《财务管理基本理论》PPT课件.ppt

1,第二章 財務管理基本理論,參考資料：Lee ect. Chap2 -Theory of Financial Management,2,企業的經理人員負責計畫（planning）、執行（implementing）、控制（考核，controlling）三種經濟行為生產（production）、運銷（marketing）與財務（financing）管理（人事，personnel） 財務經理的職責負責目標的設定、發現及分析問題、做決策、執行並負責企業的財政庶務，其範圍包含生產與運銷事務,3,企業管理目標（Management Goal） 最大利潤（Profit maximization） timing risk & uncertainly （時效性？ 風險與不確定性？ ） Profit Max.之二大缺失 第三、四章 知道機率 不知機率,4,企業風險（Business Risk）：與企業特性有關的獲利變動 農企業風險氣候、病蟲害、價格變動 AgriBusiness Risk - (i) technical risk : weather, disease -(ii) market risk : price,5,財務風險（Financial Risk）：非自有資本的運用所帶來的風險。 要籌資多少 自己的、借的？ leverage = (nonequity capital borrowing , leasing , other arrangement or contracts) (interests) (rent) (obligations) leverage risk If rate or return cost of using nonequity capital, leverage profit, but at the same time，risk,6,Key elements of financial goal: profitability, risk & liquidity (timing) 目標風險與報酬（risk & return） 兼顧utility maximization,7,Measurement of Business Risk : Variance Risk-Return Trade-off 1. coefficient of variation CV = V/E 愈小愈好 2. highest lower bound L = E-2V 愈高愈好,8,9,10,the risk-return basis for choice:,11,Risk-reducing Strategy (風險分散策略）： Diversification : Holding combinations of investment Portfolio Theory (投資組合理論) : 0 0（其實 1 即可） If returns tend to be independent or negatively correlated, diversification will generally be desirable. the coefficient of variation (CV=V/E) for the “portfolio” will likely be less than that associated with each individual investment - the “portfolio effect” Diversification as a risk reducing strategy becomes more effective as the covariation (i.e. correlation) among investments is lower,12,coefficient of correlation (): -1 1,13,14,Combinations of crops A and B will always dominate complete specialization in one or the other, as long as the returns from the two are less than perfectly correlated (1 ).,15,Portfolio selection for risky assets：,16,Appendix : portfolio selection with risk-free assets,17,Separation Theorem :,The investment decision (which portfolio of risky assets to hold) is separate from the financing decision (how to allocate investable funds between the risk-free asset and the risky asset). The dominant portfolio of risky assets (P) is optimal for every investor regardless of that investors utility function.,18,If s=0.5 ： half in P, half in F s=1.0 ： all in P s=1.5 ： (all + borrowing) in P half of the equity is borrowed debt./equity=0.5 (leverage) s=2.0 : L = D/E = 1,，則 S=1.5，1-S= -0.5,eg：若,19,20,Principle of Increasing Risk - As the relative amount of nonequity capital used in a business expands (leverage ) , the tendency for risk becomes greater. leverage =,21,eg:,I=(rA-iD)(1-t),22,(1) as leverage the spread between possible gains and loss, risk (2) as long as the marginal rate of return on capital the marginal cost of using nonequity capital, leverage income net worth if some of the income is reinvested , saved , or used to repay borrowed funds , net worth will ,23,net after-tax earnings ：I = ( rA iD )( 1-t ) reinvestment ：G= ( rA iD )( 1-t )( 1-c ),rate of growth in equity: Theoretically, as long as r i, L to G/E (assuming t, c, and r constant). However, the hypothesis of constant t, c is not real realistic; the hypothesis that r is constant for all size of business may also be unrealistic; finally, the assumption that i remains constant as L is also unrealistic. external capital rationing & internal capital rationing,24,optimum degree of leverage : r = i + R marginal rate of return = marginal cost of nonequity capital debt / equity usually 3 or 2,25,Factors limiting growth,A. external constraints 1. quantity rationing of credit use (L limited ) 2. price rationing of credit use (i) 3. income tax payments (t) B. internal constraints 1