公司金融Chap0.ppt

1、Corporate Finance公司金融,Semester 1, 2009-2010 吴辉凡,你们的问题？,什么是公司金融？ 对这门课程有什么期望？ 如何学习公司金融？,金融学学科体系图,两个中心问题,什么是公司金融？财务经理的作用是什么？ 公司金融的目标是什么？,1.1 What is Corporate Finance？,Corporate finance is a specific area of finance that analyzes the financial decisions of corporations.,The Balance-Sheet Model of the F

2、irm,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,What long-term investments should the firm engage in?,The Capital Budgeting Decision（资本预算）,The Balance-Sheet Model of the Firm,How can the firm raise the money for the required investments?

3、,The Capital Structure Decision（资本结构）,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,The Balance-Sheet Model of the Firm,How much short-term cash flow does a company need to pay its bills?,The Net Working Capital Investment Decision （净营运资金）

4、,Net Working Capital,Shareholders Equity,Current Liabilities,Long-Term Debt,Current Assets,Fixed Assets 1 Tangible 2 Intangible,The Balance-Sheet Model of the Firm,Corporate Financial Decisions,Capital Budgeting (投资决策） The process of planning and managing a firms investments in fixed assets. It is c

5、oncerned with the size, timing, and riskiness of cash flows. Financing Decision （融资决策） 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 （营运资金管理） Managing short-term assets and liab

6、ilities. How much cash and inventory to keep around? What is our credit policy? Where will we obtain short-term loans?,Every decision that a business makes has financial implications, and any decision which affects the finances of a business is a corporate finance decision. Defined broadly, everythi

7、ng that a business does fits under the rubric of corporate finance. Corporate Finance or Business finance?,Corporate finance or Business Finance?,1.2 财务总监与总会计师,To create value, the financial manager should: Try to make smart investment decisions. Try to make smart financing decisions.,2 学习的四个境界,李开复：

8、做最好的你自己一书中解释四个学习的境界： 熟能生巧：在老师指导下学习，掌握课本上的内容，知道问题的答案； 举一反三：具备了思考的能力，掌握了学习的方法，能够举一反三，知其然，也知其所以然； 无师自通：掌握了自学、自修的方法，可以在没有老师辅导的情况下主动学习； 融会贯通：可以将学到的知识灵活运用于生活和工作实践，懂得做事与做人的道理,3 公司金融的学习,课堂练习与课后作业 案例分析与讨论 财经新闻的解读与思考,案例学习小组,目的：为我们提供一个将公司金融理论与模型应用于企业实践的机会，并学习和加强团队协作能力。 小组组建要求 人员构成4-6人 选出小组组长，负责成员之间以及小组与科代表间的协调和沟通 小组任务 每一个小组选择一家上市公司作为案例分析的对象。公司要求如下：上市时间在一年（含一年）以上；至少已经公开了一个会计年度的财务报表；尽量避免亏损企业；勿选择金融行业。 从以下几方面分析上市公司的相关金融决策 分析公司的治理结构； 分析企业的资本结构，判断企业是否负债不足，或过度负债； 研究企业的股利政策，决定股利支付的多少 撰写案例分析报告（PPT或WORD形式）,References,Applied Corporate Finance: A Users Manual (Second Edition) by Aswath Damodar