某公司財(cái)務(wù)管理課件(文件)
【正文】 that remains after the debtholders are paid. ? If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing. Debt and Equity as Contingent Claims $F $F Payoff to debt holders Value of the firm (X) Debt holders are promised $F. If the value of the firm is less than $F, they get the whatever the firm if worth. If the value of the firm is more than $F, debt holders get a maximum of $F. $F Payoff to shareholders Value of the firm (X) If the value of the firm is less than $F, share holders get nothing. If the value of the firm is more than $F, share holders get everything above $F. Algebraically, the bondholder’s claim is: Min[$F,$X] Algebraically, the shareholder’s claim is: Max[0,$X – $F] Combined Payoffs to Debt and Equity $F $F Combined Payoffs to debt holders and shareholders Value of the firm (X) Debt holders are promised $F. Payoff to debt holders Payoff to shareholders If the value of the firm is less than $F, the shareholder’s claim is: Max[0,$X – $F] = $0 and the debt holder’s claim is Min[$F,$X] = $X. The sum of these is = $X If the value of the firm is more than $F, the shareholder’s claim is: Max[0,$X – $F] = $X – $F and the debt holder’s claim is: Min[$F,$X] = $F. The sum of these is = $X Separation of Ownership and Control Board of Directors Management Assets Debt Equity Shareholders Debtholders Financial Markets ? Primary Market ? When a corporation issues securities, cash flows from investors to the firm. ? Usually an underwriter is involved ? Secondary Markets ? Involve the sale of “used” securities from one investor to another. ? Securities may be exchange traded or trade overthecounter in a dealer market. Financial Markets Firms Investors Secondary Market money securities B A Stocks and Bonds Money Primary Market 什么是財(cái)務(wù)管理 ? ?在一定的整體目標(biāo)下 ,關(guān)于資產(chǎn) 的購(gòu)置、融資和管理 ?如何創(chuàng)造經(jīng)濟(jì)價(jià)值的管理 投資決策 ? 什么是最優(yōu)的公司規(guī)模 ? ? 需要哪些特定的資產(chǎn) ? ? 哪些資產(chǎn)應(yīng)該減少或退出 ? 在三個(gè)主要決策中，投資決策最重要 融資決策 ? 什么是最好的融資形式 ? ? 什么是最好的融資組合 ? ? 什么是最佳的紅利政策 ? 確定資產(chǎn)負(fù)債表左邊的各項(xiàng)目如何獲得（資產(chǎn)負(fù)債表右邊）融資？ 內(nèi)部融資和外部融資 ? 內(nèi)部融資 ? 所占比重因國(guó)家不同而不同 ? 初創(chuàng)階段的企業(yè)內(nèi)部融資難 主要發(fā)達(dá)國(guó)家企業(yè)資金來(lái)源 主要發(fā)達(dá)國(guó)家企業(yè)資金來(lái)源
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