第一章 公司财务：引言 公司财务和财务经理 商业经营的组织形式 财务管理的目的 代理人问题和公司控制 金融市场与公司 1.2

Presentation on theme: "第一章 公司财务：引言 公司财务和财务经理 商业经营的组织形式 财务管理的目的 代理人问题和公司控制 金融市场与公司 1.2"— Presentation transcript:

0 南洋EMBA 公司财务 孙谦

1 第一章 公司财务：引言 公司财务和财务经理 商业经营的组织形式 财务管理的目的 代理人问题和公司控制 金融市场与公司 1.2
www: This is a good place to show the students the web site that accompanies the book, including the various features that they can access for study purposes (study guide, quizzes, web links, etc.). Click on the “web surfer” icon to go directly to the site. NBS Sun Qian

2 公司财务 财务管理中的一些重要问题 财务经理要回答所有这些问题 公司应该进行哪些长期项目投资？ 如何进行长期融资以支持长期投资？
1.3 公司财务 财务管理中的一些重要问题 公司应该进行哪些长期项目投资？ 如何进行长期融资以支持长期投资？ 如何打理日常的财务活动？ 财务经理要回答所有这些问题 Emphasize that “business finance” is just another name for the “corporate finance” mentioned under the four basic types. Students often get confused by the terminology, especially when different terms are used to refer to the same thing. NBS Sun Qian

3 财务经理 公司中最高的财务经理一般为财务总监 Treasurer – 负责现金管理，信贷管理，资本支出以及财务计划
1.4 财务经理 公司中最高的财务经理一般为财务总监 Treasurer – 负责现金管理，信贷管理，资本支出以及财务计划 Controller – 负责税务，成本会计，财务会计以及数据处理 Video Note: This video looks at the changing role of the Chief Financial Officer (CFO) at the Fortune 500 company, Abbot Laboratories. NBS Sun Qian

4 财务管理决策 资本预算 资本结构 营运资本管理 投资哪些长期项目 如何筹措资金来进行投资？ 举债还是发股? 如何打理日常财务？ 1.5
Provide some examples of capital budgeting decisions, such as what product or service will the firm sell, should we replace old equipment with newer, more advanced equipment, etc. Be sure and define debt and equity. Provide some examples of working capital management, such as who should we sell to on credit, how much inventory should we carry, when should we pay our suppliers, etc. NBS Sun Qian

5 经营组织的形式 三种主要形式 个体所有 合伙经营 公司 一般 有限 小公司 有限法偿公司 1.6
www: Clicking on the “web surfer” will take you to a web site that will provide a discussion about which form of business may be appropriate for an entrepreneur. The following pages will provide links to specific pages on the web site that provide additional information about the legal aspects of each form of business, as well as a discussion of the advantages and disadvantages. The address is: NBS Sun Qian

6 个体户 优点 缺点 低门槛 所受管制较少 所有人独得全部利润 缴纳一次个人所得税 寿命有限 股本局限于个人财富 无限法偿 股权难以售卖
1.7 个体户 优点 低门槛 所受管制较少 所有人独得全部利润 缴纳一次个人所得税 缺点 寿命有限 股本局限于个人财富 无限法偿 股权难以售卖 www: Click on the “web surfer” for more information about sole proprietorships. If you click on the “--Sole Proprietorship” link, you will be taken to an index that will provide a link to information about husband and wife sole proprietorships. NBS Sun Qian

7 1.8 合伙经营 优缺点 类似个体户 www: Click on the “web surfer” for more information about partnerships. If you click on the “—Partnerships” link, you will go to an index that provides links to additional information about limited partnerships, partnership agreements and buy-sell agreements. Note that unlimited liability applies to all partners in a general partnership and only the general partners in a limited partnership Written agreements are essential due to the unlimited liability. Limited partners cannot be involved in the business or else they may be deemed as general partners. NBS Sun Qian

8 公司 优点 缺点 有限法偿 永续经营 所有权和经营权相分离 易于转让股权 便于融资 产权和经营权分离 双重征税 1.9
www: Click on the “web surfer” to go to a page that discusses corporations. If you click on the “—Corporations” link it will take you back to an index that provides links to additional information on corporations as well as limited liability corporations. Discuss how separation of ownership and management can be both an advantage and a disadvantage: Advantages You can benefit from ownership in several different businesses (diversification) You can take advantage of the expertise of others (comparative advantage) Easier to transfer ownership Disadvantage Agency problems if management goals and owner goals are not aligned The instructors manual provides additional discussion of limited liability companies and S-corporations NBS Sun Qian

9 财务管理的终极目的 什么是公司的目的? 股票价格最大化是否是唯一目的? 利润最大化? 成本最小化? 市场分额最大化? 股票现值最大化?
1.10 财务管理的终极目的 什么是公司的目的? 利润最大化? 成本最小化? 市场分额最大化? 股票现值最大化? 股票价格最大化是否是唯一目的? Try and have the students discuss each of the goals above and the inherent problems of the first three goals: Maximize profit – Are we talking about long-run or short-run profits? Do we mean accounting profits or some measure of cash flow? Minimize costs – We can minimize costs today by not purchasing new equipment or delaying maintenance, but this may not be in the best interest of the firm or its owners. Maximize market share – This has been a strategy of many of the dot.com companies. They issued stock and then used it primarily for advertising to increase the number of “hits” to their web sites. Even though many of the companies have a huge market share (I.e. Amazon) they still do not have positive earnings and their owners are not happy. Maximize the current value of the company’s stock There is no short run vs. long run here. The stock price should incorporate expectations about the future of the company and consider the trade-off between short-run profits and long-run profits. The purpose of a for-profit business should be to make money for its owners. Maximizing the current stock price increases the wealth of the owners of the firm. This is analogous to maximizing owners’ equity for firms that do not have publicly traded stock. Non-profits can also follow the same principle, but their “owners” are the constituencies that they were created to help. The instructors manual provides a letter to stockholders that was written by former Coca-Cola CEO Roberto Goizueta. There is also a brief discussion of an article that appeared in Fortune magazine that discusses Coke vs. Pepsi and their different philosophies on business in the early 1990’s. Ethics Note: See the instructor’s manual for a discussion of Dow-Corning, silicone breast implants and the ethics involved with pursuing owners’ wealth at all costs. NBS Sun Qian

