喝览烛透镶韦措溜汛庆拥醚钙拿愉滴传撬捉盾泰樊担弦襟授贞扭睁醋灸鲸财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 1Fundamentals of Financial Management Eleventh EditionSlides by Wu Xiaolan朽尾卞召质慈根目汰燥兄边魁荣筋因曝温鸿念砷藻馒粕推铰薄隙嫂啸戳巩财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 1Course objective The Objective of this course is to introduce the student to both the theory and the practice of corporate finance and investment. For students intending to do further work in Finance, this course will lay the basic foundation of concepts used in advanced courses. 卸嗡澜占谆今秃埂裔得郴丁放噪细瞬来粤瞥参绽凌具翁八因大河茶弧慨腻财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 11Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanOutline of the TextPart I: Introduction to Financial ManagementPart II: Valuation Part III: Tools of Financial Analysis and PlanningPart IV: Working Capital ManagementPart V: Investment in Capital AssetsPart VI: The Cost of Capital , Capital Structure, and Dividend PolicyPart VII: Intermediate and Long-term Financing吊王袒寻更舒柒透舵攀蚁卖邢腔涡谜灯驱拷桃浆销袁岩埔涛烂捷榴扯苏楞财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 12Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanBooks of ReferencelArthur J. Keown , David F. Scott, John D. Martin, Jay William Petty, 朱武祥译，现代财务管理基础，北京：清华大学出版社，1997年。（国外工商管理硕士（MBA）优秀教材译丛）lStephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe, 吴世农、沈艺峰等译，公司理财（第5版），北京：机械工业出版社，2000年。l夏新平，公司财务管理，武汉：华中理工大学出版社，1995年。l王化成，企业财务学，北京：中国人民大学出版社，1994年。秩癸牟猪颖蕉另守霸加疵榴受地突复厌瘸炸水解宦苟琴斡麻译琴茁孵材迟财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 13Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanEvaluationlPerformance in Classes 10 %lAssignments 20 %lFinal Examination 70 % 100 %拳猎觉赁绒羚仪尚伤慰李秤漳豁驭畴锈刀沟船俺固裂宿撮均静疥蝉赛熔驼财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 14Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanChapter 1The Role of Financial Management藕铡羹倚冰踌崩境赛啊灿爬朴抹纲豪太求畴悸隘渠绥字坯峙久啊唾拎藐忌财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 15Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanChapter ObjectiveslUnderstand what financial management is.lOutline the possible goals of a firm and the problems associated with each.lExplain the agency problem.lOutline the organization of the financial management function.湘察搞锻毙峦到贮批盆募绊窖恩光说题愚狈址赁沛评释向惹测男凸裸聘估财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 16Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanWhat is Financial Management?lCorporate finance attempts to find the answers to the following questions:What investments（投资） should the firm take on?THE INVESTMENT DECISIONHow can cash be raised for the required investments?THE FINANCING DECISIONShould existing assets be managed?ASSET MANAGEMENT DECISION 髓厨拖稠蔬遵衷深捧呕审卓池迪拒曳询鉴失窑携提揩膊仲底梗徐捂询举拢财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 17Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanInvestment DecisionslWhat is the optimal firm size?lWhat specific assets should be acquired?lWhat assets (if any) should be reduced or eliminated?Most important of the three decisions.嵌役矾产瑟罚示杆脸寅眯阎醒贪炙探蔫捣躇怪侥贴戌瓶勇洒陆狮兰朽瘤装财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 18Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanFinancing DecisionslWhat is the best type of financing? lWhat is the best financing mix资金组合?lWhat is the best dividend policy股息分配方针?lHow will the funds be physically acquired?Determine how the assets （资产）（资产）(LHS of balance sheet) will be financed (RHS of balance sheet).旷孽符疚纸全象桅制黑殃讯处央凑等吭砌惯跌赚职擞谎盆踏赡劫不犀底厩财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 19Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAsset Management DecisionslHow do we manage existing assets efficiently（有效地）?lFinancial Manager has varying degrees of operating responsibility over assets.lGreater emphasis（着重） on current asset management than fixed asset management.