高级财务管理理论与实务高级财务管理理论与实务 Office: 706, School of Management Tel: Email: 1中文参考书：中文参考书： 公司理财第8版（罗斯等著，吴世农和沈艺峰等译），机械工业出版社； 公司财务原理第8版（布雷利等著，方曙红等译），机械工业出版社； My request: My request: 课前预习和课后复习成绩考核成绩考核: : 课堂表现: 30%；作业与案例讨论: 30%；期末考试: 40%2 Chapter 1公司治理与财务管理环境公司治理与财务管理环境3什么是财务管理什么是财务管理财务管理财务管理( (Financial management) ): : 通过对企 业资金的管理来达到企业的财务目标, 又称为公司财务或者公司理财。 (Corporate finance)4什么是财务管理什么是财务管理财务管理与金融学之间的关系财务管理与金融学之间的关系金融学金融学（Finance）公司财务公司财务（ Corporate finance ）投资学投资学（Investment） 基于公司层面基于公司层面 基于资本市场基于资本市场5财务管理的产生财务管理的产生1900年，一位穷困潦倒的法国数学教师贝奇里耶（Louis Bachelier）写了一篇题为投机理论（Theory of Speculation）的博士论文，这篇关于证券市场的统计研究在数十年后被认定是财务学（Finance）从经济学（Economics）中独立出来成为一门新学科的里程碑。6Stakeholders in a companyStakeholders: individuals or groups who are affected by the activities of the firm.Classification: internal: employees and managers connected: shareholders, debtholders, customers, bankers, suppliers, competitors external: government, pressure groups, local and national communities, professional and regulatory bodiesObjectives of stakeholder groups (p26-37)凡影响到公司经营目标或受公司经营目标影响的人都可凡影响到公司经营目标或受公司经营目标影响的人都可被称为相关利益人。被称为相关利益人。弗里曼：弗里曼：战略性管理：一种相关利益者方法战略性管理：一种相关利益者方法19841984年年7Stakeholders in a companyMajor stakeholder interest (interests conflict): shareholders and managers agency relationship shareholders, managers and long-term creditors risky investment decisions interest payments on time extra dividends shareholders, managers and government taxation encourage new investments encourage a wider spread of share ownership legislation economic policy8Agency theoryBerle & Means (1932) 命题:所有权与控制权相分离Jensen & Meckling (1976) 提出企业的委托代理理论 Jensen & Meckling认为，代理关系可以看作为一种合约，根据这种合约，委托人雇佣代理人并授予其一定的决权力，使其代表委托人的利益履行一定的职责，从而最大化委托人的利益。但是由于委托人目标和代理人目标的不一致，由此会产生两者之间的利益冲突，为了解 决这些冲突会产生一些费用，也就是代理成本代理成本。企业是委托人与代理人之间一系列合约的集合。委托代理问题产生的两个基本条件1.人是自私的；人是自私的；2.信息不对称信息不对称9关于企业关于企业伯利伯利- -米恩斯命题（米恩斯命题（Berle-Means Theorem）对美国最大的对美国最大的200200家家公司的分析表明公司的分析表明: : 大大公司的股票由如此之公司的股票由如此之众多的股东所拥有，众多的股东所拥有，以致于没有任何一个以致于没有任何一个人能拥有其中任何一人能拥有其中任何一家公司足够多的发行家公司足够多的发行在外的股票。在外的股票。公司发展的逻辑结果就是公司发展的逻辑结果就是财富的所有者没有适当的财富的所有者没有适当的控制权，而控制财富的人控制权，而控制财富的人则没有适当的所有权。则没有适当的所有权。 Berle & Means (1932) (1932) (The Modern corporation and Private Property)10关于企业关于企业 伯利伯利- -米恩斯命题提出的意义米恩斯命题提出的意义 从伯利从伯利- -米恩斯命题出发，米恩斯命题出发，现代企业理论认为所有权和现代企业理论认为所有权和控制权的分离使股东和管理控制权的分离使股东和管理者之间形成一种委托代理关者之间形成一种委托代理关系。在这一委托代理分析框系。在这一委托代理分析框架中，作为委托人的股东总架中，作为委托人的股东总是希望作为代理人的管理者是希望作为代理人的管理者能够从股东利益最大化出发能够从股东利益最大化出发来管理公司。来管理公司。股东股东管理管理者者代代理理委委托托11关于企业关于企业代理问题代理问题: : 管理者与股东管理者与股东但是由于管理者和股东本身的但是由于管理者和股东本身的利益不尽一致，股东和管理者利益不尽一致，股东和管理者之间存在信息不对称问题，而之间存在信息不对称问题，而且代理人本身有道德风险问题，且代理人本身有道德风险问题，因此，股东必须通过一定的控因此，股东必须通过一定的控制机制对管理者进行监督和控制机制对管理者进行监督和控制。制。股东股东管理管理者者道道德德风风险险监监督督控控制制12Conflicts of interest between managers and shareholdersn managers shareholdersnTakeover defend against earn returns fromnTime horizon short-term long-termnRisk risk-averse risk-takingnGearing prefer to prefer to low gearing high gearing nRewards the more pay those with the better good performance13Corporate governance代理问题的解决（代理问题的解决（公司治理公司治理） large shareholders(大股东) board of directors(董事会)：两职兼任情况、独立董事比例、董事会规模 remuneration plan(薪酬计划)：股票期权计划 control effect of debt(负债的控制效应) market for corporate control(公司控制权市场)：takeover(接管) 、merger (兼并) investor protection(投资者法律保护)：公司法、证券法、破产法、公司治理章程14Corporate governance internationally旧的分类：英美模式和日德模式旧的分类：英美模式和日德模式（根据各国间金融体制的不同而导致的资金来源的不同） 英美模式英美模式（保持距离型融资模式 ） 公司资产负债率低，债券融资比例高，资本市场是公司资金的主要来源，公司股权广泛分散； 以市场为中心的公司治理体系 ，融资是由大量投资者提供的，收购者对公司的治理扮演了重要的角色。 15Corporate governance internationally旧的分类：英美模式和日德模式旧的分类：英美模式和日德模式 日德模式日德模式（关系型融资模式 ） 公司资产负债率较高，债券融资比例低，银行是公司资金的主要来源，公司股权相对集中，法人之间相互持股，银行拥有一定的股权，它既是股东又是债权人； 以银行为中心的公司治理体系，主银行对公司的融资和治理都占有重要的地位。 16Corporate governance internationally新的分类：普通法系（新的分类：普通法系（Common LawCommon Law） 和大陆法系（和大陆法系（Civil LawCivil Law） 依据：法律渊源与法律内容高度相关，法系在金融市场发展起来之前就发源了，法系明显影响了法律法规，而法律法规反过来又影响了金融市场的发展，由此导致了各国间公司融资模式的差异，并最终形成了各国间公司治理的差异。 （La Porta、Lopez-Silanes、Shleifer和Vishny，1998） 在绝大多数国家的大型公司中，基本代理问题不是 Berle and Means（1932）式公司外部投资者和管理者之间的冲突，而是外部投资者和几乎完全控制管理者的控股股东之间的冲突。 17Corporate governance internationally普通法系普通法系（以英美为代表） 国家对投资者的保护较强，内部人对小股东和债权人的权利剥夺不易发生，由对公司的控制产生的收益不大，因此股东广泛分散，公司主要由职业经理控制。 大陆法系大陆法系（以日德为代表） 国家对投资者的保护较弱，内部人对小股东和债权人的权利剥夺很容易大量发生，对公司的控制能产生巨大的收益，控制权的分享可能约束内部人的权利剥夺行为，因此公司的控制权更为集中，股权高度集中并受强制性股利政策的约束，这可以被视为对投资者法律保护较弱的一种替代机制。 18Objectives of private sector companiesThe firm is a coalition of different groups: shareholders, preference shareholders and lenders, employees, customers and suppliers. Each must be paid a minimum return for their participation.So management should seek to maximize the return to shareholders while satisfying the return to the other stakeholders.This leads to firms adopting many non-financial objectives.Conclusions on corporate objectives: shareholder wealth will be the paramount objective but it will be tempered by the influences and objectives of other stakeholders.19Not-for-profit organisationsThe objectives of public corporations and other not-for-profit organizations are not easy to define or quantity.Usually provision of a serviceValue for money: aims to maximize the benefits available at the lowest cost. economy efficiency effectivenessUse government/university/hospital department as examples20Not-for-profit organisationsValue for money: getting the best output from least resources. effectiveness: the extend to which declared goals are met. efficiency: the relationship between inputs and outputs. economy: attaining the appropriate quantity and quality of inputs at lowest cost to achieve a certain outputs. Problems and solutions problems: multiple objectives; outputs seldom be measured solutions: inputs; judgements; comparison21Macroeconomic objectives and policies Objectives economic growth control price inflation full employment balance of paymentsConflicts in objectives simultaneous achievement of all the objectives is difficult, and hence government have to consider trade-offs between objectives.22Macroeconomic objectives and policiesPolicies monetary policy fiscal policy prices and incomes policy exchange rate policy external trade policy policy mix23Fiscal policyFiscal policy: is action by the government to spend money, or to collect money in taxes, with the purpose of influencing the condition of the national economy.Fiscal policy controls the output via managing the aggregate demand (ie, demand side economy)Demand management: an approach to economic policy which seeks to control the level of aggregate demand through fiscal policy and/or monetary policy.Aggregate demand (AD) is the total demand for goods and services in the economy.24Fiscal policyGovernment expenditure may be financed through a mix of taxation and government borrowing.Government borrowing: borrow directly or indirectly from the public borrow from the banking systemProblems of fiscal policy include the crowding out and incentive effects of taxation. crowding out: government borrowing leads to a fall in private investment since it would lead to higher interest rates. incentive effects: high taxes can lead to personal and business disincentives to work and investment.25Monetary and interest rate policyMonetary policy: is the regulation of the economy through control of the monetary systems by operating on such variables as the money supply, the level of interest rates and the conditions for availability of credit.Tools for implementing monetary policy influence over interest rates fiscal policy exchange rate policy the regulation of banks and other financial institutions26Monetary and interest rate policyMonetary policy controls the output via managing the money supply using interest rate policy (ie, supply side economy)It is concerned with influencing the overall monetary conditions ie.: the volume of money (ie, money supply) or, the price of money (ie, interest rate) .Problems with the operation of monetary policy: the choice of targets: money supply or interest rate? the undesirable effects of interest rate changes27Monetary and interest