manager財(cái)務(wù)管理決策基本問(wèn)題課件

IntroductionToCorporateFinanceIntroductionToCorporateFinaKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財(cái)務(wù)管理決策基本問(wèn)題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業(yè)組織Knowthegoaloffinancialmanagement財(cái)務(wù)管理的目標(biāo)Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經(jīng)理人可能產(chǎn)生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態(tài)的金融市場(chǎng)1KeyConceptsandSkillsKnowthChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation2ChapterOutlineCorporateFinanCorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?3CorporateFinanceSomeimportanFinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財(cái)務(wù)長(zhǎng)Treasurer財(cái)務(wù)長(zhǎng)–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會(huì)計(jì)長(zhǎng)–overseestaxes,costaccounting,financialaccountinganddataprocessing4FinancialManagerFinancialmanFinancialManagementDecisionsCapitalbudgeting資本預(yù)算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結(jié)構(gòu)Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapitalmanagement營(yíng)運(yùn)資金管理Howdowemanagetheday-to-dayfinancesofthefirm?5FinancialManagementDecisionsFormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨(dú)資Partnership合夥GeneralLimited有限責(zé)任合夥Corporation公司S-CorpLimitedliabilitycompany有限責(zé)任公司6FormsofBusinessOrganizationSoleProprietorshipAdvantagesEasiesttostartLeastregulated法令規(guī)範(fàn)最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營(yíng)業(yè)所得納入個(gè)人綜合所得稅課稅

DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliability業(yè)主承擔(dān)公司債務(wù)的無(wú)限償還責(zé)任

Difficulttosellownershipinterest7SoleProprietorshipAdvantagesDPartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營(yíng)業(yè)所得納入個(gè)人綜合所得稅課稅

DisadvantagesUnlimitedliability無(wú)限償還責(zé)任

GeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosell當(dāng)有合夥人死亡或希望退出時(shí)即解散Difficulttotransferownership8PartnershipAdvantagesDisadvantCorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesSeparationofownershipandmanagementDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)雙重課稅(公司就盈餘繳納公司所得稅，股東收到股利後再繳納個(gè)人所得稅)9CorporationAdvantagesDisadvantGoalOfFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompany’sstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?10GoalOfFinancialManagementWhTheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts11TheAgencyProblemAgencyrelatTheAgencyProblemDirectagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycosts–management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.12TheAgencyProblemDirectagencManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders利害關(guān)係人13ManagingManagersManagerialcoWorktheWebExampleTheInternetprovidesawealthofinformationaboutindividualcompaniesOneexcellentsiteisClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!14WorktheWebExampleTheInternFinancialMarketsCashflowstothefirmPrimaryvs.secondarymarketsDealer自營(yíng)商市場(chǎng)vs.auctionmarkets拍賣(mài)市場(chǎng)Listed上市掛牌vs.over-the-countersecurities店頭市場(chǎng)NYSENASDAQ15FinancialMarketsCashflowstoQuickQuizWhatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?Whatarethethreemajorformsofbusinessorganization?Whatisthegoaloffinancialmanagement?Whatareagencyproblemsandwhydotheyexistwithinacorporation?Whatisthedifferencebetweenaprimarymarketandasecondarymarket?16QuickQuizWhatarethethreetEndofChapterEndofChapter演講完畢，謝謝觀看！演講完畢，謝謝觀看！IntroductionToCorporateFinanceIntroductionToCorporateFinaKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財(cái)務(wù)管理決策基本問(wèn)題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業(yè)組織Knowthegoaloffinancialmanagement財(cái)務(wù)管理的目標(biāo)Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經(jīng)理人可能產(chǎn)生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態(tài)的金融市場(chǎng)20KeyConceptsandSkillsKnowthChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation21ChapterOutlineCorporateFinanCorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?22CorporateFinanceSomeimportanFinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財(cái)務(wù)長(zhǎng)Treasurer財(cái)務(wù)長(zhǎng)–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會(huì)計(jì)長(zhǎng)–overseestaxes,costaccounting,financialaccountinganddataprocessing23FinancialManagerFinancialmanFinancialManagementDecisionsCapitalbudgeting資本預(yù)算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結(jié)構(gòu)Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapitalmanagement營(yíng)運(yùn)資金管理Howdowemanagetheday-to-dayfinancesofthefirm?24FinancialManagementDecisionsFormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨(dú)資Partnership合夥GeneralLimited有限責(zé)任合夥Corporation公司S-CorpLimitedliabilitycompany有限責(zé)任公司25FormsofBusinessOrganizationSoleProprietorshipAdvantagesEasiesttostartLeastregulated法令規(guī)範(fàn)最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營(yíng)業(yè)所得納入個(gè)人綜合所得稅課稅

DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliability業(yè)主承擔(dān)公司債務(wù)的無(wú)限償還責(zé)任

Difficulttosellownershipinterest26SoleProprietorshipAdvantagesDPartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營(yíng)業(yè)所得納入個(gè)人綜合所得稅課稅

DisadvantagesUnlimitedliability無(wú)限償還責(zé)任

GeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosell當(dāng)有合夥人死亡或希望退出時(shí)即解散Difficulttotransferownership27PartnershipAdvantagesDisadvantCorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesSeparationofownershipandmanagementDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)雙重課稅(公司就盈餘繳納公司所得稅，股東收到股利後再繳納個(gè)人所得稅)28CorporationAdvantagesDisadvantGoalOfFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompany’sstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?29GoalOfFinancialManagementWhTheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts30TheAgencyProblemAgencyrelatTheAgencyProblemDirectagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycosts–management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.31TheAgencyProblemDirectagencManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterests