manager财务管理决策基本问题.ppt

IntroductionToCorporateFinance 1 1 KeyConceptsandSkills Knowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財務管理決策基本問題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業組織Knowthegoaloffinancialmanagement財務管理的目標Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經理人可能產生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態的金融市場 1 2 ChapterOutline CorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation 1 3 CorporateFinance SomeimportantquestionsthatareansweredusingfinanceWhatlong terminvestmentsshouldthefirmtakeon Wherewillwegetthelong termfinancingtopayfortheinvestment Howwillwemanagetheeverydayfinancialactivitiesofthefirm 1 4 FinancialManager FinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer CFO 首席財務長Treasurer財務長 overseescashmanagement creditmanagement capitalexpendituresandfinancialplanningController會計長 overseestaxes costaccounting financialaccountinganddataprocessing 1 5 FinancialManagementDecisions Capitalbudgeting資本預算Whatlong terminvestmentsorprojectsshouldthebusinesstakeon Capitalstructure資本結構Howshouldwepayforourassets Shouldweusedebtorequity Workingcapitalmanagement營運資金管理Howdowemanagetheday to dayfinancesofthefirm 1 6 FormsofBusinessOrganization ThreemajorformsintheUnitedStatesSoleproprietorship獨資Partnership合夥GeneralLimited有限責任合夥Corporation公司S CorpLimitedliabilitycompany有限責任公司 1 7 SoleProprietorship AdvantagesEasiesttostartLeastregulated法令規範最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營業所得納入個人綜合所得稅課稅 DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner spersonalwealthUnlimitedliability業主承擔公司債務的無限償還責任Difficulttosellownershipinterest 1 8 Partnership AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營業所得納入個人綜合所得稅課稅 DisadvantagesUnlimitedliability無限償還責任GeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosell當有合夥人死亡或希望退出時即解散Difficulttotransferownership 1 9 Corporation AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital DisadvantagesSeparationofownershipandmanagementDoubletaxation incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate 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 10 GoalOfFinancialManagement Whatshouldbethegoalofacorporation Maximizeprofit Arewetalkingaboutlong runorshort runprofits accountingprofits Minimizecosts WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare havepositiveearnings Maximizethecurrentvalueofthecompany sstock Thereisnoshortrunvs longrunhere ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth 1 11 TheAgencyProblem AgencyrelationshipPrincipalhiresanagenttorepresenthis herinterestStockholders principals hiremanagers agents torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts 1 12 TheAgencyProblem Directagencycosts thepurchaseofsomethingformanagementthatcan tbejustifiedfromarisk returnstandpoint monitoringcosts Indirectagencycosts management stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk returnstandpoint 1 13 ManagingManagers ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders利害關係人 1 14 WorktheWebExample TheInternetprovidesawealthofinformationaboutindividualcompaniesOClickonthewebsurfertogotothesite chooseacompanyandseewhatinformationyoucanfind 1 15 FinancialMarkets CashflowstothefirmPrimaryvs secondarymarketsDealer自營商市場vs auctionmarkets拍賣市場Listed上市掛牌vs over the countersecurities店頭市場NYSENASDAQ 1 16 QuickQuiz Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoans