公司財(cái)務(wù)管理的功能(參考版)
2025-01-14 20:50本頁(yè)面
【正文】 年初 年末 10% 1000 1100 資本成本 ? 例子：假設(shè)一個(gè)項(xiàng)目投資了 50%的權(quán)益資本和 50%的債務(wù)資本，再假設(shè)該項(xiàng)目的預(yù)期權(quán)益資本的成本是 16%，債務(wù)資本的成本是 10%，所得稅率為 40%，則項(xiàng)目的 WACC（加權(quán)平均資本成本）等于11%。 價(jià)值來(lái)源 ? 長(zhǎng)期優(yōu)勢(shì) ? 短期優(yōu)勢(shì) 基本財(cái)務(wù)原理 ? 一項(xiàng)經(jīng)營(yíng)計(jì)劃 —例如一項(xiàng)新的投資，收購(gòu)另一家公司或重新制定一想計(jì)劃 —只有在其預(yù)期產(chǎn)生的未來(lái)凈現(xiàn)金收益的現(xiàn)值超過(guò)實(shí)施這項(xiàng)計(jì)劃的初始現(xiàn)金支出時(shí)，才會(huì)增加公司的價(jià)值。在我們這個(gè)社會(huì)里，不管你愿意不愿意，都必須使股東滿意。這不容易。募集資金用途： 收購(gòu)上海嘉釀 75%外方股權(quán) 收購(gòu)五星公司 %外方投資者股權(quán)和三環(huán)公司 54%外方投資者股權(quán) 青島啤酒二廠純生啤酒生產(chǎn)線技術(shù)改造 西安公司年產(chǎn) 5萬(wàn)噸純生啤酒生產(chǎn)線技術(shù)改造 馬鞍山年產(chǎn) 10萬(wàn)噸啤酒一期技改項(xiàng)目 珠海公司年產(chǎn) 15萬(wàn)噸一期 10萬(wàn)噸技改項(xiàng)目 .58 三水公司年產(chǎn) 20萬(wàn)噸啤酒一期 15萬(wàn)噸技改項(xiàng)目 公司電子銷售網(wǎng)絡(luò)建設(shè)項(xiàng)目 青島啤酒擴(kuò)張 ? 債務(wù)結(jié)構(gòu)的變化： 2023年負(fù)債額 ，流動(dòng)負(fù)債占總負(fù)債的81％，而 2023年中期的負(fù)債額 49億元，流動(dòng)負(fù)債所占的比例已升至 96％， ? 公司近幾年的凈資產(chǎn)收益率 1999年至 2023年分別為 ％、 ％和 ％ . 創(chuàng)造價(jià)值：財(cái)務(wù)管理的目標(biāo) What is Corporate Finance? Corporate Finance addresses the following three questions: 1. What longterm investments should the firm engage in? 2. How can the firm raise the money for the required investments? 3. How much shortterm cash flow does a pany need to pay its bills? The BalanceSheet 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: The BalanceSheet Model of the Firm Current Assets Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity Current Liabilities LongTerm Debt What longterm investments should the firm engage in? The Capital Budgeting Decision 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 c
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