10 代理人问题 代理关系 代理人问题 管理目的和代理成本 老板雇人打理业务 股东雇佣经理来管理公司 主佣之间的利益冲突 1.11
Video Note: This video focuses on how one company handled the tough decision to cut jobs and managed to successfully increase shareholder value. It features ABT Co. in Canada. A common example of an agency relationship is a real estate broker – in particular if you break it down between a buyers agent and a sellers agent. A classic conflict of interest is when the agent is paid on commission, so they may be less willing to let the buyer know that a lower price might be accepted or they may elect to only show the buyer homes that are listed at the high end of the buyers price range. Ethics Note: The instructor’s manual provides a discussion of Gillette and the apparent agency problems that existed prior to the introduction of the sensor razor. Direct agency costs – the purchase of something for management that can’t be justified from a risk-return standpoint, monitoring costs. Indirect agency costs – management’s tendency to forgo risky or expensive projects that could be justified from a risk-return standpoint. NBS Sun Qian

11 管理管理者 经理人员的报酬 其他参与者 用激励机制来调和管理者和股东之间的利益冲突 公司被吞并的危险可以改善公司的管理 1.12
Incentives – discuss how incentives must be carefully structured. For example, tying bonuses to profits might encourage management to pursue short-run profits and forego projects that require a large initial outlay. Stock options may work, but there may be an optimal level of insider ownership. Beyond that level, management may be in too much control and may not act in the best interest of all stockholders. The type of stock can also affect the effectiveness of the incentive. Corporate control – ask the students why the threat of a takeover might make managers work towards the goals of stockholders. Other groups also have a financial stake in the firm. They can provide a valuable monitoring tool, but they can also try to force the firm to do things that are not in the owners’ best interest. NBS Sun Qian

12 金融市场 流入公司的现金 初级和二极市场 交易商市场和拍卖商市场 上市与柜台交易 NYSE NASDAQ 1.14
Video Note: This video discusses how capital is raised in financial markets and shows an open-outcry market at the Chicago Board of Trade. Discuss the cash flows to the firm. You might have students turn to Figure 1.2 in their book to see an illustration of the cash flows. The main point is that cash comes into the firm from the sale of debt and equity. The money is used to purchase assets. Those assets generate cash that is used to pay stakeholders, reinvest in additional assets, repay debtholders and pay dividends to stockholders. Students are often confused by the fact that the NASDAQ is an OTC market. Explain that the NASDAQ market site is just a convenient place for reporters to show how stocks are moving, but that trading does not actually take place there. See the instructor’s manual for a discussion of an October 1999 BusinessWeek article concerning the move by the NYSE and the NASDAQ towards becoming for-profit companies and the possible impact on investors. www: Click on the NYSE and NASDAQ hyperlinks to go to their web sites NBS Sun Qian

13 第五章: 货币的时间价值 未来值和复利 现值与折现 现值与未来值 NBS Sun Qian

14 基本定义 现值 未来值 利率 – 不同时间值的汇率 折现率 资本成本 机会成本 所需收益
It’s important to point out that there are many different ways to refer to the interest rate that we use in time value of money calculations. Students often get confused with the terminology, especially since they tend to think of an “interest rate” only in terms of loans and savings accounts. NBS Sun Qian

15 未来值：一般公式 FV = PV(1 + r)t 未来值的利息因子 = (1 + r)t FV = 未来值 PV = 现值 r = 每期利率
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16 复利效应 单利 复利 考虑下面的例子, 本金为$1000, 利率为5%： 以单利计算的FV = 1000 + 50 + 50 = 1100
额外的2.5块钱是利滚利的结果 NBS Sun Qian

17 现值 为实现某一未来值现在我需要投资多少? 变形PV = FV / (1 + r)t 折现就是为某一指定未来值找出对应的现值.
FV = PV(1 + r)t 变形PV = FV / (1 + r)t 折现就是为某一指定未来值找出对应的现值. 如果不加说明，“价值”就是指现值. Point out that the PV interest factor = 1 / (1 + r)t NBS Sun Qian

18 现值—重要关系 给定利率，投资期限越长，所需现值越低。 给定投资期限，利率越高，所需现值越低。 NBS Sun Qian

19 基本折现公式 PV = FV / (1 + r)t 这个公式里有4个变量 PV, FV, r and t 任知其三，可解其四
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20 折现率 我们经常需要计算某一投资所隐含的投资回报率 将现值公式变形可解得 r FV = PV(1 + r)t
r = (FV / PV)1/t – 1 NBS Sun Qian

21 折现率 –例 1 考虑一项投资，今天付1000元，5年后得1200元，求利率。
r = (1200 / 1000)1/5 – 1 = = 3.714% It is very important at this point to make sure that the students have more than 2 decimal places visible on their calculator. Efficient key strokes for formula: 1200 / 1000 = yx 5 1/x = - 1 = If they receive an error when they try to use the financial keys, they probably forgot to enter one of the numbers as a negative. NBS Sun Qian

