英文财务管理

1-1McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedFundamentalsofCorporateFinanceSixthEditionRichardA.BrealeyStewartC.MyersAlanJ.MarcusSlidesbyMatthewWillChapter1McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedIntroduction1-2McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedFundamentalsofCorporateFinanceSchoolofManagement,SCUFN(SouthCentralUniversityLectureteacher:ZhouYunlan周运兰[e-mail]1-3McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedFundamentalsofFinancialManagementwrittenbyBrighamHoustonTenthEdition1-4McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedFundamentalsofFinancialManagement10eEugeneF.BrighamJoelF.Houston财务管理基础普通高等教育“十一五”国家级规划教材高等学校金融学类英文版教材沈洪涛改编；沈艺峰审校高等教育出版社出版2005年1月第一次出版1-5McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved1-6McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedCourseobjectiveTheObjectiveofthiscourseistointroducethestudenttoboththetheoryandthepracticeofcorporatefinanceandinvestment.ForstudentsintendingtodofurtherworkinFinance,thiscoursewilllaythebasicfoundationofconceptsusedinadvancedcourses.1-7McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedCoursecontentItbeginswithdiscussionoffinancialobjectives,includinghowmanagersandinvestorsusefinancialstatementstodeterminehowwellafirmismeetingitsobjectives.Italsodiscusshowincentivecompensation,alongwiththethreatoftakeovers,canbeusedtomotivatemanagersandhowthatcanbenefitbothstockholdersandsocietyatlarge.Italsodescribesearlyonthefinancialenvironment,thetrade-offbetweenriskandreturn,andthetimevalueofmoney,thanbuildonthesebasicconceptstoexplainhowstockandbondpricesaredetermined.1-8McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedWiththisbackground,subsequentchaptersexplainthefinancialtoolsandtechniquesthatareusedbymanagerstohelpmaximizefirm’svalues.Includearecapitalbudgetingtechniques,proceduresfordeterminingtheoptimalcapitalstructure,andvariousaspectsofworkingcapitalmanagement.Thefinalsectionofbookconsistoffivechaptersthatdealwithfinancialforecasting,derivativesandriskmanagement,multinationalfinancialmanagement,hybridfinancingvehicles,andmergers(财务预测，衍生工具和风险管理，跨国财务管理，混合融资工具以及合并)。.1-9McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedEvaluationPerformanceinClasses15%ormoreAssignments15%FinalExamination70%orless100%1-10McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedWhatisFinancialManagement?Financialmanagementisimportantinalltypesofbusinesses,includingbanksandotherfinancialinstitutions,aswellasindustrialandretailfirms.Corporatefinanceattemptstofindtheanswerstothefollowingquestions:Whatinvestmentsshouldthefirmtakeon?THEINVESTMENTDECISIONHowcancashberaisedfortherequiredinvestments?THEFINANCINGDECISIONShouldexistingassetsbemanaged?ASSETMANAGEMENTDECISION1-11McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedInvestmentDecisionsWhatistheoptimalfirmsize?Whatspecificassetsshouldbeacquired?Whatassets(ifany)shouldbereducedoreliminated?Mostimportantofthethreedecisions.1-12McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedFinancingDecisionsWhatisthebesttypeoffinancing?Whatisthebestfinancingmix?Whatisthebestdividendpolicy?Howwillthefundsbephysicallyacquired?Determinehowtheassets(LHSofbalancesheet)willbefinanced(RHSofbalancesheet).1-13Chapter1GoalsandGovernanceoftheFirmTopicsCovered：InvestmentandFinancingDecisionsWhatisaCorporation?WhoIsTheFinancialManager?GoalsoftheCorporationCareersinFinance1-14AnoverviewofFinancialManagementChapterObjectives:UnderstandwhatarethethreemaininterrelatedareasofFinance,andthefinancialstaff’sresponsibility.Knowwhatarethethreeprincipalformsofbusinessorganization?Whataretheadvantagesanddisadvantagesofeach?Outlinethepossiblegoalsofafirm(corporation)andtheproblemsassociatedwitheach.Explaintheagencyproblemandthewaystomotivatemanagerstoactinthebestinterestsofstockholders.1-15FINANCEINTHEORGANIZATIONALSTRUCTUREOFTHEFIRMOrganizationalstructuresvaryfromfirmtofirm,butthefellowFigure1-1presentsafairlytypicalpictureoftheroleoffinancewithinacorporation.企业、公司:（firmbusinessenterprisecompanycorporationventure）1-16OrganizationoftheFinancialManagementFunction:Figure1-1BoardofDirectorsPresident(CEO)VP:MarketingVP:Finance(CFO)VP:OperationsTreasurerControllerCreditManagerInventoryManagerCapitalBudgetingDirectorCostAccountingFinancialAccountingTaxDepartment1-17WhoisTheFinancialManager?ChiefFinancialOfficerTreasurerController1-18FinancialManagerThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasurer–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanning(planningitscapitalstructure,forsellingstocksandbondstoraisecapital,foroverseeingthecorporatepensionplan,andformanagingrisk)Controller–overseestaxes,costaccounting