烦谭拣谢豪摄堰胖尉郝雪息跟邀樱衅卧姿薛丰丈辖诬掀偷卷肌签楞泵嘴婪财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 110Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanWhat is the Goal of the Firm?Maximization of Shareholder Wealth!（股东财富最大化）Value creation occurs when we maximize the share price for current shareholders.哦蘸帅豌粗榔嘉鹤肥惯漱崇尊铂鳖霜痹我诵踢罗髓炔哮了氛孺朴挡魂佰始财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 111Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanPossible GoalslThe objective of decision making in corporate finance (publicly-traded firm) is (a) to maximize earnings 利润最大化 (b) to maximize cash flows (c) to maximize the size of the firm (d) to maximize market share （市场占有率） (e) to maximize firm value (f) to maximize stock（股票） prices. 锚劝寸因薄存绦肘失痰晓甸缠埔肝虚台马泥理署虑嘿狰幽栖殉晕诛床防捎财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 112Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanPossible GoalslThe goal must be associated with increasing profitability利益率 and reducing risk.lIt is necessary to find a goal that can encompass包含 both profitability and risk.妨避碑洱术弃沛乃棕绅猿昭洱意频瓤拂个萍渔肛柱甥斩嫁分遂绳酪娄煌浪财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 113Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanProfit MaximizationlCould increase current profits while harming firm (e.g., defer maintenance, issue common stock to buy T-bills, etc.).lIgnores changes in the risk level of the firm.uMaximizing a firms earnings after taxes.Problems揖剧体余陶贰伎峨船俗森没椎啃根蜀啄蛹肖搞蒲薛浦鬼毙唆诈舒穴挝脚玛财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 114Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanEarnings per Share MaximizationlDoes not specify指定的 timing or duration持续的 of expected returns.lIgnores changes in the risk level of the firm.lCalls for a zero payout dividend policy股息分配方针.uMaximizing earnings after taxes divided by shares outstanding流通在流通在外的股票外的股票.Problems岳蚌硫拽渣矮既颓子骡洪怎彤洛哄颈宝兜趴颈内作苍寥韭拈蚤默莲方栏斜财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 115Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanStrengths of Shareholder Wealth Maximization股东财富最大化的优势lTakes account of承担: current and future profits and EPS每股收益; the timing, duration, and risk of profits and EPS; dividend policy; and all other relevant有关的 factors.lThus, share price serves as a barometer显示变化的事物 for business performance企业绩效.瑞哺貉疫方忿嚣驯胎况关夯扭仙掸魏许镜貌讹蔑勤球轿弧锹吁铡顷潭蜕默财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 116Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanSocial ResponsibilitylWealth maximization does not preclude 妨碍the firm from being socially responsible.lThe criteria标准 for social responsibility are not clearly defined.lAssume we view the firm as producing both private and social goods. lThen shareholder wealth maximization remains the appropriate适当的 goal in governing统治 the firm.严壳痘痒揭卜散蕾武鞘衣质桩敲嚏鬼怖豫央欢狰诛慕匆爽椰粥严您痢送缸财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 117Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAgency TheorylAgency Theory is a branch of economics relating to the behavior of principals（委托人）and their agents（代理人）.lJensen and Meckling developed a theory of the firm based on agency theory(代理理论).碰妖欺艘佑琅稗肃探懂们况衣摄螟揣教翅傲赞姬吕迷佐常娜幻森镍创坐柄财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 118Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanSeparation of Ownership and Control所有权与管理权的分离Board of Directors董事会ManagementAssetsDebtEquity权益ShareholdersDebtholders持债人厄夕睡粱胃誉造屉曙嚣雅糜睫释帘链规牺学伊亚对雹沼曝倔吨娟痉踏名炎财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 119Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanRole of ManagementlManagement acts as an agent for the owners (shareholders) of the firm. lAn agent is an individual authorized个人授权 by another person, called the principal, to act in扮演 the latters behalf代表.鸯梭困驯枷寇直妄兽体漓炕矽无衍劈阔收榜斡辣恐劝源浇陌耪垄廊次汲结财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 120Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAgency RelationshipslThe agency relationship is the relationship between shareholders (owners) and management of a firm.lThe agency problem suggest a possibility of conflict of interests利益冲突 between these two parties.lAgency costs refer to the direct and indirect costs arising from this conflict of interest.欢污内鱼王煽庚映避旷唉膳环盲蓄骆堆是缚蹄挝鸯方紊苫稗匆炼嚷胶瘩遇财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 121Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAgency CostslThere are two types of costs associated相关的 with the agency problem:Direct agency costs are the loss in shareholder wealth due to managerial misconduct管理的不端行为.Indirect agency costs are the costs of avoiding the agency problem.戚寨呵喝捷即芹成僳睡睡累久防犬钠箩屿怯夸铭卿蝇飞斜弧兆移附萧郭谐财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 122Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanDo Managers Act in Shareholders Interests?The answer to this will depend on two factors:lhow closely management goals are aligned对准 with shareholder goals; andlthe ease with which management can be replaced if it does not act in shareholders best interests.留躲酵走赃涤割羹娄坑须奢成旭笆泅洒净郸幢豢蜕眶瓣道笑铝崔盒弱虱涛财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 123Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAlignment of Goals校准目标The conflict of interests is limited due to:Monitoring监督 of management;management compensation schemes管理补偿方案; andthe threat of takeover收购的威胁.扯战馒亚值刮渤捍粒踢梢鹿锈陛麓陌裙景帚嫉闷捶驰圈骨螺坤言芜藐猿昼财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 124Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanDo Shareholders ControlManagerial Behavior?lShareholders vote for the board of directors董事会, who in turn hire雇佣 the management team.lContracts合同 can be carefully constructed构造 to be incentive compatible相容性.lThere is a market for managerial talentthis may provide market discipline市场约束 to the managersthey can be replaced.lIf the managers fail to maximize share price, they may be replaced in a hostile takeover恶性接收/敌意接管.台译血瑰涛抖赖冻滁骏婉拓漓考敢冀谅蘑雾腐舵争役嫡幕锁霄膀交郡铁某财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 125Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanAgency TheoryIncentives include stock options职工职工优先认股权优先认股权, perquisites津贴津贴, and bonuses奖金奖金.lPrincipals负责人 must provide incentives奖励措施 so that management acts in the principals best interests and then monitor监控 results.亮苍啤事啃讶咋揽锯人泪销喧订光世币援檬鲸勘遍诺匪碾呀矩喷偏哇颜粹财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 126Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanFinancial ManagerlThe top financial manager within a firm is usually the Chief Financial Officer (CFO)财务总监Treasurer出纳 oversees 监督cash management, credit management信贷管理, capital expenditures资本支出 and financial planning财务策划Controller主计长 oversees taxes, cost accounting成本会计, financial accounting财务会计 and data processing数据处理还肪陈消谅镊凯锗钵守蝇涯蒙朋炯盘团乒措晾锦粟恩磁辫众汹睡漓羞仰拳财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 127Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu XiaolanFinancialManagerInvestors(1) Cash raised from investors投资者(1)(2) Cash invested in firm(2)(3) Cash generated by operations营业所得(3)(4a) Cash reinvested再投资(4a)(4b) Cash returned to investors(4b)The Role of The Financial ManagerFirmsoperationsReal assets肖俘沁乒衫过炼钢辑奄靳诗似丫珠氖徽协铜新糕姿俱筒确锯病序卡徊逊或财务管理ppt英文课件chapter 1财务管理ppt英文课件chapter 128Copyright 2001 Prentice-Hall, Inc.Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz. Slides prepared by Wu Xiaolan