财务管理培训课件lecture1(ch01)

©TheMcGraw-HillCompanies,Inc.,20011-1Irwin/McGraw-Hill開課系所:會計系課程名稱：財務管理課程編號與班次:7023060002授課教師：廖咸興研究室及電話：管院806室，[phone]ext2959Email:[e-mail]:上課時間：星期四6.7.8地點:教207課程說明：這門課之目的在提供同學對財務管理有一基本瞭解，以做為同學們未來進行相關財務決策或進一步對財務管理領域鑽研之基礎。上課教材：1.課本：FundamentalsofCorporateFinance,3ed.Brealey,Myers,andMarcus.(華泰，2001)2.參考書：財務管理洪茂蔚、蘇永成、陳明賢、胡星陽(雙葉、1998)3.上課投影片可自老師網頁下載選課條件：修過初會、經濟學詢問時間：星期三:pm:2:00-4:30orbyappointment評分標準:期中:30%,期末:40%;作業：20%;上課參與：10%©TheMcGraw-HillCompanies,Inc.,20011-2Irwin/McGraw-Hill授課進度:1.02/22導論(Text:ch.1)2.03/01財務金融系統(Reference2:ch.2)3.03/08分析與預測財務報表(Text:ch.17；Reference2:ch.3)4.03/15折現調整現金流量分析(Text:ch.3)5.03/22債券與股票評價（Text:ch.4,5）6.03/29資本支出預算(或投資)決策(I)(Text:ch.6.,ch.7,ch8)7.04/05春假8.04/12期中考9.04/19資本支出預算(或投資)決策(II)(Text:ch.6,ch.7,ch8)10.04/26資金成本(Text:ch.9,ch10,ch.11)11.05/03企業融資與資本結構決策(I)(Text:ch.12,ch.13,ch.14)12.05/10企業融資與資本結構決策(II)(Text:ch.13,ch.14,ch15)13.05/17股利政策、企業合併與控制(Textch.16,ch.22)14.05/24選擇權(textch24)15.05/31個案報告16.06/07期末考©TheMcGraw-HillCompanies,Inc.,20011-3Irwin/McGraw-HillIrwin/McGraw-HillChapter1FundamentalsofCorporateFinanceThirdEditionTheFirmandTheFinancialManagerBrealeyMyersMarcusslidesbyMatthewWillIrwin/McGraw-Hill©TheMcGraw-HillCompanies,Inc.,2001©TheMcGraw-HillCompanies,Inc.,20011-4Irwin/McGraw-HillIrwin/McGraw-HillTopicsCoveredOrganizingaBusinessTheRoleofTheFinancialManagerFinancialMarketsWhoIsTheFinancialManagerCorporateGoals&IncentivesValueMaximization©TheMcGraw-HillCompanies,Inc.,20011-5Irwin/McGraw-HillIrwin/McGraw-HillOrganizingaBusinessTypesofBusinessOrganizationsSoleProprietorshipsPartnershipsCorporations©TheMcGraw-HillCompanies,Inc.,20011-6Irwin/McGraw-HillIrwin/McGraw-HillSoleProprietorshipPartnershipCorporationWhoownsthebusiness?TheManagerPartnersShareholdersAremanagersandownersseparate?NoNoUsuallyWhatistheowner’sliability?UnlimitedUnlimited(exceptions)LimitedAreowners&thebusinesstaxedseparately?NoNoYesOrganizingaBusiness©TheMcGraw-HillCompanies,Inc.,20011-7Irwin/McGraw-HillCorporateStructureSoleProprietorshipsCorporationsPartnershipsLimitedLiabilityCorporatetaxonprofits+PersonaltaxondividendsUnlimitedLiabilityPersonaltaxonprofits©TheMcGraw-HillCompanies,Inc.,20011-8Irwin/McGraw-HillIrwin/McGraw-HillFinancialmanagersFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(1)(2)Cashinvestedinfirm(2)(3)Cashgeneratedbyoperations(3)(4a)Cashreinvested(4a)(4b)Cashreturnedtoinvestors(4b)TheRoleofTheFinancialManager©TheMcGraw-HillCompanies,Inc.,20011-9Irwin/McGraw-HillIrwin/McGraw-HillTheRoleofTheFinancialManagerInvestmentDecisions“CapitalBudgeting”Buyrealassetsthatareworthmorethantheycost©TheMcGraw-HillCompanies,Inc.,20011-10Irwin/McGraw-HillIrwin/McGraw-HillTheRoleofTheFinancialManager“CapitalBudgeting”TangibleAssetsEuroDisney@$2billionNontangibleAssetsGillette’sMach3Razor@$300million©TheMcGraw-HillCompanies,Inc.,20011-11Irwin/McGraw-HillIrwin/McGraw-HillTheRoleofTheFinancialManagerFinancingDecisionsSourceofFunds“CapitalMarkets”CapitalStructureMoneyMarketsEuros©TheMcGraw-HillCompanies,Inc.,20011-12Irwin/McGraw-HillFinancialMarketsPrimaryMarketsSecondaryMarketsOTCMarketsMoney©TheMcGraw-HillCompanies,Inc.,20011-13Irwin/McGraw-HillIrwin/McGraw-HillFinancialMarketsCompanyIssueDebtCashInvestors©TheMcGraw-HillCompanies,Inc.,20011-14Irwin/McGraw-HillIrwin/McGraw-HillFinancialMarketsFundsFundsBanksInsuranceCos.BrokerageFirmsObligationsDepositorsPolicyholdersInvestorsObligationsCompanyIntermediaryInvestor©TheMcGraw-HillCompanies,Inc.,20011-15Irwin/McGraw-HillIrwin/McGraw-HillFinancialMarketsBanksDepositors$2.5milCashLoanDepositsCompanyIntermediaryInvestor©TheMcGraw-HillCompanies,Inc.,20011-16Irwin/McGraw-HillIrwin/McGraw-HillFinancialMarketsInsuranceCompanyPolicyholders$250milCashLoanSellpoliciesIssueStockCompanyIntermediaryInvestor©TheMcGraw-HillCompanies,Inc.,20011-17Irwin/McGraw-HillCareersinFinanceAnnualSalaryBankingPresident,mediumsizebank225,000$VP,Foreignexchangetrading150,000Controller160,000CorporateFinanceAssistantTreasurer110,000CorporateController165,000ChiefFinancialOfficer250,000InnvestmentBankingInstitutionalbrokers200,000VP,Institutionalsales190,000+bonusManagingDirector400,000+Departmenthead750,000+MoneyManagementPortfoliomanager136,000Departmenthead200,000InsuranceChiefinvestmentofficer191,000+bonusChieffinancialofficer168,000+bonus©TheMcGraw-HillCompanies,Inc.,20011-18Irwin/McGraw-HillCareersinFinance•Wageweb-•WallStreetJournal-careers.wsj.com•BureauofLaborStatistics-•Wetfeet-•OhioStateUniversity-~fin/osujobs.htmClicktoaccesswebsitesInternetconnectionrequired©TheMcGraw-HillCompanies,Inc.,20011-19Irwin/McGraw-HillGoalsofTheCorporationShareholdersdesirewealthmaximizationDomanagersmaximizeshareholderwealth?Mangershavemanyconstituencies“stakeholders”“AgencyProblems”representtheconflictofinterestbetweenmanagementandowners©TheMcGraw-HillCompanies,Inc.,20011-20Irwin/McGraw-HillGoalsofTheCorporationAgencyProblemSolutions1-Compensationpla