公司理财(第七版)

CorporateFinance

SchoolofInternationalTrade&Economics

ProfessorShaoXueyan

课程宗旨

创造财富谋之有道取之有术管之有方

学习方法

学而不思则罔思而不学则殆

选自《论语》哈佛学生学习不是与未来就业相匹配的，他们学的东西可能与他们将来所要做的工作完全不一样。广泛的知识面、有专业技能、有一定的远见、有能力在职业生涯中继续学习是哈佛对学生的培养目标。大学能做的最重要的事是，学生从学校毕业50年以后，学生还能顺应时代的发展变化而继续学习、进取、改变，这将能造就社会的领导者。——哈佛大学荣誉校长陆登庭教授于北京首届中外大学校长论坛参考书目

1.《公司理财》（第五版，双语教材）

理查德.A.布雷利等著中国人民大学出版社．

2.《公司理财》（第九版，双语教材）

斯蒂芬.A.罗斯等著机械工业出版社3.《财务报表分析》（技巧.策略)戴欣苗编著

清华大学出版社．4.《上市公司虚假会计报表识别技术》刘姝威经济科学出版社5.《现代公司理财》姚益龙中山大学出版社6.《沃伦巴菲特的投资组合》[美]罗伯特.哈格斯特朗机械工业出版社7.《百万富翁的智慧》[美]托马斯.J.斯坦利博士中国大百利全书出版公司8.《公司理财》（第二版）蒋屏编著

清华大学出版社2013年4月InvestmentandFinancingDecisionsTomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets.…alsocalledtheInvestmentDecisionInvestmentandFinancingDecisionsThenatureofcapitalinvestmentdecisions◆

Makinganoutlayimmediatelyvs.Yieldingbenefitsinthedistantfuture.◆Asinglelargeamountofoutlayvs.Astreamofsmalleramountofcashinflows.◆Itisdifficulttowithdrawfromaninvestment.◆Timeisvitaltoinvestmentdecision–making

Capitalinvestmentaffectstheamountoffuturecashflowsgenerated,thetimingofthosecashflows,andthevariabilityorriskofthosefuturecashflowsandthus,thevalueorworthofthecapitalbudgetingdecisions.InvestmentandFinancingDecisionsInvestmentandFinancingDecisionsFinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations.Determiningtheamount,maturityandtypeoffundsraisedinfinancialmarkets.CapitalStructureThemixoflongtermdebtandequityfinancing.1-12InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-13InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-14GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-15WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporationsWhatisaCorporation?PublicCompanies:Sharesareavailableforpurchasebyanyinvestors,haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement.PrivateCorporations:Sharesarenotavailableforpublic,areownedbysmallgroupsofmanagersandinvestors.LimitedLiabilityCompanies(partnership):Generalpartners&Limitedpartners1-17BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-18DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”WhatIsaCorporation?GoalsofTheCorporation*Productionmaximization*Incomesmaximization*Profitmaximization*Shareholders’wealthmaximization

*Socialresponsibility1-21GoalsofTheCorporationShareholderswantwealthmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:CuttingdividendstoincreasecashreservesGoalsofTheCorporationShareholdersdesirewealthmaximization

Shareholders’Wealth

Maximization

OrdinaryShare

CurrentMarketValue

ExpectedFutureCashflows

ExpectedDividends&SharePriceGoalsofTheCorporation

wealthmax.vs.profitmax.*cashflow:accountingprofit*long-termreturns:short-termreturns*marketprice:differentaccountingrules*considertime&risk:ignoretime&risk1-24TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-25AgencyProblemDomanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-26AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-27AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-28AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements1-294A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManager(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperationsCashraisedfrominvesto