Nguyễn Hồng Tâm
EBBA14.3
Financial management
Introduction to côprate finance 1
Chapter 1
1. The financial manager
2. Financial management decisions
The process of planning and managing a firm’s long term investment is called capital
budgeting.
A firm’s capital structure (or financial structure) is the specific mixture of long-term debt and
equity the firm uses to finance its operations.
The term working capital refers to a firm’s short-term assets, such as inventory, and its
short-term liabilities such as money owed to suppliers. Concept Questions
1.1a What is the capital budgeting decision?
The financial manager tries to identify investment opportunities that are worth more to the firm
than they cost to acquire. Loosely speaking, this means that the value of the cash flow generated
by an asset exceeds the cost of that asset. The types of investment opportunities that would
typically be considered depend in part on the nature of the firm’s business.
For example, for a large retailer such as wal-mart, deciding whether to open another store would
be an important capital budgeting decision.
1.1b What do you call the specific mixture of long-term debt and equity that a firm chooses
to use?
A firm’s capital structure (or financial structure) is the specific mixture of long-term debt and
equity the firm uses to finance its operations.
1.1c Into what category of financial management does cash management fall?
Working capital management. Because working capital management involves managing a firm's
short-term assets and liabilities—and cash is a key short-term asset. Effective cash
management ensures that a firm has enough liquidity to meet day-to-day operational expenses
and avoid unnecessary borrowing.
1.2 forms of business organization
A sole proprietorship is a business owned by one person. This is the simplest type of business
to start and is the least regulated form of organization.
A Partnership is similar to a proprietorship except that there are two or more owners
(partnership). The corporation is the most important form (in term of size) of business
organization in the united states
Concept questions
1.2a what are the three forms of business organization?
Sole proprietorship
Partnership
Corporation
1.2b what are the primary advantages and disadvantages of sole proprietorships and
partnerships? • Sole proprietorship
advantages
• Easiest to start
• Least regulated
• Single owner keeps all the profits
• Taxed once as personal income
disadvantages
• Limited to life of owner
• Equity capital limited to owner’s personal
wealth
• Unlimited liability
• Difficult to sell ownership interest
• Partnership
advantages
Two or more owners
More capital available
Relatively easy to start
Income taxed once as personal income
disadvantages
• Unlimited liability
 General partnership 
Limited partnership
• Partnership dissolves when one partner
dies or wishes to sell
• Difficult to transfer ownership
1.2c what is the difference between a general and a limited partnership?
In a partnership, all the partners share in gains or losses, and all have unlimited liability for all
partnership debts, not just some particular share.
In a limited partnership, one or more general partners will run the business and have unlimited
liability, but there will be one or more limited partnership who will not actively participate in the
business.
1.2d why is the corporate form superior when it comes to raising cash ?
The goal of financial management
Possible goals
The goal of financial management
The goal of financial management is to maximize the current value per share of the existing
stock.
A more general goal
Sarbanes-oxley
1.3a what is the goal of financial management?
The goal of financial management is to maximize the current value per share of the existing
stock.
The goal of financial management is to maximize the value of the firm for its owners. In the
case of a corporation, this means maximizing shareholder wealth, typically reflected by the
market price of the company's stock.
1.3b what are some shortcomings of the goal of profit maximization?
We need to learn how to identify investments and financing arrangements that favorably impact
the value of the stork
While profit maximization may seem like a logical goal, it has several important shortcomings:
 Ignores Timing of Returns
 Profit maximization doesn’t consider when profits are received.
 Receiving $1 today is more valuable than receiving $1 in the future due to the time value of
money.
 Ignores Risk
 It overlooks the risk associated with different decisions.
 A risky project might have higher profits, but it could jeopardize the company’s stability.
 Short-term Focus
 It may lead to decisions that boost short-term profits at the expense of long-term value,
such as cutting R&D or delaying maintenance.
 No Clear Measurement
 "Profit" can be defined in many ways (e.g., gross profit, net profit, operating profit), leading
to ambiguity.
 Ignores Stakeholders
 Sole focus on profits might ignore the interests of employees, customers, suppliers, and the
community, which can hurt the company in the long run.
1.3c can you give a definition of corporate finance?
We could have defined corporate finance as the study of the relationship between business
decisions and the value of the stock in the business.
Corporate finance is the area of finance that deals with how companies manage their funding,
capital structure, and investment decisions to maximize firm value.
The agency problem and control of the corporation
Agency Cost refers to the conflict of interest between the owners (shareholders) and the
managers (agents) of a company, and the costs that arise from this conflict.
Agency relationships
In all such relationships, there is a possibility of conflict of interest between the principal and the
agent. Such a conflict is called an agency problem.
Management goals
Do managers act in the stockholders’ interest?
Not always. While managers are supposed to act in the best interests of stockholders, in reality,
they may pursue their own goals instead — leading to what is called the agency problem.
Managerial compensation
Control of the firm
Conclusion
Stakeholders
Taken together, these various groups are called stakeholders in the firm
Concept questions
1.4a what is an agency relationship?
The relationship between stockholders and management is called an agency relationship
An agency relationship exists when the shareholders (principals) hire managers (agents) to
run the company.
1.4b what are agency problems and how do they come about? What are agency costs?
Agency problems occur when managers act in their own interest rather than in the best interest of
shareholders.
Agency costs are the economic costs that arise from the conflict of interest in an agency
relationship.
1.4c what incentives do managers in large corporations have to maximize share value?
✅Key Incentives:
1. Performance-Based Compensation
o Stock options, restricted stock, and bonuses tied to share price or financial
targets.
o When the stock price rises, managers benefit personally.
2. Job Security and Career Reputation
o Poor performance can lead to termination or damage to professional reputation.
o
Successful leadership can lead to promotions or high-paying opportunities
elsewhere.
3. Market for Corporate Control
o If managers underperform, the firm may become a takeover target.
o Fear of losing control motivates managers to perform well.
4. Board Oversight
o The board of directors, acting on behalf of shareholders, monitors and evaluates
management.
5. Internal Promotion Incentives
o Lower-level managers aim to be promoted and have long-term incentives to
contribute to firm value.
Financial markets and the corporation
Cash flows to and from the firm
Primary versus secondary markets
Primary markets
Secondary markets
Dealer versus auction markets
Trading in corporate securities
Listing
1.5a What is a dealer market? How do dealer and auction markets differ?
✅Dealer Market:
A dealer market is a type of market where dealers (also known as market makers) facilitate
trading by buying and selling securities from their own inventory. Dealers make profits through
the bid-ask spread (the difference between the price at which they buy and sell).
In a dealer market:



Dealers are the middlemen who buy and sell securities directly to/from investors.
There’s no centralized exchange where buyers and sellers meet; transactions occur overthe-counter (OTC).
Dealers typically trade stocks, bonds, or other securities.
Example of Dealer Market:

Nasdaq is a dealer market, where dealers (market makers) quote prices and handle
trades for stocks.
✅Auction Market:
An auction market is where buyers and sellers meet at a centralized exchange, and the price of
the security is determined through competitive bidding. The market matches buy orders with
sell orders.
In an auction market:



Buyers and sellers interact with each other directly through an exchange (like the New
York Stock Exchange).
The auction process determines the final price through bids and asks.
There are no market makers. The market relies on the auction system to establish the
price.
Example of Auction Market:

The New York Stock Exchange (NYSE) is an example of an auction market.
1.5b What does OTC stand for? What is the large OTC market for stocks called?
✅OTC:
OTC stands for Over-the-Counter.


Over-the-Counter refers to securities that are traded directly between two parties
(buyers and sellers) without being listed on a centralized exchange.
OTC trading happens through a dealer network rather than through a formal exchange.
✅Large OTC Market for Stocks:
The large OTC market for stocks is called the Nasdaq.


Nasdaq is one of the most well-known OTC markets where securities (especially
stocks) are traded through a network of dealers rather than on a centralized exchange like
the New York Stock Exchange (NYSE).
Nasdaq operates with market makers who facilitate trades and provide liquidity by
quoting prices.
1.5c What is the largest auction market in the United States?
New York Stock Exchange
Chapter 5
5.1 future value and compounding
Future value (FV) refers to the amount of money an investment will grow to over some period of
time at some given interest rate.
Investing for a single period
Investing for more than one period
This process of leaving your money and any accumulated interest in an investment for more than
one period, thereby reinvesting the interest, is called compounding.
Compounding the interest means earning interest on interest, so we call the result compound
interest.
With simple interest, the interest is not reinvested, so interest is earned each period only on the
original principle
Future value = A x (1+r)t
A note about compound growth
Present value and discounting
The single-period case
Present value: the current value of future cash flows discounted at the appropriate discount rate
Discount: calculate the present value of some future amount
Present values for multiple periods
Discount rate: the rate used to calculate the present value of future cash flows.
Discounted cash flow (DCF) valuation: calculating the present value of a future cash flow to
determine its value today
More about present and future values
Present versus future value
Determining the discount rate
Finding the number of period
Chapter 6
6.1 Future and present values of multiple cash flows
Future value ưith multiple cáh flows
Present value ưith multiple cash flows
A note about cash flows timing
6.2 valuing level cash flows: annuities and perpetuities
A series of constant or level cash flows that occur at the end of each period for some fixed
number of periods is called an ordinary annuity
Present value for annuity cash flows
𝑡
Annuity present value = C x [(1 – present value factor) / r] = C x {[1 – 1/(1+r)t] / r} =
𝑟
Future value for annuities
annuity FV factor = (future value factor – 1) / r = [(1+r)t – 1] / r = [(1+𝑟)𝑡−1]
𝑟
Annuity FV = Cx (future value factor – 1) / r =
𝑟
A note about annuities due
Annuity due: an annuity for which the cash flows occur at the beginning of the period
Annuity due value = ordinary annuity value x (1+r)
Perpetuities
Perpetuity: an annuity in which the cash flows continue forever
Consol: a type of perpetuity
PV for a perpetuity = C/r
Growing annuities and perpetuities
1+𝑔
1 –(
)^2
Growing annuity present value = 𝐶 ∗ [
]
1+𝑟
𝑟−𝑔
=
Growing perpetuity present value =
𝑟−𝑔
𝐶
𝑟−𝑔
6.3 comparing rates: the effect of compounding
Effective annual rates and compounding
Started interest rate: the interest rate expressed in terms of the interest payment made each
period. Also known as the quoted interest rate.
Effective annual rate (EAR): the interest rate expressed as if it were compounded once per
year. Calculating and comparing effective annual rates
𝐸𝐴𝑅 = [1 + 𝑄𝑢𝑜𝑡𝑒𝑑 𝑟𝑎𝑡𝑒
𝑚
]𝑚 − 1
EARs and APRs
Annual percentage rate (APR): the interest rate changed per period multiple by the number of
periods per year.
Taking it to the limit: a note about continuous compounding
EAR =𝑒𝑞 − 1
Loan types and loan amortization
Pure discount loans
Interest-only loans
Amortized loans
Chapter 7
Bonds and bond valuation
Bond features and prices
Coupon: the started interest payment made on a bond.
Face value: the principal amount of a bond that is repaid at the end of the term. Also called
par value Coupon rate: the annual coupon divided by the face value of a bond maturity: the
specified date on which the principal amount of a bond is paid
Bond values and yields
Yield to maturity (YTM): the rate required in the market on a bond
1
1−
Bond value = 𝐶∗
(1+𝑟) 𝑡
𝑟
+ (1+𝑟)𝐹 𝑡 = present value of the coupons + present
value of the face amount
Interest rate risk
Finding the yield to maturity: more trial and error
Current yield: a bond’s annual coupon divided by its price.
7.2 more about bond
features Is it debt or equity?
Long-term debt: the basics
The indenture
The indenture is the written agreement between the corporation (the borrower) and its creditors
Registered form: the form of bond issue in which the registrar of the company records ownership
of each bond; payment is made directly to the owner of record.
Bearer form: the form of bond issue in which the bond is issued without record of the owner’s
name; payment is made to whomever holds the bond.
Debenture: an unsecured debt, usually with a maturity of 10 years or more
Note: an unsecured debt, usually with a maturity under 10 years
Sinking fund: an account managed by the bond trustee for early bond redemption.
Call provision: an agreement giving the corporation the option to repurchase a bond at a
specified price prior to maturity
Call premium: the amount by which the call price exceeds the par value of a bond.
Deferred call provision: a call provision prohibiting the company from redeeming a bond prior to
a certain date
Call-protected bond: a bond that, during a certain period, cannot be redeemed by the issuer
Protective covenant: a part of the indenture limiting certain actions that might be taken during the
term of the loan, usually to protect the lender’s interest.
7.3 bond ratings
7.4 some different types of bonds
Government bonds
Zero coupon bonds
Zero coupon bond: a bond that makes no coupon payments and is thus initially priced at a deep
discount
Floating -rate bonds
Other types of bonds
7.5 bond markets
How bonds are bought and sold
Bond price reporting
Bid price: the price a dealer is willing to pay for a security.
Asked price: the price a dealer is willing to take for a security.
Bid-ask spread: the difference between the bid price and the asked price
A note about bond price quotes
Clean price: the price of a bond net of accrued interest; this is the price that is typically quoted
Dirty price: the price of a bond including accrued interest, also known as the full or invoice price.
This is the price the buyer actually pays
7.6 inflation and interest rates
Real versus nominal rates
Real rates: interest rates or rates of return that have been adjusted for inflation
Nominal rates: interest rates or rates of return that have not been adjusted for inflation.
Inflation and present values
7.7 determinants of bond yields
The term structure of interest rates
Term structure of interest rates: the relationship between interest rates on default-free, pure
discount securities and time to maturity; that is, the pure time value of money.
Inflation premium: the portion of a nominal interest rate that represents compensation for
expected future inflation.
Interest rate risk premium: the compensation investors demand for bearing interest rate risk
Bond yields and the yield curve: putting it all together
Treasury yield curve: a plot of the yields on treasury notes and bonds relative to maturity.
Default risk premium: the portion of a nominal interest rate or bond yield that represents
compensation for the possibility of default
Taxability premium: the portion of a nominal interest rate or bond yield that represents
compensation for unfavorable tax status
Liquidity premium:the portion of a nominal interest rate or bond yield that represents
compensation for lack of liquidity.
Dividend yield: a stock’s expected cash dividend by its current price.
Capital gain yield: the dividend growth rate, or the rate at which the value of an investment
grows.
8.2 some features of common and preferred stocks
Common stock features
Common stock: equity without priority for dividends or in bankruptcy
Cumulative voting: a procedure in which a shareholder may cast all votes for one member of the
broad of directors
Straight voting: a procedure in which a shareholder may cast all votes for each member of the
board of directors
Proxy: a grant of authority by a shareholder allowing another individual to vote his or her shares.
Dividends: payments by a corporation to shareholders, made in either cash or stock.
Preferred stock: stock with dividend priority over common stock, normally with a fixed dividend
rate, sometimes without voting rights
8.3 the stock markets
Primary market: the market in which new securities are originally sold to investors.
Secondary market: the market in which previously issued securities are traded among investors
Dealer: an agent who buys and sells securities from inventory
Broker: an agent who arranges security transactions among investors
Organization of the nyse
Member: as of 2006, a member is the owner of a trading license on the nyse
Commission brokers: nyse members who execute customer orders to buy and sell stock
transmitted to the exchange floor.
Specialist: a nyse member acting as dealer in a small number of securities on the exchange floor;
often called a market maker.
Floor brokers: nyse members who execute orders for commission brokers on a fee basic;
sometimes called $2 brokers.
superDOT system: an electronic NYSE system allowing orders to be transmitted directly to the
specialist.
Floor traders: NYSE members who trade for their own accounts, trying to anticipate temporary
price fluctuations
Order flow: the flow of customer orders to buy and sell securities
Specialist’s post: a fixed place on the exchange floor where the specialist operates.
NASDAQ operations
Over-the-counter (OTC) market: securities market in which trading is almost exclusively done
through dealers who buy and sell for their own inventories.
Electronic communications network (ECN): a web site that allows investors to trade directly with
each other
Stock market reporting
How do debt and equity affect a company during an economic downturn?
Debt
During a recession, debt can have significant negative impacts on a company:

Debt repayment pressure: When revenues decline, companies may struggle to meet
debt obligations, especially if the loans have high interest rates or short repayment
terms. This can lead to the risk of bankruptcy if the company is unable to repay its debt.


Difficulty in borrowing: Banks and financial institutions may tighten credit during a
downturn, reducing a company's ability to borrow. This can affect the company's ability
to maintain operations or carry out investment projects.
Higher interest costs: In a downturn, banks may increase interest rates or reduce the
availability of credit, which raises the cost of capital for the business.
Equity
While debt can pose financial risks, equity can help a company mitigate financial stress during a
downturn:



No fixed repayment obligations: Compared to debt, equity does not require the
company to pay fixed interest or principal amounts. This reduces the financial pressure
during periods of declining revenue.
Lower risk of insolvency: When a company faces financial difficulties during a
downturn, having strong equity capital can help it remain operational without the risk of
bankruptcy due to an inability to repay debt.
Challenges in raising capital: However, during a recession, raising capital through
equity issuance may become more challenging as investors are more cautious about risks
and uncertainties during such periods.
Summary:


Debt can increase financial risk during a downturn, particularly with debt repayment
pressure and difficulty borrowing additional funds.
Equity helps reduce repayment risk, but raising additional equity capital can be more
difficult in a downturn due to the uncertainty and declining stock prices.
1. How do changes in interest rates affect a company's
capital structure?
Changes in interest rates directly impact a company’s cost of debt. When interest rates rise, debt
becomes more expensive, leading companies to reconsider their use of debt in their capital
structure. In a higher interest rate environment, companies may lean more toward equity
financing (issuing stocks) rather than taking on additional debt. Conversely, lower interest rates
make debt more attractive because the cost of borrowing decreases.
2. What are the advantages and disadvantages of using
debt financing versus equity financing?

