manager财务管理决策基本问题

IntroductionToCorporateFinanceKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager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1ChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation2CorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?3FinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務長Treasurer財務長–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會計長–overseestaxes,costaccounting,financialaccountinganddataprocessing4FinancialManagementDecisionsCapitalbudgeting資本預算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結構Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapitalmanagement營運資金管理Howdowemanagetheday-to-dayfinancesofthefirm?5FormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨資Partnership合夥GeneralLimited有限責任合夥Corporation公司S-CorpLimitedliabilitycompany有限責任公司6SoleProprietorshipAdvantagesEasiesttostartLeastregulated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

Difficulttosellownershipinterest7PartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome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Difficulttotransferownership8CorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesSeparationofownershipandmanagementDoubletaxation(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)9GoalOfFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompany’sstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?10TheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts11TheAgencyProblemDirectagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycosts––management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.12ManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders利害關係係人13WorktheWebExampleTheInternetprovidesawealthofinformationaboutindividualcompaniesOneexcellentClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!14FinancialMarketsCashflowstothefirmPrimaryvs.secondarymarketsDealer自營商市市場vs.auctionmarkets拍賣市場場Listed上市掛牌牌vs.over-the-countersecurities店頭市場場NYSENASDAQ15QuickQuizWhatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer