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LESSON 7
CORPORATE FINANCE
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Corporations need financing for the purchase of assets and the payment
of expenses. The corporations can issue shares in exchange for money or
property. Sometimes it is called equity funding. The holders of the shares form
the ownership of the company. Each share is represented by a stock certificate,
which is negotiable. It means that one can buy and sell it. The value of a share
is determined as the net assets divided by the total number of shares
outstanding. The value of the share also depends on the success of the
company. The greater the success, the more value the shares have.
A corporation can also get capital by borrowing. It is called debt
funding. If a corporation borrows money, they give notes or bonds. They are
also negotiable. But the interest has to be paid out no matter whether
business is profitable or not.
When running the corporation, management must consider both the
outflow and inflow of capital. The outflow is formed by the purchase of
inventory and supplies, payment of salaries. The inflow is formed by the sale
of goods and services. In the long run the inflow must be greater than the
outflow. It results in a profit. In addition, a company must deduct its costs,
expenses, losses on bad debts, interest on borrowed capital and other items.
It helps to determine if the finance management has been profitable. The
amount of risk involved is also an important factor. It determines the fund
raising and it shows if a particular corporation is a good investment.