Irwin McGraw Hill Chapter1 FundamentalsofCorporateFinanceThirdEdition TheFirmandTheFinancialManager BrealeyMyersMarcusslidesbyMatthewWill Irwin McGraw Hill TheMcGraw HillCompanies Inc 2001 Irwin McGraw Hill TopicsCovered OrganizingaBusinessTheRoleofTheFinancialManagerFinancialMarketsWhoIsTheFinancialManagerCorporateGoals IncentivesValueMaximization Irwin McGraw Hill OrganizingaBusiness TypesofBusinessOrganizationsSoleProprietorshipsPartnershipsCorporations Irwin McGraw Hill OrganizingaBusiness CorporateStructure SoleProprietorships Corporations Partnerships Irwin McGraw Hill Financial managers Firm s operations Financial markets TheRoleofTheFinancialManager Irwin McGraw Hill TheRoleofTheFinancialManager InvestmentDecisions CapitalBudgeting Buyrealassetsthatareworthmorethantheycost Irwin McGraw Hill TheRoleofTheFinancialManager CapitalBudgeting TangibleAssetsEuroDisney 2billion NontangibleAssetsGillette sMach3Razor 300million Irwin McGraw Hill TheRoleofTheFinancialManager FinancingDecisionsSourceofFunds CapitalMarkets CapitalStructureMoneyMarketsEuros FinancialMarkets PrimaryMarkets SecondaryMarkets OTCMarkets Money Irwin McGraw Hill FinancialMarkets Company IssueDebt Cash Investors Irwin McGraw Hill FinancialMarkets Company Intermediary Investor Irwin McGraw Hill FinancialMarkets Banks Depositors 2 5mil Cash Loan Deposits Company Intermediary Investor Irwin McGraw Hill FinancialMarkets InsuranceCompany Policyholders 250mil Cash Loan SellpoliciesIssueStock Company Intermediary Investor CareersinFinance CareersinFinance Wageweb WallStreetJournal BureauofLaborStatistics www bls govWetfeet OhioStateUniversity www cob ohio state edu fin osujobs htm ClicktoaccesswebsitesInternetconnectionrequired WebLinks GoalsofTheCorporation ShareholdersdesirewealthmaximizationDomanagersmaximizeshareholderwealth Mangershavemanyconstituencies stakeholders AgencyProblems representtheconflictofinterestbetweenmanagementandowners GoalsofTheCorporation AgencyProblemSolutions1 Compensationplans2 BoardofDirectors3 Takeovers4 SpecialistMonitoring5 Auditors WhoisTheFinancialManager ChiefFinancialOfficer Treasurer Controller WebResources www wiso gwdg de ifbg finance htmlwiso gwdg de ifbg crcse business pitt edu pages ClicktoaccesswebsitesInternetconnectionrequired WebLinks 金融機構之角色 資本形成之方式 資金成本 利率 利率之組成realrisk freerateofinterestinflationpremiumdefaultriskpremiumliquiditypremiummaturityriskpremium 資金成本 利率 續 影響利率之因素productionopportunitiesandtimepreferencesexpectedinflationdefaultriskliquiditytermstructurematuritycentralbankpolicybalanceofpaymenttax governmentdeficit 資金成本 利率 續 利率期間結構與理論市場區隔理論流動性偏好理論預期理理論 外匯市場 重要性 投資與融資活動之全球化生產與分派成本之降低國外資金之募集 資本注入與風險分散 匯率 外匯之價格表示NT 1US 33 25NT US 決定 供給與需求 外匯市場 續 影響匯率之因素決定 供給與需求利率差異物價水準差異其他 GNP 貿易障礙 央行干預 赤字 國際收支