《公司财务》学习的英文资料chap1

0Chapter1IntroductiontoFinancialManagement1ChapterOutlineFinance:AQuickLookBusinessFinanceandTheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation2KeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanagerKnowthefinancialimplicationsofthedifferentformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthatcanarisebetweenownersandmanagers3BasicAreasOfFinanceCorporatefinanceInvestmentsFinancialinstitutionsInternationalfinanceABCACBD4InvestmentsWorkwithfinancialassetssuchasstocksandbondsValueoffinancialassets,riskversusreturn,andassetallocationJobopportunitiesStockbrokerorfinancialadvisorPortfoliomanagerSecurityanalyst5FinancialInstitutionsCompaniesthatspecializeinfinancialmattersBanks–commercialandinvestment,creditunions,savingsandloansInsurancecompaniesBrokeragefirmsJobopportunities6InternationalFinanceThisisanareaofspecializationwithineachoftheareasdiscussedsofarItmayallowyoutoworkinothercountriesoratleasttravelonaregularbasisNeedtobefamiliarwithexchangeratesandpoliticalriskNeedtounderstandthecustomsofothercountries;speakingaforeignlanguagefluentlyisalsohelpful7WhyStudyFinance?MarketingBudgets,marketingresearch,marketingfinancialproductsAccountingDualaccountingandfinancefunction,preparationoffinancialstatementsManagementStrategicthinking,jobperformance,profitabilityPersonalfinanceBudgeting,retirementplanning,collegeplanning,day-to-daycashflowissues8BusinessFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestments?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?9FinancialManagementDecisionsCapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?10FinancialManagementDecisionsCompany(2004Revenue)CapitalBudgetingFinancingBoeing($52.5b)$7btodesign,build,testandsell787DreamlineraircraftNegotiatewithsupplierstohelptofinancetheDreamlinerproject.AJapanesesupplier,whowillbuildthewingandfuselage,areraisingandinvestingmorethan$1.5bBankofAmerica($48.9b)AcquiredFleetBostonFinancialfor$49bIssuedabout600millionnewsharestofinancetheacquisitionBP($285b)Invested$600mtodevelopoilfieldsoffshoreintheGulfofMexicoAnnouncedplanstoreturnsurpluscashflowtoshareholdersthroughsharerepurchaseLVMH($17.1b)AcquiredGlenmorangiePLC,aproducerofscotchmaltwhiskiesIssueda7-yearbondinJuly2004,raisingtheeuroequivalentof$812mPfizer($52.5b)$7.7bonresearchandtestingofnewmedicinesFinancetheresearchandtestingwithreinvestedcashflowgeneratedbysalesofpharmaceuticalproductsToyota($164b)Buildingan$800mautomobileplantinSanAntonio,TexasTotalborrowingsincreasedby$2.9b,mainlyduetoissuanceofshort-termdebtinUSWal-Mart($285b)Planfor2005callforupto530newretailstoresinUSand165storesinothercountriesIssued$1883mlong-termdebt,maturingin2036andpayinginterestat5.25%peryear11BalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:12TheCapitalBudgetingDecisionWhatlong-terminvestmentsshouldthefirmchoose?CurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:13TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Howshouldthefirmraisefundsfortheselectedinvestments?Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:14Short-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?CurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:NetWorkingCapital15FinancialManagerFinancialmanagerstrytoanswersome,orall,ofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasurer–overseescashmanagement,creditmanagement,capitalexpenditures,andfinancialplanningController–overseestaxes,costaccounting,financialaccounting,anddataprocessing16OrganizingandManagingaCorporationStockholdersBoardofDirectorsPresident,Vice-President,andOtherOfficersEmployeesoftheCorporationUltimatecontrol.Stockholdersusuallymeetonceayear.Selectedbyavoteofthestockholders.Overallresponsibilityformanagingthecompany.17HypotheticalOrganizationChartChairmanoftheBoardandChiefExecutiveOfficer(CEO)BoardofDirectorsPresidentandChiefOperatingOfficer(COO)VicePresidentandChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccountingDataProcessing18FormsofBusinessOrganizationSoleProprietorshipPartnershipCorporation19FormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorshipPartners