文档介绍：Introduction to Corporate Finance
Chapter 1
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin
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Key Concepts and Skills
Know the basic types of financial management decisions and the role of the Financial Manager
Know the financial implications of the various forms of business organization
Know the goal of financial management
Understand the conflicts of interest that can arise between owners and managers
Understand the various regulations that firms face
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Chapter Outline
What is Corporate Finance?
The Corporate Firm
The Importance of Cash Flows
The Goal of Financial Management
The Agency Problem and Control of the Corporation
Regulation
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What Is Corporate Finance?
Corporate Finance addresses the following three questions:
What long-term investments should the firm choose?
How should the firm raise funds for the selected investments?
How should short-term assets be managed and financed?
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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:
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The Capital Budgeting Decision
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Shareholders’ Equity
Current Liabilities
Long-Term Debt
What long-term investments should the firm choose?
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The Capital Structure Decision
How should the firm raise funds for the selected investments?
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Shareholders’ Equity
Current Liabilities
Long-Term Debt
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Short-Term Asset Management
How should short-term assets be managed and financed?
Net Working Capital
Shareholders’ Equity
Current Liabilities
Long-Term Debt
Current Assets
Fixed Assets
1 Tangible
2 Intangible
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The Financial Manager
The Financial Manager’s primary goal is to increase