財務管理原理英文版

財務管理原理英文版演講人：日期：目錄IntroductiontoFinancialManagementFinancialStatementsandAnalysisFinancialPlanningandBudgetingCostofCapitalandCapitalStructureInvestmentDecisionMakingInvestmentValuationTechniquesWorkingCapitalManagementIntroductiontoFinancialManagement01Financialmanagementreferstotheeffectiveandeffectivemanagementoffinancialresourceswithinanorganization,ensuringthatfundsareallocatedandusedinthebestpossiblewaytoachievetheorganization'sgoalsDefinitionFinancialmanagementiscrucialforthesuccessofanyorganizationasitenablestheplanning,organization,directing,andcontrollingoffinancialactivitiesIthelpstoensurethattheorganizationhassufficientfundstooperate,grow,andmeetitsfinancialobjectivesImportanceDefinitionandImportanceofFinancialManagementProfitMaximizationOneoftheprimarygoalsoffinancialmanagementistomaximizeprofitsbyincreasingrevenueand/orreducingcostsLiquidityMaintainingequivalentliquidisessentialforanorganizationtomeetitsshorttermfinancialobjectivesandcontinueoperationssmoothlySolvencyFinancialmanagersmustalsoensurethattheorganizationremainssolvent,meaningithasenoughassetstocoveritsliabilitiesWealthMaximizationFinancialmanagersalsoaimtomaximizethewealthoftheorganization'sshareholdersbymakingsoundinvestmentdecisionsandmanagingriskseffectivelyGoalsofFinancialManagementPlanningandForecastingFinancialmanagersareresponsibleforplanningandforecastingtheorganization'sfinancialneeds,includingbudgetingandcreatingfinancialprojectsDecisionMakingTheyplayacriticalroleinmakingfinancialdecisions,suchasinvestinginnewprojects,acquiringassets,ortakingondebtRoleoftheFinancialManagerRiskManagementFinancialmanagersmustidentify,assess,andmanagefinancialriskstomitigatetheirimpactontheorganizationReportingandComplianceTheyarealsoresponsibleforpreparingfinancialreports,ensuringcompliancewithfinancialregulations,andprovidingtransparentfinancialinformationtostakeholdersRoleoftheFinancialManagerFinancialStatementsandAnalysis02RevenueRecognitionRecordsallincomeearnedbythecompanyduringaspecificperiod,adheringtorelevantaccountingstandardsandrevenuerecognitionprinciplesExpenseClassificationCategoriesexpensesbasedontheirnature,suchasoperating,financing,ornonoperatingexpenses,toprovideaclearpictureofthecoststructureNetIncomeCalculationDeterminethenetincomebygeneratingtotalexpensesfromtotalrevenues,representingtheprofitabilityofthecompanyduringtheperiodIncomeStatementAssetValuationListsandvaluesofthecompany'sassets,includingcurrentandnoncurrentassets,usingappropriatevaluationtechniquesReliabilityRecognitionIdentifiesandrecordsallliabilities,bothcurrentandnoncurrent,ensuringtheyareproperlyclassifiedandvaluedEquityCalculationCalculatethecompany'sequitybyproducingtotalliabilitiesfromtotalassets,representingtheowners'stakeinthebusinessBalanceSheetTracksallcashreceivedbythecompany,includingcashfromoperatingactivities,investingactivities,andfinancingactivitiesCashInflowsmonitorsallcashpaidoutbythecompany,includingpaymentsforexpenses,investments,anddebtpaymentsCashOutflowsDeterminethenetcashflowbysubtractingtotalcashoutflowsfromtotalcashinflows,offeringinsightsintothecompany'sliquiditypositionNetCashFlowCashFlowStatementLiquidityRatiosAssessesthecompany'sabilitytomeetitsshorttermobservationsbycomparingcurrentassetstocurrentliabilitiesSolvencyRatiosEvaluatethecompany'slongtermfinancialstabilitybyconsideringtherelationshipbetweendebtandequityProfitabilityRatiosMeasuresthecompany'sabilitytogenerateprofitsbyanalyzingnetincome,grossprofit,andotherrelevantmetricsFinancialRatioAnalysisFinancialRatioAnalysisEfficiencyRatiosAssessmentshoweffectivelythecompanyisutilizingitsassetsandmanagingitsoperationsbyexamininginventoryturnover,receiptsturnover,andotherrelevantratiosFinancialPlanningandBudgeting03FinancialPlanningProcessAnalysisEvaluatingcurrentfinancialpositionandfuturecashflowprojectsDataGatheringCollectingrelevantfinancialinformationsuchasincome,expenses,assets,andliabilitiesGoalSettingIdentifyingandprioritizingshorttermandlongtermfinancialobjectivesStrategyDevelopmentDeterminingthebestcourseofactiontoachievefinancialgoalsImplementationExecutingthefinancialplanandmonitoringprogressCapitalBudgetingTechniquesPaybackPeriodCalculatingthetimerequiredforaninvestmenttogeneratesufficientcashinflowstorecoveritsinitialoutputNetPresentValue(NPV)EstimatingthefeasibilityofaninvestmentbydiscountingfuturecashflowstotheirpresentvalueInternalRateofReturn(IRR)DeterminingtherateofreturnaninvestmentisexpectedtogenerateoveritslifetimeProfitabilityIndex(PI)RankinginvestmentprojectsbasedontheirprofitabilityrelatedtotheinitialinvestmentBudgetDevelopmentPreparingdetailedplansforexpectedrevenues,expenses,andcashflowsoveraspecifiedperiodUtilizinghistoricaldataandtrendstopredictfuturefinancialperformanceComparingactualresultstobudgetedamountstoidentifyareasofoverspendingorunderspendingRegularlyreviewingbudgetperformanceandmakingadjustmentsasnecessarytoensurealignmentwithfinancialobjectivesForecastingTechniquesVarianceAnalysisContinuousMonitoringBudgetingandForecastingCostofCapitalandCapitalStructure04CostofEquityCapitalIncorporateadditionalfactorsbeyondmarketrisktoestimatethecostofequitycapitalMultifactorModelsEstimatesofthecostofequitycapitalbasedontheassumptionthatdivisionswillgrowataconstantrateDividedGrowthModelCalculatethecostofequitycapitalusingbeta,whichmeasuresthesystemicriskofasecuritycomparedtothemarketCapitalAssetPricingModel(CAPM)03TaxEffectsInterestpaymentsondebtaretaxdeductible,whichlowerstheeffectivecostofdebtcapital01YieldtoMaturityRepresentativesoftheannualreturnaninvestorwouldreceiveifthebondishelduntilitmaterials02DebtRatingsAffectthecostofdebtcapitalastheyindicatethecreditworthinessoftheissuerCostofDebtCapital010203CalculationWACCiscalculatedastheweightedaverageofthecostsofequityanddebtcapital,wheretheweightsrepresenttheproposalofeachtypeofcapitalinthefirm'sfinancingmixUseinDecisionMakingWACCisusedasthediscountrateincapitalbudgetingdecisionstodeterminethenetpresentvalue(NPV)ofpotentialinvestmentsImpactofCapitalStructureChangesChangesinthefirm'scapitalstructure,suchasissuingnewdebtorequity,canaffecttheWACCandthusthefirm'scostofcapitalWeightedAverageCostofCapital(WACC)CapitalStructureDecisionsTradeoffTheoryFirmschoosetheircapitalstructurebybalancingthetaxbenefitsofdebtagainstthecostsoffinancialstressMarketTimingTheoryFirmsissueequitywhentheirstockisovervaluedanddebtwhentheirstockisundervaluedPeckingOrderTheoryFirmsprefertofinancetheirinvestmentswithinternallygeneratedfundsbeforeissuingdebtorequityAgencyTheoryAddressingtheconflictsofinterestbetweenshareholdersanddebtholders,whichcanaffectcapitalstructuredecisionsInvestmentDecisionMaking05ThepotentialforaninvestmenttogeneratereturnsinexcessofitscostProfitabilityTheeasewithwhichaninvestmentcanbeconvertedintocashwithoutaffectingitsmarketpriceLiquidityThedegreeofcontinuitythataninvestmentwillpreserveitsoriginalvalueandreturnaprofitSafetyInvestmentCriteriaTypesofRiskIncludingmarketrisk,creditrisk,operationalrisk,andliquidityriskQuantifyingRiskUsingstatisticalmeasuressuchasstandarddeviation,variance,andbetatoassesstheriskofaninvestmentRiskReturnTradeoffTheprinciplethathigherpotentialreturnstypicallycomewithhigherlevelsofriskRiskandReturnAnalysisPortfolioDiversionThestrategyofinvestinginavarietyofassetstoreducetheoverallriskoftheportfolioEfficientFrontierThesetofportfoliosthatofferthehighestexpectedreturnforagivenlevelofriskorthelowestriskforagivenlevelofexpectedreturnModernPortfolioTheory(MPT)Atheorythatsuggestsinvestorscanconstructportfoliostooptimizeormaximizeexpectedreturnbasedonagivenlevelofrisk010203PortfolioTheoryandDiversityInvestmentValuationTechniques06EstimatingFutureCashFlowsForecastingtheexpectedcashinflowsandoutflowsoverthelifeofaninvestmentDeterminingtheAppropriateDiscountRateSelectingadiscountratethatreflectstheriskofthecashflowsCalculatingthePresentValueUsingthediscountratetocalculatethepresentvalueoffuturec