章财务管理目标-l01van horne

Chapter

1The

Role

of

FinancialManagement©

Pearson

Education

Limited

2004Fundamentals

of

Financial

Management,

12/eCreated

by:

Gregory

A.

Kuhlemeyer,

Ph.D.Carroll

College,

Waukesha,

WIAfter

studying

Chapter

1,

you

should

be

able

to:Explain

why

the

role

of

the

financial

manager

today

issoimportant.Describe

"financial

management"

in

terms

of

the

three

majordecision

areas

that

confront

the

financial

manager.Identify

the

goal

of

the

firm

and

understand

whyshareholders'

wealth ization

is

preferred

over

othergoals.Understand

the

potential

problems

arising

whenmanagement

of

the

corporation

and

ownership

areseparated

(i.e.,

agency

problems).Demonstrate

an

understanding

of

corporate

ernance.Discuss

the

issues

underlying

social

responsibility

of

thefirm.Understand

the

basic

responsibilities

of

financial

managersand

the

differences

between

a

"treasurer"

and

a

"controller."The

Role

ofFinancial

ManagementMAIN

TOPICSWhat

is

FinancialManagement?The

Goal

of

theFirmCorporate

ernanceOrganization

of

the

FinancialManagement

FunctionWhatis

FinancialManagement?Concerns

the

acquisition(购置，取得）,financing,and

management

ofassets

with

some

overall

goal

in

mind.InvestmentDecisionsMost

important

of

the

threedecisions.What

is

the

optimal

firm

size?What

specific

assets

should

beacquired?What

assets

(if

any)

should

bereduced

oreliminated?FinancingDecisionsDetermine

how

the

assets

(LHS

ofbalance

sheet)

will

be

financed

(RHSof

balance

sheet).What

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

physicallyacquired?Asset

ManagementDecisionsHow

do

we

manage

existing

assetsefficiently?Financial

Manager

has

varying

degreesof

operating

responsibility

overassets.Greater

emphasis

on

current

assetmanagement

than

fixed

assetmanagement.Whatis the

Goal

of

the

Firm?ization

ofShareholder

Wealth!Value

creation

occurs

whenwe ize

the

share

pricefor

current

shareholders.企业的财务管理目标利润最大化每股盈余最大化股东 最大化其他一些目标利润最大化这种观点认为：利润代表了企业新创造的，利润越多则说明企业的增加得越多，越接近企业的目标。这种观点的缺陷是：(1)没有考虑利润的取得时间。例如，今年获利100万和明年获利100万，哪一个更符合企业的目标?若不考虑货币的时间价值，就难以作出正确判断。(2)没有考虑所获利润和投入资本额的关系。例如，同样获得100万利润，一个企业投入资本500万，另一个企业投入600万，哪一个更符合企业的目标?若不与投入的资本额联系起来，就难以作出正确判断。(3)没有考虑获取利润和所承担风险的关系。例如，同样投入500万，本年获利100万，一个企业获利已全部转化为现金，另一个企业获利则全部是应收账款，并可能发生坏账损失，哪一个更符合企业的目标?若不考虑风险大小，就难以作出正确判断。每股盈余最大化这种观点认为：应把企业的利润和股东投入的资本联系起来，用每股盈余EPS(或权益资本净利率ROE)来概括企业的财务目标，以避免“利润最大化目标”的缺点。这种观点虽然考虑了所获利润和投入资本额的关系但仍存在以下缺陷：(1)仍然没有考虑每股盈余取得的时间性。(2)仍然没有考虑每股盈余的风险性。股东

最大化这种观点认为：股东最大化或企业价值最大化是财务管理的目标。股东创办企业的目的是扩大，他们是企业的所有者，企业价值最大化就是股东最大化。企业的价值，在于它能给所有者带来未来，包括获得股利和出售其股权换取现金。如同商品的价值一样，企业的价值只有投入市场才能来。其他一些目标-竞争目标在西方，一些经济与管理学者认为，企业要想在激烈的竞争中求得生存和发展。必须赢得顾客，保持一定的市场占有率，或者在竞争中保持优势地位。企业为了获得顾客和保持竞争优势，短期内甚至可能不以为目的。而从长期来看，企业是自利与他利的结合，必须在不断满足消费者需求的条件下，才能获得生存与发展。因此，企业应将自利与他利结合起来，看重长期利益，而不能单纯追求最大利润。其他一些目标-社会责任这种理论认为，企业总是存在于一定的社会关系之中，它必然会与其他相关利益者(如员工、、社区、消费者、供应者、竞争对手等)发生各种相互作用。在市场经济条件下，企业是按照两种契约原则——利益原则和社会原则——由不同利益主体组成的契约组合。企业既要追求经济利益，又受社会责任的约束。为了实现企业的

目标，往往必须考虑其应承担的社会责任和社会目标。这一观念于20世纪60年代末期兴起，并为越来越多的人所接受。其他一些目标-社会利益或政治利益最大化在现实生活中，企业的目标是多种多样的。例如，中国过去长期实行高度

的计划经济模式，在计划经济体制中，企业作为的附属物，不以为目标，而是追求社会利益或政治利益最大化。利益其他一些目标-经理最大化在一些企业中，特别是在所与经营权相分离的情况下，企业的经理忽视股东利益，不以股东最大化为目标，而是追求经理个人利益的最大化。例如，丰厚的、舒适的生活、个人职务的升迁等。虽然没人公开同意或履行这种目标，但实际上却屡见不鲜。ings

of

Alternative

sProfitizationizing

a

firm’s

earnings

after

taxes.ProblemsCould

increase

current

profits

whileharming

firm

(e.g.,

defer

maintenance,issue

common

stock

to

buyT-bills,

etc.).Ignores

changes

in

the

risk

level

of

thefirm.ings

of

AlternativesEarnings

per

Share

izationizing

earnings

after

taxes

dividedby

shares

outstanding.ProblemsDoes

not

specify

timing

or

duration

ofexpected

returns.Ignores

changes

in

the

risk

level

of

the

firm.Calls

for

a

zero

payout

dividend

policy.Strengths

of

ShareholderWealth

izationTakes

account

of:

current

and

futureprofits

and

EPS;

thetiming,duration,

and

risk

of

profits

and

EPS;dividend

policy;

and

all

otherrelevant

factors.Thus,

share

price

serves

asabarometer

for

business

performance.What

companies

say

about

their

corporate

goal*Cadbury

Sch

pes:

“

erning

objectiveisgrowth

in

shareowner

value”Credit

Suisse

Group:

“achieve

high

customersatisfaction, ize

shareholder

value

andbe

an

employer

of

choice”Dow

Chemical

Company:

“ ize

long-termshareholder

value”ExxonMobil:

“long-term,

sustainableshareholder

value”*Refer

to

text

for

additional

detailsThe

Modern

CorporationModernCorporationShareholders

ManagementThere

exists

a

SEPARATIONbetween

owners

and

managers.Role

of

Management,An

agent

is

an

individualauthorized

by

anothercalledthe

principal,

to

act

inthe

latter’sbehalf.Management

acts

as

an

agentforthe

owners

(shareholders)of

the

firm.Agency

TheoryJensen

and

Meckling

developeda

theory

of

the

firm

based

onagency

theory.Agency

Theory

is

a

branch

ofeconomics

relating

to

thebehavior

of

principals

and

theiragents.Agency

TheoryPrincipals

must

provide

incentivesso

that

management

acts

in

theprincipals’

best

interests

and

thenmonitor

results.Incentives

include,

stock

options,perquisites,

and

bonuses.中国经理人市场与公司绩效的关系。Agency

TheoryIncentive

Compensation

ProgramsCan

Be

Usedto

Align

Chief

ExecutiveOfficer's

and

Shareholders"

InterestsShareholders

rely

on

CEOs

to

adopt

policies

that ize

thevalue

of

their

shares.

Like

other

human

beings,

however,

CEOstend

to

engage

in

activities

that

increase

their

own

well-being.One

of

the

most

critical

roles

of

th of

directors

is

tocreate

incentives

that

make

it

in

the

CEO's

best

interest

to

dowhat's

in

the

shareholders'

best

interests.

Conceptually

this

isnot

a

difficult

challenge.

Some

combination

of

three

basicpolicies

will

create

the

right

monetary

incentives

for

CEOs

toize

the

value

of

their

companies:Agency

Theory用下面三种激励以实现公司价值最大化1.

Boards

can

require

that

CEOsesubstantial

owners

of

company

stock.Salaries,

bonuses,

and

stock

optionscan

be

structured

so

as

to

provide

bigrewards

for

superior

performance

andbig

penalties

for

poorperformance.The

threat

of

dismissal

for

poorperformance

can

be

made

real.Social

ResponsibilityWealth ization

does

not

preclude

thefirm

from

being

socially

responsible

(caringabout

all

stakeholders).例如保护消费者权益、支付雇员薪金、保持公正

环境、支持教育并参与空气净化和水资源保护。Assume

we

view

the

firm

as

producing

bothprivate

and

social

goods.izationerningThen

shareholder

wealth

remains

the

appropriate

goal

inthefirm.Corporate

ernanceCorporate

ernance:

represents

thesystem

by

which

corporations

aremanaged

and

controlled.Includes

shareholders,

board

ofdirectors,

and

senior

management.izationThen

shareholder

wealth

remains

the

appropriate

goal

inerning

the

firm.Board

of

DirectorsTypical

responsibilities:Set

company-widepolicy;Advise

the

CEO

and

other

senior

executives;Hire,

fire,

and

set

the

compensation

of

the

CEO;Review

and

approve

strategy,

significant

investments,

andacquisitions;

andOversee

operating

plans,

capital

budgets,

and

financialreports

to

common

shareholders.CEO/Chairman

roles

commonly

same inUS,but

separate

in

Britain

(US

moving

this

direction).Sarbanes-Oxley

Act

of

2002Sarbanes-Oxley

Act

of

2002

(SOX):

addressescorporate ernance,

auditingand

accounting,

executivecompensation,

and

enhanced

and

timely

disclosure

ofcorporate

informationImposes

new

penalties

for

violations

of

securitieslawsEstablished

the

Public

Company

AccountingOversight

Board

(PCAOB)

to

adopt

auditing,

qualitycontrol,

ethics,

disclosure

standards

for

publiccompanies

and

their

auditors,

and

policing

authorityGenerally

increasing

the

standards

for

corpora