公司理财本科班第一讲IntroductionToCorporateFinancenew课件

公司理财CorporateFinance授课教师：张群姿Email:qunzi.zhang@公司理财CorporateFinance1Thebigpicture…FinanceFourmajortopicsinFinance(StephenA.Ross)：EfficientMarket(FamaandFrench1972)ReturnandRisk(PortfolioTheory,Markowitz,1952;CAPM,Sharpe,1962)OptionPricingTheory(Black,ScholesandMerton1973)CorporateFinance(Modigliani–MillerTheorem,1958,AmericanEconomicReview)Thebigpicture…Finance2CourseDescriptionAnintroductorycourseprovidesanoverviewofcorporatefinance.Itemphasizesanintuitive,logicallyrigorousunderstandingofthetheoryandpracticeofcorporatefinance.Topicscoveredinclude:valuationtheory,corporateriskmanagement,capitalbudgeting,financingdecisionsandfinancialmarketefficiency,dividendpolicy,etc.CourseDescriptionAnintroduct3RequirementsAttendance:Analert,inquisitivepresenceineachandeveryclassismandatory.Attendanceinseminarsessionsisstronglyadvisedbutnotrequired.ReadingsandAssignments:Studentswillbeexpectedtoreadtheassignedreadingsafterclass.Problemsetswillbeassignedthroughoutthecoursetoillustrateandreinforcetheconceptspresentedinclassaswellasinpreparationofthecasediscussionstofollow.Exam:100%*FinalExamRequirementsAttendance:Anale4MaterialsTextbook:

PrinciplesofCorporateFinance,

10thEdition,byRichardA.Brealey,StewartC.MyersandFranklinAllen.Otherrecommended(butnotrequired)Financetexts:CorporateFinance,7thedition,StephenRoss,JeffreyJaffe,andRandolphWesterfield,2005.MaterialsTextbook:5Textbook中文版EnglishVersionTextbook中文版EnglishVersion6Materials(contd.)Materials(contd.)7CoursePlanWeekPartofTextbookMajorTopics1Ch1Introduction2Ch2and3PresentValueandBondValuation3Ch3，4and5Bond,StockValuationandIntroductionofInvestmentRules4Ch5and6ApplicationofInvestmentRules5Ch7-9AssetPricinginCorporateFinance(WACC)6Ch10ProjectAnalysis7Ch13-15FinancingDecisions(IPO)8IPOinChina9Part5(Part7)PayoutpolicyandCapitalStructure10Part10MergersandAcquisitions11-12Part11InternationalCorporateManagement,ReviewProcessCoursePlanWeekPartofTextboo8Chapter1IntroductionCorporateFinanceChapter1IntroductionCorporat9公司的三种组织形式单一业主制(IndividualProprietor)合伙制(Partnership)公司制(Corporate)公司的三种组织形式单一业主制(IndividualPro10单一业主与合伙制优势组成容易较简单的管理不用承担公司税劣势融资难无限责任有限的生命力单一业主与合伙制优势11公司制优势持续经营有限责任股权转让有利于融资劣势双重课税设立和维持的成本公司制优势12Chapter1:IntroductiontoCorporateFinanceCorporateinvestmentandfinancingdecisionsTheroleofthefinancialmanagerandtheopportunitycostofcapitalGoalsofthecorporationAgencyproblemsandcorporategovernanceChapter1:IntroductiontoCor131-1CorporateInvestmentandFinancingDecisionsRealAssetsUsedtoproducegoodsandservicesFinancialAssets/SecuritiesFinancialclaimsonincomegeneratedbyfirm’srealassetsCapitalBudgeting/CapitalExpenditure(CAPEX)Decisiontoinvestintangibleorintangibleassets1-1CorporateInvestmentandF141-1CorporateInvestmentandFinancingDecisionsInvestmentDecisionPurchaseofrealassetsFinancingDecisionSaleoffinancialassetsCapitalStructureChoicebetweendebtandequityfinancing1-1CorporateInvestmentandF151-1CorporateInvestmentandFinancingDecisionsCapitalBudgetingExamplesTangibleAssetsi.e.Expandingstores，buyingnewmachineIntangibleAssetsi.e.Researchanddevelopmentfornewdrug,Patent,marketingteam1-1CorporateInvestmentandF16Table1.1RecentInvestment/FinancingDecisionsCompanyRecentInvestmentDecisionsRecentFinancingDecisionsLVMH(France)LVMHacquirestheItalianJeweler,Bulgari,for$5billion.Paysfortheacquisitionwithamixtureofcashandshares.Procter&Gamble(U.S.)Spends$8billiononadvertising.Raises100billionJapaneseyenbyanissueof5-yearbonds.奇虎360Qihoo360TechnologyNSYE2015年2月4日，奇虎360公司斥巨资收购国际顶级域名360.com，收购价格为1700万美元，约合人民币1.1亿元。2015年2月完成了2亿美元的股票回购计划。AlibabaGroup2015年10月16日，阿里巴巴出资45亿美金收购优酷土豆。2014年5月完成了优酷土豆18.3%的股票收购。收购预计会于2016年第一季度完成。现金收购。Table1.1RecentInvestment/F171-1CorporateInvestmentandFinancingDecisionsWhatIsaCorporation?Legalentity,ownedbyshareholdersCanmakecontracts,carryonbusiness,borrow,lend,sue,andbesuedShareholdershavelimitedliabilityandcannotbeheldpersonallyresponsibleforcorporation’sdebts1-1CorporateInvestmentandF18Figure1.1CashFlowbetweenFinancialMarketsandFirm’sOperationsFinancialmanagerFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(1)(2)Cashinvestedinfirm(2)(3)Cashgeneratedbyoperations(3)(4a)Cashreinvested(4a)(4b)Cashreturnedtoinvestors(4b)Figure1.1CashFlowbetweenF191-2TheFinancialGoaloftheCorporationStockholdersWantThreeThingsTomaximizecurrentwealthTotransformwealthintomostdesirabletimepatternofconsumptionTomanageriskcharacteristicsofchosenconsumptionplan1-2TheFinancialGoalofthe201-2TheFinancialGoaloftheCorporationProfitMaximizationNotawell-definedfinancialobjectiveWhichyear’sprofits?Shareholderswillnotwelcomehighershort-termprofitsiflong-termprofitsaredamagedCompanymayincreasefutureprofitsbycuttingyear’sdividend,investingfreed-upcashinfirmNotinshareholders’bestinterestifcompanyearnslessthanopportunitycostofcapital1-2TheFinancialGoalofthe211-2TheFinancialGoaloftheCorporationTheInvestmentTrade-offHurdleRate/CostofCapitalMinimumacceptablerateofreturnoninvestmentOpportunityCostofCapitalInvestinginaprojecteliminatesotheropportunitiestouseinvestedcash1-2TheFinancialGoalofthe22Figure1.2TheInvestmentTrade-offFigure1.2TheInvestmentTrad231-2TheFinancialGoaloftheCorporationShareholdersdesirewealthmaximizationManagershavemanyconstituencies,“stakeholders”“AgencyProblems”representtheconflictofinterestbetweenmanagementandowners1-2TheFinancialGoalofthe241-2TheFinancialGoaloftheCorporationAgencyProblemsManagers,actingasagentsforstockholders,mayactintheirowninterestsratherthanmaximizingvalueStakeholderAnyonewithafinancialinterestinthefirm1-2TheFinancialGoalofthe25AgencyProblems—OwnershipversusManagement(Managersvs.stockholders)DifferenceinInformationProjectinvestmentStockreturnandriskDifferentObjectivesJobSecurityAnnualbonusvsdividends1-261-2TheFinancialGoaloftheCorporationAgencyProblems—Ownershipvers261-2TheFinancialGoaloftheCorporationAgencycostsareincurredwhen:ManagersdonotattempttomaximizefirmvalueShareholdersincurcoststomonitormanagersandconstraintheiractions1-2TheFinancialGoalofthe271-2TheFinancialGoaloftheCorporationToolstoEnsureManagementPaysAttentiontotheValueoftheFirmManager’sactionssubjecttothescrutinyofboardofdirectorsFinancialincentivesprovided,suchasstockoptionsJobsecurityPressuretobeacquired1-2TheFinancialGoalofthe28Otherreferences（1stclassstoppedhere）Allen,Franklin,JamesMcAndrews,andPhilipStrahan.“E-Finance:AnIntroduction”WorkingPaper01-36,FinancialInstitutionsCenter,TheWhartonSchool,UniversityofPennsylvania.October2001.Core,J.E.,W.R.Guay,andD.F.Larcker.“ExecutiveEquityCompensationandIncentives:ASurvey,”FederalReserveBankofNewYorkEconomicPolicyReview,9(April2003),pp.27-50.Gompers,P.A.,J.L.Ishii,andA.Metrick.“CorporateGovernanceandEquityPrices”QuarterlyJournalofEconomics,118(1),February2003,pp.107-155.L.Guiso,L.Zingales,andP.Sapienza,“TrustingtheStockMarket,”JournalofFinance63(December2008),pp.2557–600.Mackie-Mason,J.K.,andR.H.Gordon.“HowMuchDoTaxesDiscourageIncorporation?”JournalofFinance,(June1997).Rappaport,A.“Newthinkingonhowtolinkexecutivepaywithperformance.”HarvardBusinessReview,March-April1999,91-104.Otherreferences（1stclassst29Chapter2PresentValuesCorporateFinanceChapter2PresentValuesCorpor30Chapter2Howtocalculatepresentvalues

FuturevaluesandpresentvaluesPerpetuitiesandannuitiesGrowingperpetuitiesandannuitiesHowInterestIsPaidandQuotedChapter2Howtocalculatepre312-1FutureValuesandpresentvaluesCalculatingFutureValuesFutureValueAmounttowhichinvestmentwillgrowafterearninginterestPresentValueValuetodayoffuturecashflow2-1FutureValuesandpresent322-1FutureValuesandpresentvaluesFutureValueof$100=Example:FVWhatisthefuturevalueof$100ifinterestiscompoundedannuallyatarateof7%fortwoyears?2-1FutureValuesandpresent33Figure2.1FutureValueswithcompoundingFigure2.1FutureValueswith342-1FutureValuesandpresentvalues2-1FutureValuesandpresent352-1FutureValuesandpresentvaluesDiscountfactor=DF=PVof$1Discountfactorscanbeusedtocomputepresentvalueofanycashflow

2-1FutureValuesandpresent362-1FutureValuesandpresentvaluesGivenanyvariablesintheequation,onecansolvefortheremainingvariablePriorexamplecanbereversed2-1FutureValuesandpresent37Figure2.2PresentValueswithcompoundingFigure2.2PresentValueswith382-1FutureValuesandpresentvaluesValuinganOfficeBuildingStep1:ForecastCashFlowsCostofbuilding=C0=$700,000Salepriceinyear1=C1=$800,000Step2:EstimateOpportunityCostofCapitalIfequallyriskyinvestmentsinthecapitalmarketofferareturnof7%,thencostofcapital=r=7%2-1FutureValuesandpresent392-1FutureValuesandpresentvaluesValuinganOfficeBuildingStep3:DiscountfuturecashflowsStep4:GoaheadifPVofpayoffexceedsinvestment2-1FutureValuesandpresent402-1FutureValuesandpresentvaluesNetPresentValue2-1FutureValuesandpresent412-1FutureValuesandpresentvaluesRiskandPresentValueHigherriskprojectsrequireahigherrateofreturnHigherrequiredratesofreturncauselowerPVs2-1FutureValuesandpresent422-1FutureValuesandpresentvaluesRiskandNetPresentValue2-1FutureValuesandpresent432-1FutureValuesandpresentvaluesNetPresentValueRuleAcceptinvestmentsthathavepositivenetpresentvalueUsingtheoriginalexample:Shouldoneaccepttheprojectgivena10%expectedreturn?2-1FutureValuesandpresent442-1FutureValuesandpresentvaluesRateofReturnRuleAcceptinvestmentsthatofferratesofreturninexcessoftheiropportunitycostofcapitalIntheprojectlistedbelow,theopportunitycostofcapitalis12%.Istheprojectawiseinvestment?2-1FutureValuesandpresent452-1FutureValuesandpresentvaluesMultipleCashFlowsDiscountedCashFlow(DCF)formula:2-1FutureValuesandpresent46Figure2.5NetPresentValuesFigure2.5NetPresentValues472-2PerpetuitiesandannuitiesPerpetuityFinancialconceptinwhichcashflowistheoreticallyreceivedforever2-2Perpetuitiesandannuities482-2PerpetuitiesandannuitiesPerpetuity2-2Perpetuitiesandannuities492-2PerpetuitiesandannuitiesPresentValueofPerpetuitiesWhatisthepresentvalueof$1billioneveryyear,foreternity,iftheperpetualdiscountrateis10%?2-2Perpetuitiesandannuities502-2PerpetuitiesandannuitiesPresentValueofPerpetuitiesWhatiftheinvestmentdoesnotstartmakingmoneyfor3years?2-2Perpetuitiesandannuities512-2PerpetuitiesandannuitiesAnnuityAssetthatpaysfixedsumeachyearforspecifiednumberofyearsPerpetuity(firstpaymentinyear1)Perpetuity(firstpaymentinyeart+1)Annuityfromyear1toyeartAssetYearofPayment12…..tt+1PresentValue2-2Perpetuitiesandannuities522-2PerpetuitiesandannuitiesExample:TiburonAutosofferspaymentsof$5,000peryear,attheendofeachyearfor5years.Ifinterestratesare7%,peryear,whatisthecostofthecar?2-2Perpetuitiesandannuities532-2Perpetuitiesandannuities2-2Perpetuitiesandannuities542-2PerpetuitiesandannuitiesAnnuityExample:Thestatelotteryadvertisesajackpotprizeof$365million,paidin30yearlyinstallmentsof$12.167million,attheendofeachyear.Findthetruevalueofthelotteryprizeifinterestratesare6%.2-2Perpetuitiesandannuities552-2PerpetuitiesandannuitiesFutureValueofanAnnuity2-2Perpetuitiesandannuities562-2PerpetuitiesandannuitiesFutureValueofanAnnuityWhatisthefuturevalueof$20,000paidattheendofeachofthefollowing5years,assuminginvestmentreturnsof8%peryear?2-2Perpetuitiesandannuities572-3GrowingperpetuitiesandannuitiesConstantGrowthPerpetuityThisformulacanbeusedtovalueaperpetuityatanypointintimeg=theannualgrowthrateofthecashflow2-3Growingperpetuitiesanda582-3GrowingperpetuitiesandannuitiesConstantGrowthPerpetuityWhatisthepresentvalueof$1billionpaidattheendofeveryyearinperpetuity,assumingarateofreturnof10%andconstantgrowthrateof4%?2-3Growingperpetuitiesanda592-3GrowingperpetuitiesandannuitiesGrowingAnnuitiesGolfclubmembershipis$5,000for1year,or$12,750forthreeyears.Findthebetterdealgivenpaymentdueattheendoftheyearand6%expectedannualpriceincrease,discountrate10%.

