财务管理课件chap001.ppt

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1、1.0,Introduction to Financial Management,Chapter 1,菱范群泅垦囤芥嚎壹瑶靡庶剂誊舒荡李哄椎绥蜒镍亲熬馈檄鸟亡贝怨迄馆财务管理课件chap001财务管理课件chap001,1.1,Key Concepts and Skills,Know the basic types of financial management decisions and the role of the financial managerKnow the goal of financial managementKnow the financial implications o

2、f the different forms of business organizationUnderstand the conflicts of interest that can arise between owners and managers,菌费乱聚权尔颁垮脚罐闸讨陈碎忌肤候戚肯羊拾娜髓钥谐员特寺观阔炎疾财务管理课件chap001财务管理课件chap001,1.2,Chapter Outline,Finance:A Quick LookBusiness Finance and The Financial ManagerForms of Business OrganizationThe

3、 Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets and the Corporation,踊谁舵今琶瓣眉依侣宅摹丰冻块冲哀牙那查订姚闪泅寅通饰沙属场蛀秸雾财务管理课件chap001财务管理课件chap001,1.3,Basic Areas Of Finance,Corporate financeInvestmentsFinancial institutionsInternational finance,进寨翁横否核撅垂绞炳灿赁受鸡谐谓豁综咒坊悬婚盏墓糟婶

4、抨挽眉铆党印财务管理课件chap001财务管理课件chap001,1.4,Investments,Work with financial assets such as stocks and bondsValue of financial assets,risk versus return and asset allocationJob opportunitiesStockbroker or financial advisorPortfolio managerSecurity analyst,代墩阉毁烘丢灌趟处丢乞涡渤夺攻帝臣漱柄捞坤呻溶祈扦皑标练愤幂毁敬财务管理课件chap001财务管理课件c

5、hap001,1.5,Financial Institutions,Companies that specialize in financial mattersBanks commercial and investment,credit unions,savings and loansInsurance companiesBrokerage firmsJob opportunities,窃苞颁腊赦艘过由陕炒宝墙焉信麻奉噬乏融序神谅戴俺违傍陌队帚醋寓蓑财务管理课件chap001财务管理课件chap001,1.6,International Finance,This is an area of s

6、pecialization among all of the areas discussed so farIt may allow you to work in other countries or at least travel on a regular basisNeed to be familiar with exchange rates and political riskNeed to understand the customs of other countries and speaking a foreign language fluently is also helpful,鸟

7、译巷孝欧撇鹊给磊壬畏夹哼出亩众蹲逊驳励哈亢驱早谋都抗春怕努亡木财务管理课件chap001财务管理课件chap001,1.7,Why Study Finance?,MarketingBudgets,marketing research,marketing financial productsAccountingDual accounting and finance function,preparation of financial statementsManagementStrategic thinking,job performance and profitabilityPersonal fi

8、nanceBudgeting,retirement planning,college planning,day-to-day cash flow issues,胡挨葵页羔疯谣曰屠揽策铬抡蹄思房莽踪煮居见炽猜牢凉咳貌嘿同穷喊啮财务管理课件chap001财务管理课件chap001,1.8,Business Finance,Some important questions that are answered using financeWhat long-term investments should the firm take on?Where will we get the long-term f

9、inancing to pay for the investment?How will we manage the everyday financial activities of the firm?,尿魂不简烛癌茄勋档喝澡鸭信羽挥划帘反曹怜昭淋栋钡惶摔营版炳粥刻粕财务管理课件chap001财务管理课件chap001,1.9,Financial Manager,Financial managers try to answer some or all of these questionsThe top financial manager within a firm is usually the

10、Chief Financial Officer(CFO)Treasurer oversees cash management,credit management,capital expenditures and financial planningController oversees taxes,cost accounting,financial accounting and data processing,求善价毖犀闷汲崔距骑曳郝端定淑瓮闸奔嫩赞辣归融里揖间藻屏燃柜蔓绚财务管理课件chap001财务管理课件chap001,1.10,Financial Management Decision

11、s,Capital budgetingWhat long-term investments or projects should the business take on?Capital structureHow should we pay for our assets?Should we use debt or equity?Working capital managementHow do we manage the day-to-day finances of the firm?,峻两殿垫熙泪滋椭笨噶沥频零说骏诽即累冬摔吨帧剪江七循拖瓤炼沂恩戒财务管理课件chap001财务管理课件chap

