《金融学》（第二版） 课件 （英文） Chapter01 Financial Economics

Chapter1:

FinancialEconomicsObjectiveToDefineFinanceTheValueofFinanceIntroductiontothePlayers1Chapter1Contents1.1DefiningFinance1.2WhyStudyFinance1.3FinancialDecisionsofHouseholds1.4FinancialDecisionsofFirms1.5FormsofBusinessOrganization1.6SeparationofOwnershipandManagement1.7TheGoalofManagement1.8MarketDiscipline:Takeovers1.9TheRoleoftheFinancialSpecialistinaCorporation2IntroductionI’msavingforretirement.ShouldIuseabankCD,mutualfund,directstockmarketinvestment?Iwantthatnewcar.ShouldIusesavedcash,lease,borrow?I’mthinkingaboutstartinganewbusinesswillitrewardmeadequately?Thecompanyislookingtoexpandintotelecommunications.howshouldyouadvisetheCFO?ALatinAmericancountryhasaskedformajorprojectfinancingshouldmyorganizationprovidethefunds?31.1DefiningFinanceFinanceisthestudyofhowpeopleallocatescarceresourcesovertimecostsandbenefitsaredistributedovertimebuttheactualtimingandsizeoffuturecashflowsareoftenknownonlyprobabilisticallyUnderstandingfinancehelpsyouevaluatetheseuncertaincashflows4DefiningFinanceWhenimplementingdecisions,peoplemakeuseoftheFinancialSystem

definedasthesetofmarketsandotherinstitutionsusedforfinancialcontractingandexchangeofassetsandrisks5DefiningFinanceFinancialtheoryconsistsof:thesetofconceptsthathelptoorganizeone’sthinkingabouthowtoallocateresourcesovertimethesetofquantitativemodelsusedtohelpevaluatealternatives,makedecisions,andimplementthemTheseconceptsandmodelsapplyatalllevelsandscalesofdecisionmaking6DefiningFinanceAbasictenetoffinanceisthattheexistenceofeconomicorganizations(e.g.firmsandgovernments)facilitatethesatisfactionofpeople’sconsumptionpreferences71.2WhyStudyFinance?TomanageyourpersonalresourcesTodealwiththeworldofbusinessTopursueinterestingandrewardingcareeropportunitiesTomakeinformedpublicchoicesasacitizenTheintellectualchallenge81.3FinancialDecisionsofHouseholdsConsumptionandsavingdecisionsInvestmentDecisionsFinancingDecisionsRisk-managementdecisions9ImportantTermsAssetsPersonalinvesting&AssetallocationLiability,DebtNetWorth=Assets-LiabilitiesExogenousandendogenouselements101.4FinancialDecisionsofFirmsBusinessFirmsentitieswhoseprimaryfunctionistoproducegoodsandservicestheyvarywidelyinsizefrompart-timebusinessesrunfromaspareroom,togiantcorporations(e.g.MitsubishiorGeneralMotors)withhundredsofthousandsofemployees,andanevenlargerownership11FinancialDecisionsofFirmsStrategicplansspecifythebusinessthefirmisinstrategicplansmaychangeradicallyovertimethefirm’sbusinessmaybedefinedintermsofagroupofproducts,technologiesorcustomers12FinancialDecisionsofFirmsTheCapitalBudgetingProcessThepreparationofaplanforacquiringfactories,machinery,researchlaboratories,showrooms,warehouses,andhumanassetstoimplementthestrategicplanThebasicunitofanalysisistheinvestmentproject.Investmentprojectsareidentified,triaged,andimplementedinthecapitalbudgetingprocess13FinancialDecisionsofFirmsTheFinancingProcessOnceanewsetofapprovedprojectshasbeenidentified,itmustbefinancedwithretainedearnings,stock,bonds,etceteraCapitalstructureistheamountofthefirm’smarketvalueallocatedtoeachcategoryofissuedsecurities.ItdeterminesownershipandrisklevelofthefirmsfuturecashflowsCapitalstructure’sunitofanalysisisthefirmasawhole(notaninvestmentproject)14FinancialDecisionsofFirmsThecapitalstructurealsodetermineswhocontrolsthefirmunderdifferentcontingenciesCommonstockholdersusuallydeterminethemembershipoftheboardofdirectorsPreferredstockholdersusuallygainsomecontrolifpreferreddividendsarenotpaidBondholdercovenantsrestrictdecisionsthatcouldadverselyaffectbondvalues15FinancialDecisionsofFirmsWorkingCapitalallfirms(includinghighlyprofitableones)thatdonotpaysufficientattentiontoworkingcapitalmanagementmaybeseriouslydamagedbytheresultinglossofinvestorandcreditorconfidencedelayedininvestmentschedulessub-optimaltemporaryfinanceunscheduledsaleofthefirmsassets161.5FormsofBusinessOperationSoleProprietorshipafirmownedbyanindividualorfamilytheassetsandliabilitiesarethepersonalassetsandliabilitiesoftheproprietorunlimitedliabilitylowadministrativecosts17FormsofBusinessOperationPartnershipAfirmwith³2ownerssharingtheequity.Apartnershipagreementusuallystipulateshowdecisionsandprofits(losses)aresharedGeneralpartners³1(unlimitedliability)Limitedpartners³0(don’tmanagebusiness)Changesinownershipinvolvedissolvingtheoldpartnershipandforminganewone18FormsofBusinessOperationCorporationalegalentity,distinctfromitsownershipmayownproperty,borrow,sue,besued,andenterintolegalcontractsnotdissolvedwhensharesaretransferredshareholderselectdirectors,whoappointmanagementpayscorporatetaxes,resultingindoubletaxationofowner(notsub-chapterSCorp.)limitedliability(corporateveilmaybelifted)191.6SeparationofOwnershipandManagementOwnersdelegatemanagementifagencyconflictshaveacost-effectiveresolutionprofessionalmanagershavespecializedskillsefficienciesofscalediversificationofowner’sportfoliosavingsinthecostofinformationgatheringlearningcurve/goingconcernissues201.7GoalofManagementManagementrule:MaximizethewealthofcurrentshareholdersRuledependsonlyuponproductiontechnology,marketinterestrates,marketriskpremiums,andsecuritypricesAlternativerulesstatedintermsof“profitmaximization”arefraughtwithunresolvedissues,andarebetteravoided211.8MarketDiscipline:Takeovers