22 求解时期数目 FV = PV(1 + r)t 变形得 t = ln(FV / PV) / ln(1 + r)
Remind the students that ln is the natural logarithm and can be found on the calculator. The rule of 72 is a quick way to estimate how long it will take to double your money. # years to double = 72 / r where r is a percent. NBS Sun Qian

23 时期数 – 例 1 你愿意付20000元买一辆新车。假如你现有15000元，每年的投资收益为10%。你需多久才能买新车？
t = ln(20,000 / 15,000) / ln(1.1) = 3.02 years Calculator: I/Y = 10; FV = 20,000; PV = 15,000; CPT N = 3.02 years NBS Sun Qian

24 第六章：现金流折现估值 多个现金流的现值与未来值 年金和永续年金的计值 利率比较：计利期的效应 NBS Sun Qian

25 现金流 – 现值 找出以下现金流的现值,假设利率为12%, Year 1 CF: 200 / (1.12)1 = 178.57
Total PV = = The students can read the example in the book. You are offered an investment that will pay you $200 in one year, $400 the next year, $600 the next year and $800 at the end of the next year. You can earn 12 percent on very similar investments. What is the most you should pay for this one? Point out that the question could also be phrased as “How much is this investment worth?” Calculator: Year 1 CF: N = 1; I/Y = 12; FV = 200; CPT PV = Year 2 CF: N = 2; I/Y = 12; FV = 400; CPT PV = Year 3 CF: N = 3; I/Y = 12; FV = 600; CPT PV = Year 4 CF: N = 4; I/Y = 12; FV = 800; CPT PV = Total PV = = Remember the sign convention. The negative numbers imply that we would have to pay today to receive the cash flows in the future. NBS Sun Qian

26 例 6.3 时间线 1 2 3 4 200 400 600 800 178.57 318.88 427.07 508.41 NBS Sun Qian

27 年金和永续年金 年金 – 有限付款序列，在相同的时间间隔付相同的款项 永续年金 – 无限等量等间隔付款序列 普通年金 即付年金
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28 年金及永续年金的基本公式 永续年金: PV = C / r 年金: NBS Sun Qian

29 在没有计算器的情况下求解年金的利率 试错法
选择一个利率并计算现值。若所得现值大于贷款值那么利率太低，否则利率太高。不断调整以使得现值与贷款值相等。 NBS Sun Qian

30 即付年金 你为了买新房每年存10000元，年利为8%。今天存放第一笔钱，三年后这一年金值多少？
FV = 2000( – 1)/.075 = 454,513.04 Remember the sign convention!!! 40 N 7.5 I/Y -2000 PMT CPT FV = 454,513.04 NBS Sun Qian

31 现付年金时间线 32,464 If you use the regular annuity formula, the FV will occur at the same time as the last payment. To get the value at the end of the third period, you have to take it forward one more period. 35,016.12 NBS Sun Qian

32 永续年金 公式: PV = C / r 假设优先股的季度股利率为2.5%，面值为100元，求季度股利。 100 = C / .025
C = 2.50 per quarter This is a good preview to the valuation issues discussed in future chapters. The price of an investment is just the present value of expected future cash flows. Example statement: Suppose the Fellini Co. wants to sell preferred stock at $100 per share. A very similar issue of preferred stock already outstanding has a price of $40 per share and offers a dividend of $1 every quarter. What dividend will Fellini have to offer if the preferred stock is going to sell. NBS Sun Qian

33 有效年利率 (EAR) 考虑了一年中实际计算复利次数后所得或所付的年率。如果你要比较具有不同计利期的两种投资，你必须用EAR。
Where m is the number of compounding periods per year Using the calculator: The TI BA-II Plus has an I conversion key that allows for easy conversion between quoted rates and effective rates. 2nd I Conv NOM is the quoted rate down arrow EFF is the effective rate down arrow C/Y is compounding periods per year. You can compute either the NOM or the EFF by entering the other two pieces of information, then going to the one you wish to compute and pressing CPT. NBS Sun Qian

34 年百分率(APR) 年百分率为法定价格 根据定义APR = 时期利率乘以一年中的时期数 同样时期利率=APR/一年中的时期数
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35 EAR 公式 NBS Sun Qian

36 连续计利 EAR = er – 1 假设APR为7%，连续计利，求EAR。 EAR = e.07 – 1 = .0725 or 7.25%
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37 第七章：利率和债券定价 债券与债券定价 债券的特征 债券分级 不同类型的债券 债券市场 通货膨胀和 利率 决定债券收益的因素
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38 定义 债券 面值 票息率 票息 到期日 到期收益率 NBS Sun Qian

39 现金流的现值随利率波动而变化 债券价值=票息现值+面值的现值 利率上升，债券价格下跌，反之上升 NBS Sun Qian

40 贴水债券（年票息） 假设一债券的年息票率为10%，面值为1000元，五年后到期，目前的到期收益率为11%。该债券的价值应该是多少？
根据公式: B = PV of annuity + PV of lump sum B = 100[1 – 1/(1.11)5] / / (1.11)5 B = = Remember the sign convention on the calculator. The easy way to remember it with bonds is we pay the PV (-) so that we can receive the PMT (+) and the FV(+). Slide 6.8 discusses why this bond sells at less than par NBS Sun Qian

41 溢价债券（年票息） 假设一债券的票息率为10%，面值为1000元，20年后到期，目前的到期收益率为8%。该债券的价格应为多少？
B = 100[1 – 1/(1.08)20] / / (1.08)20 B = = NBS Sun Qian

