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FundamentalsofFinancialManagement
NinthEditionCopyright?2001byHarcourt,Inc.Allrightsreserved.Requestsforpermissiontomakecopiesofanypartoftheworkshouldbemailedtothefollowingaddress:PermissionsDepartment,Harcourt,Inc.,6277SeaHarborDrive,Orlando,Florida32887-6777.ISBN0-03-031478-XCareeropportunitiesIssuesofthenewmillenniumFormsofbusinessorganizationGoalsofthecorporationAgencyrelationshipsCHAPTER1
AnOverviewofFinancialManagementMoneyandcapitalmarketsInvestmentsFinancialmanagementCareerOpportunitiesinFinanceUseofcomputersandelectronictransfersofinformationTheglobalizationofbusinessFinancialManagement
Issuesofthenewmillennium3M 51.7 26.9ChaseManhattan 27.8 26.6Coca-Cola 62.3 64.6Exxon 80.1 65.1GeneralElectric 23.9 31.1GeneralMotors 30.8 68.0IBM 56.8 68.9McDonald’s 60.8 71.7Merck 24.9 27.4WaltDisney 16.7 18.9PercentageofRevenueandNetIncomefromOverseasOperationsfor10Well-KnownCorporations,1998
Percentageof Percentageof RevenueOriginated NetIncomeCompany Overseas GeneratedOverseasForecastingandplanningInvestmentandfinancingdecisionsCoordinationandcontrolTransactionsinthefinancialmarketsManagingriskResponsibilitiesoftheFinancialStaffSoleproprietorshipPartnershipCorporationAlternativeFormsofBusinessOrganizationAdvantages:EaseofformationSubjecttofewregulationsNocorporateincometaxesDisadvantages:LimitedlifeUnlimitedliabilityDifficulttoraisecapitalSoleProprietorshipApartnershiphasroughlythesameadvantagesanddisadvantagesasasoleproprietorship.PartnershipAdvantages:UnlimitedlifeEasytransferofownershipLimitedliabilityEaseofraisingcapitalDisadvantages:DoubletaxationCostofset-upandreportfilingCorporationTheprimarygoalisshareholderwealthmaximization,whichtranslatestomaximizingstockprice.Dofirmshaveanyresponsibilitiestosocietyatlarge?Isstockpricemaximizationgoodorbadforsociety?Shouldfirmsbehaveethically?GoalsoftheCorporationAnagencyrelationshipexistswheneveraprincipalhiresanagenttoactontheirbehalf.Withinacorporation,agencyrelationshipsexistbetween:ShareholdersandmanagersShareholdersandcreditorsAgencyRelationshipsManagersarenaturallyinclinedtoactintheirownbestinterests.Butthefollowingfactorsaffectmanagerialbehavior:ManagerialcompensationplansDirectinterventionbyshareholdersThethreatoffiringThethreatoftakeoverShareholdersversusManagersShareholders(throughmanagers)couldtakeactionstomaximizestockpricethataredetrimentaltocreditors.Inthelongrun,suchactionswillraisethecostofdebtandultimatelylowerstockprice.ShareholdersversusCreditorsProjectedcashflowstoshareholdersTimingofthecashflowstreamRiskinessofthecashflowsFactorsthatAffectStockPriceFactorsthatAffecttheLevelandRiskinessofCashFlowsDecisions
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