Corporate finance is an area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to increase shareholder value. Correspondingly, corporate finance comprises two main sub-disciplines. Capital budgeting is concerned with the setting of criteria about which value-adding projects should receive investment funding, whether to finance that investment with equity or debt capital. Working capital management is the management of the company's monetary funds that deal with the short-term operating balance of current assets and current liabilities. Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms.
The terms corporate finance and corporate financier are associated with investment banking. The typical role of an investment bank is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, the terms "corporate finance" and "corporate financier" may be associated with transactions in which capital is raised in order to create, grow or acquire businesses. Recent legal and regulatory developments in the U. S. will alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain leveraged transactions. Financial management overlaps with the financial function of the accounting profession. However, financial accounting is the reporting of historical financial information, while financial management is concerned with the allocation of capital resources to increase a firm's value to the shareholders. Corporate finance for the pre-industrial world began to emerge in the Italian city-states and the low countries of Europe from the 15th century.
Public markets for investment securities developed in the Dutch Republic during the 17th century. By the early 1800s, London acted as a center of corporate finance for companies around the world, which innovated new forms of lending and investment; the twentieth century brought the rise of common stock finance. Modern corporate finance, alongside investment management, developed in the second half of the 20th century driven by innovations in theory and practice in the United States and Britain; the primary goal of financial management is to maximize or to continually increase shareholder value. Maximizing shareholder value requires managers to be able to balance capital funding between investments in "projects" that increase the firm's long term profitability and sustainability, along with paying excess cash in the form of dividends to shareholders. Managers of growth companies will use most of the firm's capital resources and surplus cash on investments and projects so the company can continue to expand its business operations into the future.
When companies reach maturity levels within their industry, managers of these companies will use surplus cash to payout dividends to shareholders. Managers must do an analysis to determine the appropriate allocation of the firm's capital resources and cash surplus between projects and payouts of dividends to shareholders, as well as paying back creditor related debt. Choosing between investment projects will be based upon several inter-related criteria. Corporate management seeks to maximize the value of the firm by investing in projects which yield a positive net present value when valued using an appropriate discount rate in consideration of risk; these projects must be financed appropriately. If no growth is possible by the company and excess cash surplus is not needed to the firm financial theory suggests that management should return some or all of the excess cash to shareholders; this "capital budgeting" is the planning of value-adding, long-term corporate financial projects relating to investments funded through and affecting the firm's capital structure.
Management must allocate the firm's limited resources between competing opportunities. Capital budgeting is concerned with the setting of criteria about which projects should receive investment funding to increase the value of the firm, whether to finance that investment with equity or debt capital. Investments should be made on the basis of value-added to the future of the corporation. Projects that increase a firm's value may include a wide variety of different types of investments, including but not limited to, expansion policies, or mergers and acquisitions; when no growth or expansion is possible by a corporation and excess cash surplus exists and is not needed management is expected to pay out some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program. Achieving the goals of corporate finance requires that any corporate investment be financed appropriately; the sources of financing are, capital self-generated by the firm and capital from external funders, obtained by issuing new debt and equity.
However, as above, since both hurdle rate and cash flows will be affected, the financing mix will impact the valuation of the firm
Bang is a romanization of the Korean word 방, meaning "room". In a traditional Korean house, a sarangbang is drawing room, for example. In modern Korea, the concept of a bang has expanded and diversified from being a walled segment in a domestic space, to including buildings or enterprises in commercial, space, such as a PC bang, a noraebang, manhwabang and a jjimjilbang; this can be compared with the similar expansion of the concept of a "house" to include upper houses, opera houses, coffee houses, publishing houses. Phonetically more tensed word ppang is used as an abbreviation of a noun gambang, meaning "jail". Multibang is a kind of entertainment venue in South Korea where people can play video games and board games. In addition, they can eat snacks, drink non-alcoholic beverages and watch films. List of Korea-related topics Contemporary culture of South Korea PC bang Noraebang Manhwabang Jjimjilbang "City of the Bang". Ninth Architecture Biennial of Venice 2004. Retrieved 2005-06-16. ""Bang" Culture".
Just a Hakwon. Archived from the original on 2005-04-27. Retrieved 2005-06-16. Roman and Daniela Jost. "Sarangbang Korean Men's and women's quarters". Traditional Korean and Japanese furniture. Retrieved 2005-06-16. "Korean Housing". Archived from the original on 2005-02-06. Retrieved 2005-06-16
Paul Accola is a Swiss former Alpine skier. He came in first in the overall World Cup in 1992, won a total of four medals at the Winter Olympics and World Championships in the combined event. By the end of his career, he won seven world cup victories and was on the podium 26 times, the last time being in 2000. In 2002 Accola suffered a serious ankle injury. In February 2005, on his 38th birthday, Accola announced that he would retire as alpine skier after nearly two decades in the sport, he is the sixth Swiss athlete to compete at five Olympics, after middle-distance runner Paul Martin, equestrians Henri Chammartin and Gustav Fischer, javelin thrower Urs von Wartburg and equestrian Christine Stückelberger. He is the brother of fellow former alpine skier Martina Accola. List of athletes with the most appearances at Olympic Games Paul Accola at Ski-DB Alpine Ski Database Paul Accola at the International Ski Federation Paul Accola at Olympics at Sports-Reference.com