42 债券价格: 票息率与收益率之间的关系 如果 YTM = 票息率, 价格 = 面值 如果 YTM > 票息率, 面值 > 价格
贴水债券 如果 YTM < 票息率, 面值 < 价格 溢价债券 There are the purely mechanical reasons for these results. We know that present values decrease as rates increase. Therefore, if we decrease our yield below the coupon, the present value (price) must decrease below par. On the other hand, if we increase our yield above the coupon, the present value (price) must increase above par. There are more intuitive ways to explain this relationship. Explain that the yield-to-maturity is the interest rate on newly issued debt of the same risk and that debt would be issued so that the coupon = yield.Then, suppose that the coupon rate is 8% and the yield is 9%. Ask the students which bond they would be willing to pay more for. Most will say that they would pay more for the new bond. Since it is priced to sell at $1000, the 8% bond must sell for less than $ The same logic works if the new bond has a yield and coupon less than 8%. Another way to look at it is that return = “dividend yield” + capital gains yield. The “dividend yield” in this case is just the coupon rate. The capital gains yield has to make up the difference to reach the yield to maturity. Therefore, if the coupon rate is 8% and the YTM is 9%, the capital gains yield must equal 1%. The only way to have a capital gains yield of 1% is if the bond is selling for less than par value. (If price = par, there is no capital gain.) NBS Sun Qian

43 债券标价公式 This formalizes the calculations we have been doing.
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44 利率风险 价格风险 再投资风险 由于利率变动导致的价格变化 长期债券比短期债券有更大的价格风险 再投资时所面临的利率不确定性
短期债券较长期债券有更大的再投资风险 NBS Sun Qian

45 计算到期收益率（YTM） 到期收益率可由债券的现行价格导出 计算器 试错法 NBS Sun Qian

46 债券定价定律 相同风险和期限的债券应得相同的YTM，无论它们的票息率是多少。
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47 股票和债券的区别 债券 股本 并非所有权 所有权 没有选举权 有选举权 利息支出可抵税 股息要缴税 债主可以依法追讨利息和本金
过量借债可以导致财务危机和破产 股本 所有权 有选举权 股息要缴税 公司可以不发股利 不欠债的公司没有破产的问题 NBS Sun Qian

48 债券协议 公司与债权人之间的合约包括 债券基本术语 债券发行量 用作担保的资产 分期摊还基金条款 回购期权 具体的保护性条款
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49 债券分类 记名和无记名 担保 优先权 有价证券抵押 地产抵押 无担保债券 10年以下无担保债券
This is standard terminology in the US – but it may not transfer to other countries. For example, debentures are secured debt in the United Kingdom NBS Sun Qian

50 债券特点及所需收益 票息率取决于发行时债券的风险 假定其他情况相同，哪些债券应有更高的票息? 有担保证券和无担保证券 优先债和从属债
有摊还基金的债券和无摊还基金的债券 有回购期权的债券和无回购期权的债券 Debenture: secured debt is less risky because the income from the security is used to pay it off first Subordinated debenture: will be paid after the senior debt Bond without sinking fund: company has to come up with substantial cash at maturity to retire debt and this is riskier than systematic retirement of debt through time Callable – bondholders bear the risk of the bond being called early, usually when rates are lower. They don’t receive all of the expected coupons and they have to reinvest at lower rates. NBS Sun Qian

51 债券评级 – 投资质量 高级 中级 Moody’s Aaa and S&P AAA -- 偿还能力极强
Moody’s Aa and S&P AA -- 偿还能力非常强 中级 Moody’s A and S&P A – 偿还能力强但受制于环境改变 Moody’s Baa and S&P BBB -- 偿债能力适中，但不利情况发生时会受严重影响 NBS Sun Qian

52 债券评级 – 投机 低级 特低级 Moody’s Ba, B, Caa and Ca S&P BB, B, CCC, CC 适于投机
Moody’s C and S&P C – 未付息的收入债券 Moody’s D and S&P D – 已经拖欠本金和利息的债券 It is a good exercise to ask students which bonds will have the highest yield-to-maturity (lowest price) all else equal. NBS Sun Qian

53 政府债券 财政部证券 联邦政府债券 T-bills – 纯折价证券，期限在一年以下 T-notes – 票息债券，期限在一到十年间
T-bonds 期限在10年以上的票息债券 NBS Sun Qian

54 零利息债券 到期前不付息 YTM完全来自价格差 不可能溢价出售 NBS Sun Qian

55 浮动利率债券 票息随某一指数波动 价格风险低 NBS Sun Qian

56 其他债券 灾难债券 收益债券 可转换债券 可卖回债券
It is a useful exercise to ask the students if these bonds will tend to have higher or lower required returns compared to bonds without these specific provisions. Disaster bonds – issued by property and casualty companies. Pay interest and principal as usual unless claims reach a certain threshold for a single disaster. At that point, bondholders may lose all remaining payments Higher required return Income bonds – coupon payments depend on level of corporate income. If earnings are not enough to cover the interest payment, it is not owed. Higher required return Convertible bonds – bonds can be converted into shares of common stock at the bondholders discretion Lower required return Put bond – bondholder can force the company to buy the bond back prior to maturity Lower required return NBS Sun Qian

57 债券市场 通过债券商进行，基本上是柜台交易由电子网络连接 大量不同的债券，但每一特定发行的交易量却又不大 难于得到反映现状的交易价格
财政部证券例外 NBS Sun Qian

58 通货膨胀与利率 实际利率 – 购买力变化 名义利率 – 所见的标价，包括购买力变化和通货膨胀变化
Be sure to ask the students to define inflation to make sure they understand what it is. NBS Sun Qian