2-3Growingperpetuitiesanda602-4HowInterestisPaidandQuotedEffectiveAnnualInterestRate(EAR)InterestrateannualizedusingcompoundinterestAnnualPercentageRate(APR)Interestrateannualizedusingsimpleinterest2-4HowInterestisPaidandQ612-4HowInterestisPaidandoutlaidGivenamonthlyrateof1%,whatisthe(EAR)?Whatisthe(APR)?2-4HowInterestisPaidando62Chapter3ValuingbondsCorporateFinanceChapter3ValuingbondsCorpora63Chapter3ValuingBonds

Usingpresent-valueformulastovaluebondsHowbondpricesvarywithinterestratesExplainingthetermstructureRealandnominalratesofinterestCorporatebondsandtheriskofdefaultChapter3ValuingBonds

Using643-1Usingthepresentvalueformulatovaluebonds3-1Usingthepresentvaluefo65ExampleTodayisOctober1,2010;whatisthevalueofthefollowingbond?AnIBMbondpays$115everySeptember30forfiveyears.InSeptember2015itpaysanadditional$1,000andretiresthebond.ThebondisratedAAA(WSJAAAYTMis7.5%).3-1UsingthepresentvalueformulatovaluebondsExample3-1Usingthepresentv66Example:FranceInOctober2011youpurchase100eurosofbondsinFrancewhichpaya5%couponeveryyear.Ifthebondmaturesin2016andtheYTMis2.4%,whatisthevalueofthebond?3-1UsingthepresentvalueformulatovaluebondsExample:France3-1Usingthep67AnotherExample:JapanInJuly2010youpurchase200yenofbondsinJapanwhichpayan8%couponeveryyear.Ifthebondmaturesin2015andtheYTMis4.5%,whatisthevalueofthebond?3-1UsingthepresentvalueformulatovaluebondsAnotherExample:Japan3-1Usin68Example:USAInFebruary2012youpurchaseathree-yearU.S.governmentbond.Thebondhasanannualcouponrateof11.25%,paidsemiannually.Ifinvestorsdemanda0.085%semiannualreturn,whatisthepriceofthebond?3-1UsingthepresentvalueformulatovaluebondsExample:USA3-1Usingthepres693-2howbondpricesvarywithinterestratesExample,Continued:USATakethesamethree-yearU.S.governmentbond.Ifinvestorsdemanda4.0%semiannualreturn,whatisthenewpriceofthebond?3-2howbondpricesvarywith70Figure3.1Interestrateon10-yeartreasuriesYield,%YearFigure3.1Interestrateon1071Interestrate,%3-2howbondpricesvarywithinterestrates

BondpriceInterestrate,%3-2howbondp72Figure3.2MaturityandPricesWheninterestrate=11.25%coupon,bothbondssellforfacevalueBondpriceInterestrate,%Figure3.2MaturityandPrices733-2howbondpricesvarywithinterestrates3-2howbondpricesvarywith743-2DurationcalculationYearPaymentCtPV(Ct)at4.0%FractionofTotalValue[PV(Ct)/V]Year×fractionoftotalvalue[t×PV(Ct)/PV]1$90$86.540.06660.066629083.210.06400.128039080.010.06150.184649076.930.05920.236759073.970.05690.284569071.130.05470.328371090828.310.63714.4598PV=$1300.10Total=duration=5.603-2DurationcalculationYearPa753-2Duration&BondPricesInterestrate,%Bondprice,%3-2Duration&BondPricesInte763-3

termstructureofInterestRatesShort-andlong-termratesarenotalwaysparallelSeptember1992–April2000:U.S.short-termratesrosesharplywhilelong-termratesdeclined3-3termstructureofInterest77SummarizeSummarize78公司理财CorporateFinance授课教师：张群姿Email:qunzi.zhang@公司理财CorporateFinance79CoursePlanWeekPartofTextbookMajorTopics1Ch1Introduction2Ch2and3PresentValueandBondValuation3Ch3，4and5Bond,StockValuationandIntroductionofInvestmentRules4Ch5and6ApplicationofInvestmentRules(EVA&WACC)5Ch7-9AssetPricinginCorporateFinance6Ch10ProjectAnalysis7Ch13-15FinancingDecisions(IPO)8IPOinChina9Part5(Part7)PayoutpolicyandCapitalStructure10Part10MergersandAcquisitions11-12Part11InternationalCorporateManagement,ReviewProcessCoursePlanWeekPartofTextboo80第三章债券债券定价（现值公式）债券价格和利息的关系解释利率的期限结构实际利率和名义利率公司债券和违约风险第三章债券813.利率的期限结构

