公司金融英文版

1-*GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-*Contents1.1InvestmentandFinancingDecisions1.2WhatisaCorporate?1.3WhoistheFinancialManager?1.4GoalsoftheCorporate1.5CareersinFinance1-*InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-*InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-*WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporations1-*BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-*DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”1-*GoalsofTheCorporationShareholderswantwealthmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:Cuttingdividendstoincreasecashreserves1-*TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-*AgencyProblemDomanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-*AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-*AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-*AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements1-*4A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerCashraisedfrominvestors(how?)CashinvestedinfirmCashgeneratedbyoperations1-*TheFinancialManagerMostlargecompanieshave3top-levelfinancialmanagers:1-*Appendix:CareersinFinance此课件下载可自行编辑修改，供参考！感谢您的支持，我们努力做得更好！