59 费雪效应 (Fisher Effect) (1 + R) = (1 + r)(1 + h), 其中 近似公式 R = 名义利率
The approximation works pretty well with “normal” real rates of interest and expected inflation. If the expected inflation rate is high, then there can be a substantial difference. NBS Sun Qian

60 例 假如你想得到10%的实际收益，而通膨预期为8%。名义利率应是多少？ R = (1.1)(1.08) – 1 = .188 = 18.8%
NBS Sun Qian

61 利率的期限结构 期限结构描述期限与收益之间的关系，必须保证其他因素相同 收益曲线是期限结构的图示 NBS Sun Qian

62 上扬的收益曲线 NBS Sun Qian

63 下降的收益曲线 NBS Sun Qian

64 影响所需收益的因素 无力偿还风险 是否可税 流动性 NBS Sun Qian

65 第八章： 股票价值 普通股的价值 普通及优先股的特征 股票市场 NBS Sun Qian

66 属于股东的现金流 如果你买股票，你有两种获取现金的方式 股利 出售持有的股票 股票价格是预期现金流的现值 NBS Sun Qian

67 股票定价公式（股利贴现公式） 股价是所预期股利的现值 如何估计全部股利流？ NBS Sun Qian

68 股利估算：几个特例 恒定股利： 恒定增长率： 超常增长 NBS Sun Qian

69 恒定股利（零增长） 假设一股票支付每季5毛钱的恒定股利，所需收益为10%，每季计复利。求该股票的价格。 0.5/0.025=20
Remind the students that if dividends are paid quarterly, then the discount rate must be a quarterly rate. NBS Sun Qian

70 恒定股利增长率 公式 P0 = D1 /(1+R) + D2 /(1+R)2 + D3 /(1+R)3 + …
P0 = D0(1+g)/(1+R) + D0(1+g)2/(1+R)2 + D0(1+g)3/(1+R)3 + … NBS Sun Qian

71 非恒定增长 假设一公司一年后将付息20%，两年后15%，此后股利将每年增加5%，最近刚支付的股息为1元。求股票的价格。
NBS Sun Qian

72 解 D1 = 1(1.2) = $1.20 D2 = 1.20(1.15) = $1.38 D3 = 1.38(1.05) = $1.449 P2 = D3 / (R – g) = / ( ) = 9.66 P0 = 1.20 / (1.2) + ( ) / (1.2)2 = 8.67 Point out that P2 is the value, at year 2, of all expected dividends year 3 on. The final step is exactly the same as the 2-period example at the beginning of the chapter. We can look at as if we buy it today receive the $1.20 dividend in 1 year, receive the $1.38 dividend in 2 years and then immediately sell it for $9.66. NBS Sun Qian

73 用DGM求R Point out that D1 / P0 is the dividend yield and g is the capital gains yield NBS Sun Qian

74 普通股的特征 有选举权 可授权别人选举 股票分类 其他权利 优先权 – 在新股发行时有按比例购买的权利
Shareholders have the right to vote for the board of directors and other important issues. Cumulative voting increases the likelihood of minority shareholders getting a seat on the board. Proxy votes are similar to absentee ballots. Proxy fights occur when minority owners are trying to get enough votes to obtain seats on the Board or affect other important issues that are coming up for the vote. Different classes of stock can have different rights. Owners may want to issue a nonvoting class of stock if they want to make sure that they maintain control of the firm. NBS Sun Qian

75 股利特征 如果董事会不宣布发股利，那么公司没有义务一定要发股利，因此一家公司不会因不发股利而破产 股利和税 股利并非经营支出，因此不得免税
投资者所获股利应缴个人所得税 公司投资股票所获得股利有70%可以免税 Dividend exclusion: If corporation A owns less than 20% of corporation B stock, then 30% of the dividends received from corporation B are taxable. If A owns between 20% and 80% of B, then 20% of the dividends received are taxable. If A owns more than 80%, a consolidated statement can be filed and dividends received from B are essentially untaxed. NBS Sun Qian

76 优先权特征 股利 优先股一般没有选举权 优先股的股利有优先权。优先股的股利也可被延迟但会累计，在优先股的股利没有付清之前，普通股不得派发股利
Point out that there are a lot of features of preferred stock that are similar to debt. In fact, many new issues have sinking funds that effectively convert what was a perpetual security into an equity security with a definite maturity. However, for tax purposes, preferred stock is equity and dividends are not a tax deductible expense. NBS Sun Qian

77 股票市场 券商和经济人 纽约证券交易所 NASDAQ 上海证交所 深圳证交所 香港交易所 NBS Sun Qian
Dealer: maintains an inventory and stands ready to trade at quoted bid (price at which they will buy) and ask (price at which they will sell) prices. Make their profit from the difference between the bid and ask prices, called the bid-ask spread. The smaller the spread the more competition and the more liquid the stock. The move to decimalization allows for a smaller bid-ask spread. There will be more discussion of this later. Broker: a broker matches buyers and sellers. They perform the search function for a fee (commission). They do not hold an inventory of securities. Video: The Financial Markets video discusses how capital is raised in the market and shows the open-outcry market at the CBOT. www: Check out the NYSE by clicking on the web surfer. Students are often amazed at all of the information that is available. NYSE: Specialists manage the order flow by keeping the limit order book. The limit order book lists the trades that investors have given to their brokers that include desired trading prices. The specialist is also a dealer that holds an inventory in their assigned stock, they post bid and ask prices and they are supposed to maintain and orderly market. Other participants on the floor of the exchange include floor traders that own exchange seats, commission brokers and floor brokers. NBS Sun Qian

78 第九章 净现值与其他标准 净现值 回收期准则 平均会计收益率 内部收益率 资本投资预算实践 NBS Sun Qian

79 良好决策标准 在评价决策标准时，我们要考虑以下问题： 决策准则是否计入了资金的时间价值？ 决策准则是否考虑了风险因素？
决策准则能否提供衡量为公司创造价值的有关信息？ NBS Sun Qian

80 项目案例的有关情况 你在考察一个新的项目，并且已经对现金流作了如下预测： 你对同等风险的资产所要求的收益率为12%。
第0年：现金流 = -165,000 第1年：现金流 = 63,120; 净收益 = 13,620 第2年：现金流 = 70,800; 净收益 = 3,300 第2年：现金流 = 91,080; 净收益 = 29,100 平均账面资产净值 = 72,000 你对同等风险的资产所要求的收益率为12%。 This example will be used for each of the decision rules so that the students can compare the different rules and see that conflicts can arise. This illustrates the importance of recognizing which decision rules provide the best information for making decisions that will increase owner wealth. NBS Sun Qian

81 净现值 项目的市场价值与其成本的差额 进行一项投资，创造了多少价值？ 第一步是对未来的现金流进行预测。
第二步是预测同等风险水平的项目所要求的收益率。 第三步是算出现金流的现值并从中减去初始投资。 We learn how to estimate the cash flows in chapter 9. We learn how to estimate the required return in chapter 12. NBS Sun Qian

82 净现值 – 决策准则 如果净现值为正，则接受本项目。 净现值为正意味着项目预期会为公司增加价值从而增加公司所有者的财富。
我们的目标是为所有者增加财富，因此净现值是反映项目在多大程度上符合目标的一个直接衡量标准。 NBS Sun Qian

83 计算项目的净现值 应用公式： 我们是接受还是拒绝该项目呢？
净现值 = 63,120/(1.12) + 70,800/(1.12)2 + 91,080/(1.12)3 – 165,000 = 12,627.42 我们是接受还是拒绝该项目呢？ Again, the calculator used for the illustration is the TI- BA-II plus. The basic procedure is the same, you start with the year 0 cash flow and then enter the cash flows in order. F01, F02, etc. are used to set the frequency of a cash flow occurrence. Many of the calculators only require you to use that if the frequency is something other than 1. NBS Sun Qian

84 回收期 多长时间可以收回名义初始投资成本？ 计算方法 决策准则 – 如果项目回收期短于某一预设的时限，则接受该项目 预测现金流
从初始投资中减去未来现金流直至初始投资全部回收。 决策准则 – 如果项目回收期短于某一预设的时限，则接受该项目 NBS Sun Qian

85 计算项目的回收期 假设我们会接受回收期在两年内的项目。 我们是接受还是拒绝该项目呢？
第1年：165,000 – 63,120 = 101,880（未回收额） 第2年：101,880 – 70,800 = 31,080 （未回收额） 第3年：31,080 – 91,080 = -60,000 项目在第3年完全收回 我们是接受还是拒绝该项目呢？ The payback period is year 3 if you assume that the cash flows occur at the end of the year as we do with all of the other decision rules. If we assume that the cash flows occur evenly throughout the year, then the project pays back in 2.34 years. NBS Sun Qian

86 回收期法的优缺点 优点 缺点 容易理解 考虑了后期现金流的不确定性 偏重于流动性 忽略了资金的时间价值 需要一个主观的时间分界点
忽略了分界点以后的现金流 不利于长期性的项目，如研发项目、新项目等 NBS Sun Qian

87 平均会计收益率 对于平均会计收益率，有多种不同的定义。 本书使用的定义是： 需要设定一个目标收益率。
平均净收益 / 平均账面资产净值 要注意平均账面资产净值会受到不同的折旧方法的影响。 需要设定一个目标收益率。 决策准则：如果平均会计收益率高于预定的收益率，则接受该项目。 The example in the book uses straight line depreciation to a zero salvage; that is why you can take the initial investment and divide by 2. If you use MACRS, you need to compute the BV in each period and take the average in the standard way. NBS Sun Qian

88 计算项目的平均会计收益率 假定我们要求25%的平均会计收益率 平均净收益：
(13, , ,100) / 3 = 15,340 平均会计收益率 = 15,340 / 72,000 = .213 = 21.3% 我们是接受还是拒绝该项目呢？ Students may ask where you came up with the 25%, point out that this is one of the drawbacks of this rule. There is no good theory for determining what the return should be. We generally just use some rule of thumb. NBS Sun Qian

89 平均会计收益率的优缺点 优点 缺点 容易计算 容易取得必要的信息 并非真正的收益率；忽略了资金的时间价值 用一个主观的基准收益率作为判断标准
用会计净收益和账面价值来计算，而不是以现金流和市场价值为基础 NBS Sun Qian

90 内部收益率 是净现值外最重要的方法。 实践中经常应用，而且直觉上很有吸引力。 它完全基于预期的现金流，而于任何其他利率无关。
The IRR rule is very important. Management, and individuals in general, often have a much better feel for percent returns and the value that is created, than they do for dollar increases. A dollar increase doesn’t seem to provide as much information if we don’t know what the initial expenditure was. NBS Sun Qian

91 内部收益率– 定义及决策准则 定义：内部收益率是使净现值为零的收益率 决策准则： 如果内部收益率高于要求的收益率，则接受该项目
NBS Sun Qian

92 计算项目的内部收益率 如果你没有财务计算器，就需要反复验算（试错法）。 利用计算器 我们是接受还是拒绝该项目呢？
与计算净现值时一样输入现金流 按“IRR”键，然后按“CPT”键 内部收益率 = 16.13% > 12% （要求收益率） 我们是接受还是拒绝该项目呢？ Many of the financial calculators will compute the IRR as soon as it is pressed; others require that you press compute. NBS Sun Qian

