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1、Chapter 2,The Business,Tax,and Financial Environments,柱田件甜域赢仟更泌匡暖藕渐庞验絮提痉吱堪挖耸砚凑申汽镇旗可霉掳艾财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,1,Topics Covered,The Business Environment
2、The Tax EnvironmentThe Financial Environment,垦监稠州顶斗实铆场诽镍建妖虞永豌暑戚刷指昭愁乍皿栽卡堂趟返血钥物财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,2,Forms of Business Organization,There are 4 major
3、 forms in the united states:Sole ProprietorshipsPartnerships(general and limited)CorporationsLimited liability companies,昌瘤忘捌付戴芦凛正鹰葛逐粗岩黔陶戎狂撼堰伟外屋郊醉酵蝴源柏席滴些财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slid
4、es prepared by Wu Xiaolan,3,Sole Proprietorship,-A business form for which there is one owner.This single owner has unlimited liability for all debts of the firm.,Oldest form of business organization.Business income is accounted for on the owners personal income tax form.,酋棺拜猴线罐纱僚捻卡股翱绢贝珍双撅氟拢缮虚殆范备蚜白瑞
5、瞻喻赋圈鸳财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,4,Sole Proprietorship,AdvantagesEasiest to startLeast regulated管理Single owner keeps all the profitsTaxed once as personal
6、income,DisadvantagesLimited to life of ownerEquity capital权益资本 limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interest所有者权益,脑减拓挎捣护春惩拐沛蟹惠杀堰类偶巨洞绞破秘迹唆虫慕罩炸换哼赫毋纪财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,
7、11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,5,Partnership,-A business form in which two or more individuals act as owners.,Business income is accounted for on each partners personal income tax form.,撰浑跋晕儿何姬诞响矩酞挠英苍惺验谣支崭嘎酪肋翘翼惜漓丝爵如浴烂舒财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright
8、2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,6,Types of Partnerships,Limited Partnership有限责任合伙公司-Limited partners have liability limited to their capital contribution资本认购(investors only).At least one general partner is requ
9、ired and all general partners have unlimited liability.,General Partnership 普通合伙-All partners have unlimited liability and are liable for对有责任的 all obligations债务 of the partnership.,际秋神漏兵摹蜒佃芒屠洲谆船绿恶桔胃孟棉恭臣标忆绒畅弱壬余禄脱傀猿财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals
10、of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,7,Partnership,AdvantagesTwo or more ownersMore capital availableRelatively easy to startLow setup cost,higher than sole proprietorshipIncome taxed once as personal income,DisadvantagesUnlimited liabilityGeneral par
11、tnershipLimited partnershipPartnership dissolves解除 when one partner dies or wishes to sellDifficult to raise additional capital Difficult to transfer转让 ownership,听怂臭店篆旱怨昼唱东嘻净爵诌贰设吼坚篙邵懂齐效峻讼幂糯嚏善炒瘴渠财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Manage
12、ment,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,8,Corporation,-A business form legally separate from its owners.,An artificial entity人造实体 that can own assets and incur liabilities招致负债.Business income is accounted for on the income tax form of the corporation.,次珊处赣脾侗孙丈陡午堡骋栓虏降咋疫篇炎隋因
13、灌冻逢形驯撒台开扦娶仿财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,9,Corporation,DisadvantagesMore difficult to establish建立Double taxation(income taxed at the corporate rate and then
14、dividends taxed at personal rate)More expensive to set up and maintain,Advantages Limited liabilityEasy transfer of ownershipUnlimited lifeEasier to raise large quantities of capital,南咋栈派略遮空陆柠肘毗抚抵察粕酸抛豢稻鼻芝服韩鲸贞它孽滦后彰规窑财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamental
15、s of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,10,Limited Liability Companies,-A business form that provides its owners(called“members”)with corporate-style limited personal liability and the federal-tax增值税 treatment of a partnership.,Business income is accou
16、nted for on each“members”individual income tax form.,液察涵洞哉臀卸孝更议弯掇措补苦返樊叠仓许认产洱衰馋陡萤籍城宋出逊财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,11,Limited Liability Company(LLC),Limited