Advantages of Debt Financing:
o Interest payments on debt are tax-deductible, reducing the company's taxable
income.
o



Debt financing allows the company to maintain control, as no ownership is
given away.
Disadvantages of Debt Financing:
o Debt creates fixed obligations, which can be challenging to meet in times of
financial stress.
o High levels of debt increase the company’s financial risk, potentially leading to
bankruptcy if cash flows fall short.
Advantages of Equity Financing:
o No obligation to pay interest or repay the principal, reducing financial risk.
o Equity financing can enhance a company’s financial flexibility.
Disadvantages of Equity Financing:
o Issuing new shares dilutes existing shareholders’ ownership and control.
o Equity financing can be more expensive in the long term, as shareholders expect a
return on their investment.
3. How do mergers and acquisitions impact shareholder
value in the short term and long term?


Short-term impact: Mergers and acquisitions (M&A) can lead to immediate increases
in share price if the market views the acquisition as beneficial (e.g., cost synergies,
increased market share). However, they can also cause a short-term drop in value if the
market sees the deal as overpriced or uncertain.
Long-term impact: The long-term effect of M&A depends on how well the integration
is executed. If synergies are realized (e.g., cost savings, revenue growth), the
shareholder value can increase. Conversely, poor integration can erode value, leading to
a loss in shareholder wealth.
4. What is the relationship between a company's risk profile and its cost of capital?
A company’s risk profile is directly related to its cost of capital. Companies with higher risks
(such as more debt, volatile earnings, or exposure to uncertain markets) are considered riskier by
investors, and therefore, they face a higher cost of capital. Investors demand higher returns for
taking on greater risk, which increases both the cost of equity and the cost of debt.
5. How do financial managers make decisions regarding
dividend payout policies?
Financial managers determine dividend payout policies based on factors like:


Profitability: If the company is generating strong profits, it may decide to distribute a
portion to shareholders.
Cash flow: A company needs enough free cash flow to pay dividends without
jeopardizing its operations.


Retention needs: If the company needs to reinvest profits for growth or expansion, it
may reduce dividend payouts to retain earnings.
Market expectations: Companies that have a history of paying dividends may maintain
consistent payouts to avoid negatively impacting investor sentiment.
6. What is the role of capital budgeting in corporate
finance, and why is it important for long-term investment
decisions?
Capital budgeting is the process of evaluating potential long-term investments or projects to
determine whether they are worth pursuing. It involves analyzing the expected cash flows, risks,
and returns of investments to ensure they align with the company’s financial goals. This is
crucial because poor capital budgeting decisions can lead to misallocation of resources and
reduced shareholder value over time.
7. How does a company determine its optimal capital
structure?
A company’s optimal capital structure is the mix of debt and equity that minimizes the cost of
capital and maximizes its value. Factors influencing the capital structure decision include:




Business risk: Companies in stable industries may use more debt.
Tax considerations: Debt has tax advantages due to interest deductibility.
Market conditions: A company may favor debt or equity based on current interest rates
and stock market conditions.
Financial flexibility: Companies may prefer equity if they anticipate needing flexibility
in the future.
8. What impact does corporate governance have on
financial decision-making in a corporation?
Corporate governance plays a crucial role in ensuring that a company is managed in the best
interest of its shareholders. Effective governance involves:



Ensuring accountability and transparency in financial decisions.
Aligning the interests of management and shareholders.
Reducing the likelihood of agency problems (where managers may act in their own
interest instead of the company's).
Good corporate governance can lead to more efficient decision-making and increase investor
confidence, which can improve the company’s financial performance.
9. How do market conditions influence a company's
decision to issue stocks or bonds?


