manager財務管理決策基本問題課件

IntroductionToCorporateFinanceIntroductionToCorporateFinaKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財務管理決策基本問題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業(yè)組織Knowthegoaloffinancialmanagement財務管理的目標Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經理人可能產生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態(tài)的金融市場1KeyConceptsandSkillsKnowthChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation2ChapterOutlineCorporateFinanCorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?3CorporateFinanceSomeimportanFinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務長Treasurer財務長–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會計長–overseestaxes,costaccounting,financialaccountinganddataprocessing4FinancialManagerFinancialmanFinancialManagementDecisionsCapitalbudgeting資本預算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結構Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapitalmanagement營運資金管理Howdowemanagetheday-to-dayfinancesofthefirm?5FinancialManagementDecisionsFormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨資Partnership合夥GeneralLimited有限責任合夥Corporation公司S-CorpLimitedliabilitycompany有限責任公司6FormsofBusinessOrganizationSoleProprietorshipAdvantagesEasiesttostartLeastregulated法令規(guī)範最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營業(yè)所得納入個人綜合所得稅課稅

DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliability業(yè)主承擔公司債務的無限償還責任

Difficulttosellownershipinterest7SoleProprietorshipAdvantagesDPartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營業(yè)所得納入個人綜合所得稅課稅

DisadvantagesUnlimitedliability無限償還責任

GeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosell當有合夥人死亡或希望退出時即解散Difficulttotransferownership8PartnershipAdvantagesDisadvantCorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesSeparationofownershipandmanagementDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)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)9CorporationAdvantagesDisadvantGoalOfFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompany’sstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?10GoalOfFinancialManagementWhTheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts11TheAgencyProblemAgencyrelatTheAgencyProblemDirectagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycosts–management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.12TheAgencyProblemDirectagencManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders利害關係人13ManagingManagersManagerialcoWorktheWebExampleTheInternetprovidesawealthofinformationaboutindividualcompaniesOneexcellentsiteisClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!14WorktheWebExampleTheInternFinancialMarketsCashflowstothefirmPrimaryvs.secondarymarketsDealer自營商市場vs.auctionmarkets拍賣市場Listed上市掛牌vs.over-the-countersecurities店頭市場NYSENASDAQ15FinancialMarketsCashflowstoQuickQuizWhatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?Whatarethethreemajorformsofbusinessorganization?Whatisthegoaloffinancialmanagement?Whatareagencyproblemsandwhydotheyexistwithinacorporation?Whatisthedifferencebetweenaprimarymarketandasecondarymarket?16QuickQuizWhatarethethreetEndofChapterEndofChapter演講完畢，謝謝觀看！演講完畢，謝謝觀看！IntroductionToCorporateFinanceIntroductionToCorporateFinaKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財務管理決策基本問題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業(yè)組織Knowthegoaloffinancialmanagement財務管理的目標Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經理人可能產生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態(tài)的金融市場20KeyConceptsandSkillsKnowthChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation21ChapterOutlineCorporateFinanCorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?22CorporateFinanceSomeimportanFinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務長Treasurer財務長–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會計長–overseestaxes,costaccounting,financialaccountinganddataprocessing23FinancialManagerFinancialmanFinancialManagementDecisionsCapitalbudgeting資本預算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結構Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapitalmanagement營運資金管理Howdowemanagetheday-to-dayfinancesofthefirm?24FinancialManagementDecisionsFormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨資Partnership合夥GeneralLimited有限責任合夥Corporation公司S-CorpLimitedliabilitycompany有限責任公司25FormsofBusinessOrganizationSoleProprietorshipAdvantagesEasiesttostartLeastregulated法令規(guī)範最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營業(yè)所得納入個人綜合所得稅課稅

DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliability業(yè)主承擔公司債務的無限償還責任

Difficulttosellownershipinterest26SoleProprietorshipAdvantagesDPartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營業(yè)所得納入個人綜合所得稅課稅

DisadvantagesUnlimitedliability無限償還責任

GeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosell當有合夥人死亡或希望退出時即解散Difficulttotransferownership27PartnershipAdvantagesDisadvantCorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesSeparationofownershipandmanagementDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)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)28CorporationAdvantagesDisadvantGoalOfFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompany’sstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?29GoalOfFinancialManagementWhTheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts30TheAgencyProblemAgencyrelatTheAgencyProblemDirectagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycosts–management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.31TheAgencyProblemDirectagencManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterests