文档介绍：企业融资
Chapter Outline
What is Corporate Finance?
Corporate Securities as Contingent Claims on Total Firm Value
The Corporate Firm
Goals of the Corporate Firm
Financial Markets
Outline of the Text
What is Corporate Finance?
Corporate Finance addresses the following three questions:
What long-term investments should the firm engage in?
How can the firm raise the money for the required investments?
How much short-term cash flow does pany need to pay its bills?
The Balance-Sheet Model of the Firm
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Total Value of Assets:
Shareholders’ Equity
Current Liabilities
Long-Term Debt
Total Firm Value to Investors:
The Balance-Sheet Model of the Firm
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
The Balance-Sheet Model of the Firm
How can the firm raise the money for the required investments?
The Capital Structure Decision
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 pany need to pay its bills?
Working Capital Investment Decision
Net Working Capital
Shareholders’ Equity
Current Liabilities
Long-Term Debt
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Capital Structure
The value of the firm can be thought of as a pie.
The 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% Debt
50% Equity
25% Debt
75% Equity
70% Debt
30% Equity
anization Chart
Chairman of the Board and Chief Executive Officer (CEO)
Board of Directors
President and Chief Operating Officer (COO)
Vice President