manager财务管理决策基本问题解析课件.ppt

1、ChapterMcGraw-Hill/IrwinCopyright 2006 by The McGraw-Hill Companies, Inc. All rights reserved.1Introduction To Corporate Finance1-1Key Concepts and Skills Know 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 financial implications of the dif

2、ferent 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1-2Chapter OutlineCorporate Finance and the Financial Man

3、agerForms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets and the Corporation1-3Corporate Finance Some important questions that are answered using finance What long-term investments should the firm take on? Where will we get

4、the long-term financing to pay for the investment? How will we manage the everyday financial activities of the firm?1-4Financial Manager Financial managers try to answer some or all of these questions The top financial manager within a firm is usually the Chief Financial Officer (CFO)首席財務長 Treasurer

5、財務長 oversees cash management, credit management, capital expenditures and financial planning Controller會計長 oversees taxes, cost accounting, financial accounting and data processing1-5Financial Management Decisions Capital 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?1-6Forms of Business Organization Three major forms in the United States Sole proprietorship獨資 Partnership合夥 General Limited

7、有限責任合夥 Corporation公司 S-Corp Limited liability company有限責任公司 1-7Sole Proprietorship Advantages Easiest to start Least regulated法令規範最少 Single owner keeps all the profits Taxed once as personal income所有營業所得納入個人綜合所得稅課稅 Disadvantages Limited to life of owner Equity capital limited to owners personal weal

8、th Unlimited liability業主承擔公司債務的無限償還責任 Difficult to sell ownership interest1-8Partnership Advantages Two or more owners More capital available Relatively easy to start Income taxed once as personal income營業所得納入個人綜合所得稅課稅 Disadvantages Unlimited liability無限償還責任 General partnership Limited partnership P

9、artnership dissolves when one partner dies or wishes to sell當有合夥人死亡或希望退出時即解散 Difficult to transfer ownership1-9Corporation Advantages Limited liability Unlimited life Separation of ownership and management Transfer of ownership is easy Easier to raise capital Disadvantages Separation of ownership an

10、d management Double taxation (income taxed at 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)1-10Goal Of Financial Management What should be the goal of a corporation? Maximize profit? Are we talking about long-run or short-run profits? accounting

11、 profits? Minimize costs? We can minimize costs today by not purchasing new equipment or delaying maintenance Maximize 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 abou

12、t the future Does this mean we should do anything and everything to maximize owner wealth?1-11The Agency Problem Agency relationship Principal hires an agent to represent his/her interest Stockholders (principals) hire managers (agents) to run the company Agency problem Conflict of interest between

13、principal and agent A common example of an agency relationship is a real estate broker Management goals and agency costs1-12The Agency Problem Direct agency costs the purchase of something for management that cant be justified from a risk-return standpoint, monitoring costs. Indirect agency costs ma

14、nagements tendency to forgo risky or expensive projects that could be justified from a risk-return standpoint.1-13Managing Managers Managerial compensation Incentives can be used to align management and stockholder interests The incentives need to be structured carefully to make sure that they achie

15、ve their goal Corporate control The threat of a takeover may result in better management Other stakeholders利害關係人1-14Work the Web Example The Internet provides a wealth of information about individual companies One excellent site is Click on the web surfer to go to the site, choose a company and see

16、what information you can find!1-15Financial Markets Cash flows to the firm Primary vs. secondary markets Dealer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 NYSE NASDAQ1-16Quick Quiz What are the three types of financial management decisions and what questions are they d

17、esigned 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?ChapterMcGraw-Hill/IrwinCopyright 2006 by The McGraw-Hill Companies, Inc. All rights reserved.1End of Chapter