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【正文】 r 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 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
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