Stephen Ross公司理财ch1

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1、CorporateFinanceRossWesterfieldJaffeSixthEdition1ChapterOneIntroductiontoCorporateFinancePreparedbyGadyJacobyUniversityofManitobaandSebouhAintablianAmericanUniversityofBeirutChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCor

2、porateFirm1.4GoalsoftheCorporateFirm1.5FinancialInstitutions,FinancialMarkets,AndTheCorporation1.6TrendsinFinancialMarketsandManagement1.7OutlineoftheTextWhatisCorporateFinance?CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmengagein?Howcan

3、thefirmraisethemoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:TheBalance-

4、SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionTheBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStr

5、uctureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholders’EquityCurrentLiabili

6、tiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2IntangibleCapitalStructureThevalueofthefirmcanbethoughtofasapie.Thegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupthepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapital

7、structuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%EquityHypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer(CEO)BoardofDirectorsPresidentandChiefOperatingOfficer(COO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlann

8、ingTaxManagerFinancialAccountingC