Theownershipofacorporationgenerallyiswidelydispersed&indirect(mutualfunds)lacksinternalcommunicationchannelsisoftenill-informedaboutmismanagementisn’twillingtopayfor&organizechangecan’twrestlecontrolfromaunitedself-perpetuatingboardofdirectorsjustsellstockwhendissatisfied,contributingtodownwardsharepricepressures22MarketDiscipline:Takeovers

Inacompetitivemarket,amechanismthatreducesmismanagementisthecorporatetake-over.Example:acustomer,supplier,competitor,orprofessionalraidergainsspecializedknowledgeofthemismanagementtheraiderpurchasesacontrollinginterestinthestock,andinstallsnewmanagementThevalueofthestockrises,andtheraiderliquidatesownershipataprofit231.9TheRolesofFinancialSpecialistinaCorporationFinancialexecutive--apersonwithauthorityinthefollowingfunctions:24ChiefExecutiveOfficerTheCEOistypicallythepresidentreportstotheboardofdirectors25ChiefFinancialOfficerTheCFOhasresponsibilityforallfinancialfunctionsinthecompany26TreasurerThetreasurerisresponsibleformanagingthefinancialactivitiesofthefirmandforworkingcapitalrelationshipswithinvestingcommunitymanagingcurrencyandinterestraterisksmanagingthetaxdepartment27VPFinancialPlanningTheVPFinancialPlanninganalyzesmajorcapitalexpendituresnewbusinessventuresexitingexistingbusinessesmergers,acquisitions,andspin-offs28Comptroller/ControllerTheComptrolleroversees:financial,managerial&costaccountingauditingpreparesinternalreportscomparingplannedwithactualcostspreparesfinancialstatementsusedbyshareholders,creditors,andregulators29FinancialFunctionsinaCorporation:PlanningProvisionofCapitalAdministrationofFundsAccountingandControlProtectionofAssetsTaxAdministrationInvestorRelationsEvaluationandConsultingManagementInformationSystems30Planninglongandshort-termfinancialplanningbudgetingforcapitalexpendituresbudgetingforoperationssalesforecastingperformanceevaluationpricingpolicieseconomicappraisalsanalysisofacquisitionsanddivestments31ProvisionofCapitalestablishmentandexecutionofprogramsfortheprovisionofcapitalrequiredbythebusiness32AdministrationofFundsmanagementofcashmaintenanceofbankingarrangementsreceipt,custody,anddisbursementofthecompany’smoniesandsecuritiescreditandcollectionmanagementmanagementofpensionfundsmanagementofinvestmentscustodialresponsibilities33AccountingandControlestablishmentofaccountingpoliciesdevelopment&reportingofaccountingdatacoststandardsinternalauditingsystemsandprocedures(accounting)governmentreportingreporting&interpretingoperationsres