財務管理原理課程介紹與教學大綱

1、財務管理原理課程簡介課程編號12FIN281 課程名稱 財務管理原理課程性質必修學 時48學 分3學時分配授課: 48 實驗: 上機:  實踐:     實踐（周）: 考核方式閉卷考試，平時成績占50% ，期末成績占50% 。開課學院國際教育學院更新時間適用專業(yè)財務管理（中澳合作）先修課程組織與管理、會計學1&2課程內容: （宋體五號字，1.5倍行距）財務管理原理是財務管理專業(yè)（中澳合作）的一門必修課，也是一門專業(yè)基礎課。本課程的主要內容包括公司投資管理、融資管理、營運資本管理和股利政策的相關理論和實踐，以及適用于當前財務決策的一系列分析技術和方

2、法。本課程提供了對投資、融資和股利政策進行評估的基礎財務理論知識，以及識別和分析財務問題的基本技能。本課程的主要任務如下: (1)能夠識別、分析和解決商業(yè)企業(yè)面臨的財務問題，尤其是與公司投資、資產(chǎn)管理和融資決策有關的問題；(2)運用當前的電子技術，對財務決策做出定量分析；(3)能夠對經(jīng)濟、法律和稅收變化對公司財務狀況的沖擊做出分析；(4)能夠針對商業(yè)組織中財務管理的范圍、方法、作用、目標和倫理等進行評價和交流。Brief Introduction Code12FIN281TitlePrinciple of Financial ManagementCourse natureRequiredSem

3、ester Hours48Credits3Semester Hour StructureLecture:  48 Experiment:   Computer Lab:   Practice: Practice (Week): AssessmentClosed book examination, usually results accounted for 50%, the final grade accounted for 50%.Offered byInternational Education CollegeDateforFinancial Managemen

4、t (Sino-Australian cooperation)PrerequisiteOrganization and Management, Accounting 1&2Course Description: （Times New Roman 五號字，1.5倍行距）Principle of Financial Management is the compulsory subject for the students majored in Financial Management (Sino-Australian cooperation), and it is a basic cour

5、se for this major. The subject covers a broad range of topics including the theory and practice of investment, financing and dividend decision-making, and the application of a range of analytical techniques appropriate to contemporary financial decision making. It provides you with basic knowledge o

6、f the theory of finance that will assist you in the evaluation of investment, financing and dividend policies of firms, skills in the identification and analysis of financial problems. The main missions of this subject are: (1) Be able to identify, analyse and solve financial problems confronting bu

7、siness enterprises, particularly problems relating to corporate investment, asset management and financing decisions; (2) Be able to employ analytical techniques, using contemporary electronic aids appropriate to financial decision making; (3) Be able to analyse the impact of economic, legal and tax

8、 changes on the financial position of the firm; (4) Be able to demonstrate critical evaluation and communication skills relating to the scope, methodology, role, objectives and ethics of financial management within business organisations.財務管理原理課程教學大綱課程編號12FIN281課程名稱財務管理原理課程性質必修學 時48學 分3學時分配授課: 48 &#

9、160; 實驗: 上機:     實踐:     實踐（周）: 考核方式閉卷考試，平時成績占50% ，期末成績占50% 。開課學院國際教育學院更新時間適用專業(yè)財務管理（中澳合作）先修課程組織與管理、會計學1&2一、教學內容CHAPTER 1 The role of financial management1.1 What is financial management? 1.2 Goal of the firm 1.3 Legal forms of business organization 1.4 Ten principle

10、s that form the basis for financial managementDifficulties: The principles of financial management Key points: The content of financial management CHAPTER 2 The tax environment2.1 An introduction to income taxation2.2 Income tax on companies and shareholders Difficulties: The mechanics of the divide

11、nd imputation systemKey points: Computing taxable incomeCHAPTER 3 The financial markets3.1 What are financial markets?3.2 Role of financial markets3.3 Components of Australian financial marketsDifficulties: Derivatives MarketsKey points: The components of financial marketsCHAPTER 4 The time value of

12、 money4.1 Compound interest concepts4.2 Future value4.3 Present value4.4 Making interest rates comparable4.5 Annuities4.6 Annuity due4.7 Perpetuity4.8 Complex cash flows4.9 The case of bond valuationDifficulties: The calculation of present value of complex cash flowsKey points: The principle of comp

