公司金融简介.ppt

,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,公 司 金 融 简 介,Corporate Finance Overview,任何一个影响公司财务的决策都属于公司金融的范畴。本课程介绍公司财务决策的,方法,、理论，重点包括公司的投资和融资决策。,A career in corporate finance means you would work for a company to help it find money to run the business,grow the business,plan for its financial future and manage any cash on hand.,You might work for a large multinational company or a smaller player with high growth prospects.Responsibility can come fast and your problem-solving skills will get put to work quickly in corporate finance.,Some of the benefits of working in corporate finance are:,1 You generally work in teams which help you work with people,2 Its a lot of fun to tackle business problems that really matter,3 Youll have many opportunities to travel and meet people and,4 The pay in corporate finance is generally quite good.,苹果电脑最初是一家位于车库里的两人合伙企业。它成长迅速，到,1985,年，已变成,6000,万股份、总市值超,10,亿,$,的大型公开交易公司。企业创始人之一，,30,岁的斯蒂芬,.,乔布斯拥有其中的,700,万股，价值约,1.2,亿,$,。,尽管乔布斯在公司股份众多，而且在其创建和成功中居功至伟，但,1985,年公司财务业绩变糟时，被迫交出经营职权，还辞去所有职务。,辞职后乔布斯并未一撅不振，组建了,Pixar,动画公司，该公司负责为,玩具总动员,、,虫虫危机,、,玩具总动员,2,制作动画。,Pixar,于,1995,年变成公众公司，遭到股市热烈追捧，乔布斯持有其,80%,股份价值高达,11,亿,$,。,1997,年苹果仍处于困境中，该公司决定聘“新”,CEO-,乔布斯。,2000,年,1,月，苹果董事会授予乔布斯价值,2,亿,$,的,股票期权,，且一掷,9000,万为他购买和维护一架,Gulfstream,V,喷气式飞机。董事会成员说：“这家伙拯救了公司”,股票期权指公司授予员工在一定期限里按照固定价格购买一定数量公司股票的权利。,07-2-26:,雅虎授予,CEO,塞梅尔,80,万股股票期权,行使期限为,10,年，行权价为每股,32.12,美元，即,2,月,26,日期权发放当天雅虎股票收盘价。,如到,2011,年,3,月,1,日,(,三年等待,),，雅虎股票上涨到,50,美元股，塞梅尔,(06-08,年年薪,1,美元,),可按,32.12,美元股购进，再按,50,元股卖出，获利,1430,万元。股票价格升降不定。,企业组织形态、企业目标和企业控制,第一章 公司金融导论主要内容：,1,、什么是公司金融；,2,、企业组织形式；,3,、财务管理的目标；,4,、金融市场与公司,第一节公司金融与财务经理,一、什么是公司金融,Corporate Finance addresses the following three questions:,What long-term investments should the firm engage in?,How can the firm raise money for the required investments?,How much short-term cash flow does a company need to pay its bills?,The Balance-Sheet Model of the Firm,Current Assets,Fixed Assets,1 Tangible,2 Intangible,Total Value of Assets:,Shareholders Equity,Current Liabilities,Long-Term Debt,Total Firm Value to Investors:,The Balance-Sheet Model of the Firm,Current Assets,Fixed Assets,1 Tangible,2 Intangible,Long-Term Debt,Shareholders Equity,Current Liabilities,What long-term investments should the firm engage in?,The Capital Budgeting Decision,(Investment Decision),资本预算,Capital Budgeting,企业,长期投资,的计划与管理过程称为资本预算,长期投资你最关心哪些问题？,未来现金流量的规模、时机和风险资本预算之精髓,The Balance-Sheet Model of the Firm,How can the firm raise the money for the required investments?,The Capital Structure Decision,(Financing Decision),Current Assets,Fixed Assets,1 Tangible,2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,资本结构,Capital Structure,企业的长期债务和权益的特定组合,Capital Structure,The value of the firm can be thought of as a pie.,The goal of the manager is to increase the size of the pie.,The Capital Structure decision can be viewed as how best to slice up a the pie.,If how you slice the pie affects the size of the pie,then the capital structure decision matters.,50%,Debt,50%,Equity,25%,Debt,75%,Equity,70%,Debt,30%,Equity,The Balance-Sheet Model of the Firm,How much short-term cash flow does a company need to pay its bills?,The Net Working Capital Investment Decision,(Financial Decision),Net Working Capital,Shareholders Equity,Current Liabilities,Long-Term Debt,Current Assets,Fixed Assets,1 Tangible,2 Intangible,营运资本,Net Working Capital,企业流动资产与流动负债之差。代表的是企业的短期资产。,财务、会计人员业务分工：,财务人员 会计人员,1,、与银行业务联系,1,、会计,2,、现金管理,2,、财务报表制订,3,、资金筹集,3,、内部审计,4,、信贷管理,4,、工资支付,5,、股息分配,5,、记录保管,6,、资本性支出,6,、纳税计划,7,、财务计划,8,、保险金的安排,9,、养恤金管理,二、财务经理,第二节企业组织形态及财务管理目标,一、公司的优劣,最常见的公司类型：有限责任公司、股份有限公司。,（,1,）责任有限,（,2,）集聚较大资本,（,3,）所有权具有流动性,（,4,）专业经营,（,5,）无限生命的可能性,-,优越性,局限性：,（,1,）双重税负,（,2,）两权分离,代理问题,(,委托人与代理人利益的冲突）、存在,代理成本,(,利益冲突的成本,),等问题,股票期权制度是公司,治理结构,的一项重要制度。使经营者与股东之间利益更紧密地结合在一起，,激励,经理层为着股东权益的最大化努力经营。,“金手铐”留人才，降低代理成本。,（,3,）股份公司营业状况和财务状况必须向社会公开，保密性不强,作为股东，你如何评判财务决策的优劣？,二、财务管理的目标,财务管理目标是为了使现有股票的每股当前价值最大化。或使现有所有者权益的市场价值最大化。,Cash flowfrom firm,(C),第三节公司和金融市场,一、公司现金流动图,Taxes,(D),Firm,Government,Firm issues securities,(A),Retained cash flows,(F),Investsin assets,(B),Dividends anddebt payments,(E),Current assetsFixed assets,Financialmarkets,Short-term debt,Long-term debt,Equity shares,Ultimately,the firm must be a,cash generating activity.,The cash flows from the firm must exceed the cash flows from the financial markets,.,二、,Financial Markets,Primary Market,When a corporation issues securities,cash flows from investors to the firm.,Usually an underwriter is involved,Secondary Markets,Involve the sale of“used”securities from one investor to another.,Securities may be exchange traded or trade over-the-counter in a dealer,（,自营商,）,market.,Financial Markets,Firms,Investors,Secondary Market,money,securities,Sue,Bob,Stocks and Bonds,Money,Primary Market,概要与总结,1,、公司理财包括三个主要领域：,资本预算、资本结构和营运资本管理,2,、公司组织形态在筹集资金和转让所有权方面优越，但有双重课税以及代理成本等问题。,3,、盈利性企业财务管理目标是作出提高股票价值的决策，或更一般说，提高权益的市场价值决策。,4,、公司形态的优点因金融市场的存在而增强。金融市场分为一级和二级市场运作。,复习填空题：,1,、公司金融的三个基本领域,_,、,_,和,_,。,2,、财务管理目标是,_,。,3,、代理问题指,_,。,