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StuDocu is not sponsored or endorsed by any college or university Riassunto, lezioni ottobre - gennaio 2015 -2016; Prof.ssa Marika Arena Accounting finance & control (Politecnico di Milano) StuDocu is not sponsored or endorsed by any college or university Riassunto, lezioni ottobre - gennaio 2015 -2016; Prof.ssa Marika Arena Accounting finance & control (Politecnico di Milano) Scaricato da Alessandro Nava ([email protected]) lOMoARcPSD|2751981 05/10/2015& INTRODUCTION) ) • Accounting:&is&the&measurement,&processing&and&communication&of&financial&information&about&economic& entities.&It&is&the&process&of&collecting&and&analysing&financial&results&of&an&organization’s&economic&activities& and&conveying&them&to&a&variety&of&users&(investors,&creditors,&management,&regulators);) • (Corporate)&Finance:&is&the&source&of&funding&and&the&capital&structure&of&corporations&in&order&to&increase& the&enterprise&value;) • Control:&it&consists&in&setting&standards,&measuring&actual&performance&and&taking&corrective&action.) & The&main&goal&of&profit)organizations)is&to&maximize&the&enterprise&value&(value&for&shareholders).) Through&Investments&(I&=&assets&that&a&company&is&going&to&use&more&than&1&year)&in&projects&and&activities,&a& company&obtains&Cash)Flows&(CF&=&refer&to&cash&exchanges&related&to&transactions&that&have&an&impact&on&the&short& term)&in&order&to&increase&the&Enterprise&Value&(EV).& & Net&Cash&Flow&(NCF)&=&CF&–&I& & !"#$(&) (()*)+=-.& &&&&&(ability&to&create&CF&in&the&future&in&order&to&increase&EV)& & The&situation&is&really&complex&and&companies&have&to&deal&with&many&different:& ! Stakeholders) ! Objectives) ) In&a&multiPstakeholder&perspective,&according&to&build&EV,&there&are&two&main&categories&of&stakeholders,&who&are& also&investors:& !…