【正文】 ssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders’ EquityCurrent LiabilitiesLongTerm DebtTotal Firm Value to Investors:8Current AssetsFixed Assets1 Tangible2 IntangibleShareholders’ EquityCurrent LiabilitiesLongTerm DebtWhat longterm investments should the firm engage in?The Capital Budgeting Decision（ 資本預算 ）The BalanceSheet Model of the Firm9How can the firm raise the money for the required investments?The Capital Structure Decision（ 資本結構 ）Current AssetsFixed Assets1 Tangible2 IntangibleShareholders’ EquityCurrent LiabilitiesLongTerm DebtThe BalanceSheet Model of the Firm10Capital StructureThe value of the firm can be thought of as a pie.（ 公司價值可以被假定為一個餡餅 ）The goal of the manager is to increase the size of the pie.（ 管理者的目標就是做大餡餅 ）The Capital Structure decision can be viewed as how best to slice up the pie. （ 資本結構決策就是如何最好地切分餡餅 ）If how you slice the pie affects the size of the pie, then the capital structure decision matters.50% Debt50% Equity25% Debt75% 70% 30% Equity11How much shortterm cash flow does a pany need to pay its bills?The Net Working Capital Investment Decision （ 凈營運資金 ）Net Working CapitalShareholders’ EquityCurrent LiabilitiesLongTerm DebtCurrent AssetsFixed Assets1 Tangible2 IntangibleThe BalanceSheet Model of the Firm12Corporate Financial Decisions? Capital Budgeting (投資決策）– The process of planning and managing a firm39。●工作經歷工作經歷1991年年 8月月 1995年年 8月，武漢造船專用設備廠工作；月，武漢造船專用設備廠工作；1998年年 8月月 2023年年 4月，華中科技大學（華中理工大學）管理學院工作，月，華中科技大學（華中理工大學）管理學院工作， 期間，期間， 2023 年年 10月至月至 2023年年 3月在日本東京工業(yè)大學留學；月在日本東京工業(yè)大學留學；2023年年 5月起，在武漢大學經濟與管理學院工作。●教育背景教育背景1991年年 7月畢業(yè)于中國人民大學工業(yè)經濟系，經濟學學士；月畢業(yè)于中國人民大學工業(yè)經濟系，經濟學學士；1998年年 7月畢業(yè)于廈門大學財政金融系，經濟學碩士；月畢業(yè)于廈門大學財政金融系，經濟學碩士；2023年年 3月畢業(yè)于東京工業(yè)大學經營工學專攻，工學博士。公司金融 武漢大學經濟與管理學院1 羅琦，羅琦， 1969年年 11月生，湖北松滋人。月生，湖北松滋人。月畢業(yè)于東京工業(yè)大學經營工學專攻，工學博士。月起，在武漢大學經濟與管理學院工作。s investments in fixed assets. It is concerned with the size, timing, and riskiness of cash flows.? Financing Decision （融資決策）– The mix of debt and equity used by a firm. – What are the least expensive sources of funds? – Is there a best mix?– When and where to raise funds?? Working Capital Management （營運資金管理）– Managing shortterm assets and liabilities.– How much cash and inventory to keep around? – What is our credit policy? – Where will we obtain shortterm loans?13Cash Flows between Firms and MarketsThe book value of the firmThe market value of the firmFirm’s Investment(B)Current assetsFixed assetsFinancial MarketsCurrent liabilitiesLongterm liabilitiesEquityThe government (D)Firm issues securities (A)Retained CF(E)TaxesFirm’s cash flow(C)Dividends and interests(F)=?14Cash Flows between Firms and Markets? Market value of the firm ≠ Book value of the firm because of growth assets.? In what situation will the firm create values for the investors?FA15公司金融 ? Corporate Finance 譯作公司金融、公司理財、公司財務，內容包括資金籌集、資本預算、資本結構、稅收、資本成本、股利政策、公司并購和公司治理等問題。16二、企業(yè)的組織形式–業(yè)主制 Proprietorship–合伙制