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1、 Corporate Finance School of International Trade & Economics Professor Shao Xueyan 课程宗旨课程宗旨 创创 造造 财财 富富 谋谋 之之 有有 道道 取取 之之 有有 术术 管管 之之 有有 方方 学学 习习 方方 法法 学而不思则罔学而不思则罔 思而不学则殆思而不学则殆 选自论语 哈佛学生学习不是与未来就业相匹配的，他们哈佛学生学习不是与未来就业相匹配的，他们学的东西可能与他们将来所要做的工作完全不一样。学的东西可能与他们将来所要做的工作完全不一样。广泛的知识面、有专业技能、有一定的远见、有能广泛的知识面、有专
2、业技能、有一定的远见、有能力在职业生涯中继续学习是哈佛对学生的培养目标。力在职业生涯中继续学习是哈佛对学生的培养目标。 大学能做的最重要的事是，学生从学校毕业大学能做的最重要的事是，学生从学校毕业50年以后，学生还能顺应时代的发展变化而继续学习、年以后，学生还能顺应时代的发展变化而继续学习、进取、改变，这将能造就社会的领导者。进取、改变，这将能造就社会的领导者。 哈佛大学荣誉校长陆登庭教授哈佛大学荣誉校长陆登庭教授 于北京首届中外大学校长论坛于北京首届中外大学校长论坛 参考书目参考书目 1. 公司理财（第五版，双语教材）公司理财（第五版，双语教材） 理查德理查德.A.布雷利等著布雷利等著 中国
3、人民大学出版社中国人民大学出版社 2.公司理财（第九版，双语教材）公司理财（第九版，双语教材） 斯蒂芬斯蒂芬.A.罗斯罗斯 等著等著 机械工业出版社机械工业出版社 3. 财务报表分析（技巧财务报表分析（技巧 . 策略策略) 戴欣苗编著戴欣苗编著 清华大学出版社清华大学出版社 4.上市公司虚假会计报表识别技术上市公司虚假会计报表识别技术 刘姝威刘姝威 经济科学出版社经济科学出版社5.现代公司理财现代公司理财 姚益龙姚益龙 中山大学出版社中山大学出版社6.沃伦巴菲特的投资组合沃伦巴菲特的投资组合 美美罗伯特罗伯特.哈格斯特朗哈格斯特朗 机械工业出版社机械工业出版社7.百万富翁的智慧百万富翁的智慧美
4、美托马斯托马斯.J.斯坦利博士斯坦利博士 中国大百利全书出版公司中国大百利全书出版公司8. 公司理财公司理财（第二版）（第二版） 蒋蒋 屏编著屏编著 清华大学出版社清华大学出版社 2013年年4月月McGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.Investment and Financing Decisionsw To make corporate investment or financing decision w Capital Budgeting Decisio
5、nDecision to invest in tangible or intangible assets.w also called the Investment DecisionInvestment and Financing DecisionswThe nature of capital investment decisions Making an outlay immediately vs. Yielding benefits in the distant future. A single large amount of outlay vs. A stream of smaller am
6、ount of cash inflows. It is difficult to withdraw from an investment. Time is vital to investment decisionmaking Capital investment affects the amount of future cash flows generated, the timing of those cash flows, and the variability or risk of those future cash flows and thus, the value or worth o
7、f the capital budgeting decisions.Investment and Financing DecisionsInvestment and Financing Decisionsw Financing DecisionRaising money that the firm needs for its investments and operations. Determining the amount, maturity and type of funds raised in financial markets.w Capital StructureThe mix of
8、 long term debt and equity financing.Investment and Financing DecisionsThe Investment DecisionReal AssetsThe Financing DecisionFinancial AssetsInvestment and Financing DecisionsAre the following capital budgeting or financing decisions?Apple decides to spend $500 million to develop a new iPhone.GE b
9、orrows $400 million from bond investors.Microsoft issues 100 million shares to buy a small technology company.Goals and Governance of the CorporationThis chapter introduces the corporation, its goals, and the roles of financial managers.Source: U.S. Census 2008 SUSB Annual DataWhat is a Corporation?
10、w Corporation-A business organized as a separate legal entity owned by stockholders.w Types of Corporations:Public CorporationsPrivate CorporationsWhat is a Corporation?Public Companies: Shares are available for purchase by any investors, have a broad base of shareholders and have professional board
11、s and management. Private Corporations: Shares are not available for public, are owned by small groups of managers and investors.Limited Liability Companies (partnership): General partners & Limited partnersBenefits of the Corporationw Limited liabilityw Infinite lifespanw Ease of raising capitalDra
12、wbacks of the Corporationw Corporations face the problem of double taxationw Improper corporate structures may lead to “Agency Problems” Sol e Propri etorshi p Partnershi p Corporati on W ho owns the busi ness? The m anager Partners Sharehol ders A re m anagers and owners separate? N o N o U sual l
13、y W hat i s the owner s l i abi l i ty? U nl i m i ted U nl i m i ted Li m i ted A re the owner & busi ness taxed separatel y? N o N o Y es What Is a Corporation?Goals of The Corporation * Production maximization * Incomes maximization * Profit maximization * Shareholders wealth maximization * Socia
14、l responsibilityGoals of The Corporationw Shareholders want wealth maximizationw Wealth maximization vs. profit maximization:Pitfall: Profits from which period?Pitfall: Cutting dividends to increase cash reservesGoals of The Corporationw Shareholders desire wealth maximization Shareholders Maximizat
15、ion Current Expected Expected Dividends & Share PriceGoals of The Corporationw wealth max. vs. profit max. * cash flow : accounting profit * long-term returns : short-term returns * market price : different accounting rules * consider time & risk : ignore time & riskThe Ethics of Maximizing ValueDoe
16、s value maximization justify unethical behavior?Recent examples:Enron WorldComBernard MadoffAgency ProblemDo managers really maximize value?Agency Problems Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing valuewShareholders vs. Stakeholders
17、Agency ProblemDifferent Informationw Stock prices vs. returnsw Dividend Policyw Financing DecisionsDifferent Objectivesw Managers vs. shareholdersw Top managers vs. lower managersw Stockholders vs. banks and lendersAgency Problem SolutionsCompensation plansBoard of DirectorsBlockholdersAgency Proble
18、m SolutionsTakeoversSpecialist MonitoringLegal and Regulatory Requirements4A. Cash reinvested in the firm4B. Cash returned to investorsRole of the Financial ManagerFinancialManager(1)(2)(3)(4a)(4b)Real assetsInvestorsFinancial Assets FirmsOperations1. Cash raised from investors (how?)2. Cash investe
19、d in firm3. Cash generated by operationsRole of the Financial ManagerMost large companies have 3 top-level financial managers:Role of the Financial Managerw Some daily-questions faced by managers A) Will a particular investment be profitable? B) Where will the funds come from to finance the investment? C) Which customers should be offered credit and how much should they be offered? D) How much inventory should be held? E) How should profits be used or distributed? (What is the optimal dividend policy?)Appendix: Careers in Finance