公司理财教学课件电子教案全套课件三.pptx

Introduction to Corporate Finance;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;Cash flowfrom firm (C); Financial Markets;Financial Markets;Investment Environment;Two Elements of Investment: Time and Risk ;Risky Investment and Capital Budgeting;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.;Debt and Equity as Options;Combined Payoffs to Debt and Equity;;Asymmetric Information and Agency Costs;Capital Investment Decisions;Investment Decision;2.1 Net Present Value : FV and PV;Net Present Value;Net Present Value as the Investment Criterion;2.2 Project Evaluation in a Riskless World;(I) Saving (Financing) Decision ;Use PV to Check Feasibility of Consumption plan;(Ⅱ) Investment Opportunities;Corporate Investment Decision?Making;(Ⅲ) Investment Opportunities with Financial Markets;Project Valuation in a Riskless World;Corporate Investment Decision?Making;Optimal Investment Plan;Fisher’s Separation Principle ;Why do we use NPV or PV as investment criterion;NPV as Investment Criterion;2.3 Present Value and Compounding;How Long is the Wait?;Example 6: Assume the total cost of a college education will be $50,000 when your child enters college in 12 years. You have $5,000 to invest today. What rate of interest must you earn on your investment to cover the cost of your child’s education?;2.4 PV with Special Cash Flows;Perpetuity;Growing Perpetuity;Annuity;Growing Annuity;What Is a Firm Worth?;Bond Market and Alternative Investment Rules;3.1 Valuation of Bonds;The Present Value Formulas for Bonds;Yield to Maturity;3.2 The Term Structure of Interest Rates;Forward Rates;Forecas