第01章公司價(jià)值最大化(文件)
【正文】 BalanceSheet Model of the FirmCapital StructureThe value of the firm can be thought of as a pie.（ 公司價(jià)值可以被假定為一個(gè)餡餅 ）The goal of the manager is to increase the size of the pie.（ 管理者的目標(biāo)就是做大餡餅 ）The Capital Structure decision can be viewed as how best to slice up the pie. （ 資本結(jié)構(gòu)決策就是如何最好地切分餡餅 ）If how you slice the pie affects the size of the pie, then the capital structure decision matters.50% Debt50% Equity25% Debt75% 70% 30% Equity資本配置方式的轉(zhuǎn)變? 資本市場發(fā)展– 《 中國資本市場發(fā)展報(bào)告 》? 資源配置渠道– 財(cái)政資金、銀行信貸、 資本市場 、民間資本? 直接融資與間接融資的比較– 賄賂– 技術(shù)創(chuàng)新How much shortterm cash flow does a pany need to pay its bills?The Net Working Capital Investment Decision （ 凈營運(yùn)資金 ）Net Working CapitalShareholders’ EquityCurrent LiabilitiesLongTerm DebtCurrent AssetsFixed Assets1 Tangible2 IntangibleThe BalanceSheet Model of the Firm營運(yùn)資金的投融資決策? 營運(yùn)資金的占用–現(xiàn)金、應(yīng)收賬款、存貨? 營運(yùn)資金的來源–自發(fā)性融資–協(xié)議性融資三、對公司金融的界定? Capital Budgeting (投資決策）– The process of planning and managing a firm39。s Equity 20X2 20X1Current assets: Current Liabilities: Cash and equivalents $140 $107 Accounts payable $213 $197 Accounts receivable 294 270 Notes payable 50 53 Inventories 269 280 Accrued expenses 223 205 Other 58 50 Total current liabilities $486 $455 Total current assets $761 $707Longterm liabilities:Fixed assets: Deferred taxes $117 $104 Property, plant, and equipment $1,423 $1,274 Longterm debt 471 458 Less accumulated depreciation 550 460 Total longterm liabilities $588 $562 Net property, plant, and equipment 873 814 Intangible assets and other 245 221 Stockholder39。附注中指出， 該公司 20X2年償還到期債務(wù) 73，發(fā)行新債 86。資產(chǎn)負(fù)債表分析要注意的三個(gè)問題1） Accounting liquidity2） Debt versus equity3） Value versus costThe Ine Statement （ 損益表 ）? 損益表又稱利潤表，用于反映企業(yè)在一個(gè)特定時(shí)期（如一年）內(nèi)的業(yè)績。 .? 現(xiàn)金流量表的三個(gè)組成部分：– Cash flow from operating activities（經(jīng)營現(xiàn)金流）– Cash flow from investing activities（投資現(xiàn)金流）– Cash flow from financing activities（籌資現(xiàn)金流）美國聯(lián)合公司現(xiàn)金流量表經(jīng)營現(xiàn)金流經(jīng)營活動凈利潤折舊遞延稅款非現(xiàn)金營運(yùn)資金變化額應(yīng)收賬款存貨應(yīng)付賬款應(yīng)計(jì)費(fèi)用應(yīng)付票據(jù)其他項(xiàng)目經(jīng)營現(xiàn)金流合計(jì)$869013(24)111618(3)$199(8)固定資產(chǎn)投資支出處置固定資產(chǎn)投資現(xiàn)金流合計(jì)$(198)25$(173)投資活動籌資活動償還到期債務(wù)發(fā)行長期債務(wù)支付股利股票回購新股發(fā)行籌資現(xiàn)金流合計(jì)$(73)86(43)43$7(6)現(xiàn)金余額變化 (資產(chǎn)負(fù)債表上） $33+ 投資現(xiàn)金流+ 籌資現(xiàn)金流= 現(xiàn)金余額變化二、財(cái)務(wù)現(xiàn)金流? 與資產(chǎn) ≡ 負(fù)債 +股東權(quán)益相對應(yīng)，由企業(yè)資產(chǎn)所產(chǎn)生的現(xiàn)金流量也一定等于負(fù)債的現(xiàn)金流量加上股東權(quán)益的現(xiàn)金流量。企業(yè)現(xiàn)金流量經(jīng)營現(xiàn)金流 (息稅前利潤 加折舊減稅 )資本性支出 (固定資產(chǎn)的取得 減固定資產(chǎn)的處置 )凈營運(yùn)資金的增加 合計(jì)企業(yè)流向投資者的現(xiàn)金流量債務(wù) (利息加到期本金 減長期債務(wù)融資 )權(quán)益 (股利加股票回購 減權(quán)益融資 ) 合計(jì)美國聯(lián)合公司的財(cái)務(wù)現(xiàn)金流(in $ millions)20X2Financial Cash Flow. COMPOSITE CORPORATION$238Cash Flow to CreditorsInterest $49Retirement of debt 73Debt service 122Proceeds from new debt sales (86)Total 36(173)(23)$42$366$42企業(yè)現(xiàn)金流量經(jīng)營現(xiàn)金流 (息稅前利潤 加折舊減稅 )資本性支出 (固定資產(chǎn)的取得 減固定資產(chǎn)的處置 )凈營運(yùn)資金的增加 合計(jì)企業(yè)流向投資者的現(xiàn)金流量債務(wù) (利息加到期本金 減長期債務(wù)融資 )權(quán)益 (股利加股票回購 減權(quán)益融資 ) 合計(jì)美國聯(lián)合公司的財(cái)務(wù)現(xiàn)金流(in $ millions)20X2Financial Cash Flow. COMPOSITE CORPORATION$238Cash Flow to StockholdersDividends $43Repurchase of stock 6Cash to Stockholders 49Proceeds from new stock issue (43)Total $6(173)(23)$42$366$42企業(yè)現(xiàn)金流量經(jīng)營現(xiàn)金流 (息稅前利潤 加折舊減稅 )資本性支出
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