课程《财务管理基础》英文课件ch01

1、Chapter 1The Role of Financial Management Pearson Education Limited 2004Fundamentals of Financial Management, 12/eCreated by: Gregory A. Kuhlemeyer, Ph.D.Carroll College, Waukesha, WI状蒙物应犯晓趋嗓怜堰肿峦剪是防莲修两可悉复佯卫站盯舌胳狡汀大断域精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第1页，共25页。After studying Chapter

2、1, you should be able to:Explain why the role of the financial manager today is so important. Describe financial management in terms of the three major decision areas that confront the financial manager. Identify the goal of the firm and understand why shareholders wealth maximization is preferred o

3、ver other goals. Understand the potential problems arising when management of the corporation and ownership are separated (i.e., agency problems). Demonstrate an understanding of corporate governance.Discuss the issues underlying social responsibility of the firm. Understand the basic responsibiliti

4、es of financial managers and the differences between a treasurer and a controller.厌拂美散眷凌污厅至拱绥浴激婆槛义禁哀怠佯聚计矩涩划疹轰法喜人瞎淌精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第2页，共25页。The Role of Financial ManagementWhat is Financial Management?The Goal of the FirmCorporate GovernanceOrganization of the Fin

5、ancial Management Function浙岭擒样钠夕列射可朝抓论嚣机磕搏泽逻娥呸箭简垣杉契擦墩馏轨稗倔女精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第3页，共25页。What is Financial Management?Concerns the acquisition, financing, and management of assets with some overall goal in mind.结墩丙朴允选挖踢箕佬间致临谅羊忌涟欧吱鹤揭龄淌篡戳韭楼掩挽瞪糯踏精品课程财务管理基础英文课件ch01Van Horn

6、e / Wachowicz Tenth Edition第4页，共25页。Investment DecisionsWhat is the optimal firm size?What specific assets should be acquired?What assets (if any) should be reduced or eliminated?Most important of the three decisions.等曝程痰皖蛾悍升庙瓜您峙谨陌诛爆星腔矣泡僧绒鹰较懂斟执牟虏函衷乎精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Editi

7、on第5页，共25页。Financing DecisionsWhat is the best type of financing? What is the best financing mix?What is the best dividend policy (e.g., dividend-payout ratio)?How will the funds be physically acquired?Determine how the assets (LHS of balance sheet) will be financed (RHS of balance sheet).违竹拭殆嘿颐浇募洽绊

8、涌囤悠嗅慌拴忆语澄央啊旅蒋寻他区盘八恿指派黍精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第6页，共25页。Asset Management DecisionsHow do we manage existing assets efficiently?Financial Manager has varying degrees of operating responsibility over assets.Greater emphasis on current asset management than fixed asset manag

9、ement.蚤蜜肋俯返象译烘七翱需迫躺皱淖关矩伦识汀拖途虱签车腆量伯辅轧涛瀑精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第7页，共25页。What is the Goal of the Firm?Maximization of Shareholder Wealth!Value creation occurs when we maximize the share price for current shareholders.殖墓结晨轧强胺椭羊山用钉啪局肩缓援酵瓤纹的稚玩迭搅娥押藤蔽挞家氨精品课程财务管理基础英文课件ch01Van Ho

10、rne / Wachowicz Tenth Edition第8页，共25页。Shortcomings of Alternative PerspectivesCould increase current profits while harming firm (e.g., defer maintenance, issue common stock to buy T-bills, etc.).Ignores changes in the risk level of the firm.Profit MaximizationMaximizing a firms earnings after taxes.

11、Problems叹矿雍中捶断厘混放裹撬赁梨廉孺弛娟躺礁肠枯特炊方拂续护歉渔炉秧阅精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第9页，共25页。Shortcomings of Alternative PerspectivesDoes not specify timing or duration of expected returns.Ignores changes in the risk level of the firm.Calls for a zero payout dividend policy.Earnings per Sha

12、re MaximizationMaximizing earnings after taxes divided by shares outstanding.Problems墩递榜蛮及躯惋瞥片轴园祭肝刨哮缸土猎吃豢麦痊论磨饭卿业漫闺烈简蹬精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第10页，共25页。Strengths of Shareholder Wealth MaximizationTakes account of: current and future profits and EPS; the timing, duration,

13、and risk of profits and EPS; dividend policy; and all other relevant factors.Thus, share price serves as a barometer for business performance.筑概俊尝衍工懦幼中烙较萄邮季撮柏投端凯时蹲佣浊楼择祈沦菜恒您剃驭精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第11页，共25页。What companies say about their corporate goal*Cadbury Schweppes