13、ound interestCHAPTER 7 Working capital management and short term financing7.1 Working capital7.2 Managing current assets and liabilities 7.3 The hedging principle and the appropriate level of working capital 7.4 Short-term financing and its cost7.5 Source of short-term financeDifficulties: The cost

14、of short term financingKey points: The principle of Risk-return trade-offCHAPTER 9 Risk and rates of return9.1 Rates of return in financial markets 9.2 The effects of inflation on rates of return and the Fisher effect9.3 The term structure of interest rates9.4 Measuring return9.5 Measuring risk9.6 R

15、isk and diversification9.7 Measuring market risk9.8 Measuring a portfolios beta9.9 The expected rate of return and risk of a two-asset portfolio9.10 The investors required rate of returnDifficulties: The term structure of interest ratesKey points: The relationship between risk and rates of returnCHA

16、PTER 10 Valuation of bonds and shares10.1 Definitions of value10.2 Valuation: the basic process10.3 Bond valuation10.4 Bond valuation10.5 Preference share valuation10.6 Valuation of ordinary shares10.7 Expected rates of returnDifficulties: The calculation of yield to maturityKey points: The calculat

17、ion of the prices of bonds and sharesCHAPTER 11 Capital budgeting: concepts and methods11.1 Finding profitable projects11.2 Principles for selecting Capital Budgeting Criteria11.3 Discounted-cash-flow Capital-Budgeting Criteria11.4 Non-discounted-cash-flow capital-budgeting criteriaDifficulties: The

18、 calculation of IRRKey points: The principle of capital budgetingChapter 12 Capital budgeting: cash-flow identification and project ranking conflicts 12.1 Guidelines for identifying a projects incremental costs and benefits 12.2 Calculation of a projects incremental cash flows 12.3 Capital budgeting

19、: an asset-replacement project12.4 Capital budgeting: a revenue-generating project12.5 Complications in capital budgetingDifficulties: Options in capital budgetingKey points: The calculation of added cash flowsChapter 13 Risk in capital budgeting13.1 Risk and the investment decision13.2 Methods for

20、incorporating risk into the required rate of return13.3 Risk-adjusted discount rate and measurement of a projects systematic risk13.5 Other approaches to evaluating risk in capital budgetingDifficulties: Sensitivity analysis Key points: Risk-adjusted return on capitalChapter 14 Cost of capital14.1 T

21、he concept of the cost of capital14.2 Factors determining the weighted cost of capital14.3 Assumptions of the weighted cost of capital14.4 Computing the weighted cost of capital14.5 Step 1: determining individual costs of capital14.6 Step 2: determination of capital-structure weights14.7 Step 3: Com

22、puting and using the weighted cost of capitalDifficulties: Calculating a bond yield to maturity (YTM) Key points: Computing the weighted cost of capitalChapter 15 Analysis and impact of leverage15.1 Business and financial risk 15.2 Break-even analysis15.3 Operating leverage and financial leverage15.

23、4 EBIT-EPS analysisDifficulties: The process to make EBIT-EPS analysisKey points: Computing operating leverage and financial leverageChapter 16 Planning the firms financing mix16.1 Financial structure and capital structure16.2 Theories of capital structure and shareholder wealth16.3 Other factors af

24、fecting the financing mix16.4 A glance at actual capital-structure managementDifficulties: The relationship between capital structure and shareholders wealthKey points: Optimal capital structureChapter 17 Dividend policy and internal financing17.1 Terminology17.2 Does dividend policy affect share pr

25、ice?17.3 What is the correct view of the relationship between dividend policy and share price?17.4 Dividend policy in practice17.5 Dividend payment procedures17.6 Bonus shares and share splits 17.7 Share buybacksDifficulties: The relationship between dividend policy and shareholders wealthKey points

26、: Preconditions of dividend policyChapter 18 Long-term financing18.1 Bonds18.2 The cost of bond finance18.3 Term loans18.4 Amortization of term loansDifficulties: Amortization of term loansKey points: Preconditions of dividend policyChapter 19 Shares and convertible securities19.1 Equity and other c

27、lasses of finance19.2 Ordinary shares19.3 Preference shares19.4 Convertible securitiesDifficulties: The calculations of right issueKey points: The valuation of one right二、教學基本要求CHAPTER 1 The role of financial managementAt the completion of this part, you should be able to describe what the subject o

28、f financial management is about; explain the goal of the firm; compare the various legal forms of business and explain why the company form of business is the most logical choice for a firm that is large or growing; explain the ten principles that form the basis for financial management; explain wha

