Tài chính doanh nghiệp - Chapter 1: Introduction and overviewRisks: Annual employer firm births (~659,093 in 2005-07) terminations (~578,793 in 2005-07) Note, however, that bankruptcies are only a fraction (~29,073) of terminations - terminations not all “bad” For new firms, a representative study (Headd) found (a) one-third of new employer firms endure < 2 years (b) one-half endure < 4 years (c) 60 p...
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Tài chính doanh nghiệp - Chapter 4: Measuring financial performanceListing Order of Assets: assets are listed in declining order of liquidity, or how quickly the asset can be converted into cash Liabilities: short-term liabilities are listed first followed by long-term debts owed by the venture Owners’ Equity: equity capital contributed by the owners of the venture is shown after listing all liabilities
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Tài chính doanh nghiệp - Chapter 5: Evaluating financial performanceCash Burn = Inventory-related expenses + Admin expenses + Marketing expenses + R& D expense + Interest expenses + Change in prepaid expenses – (Change in accrued liabilities + Change in payables) + Capital investment + Taxes MPC for 2010: Cash burn = 425,000 + 65,000 + 39,000 + 27,000 + 20,000 + 0 – (1,000 + 27,000) +50,000 + 8,000 = 606,000 ...
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Tài chính doanh nghiệp - Chapter 6: Financial planning: short term and long termSurvival Stage: Monitor Financial Performance Project Cash Needs Obtain First Round Financing Possible Actions: Liquidate v. Restructure Rapid Growth Stage: Create and Build Value Obtain Additional Financing Examine Exit Opportunities Possible Actions: Go Public v. Sell/Merge
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Tài chính doanh nghiệp - Chapter 7: Types and costs of financial capitalInflation premium (IP): average expected inflation rate over the life of a risk-free loan Default Risk Premium (DRP): additional interest rate premium required to compensate the lender for the probability that a borrower will default on a loan Liquidity Premium (LP): charged when a debt instrument cannot be converted to cash quickly at its ...
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Tài chính doanh nghiệp - Chapter 9: Valuing early - Stage venturesRequired Cash: amount of cash needed to cover a venture’s day-to-day operations Surplus Cash: cash remaining after required cash, all operating expenses, and reinvestments are made Example: in Table 9.1, PDC has only required cash prior to July and then has 6,487 of surplus cash in July.
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Tài chính doanh nghiệp - Chapter 10: Venture capital valuation methodsSecond Round (of 2 rounds): Shares issued = .15625 x 23,703,704 = 3,703,704 Share Price = $1,000,000/3,703,704 = $.27 per share Pre-money Valuation = $.27 x 20,000,000 = $5,400,000 Post-money Valuation = $.27 x 23,703,704 = $6,400,000 Founder % between 2nd round & exit = 2,000,000/23,703,704 = 8.4375% 1st round investor % between 2nd round & ...
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Tài chính doanh nghiệp - Chapter 11: Professional venture capitalFrontmatter Declarations State Securities Disclosures Offering Summary Fund Overview Executive Summary Summary of Terms
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Tài chính doanh nghiệp - Chương: International financial managementA momentous event in the history of world financial systems. z Currently more than 300 million Europeans in 22 countries are using the common currency on a daily basis. z In May 2004, 10 more countries joined the European Union and adopt the euro. z The “transaction domain” of the euro may become larger than the U.S. dollar’s in the near fu...
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Tài chính doanh nghiệp - International financial managementSince 1982 the U.S. has experienced continuous deficits on the current account and continuous surpluses on the capital account. z During the same period, Japan has experienced the opposite.
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