirm(X)Ifthevalueofthefirmislessthan$F,shareholdersgetnothing.Ifthevalueofthefirmismorethan$F,shareholdersgeteverythingabove$F.Algebraically,thebondholder’sclaimis:Min[$F,$X]Algebraically,theshareholder’sclaimis:Max[0,$X–$F]McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-13CombinedPayoffstoDebtandEquity$F$FCombinedPayoffstodebtholdersandshareholdersValueofthefirm(X)Debtholdersarepromised$F.PayofftodebtholdersPayofftoshareholdersIfthevalueofthefirmislessthan$F,theshareholder’sclaimis:Max[0,$X–$F]=$0andthedebtholder’sclaimisMin[$F,$X]=$X.Thesumoftheseis=$XIfthevalueofthefirmismorethan$F,theshareholder’sclaimis:Max[0,$X–$F]=$X–$Fandthedebtholder’sclaimis:Min[$F,$X]=$F.Thesumoftheseis=$XMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-141.3TheCorporateFirm•Thecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.•How