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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,1-,*,CHAPTER,1,Goals and Governance,of the Corporation,McGraw-Hill/Irwin,Copyright 2012 by The McGraw-Hill Companies,Inc.All rights reserved,.,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Corporate Finance,School of International Trade&Economics,Professor,Shao Xueyan,课程宗旨,创 造 财 富,谋 之 有 道,取 之 有 术,管 之 有 方,学 习 方 法,学而不思那么罔,思而不学那么殆,选自?论语?,哈佛学生学习不是与未来就业相匹配的，他们学的东西可能与他们将来所要做的工作完全不一样。广泛的知识面、有专业技能、有一定的远见、有能力在职业生涯中继续学习是哈佛对学生的培养目标。,大学能做的最重要的事是，学生从学校毕业50年以后，学生还能顺应时代的开展变化而继续学习、进取、改变，这将能造就社会的领导者。,哈佛大学荣誉校长陆登庭教授,于北京首届中外大学校长论坛,参考书目,1.?公司理财?第五版，双语教材,理查德.A.布雷利等著,中国人民大学出版社,2.?公司理财?第九版，双语教材,斯蒂芬.A.罗斯 等著,机械工业出版社,3.?财务报表分析?技巧.策略)戴欣苗编著,清华大学出版社,4.?上市公司虚假会计报表识别技术?,刘姝威 经济科学出版社,5.?现代公司理财?姚益龙 中山大学出版社,6.?沃伦巴菲特的投资组合?,美罗伯特.哈格斯特朗 机械工业出版社,7.?百万富翁的智慧?美托马斯.J.斯坦利博士,中国大百利全书出版公司,8.?公司理财?第二版 蒋 屏编著,清华大学出版社 2021年4月,Investment and Financing Decisions,To make corporate investment or financing decision,Capital Budgeting Decision,Decision to invest in tangible or intangible assets.,also called the Investment Decision,Investment and Financing Decisions,The nature of capital investment decisions,Making an outlay immediately vs.Yielding benefits in the distant future.,A single large amount of outlay vs.A stream of smaller amount of cash inflows.,It is difficult to withdraw from an investment.,Time is vital to investment decisionmaking,Capital investment affects the amount of future,cash flows,generated,the timing,of those cash flows,and the variability or,risk,of those future cash flows and thus,the value,or worth of the capital budgeting decisions.,Investment and Financing Decisions,Investment and Financing Decisions,Financing Decision,Raising money that the firm needs for its investments and operations.,Determining the amount,maturity,and,type,of funds raised in financial markets.,Capital Structure,The mix of,long term debt,and,equity,financing.,1-,12,Investment and Financing Decisions,The Investment Decision,Real Assets,The Financing Decision,Financial Assets,1-,13,Investment and Financing Decisions,Are the following capital budgeting or financing decisions?,Apple decides to spend$500 million to develop a new iPhone.,GE borrows$400 million from bond investors.,Microsoft issues 100 million shares to buy a small technology company.,1-,14,Goals and Governance of the Corporation,This chapter introduces the,corporation,its goals,and the roles of financial managers.,Source:U.S.Census 2021 SUSB Annual Data,1-,15,What is a Corporation?,Corporation-A business organized as a separate legal entity owned by stockholders.,Types of Corporations:,Public Corporations,Private Corporations,What is a Corporation?,Public Companies:Shares are available for purchase by any investors,have a broad base of shareholders and have professional boards and management.,Private Corporations:Shares are not available for public,are owned by small groups of managers and investors.,Limited Liability Companies(partnership):General partners&Limited partners,1-,17,Benefits of the Corporation,Limited liability,Infinite lifespan,Ease of raising capital,1-,18,Drawbacks of the Corporation,Corporations face the problem of double taxation,Improper corporate structures may lead to“Agency Problems,What Is a Corporation?,Goals of The Corporation,*,Production maximization,*Incomes maximization,*Profit maximization,*Shareholders wealth maximization *Social responsibility,1-,21,Goals of The Corporation,Shareholders want wealth maximization,Wealth maximization vs.profit maximization:,Pitfall:Profits from which period?,Pitfall:Cutting dividends to increase cash reserves,Goals of The Corporation,Shareholders desire wealth maximization,Shareholders,Wealth,Maximization,Ordinary Share,Current,Market Value,Expected,Future Cash flows,Expected Dividends&Share Price,Goals of The Corporation,wealth max.vs.profit max.,*,cash flow:accounting profit,*long-term returns:short-term returns,*market price:different accounting rules,*consider time&risk:ignore time&risk,1-,24,The Ethics of Maximizing Value,Does value maximization justify unethical behavior?,Recent examples,:,Enron,WorldCom,Bernard Madoff,1-,25,Agency Problem,Do managers really maximize value?,Agency Problems,Managers are agents for stockholders,but the managers may act in their own interests rather than maximizing value,Shareholders vs.Stakeholders,1-,26,Agency Problem,Different Information,Stock prices vs.returns,Dividend Policy,Financing Decisions,Different Objectives,Managers vs.shareholders,Top managers vs.lower managers,Stockholders vs.banks and lenders,1-,27,Agency Problem Solutions,Compensation plans,Board of Directors,Blockholders,1-,28,Agency Problem Solutions,Takeovers,Specialist Monitoring,Legal and Regulatory Requirements,1-,29,4A.Cash reinvested in the firm,4B.Cash returned to investors,Role of the Financial Manager,Financial,Manager,(1),(2),(3),(4a),(4b),Real
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