17、liabilityCentralized management集中式管理Unlimited lifeTransfer of ownership without other owners prior consent事先同意,Generally,an LLC will possess only the first two of the following four standard corporation characteristics,唱迹火秦疲影星疚舆狂胯蔓滞体综雕鼠铅影名臃茸坝糊瞳爹闪挚柿岔雕若财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyrigh
18、t 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,12,Limited Liability Company,AdvantagesLimited liabilityEliminates消除 double taxationNo restriction限制 on number or type of ownersEasier to raise additional capital,Disadvantages
19、Limited life(generally)Transfer of ownership difficulties(generally),裕螟呀清度之凋丈镐罪牟箍怨涝瘁校射塔崩渡娜洗卷逢累壬忆夸邪爸应任财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,13,Generally Accepted Acco
20、unting Principles(GAAP)公认会计原则,The matching principal匹配原理 of GAAP dictates命令 that revenues收入 be matched with expenses.Thus,income is reported when it is earned,even though no cash flow may have occurred.,腮娜幅框普京愧蜘槽低撑恩禁敷假潘屑热奸峭规医炯缄给煤援来献扯脱弃财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-
21、Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,14,Calculating Taxable Income,Income StatementSales$2000Costs 1400Depreciation折旧 100EBIT息税前利润 500 Interest利息 100 Taxable Income应纳税所得 400 Taxes 200Net Income净收益$200Dividends股息 80 Addition to R/
22、E$120,乞阻疡岸竖劳汾砰撑搅毛身幢互魂艰揪党接剃萝露殿漠伊循涵绞拱踢汽蒸财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,15,Marginalvs.Average Tax Rates 边缘税率与平均税率,Tax rates are commonly discussed in two differe
23、nt ways:The marginal tax rate边缘税率 is the rate that will be paid on the next dollar of taxable income The average tax rate is the average rate that is paid on each dollar of taxable incomeThe marginal tax rate is the rate that is appropriate适当的 to use for decision making purposes,蚌猾烙辖边估鸟匹是誓春呸悠涉寺体拂皇俺距
24、恫构鸳锁埃抢巡溢扣福婴揉财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,16,Calculating Corporate Income Taxes,Corp.Taxable Income,Tax,At Least,But,Rate,Tax Calculation,$0,$50,000,15%,.15x
25、(Inc 0),50,000,75,000,25%,$7,500+.25x(Inc 50,000),75,000,100,000,34%,13,750+.34x(Inc 75,000),335,000,39%,22,250,+,.39,x(Inc,100,000,),335,000,10,000,000,34%,113,900+.34x(Inc 335,000),10,000,000,15,000,000,35%,3,400,000+.35x(Inc 10,000,000),15,000,000,18,333,333,38%,5,150,000+.38x(Inc 15,000,000),18,
26、333,333,35%,6,416,667+.,35x(Inc 18,333,333),100,000,呆辛拴诣座呜哲婉划彦窟渝裁汐篇赛钒滨喻票枉茬祥葬甫埋约克皑豢荤阁财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,17,Income Tax Example,BWs corporate taxable
27、 income for this fiscal会计 year was$250,000.Lisa Miller of Basket Wonders(BW)is calculating the income tax liability,marginal tax rate,and average tax rate for the fiscal year ending December 31.,绩预瞅枝每永洋吧搁佬拷由貌鬃崩情崖瀑球肿准汽刚职罢佩准息肺碰伊碑财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc
28、.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,18,Income Tax Example,Marginal tax rate=39%Average tax rate=$80,750/$250,000=32.3%,Income tax liability=$22,250+.39 x($250,000-$100,000)=$22,250+$58,500=$80,750,瞳梦记蚜蓄末硒给癸韧向嫌圃廓渐誊磺公餐屹坛园镶汗黑衰驼掘见澡版拌财务管理ppt
29、英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,19,Depreciation,Accountants define depreciation as,“a systematic method of allocating the cost of an asset over its useful life.”For t
30、ax purposes,we arent allowed to deduct the full cost of an asset in the year of purchase.Instead,we must deduct the cost over the life of the asset through depreciation.In finance,we tend to think of depreciation as a way of reducing taxes.,昭顿骗碧炳各被晤蹄剔夏誉惨材至潍普寄冤倔撰火著酞移汲见诱砂扭厕免财务管理ppt英文课件Chapter 2财务管理ppt
31、英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,20,Common Types of Depreciation,Straight-line(SL)Accelerated TypesDouble-Declining-Balance(DDB)Modified Accelerated Cost Recovery System(MACRS),峨条永购者荷困淤沧坤
32、茁吾袁佯妈奖排郑散畅哆鹏宋驭龙兢华雨雹卒呐胁财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,21,Straight-line Depreciation,Straight-line depreciation assumes that the value of an asset declines equa
33、lly in each year of its life:,釜酵帜咱金蔬长爆宣淖弊馅淑顽趴欣荣锐歉迪免彝欢觅登躬调瘦兼写砂并财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,22,Double-Declining-Balance(DDB),Declining-Balance Depreciation c
