财务管理英文课件1.ppt
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财务管理英文课件1.ppt
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FinancialManagement(双语课),Givenby:
王庆华Email:
北京化工大学经济管理学院2010年8月,TextBook&Requiatment,1.Yourmark:
(1)Assignment&classdiscussion:
40%
(2)Finalexam:
60%2.Textbook:
财务管理基础FundamentalsofFinancialManagementE.F.Brigham&J.F.Houston,沈洪涛,沈艺峰改编,Thomson和高等教育出版社3.ReferenceBooks:
(1)财务成本管理注册会计师考试用书;
(2)公司财务刘力北京大学出版社;(3)财务管理学荆新、王化成主编,人民大学出版社;(4)企业财务学王化成主编,人大出版社(5)BrealeyandMyers,8thEdition,TheMcGraw-HillCompanies,Inc.,2007,机械出版社(双语注释版)(6)Ross,WesterfieldandJaffe,7thEdition,TheMcGraw-HillCompanies,Inc.,2007,机械出版社(双语注释版)4.Coursename:
CorporateFinance,FinancialManagement,BusinessFinance,etc.,CourseOutline,1.CoursePre-requisite:
FinancialAccountingorequivalent.2.Courseobjectives:
Thiscourseisdesignedforthestudent,notonlythefinancemajor,butalsoaccountingmajor.Wewillcoveralotofground.Wewillbeginwithageneraloverviewandthengointomoredetailonseveralconcepts,financialinstruments,andtechniquesusedinfinancialdecisionmaking.Thechiefobjectivesofthecourseare:
1.Tointroduceyoutotheworldoffinance.Anyoneinvolvedwiththemanagementofabusinessneedstohaveatleastsomeminimalknowledgeofbusinessfinance.2.Tointroduceyoutobasicfinancialconceptssuchasthetimevalueofmoney,assetvaluation,andriskandreturn.Myhopeisthatbytheendoftheclassyouwillhaveabasicgraspoffinanceprinciplesandthatyougobeyondjustmemorizinganumberoffactsandformulas.DoingsowillenableyoutobetterunderstandcurrenteventsinFinanceandwillprovideasolidframeworkforanysubsequentcoursesyoumaytakeinFinance.Hopefully,bytheendofthesemesteryouwillwanttotakeadditionalclassesinFinance!
Thestructureofthisclassmakesyourindividualstudyandpreparationoutsideclassextremelyimportant.Thelecturematerialwillfocusonthemajorpointsintroducedinthetext.Readingtheassignedchaptersandhavingsomefamiliaritywiththembeforeclasswillgreatlyassistyourunderstandingofthelecture.Afterthelecture,youshouldstudyyournotesandworkrelevantproblemsthatIwillassignyou.,3.CourseSchedule,Thisscheduleisextremelytentative,andsubjecttochange.Anyvariationswillbeannouncedinclass.Week1Introduction/Chapter1:
AnOverviewofFinancialManagementWeek2Chapter2:
TimeValueofMoneyWeek3Chapter3:
RiskandRatesofReturnWeek4Chapter3:
RiskandRatesofReturnWeek5Chapter4:
BondsandTheirValuationWeek6/1Chapter4:
BondsandTheirValuationWeek6/2Chapter5:
StocksandTheirValuationWeek7Chapter5:
StocksandTheirValuationWeek8Chapter6:
TheCostofCapitalWeek9Chapter7:
TheBasicsofCapitalBudgetingWeek10Chapter8:
CashFlowEstimationWeek11Chapter9:
CapitalBudgetingunderUncertaintyWeek12Chapter10:
CapitalStructureandLeverageWeek13Chapter11:
DistributionstoShareholdersWeek14Chapter12:
ManagingCurrentAssetsWeek15Chapter13:
FinancingCurrentAssetsWeek16ReviewWeek,UsefulWebsites:
http:
/http:
/,Chapter1AnOverviewofFinancialManagement,I.LearningObjectives,Afterreadingthischapter,studentsshouldbeableto:
Explainthecareeropportunitiesavailablewithinthethreeinterrelatedareasoffinance.Identifysomeoftheforcesthatwillaffectfinancialmanagementinthenewmillennium.Describetheadvantagesanddisadvantagesofalternativeformsofbusinessorganization.Brieflyexplaintheresponsibilitiesofthefinancialstaffwithinanorganization.Statetheprimarygoalinapubliclytradedfirm,andexplainhowsocialresponsibilityandbusinessethicsfitinwiththatgoal.Defineanagencyrelationship,givesomeexamplesofpotentialagencyproblems,andidentifypossiblesolutions.Identifymajorfactorsthatdeterminethepriceofacompanysstock,includingthosethatmanagershavecontroloverandthosethattheydonot.,1.CareerOpportunitiesinFinance,II.WhatisBusinessfinance?
