TAILIEUCHUNG - Corporate finance Part 3- Chapter 2

Các nhà đầu tư đóng một vai trò tích cực khi chứng khoán được phát hành, bởi vì họ có thể chỉ đơn giản từ chối tài chính của công ty bằng cách từ chối để mua chứng khoán. | Part Two Capital structure policies This part presents the concepts and theories that underpin all important financial decisions. In particular we will examine their impact on value keeping in mind that basically to maximise a value we must minimise a cost. You will see that we have travelled far from the world of accounting since cost is the one parameter that should not affect the choice of capital structure. The chapters of this part will introduce you to the many considerations involved when a company chooses its Capital structure policy. Don t forget that capital structure is the mixture of debt and equity resulting from decisions on financing operations. Dividend or more generally equity policy. Chapter 32 Value and corporate finance No Sire it s a revolution Section The purpose of finance is to create value 1 lNVESTMENT AND VALUE The accounting rules we looked at in Section I of the book showed us that an investment is a use of funds but not a reduction in the value of assets. We will now go one step further and adopt the viewpoint of the financial manager for whom a profitable investment is one that increases the value of capital employed. We will see that a key element in the theory of markets in equilibrium is the market value of capital employed. This theory underscores the direct link between the return on a company s investments and that required by investors buying the financial securities issued by the company. The true measure of an investment policy is the effect it has on the value of capital employed. This concept is sometimes called enterprise value a term we would prefer to avoid because it can easily be confused with the value of equity capital employed less net debt . The two are far from the same Hence the importance of every investment decision as it can lead to three different outcomes Where the expected return on an investment is higher than that required by investors the value of capital employed rises instantly. An investment of .

• Tài chính doanh nghiệp
• corporate finance
• tài chính doanh nghiệp
• quản lý tài chính
• cfa
• Intermediate corporate finance
• Lecture Intermediate corporate finance
• Corporate valuation
• Value based management
• Fundamentals of corporate finance
• Business organization
• Financial management
• International corporate finance
• Capital market history
• Raising capital
• Financial leverage
• Financial reporting
• Social welfare
• Forward contracts
• The stock markets
• Basic return concepts
• Portfolio theory
• Bond valuation
• Basic stock valuation
• Accounting for financial management
• Analysis of financial statements
• Financial planning
• Forecasting financial statements
• Capital budgeting
• Decision criteria
• Estimating cash flows
• Real options
• Capital structure decisions
• The levered firm
• Cash management
• Financial distress
• Hedging risk
• Warrants and convertibles
• Principles of corporate finance
• Understanding options
• Valuing options
• Financial analysis
• Financial manager
• Financial institutions