財務管理培訓lecture1

Irwin/McGraw-HillChapter1FundamentalsofCorporateFinanceThirdEditionTheFirmandTheFinancialManagerBrealeyMyersMarcusslidesbyMatthewWillIrwin/McGraw-HillTheMcGraw-HillCompanies,Inc.,2001Irwin/McGraw-HillTopicsCoveredOrganizingaBusinessTheRoleofTheFinancialManagerFinancialMarketsWhoIsTheFinancialManagerCorporateGoals&IncentivesValueMaximizationIrwin/McGraw-HillOrganizingaBusinessTypesofBusinessOrganizationsSoleProprietorshipsPartnershipsCorporationsIrwin/McGraw-HillOrganizingaBusinessCorporateStructureSoleProprietorshipsCorporationsPartnershipsLimitedLiabilityCorporatetaxonprofits+PersonaltaxondividendsUnlimitedLiabilityPersonaltaxonprofitsIrwin/McGraw-HillFinancialmanagersFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(1)(2)Cashinvestedinfirm(2)(3)Cashgeneratedbyoperations(3)(4a)Cashreinvested(4a)(4b)Cashreturnedtoinvestors(4b)TheRoleofTheFinancialManagerIrwin/McGraw-HillTheRoleofTheFinancialManagerInvestmentDecisions“CapitalBudgeting〞BuyrealassetsthatareworthmorethantheycostIrwin/McGraw-HillTheRoleofTheFinancialManager“CapitalBudgeting〞TangibleAssetsEuroDisney@$2billionNontangibleAssetsGillette’sMach3Razor@$300millionIrwin/McGraw-HillTheRoleofTheFinancialManagerFinancingDecisionsSourceofFunds“CapitalMarkets〞CapitalStructureMoneyMarketsEurosFinancialMarketsPrimaryMarketsSecondaryMarketsOTCMarketsMoneyIrwin/McGraw-HillFinancialMarketsCompanyIssueDebtCashInvestorsIrwin/McGraw-HillFinancialMarketsFundsFundsBanksInsuranceCos.BrokerageFirmsObligationsDepositorsPolicyholdersInvestorsObligationsCompanyIntermediaryInvestorIrwin/McGraw-HillFinancialMarketsBanksDepositors$2.5milCashLoanDepositsCompanyIntermediaryInvestorIrwin/McGraw-HillFinancialMarketsInsuranceCompanyPolicyholders$250milCashLoanSellpoliciesIssueStockCompanyIntermediaryInvestorCareersinFinanceCareersinFinanceWageweb-wagewebWallStreetJournal-careers.wsjBureauofLaborStatistics-Wetfeet-wetfeetOhioStateUniversity-/~fin/osujobs.htmClicktoaccesswebsitesInternetconnectionrequiredWebLinksGoalsofTheCorporationShareholdersdesirewealthmaximizationDomanagersmaximizeshareholderwealth?Mangershavemanyconstituencies“stakeholders〞“AgencyProblems〞representtheconflictofinterestbetweenmanagementandownersGoalsofTheCorporationAgencyProblemSolutions1-Compensationplans2-BoardofDirectors3-Takeovers4-SpecialistMonitoring5-AuditorsWhoisTheFinancialManager?ChiefFinancialOfficerTreasurerControllerWebResourcesfinancewiseforbeswiso.gwdg.de/ifbg/finance.htmledgeonlinecorpmon/pages/biblio.htmlcom/~jstorres/internalaudit/resources.htmlClicktoaccesswebsitesInternetconnectionrequiredWebLinks金融機構之角色資本構成之方式資金本錢--利率利率之組成realrisk-freerateofinterestinflationpremiumdefaultriskpremiumliquiditypremiummaturityriskpremium資金本錢--利率(續(xù)〕影響利率之要素productionopportunitiesandtimepreferencesexpectedinflationdefaultriskliquiditytermstructurematuritycentralbankpolicybalanceofpaymenttax&governmentdeficit資金本錢--利率(續(xù)〕利率期間結構與理論市場區(qū)隔理論流