財務(wù)管理培訓(xùn)lecture(ch)

1、Irwin/McGraw-HillChapter 1Fundamentals of Corporate FinanceThird EditionThe Firm and The Financial ManagerBrealey Myers Marcusslides by Matthew WillIrwin/McGraw-HillThe McGraw-Hill Companies, Inc.,2001Irwin/McGraw-HillTopics CoveredOrganizing a BusinessThe Role of The Financial ManagerFinancial Mark

2、etsWho Is The Financial ManagerCorporate Goals & IncentivesValue MaximizationIrwin/McGraw-HillOrganizing a BusinessTypes of Business OrganizationsSole ProprietorshipsPartnershipsCorporationsIrwin/McGraw-HillOrganizing a BusinessCorporate StructureSole ProprietorshipsCorporationsPartnershipsLimited L

3、iabilityCorporate tax on profits +Personal tax on dividends Unlimited LiabilityPersonal tax on profitsIrwin/McGraw-HillFinancialmanagersFirmsoperationsFinancialmarkets(1) Cash raised from investors(1)(2) Cash invested in firm(2)(3) Cash generated by operations(3)(4a) Cash reinvested(4a)(4b) Cash ret

4、urned to investors(4b)The Role of The Financial ManagerIrwin/McGraw-HillThe Role of The Financial ManagerInvestment Decisions“Capital Budgeting”Buy real assets that are worth more than they costIrwin/McGraw-HillThe Role of The Financial Manager“Capital Budgeting”Tangible AssetsEuro Disney $2 billion

5、Nontangible AssetsGillettes Mach3 Razor $300 millionIrwin/McGraw-HillThe Role of The Financial ManagerFinancing DecisionsSource of Funds “Capital Markets”Capital StructureMoney MarketsEurosFinancial MarketsPrimary MarketsSecondary MarketsOTCMarketsMoneyIrwin/McGraw-HillFinancial MarketsCompanyIssue

6、DebtCashInvestorsIrwin/McGraw-HillFinancial MarketsFundsFundsBanksInsurance Cos.Brokerage FirmsObligationsDepositorsPolicyholdersInvestorsObligationsCompanyIntermediaryInvestorIrwin/McGraw-HillFinancial MarketsBanksDepositors$2.5 milCashLoanDepositsCompanyIntermediaryInvestorIrwin/McGraw-HillFinanci

7、al MarketsInsurance CompanyPolicyholders$250 milCashLoanSell policies Issue StockCompanyIntermediaryInvestorCareers in FinanceCareers in FinanceWageweb - Wall Street Journal - Bureau of Labor Statistics - Wetfeet - Ohio State University - /fin/osujobs.htmClick to acc

8、ess web sitesInternet connection requiredWeb LinksGoals of The CorporationShareholders desire wealth maximizationDo managers maximize shareholder wealth?Mangers have many constituencies “stakeholders”“Agency Problems” represent the conflict of interest between management and ownersGoals of The Corpo

9、rationAgency Problem Solutions1 - Compensation plans2 - Board of Directors3 - Takeovers4 - Specialist Monitoring5 - AuditorsWho is The Financial Manager?Chief Financial OfficerTreasurerControllerWeb Resourceswww.wiso.gwdg.de/ifbg/finance.html/pages/biblio.html/jstorres/internalaudit/resources.htmlCl

10、ick to access web sitesInternet connection requiredWeb Links金融機構(gòu)之角色資本形成之方式資金成本-利率利率之組成real risk-free rate of interestinflation premiumdefault risk premiumliquidity premiummaturity risk premium資金成本-利率(續(xù)）影響利率之因素production opportunities and time preferencesexpected inflationdefault riskliquidityterm structurematuritycentral bank policybalance of paymenttax & government deficit資金成本-利率(續(xù)）利率期間結(jié)構(gòu)與理論市場區(qū)隔理