manager财务管理决策基本问题解析课件.ppt

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1、ChapterMcGraw-Hill/IrwinCopyright 2006 by The McGraw-Hill Companies,Inc.All rights reserved.Introduction To Corporate Introduction To Corporate FinanceFinanceKey Concepts and SkillsKnow the basic types of financial management decisions and the role of the financial manager財務管理決策基本問題Know the financia

2、l implications of the different forms of business organization不同企業組織Know the goal of financial management財務管理的目標Understand the conflicts of interest that can arise between owners and managers所有人和經理人可能產生的利益衝突Understand the various types of financial markets各種型態的金融市場1Chapter OutlineCorporate Finance a

3、nd the Financial ManagerForms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets and the Corporation2Corporate FinanceSome important questions that are answered using financeWhat long-term investments should the firm take on?Whe

4、re will we get the long-term financing to pay for the investment?How will we manage the everyday financial activities of the firm?3Financial ManagerFinancial managers try to answer some or all of these questionsThe top financial manager within a firm is usually the Chief Financial Officer(CFO)首席財務長T

5、reasurer財務長 oversees cash management,credit management,capital expenditures and financial planningController會計長 oversees taxes,cost accounting,financial accounting and data processing4Financial Management DecisionsCapital budgeting資本預算 What long-term investments or projects should the business take

6、on?Capital structure資本結構 How should we pay for our assets?Should we use debt or equity?Working capital management營運資金管理 How do we manage the day-to-day finances of the firm?5Forms of Business OrganizationThree major forms in the United StatesSole proprietorship獨資Partnership合夥GeneralLimited有限責任合夥 Cor

7、poration公司S-CorpLimited liability company有限責任公司 6Sole ProprietorshipAdvantagesEasiest to startLeast regulated法令規範最少 Single owner keeps all the profitsTaxed once as personal income所有營業所得納入個人綜合所得稅課稅 DisadvantagesLimited to life of ownerEquity capital limited to owners personal wealthUnlimited liabilit

8、y業主承擔公司債務的無限償還責任 Difficult to sell ownership interest7PartnershipAdvantagesTwo or more ownersMore capital availableRelatively easy to startIncome taxed once as personal income營業所得納入個人綜合所得稅課稅 DisadvantagesUnlimited liability無限償還責任 General partnershipLimited partnershipPartnership dissolves when one p

9、artner dies or wishes to sell當有合夥人死亡或希望退出時即解散Difficult to transfer ownership8CorporationAdvantagesLimited liabilityUnlimited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capitalDisadvantagesSeparation of ownership and managementDouble taxation(income taxed a

10、t the corporate rate and then dividends taxed at the personal rate)雙重課稅(公司就盈餘繳納公司所得稅，股東收到股利後再繳納個人所得稅)9Goal Of Financial ManagementWhat should be the goal of a corporation?Maximize profit?Are we talking about long-run or short-run profits?accounting profits?Minimize costs?We can minimize costs today

11、by not purchasing new equipment or delaying maintenanceMaximize market share?have positive earnings?Maximize the current value of the companys stock?There is no short run vs.long run here.The stock price should incorporate expectations about the futureDoes this mean we should do anything and everyth

12、ing to maximize owner wealth?10The Agency ProblemAgency relationshipPrincipal hires an agent to represent his/her interestStockholders(principals)hire managers(agents)to run the companyAgency problemConflict of interest between principal and agentA common example of an agency relationship is a real

13、estate brokerManagement goals and agency costs11The Agency ProblemDirect agency costs the purchase of something for management that cant be justified from a risk-return standpoint,monitoring costs.Indirect agency costs managements tendency to forgo risky or expensive projects that could be justified

14、 from a risk-return standpoint.12Managing ManagersManagerial 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 threat of a takeover may result in better manageme

15、ntOther stakeholders利害關係人13Work the Web ExampleThe Internet provides a wealth of information about individual companiesOne excellent site is Click on the web surfer to go to the site,choose a company and see what information you can find!14Financial MarketsCash flows to the firmPrimary vs.secondary

16、marketsDealer自營商市場vs.auction markets拍賣市場Listed上市掛牌vs.over-the-counter securities店頭市場NYSENASDAQ15Quick QuizWhat 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?What is the difference between a primary market and a secondary market?16ChapterMcGraw-Hill/IrwinCopyright 2006 by The McGraw-Hill Companies,Inc.All rights reserved.End of ChapterEnd of Chapter