金融学概论讲义(北大光华管理学院)lecture01

1PrinciplesofFinanceDr.Zha[e-mail]2CourseObjectivesBytheendofthecoursestudentsshouldbeabletounderstandthefollowingfundamentalconceptsandissuesofmodernfinance:NetpresentvaluesandcapitalbudgetingReturn,risk,andcapitalassetpricingmodel(CAPM)Basicsoffinancialderivatives,e.g.futuresandoptionsCapitalstructure,dividendpolicyandissuesofcorporategovernance3ReadingsZviBodieandRobertMerton,Finance,2ndedition,2000,PrenticeHall,ISBN0-13-310897-XRichardBrealeyandStewartMyers,PrinciplesofCorporateFinance,7thedition,2000,IrwinMcGraw-Hill,ISBN0-07-115144-3StudentsareexpectedtohavereadtherelevantchaptersbeforeeachlectureTherewillbe12lecturesand3tutorialsessions4CourseAssessmentHomework15%Mid-termtest30%Finalexam55%5IntroductiontoFinanceI’msavingforretirement.ShouldIuseabankdeposit,mutualfund,directstockmarketinvestment?Iwantanewcar.ShouldIuse:savedcash,lease,borrow?I’mthinkingaboutstartinganewbusiness:willitrewardmeadequately?Acompanyhasaskedformajorprojectfinancing:shouldmycorporationprovidefunds?6IntroductiontoFinanceStudyofhowpeopleallocatescarceresourcesovertimewherecostandbenefitsareSpreadoutovertime,i.e.investmentisrequirednowinreturnforfuturecashflowsFuturecashflowsareuncertain(andinformationplaysimportantroleinresolutionofuncertainty)PerspectivesoffinanceCorporatefinanceInvestmentsFinancialmarketsandintermediaries7DefiningFinancing:AnExampleInvestingincompanysharesisdoneforthedividendpaymentstobereceivedinthefutureDividendsarepaidinthefutureTimingandamountofdividendpaymentsareuncertainCurrentsharepricereflectsthemarket’svaluationofthefuturedividendpayments8DefiningFinanceCorporatefinanceInvestment/assetpricingFinancialsystem/financialintermediaryMarketmicrostructureFinancialeconometrics9DefiningFinance:CorporateFinanceInvestmentdecisionsorcapitalbudgetingFinancingdecisionsShareholders’fundsBankloansCorporatebondsLiquiditydecisionsorworkingcapitalmanagementCorporategovernance10DefiningFinance:InvestmentsConcernedwiththevariouswaysinwhichindividualsinvesttheirmoneyCompanies’equitysharesOthersecuritiesandassets,suchasbonds,property,banksaving11DefiningFinancing:FinancialSystemThesetoffinancialmarketsandintermediariesUsedforfinancialcontractingandtheexchangeofassetsandrisks12RelationtoOtherDisciplinesEconomicsAccountingSociology/PsychologyQuantitativetechniques/EconometricsLawBusinessManagement13FormsofBusinessOrganizationUnincorporatedbusinesses:includebothsoletraderandpartnershipUnlimitedliabilityPersonaltaxesonprofitsOperationaltaxinChinaIncorporatedbusinesses:haveaseparatelegalidentityfromtheirownersLimitedliabilityCorporatetaxonprofitspluspersonaltaxondividends14UnincorporatedBusinessesAdvantages:EasyandcheaptosetupOwnershipandcontrolareconcentratedFinancialaccountsdonothavetobemadepublicDisadvantages:Transferringownershipcanbedifficult,oftenresultinginafinitelife-spanNolegaldistinctionbetweenthebusinessandtheowners;resultinginunlimitedliabilityTherearelimitsontheabilitytoraisefundsandgrow15IncorporatedBusinessesTheycanbeprivateorpublic(PLC)limitedcompaniesOfthetop700companiesintheUK,80%arequotedonthestockmarketandtheirvalueisaround81%ofGDPAdvantages:OwnershipcanbeeasilytransferredwithoutdisruptingthebusinessLimitedliability16ShareholdersareentitledToreceiveashareofanydistributionfromthecompanyToelecttheboardofdirectorsandtheBoardselectthemanagerstorunthebusinessInmostPLCs,managersareseparatefromownersDisadvantages:Separationofownershipandmanagementintroducesitsownproblems.Thetopicofcorporategovernanceaddressesthisissue17SeparationofOwnershipandManagementReasonsforseparationofownershipandmanagement:ProfessionalmanagershaveasuperiorabilitytomanagethebusinessOwnerscandiversifytheirrisksbyinvestinginmanybusinessesThe“learningcurve”or“goingconcern”18TheGoalofManagementMaximizethevalueofthefirmonbehalfoftheownersTheobjectivesinsomecountries(e.g.Germany,Japan)areoftensaidtobewider:comprisingtheinterestsofalargersetofstakeholderssuchasshareholders,(stakeholdersof)associatedcompanies,creditors(especiallybanks),employees,andgovernments.Obviously,differentstakeholdersarelikelytohaveconflictinginterests19MarketDisciplineCompetitioninproductmarketsfirmsmaximizeprofitsorgounderCompetitioninfinancialmarketstoreducecostofdebtandequity,firmsshouldpayequilibriumcoststoprovidersofcapitalCompetitioninmanageriallabormarketperformancepressureonmanagersCompetitionin‘marketforcorporatecontrol’discipliningeffectofthreatofhostiletakeover20TheFinancialSystemThesetoffinancialmarketsandintermediariesusedforfinancialcontractingandtheexchangeofassetsandrisksFinancialintermediariesactasagentsforindividualinvestorsandhelptheflowoffundsFinancialmarketslieatthecoreofallfinancialtransactions21TheFlowofFundsSurplusUnitsDeficitUnitsMarketsIntermediaries22FunctionsoftheFinancialSystemTransferringeconomicresourcesacrosstimeandspaceManagingriskClearingandsettlingpaymentsPoolingresourcesandsubdividingowne