公司理财斯蒂芬A罗斯第9版精要.ppt

Introduction to Corporate Finance Key Concepts and Skills Know the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various regulations that firms face Chapter Outline 1.1 What is Corporate Finance? 1.2 The Corporate Firm 1.3 The Importance of Cash Flows 1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation 1.1 What Is Corporate Finance? Corporate Finance addresses the following three questions: What long-term investments should the firm choose? How should the firm raise funds for the selected investments? How should short-term assets be managed and financed? Balance Sheet Model of the Firm The Capital Budgeting Decision The Capital Structure Decision Short-Term Asset Management The Financial Manager The Financial Manager’s primary goal is to increase the value of the firm by: Selecting value creating projects Making smart financing decisions Hypothetical Organization Chart 1.2 The Corporate Firm The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take other forms. Forms of Business Organization The Sole Proprietorship The Partnership General Partnership Limited Partnership The Corporation A Comparison 1.3 The Importance of Cash Flow 1.4 The Goal of Financial Management What is the correct goal? Maximize profit? Minimize costs? Maximize market share? Maximize shareholder wealth? 1.5 The Agency Problem Agency relationship Principal hires an agent to represent his/her interest Stockholders (principals) hire managers (agents) to run the company Agency problem Conflict of interest between principal and agent Managerial Goals Managerial goals may be different fro