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Principles of corporate financ brealey myers 6e
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Mô tả chi tiết
u Finance and the Financial Manager
Principles of Corporate Finance
Brealey and Myers Sixth Edition
Chapter 1
2
Topics Covered
w What Is A Corporation?
w The Role of The Financial Manager
w Who Is The Financial Manager?
w Separation of Ownership and Management
w Financial Markets
3
Corporate Structure
Sole Proprietorships
Corporations
Partnerships
Unlimited Liability
Personal tax on profits
Limited Liability
Corporate tax on profits +
Personal tax on dividends
4
Role of The Financial Manager
Financial
manager
Firm's
operations
Financial
markets
(1) Cash raised from investors
(2) Cash invested in firm
(3) Cash generated by operations
(4a) Cash reinvested
(4b) Cash returned to investors
(2) (1)
(3)
(4a)
(4b)
5
Who is The Financial Manager?
Chief Financial Officer
Treasurer Comptroller
6
Ownership vs. Management
Difference in Information
w Stock prices and
returns
w Issues of shares and
other securities
w Dividends
w Financing
Different Objectives
w Managers vs.
stockholders
w Top mgmt vs.
operating mgmt
w Stockholders vs. banks
and lenders
7
Financial Markets
Primary
Markets
Secondary
Markets
OTC
Markets
Money
8
Financial Institutions
Company
Intermediaries
Banks
Insurance Cos.
Brokerage Firms
Obligations Funds
9
Financial Institutions
Intermediaries
Investors
Depositors
Policyholders
Investors
Obligations Funds
u Present Value and The Opportunity
Cost of Capital
Principles of Corporate Finance
Brealey and Myers Sixth Edition
Chapter 2
11
Topics Covered
w Present Value
w Net Present Value
w NPV Rule
w ROR Rule
w Opportunity Cost of Capital
w Managers and the Interests of Shareholders
12
Present Value
Present Value
Value today of
a future cash
flow.
Discount Rate
Interest rate used
to compute
present values of
future cash flows.
Discount Factor
Present value of
a $1 future
payment.
13
Present Value
1 PV = discount factor
Present Value = PV
¥C
14
Present Value
Discount Factor = DF = PV of $1
Discount Factors can be used to compute the present value of
any cash flow.
DF
r
=
t
+
1
(1 )
15
Valuing an Office Building
Step 1: Forecast cash flows
Cost of building = C0
= 350
Sale price in Year 1 = C1
= 400
Step 2: Estimate opportunity cost of capital
If equally risky investments in the capital market
offer a return of 7%, then
Cost of capital = r = 7%