英文版公司理財課件cha(1)(已修改)
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【正文】 1 Fundamentals of Corporate Finance 2 ? Grades ? Assignments (25%) ? Class participation (15%) ? Final exam (60%) ? Email: 3 Chapter 1 The Corporation and the Financial Manager 4 Objectives 1. Give examples of the investment and financing decisions that financial managers make, and explain the responsibilities of the CFO, treasurer, and controller 2. Cite some of the advantages and disadvantages of anizing a business as a corporation 3. Explain why maximizing market value is the logical financial goal for the corporation 4. Understand why conflicts of interest arise, especially in large, public corporations 5. Explain how corporations mitigate conflicts and encourage ethical behavior 5 Content ? Investment and financing decisions ? What is a corporation? ? Who is the financial manager? ? Goals of the corporation 6 Investment decision: 投資決策 Financing decision: 籌資決策 Capital budegting decision: 資本預算決策 Tangible assets: 有形資產 Intangible assets: 無形資產 Debt financing: 債務資金、債務籌資 Equity financing: 權益資金、權益籌資 Capital structure: 資本結構 7 What is finance? ? Finance can be defined as the art and science of managing money. ? Corporations face two broad financial questions: What investments should the firm make? And how should it pay for those investments? The first question involves spending money。 the second involves raising it. Making good investment and financing decisions is the chief task of the financial manager. 8 The Investment Decision ? Investment decision /capital budgeting decision: decision to invest in tangible or intangible assets Investments in automobile plant Investments in research and development (Ramp。D) 9 Balance Sheet Model of the Firm Current Assets Fixed Assets 1 Tangible 2 Intangible Total Value of Assets: Shareholders’ Equity Current Liabilities LongTerm Debt Total Firm Value to Investors: 10 The Investment Decision Current Assets Fixed Assets 1 Tangible 2
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