(Termstructureofinterestrates)预期理论（ExpectationsTheory）市场分割理论（MarketSegmentationTheory）YTM(r)Year19811987（正常年份）1976151020303.利率的期限结构

(Termstructureof82解释利率的期限结构预期理论（ExpectationsTheory）2-Year1-Year1-Year12%5%7%解释利率的期限结构预期理论（ExpectationsTh83解释利率的期限结构市场分割理论（MarketSegmentationTheory）Investment商业银行、非金融机构和货币市场基金人寿保险公司、养老基金短期债券长期债券长短期债券投资组合解释利率的期限结构市场分割理论（MarketSegmen844.债券利息实际利率和名义利率

（IrvingFisher）:实际利率是指剔除通货膨胀率后储户或投资者得到利息回报的真实利率，由供给和需求决定。名义利率是指是央行或其它提供资金借贷的机构所公布的未调整通货膨胀因素的利率，即利息（报酬）的货币额与本金的货币额的比率。名义利率=实际利率

+预期通货膨胀率SupplyDemand$QtyrRealr4.债券利息实际利率和名义利率（IrvingFishe85中国实际利率2015年1月份，我国CPI同比增长为0.8%，而其时1年期定期存款利率为2.75%，以传统算法（1年定存-CPI）计算的实际利率为1.95%，较2014年12月上升0.7。数据来源:Wind资讯中国实际利率2015年1月份，我国CPI同比增长为0.8%，美国年度通货膨胀率（1900-2011）美国年度通货膨胀率（1900-2011）875.公司债券和违约风险违约风险：公司（债务人）无法按时支付承诺的数额给债权人。公司实际支付的额度永远低于承诺的额度。最坏的情况下，债权人甚至会损失本金。风险评级：在美国，债券的安全性评级一般由穆迪，标普和惠誉三家公司给出。在中国主要的评级机构有大公国际，联合资信评估有限公司，中诚信国际（穆迪参股49%），联合资信（惠誉参股49%）。5.公司债券和违约风险违约风险：88债券评级穆迪Moody's标普和惠誉Standard&Poor'sandFitchInvestment

gradebonds（投资债券）AaaAAAAaAAAABaaBBBJunkbonds（垃圾债券或投机债券）BaBBBBCaaCCCCaCCCC债券评级穆迪Moody's标普和惠誉Investment89债券价格和公司债券收益率