29、t has led to the era of the multinational corporation.CHAPTER 2 The tax environment At the completion of this part, you should be able to calculate the taxable income and tax payable for Australian individual and company taxes; understand the basic mechanics of the Australian dividend imputation sys

30、tem and the implications for the after-tax wealth of shareholders.CHAPTER 3 The financial marketsAt the completion of this part, you should be able to define financial markets; understand the role of financial markets in a developed economy; describe the various component market groups that make up

31、the overall Australian financial markets.CHAPTER 4 The time value of moneyAt the completion of this part, you should be able to explain the mechanics of compounding; determine the future or present value of a sum of money; calculate the annual percentage yield or effective annual rate of interest; d

32、efine an ordinary annuity and calculate its present and future value; determine the present value of an annuity due; working with perpetuities and annuities, in application such as loan amortization and bond pricing; determine how bond values change in response to changing interest rates.CHAPTER 7 W

33、orking capital management and short term financingAt the completion of this part, you should be able to understand the nature and importance of working capital; appreciate the nature of the risk-return trade-off in managing current assets and current liabilities; explain the hedging principle and th

34、e factors that determine the appropriate level of working capital for a firm; understand how to determine the cost of short-term finance; describe the typical sources of short-term finance used by the firm.CHAPTER 9 Risk and rates of returnAt the completion of this part, you should be able to explai

35、n the effects of inflation on rates of return; describe the term structure of interest rates; explain how diversifying investments affects the riskiness and expected rate of return of portfolio or combination of assets; measure the market risk of an individual asset; calculate the expected return an

36、d risk of a two-asset portfolio; explain the relationship between an investors required rate of return on an investment and the riksiness of the investment.CHAPTER 10 Valuation of bonds and sharesAt the completion of this part, you should be able to give various definitions for the term value; under

37、stand how to value bonds, preference shares and ordinary shares; appreciate the concept of an investors expected rate of return and be able to compute the expected rate of return on bonds, preference shares and ordinary shares; explain the relationship between the expected rate of return, the requir

38、ed rate of return and the cost of funds to a firm.CHAPTER 11 Capital budgeting: concepts and methodsAt the completion of this part, you should be able to understand the general principles in selecting capital-budgeting techniques, determine whether a new project should be accepted using discounted-c

39、ash-flow criteria or non-discounted-cash-flow criteria; understand the role of taxation in capital budgeting.Chapter 12 Capital budgeting: cash-flow identification and project ranking conflicts At the completion of this part, you should be able to identify the guidelines by which cash flows are meas

40、ured; explain how a projects benefits and costs-that is, its incremental cash flows-are calculated; apply discounted-cash-flow techniques in a typical asset-replacement and revenue-generating projects; understand how the capital-budgeting process changes when there is capital rationing or there are

41、mutually exclusive projects.Chapter 13 Risk in capital budgetingAt the completion of this part, you should be able to explain what the appropriate measure of risk is for capital-budgeting purposes; determine the acceptability of a new project using both the certainty-equivalent and risk-adjusted dis

42、count rate methods of adjusting for risk; explain other methods to evaluate risk in capital budgeting.Chapter 14 Cost of capitalAt the completion of this part, you should be able to understand the basic concepts underlying the cost of capital; understand the key factors influencing a firms cost of c

43、apital; describe the assumptions generally required to measure and use a firms weighted cost of capital; calculate the weighted cost of capital for a company; calculate a project-specific required rate of return as an alternative to the weighted cost of capital.Chapter 15 Analysis and impact of leve

44、rageAt the completion of this part, you should be able to understand and distinguish between business risk and financial risk; use break-even analysis; calculate measures of operating leverage, financial leverage and combined leverage; understand and use EBIT-EPS and comparative leverage ratios to a

45、nalyse a companys capital structure.Chapter 16 Planning the firms financing mixAt the completion of this part, you should be able to distinguish between financial structure and capital structure; appreciate the main principles in choosing an appropriate financing mix for a firm; understand three the

46、oretical models that attempt to explain whether and how a companys capital structure influences the value of its share price; appreciate that agency costs, free cash flow and dividend imputation can affect the financing mix.Chapter 17 Dividend policy and internal financingAt the completion of this part, you should be able to understand rival theories of the relationship between dividend policy and share price; distinguish between the types of dividend policies used by companies in practice; appreciate the implications of divi