93 内部收益率的优点 了解收益率有直觉上的吸引力 如果内部收益率足够高，则没有必要再去估算要求的收益率。而估算要求的收益率常常是很难的。
You should point out, however, that if you get a very large IRR that you should go back and look at your cash flow estimation again. In competitive markets, extremely high IRRs should be rare. NBS Sun Qian

94 净现值法与内部收益率法比较 一般来说，用净现值法和内部收益率法会得到同样的结论。 例外情况： 非常规现金流: 现金流的符号改变两次以上
互斥项目 初始投资有明显差别 现金流的时间分布有明显差别 NBS Sun Qian

95 内部收益率与非常规现金流 如果现金流的符号改变超过一次，则会有不止一个内部收益率。
当你计算内部收益率时，你需要求解方程的根；而当曲线与X轴不止一次相交，就会有一个以上的收益率满足方程式。 如果你有不止一个内部收益率，你该用哪个来做决策呢？ NBS Sun Qian

96 净现值曲线 内部收益率 = 10.11% 和42.66% You should accept the project if the required return is between 10.11% and 42.66% NBS Sun Qian

97 决策准则总结 以要求的收益率15%折现，净现值为正，所以应该接受 如果使用财务计算器你会得到内部收益率为10.11%，结论应该为拒绝
你要注意非常规现金流的情况，并参照净现值曲线。 NBS Sun Qian

98 内部收益率与互斥项目 互斥项目 直觉上会用以下的决策准则： 选择了其中一个，就不能在选择另一个
例如：你可以选择明年就读哈佛或是斯坦福的研究生院，但不可能两所学校都选 直觉上会用以下的决策准则： 净现值法–选择净现值较高的项目 内部收益率法–选择内部收益率较高的项目 NBS Sun Qian

99 互斥项目举例 两个项目要求的收益率都是10%. 应该选择哪一个项目？为什么？ 期间 项目 A 项目 B -500 -400 1 325 2
-500 -400 1 325 2 200 内部收益率 19.43% 22.17% 净现值 64.05 60.74 As long as we do not have limited capital, we should choose project A. Students will often argue that you should choose B because then you can invest the additional $100 in another good project, say C. The point is that if we do not have limited capital, we can invest in A and C and still be better off. If we have limited capital, then we will need to examine what combinations of projects with A provide the highest NPV and what combinations of projects with B provide the highest NPV. You then go with the set that will create the most value. If you have limited capital and a large number of mutually exclusive projects, then you will want to set up a computer program to determine the best combination of projects within the budget constraints. The important point is that we DO NOT use IRR to choose between projects regardless of whether or not we have limited capital. NBS Sun Qian

100 净现值曲线 A的内部收益率 = 19.43% B的内部收益率 = 22.17% 交叉点 = 11.8%
If the required return is less than the crossover point of 11.8%, then you should choose A If the required return is greater than the crossover point of 11.8%, then you should choose B NBS Sun Qian

101 净现值与内部收益率的冲突 净现值直接衡量项目为公司增加的价值 当净现值法与另一决策准则有冲突时，应该坚持用净现值法
在以下情况下不能应用内部收益率法： 非常规现金流 互斥项目 NBS Sun Qian

102 资本预算实践 在做投资决策时，我们应该考虑几种标准 净现值和内部收益率是最常用的基本投资决策标准 回收期是常用的辅助投资决策标准
Even though payback and AAR should not be used to make the final decision, we should consider the project very carefully if they suggest rejection. There may be more risk than we have considered or we may want to pay additional attention to our cash flow estimations. Sensitivity and scenario analysis can be used to help us evaluate our cash flows. The fact that payback is commonly used as a secondary criteria may be because short paybacks allow firms to have funds sooner to invest in other projects without going to the capital markets NBS Sun Qian

103 第十章 投资决策 项目现金流：初步审视 增量现金流 预测的财务报表与项目现金流 项目现金流的深入探讨 经营中现金流的替代概念
第十章 投资决策 项目现金流：初步审视 增量现金流 预测的财务报表与项目现金流 项目现金流的深入探讨 经营中现金流的替代概念 现金流分析的一些特例 NBS Sun Qian

104 相关的现金流 在资本预算分析中应包括的现金流是那些只有接受该项目才会产生的现金流 这些现金流叫做增量现金流
这可以使我们对每一个项目做出独立的分析，而不必考虑该投资可能产生的替代或互补效应。 NBS Sun Qian

105 现金流的常见类型 沉淀成本 – 以前投入的成本 机会成本 – 放弃其他选择的成本 相关效应 营运资金净额的变化 财务成本 税收
正相关效应 – 给其他项目带来的效益 负相关效应 – 给其他项目增加的费用 营运资金净额的变化 财务成本 税收 With each of these types of cash flows, you should ask the class the question on the previous slide so that they can start to determine if the cash flows are relevant. Sunk costs – our government provides ample examples of inappropriately including sunk costs in their capital allocation decisions. Opportunity costs – the classic example of an opportunity cost is the use of land or plant that is already owned. It is important to point out that this is not “free.” At the very least we could sell the land; consequently if we choose to use it, we cost ourselves the selling price of the asset. A good example of a positive side effect is when you will establish a new distribution system with this project that can be used for existing or future projects. The benefit provided to those projects needs to be considered. The most common negative side effect is erosion or cannibalism, where the introduction of a new product will reduce the sales of existing, similar products. A good real-world example is McDonald’s introduction of the Arch Deluxe sandwich. Instead of generating all new sales, it primarily reduced sales in the Big Mac and the Quarter Pounder. It is important to consider changes in NWC. We need to remember that operating cash flow derived from the income statement assumes all sales are cash sales and that the COGS was actually paid in cash during that period. By looking at changes in NWC specifically, we can adjust for the difference in cash flow that results from accounting conventions. Most projects will require an increase in NWC initially as we build inventory and receivables. We do not include financing costs. Students often have difficulty understanding why when it appears that we will only raise capital if we take the project. It is important to point out that because of economies of scale, companies generally do not finance individual projects. Instead, they finance the entire portfolio of projects at one time. The other reason has to do with maintaining a target capital structure over time, but not necessarily each year. Taxes will change as the firm’s taxable income changes. Consequently, we have to consider cash flows on an after-tax basis. NBS Sun Qian

