Entrepreneurial finance 0405

公司金融导图lecture01，内容有：The Four Types of Firms、Ownership Versus Control of Corporations、The Stock Market.

Entrepreneurial finance

• LEC01 The corporation (ch1)
  • 1.1 The Four Types of Firms
    • Sole Proprietorship
      • Business is owned and run by one person. Typically has few, if any, employees.
      • 优缺点
    • Partnership
      • with more than one owner & ends with the death or withdrawal of any single partner.
      • All partners are personally liable for all of the firm’s debts. A lender can require any partner to repay all of the firm’s outstanding debts.
      • types of owners.
    • Limited Liability Company
      • have limited liability
    • Corporation
      • A legal entity separate from its owners
      • Corporations must be legally formed
      • Ownership
      • Tax Implications
        • Double Taxation：corporate income tax（对公司的profit征收）、personal income tax（对股东的dividend征收）
          • “C” Corporations
        • “S” Corporations：不征收corporate income tax，只收personal income tax
  • 1.2 Ownership Versus Control of Corporations
    • separation of ownership and management
      • Board of Directors（BoD）
      • Chief Executive Officer (CEO)
    • Financial Manager
      • Investment Decisions
      • Financing Decisions
      • Cash Management
    • Goal of the Firm: maximizes the value of their shares.
    • The Firm and Society: externality
    • Ethics and Incentives within Corporations
      • Agency Problems
        • LEC02(ch29)详细展开
    • CEO Performance
      • • 市场的力量
    • Corporate Bankruptcy
      • Reorganization重组
      • Liquidation清算
  • 1.3 The Stock Market
    • The stock market provides liquidity to shareholders.
    • 按是否可以公开交易划分：Public Company & Private Company
    • 按融资的层次划分：Primary Markets & Secondary Markets
    • Traditional Trading Venues
      • investor向dealer进行交易：bid-ask (spread&cost)
      • New York Stock Exchange (NYSE)
      • NASDAQ
    • New Competition and Market Changes
      • • Dark Pools: 下达的隐藏交易指令
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