McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座CHAPTER1Introduction to Corporate Financehttp:/my.mofile.com/jmjiaoxueMcGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座Chapter Outline1.1 What is Corporate Finance?1.2 Corporate Securities as Contingent Claims on Total Firm Value1.3 The Corporate Firm1.4 Goals of the Corporate Firm1.5 Financial Markets1.6 Outline of the TextMcGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座What is Corporate Finance?Corporate Finance addresses the following three questions:1.What long-term investments should the firm engage in?2.How can the firm raise the money for the required investments?3.How much short-term cash flow does a company need to pay its bills?McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座 The Balance-Sheet Model of the FirmCurrent AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座 The Balance-Sheet Model of the FirmCurrent AssetsFixed Assets1 Tangible2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtWhat long- term investments should the firm engage in?The Capital Budgeting DecisionMcGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座 The Balance-Sheet Model of the FirmHow can the firm raise the money for the required investments?The Capital Structure DecisionCurrent AssetsFixed Assets1 Tangible2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtMcGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座 The Balance-Sheet Model of the FirmHow much short- term cash flow does a company need to pay its bills?The Net Working Capital Investment DecisionNet Working CapitalShareholders EquityCurrent LiabilitiesCurrent AssetsFixed Assets1 Tangible2 IntangibleLong-Term DebtMcGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座Capital StructureThe value of the firm can be thought of as a pie,it will depend on how well the firm has made its investment decisionThe goal of the manager is to increase the size of the pie.The Capital Structure decision can be viewed as how best to slice up a the pie.If how you slice the pie affects the size of the pie, then the capital structure decision matters.50% Debt50% Equity25% Debt75% Equity70% Debt30% EquityMcGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座Hypothetical Organization ChartChairman of the Board and Chief Executive Officer (CEO)Board of DirectorsPresident and Chief Operating Officer (COO)Vice President and Chief Financial Officer (CFO)TreasurerControllerCash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座The Financial ManagerTo create value, the financial manager should:1.Try to make smart investment decisions.2.Try to make smart financing decisions.McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座Cash flowfrom firm (C)The Firm and the Financial MarketsTaxes (D)FirmGovernmentFirm issues securities (A)Retained cash flows (F)Invests in assets (B)Dividends and debt payments (E)Current assets Fixed assetsFinancial marketsShort-term debtLong-term debtEquity sharesUltimately, the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the financial markets.McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.一年级语 文下册课件美的回答二年级音乐下册课件土耳其进行曲2013届中考英语语 法讲解复习课 件城市绿化植树工程施工规范讲座Multiple choice1.Which of the following is not considered one of the basic questions of corporate finance? A)What long-lived assets should the firm invest? B)How much inventory should the firm hold? C)How can th