公司治理与财务管理环境.ppt

1,高级财务管理理论与实务江伟Office:706,SchoolofManagementTelmail:jwxm406,2,中文参考书：公司理财第8版（罗斯等著，吴世农和沈艺峰等译），机械工业出版社；公司财务原理第8版（布雷利等著，方曙红等译），机械工业出版社；Myrequest:课前预习和课后复习成绩考核:课堂表现:30%；作业与案例讨论:30%；期末考试:40%,3,Chapter1,公司治理与财务管理环境,4,什么是财务管理,财务管理(Financialmanagement):通过对企业资金的管理来达到企业的财务目标,又称为公司财务或者公司理财。(Corporatefinance),5,什么是财务管理,财务管理与金融学之间的关系,6,财务管理的产生,1900年，一位穷困潦倒的法国数学教师贝奇里耶（LouisBachelier）写了一篇题为投机理论（TheoryofSpeculation）的博士论文，这篇关于证券市场的统计研究在数十年后被认定是财务学（Finance）从经济学（Economics）中独立出来成为一门新学科的里程碑。,7,Stakeholdersinacompany,Stakeholders:individualsorgroupswhoareaffectedbytheactivitiesofthefirm.Classification:internal:employeesandmanagersconnected:shareholders,debtholders,customers,bankers,suppliers,competitorsexternal:government,pressuregroups,localandnationalcommunities,professionalandregulatorybodiesObjectivesofstakeholdergroups(p26-37),凡影响到公司经营目标或受公司经营目标影响的人都可被称为相关利益人。弗里曼：战略性管理：一种相关利益者方法1984年,8,Stakeholdersinacompany,Majorstakeholderinterest(interestsconflict):shareholdersandmanagersagencyrelationshipshareholders,managersandlong-termcreditorsriskyinvestmentdecisionsinterestpaymentsontimeextradividendsshareholders,managersandgovernmenttaxationencouragenewinvestmentsencourageawiderspreadofshareownershiplegislationeconomicpolicy,9,Agencytheory,Berleoutputsseldombemeasuredsolutions:inputs;judgements;comparison,22,Macroeconomicobjectivesandpolicies,ObjectiveseconomicgrowthcontrolpriceinflationfullemploymentbalanceofpaymentsConflictsinobjectivessimultaneousachievementofalltheobjectivesisdifficult,andhencegovernmenthavetoconsidertrade-offsbetweenobjectives.,23,Macroeconomicobjectivesandpolicies,Policiesmonetarypolicyfiscalpolicypricesandincomespolicyexchangeratepolicyexternaltradepolicypolicymix,24,Fiscalpolicy,Fiscalpolicy:isactionbythegovernmenttospendmoney,ortocollectmoneyintaxes,withthepurposeofinfluencingtheconditionofthenationaleconomy.Fiscalpolicycontrolstheoutputviamanagingtheaggregatedemand(ie,demandsideeconomy)Demandmanagement:anapproachtoeconomicpolicywhichseekstocontrolthelevelofaggregatedemandthroughfiscalpolicyand/ormonetarypolicy.Aggregatedemand(AD)isthetotaldemandforgoodsandservicesintheeconomy.,25,Fiscalpolicy,Governmentexpendituremaybefinancedthroughamixoftaxationandgovernmentborrowing.Governmentborrowing:borrowdirectlyorindirectlyfromthepublicborrowfromthebankingsystemProblemsoffiscalpolicyincludethecrowdingoutandincentiveeffectsoftaxation.crowdingout:governmentborrowingleadstoafallinprivateinvestmentsinceitwouldleadtohigherinterestrates.incentiveeffects:hightaxescanleadtopersonalandbusinessdisincentivestoworkandinvestment.,26,Monetaryandinterestratepolicy,Monetarypolicy:istheregulationoftheeconomythroughcontrolofthemonetarysystemsbyoperatingonsuchvariablesasthemoneysupply,thelevelofinterestratesandtheconditionsforavailabilityofcredit.Toolsforimplementingmonetarypolicyinfluenceoverinterestratesfiscalpolicyexchangeratepolicytheregulationofbanksandotherfinancialinstitutions,27,Monetaryandinterestratepolicy,Monetarypolicycontrolstheoutputviamanagingthemoneysupplyusinginterestratepolicy(ie,supplysideeconomy)Itisconcernedwithinfluencingtheoverallmonetaryconditionsie.:thevolumeofmoney(ie,moneysupply)or,thepriceofmoney(ie,interestrate).Problemswiththeoperationofmonetarypolicy:thechoiceoftargets:moneysupplyorinterestrate?theundesirableeffectsofinterestratechanges,28,Monetaryandinterestratepolicy,Impactofchangesinmonetarypolicyonbusinessdecisionmakingtheavailabilityoffinancethecostoffinancethelevelofconsumerdemandthelevelofinflationthelevelofexchangerate,29,Exchangerates,FactorsinfluencingtheexchangerateIftherateofinflationishigherinonecountrythaninanothercountry,thevalueofitscurrencywilltendtoweakenagainsttheothercountryscurrency.PurchasingpowerparitytheoryConsequencesofanexchangeratepolicy,30,Inflation,WhyisinflationaproblemredistributionofincomeandwealthbalanceofpaymentseffectsuncertaintyofthevalueofmoneyandpricesresourcecostsofchangingpriceseconomicgrowthandinvestmentMeasuringinflation:consumerpriceindicesThecauseofinflationdemand-pullinflationcost-pushinflationexpectationalinflationInmostcases,inflationwillreduceprofitsandcashflowsinlongrun.,31,Thebalanceofpayments,Thebalanceofpaymentsastatistical“accounting”recordofacountrysinternationaltradetransactionsandcapitaltransactionswithothercountriesduringaperiodoftime.Rectifyingabalanceofpaymentsdevalueprotectionistmeasuredeflationaryeconomicmeasures,32,Competitionpolicy,Marketfailureandregulationmarketfailure:marketmechanismfailstoresultinefficiency.imperfectcompetitionsocialcosts/externalitiesimperfectinformationinequitySelfregulationprofessionalbodies,33,Competitionpolicy,Monopolies:significantmarketshareoroligopolyAdvantagesofmonopolieseconomicofscalemaximiseitsprofitsDisadvantagesofmonopolieshigherpricesnoincentivetoimprovenopressuretoimprovetheefficiencyRestrictivepractices,34,Competitionpolicy,DeregulationremovalofanyformofregulationAdvantagesofderegulationimprovedincentivesforinternal/costefficiencyimprovedallocativeefficiencyDisadvantagesofderegulationlossofeconomicofscalelowerqualityorquantityofserviceneedtoprotectcompetition,35,Competitionpolicy,Privatisation:apolicyofintroducingprivateenterpriseintoindustrieswhichwerepreviouslystate-ownedorstate-operated.Formsofprivatisationderegulationofindustriescontractingoutworktoprivatefirmstransferringtheownershipofassets,36,Competitionpolicy,AdvantagesofprivatisationimprovedefficiencyimmediatesourceofmoneyforgovernmentreducedbureaucraticandpoliticalmeddlingwidershareownershipArgumentsagainstprivatisationstate-ownedindustriesaremorelikelytorespondtothepublicinterest,aheadoftheprofitmotiveinadvisable(lossofeconomicofscale)lowerqualityorquantityofservice,37,Officialaidschemes,Thegovernmentprovidesfinancetocompaniesincashgrantsandotherformsofofficialdirectassistance,aspartofitspolicyofhelpingtodevelopthenationaleconomy,especiallyinhightechnologyindustriesandinareasofhighunemployment.Governmentincentivesmightbeofferedonregionalbasisselectivenationalbasis,38,Greenpolicies,PollutionpolicypolluterpayspoliciessubsidieslegislationAdvantagesofenvironmentallyfriendlypoliciesforafirmcustomersmaybemoreinclinedtobuyitsproductsenhancerelationshipswiththepubli