某公司財務(wù)管理課件-wenkub
2023-03-24 11:43:40 本頁面
【正文】 cision The BalanceSheet Model of the Firm How can the firm raise the money for the required investments? The Capital Structure Decision Current Assets Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity Current Liabilities LongTerm Debt The BalanceSheet Model of the Firm How much shortterm cash flow does a pany need to pay its bills? The Net Working Capital Investment Decision Net Working Capital Shareholders’ Equity Current Liabilities LongTerm Debt Current Assets Fixed Assets 1 Tangible 2 Intangible Capital Structure The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice up a the pie. If how you slice the pie affects the size of the pie, then the capital structure decision matters. 50% Debt 50% Equity 25% Debt 75% 70% 30% Equity Hypothetical Organization Chart Chairman of the Board and Chief Executive Officer (CEO) Board of Directors President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO) Treasurer Controller Cash Manager Capital Expenditures Credit Manager Financial Planning Tax Manager Financial Accounting Cost Accounting Data Processing The Financial Manager To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions. Cash flow from firm (C) The Firm and the Financial Markets Taxes (D) Firm Government Firm issues securities (A) Retained cash flows (F) Invests in assets (B) Dividends and debt payments (E) Current assets Fixed assets Financial markets Shortterm debt Longterm debt Equity shares Ultimately, the firm must be a cash generating activity. The cash flows from the firm must exceed the cash flows from the financial markets. Corporate Securities as Contingent Claims on Total Firm Value ? 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
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