公司金融英文介紹演講人：日期：目錄OverviewofCorporateFinanceSourcesofCorporateFundingCapitalStructureandDecisionMakingInvestmentAppraisalTechniquesWorkingCapitalManagementStrategiesOverviewofCorporateFinance01Corporatefinancereferstothemanagementoffundswithinacorporation,includingtheallocationoffinancialresourcestovariousbusinessactivities,investments,andoperationalexpensesDefinitionEffectivecorporatefinanceiscrucialforthesuccessandgrowthofabusinessasitensuresthatthecompanyhassufficientfundstomeetitsshorttermandlongtermfinancialobjectives,investinprofitableprojects,andexpanditsoperationsImportanceDefinitionandImportanceCapitalBudgetingCorporatefinanceinvestmentsevaluatingandselectinglongterminvestmentprojectsthatalignwiththecompany'sstrategicgoalsandhaveviablereturnsFinancialPlanningandAnalysisItinvolvescreatingfinancialplansandforecaststoguidethecompany'sfinancialdecisions,aswellasanalyzingpastfinancialperformancetoidentifytrendsandareasforimprovementRiskManagementCorporatefinancealsoincludesmanagingfinancialrisks,suchascreditrisk,marketrisk,andliquidityrisk,tolimittheirpotentialimpactonthecompany'sfinancialhealthRoleinBusinessOperationsScopeandObjectivesCorporatefinancecoversawiderangeofactivities,includingraisingcapitalthroughequityanddebtissuances,managingcashflow,investinginassetsandprojects,andcoveringmergersandacquisitionsScopeTheprimaryobjectivesofcorporatefinancearetomaximizeshareholdervaluebymakingoptimalinvestmentandfinancingdecisions,ensuringthecompany'sfinancialstabilityandliquidity,andsupportingthecompany'sgrowthandexpansionplansObjectivesSourcesofCorporateFunding02EquityFinancingIssueofcommonstockSellingsharesofownershipinthecompanytoraisecapitalIssueofpreferredstockOfferingshareswithspecificprivileges,suchasafixeddividendtoattractinvestorsVenturecapitalObtainingfundingfrominvestorswhoprovidecapitaltostartupcompaniesandsmallbusinesseswithhighgrowthpotentialPrivateequityRaisingcapitalfromprivateinvestorswhopurchasesignificantownershipstakesinmaterialcompaniesBankloansBorrowingmoneyfromabankwithagreedupontermsandinterestratesBondsIssuingdebtsecuritiestoinvestorswholendmoneytothecompanyinexchangeforperiodicinterestpaymentsandthereturnofprincipalatmaturityCommercialpaperShortterm,unsecuredpromisenotesissuedbycorporationstoraisefundsforimmediatecashneedsLeasefinancingAcquiringassetsthroughlongtermleasesthatarestructuredtoprovidefinancing01020304DebtFinancingConvertiblebondsDebtsecuritiesthatcanbeconvertedintosharesofcommonstock,advancinginvestorswiththeoptiontoparticulateinthecompany'sfuturegrowthMezzaninefinancingAcombinationofdebtandequityfinancing,typicallyusedinleveragedlayoutsorothercorporatetransactionsWarrantySecuritiesthatgivetheholdertherighttopurchasesharesofcommonstockataspecifiedpricewithinacertaintimeperiodHybridInstrumentsPreferredstockwithconvertiblefeaturesPreferredstockthatcanbeconvertedintocommonstockorthathasotherfeatures,suchasadjustabledivisions,thatmakeitmoreattractivetoinvestorsHybridInstrumentsEurobondsBondsissuedinacurrencyotherthanthatoftheissuer'shomecountry,typicallysoldtoinvestorsinmultiplecountriesLoansdeniedinacurrencyotherthanthatoftheborrower'shomecountry,exposingtheborrowertoforeigncurrencyriskIssuesofcommonstockorotherequitysecuritiestoinvestorsinforeignmarketsLoansprovidedbyinternationalfinancialinstitutionsorgovernmentstosupporteconomicdevelopmentorotherpolicyobjectivesForeigncurrencyloansInternationalequityoffersMultipleandbilateralloansInternationalFinancingOptionsCapitalStructureandDecisionMaking03FirmcharacteristicsFactorssuchassize,feasibility,growthopportunities,andindustryclassificationimpactafirm'scapitalstructureMacroeconomicconditionsBroadereconomicfactorslikeinterestrates,inflation,andeconomicgrowthcanaffectfirm'financingdecisionsTaxconsiderationsTaxbenefitsassociatedwithdebtfinancing,suchastheconductivityofinterestpayments,caninfluenceafirm'schoiceofcapitalstructureDeterminantsofCapitalStructureMarketeffectsImperfectionsincapitalmarkets,suchasinformationasymmetryandtransactioncosts,canaffectafirm'sabilitytoraisecapitalanditsoptimalcapitalstructureDeterminantsofCapitalStructureLevelTheamountofdebtafirmusesrelatedtoequitycanimpactitsfinancialriskandreturnonequityRiskconsiderationsFirmsmustconsidertheriskassociatedwithdifferentfinancingsources,includingtheriskofdefaultondebtobligationsandthepotentialforequitydilutionDebtcapacityAfirm'sabilitytoserveitsdebtobligations,asdeterminedbyfactorssuchascashflowstabilityandassetquality,iscriticalinsettingappropriatelevellevelsLevelandRiskConsiderations010203CostofequityThecostofequitycapitalisdeterminedbytheexpectedreturnrequiredbyinvestors,whichreflectstheriskofthefirm'soperationsandthebrokermarketenvironmentCostofdebtThecostofdebtcapitaldependsonfactorssuchasinterestrates,creditrates,andthetermsofthedebtagreementWeightedaveragecostofcapital(WACC)FirmscalculatetheirWACCtodeterminetheoverallcostoffinancingtheiroperations,takingintoaccountthemixofequityanddebtintheircapitalstructureCostofCapitalAnalysisFirmsmustdecidewhichtopaydividendstoshareholdersandhowmuchtopayout,balancingtheneedsofinvestorsforcurrentincomeagainstthefirm'sinvestmentopportunitiesandfinancialflexibilityDividedpolicycanbelinkedtoafirm'scapitalstructuredecisions,aspayingdividendsmayreducetheneedforexternalfinanceorsignalthefirm'sfinancialstrengthtoinvestorsDividedpolicycanaffectshareholdervaluebyinfluencinginvestorperceptionsofthefirm'sfinancialhealthandprospectsforfuturegrowthDividedlayoutdecisionsDividedpolicyandcapitalstructureImpactonshareholdervalueDividedPolicyImplicationsInvestmentAppraisalTechniques04DefinitionThepaybackperiodisthelengthoftimerequiredforaninvestmenttogeneratecashflowssufficienttorecoveritsinitialoutlayAdvantagesSimpletocalculateandeasytounderstand;UsefulforassessingliquidityriskDisadvantagesIgnorestimevalueofmoney;Doesnotconsidercashflowsbeyondthepaybackperiod;MayleadtosubjectiveinvestmentdecisionsPaybackPeriodMethod要點(diǎn)三DefinitionNPVisthedifferencebetweenthepresentvalueoffuturecashinflowsandthepresentvalueofcashoutflows(initialinvestment)0102AdvantagesAdviserstimevalueofmoney;Takeintoaccountallfuturecashflows;ProvidesadirectmeasureofvalueaddedDisadvantagesRequirementsestimationoffuturecashflowsanddiscountrate;Sensitivetochangesinassessments;Maybecomplicatedtocalculateforcomplexprojects03NetPresentValue(NPV)MethodDefinitionIRRisthediscountratethatequalsthepresentvalueoffuturecashinflowswiththepresentvalueofcashoutflows(initialinvestment)AdvantagesAdviserstimevalueofmoney;Provideameasureofinvestmenteffectiveness;UsefulforcomparingprojectsofdifferentsizesanddurationsDisadvantagesAssetsreinvestmentofintermediatecashflowsatthesamerateastheIRR;Mayleadtomultiplesolutionsornosolutions;SensitivetochangesincashflowtimingInternalRateofReturn(IRR)MethodDefinitionPIistheratioofthepresentvalueoffuturecashinflowstotheinitialinvestmentItisexpressedasapercentageandindicatesthefeasibilityofaninvestmentrelatedtoitscostAdvantagesAdviserstimevalueofmoney;Providearelativemeasureoffeasibility;UsefulforrankingprojectsDisadvantagesDoesnotconsidertheabsolutesizeoftheinvestment;Sensitivetochangesinassessmentsaboutfuturecashflowsanddiscountrate;MaynotbesuitableforcomparingprojectswithdifferentriskprofilesProfitabilityIndex(PI)MethodWorkingCapitalManagementStrategies05TrendAnalysisExamininghistoricalcashflowdatatoidentifypatternsandtrendsthatcanbeusedtopredictfuturecashflowsRatioAnalysisUsingfinancialratiostoassessacompany'sliquidity,solvency,andoverallfinancialhealthBudgetingandForecastingSoftwareUtilizingspecializedsoftwaretoolstofacilitatethecashflowforecastingprocessCashFlowForecastingTechniquesInventoryManagementPracticesRegularscheduledreviewsofinventorylevelstoensuretheyalignwithsalesforecastsandproductionplansPeriodicInventoryReviewsAsystemthataimstom