106 预测的报表与现金流 资本预算依赖于预测的会计报表，尤其是损益表 计算现金流 营运中产生的现金流 (OCF) = 利税前盈利 + 折旧–税收
资产产生的现金流 (CFFA) = OCF – 净资本投入 (NCS) –营运资金净额的变化 Operating cash flow – students often have to go back to the income statement to see that the two definitions of operating cash flow are equivalent when there is no interest expense. NBS Sun Qian

107 表10.1 预测损益表 销售收入 (50,000个单位，单价$4.00) 200000 变动成本 ($2.50每单位) 125,000 毛利
$75,000 固定成本 12,000 折旧 ($90,000 / 3) 30,000 利税前盈利 $33,000 所得税 (34%) 11,220 净利润 $ 21,780 NBS Sun Qian

108 表10.2 预测的资本需要量 年份 1 2 3 营运资金净额 $20000 固定资产净额 90,000 60,000 30,000 总投资
1 2 3 营运资金净额 $20000 固定资产净额 90,000 60,000 30,000 总投资 110000 $80000 $50000 Ask the students why net fixed assets is decreasing each year. It is important that they understand that when they go to compute the net capital spending in the next slide. NBS Sun Qian

109 表10.5 预测的总现金流 年份 1 2 3 营运中现金流 $51,780 营运资金净额变化 -$20000 20,000 资本投入
1 2 3 营运中现金流 $51,780 营运资金净额变化 -$20000 20,000 资本投入 -$90000 资产产生的现金流 $71,780 OCF = EBIT + depreciation – taxes = 33, ,000 – 11,220 = 51,780; or OCF = NI + depreciation = 21, ,000 = 51,780 Note that in the Table in the book, the negative signs have already been carried throughout the table so that the columns can just be added. Ultimately, students seem to do better with this format even though the CFFA equation says to subtract the changes in NWC and net capital spending. Change in NWC = We have a net investment in NWC in year 0 of 20,000; we get the investment back at the end of the project when we sell our inventory, collect on our receivables and pay off our payables. Students often forget that we get the investment back at the end. Capital Spending – remember that Net capital spending = change in net fixed assets + depreciation. So in year one NCS = (60,000 – 90,000) + 30,000 = 0; The same is true for the other years. NBS Sun Qian

110 做出决策 既然有了现金流，我们就可以应用第9章中学到的技巧了。 把现金流输入计算器，计算出净现值和内部收益率： 我们该接受还是拒绝该项目？
You can also use the formulas to compute NPV and IRR, just remember that the IRR computation is trial and error. Click on the excel icon to go to an embedded spreadsheet that illustrates how the pro formas and cash flows can be set-up and computes the NPV and IRR. NBS Sun Qian

111 折旧 资本预算中用的折旧费用应该与税务机关计税时依据的折旧年限一致。
折旧本身是一种非现金费用，因此它只是因为对所得税有影响才与资本预算有关。 折旧的避税效应 = D*T D = 折旧费用 T = 边际税率 NBS Sun Qian

112 计算折旧 直线折旧法 加速折旧法 D = (原始成本–残值) / 折旧年限 从避税的角度出发，很少有资产采用直线折旧法
需知道资产应归为哪种资产类别 用原始成本乘以表中给出的百分比 折旧到零 年中规则 The MACRS percentages are given in Table 9-7 NBS Sun Qian

113 税后残值 如果残值与资产的账面值不一致，就会有税收效应。 账面值 = 原始成本–累计折旧 税后残值 = 残值–T*(残值–账面值)
NBS Sun Qian

114 举例：折旧与税后残值 你以10万元买入设备，另发生运费及安装费1万元。根据以往经验，你相信该设备使用6年后可以以1.7万元卖出。公司的边际税率是40%。在下列每种情况下，每年的折旧费用及6年后的税后残值分别是多少？ NBS Sun Qian

115 举例：直线折旧 假定适用的折旧方法是直线法 折旧费用 = (110,000 – 17,000) / 6 = 15,500/年（共6年）
6年后的账面值 = 110,000 – 6(15,500) = 17,000 税后残值 = 17, (17,000 – 17,000) = 17,000 NBS Sun Qian

116 举例：三年期加速折旧法 6年后的账面值 = 110,000 – 36,663 – 48,884 – 16,302 – 8,151 = 0
年份 加速折旧百分比 折旧费用 1 .3333 .3333(110,000) = 36,663 2 .4444 .4444(110,000) = 48,884 3 .1482 .1482(110,000) = 16,302 4 .0741 .0741(110,000) = 8,151 税后残值 = 17, (17,000 – 0) = $10,200 Note that with MACRS you do not subtract the expected salvage from the initial cost. Also note that the MACRS % is multiplied by the initial cost every year. For some reason, students want to multiply by the book value. NBS Sun Qian