文档介绍：Irwin/McGraw-Hill
Chapter 1
Fundamentals of Corporate Finance
Third Edition
The Firm and The Financial Manager
Brealey Myers Marcus
slides by Matthew Will
Irwin/McGraw-Hill
The McGraw-panies, Inc.,2001
Irwin/McGraw-Hill
Topics Covered
Organizing a Business
The Role of The Financial Manager
Financial Markets
Who Is The Financial Manager
Corporate Goals & Incentives
Value Maximization
Irwin/McGraw-Hill
Organizing a Business
Types of anizations
Sole Proprietorships
Partnerships
Corporations
Irwin/McGraw-Hill
Organizing a Business
Corporate Structure
Sole Proprietorships
Corporations
Partnerships
Limited Liability
Corporate tax on profits +
Personal tax on dividends
Unlimited Liability
Personal tax on profits
Irwin/McGraw-Hill
Financial
managers
Firm's
operations
Financial
markets
(1) Cash raised from investors
(1)
(2) Cash invested in firm
(2)
(3) Cash generated by operations
(3)
(4a) Cash reinvested
(4a)
(4b) Cash returned to investors
(4b)
The Role of The Financial Manager
Irwin/McGraw-Hill
The Role of The Financial Manager
Investment Decisions
“Capital Budgeting”
Buy real assets that are worth more than they cost
Irwin/McGraw-Hill
The Role of The Financial Manager
“Capital Budgeting”
Tangible Assets
Euro Disney
@ $2 billion
Nontangible Assets
Gillette’s Mach3 Razor
@ $300 million