14、: “governing objective is growth in shareowner value”Credit Suisse Group: “achieve high customer satisfaction, maximize shareholder value and be an employer of choice”Dow Chemical Company: “maximize long-term shareholder value”ExxonMobil: “long-term, sustainable shareholder value”*Refer to text for

15、additional details溶痪吧凤叶挎认氖赘拦复淡蜂丰肉履孙嚷诞疤叔侄咕殃乏质枯仪寞到合腐精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第12页，共25页。The Modern CorporationThere exists a SEPARATION between owners and managers.Modern CorporationShareholdersManagement巍碴影捡郭峭滚则悠恼停祝撞引奏赴撵露恭英潍甘材顿购榴综厘埃嗅伎乙精品课程财务管理基础英文课件ch01Van Horne / Wachowicz

16、 Tenth Edition第13页，共25页。Role of ManagementAn agent is an individual authorized by another person, called the principal, to act in the latters behalf.Management acts as an agent for the owners (shareholders) of the firm.蜕质玲软南雄颜字备湾宦佛挎傅撼躺亨疼厘墩授较译允贝师黔鼓韩扁缕啪精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edi

17、tion第14页，共25页。Agency TheoryAgency Theory is a branch of economics relating to the behavior of principals and their agents.Jensen and Meckling developed a theory of the firm based on agency theory.夏警衣方潮侧班字验鼎泡循晾炯颂彻菠涛犁氢奥秩舱咀此裔瓜萎欧萄罪熔精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第15页，共25页。Agency Th

18、eoryIncentives include, stock options, perquisites, and bonuses.Principals must provide incentives so that management acts in the principals best interests and then monitor results.察赛盅珐吠北是掺蛛抖惹弊褐詹抱汰吐焦掌融洪蔫沦庐额撇膛斑韦膛渠鲍精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第16页，共25页。Social ResponsibilityWea

19、lth maximization does not preclude the firm from being socially responsible.Assume we view the firm as producing both private and social goods. Then shareholder wealth maximization remains the appropriate goal in governing the firm.熙辆察罩氛诛院催畴暗难懒结闽说焙唐滓栋趁誉隘帘蜗豫魂纂歉漏帜迹欲精品课程财务管理基础英文课件ch01Van Horne / Wachow

20、icz Tenth Edition第17页，共25页。Corporate GovernanceCorporate governance: represents the system by which corporations are managed and controlled.Includes shareholders, board of directors, and senior management. Then shareholder wealth maximization remains the appropriate goal in governing the firm.尼葱徽涅梯揭

21、暮员轧踪崭霍绣厂枫瘪触社补嘎怕擦魔痛缝驴备焙慷陶蒙汀精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第18页，共25页。Board of DirectorsTypical responsibilities:Set company-wide policy;Advise the CEO and other senior executives;Hire, fire, and set the compensation of the CEO;Review and approve strategy, significant investments,

22、 and acquisitions; andOversee operating plans, capital budgets, and financial reports to common shareholders.CEO/Chairman roles commonly same person in US, but separate in Britain (US moving this direction).翘捞莎催宪持幅垮罪优轰叙懊绢妻荧颧韦苫脾穗徘短程腰曝怕腕首潞屑喘精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第19页，共25

23、页。Sarbanes-Oxley Act of 2002Sarbanes-Oxley Act of 2002 (SOX): addresses corporate governance, auditing and accounting, executive compensation, and enhanced and timely disclosure of corporate informationImposes new penalties for violations of securities lawsEstablished the Public Company Accounting O

24、versight Board (PCAOB) to adopt auditing, quality control, ethics, disclosure standards for public companies and their auditors, and policing authorityGenerally increasing the standards for corporate governance吸肢妨炽简烫肚嗽货自郴乒俭咖鸭概巳什狞盒域贿杉谈遇蚌加碧棱暇症樱精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第20页，

25、共25页。Organization of the Financial Management Function Board of DirectorsPresident(Chief Executive Officer)Vice PresidentOperationsVice PresidentMarketingVP ofFinance士午拖苯韧说磅龋懂扶唤帛境响尔企追熬您钠逾火翌滦抽淀邀土痕吭潭颠精品课程财务管理基础英文课件ch01Van Horne / Wachowicz Tenth Edition第21页，共25页。TreasurerCapital BudgetingCash ManagementCredit ManagementDividend DisbursementFin Analysis/PlanningPension ManagementInsurance/Risk MngmtTax Analysis/PlanningOrganization of the Financial Management Function VP of FinanceControllerCost Acco