rate policyImpact of changes in monetary policy on business decision making the availability of finance the cost of finance the level of consumer demand the level of inflation the level of exchange rate28Exchange ratesFactors influencing the exchange rate If the rate of inflation is higher in one country than in another country, the value of its currency will tend to weaken against the other countrys currency.Purchasing power parity theoryConsequences of an exchange rate policy29InflationWhy is inflation a problem redistribution of income and wealth balance of payments effects uncertainty of the value of money and prices resource costs of changing prices economic growth and investmentMeasuring inflation: consumer price indicesThe cause of inflation demand-pull inflation cost-push inflation expectational inflationIn most cases, inflation will reduce profits and cash flows in long run.30The balance of paymentsThe balance of payments a statistical “accounting” record of a countrys international trade transactions and capital transactions with other countries during a period of time.Rectifying a balance of payments devalue protectionist measure deflationary economic measures31Competition policyMarket failure and regulation market failure: market mechanism fails to result in efficiency. imperfect competition social costs / externalities imperfect information inequitySelf regulation professional bodies32Competition policyMonopolies: significant market share or oligopoly Advantages of monopolies economic of scale maximise its profits Disadvantages of monopolies higher prices no incentive to improve no pressure to improve the efficiency Restrictive practices33Competition policyDeregulation removal of any form of regulationAdvantages of deregulation improved incentives for internal/cost efficiency improved allocative efficiencyDisadvantages of deregulation loss of economic of scale lower quality or quantity of service need to protect competition34Competition policyPrivatisation: a policy of introducing private enterprise into industries which were previously state-owned or state-operated.Forms of privatisation deregulation of industries contracting out work to private firms transferring the ownership of assets35Competition policyAdvantages of privatisation improved efficiency immediate source of money for government reduced bureaucratic and political meddling wider share ownershipArguments against privatisation state-owned industries are more likely to respond to the public interest, ahead of the profit motive inadvisable (loss of economic of scale) lower quality or quantity of service36Official aid schemesThe government provides finance to companies in cash grants and other forms of official direct assistance, as part of its policy of helping to develop the national economy, especially in high technology industries and in areas of high unemployment. Government incentives might be offered on regional basis selective national basis37Green policiesPollution policy polluter pays policies subsidies legislationAdvantages of environmentally friendly policies for a firm customers may be more inclined to buy its products enhance relationships with the public people may prefer to work for environmentally friendly firms ethical investment funds may be more likely to buy the firms shares38Corporate governanceCorporate governance(公司治理): is the system by which companies are directed and controlled.Key issues: membership of the board to achieve a suitable balance of power. non-executives on the board should prevent the board from being dominated by the executives directors. a remuneration committee decide on the remuneration of executives. the audit committee is established. the board of directors is responsible for monitoring all aspects of risk.39Corporate governanceAmerican developments: Sarbanes-Oxley Act(萨班斯奥克斯利法案) have an audit committee non-audit services disclosure requirements compulsory rotation of auditors(审计师强制轮换)40