对外贸公司理财第一节.ppt

Chapter1IntroductiontoCorporateFinance,Copyright2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,McGraw-Hill/Irwin,KeyConceptsandSkills,KnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanagerKnowthefinancialimplicationsofthedifferentformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarkets,ChapterOutline,CorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation,CorporateFinance,Someimportantquestionsthatareansweredusingfinance:Whatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?,5,BalanceSheetModeloftheFirm,6,TheCapitalBudgetingDecision,CurrentAssets,FixedAssets1Tangible2Intangible,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,Whatlong-terminvestmentsshouldthefirmchoose?,7,TheCapitalStructureDecision,Howshouldthefirmraisefundsfortheselectedinvestments?,CurrentAssets,FixedAssets1Tangible2Intangible,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,8,Short-TermAssetManagement,Howshouldshort-termassetsbemanagedandfinanced?,NetWorkingCapital,ShareholdersEquity,CurrentLiabilities,Long-TermDebt,CurrentAssets,FixedAssets1Tangible2Intangible,A.Decidingwhentorepayalong-termdebtB.DetermininghowmuchinventorytokeeponhandC.DetermininghowmuchdebtshouldbeborrowedfromaparticularlenderD.DecidingwhetherornottoopenanewstoreE.Determininghowmuchmoneyshouldbekeptinthecheckingaccount,Whichoneofthefollowingisacapitalbudgetingdecision?,1-9,I.accountspayableII.accountsreceivableIII.long-termdebtIV.inventoryA.IandIIonlyB.IandIIIonlyC.IIandIVonlyD.I,II,andIVonlyE.I,III,andIVonly,Workingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?,1-10,FinancialManager,FinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasureroverseescashmanagement,creditmanagement,capitalexpenditures,andfinancialplanningControlleroverseestaxes,costaccounting,financialaccountinganddataprocessing,1-12,HypotheticalOrganizationChart,1.Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:A.chairmanoftheboard.B.director.C.chiefexecutiveofficer.D.treasurer.E.controller.2.Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:,1-13,Whichofthefollowingquestionsareaddressedbyfinancialmanagers?I.Howshouldaproductbemarketed?II.Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?III.Shouldthefirmborrowmoremoney?IV.Shouldthefirmacquirenewequipment?,FinancialManagementDecisions,CapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?,FormsofBusinessOrganization,ThreemajorformsintheUnitedStatesSoleProprietorshipPartnershipGeneralLimitedCorporationLimitedLiabilityCompany,SoleProprietorship,AdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincome,DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoownerspersonalwealthUnlimitedliabilityDifficulttosellownershipinterest,Partnership,AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome,DisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership,Corporation,AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital,DisadvantagesDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate),I.limitedlifeofthefirmII.personalliabilityforfirmdebtIII.greaterabilitytoraisecapitalthanasoleproprietorshipIV.lackofabilitytotransferpartnershipinterestA.IandIIonlyB.IIIandIVonlyC.IIandIIIonlyD.I,II,andIVonlyE.I,III,andIVonly,Whichofthefollowingaredisadvantagesofapartnership?,1-20,I.limitedliabilityforfirmdebtII.doubletaxationIII.abilitytoraisecapitalIV.unlimitedfirmlifeA.IandIIonlyB.IIIandIVonlyC.I,II,andIIIonlyD.II,III,andIVonlyE.I,III,andIVonly,Whichofthefollowingareadvantagesofthecorporateformofbusinessownership?,1-21,GoalofFinancialManagement,Whatshouldbethegoalofacorporation?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizethecurrentvalueofthecompanysstock?Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?,TheAgencyProblem,AgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestsStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagementgoalsandagencycosts,A.IncreasingcurrentcostsinordertoincreasethemarketvalueofthestockholdersequityB.AgreeingtoexpandthecompanyattheexpenseofstockholdersvalueC.RefusingtolowersellingpricesifdoingsowillreducethenetprofitsD.AgreeingtopaybonusesbasedonthebookvalueofthecompanystockE.Refusingtoborrowmoneywhendoingsowillcreatelossesforthefirm,Whichoneofthefollowingactionsbyafinancialmanagercreatesanagencyproblem?,1-24,ManagingManagers,ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders,WorktheWebExample,TheInternetprovidesawealthofinformationaboutindividualcompaniesOClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!,FinancialMarkets,CashflowstoandfromthefirmPrimaryvs.secondarymarketsDealervs.auctionmarketsListedvs.over-the-countersecuritiesNYSENASDAQ,QuickQuiz,Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?Whatarethethreemajorformsofbusinessorganization?Whatisthegoaloffinancialmanagement?Whatareagencyproblemsandwhydotheyexistwithinacorporation?Whatisthedifferencebetweenaprimarymarketandasecondarymarket?,EthicsIssues,Isitethicalfortobaccocompaniestosellaproductthatisknowntobeaddictiveandadangertothehealthoftheuser?Isitrelevantthattheproductislegal?Shouldboardsofdirectorsconsideronlypricewhenfacedwithabuyoutoffer?Isitethicaltoconcentrateonlyonshareholderwealth,orshouldstakeholdersasawholebeconsidered?Shouldfirmsbepenalizedforattemptingtoimprovereturnsbystiflingcompetition(e.g.,Microsoft)?,EndofChapter,