manager财务管理决策基本问题.ppt

IntroductionToCorporateFinance,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,ChapterOutline,CorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation,CorporateFinance,SomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?,FinancialManager,FinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務長Treasurer財務長overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會計長overseestaxes,costaccounting,financialaccountinganddataprocessing,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?,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,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,DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoownerspersonalwealthUnlimitedliability業主承擔公司債務的無限償還責任Difficulttosellownershipinterest,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,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),GoalOfFinancialManagement,Whatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompanysstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?,TheAgencyProblem,AgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts,TheAgencyProblem,Directagencycoststhepurchaseofsomethingformanagementthatcantbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycostsmanagementstendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.,ManagingManagers,ManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders利害關係人,WorktheWebExample,TheInternetprovidesawealthofinformationaboutindividualcompaniesOClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!,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,QuickQuiz,Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?W