（2011年1月）

发行方

息票

期限

S&P评级

价格,占票面价值%

到期收益率

Johnson&Johnson

5.15%2017AAA

122.88%

1.27%Walmart5.382017AA117.991.74

WaltDisney5.882017A121.002.07

SuntrustBanks7.132017BBB109.764.04U.S.Steel6.052017BB

97.806.54

AmericanStores7.902017B

97.508.49

CaesarsEntertainment5.752017CCC

41.95

25.70债券价格和公司债券收益率（2011年1月）发行方息票90国债/主权违约的风险（Sovereigndefault）国债的风险一般低于公司债的风险宽松的货币政策可以减少债务价值。印钞还债主权违约可以产生灾难性的后果1982年拉丁美洲经济危机1998年俄罗斯金融危机2009年欧洲主权债务危机2011年美国债务上限危机（debtceiling）国债/主权违约的风险（Sovereigndefault）国91主权违约的风险欧债危机（EurozoneDebt）无法印钞去支持地方债务（欧盟个别国家，比如PIGS）资金控制由欧洲中央银行把控（EuropeanCentralBank）主权违约的风险欧债危机（EurozoneDebt）92Figure3.1Interestrateon10-yeartreasuriesYield,%YearFigure3.1Interestrateon1093公司理财CorporateFinance授课教师：张群姿Email:qunzi.zhang@公司理财CorporateFinance94Thebigpicture…FinanceFourmajortopicsinFinance(StephenA.Ross)：EfficientMarket(FamaandFrench1972)ReturnandRisk(PortfolioTheory,Markowitz,1952;CAPM,Sharpe,1962)OptionPricingTheory(Black,ScholesandMerton1973)CorporateFinance(Modigliani–MillerTheorem,1958,AmericanEconomicReview)Thebigpicture…Finance95CourseDescriptionAnintroductorycourseprovidesanoverviewofcorporatefinance.Itemphasizesanintuitive,logicallyrigorousunderstandingofthetheoryandpracticeofcorporatefinance.Topicscoveredinclude:valuationtheory,corporateriskmanagement,capitalbudgeting,financingdecisionsandfinancialmarketefficiency,dividendpolicy,etc.CourseDescriptionAnintroduct96RequirementsAttendance:Analert,inquisitivepresenceineachandeveryclassismandatory.Attendanceinseminarsessionsisstronglyadvisedbutnotrequired.ReadingsandAssignments:Studentswillbeexpectedtoreadtheassignedreadingsafterclass.Problemsetswillbeassignedthroughoutthecoursetoillustrateandreinforcetheconceptspresentedinclassaswellasinpreparationofthecasediscussionstofollow.Exam:100%*FinalExamRequirementsAttendance:Anale97MaterialsTextbook:

PrinciplesofCorporateFinance,

10thEdition,byRichardA.Brealey,StewartC.MyersandFranklinAllen.Otherrecommended(butnotrequired)Financetexts:CorporateFinance,7thedition,StephenRoss,JeffreyJaffe,andRandolphWesterfield,2005.MaterialsTextbook:98Textbook中文版EnglishVersionTextbook中文版EnglishVersion99Materials(contd.)Materials(contd.)100CoursePlanWeekPartofTextbookMajorTopics1Ch1Introduction2Ch2and3PresentValueandBondValuation3Ch3，4and5Bond,StockValuationandIntroductionofInvestmentRules4Ch5and6ApplicationofInvestmentRules5Ch7-9AssetPricinginCorporateFinance(WACC)6Ch10ProjectAnalysis7Ch13-15FinancingDecisions(IPO)8IPOinChina9Part5(Part7)PayoutpolicyandCapitalStructure10Part10MergersandAcquisitions11-12Part11InternationalCorporateManagement,ReviewProcessCoursePlanWeekPartofTextboo101Chapter1IntroductionCorporateFinanceChapter1IntroductionCorporat102公司的三种组织形式单一业主制(IndividualProprietor)合伙制(Partnership)公司制(Corporate)公司的三种组织形式单一业主制(IndividualPro103单一业主与合伙制优势组成容易较简单的管理不用承担公司税劣势融资难无限责任有限的生命力单一业主与合伙制优势104公司制优势持续经营有限责任股权转让有利于融资劣势双重课税设立和维持的成本公司制优势105Chapter1:IntroductiontoCorporateFinanceCorporateinvestmentandfinancingdecisionsTheroleofthefinancialmanagerandtheopportunitycostofcapitalGoalsofthecorporationAgencyproblemsandcorporategovernanceChapter1:IntroductiontoCor1061-1CorporateInvestmentandFinancingDecisionsRealAssetsUsedtoproducegoodsandservicesFinancialAssets/SecuritiesFinancialclaimsonincomegeneratedbyfirm’srealassetsCapitalBudgeting/CapitalExpenditure(CAPEX)Decisiontoinvestintangibleorintangibleassets1-1CorporateInvestmentandF1071-1CorporateInvestmentandFinancingDecisionsInvestmentDecisionPurchaseofrealassetsFinancingDecisionSaleoffinancialassetsCapitalStructureChoicebetweendebtandequityfinancing1-1CorporateInvestmentandF1081-1CorporateInvestmentandFinancingDecisionsCapitalBudgetingExamplesTangibleAssetsi.e.Expandingstores，buyingnewmachineIntangibleAssetsi.e.Researchanddevelopmentfornewdrug,Patent,marketingteam1-1CorporateInvestmentandF109Table1.1RecentInvestment/FinancingDecisionsCompanyRecentInvestmentDecisionsRecentFinancingDecisionsLVMH(France)LVMHacquirestheItalianJeweler,Bulgari,for$5billion.Paysfortheacquisitionwithamixtureofcashandshares.Procter&Gamble(U.S.)Spends$8billiononadvertising.Raises100billionJapaneseyenbyanissueof5-yearbonds.奇虎360Qihoo360TechnologyNSYE2015年2月4日，奇虎360公司斥巨资收购国际顶级域名360.com，收购价格为1700万美元，约合人民币1.1亿元。2015年2月完成了2亿美元的股票回购计划。AlibabaGroup2015年10月16日，阿里巴巴出资45亿美金收购优酷土豆。2014年5月完成了优酷土豆18.3%的股票收购。收购预计会于2016年第一季度完成。现金收购。Table1.1RecentInvestment/F1101-1CorporateInvestmentandFinancingDecisionsWhatIsaCorporation?Legalentity,ownedbyshareholdersCanmakecontracts,carryonbusiness,borrow,lend,sue,andbesuedShareholdershavelimitedliabilityandcannotbeheldpersonallyresponsibleforcorporation’sdebts1-1CorporateInvestmentandF111Figure1.1CashFlowbetweenFinancialMarketsandFirm’sOperationsFinancialmanagerFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(1)(2)Cashinvestedinfirm(2)(3)Cashgeneratedbyoperations(3)(4a)Cashreinvested(4a)(4b)Cashreturnedtoinvestors(4b)Figure1.1CashFlowbetweenF1121-2TheFinancialGoaloftheCorporationStockholdersWantThreeThingsTomaximizecurrentwealthTotransformwealthintomostdesirabletimepatternofconsumptionTomanageriskcharacteristicsofchosenconsumptionplan1-2TheFinancialGoalofthe1131-2TheFinancialGoaloftheCorporationProfitMaximizationNotawell-definedfinancialobjectiveWhichyear’sprofits?Shareholderswillnotwelcomehighershort-termprofitsiflong-termprofitsaredamagedCompanymayincreasefutureprofitsbycuttingyear’sdividend,investingfreed-upcashinfirmNotinshareholders’bestinterestifcompanyearnslessthanopportunitycostofcapital1-2TheFinancialGoalofthe1141-2TheFinancialGoaloftheCorporationTheInvestmentTrade-offHurdleRate/CostofCapitalMinimumacceptablerateofreturnoninvestmentOpportunityCostofCapitalInvestinginaprojecteliminatesotheropportunitiestouseinvestedcash1-2TheFinancialGoalofthe115Figure1.2TheInvestmentTrade-offFigure1.2TheInvestmentTrad1161-2TheFinancialGoaloftheCorporationShareholdersdesirewealthmaximizationManagershavemanyconstituencies,“stakeholders”“AgencyProblems”representtheconflictofinterestbetweenmanagementandowners1-2TheFinancialGoalofthe1171-2TheFinancialGoaloftheCorporationAgencyProblemsManagers,actingasagentsforstockholders,mayactintheirowninterestsratherthanmaximizingvalueStakeholderAnyonewithafinancialinterestinthefirm1-2TheFinancialGoalofthe118AgencyProblems—OwnershipversusManagement(Managersvs.stockholders)DifferenceinInformationProjectinvestmentStockreturnandriskDifferentObjectivesJobSecurityAnnualbonusvsdividends1-1191-2TheFinancialGoaloftheCorporationAgencyProblems—Ownershipvers1191-2TheFinancialGoaloftheCorporationAgencycostsareincurred