公司理财罗斯英文原书第九版第一章课件.pptx

Chapter 1Introduction to Corporate FinanceMcGraw-Hill/IrwinCopyright ? 2010 by the McGraw-Hill Companies, Inc. All rights reserved.Key Concepts and SkillsKnow the basic types of financial management decisions and the role of the Financial ManagerKnow the financial implications of the various forms of business organizationKnow the goal of financial managementUnderstand the conflicts of interest that can arise between owners and managersUnderstand the various regulations that firms faceChapter Outline1.1 What is Corporate Finance?1.2 The Corporate Firm1.3 The Importance of Cash Flows1.4 The Goal of Financial Management1.5 The Agency Problem and Control of the Corporation1.6 Regulation1.1 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?Total Firm Value to Investors:Total Value of Assets:Current LiabilitiesCurrent AssetsLong-Term DebtFixed Assets1 Tangible 2 IntangibleShareholders’ EquityBalance Sheet Model of the FirmThe Capital Budgeting DecisionCurrent LiabilitiesCurrent AssetsLong-Term DebtFixed Assets1 Tangible 2 IntangibleShareholders’ EquityWhat long-term investments should the firm choose?The Capital Structure DecisionCurrent LiabilitiesCurrent AssetsLong-Term DebtHow should the firm raise funds for the selected investments?Fixed Assets1 Tangible 2 IntangibleShareholders’ EquityShort-Term Asset ManagementCurrent LiabilitiesCurrent AssetsNet Working CapitalLong-Term DebtHow should short-term assets be managed and financed?Fixed Assets1 Tangible 2 IntangibleShareholders’ EquityThe Financial ManagerThe Financial Manager’s primary goal is to increase the value of the firm by: Selecting value creating projects Making smart financing decisionsHypothetical Organization ChartBoard of DirectorsTreasurerControllerCash ManagerCredit ManagerCost Accounting Tax Mana