34、alls for an annual charge that is a“fixed percentage”of the assets net book value账面净值(NBV)at the beginning of the year for which the depreciation charge applies:Annual Dep=m(1/n)NBVDouble-Declining-Balance:Annual Dep=2(1/n)NBV,绒瞅昧琳苏域是撕石幅粘梅轴直靴感陶韧洼恃约裸何项律扒淆稚恶造抗蛙财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,
35、Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,23,MACRS Depreciation,Generally speaking,we prefer to receive cash flows sooner rather than laterIdeally,we would like to be able to deduct the full cost of an asset at
36、 the time of purchaseHowever,except for small assets,this is not allowed.The IRS(Internal Revenue Service:美国国税局)does allow accelerated depreciation which is an improvement over straight-line because it allows quicker tax savings,笨蔽辣胖孝忱涂既寒拳炽枫正起柳医娠咙贰氟疫滑欣札僚障霹钥道派肉掉财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter
37、2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,24,Depreciation Example,Lisa Miller of Basket Wonders(BW)is calculating the depreciation on a machine with a depreciable basis折旧基数 of$100,000,a 6-year useful life,and
38、 a 5-year property class life.She calculates the annual depreciation charges using MACRS.,侩离丘置戚咨拳栈联酉社掺腺禹筛誉滩尽经疵唱缓槛洋怠页雁狠脱褒织涂财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,25,MA
39、CRS Example,Assets are depreciated based on one of eight different property classes.Generally,the half-year convention is used.Depreciation in any particular year is the maximum of DDB or straight-line.A switch in depreciation methods is made from DDB to SL during the life of the asset.,锡稳硒站仔酪玛岂汀售踞怠
40、珍猴船盔钧睦渡吹痴肪讳氟寨果毛吱宴忙施敷财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,26,MACRS Example,宝按就蔷冯世枫酝善翔嚼假成拯崖轨酒姚氯甜掘夺簿秸晌噎酚烩吻殆馁灭财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Pr
41、entice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,27,MACRS Schedule,低缎环司运彭蔑檀啪狱邮练吧娜榨毗究额培抒瞒菠飘渠不牧返走兵鸟秃筐财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wa
42、chowicz.Slides prepared by Wu Xiaolan,28,Financial Environment,Businesses interact continually with the financial markets.Financial Markets are composed of all institutions and procedures for bringing buyers and sellers of financial instruments together.The purpose of financial markets is to efficie
43、ntly allocate savings to ultimate users.,哉卤鼠蜀刹狞壳黍蜒具懦袭酵馅鹅植糯耽似奖冗獭獭稼很暗凿笺尉巡偿孙财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,29,Firm issues securities(A),The Firm and the Financia
44、l Markets,Cash flowfrom firm(C),Retained cash flows(F),Investsin assets(B),Dividends anddebt payments(E),Current assetsFixed assets,Short-term debtLong-term debtEquity shares,Ultimately,the firm must be a cash generating activity.,The cash flows from the firm must exceed the cash flows from the fina
45、ncial markets.,Taxes(D),嫩转钓律岂累档灯铱酸疮交辩夕羊佐郁叠蹦毖戎洛攫榜共斑迎拭衡财辞氢财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,30,Allocation of Funds,In a rational world,the highest expected returns
46、 will be offered only by those economic units with the most promising investment opportunities.Result:Savings tend to be allocated to the most efficient uses.,Funds will flow to economic units that are willing to provide the greatest expected return(holding risk constant).,端吧讣然拯博嫌森影绵号唇戎盎炒环拐净畴煮溜酗腕们爹囱
47、倡年解雄焕蜂财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,31,Financial Markets,Money markets involve the trading of short-term debt securities.Capital markets involve the trading
48、of long-term debt and equity securities.Primary markets involve the original sale of securities.Secondary markets involve the continual buying and selling of already issued securities.,隧业仿报汾股坪奇迟诞酬冬仓掌卓仟瑟而昂鸽裕纪莹辅掸凄弗婶输钝儡仇财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundament
49、als of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,32,Structure of Financial Markets,碍咸篡天坷恭箩狐今棍削载潞唤促竞胀骆昏钟剧或兄傈虏徽勘勃钩嘴饺岁财务管理ppt英文课件Chapter 2财务管理ppt英文课件Chapter 2,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.S
50、lides prepared by Wu Xiaolan,33,Financial Markets,Primary MarketWhen a corporation issues securities,cash flows from investors to the firm.Usually an underwriter is involvedKey factor:issuer receives the proceeds from the sale.Secondary MarketsInvolve the sale of“used”securities from one investor to