MoneyandcapitalmarketsInvestmentsBusinessFinanceorFinancialmanagement,2.RoleofFinanceinaTypicalBusinessOrganization,1.Cash&Securities2.Capitalstructure3.Pensionfund4.Risk,3.ResponsibilityoftheFinancialStaff,Maximizestockvalueby:
ForecastingandplanningInvestmentandfinancingdecisionsCoordinationandcontrolTransactionsinthefinancialmarketsManagingriskDividendpolicy&distributiondecisions,4.FinancialManagementIssuesoftheNewMillennium,TheeffectofchangingtechnologyTheglobalizationofbusiness,PercentageofRevenueandNetIncomefromOverseasOperationsfor10Well-KnownCorporations,2001,5.AlternativeFormsofBusinessOrganization,SoleproprietorshipPartnershipCorporation,Soleproprietorships&Partnerships,AdvantagesEaseofformationSubjecttofewregulationsNocorporateincometaxesDisadvantagesDifficulttoraisecapitalUnlimitedliability*Limitedlife*TherearelimitedpartnershipsinChina.,Corporation,AdvantagesUnlimitedlifeEasytransferofownershipLimitedliabilityEaseofraisingcapitalDisadvantagesDoubletaxationCostofset-upandreportfiling,III.GoalsofCorporateFinance,1.Theprimaryfinancialgoalisshareholderwealthmaximization,whichtranslatestomaximizingstockprice.Dofirmshaveanyresponsibilitiestosociety?
Isstockpricemaximizationgoodorbadforsociety?
Shouldfirmsbehaveethically?
2.Isstockpricemaximizationthesameasprofitmaximization?
No,despiteagenerallyhighcorrelationamongststockprice,EPS,andcashflow.Currentstockpricereliesuponcurrentearnings,aswellasfutureearningsandcashflow.Someactionsmaycauseanincreaseinearnings,yetcausethestockpricetodecrease(andviceversa).,DisadvantagesofProfitmaximizationgoal:
-Withoutconsideringrisks-Ignoretimevalueofmoney-Failtothinktherelationshipbetweenprofitandinvestment,3.Agencyrelationships,Anagencyrelationshipexistswheneveraprincipalhiresanagenttoactontheirbehalf.Withinacorporation,agencyrelationshipsexistbetween:
ShareholdersandmanagersShareholdersandcreditorsShareholdersandothergroups,ShareholdersversusManagers,Managersarenaturallyinclinedtoactintheirownbestinterests.Butthefollowingfactorsaffectmanagerialbehavior:
ManagerialcompensationplansDirectinterventionbyshareholdersThethreatoffiringThethreatoftakeover,ShareholdersversusCreditors,Shareholders(throughmanagers)couldtakeactionstomaximizestockpricethataredetrimentaltocreditors.Inthelongrun,suchactionswillraisethecostofdebtandultimatelylowerstockprice.,Shareholdersandothergroups:
-Employees-Suppliers-Consumers-Competitors-Government,Case:
青鸟天桥,-93年5月天桥百货在上海证券交易所上市-98年12月出资6000万元收购天桥16.76%的法人股;青鸟借壳上市,天桥进军IT.组成青鸟天桥-99年11月18人,公司公布裁员283人的计划(原有员工1122人,其中664人的劳动合同将于12月26人到期).12月2日公司给予人均1万元,共计300万元的补偿。