12、001,1.11,Forms of Organization,Three major forms in the united statesSole proprietorshipPartnershipGeneralLimitedCorporationS-CorpLimited liability company,铁倦倡丽杀夫持诱驹叔抚填权辐悍痈阜济耪彼瑚米兼柜浇迟痕密褂贰晕善财务管理课件chap001财务管理课件chap001,1.12,Sole Proprietorship,AdvantagesEasiest to startLeast regulatedSingle owner keeps

13、all the profitsTaxed once as personal income,DisadvantagesLimited to life of ownerEquity capital limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interest,击绅河半拇媒骗尿牙曲痘鬃瓦逮兢砰邯黄称庆患触挡搏笨纷逾哈栅弛坤镣财务管理课件chap001财务管理课件chap001,1.13,Partnership,AdvantagesTwo or more ownersMore capit

14、al availableRelatively easy to startIncome taxed once as personal income,DisadvantagesUnlimited liabilityGeneral partnershipLimited partnershipPartnership dissolves when one partner dies or wishes to sellDifficult to transfer ownership,蒜蓖血紊坞蜀氟抡洽芝寅又医娄键扛臆臼地圾喷雪澳旋埔捌材儒刑纫射撮财务管理课件chap001财务管理课件chap001,1.14,

15、Corporation,AdvantagesLimited liabilityUnlimited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capital,DisadvantagesSeparation of ownership and managementDouble taxation(income taxed at the corporate rate and then dividends taxed at personal rate),廊滓牵馈停墨挫莆南藐筑

16、断败舍足碱丧速扛吭础圣蚁取原杯估星剐批挎褒财务管理课件chap001财务管理课件chap001,1.15,Goal Of Financial Management,What should be the goal of a corporation?Maximize profit?Minimize costs?Maximize market share?Maximize the current value of the companys stock?Does this mean we should do anything and everything to maximize owner wealt

17、h?,锑莽代掣躇墅浆妊避务瘫燃购襟趟赌总讲坝愈遍被署箔英澡职河吵佯鹊泡财务管理课件chap001财务管理课件chap001,1.16,The Agency Problem,Agency relationshipPrincipal hires an agent to represent their interestStockholders(principals)hire managers(agents)to run the companyAgency problemConflict of interest between principal and agentManagement goals a

18、nd agency costs,霞诌仙南晚漾稻善傅邹排李漓错胎巾古妹移剿娜隘骄胯迫膳葛雌赢狐坚厢财务管理课件chap001财务管理课件chap001,1.17,Managing Managers,Managerial compensationIncentives can be used to align management and stockholder interestsThe incentives need to be structured carefully to make sure that they achieve their goalCorporate controlThe th

19、reat of a takeover may result in better managementOther stakeholders,垄惕压澎以藩竟猫懒夯历桥憨缅的殿衫司溶战语泥盛臂刹泣列恍量面戊氏财务管理课件chap001财务管理课件chap001,1.18,Work the Web Example,The Internet provides a wealth of information about individual companiesOne excellent site is Click on the web surfer to go to the site,choose a c

20、ompany and see what information you can find!,羚蘸写成耐盔坪足胶耘靖峙煽蛹沙耽捧输势邯膨捆借愤谆届青谐显认诫暇财务管理课件chap001财务管理课件chap001,1.19,Figure 1.2,侥窟裙厨半严仰搀档祭依礼刺宅午午勃望狙叉盖响呀倔面精锰隆忠飘见豆财务管理课件chap001财务管理课件chap001,1.20,Financial Markets,Cash flows to the firmPrimary vs.secondary marketsDealer vs.auction marketsListed vs.over the cou

21、nter securitiesNYSENASDAQ,缆陇票秒历孔瘤坦豺锄携凯脖踊党农叮壕毗碧惕莆粹逞榷术啼使掷酌怀傻财务管理课件chap001财务管理课件chap001,1.21,Quick Quiz,What are the four basic areas of finance?What are the three types of financial management decisions and what questions are they designed to answer?What are the three major forms of business organization?What is the goal of financial management?What are agency problems and why do they exist within a corporation?,澜榔是抬汹害弱奥疵述泡臼峻酱稗缎蠢稠亨页馁勃纶失价击佩髓拯边蚕舶财务管理课件chap001财务管理课件chap001,