CIIA<<Corporate Finance and Equity Valuation and Analysis>>英文电子版


另：CIIA《FINANCIAL ACCOUNTING AND FINANCIAL STATEMENT ANALYSIS》英文电子版教材
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1. Fundamentals of corporate finance 1
1.1 Goals of corporate Finance .................................................................................................................... 1
1.1.1 Value Maximisation Of Shareholders ............................................................................................... 1
1.1.2 Corporate Governance Issue ............................................................................................................. 3
1.1.2.1 Agency Relationship................................................................................................................... 5
1.1.2.2 Control of The Firm .................................................................................................................... 6
1.2 The Finance Function And The Firm’s Objectives .............................................................................. 7
1.3 Role of The Financial Managers ............................................................................................................ 8
1.4 Principles of Valuation ........................................................................................................................... 9
1.4.1 What Is Value?................................................................................................................................. 9
1.4.2 The Valuation Process ...................................................................................................................... 9
1.4.3 Value Creation for Shareholders..................................................................................................... 10
1.5 Discounted Cash Flow........................................................................................................................... 12
1.5.1 What is Cash flow? ......................................................................................................................... 12
1.5.2 Basics of Cash Flow Analysis ......................................................................................................... 13
1.5.2.1 The net initial investment (NINV)............................................................................................. 14
1.5.2.2 Net operating cash flows ........................................................................................................... 16
1.5.2.3 Terminal Cash flows.................................................................................................................. 21
1.5.2.4 Future value of a single cash flow............................................................................................. 22
1.5.2.5 Present value of a future cash flow............................................................................................ 23
1.5.2.6 Perpetuity ................................................................................................................................. 24
1.5.2.7 Annuity..................................................................................................................................... 24
1.5.2.7.1 Present Value of an ordinary annuity................................................................................ 25