4.Factorsthataffectstockprice,ProjectedcashflowstoshareholdersTimingofthecashflowstreamRiskinessofthecashflows,BasicValuationModel,Toestimateanassetsvalue,oneestimatesthecashflowforeachperiodt(CFt),thelifeoftheasset(n),andtheappropriatediscountrate(k)Throughoutthecourse,wediscusshowtoestimatetheinputsandhowfinancialmanagementisusedtoimprovethemandthusmaximizeafirmsvalue.,FactorsthatAffecttheLevelandRiskinessofCashFlows,Decisionsmadebyfinancialmanagers:
InvestmentdecisionsFinancingdecisions(therelativeuseofdebtfinancing)DividendpolicydecisionsTheexternalenvironment,IV.DevelopmentofBusinessFinance,1.18901920:
FocusontherighthandsideofBalanceSheet:
Financingincapitalmarket,MergersandDivestitures,Establishnew,Company.2.1930WarII:
FocusonFinancialanalysis,GovernmentControl,Bankruptcy&replacement.3.1945-1950:
FocusonlefthandsideofBalanceSheet:
Financialplanning,CapitalBudgetingwithpresentvalue,CashflowManagement.4.19501960:
ModernBForiginallysetup:
Timevalue,Risk-Returntrade-off,FinancialBudgeting,FinancialDecision,FinancialAnalysis.5.1960-present:
BecomeonewithFinancialmarket:
TheoryofCapitalStructure,InvestmentPortfolio,AgencyTheory,EfficientMarketHypothetic,OptionPricingTheory,AgencyTheory,V.TheFinancialEnvironment:
Markets,Institutions,andInterestRates,Financialmarkets:
Afinancialmarketisaplacewhereindividualsandorganizationswantingtogetfundsarebroughttogetherwiththosehavingasurplusoffunds.2.Typesoffinancialmarkets-Moneyvs.Capital-Primaryvs.Secondary(Initialpublicoffering)-Spotvs.Futures-Publicvs.Private,3.Howiscapitaltransferredbetweensaversandborrowers?
DirecttransfersInvestmentbankinghouse(withoutnewproduct)Financialintermediaries(withnewproducts),4.Typesoffinancialintermediaries,CommercialbanksSavingsandloanassociationsMutualsavingsbanksCreditunionsPensionfundsLifeinsurancecompaniesMutualfunds,5.Physicallocationstockexchangesvs.Electronicdealer-basedmarkets,Auctionmarketvs.Dealermarket(Exchangesvs.OTC)NYSEvs.NasdaqDifferencesarenarrowing,6.Thecostofmoney,Theprice,orcost,ofdebtcapitalistheinterestrate.Theprice,orcost,ofequitycapitalistherequiredreturn.Therequiredreturninvestorsexpectiscomposedofcompensationintheformofdividendsandcapitalgains.,Whatfourfactorsaffectthecostofmoney?
-Usersrisks:
Productionopportunities-Providersrisks:
Timepreferencesforconsumptionorotheropportunities-Expectedinflation-Timevalueofmoney,“Nominal”vs.“Real”rates,r=representsanynominalrater*=representsthe“real”risk-freerateofinterest.LikeaT-billrate,iftherewasnoinflation.Typicallyrangesfrom1%to4%peryear.rRF=representstherateofinterestonTreasurysecurities.,Determinantsofinterestrates,r=r*+IP+DRP+LP+MRPr=requiredreturnonasecurityr*=realrisk-freerateofinterestIP=inflationpremiumDRP=defaultriskpremiumLP=liquiditypremiumMRP=maturityriskpremium,Premiumsaddedtor*fordifferenttypesofdebt,Summery:
1.GoalsoftheCorporation:
shareholderwealthmaximizationVS.profitmaximization2.Factorsthataffectstockprice:
Projected
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