Introduction to Corporate Finance参考.ppt

Chapter Outline 1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on Total Firm Value 1.3 The Corporate Firm 1.4 Goals of the Corporate Firm 1.5 Financial Markets 1.6 Outline of the Text What is Corporate Finance? Case: SUPOR Corporate Finance addresses the following three questions: What long-term investments should the firm engage in? How can the firm raise the money for the required investments? How much short-term cash flow does a company need to pay its bills? The Balance-Sheet Model of the Firm The Balance-Sheet Model of the Firm The Balance-Sheet Model of the Firm The Balance-Sheet Model of the Firm Capital Structure Hypothetical Organization Chart The Financial Manager vs. Investors To create value, the financial manager should: Try to make smart investment decisions. Try to make smart financing decisions. To make a goo Investment the investor should: Try to make a good decipher or decode a financial data and information Try to make an prediction of valuation Try to make a good investment of the stocks or Bonds and others. Try to monitor the company The Firm and the Financial Markets 1.2 Corporate Securities as Contingent Claims on Total Firm Value The basic feature of a debt is that it is a promise by the borrowing firm to repay a fixed dollar amount of by a certain date. The shareholder’s claim on firm value is the residual amount that remains after the debtholders are paid. If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing. What and Why is contingency? In?philosophy?and?logic,?contingency?is the status of?propositions?that are neither true under every possible valuation?(i.e.?tautologies) nor false under every possible valuation (i.e.?contradictions). A contingent proposition is neither necessarily true nor necessarily false. Propositions that are contingent may be so because they contain?logical connectives?which, along with the?truth value?of any of its?at