Stock issuance is often preferred when market conditions are favorable, such as when
stock prices are high or investor sentiment is strong. This allows companies to raise
equity capital at a lower cost and minimize dilution.
Bond issuance is typically favored when interest rates are low, as it allows companies to
borrow at a cheaper cost. However, if interest rates are high or rising, companies may
avoid issuing bonds in favor of equity to reduce interest costs.
10. How does financial leverage affect a company's
profitability and risk?
Financial leverage refers to the use of debt to finance a company’s operations. The effect of
leverage on profitability and risk includes:


Increased profitability: If the company can generate returns higher than the interest rate
on its debt, financial leverage amplifies profitability and return on equity (ROE).
Increased risk: Leverage also increases risk because it introduces fixed debt obligations.
If the company’s earnings fall, it may struggle to meet interest payments, leading to
financial distress or bankruptcy.
Dưới đây là tóm gọn các chủ đề chính trong corporate finance:
1. Capital Structure


Định nghĩa: Cấu trúc tài chính của công ty, tức là tỷ lệ giữa vốn chủ sở hữu (equity) và
nợ (debt).
Quyết định: Làm thế nào để kết hợp các nguồn vốn sao cho chi phí vốn là thấp nhất và
giá trị công ty là cao nhất.
2. Cost of Capital


Định nghĩa: Chi phí mà công ty phải trả để huy động vốn, bao gồm chi phí vốn chủ sở
hữu và chi phí nợ.
Mục tiêu: Tìm cách tối ưu hóa chi phí vốn để tăng trưởng và giá trị công ty.
3. Investment Decisions (Capital Budgeting)


Định nghĩa: Quy trình đánh giá các khoản đầu tư dài hạn, ví dụ như dự án mở rộng, mua
lại công ty khác, hoặc phát triển sản phẩm mới.
Công cụ: Các phương pháp như NPV (Net Present Value), IRR (Internal Rate of
Return), và Payback Period để đánh giá tính khả thi của dự án.
4. Financial Leverage


Định nghĩa: Sử dụng nợ để tài trợ cho hoạt động của công ty, nhằm gia tăng lợi nhuận
(vì chi phí nợ thường thấp hơn chi phí vốn chủ sở hữu).
Rủi ro: Tăng lợi nhuận nhưng cũng tăng rủi ro tài chính (nếu không trả được nợ, công ty
có thể gặp rủi ro phá sản).
5. Dividend Policy


Định nghĩa: Quyết định của công ty về việc chia lợi nhuận cho cổ đông dưới dạng cổ tức
hay giữ lại để tái đầu tư vào công ty.
Cân nhắc: Giữa việc phân phối lợi nhuận cho cổ đông và giữ lại để phát triển công ty
trong tương lai.
6. Mergers and Acquisitions (M&A)


Định nghĩa: Quá trình sáp nhập hoặc mua lại các công ty khác nhằm tăng trưởng hoặc
đạt được lợi thế cạnh tranh.
Mục tiêu: Tạo ra synergies (lợi ích kết hợp) và tối ưu hóa giá trị công ty.
7. Risk Management


Định nghĩa: Các chiến lược để nhận diện, đánh giá và giảm thiểu rủi ro tài chính, ví dụ
như sử dụng hợp đồng tương lai, quyền chọn, hay các công cụ phòng ngừa rủi ro khác.
Mục tiêu: Giảm thiểu tác động tiêu cực từ các yếu tố bên ngoài như biến động thị trường,
lãi suất, hay tỷ giá hối đoái.
8. Agency Problems and Corporate Governance
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Định nghĩa: Vấn đề giữa cổ đông (principal) và người quản lý (agent), nơi người quản lý
có thể hành động vì lợi ích cá nhân thay vì lợi ích của cổ đông.
Giải pháp: Thiết lập corporate governance mạnh mẽ để đảm bảo sự minh bạch, trách
nhiệm, và quyết định tài chính tốt.
9. Market Efficiency
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Định nghĩa: Các thị trường tài chính phản ánh tất cả thông tin có sẵn trong giá tài sản.
Công nhận: Các quyết định đầu tư không thể dễ dàng vượt trội được thị trường vì giá tài
sản đã phản ánh mọi thông tin.
10. Financial Statement Analysis
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Định nghĩa: Phân tích các báo cáo tài chính của công ty để đánh giá hiệu quả hoạt động
và tình hình tài chính, bao gồm các chỉ số như ROE (Return on Equity), ROA (Return
on Assets), liquidity ratios, debt ratios.
Tóm tắt:
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Corporate finance tập trung vào việc tối ưu hóa cấu trúc tài chính, đưa ra các quyết
định đầu tư đúng đắn, quản lý rủi ro, duy trì một chính sách cổ tức hợp lý, và bảo vệ lợi
ích của cổ đông thông qua quản trị công ty hiệu quả.