【正文】
three questions: 1. What longterm investments should the firm choose? 2. How should the firm raise funds for the selected investments? 3. How should shortterm assets be managed and financed? 14 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: 15 The Capital Budgeting Decision Current Assets Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity Current Liabilities LongTerm Debt What longterm investments should the firm choose? 16 The Capital Structure 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 17 ShortTerm Asset Management How should shortterm assets be managed and financed? Net Working Capital Shareholders’ Equity Current Liabilities LongTerm Debt