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Corporatefinance
Formsofbusinessorganization
Objectiveofthefirm:Maximizewealth
Determinantsofstockpricing
Thefinancialenvironment
Financialinstrumentsmarketsandinstitutions
Interestratesandyieldcurves
Whyiscorporatefinanceimportanttoallmanagers?
Corporatefinanceprovidestheskillsmanagersneedto:
Identifyandselectthecorporatestrategiesandindividualprojectsthataddvaluetotheirfirm.
Forecastthefundingrequirementsoftheircompanyanddevisestrategiesforacquiringthosefunds.
Soleproprietorship
Partnership
Corporation
Advantages:
Easeofformation
Subjecttofewregulations
Nocorporateincometaxes
Disadvantages:
Limitedlife
Unlimitedliability
Difficulttoraisecapital
Apartnershiphasroughlythesameadvantagesanddisadvantagesasasoleproprietorship.
Advantages:
Unlimitedlife
Easytransferofownership
Limitedliability
Easeofraisingcapital
Disadvantages:
Doubletaxation
Costofset-upandreportfiling
Theprimaryobjectiveshouldbeshareholderwealthmaximizationwhichtranslatestomaximizingstockprice.
Shouldfirmsbehaveethically?YES!
Dofirmshaveanyresponsibilitiestosocietyatlarge?YES!Shareholdersarealsomembersofsociety.
Ismaximizingstockpricegoodforsocietyemployeesandcustomers?
Employmentgrowthishigherinfirmsthattrytomaximizestockprice.Onaverageemploymentgoesupin:
firmsthatmakemanagersintoowners(suchasLBOfirms)
firmsthatwereownedbythegovernmentbutthathavebeensoldtoprivateinvestors
Consumerwelfareishigherincapitalistfreemarketeconomiesthanincommunistorsocialisteconomies.
Fortuneliststhemostadmiredfirms.Inadditiontohighstockreturnsthesefirmshave:
highqualityfromcustomers’view
employeeswholikeworkingthere
Amountofcashflowsexpectedbyshareholders
Timingofthecashflowstream
Riskofthecashflows
Salesrevenues
Currentlevel
Short-termgrowthrateinsales
Long-termsustainablegrowthrateinsales
Operatingexpenses(e.g.rawmaterialslaboretc.)
Necessaryinvestmentsinoperatingcapital(e.g.buildingsmachinesinventoryetc.)
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