財務(wù)管理學(xué)習(xí)課件

Chapter1

TheRoleofFinancialManagement第一頁，共十二頁。WhatisFinancialManagement?TheGoaloftheFirmCorporateGovernanceOrganizationoftheFinancialManagementChapterOutline03-5月-232FundamentalsofFinancialManagement第二頁，共十二頁。Itisconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.ThedecisionfunctionoffinancialmanagementInvestmentDecisionFinancingDecisionAssetManagementDecisionWhatisFinancialManagement03-5月-233FundamentalsofFinancialManagement第三頁，共十二頁。4TheBalanceSheet03-5月-23FundamentalsofFinancialManagement第四頁，共十二頁。TheGoalsofTheFirmProfitMaximizationTomaximizeearningspershare(EPS)Doesn’tspecifythetimingordurationofexpectedreturnsDoesn’tconsiderrisksDoesn’tallowfortheeffectofdividendpolicyonthemarketpriceofthestockTomaximizethemarketpricepershare5FundamentalsofFinancialManagement03-5月-23第五頁，共十二頁。GoalsofTheCorporationShareholdersdesirewealthmaximizationDomanagersmaximizeshareholderwealth?Theseparationofownershipandcontrol“AgencyProblems”representtheconflictofinterestbetweenmanagementandownersAgencycost6FundamentalsofFinancialManagement03-5月-23第六頁，共十二頁。GoalsofTheCorporationAgencyProblemSolutionsMonitoringisdoneby:BondingtheagentSystematicallyreviewingmanagementperquisitesAuditingfinancialstatementsLimitingmanagementdecisionsThemanageriallabormarket

7FundamentalsofFinancialManagement03-5月-23第七頁，共十二頁。GoalsofTheCorporationCorporateSocialResponsibility(CSR)Suchas:protecttheconsumer,payfairwagestoemployees,safeworkingconditions,beinvolvedinsuchenvironmentalissuesStakeholdersCreditors,employees,customers,suppliers,communities,andothersSustainability8FundamentalsofFinancialManagement03-5月-23第八頁，共十二頁。Itreferstothesystembywhichcorporationsaremanagedandcontrolled.Itencompassedtherelationshipsamong：CorporateGovernance03-5月-239FundamentalsofFinancialManagementShareholdersBoardofDirectorsSeniormanagement第九頁，共十二頁。03-5月-23FundamentalsofFinancialManagement10CorporateGovernance第十頁，共十二頁。03-5月-23FundamentalsofFinancialManagement11OrganizationoftheFinancialManagementFunctionBoardofDirectorsPresidentExecutive

VicePresidentOperationsExecutive

VicePresidentFinance(CFO)Executive

VicePresidentMarketingVicePresident(Treasurer)VicePresident(Controller)CapitalBudgetingCashManagementCreditManagementInvestorRelationsEtc.CostManagementCostManagementInternalControlPreparingFinancialStatementsEtc.第十一頁，共十二頁。內(nèi)容總結(jié)Chapter1。22-3月-23。TheBalanceSheet。Doesn’tconsiderrisks。Monitoringisdoneby:。Bondingtheagent。Limit