Summary: Print Book Of David Hillier's Corporatefinance 4/e | 9781526848086 | HILLIER
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Read the summary and the most important questions on Print Book of David Hillier's CorporateFinance 4/e | 9781526848086 | HILLIER
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1 introduction
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How to manage short term operating cash flows
Net working capital -
Creditors, bondholders, debtholders
People, institutions that lend money to firm -
Why is little net working capital dangerous
1. Cantfinance short term operations
2. No money for emergencies -
High net working capital
Company not using money efficiently, extra cash be used for investments -
Financial's managers job
Create value from firm's capital budgeting, financing, net working capital activities -
How is firm's value created
Ensuring that firm generates more cash flow than it uses
1. Through buying assets that generate more money than they cost
2. Selling bonds, shares that raise more cash than they cost -
Features to consider when analysing cash flows
1. Timing, prefer to receive cash flows early
2. Risk, amount+timing of cash flows are usually unknown -
Most important principle corporate finance
$x is now worth more than same amount $x in future
receiving cash flows better earlier
investors choose investment with least risk due to aversion to risk -
Goal financial management
Maximise value of company's equity shares
studies relationship between business decisions and value of shares in the business -
When firms require cash to invest in new projects
1. Borrow funds
2. Sell part of firm's ownership
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