兹维博迪金融学第二版课件Chapter01章节.ppt

Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,1,Chapter 1: Financial Economics,Objective To Define Finance The Value of Finance Introduction to the Players,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,2,Chapter 1 Contents,1.1 Defining Finance 1.2 Why Study Finance 1.3 Financial Decisions of Households 1.4 Financial Decisions of Firms 1.5 Forms of Business Organization 1.6 Separation of Ownership and Management,1.7 The Goal of Management 1.8 Market Discipline: Takeovers 1.9 The Role of the Financial Specialist in a Corporation,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,3,Introduction,I’m saving for retirement. Should I use a bank CD, mutual fund, direct stock market investment? I want that new car. Should I use saved cash, lease, borrow? I’m thinking about starting a new business will it reward me adequately? The company is looking to expand into telecommunications. how should you advise the CFO? A Latin American country has asked for major project financing should my organization provide the funds?,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,4,1.1 Defining Finance,Finance is the study of how people allocate scarce resources over time costs and benefits are distributed over time but the actual timing and size of future cash flows are often known only probabilistically Understanding finance helps you evaluate these uncertain cash flows,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,5,Defining Finance,When implementing decisions, people make use of the Financial System defined as the set of markets and other institutions used for financial contracting and exchange of assets and risks,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,6,Defining Finance,Financial theory consists of: the set of concepts that help to organize one’s thinking about how to allocate resources over time the set of quantitative models used to help evaluate alternatives, make decisions, and implement them These concepts and models apply at all levels and scales of decision making,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,7,Defining Finance,A basic tenet of finance is that the existence of economic organizations (e.g. firms and governments) facilitate the satisfaction of people’s consumption preferences,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,8,1.2 Why Study Finance?,To manage your personal resources To deal with the world of business To pursue interesting and rewarding career opportunities To make informed public choices as a citizen The intellectual challenge,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,9,1.3 Financial Decisions of Households,Consumption and saving decisions Investment Decisions Financing Decisions Risk-management decisions,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,10,Important Terms,Assets Personal investing & Asset allocation Liability, Debt Net Worth = Assets - Liabilities Exogenous and endogenous elements,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,11,1.4 Financial Decisions of Firms,Business Firms entities whose primary function is to produce goods and services they vary widely in size from part-time businesses run from a spare room, to giant corporations (e.g. Mitsubishi or General Motors) with hundreds of thousands of employees, and an even larger ownership,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,12,Financial Decisions of Firms,Strategic plans specify the business the firm is in strategic plans may change radically over time the firm’s business may be defined in terms of a group of products, technologies or customers,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,13,Financial Decisions of Firms,The Capital Budgeting Process The preparation of a plan for acquiring factories, machinery, research laboratories, show rooms, warehouses, and human assets to implement the strategic plan The basic unit of analysis is the investment project. Investment projects are identified, triaged, and implemented in the capital budgeting process,Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,14,Financial Decisions of Firms,The Financing Process Once a new set of approved projects has been identified, it must be financed with retained earnings, stock, bonds, et cetera Capital structure is the amount of the firm’s market value allocated to each category of issued securities. It determines ownership and risk level of the firms future cash flows Capital structure’s unit of analysis is the firm as a whole (not an investment project ),Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall,15,Financial Decisions of Firms,The capital structure also determines who controls the firm under different contingencies Common stock holders usually determine the membership of the board of direc。