公司財務(wù)管理教學(xué)課件：Chapter 1 Introduction to Corporate Finance

1、Corporate FinanceGreetings!Sept. 1996 Date Assistant Professor, Associate Professor, Professor, Department of accounting, School of Business, UIBE Lectures: Corporate finance, Financial Statement Analysis, Advanced Financial Accounting Major Research Area: Corporate Finance, Financial Analysis, Comp

2、arison of International Accounting StandardsSept.2012 Sept.2013 Visiting Scholar, Eli Broad College of Business, Michigan State University, USAJan.2006 Jan.2007 Visiting Scholar, Stillman School of Business, Seton Hall University, USAJan.2000 Sept.2000 Visiting Scholar, Nyenrode University, the Neth

3、erlandsWork ExperienceCourse Objective and Description The main objective of this course is to introduce MBA students to the fundamental concepts and principles of the modern theory of corporate finance. The course considers a broad range of issues faced by financial managers. It analyzes the firms

4、investment and financing decisions. Main topics to be covered in the course are valuation of financial assets (stocks and bonds), valuation of investment projects (capital budgeting), return and risk, efficient markets, capital structure, dividend policy, and working capital management.ContentsIntro

5、duction（chapter 1）Valuation（chapter 4/5/6）Capital budgeting（chapter7/8）Risk and return（chapter11/12）Capital structure（chapter 13/14/15）Dividend policy（chapter 16）Short-term finance and planning（chapter 17)Cases雷士照明控制權(quán)之爭（2005/2012/2014）中海公司投資項目評價（2004）金地集團(tuán)發(fā)行公司債融資（2008）用友軟件股利政策（2001-2013）格力電器的營運資本管理（2

6、009-2013）Assignment 30Participation 20Final exam 50GradingCalculator ComputerEXCELReference Books公司理財，蔣屏等著，對外經(jīng)濟(jì)貿(mào)易大學(xué)出版社，2009年財務(wù)管理案例點評，張新民、孔寧寧編著，對外經(jīng)濟(jì)貿(mào)易大學(xué)出版社，2008年Corporate financeInvestment financeFinancial institutionsInternational financeGeneral Areas in FinanceTotal Value of Assets Total Firm Value

7、 to Investors“BIG” Picture of Corporate FinanceCurrent AssetsLong-Term InvestmentTangible AssetsIntangible AssetsInvestment DecisionCurrent liabilitiesLong-Term LiabilityShare capitalRetained earningsFinancingDecisionShort-Term Finance andplanningInvestment DecisionInvestment theoryStock and bond in

8、vestment decisionFinancial instrument investment (options)Capital budgetingMerger & AcquisitionFinancing DecisionFinancing theory (capital structure theory)Financial marketsLong-term financing and Dividend policy“BIG” Picture of Corporate FinanceShort-term Finance and PlanningShort-term Capital Mana

9、gement TheoryCash ManagementCredit ManagementInventory Management“BIG” Picture of Corporate FinanceCORPORATE FINANCE Chapter 1 Introduction to Corporate FinanceKnow the basic types of financial management decisions and the role of the Financial ManagerKnow the financial implications of the various f

10、orms of business organizationKnow the goal of financial managementUnderstand the conflicts of interest that can arise between owners and managersUnderstand the various types of financial markets Key Concepts and SkillsChapter Outline What is corporate financeForms of business organizationGoal of cor

11、porate financial managementOrganization of the financial management functionFinancial marketsActivities and Responsibilities of financial managersCorporate Finance addresses the following three questions:What long-term investments should the firm choose?How should the firm raise funds for the select

12、ed investments?How should short-term assets be managed and financed?1. What is Corporate Finance? Current AssetsFixed Assets1 Tangible 2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:Balance Sheet Model of the FirmCurrent AssetsFixe

13、d Assets1 Tangible 2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtWhat long-term investments should the firm choose?The Capital Budgeting DecisionHow should the firm raise funds for the selected investments?Current AssetsFixed Assets1 Tangible 2 IntangibleShareholders EquityCurrent

14、LiabilitiesLong-Term DebtThe Capital Structure DecisionThe 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 the pie.If how you slice the pie affects the size of the pie, then the

15、capital structure decision matters.50% Debt50% Equity25% Debt75% Equity70% Debt30% EquityCapital StructureHow should short-term assets be managed and financed?Net Working CapitalShareholders EquityCurrent LiabilitiesLong-Term DebtCurrent AssetsFixed Assets1 Tangible 2 IntangibleShort-Term Asset Mana

16、gementThe Sole ProprietorshipThe PartnershipThe Corporation2. Forms of business organization- Sole ProprietorshipOwned by one personEasy formationadvantageUnlimited liability disadvantageDifficulty raising fundsdisadvantage- PartnershipOwned by two or more personsClassified as general or limited Gen

