manager財務(wù)管理決策基本問題解析課件

1、Introduction To Corporate FinanceKey Concepts and SkillsKnow the basic types of financial management decisions and the role of the financial manager財務(wù)管理決策基本問題Know the financial implications of the different forms of business organization不同企業(yè)組織Know the goal of financial management財務(wù)管理的目標Understand th

2、e conflicts of interest that can arise between owners and managers所有人和經(jīng)理人可能產(chǎn)生的利益衝突Understand the various types of financial markets各種型態(tài)的金融市場1Chapter OutlineCorporate Finance and the Financial ManagerForms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the C

3、orporationFinancial Markets and the Corporation2Corporate FinanceSome important questions that are answered using financeWhat long-term investments should the firm take on?Where will we get the long-term financing to pay for the investment?How will we manage the everyday financial activities of the

4、firm?3Financial ManagerFinancial managers try to answer some or all of these questionsThe top financial manager within a firm is usually the Chief Financial Officer (CFO)首席財務(wù)長Treasurer財務(wù)長 oversees cash management, credit management, capital expenditures and financial planningController會計長 oversees t

5、axes, cost accounting, financial accounting and data processing4Financial Management DecisionsCapital budgeting資本預(yù)算 What long-term investments or projects should the business take on?Capital structure資本結(jié)構(gòu) How should we pay for our assets?Should we use debt or equity?Working capital management營運資金管理

6、How do we manage the day-to-day finances of the firm?5Forms of Business OrganizationThree major forms in the United StatesSole proprietorship獨資Partnership合夥GeneralLimited有限責任合夥 Corporation公司S-CorpLimited liability company有限責任公司 6Sole ProprietorshipAdvantagesEasiest to startLeast regulated法令規(guī)範最少 Sing

7、le owner keeps all the profitsTaxed once as personal income所有營業(yè)所得納入個人綜合所得稅課稅 DisadvantagesLimited to life of ownerEquity capital limited to owners personal wealthUnlimited liability業(yè)主承擔公司債務(wù)的無限償還責任 Difficult to sell ownership interest7PartnershipAdvantagesTwo or more ownersMore capital availableRelat

8、ively easy to startIncome taxed once as personal income營業(yè)所得納入個人綜合所得稅課稅 DisadvantagesUnlimited liability無限償還責任 General partnershipLimited partnershipPartnership dissolves when one partner dies or wishes to sell當有合夥人死亡或希望退出時即解散Difficult to transfer ownership8CorporationAdvantagesLimited liabilityUnlim

9、ited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capitalDisadvantagesSeparation of ownership and managementDouble taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)雙重課稅 (公司就盈餘繳納公司所得稅，股東收到股利後再繳納個人所得稅)9Goal Of Financia

10、l ManagementWhat should be the goal of a corporation?Maximize profit?Are we talking about long-run or short-run profits? accounting profits?Minimize costs?We can minimize costs today by not purchasing new equipment or delaying maintenanceMaximize market share?have positive earnings?Maximize the curr

11、ent value of the companys stock?There is no short run vs. long run here. The stock price should incorporate expectations about the futureDoes this mean we should do anything and everything to maximize owner wealth?10The Agency ProblemAgency relationshipPrincipal hires an agent to represent his/her i

12、nterestStockholders (principals) hire managers (agents) to run the companyAgency problemConflict of interest between principal and agentA common example of an agency relationship is a real estate brokerManagement goals and agency costs11The Agency ProblemDirect agency costs the purchase of something

13、 for management that cant be justified from a risk-return standpoint, monitoring costs.Indirect agency costs managements tendency to forgo risky or expensive projects that could be justified from a risk-return standpoint.12Managing ManagersManagerial compensationIncentives can be used to align manag

14、ement and stockholder interestsThe incentives need to be structured carefully to make sure that they achieve their goalCorporate controlThe threat of a takeover may result in better managementOther stakeholders利害關(guān)係人13Work the Web ExampleThe Internet provides a wealth of information about individual

15、companiesOne excellent site is Click on the web surfer to go to the site, choose a company and see what information you can find!14Financial MarketsCash flows to the firmPrimary vs. secondary marketsDealer自營商市場vs. auction markets拍賣市場Listed上市掛牌vs. over-the-counter securities店頭市場NYSENASDAQ15Quick QuizWhat are the three types of financial management decisions and what questions are they designed to answer?What are t