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1、Topic Flow ChartGoal of Finance=Maximize Value of FirmHOW?Get the most cashSteps1.Methods to evaluate projects cash flow (NPV,IRR,etc)2.Develop risk adjusted discount rates for use in NPV3.Apply NPV,IRR,Decision Trees,PVI,etc to capital budgeting decisions4.Changes in capital structure influence dis
2、count rates5.Financial Distress can result form changes in capital structure Efficient Capital MarketsSwitches gearsPast lectures decided how to spend money(invest)Todays lecture deal with raising money(financing decisions)Fisher Separation TheoremMarket Efficiency Theory sezCapital markets reflect
3、all relevant information.You can not consistently earn excess profits.Efficient Capital MarketsEfficient Capital MarketsDSRQtyCost of Capital=Price of MoneyType of Market EfficiencyWeak Form EfficiencySemistrong Form EfficiencyStrong Form EfficiencyEfficient Market TheoryAnnouncement DateEfficient M
4、arket TheoryAverage Annual Return on 1493 Mutual Funds and the Market IndexEfficient Market TheoryIPO Non-Excess ReturnsYear After OfferingEfficient Market TheoryStrong-Form Efficiency TestHistorical performanceRandom Walk TheoryRandom Walk TheoryEfficient Market TheoryFundamental AnalystsResearch t
5、he value of stocks using NPV and other measurements of cash flow Efficient Market TheoryTechnical AnalystsForecast stock prices based on the watching the fluctuations in historical prices(thus“wiggle wiggle watcherswatchers”)Market Efficiency TheoryConflicts in TheoryStock market crash of 1987Daily
6、fluctuationsCulprits?ArbitrageComputersInstitutionsEfficient Market Theory1987 Stock Market CrashEfficient Market Theory1987 Stock Market CrashLessons of Market EfficiencyMarkets have no memoryTrust market pricesThere are no financial illusionsDo it yourself diversificationSeen one stock,seen them a
7、llReading the entrailsCorporate FinancingTypes of Financing1-Equity2-Debt3-HybridsCorporate FinancingREAD TEXT FOR TERMINOLOGYInitial OfferingInitial Public Offering(IPO)-First offering of stock to the general public.Underwriter-Firm that buys an issue of securities from a company and resells it to
8、the public.Spread-Difference between public offer price and price paid by underwriter.Prospectus-Formal summary that provides information on an issue of securities.Underpricing-Issuing securities at an offering price set below the true value of the security.General Cash OffersSeasoned Offering-Sale
9、of securities by a firm that is already publicly traded.General Cash Offer-Sale of securities open to all investors by an already public company.Shelf Registration-A procedure that allows firms to file one registration statement for several issues of the same security.Private Placement-Sale of secur
10、ities to a limited number of investors without a public offering.Rights Issue-exampleYRU Corp currently has 9 million shares outstanding.The market price is$15/sh.YRU decides to raise additional funds via a 1 for 3 rights offer at$12 per share.If we assume 100%subscription,what is the value of each
11、right?Current Market Value=9 mil x$15=$135 milTotal Shares=9 mil+3 mil=12 milAmount of new funds=3 mil x$12=$36 milNew Shre Price=(136+36)/12 =$14.25/shValue of a Right=15-14.25=$0.75 WSJ ArticleDJIA 10%below pre-terrorist attacksLong term interest rates.below historical levelsRisk premiums are higher than normalInflation expectations are lowWSJ ArticleEffect on prices&PEMalkiel research shows 22 as current required market PE,compared to 15 historiallyInflated earnings estimates may existNew higher PE base may exist due to growth