Introduction of corporate finance

Lecture 1

（Chapter 1）
Introduction to Corporate Finance

McGraw-Hill/Irwin

Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.

会计循环
会计循环过程
原始凭证

记账凭证

记账

过账结算 试算平衡 报表编制
总账

分类账
明细账

基本原则：账证相符、账账相符、账表相符、账实相符
1-1

财务管理的基本框架
企业规模
理财环境 目标利润 筹资渠道
财务策略 财务预算 筹资方式

财务目标

短期投资 股利理论 总体分析
营运资金管理 股利政策 指标分析
成本控制 股利方式 综合分析

资金预测 资金筹集

资金投放 收益分配 财务分析

时间价值 资金成本
财务关系 风险分析 资金结构

实业投资 税务政策 分析方法
证券投资 发展规模 分析报告
财务关系

财务管理制度

1-2

财会管理的构架
方法
核心
• 财务会计
核算
利润
• 管理会计 决策控制 成本
• 财务管理 资金运作 现金

目的
披露信息
管理效益
价值增值

1-3

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 Understand the information provided by financial statements
1-4

Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management
1.5 The Agency Problem and Control of the
Corporation
1.6 Regulation
2.1 The balance sheet
2.2 The income statement
1-5

1.1 What Is Corporate Finance?
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm choose? 2. How should the firm raise funds for the selected investments?
3. How should short-term assets be managed and financed? 1-6

Balance Sheet Model of the Firm
Total Value of Assets:

Current Assets

Total Firm Value to Investors:
Current
Liabilities
Long-Term
Debt

Fixed Assets
1 Tangible
2 Intangible

Shareholders’
Equity
1-7

The Capital Budgeting Decision
Current
Liabilities

Current Assets

Long-Term
Debt

Fixed Assets

1 Tangible
2 Intangible

What long-term investments should