17、eral Partner Has unlimited liability for all obligations of the business disadvantage Limited Partner Liability limited to the partnership agreement advantagePartnership dissolves when a general partner dies or withdraws, a new partner entries. disadvantage- CorporationLegal entity composed of one o

18、r more actual individuals or legal entitiesLimited liabilityFlexibility, Easy marketability of shares of ownershipPermanencyAbility to raise capitalDouble taxation disadvantage All advantages3. Goal of corporate financial managementProfit Maximization or Shareholder wealth maximization? Agency probl

19、ems in corporationSocial responsibility concerns- Profit maximizationMC=MBLacks a time dimensionDefinition of profit is subjectiveNot considers the risk- Shareholder Wealth MaximizationPrimary goalshareholder wealth = market price of common stock (firm value) = present value of the expected future r

20、eturns to owners (cash flows)Considers the timing and risk of the benefits from stock ownership 30A Firms Cash Flow Generation Process.continuedCash flowfrom firm (C)Taxes (D)FirmGovernmentFirm issues securities (A)Retained cash flows (F)Investsin assets(B)Dividends anddebt payments (E)Current asset

21、sFixed assetsFinancialmarketsShort-term debtLong-term debtEquity sharesUltimately, the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the financial markets.Cash Flow Generation ProcessBasic ConceptsAgency relationshipThe principals hire the agent

22、s to perform a service on behalf of the principles Stockholders (principals) hire managers (agents) to run the companyAgency problems Conflict of interest between principal and agentAgency costs The costs of the Conflict of interest between principal and agent - Agency problems in corporationBoard o

23、f DirectorsManagementAssetsDebtEquityShareholdersDebtholdersSeparation of Ownership and Controla. Owners and managementProblems created by separation of owners and managementManagement may maximize its own welfare instead of the owners wealthManaging managersManagerial compensation (incentives need

24、to be structured carefully to make sure that they achieve their intended goal)Market discipline (managerial markets)Corporate control (The threat of a takeover may result in better management)b. Owners and creditors Problems created by different returns offered to owners and creditorsinvestment of h

25、igher risk approved by stockholdersnew debt issuing approved by stockholdersMeasures to solve agency problemAdd protective covenants in bond indenturesCall back or cancel lending課堂案例討論：中航油事件啟示公司組織形式的完備不等于公司治理效果的完美，公司權(quán)利制衡機(jī)制缺失是公司治理中存在的根本問題（中航油：內(nèi)部人控制）如何強(qiáng)化制衡機(jī)制？（董事和經(jīng)理層的責(zé)任意識/經(jīng)理層的董事會授權(quán)制/公司運作透明度/獨立董事制度/監(jiān)事會職

26、能）科學(xué)設(shè)計經(jīng)理層薪酬激勵制度（中航油：利潤導(dǎo)向，公司利潤超過一定金額，可分享盈利10%）西方國家：股票期權(quán)完善信息披露制度（中航油：大股東、董事會和經(jīng)理層合謀侵犯外部利益相關(guān)者）加強(qiáng)監(jiān)管和投資者法律保護(hù)，建立股東訴訟機(jī)制- Social responsibility concernsRun business in the interests of stakeholderscustomerssuppliersemployeescreditors communitygovernmentstockholders, etc. Be a good citizen; contribute to SWM課

27、堂案例討論：萬科“捐款門”事件“做事不能太萬科，做人不能太王石” 觀點上市公司股東的權(quán)益通過股東大會和董事會兩個機(jī)構(gòu)得以體現(xiàn)。公司的重要決策，首先由董事會作出決議，然后交由股東大會表決通過執(zhí)行。在董事會做決議的時候，董事長有較大建議權(quán)，但作為股東投票時沒有額外權(quán)利。而一旦股東大會通過了決議，董事長更沒有權(quán)力超越授權(quán)，隨意支配股東的權(quán)益。這是上市公司的法定原則。 萬科一年拿出1000萬公益慈善支出到底是多是少，這是個道德問題。而企業(yè)家在授權(quán)范圍之外行使愛心，卻是一個制度問題。如果一家公司的董事長可以隨意支配股東權(quán)益，委托人和代理人之間的利益協(xié)調(diào)就會失序，進(jìn)而股份制公司存在的基礎(chǔ)都會動搖。做公益是

