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Principles of Corporate Finance

Principles of Corporate Finance. (Sixth Edition) Author:Richard A. Brealey Stewart C. Myers 授课教师 : 卢宇荣 江西师范大学 财政金融学院金融系 Tel: 8120494 Email: yuronglu@163.com. Course Mechanics. Course Grade: Class participation 10% group assignments 20% Final exam 7 0%.

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Principles of Corporate Finance

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  1. Principles of Corporate Finance (Sixth Edition) Author:Richard A. Brealey Stewart C. Myers 授课教师:卢宇荣 江西师范大学 财政金融学院金融系 Tel: 8120494 Email: yuronglu@163.com

  2. Course Mechanics • Course Grade: • Class participation10% • group assignments20% • Final exam70%

  3. Course Objectives • Through this class I want to help you build the following skills: • Reading ability • Analytical ability • Quantitative skills • Empirical knowledge of the corporate finance

  4. Course Overview • Part 1 Value • Part 2 Risk • Part 3 Practical Problems in Capital Budgeting • Part 4 Financing Decisions and Market Efficiency • Part 5 Dividend Policy and Capital Structure

  5. Course Overview • Part 6 Options • Part 7 Debt Financing • Part 8 Risk Management • Part 9 Financial Planning and Short-term Financing Management • Part 10 Mergers, Corporate Control, and Government • Part 11 Conclusions

  6. PART ONE VALUE • Chapter 1 FINANCING AND THE FINANCIAL MANAGER • Chapter 2 PRESENT VALUE AND THE OPPORTUNITY COST OF CAPITAL • Chapter 3 HOW TO CALCULATE PRESENT VALUE • Chapter 4 THE VALUE OF COMMON STOCK • Chapter 5 WHY NET PRESENT VALUE LEADS TO BETTER INVESTMENT DECISIONS THAN OTHER CRITERIA • Chapter 6 MAKING INVESTMENT DECISIONS WITH THE NET PRESENT VALUE

  7. Principles of Corporate Finance Sixth Edition Richard A. Brealey Stewart C. Myers Chapter 1 Finance and Financial Manager Lu Yurong Jiangxi Normal University

  8. Topics Covered • What Is A Corporation? • The Role of The Financial Manager • Who Is The Financial Manager? • Separation of Ownership and Management • Financial Markets

  9. Unlimited Liability Personal tax on profits Limited Liability Corporate tax on profits + Personal tax on dividends Corporate Structure Sole Proprietorships Partnerships Corporations

  10. (2) (1) (4a) (4b) (3) (1) Cash raised from investors (2) Cash invested in firm (3) Cash generated by operations (4a) Cash reinvested (4b) Cash returned to investors Role of The Financial Manager Financial Firm's Financial manager operations markets

  11. Treasurer Comptroller Who is The Financial Manager? Chief Financial Officer

  12. Difference in Information Stock prices and returns Issues of shares and other securities Dividends Financing Different Objectives Managers vs. stockholders Top mgmt vs. operating mgmt Stockholders vs. banks and lenders Ownership vs. Management

  13. Summary • What to learn in this course? Analytical modeling skills, quantitative tools, and empirical knowledge about the corporate finance. • What finance matters?

  14. Preparation for Next Class • Please read: • BM Chapter 2 , P15-34 • Questions: • What is present value? • How to calculate present value? • What is the foundations of the NPV?

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