企业财务会计分析(ppt 24页)（英文版）

企业财务会计分析内容提要：
Topic Flow Chart
Goal of Finance = Maximize Value of Firm
HOW? Get the most cash
Steps
1. Methods to evaluate projects cash flow            (NPV, IRR, etc)
2. Develop risk adjusted discount rates for use in NPV
3. Apply NPV, IRR, Decision Trees, PVI, etc to capital budgeting decisions
4. Changes in capital structure influence discount rates
5. Financial Distress can result form changes in capital structure
Efficient Capital Markets
Switches gears
Past lectures decided how to spend money (invest)
Today’s lecture deal with raising money (financing decisions)
Fisher Separation Theorem
Market Efficiency Theory sez
Capital markets reflect all relevant information. You can not consistently earn excess profits.

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