28、善，尊重公司的管理章程也是善。在現(xiàn)代社會中，需要處理好各種權(quán)利之間在法律范圍內(nèi)的有序協(xié)調(diào) 觀點馬云說：“我剛好和很多人相反，認(rèn)為現(xiàn)在的中國企業(yè)家還沒到專注于慈善捐款的時候?！瘪R云認(rèn)為，對眼下的中國企業(yè)家來說，最大的善舉不在捐款，而是搞好自己的企業(yè)?！暗谝?，你要為社會承擔(dān)責(zé)任，你的企業(yè)提供的服務(wù)、生產(chǎn)的產(chǎn)品要對社會負(fù)責(zé)；第二，你得依法納稅，不要逃稅漏稅；第三，即使有錢了，你也不一定就得著急捐出去，可以好好擴(kuò)大投資，把企業(yè)做得更好更大，增加更多的就業(yè)機(jī)會，讓社會的財富滾動起來，等你60歲、70歲的時候再把自己的財富捐出去也不遲?！?013企業(yè)社會責(zé)任十大黑名單中國石化 上榜理由：青島輸油管道爆炸G

29、ucci 上榜理由：銷售翻新產(chǎn)品哈藥集團(tuán) 上榜理由：銷售假冒保健品雅培集團(tuán) 上榜理由：食品安全問題和虛假宣傳葛蘭素史克 上榜理由：葛蘭素史克行賄門光大證券 上榜理由：816光大證券烏龍事件ZARA 上榜理由：供應(yīng)鏈污染問題強(qiáng)生集團(tuán) 上榜理由：產(chǎn)品質(zhì)量問題并對中國消費者實行歧視政策GE醫(yī)療 上榜理由：召回制度內(nèi)外有別多美滋 上榜理由：強(qiáng)制消費第一口奶，損害嬰幼兒健康課堂案例分析佛山照明案例雷士光電案例案例作業(yè)國美電器控制權(quán)之爭佛山照明案例佛山照明案例佛山照明案例佛山照明案例分析高派現(xiàn)股利政策實施的前提條件分析主營業(yè)務(wù)收入和凈利潤持續(xù)穩(wěn)定增長每股收益和現(xiàn)金流量保持在較高水平追求為目標(biāo)股東群創(chuàng)造最大

30、化價值以公司長期可持續(xù)發(fā)展和真實資本價值最大化為原則配置資本和制定各種戰(zhàn)略構(gòu)建與控股股東業(yè)務(wù)發(fā)展戰(zhàn)略和價值取向一致的目標(biāo)股東群有效實施股東價值最大化需要完善股票市場和公司治理機(jī)制加強(qiáng)股票市場有效性建設(shè)，改變短期投機(jī)價值取向主導(dǎo)A股市場的格局，使投資者價值取向多樣化完善上市公司治理機(jī)制，重視信息披露，鼓勵股東參與治理佛山照明案例“股神”巴菲特選擇哈斯威公司的股東 “我們不希望公司股票交易頻繁，我們的目標(biāo)是吸引長期投資。我們努力通過我們的政策、業(yè)績和交流，吸引哪些了解我們的運作，并且能像我們（控股股東）那樣衡量投資價值的股東” “我們堅持這樣做，可以不斷使那些懷著短期或不現(xiàn)實預(yù)期的股東感到乏味而不

31、進(jìn)入或者離開。公司股票價格就可以始終以與企業(yè)內(nèi)在價值相關(guān)的價格交易” 1988年巴菲特1988年寫給伯克希爾-哈斯 威公司股東的信雷士光電案例分析在所有權(quán)和經(jīng)營權(quán)無法分離的情況下，供應(yīng)商和客戶只能選擇既能控制與管理公司又能兼顧他們利益的人掌管雷士光電控制性大股東與供應(yīng)商和客戶等利益相關(guān)者之間的利益關(guān)系很難實現(xiàn)制度化約束雖然供應(yīng)商與客戶對公司沒有在權(quán)益資本意義上的所有權(quán)，但他們與雷士光電的關(guān)系在很大程度上影響了對企業(yè)資源的支配能力，從而決定了企業(yè)的發(fā)展能力，能夠?qū)资抗怆姰a(chǎn)生重要影響就雷士光電本身的所有權(quán)結(jié)構(gòu)狀況，能否把企業(yè)價值最大化作為長期財務(wù)目標(biāo)還缺乏明確的制度條件4. Organizati

32、on of the FM functionThe top financial manager within a firm is usually the Chief Financial Officer (CFO)Treasurer: oversees cash management, credit management, capital expenditures and financial planningController: oversees taxes, cost accounting, financial accounting and data processing Board of D

33、irector Chief Executive Officer (CEO) VP-Human Resources VP- Marketing VP- Finance (CFO) VP- Engineering VP-Manufacturing Controller Treasurer Financial Accounting Cost Accounting Internal Auditing Tax Accounting Accounts Payable Information Systems Cash /M&S Management Capital Budgeting Analysis Financial Planning C