现代企业理财导论讲义(ppt 23页)

现代企业理财导论讲义目录：
1、What is Corporate Finance?
2、Corporate Securities as Contingent Claims on Total Firm Value
3、The Corporate Firm
4、Goals of the Corporate Firm
5、Financial Markets
6、Outline of the Text

 

现代企业理财导论讲义内容提要：
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 a company need to pay its bills?
Corporate Securities as Contingent Claims on Total Firm Value
The basic feature of a debt is that it is a promise by the borrowing firm to repay a fixed dollar amount of by a certain date.
The shareholder’s claim on firm value is the residual amount that remains after the debtholders are paid.
If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing.
The Corporate Firm
The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash.
However, businesses can take other forms.
Forms of Business Organization
The Sole Proprietorship
The Partnership
General Partnership
Limited Partnership
The Corporation
Advantages and Disadvantages
Liquidity and Marketability of Ownership
Control
Liability
Continuity of Existence
Tax Considerations
The Set-of-Contracts Perspective
The firm can be viewed as a set of contracts.
One of these contracts is between shareholders and managers.
The managers will usually act in the shareholders’ interests.
The shareholders can devise contracts that align the incentives of the managers with the goals of the shareholders.
The shareholders can monitor the managers behavior.
This contracting and monitoring is costly.

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