英文版公司理財課件cha(1)(參考版)
2025-05-16 14:02本頁面
【正文】 (4a) cash reinvested。 (2) cash invested in the firm’s operations and used to purchase real assets。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 Intangible Shareholders’ Equity Current Liabilities LongTerm Debt What longterm investments should the firm choose? 11 ? If a project’s value is greater than its required investment, then the project is attractive financially ? The financial manager helps the firm to invest in projects that are worth more than they cost. 12 The Financing Decision ? Financing decision: the form and amount of financing of a firm’s investment Issue shares of stock borrow from a bank 13 The Financing Decision How should the firm raise funds for the selected investments? Current Assets Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity Current Liabilities LongTerm Debt 14 ? The choice between debt and equity financing is often called the capital structure decision ? Here “capital” refers to the firm’s sources of longterm financing. ? A firm that is seeking to raise longterm financing is said to be “raising capital.” 15 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 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 16 ShortTerm Asset Management How should shortterm assets be managed and financed? Net Working Capital Shareholders’ Equity Current Liabilities LongTerm Debt Current Assets Fixed As
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