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ID:39149253
大小:1.62 MB
页数:11页
时间:2019-06-25
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1、WhyFinanceMattersPrinciplesofCorporateFinanceRichardA.BrealeyStewartC.MyersChapter1McGrawHill/IrwinTopicsCoveredIntroductionWhatIsACorporation?TheRoleofTheFinancialManagerWhoIsTheFinancialManager?SeparationofOwnershipandManagementFinancialMarketsCorpora
2、teStructureSoleProprietorshipsCorporationsPartnershipsLimitedLiabilityCorporatetaxonprofits+PersonaltaxondividendsUnlimitedLiabilityPersonaltaxonprofitsRoleofTheFinancialManagerFinancialmanagerFirm'soperationsFinancialmarkets(1)Cashraisedfrominvestors(1
3、)(2)Cashinvestedinfirm(2)(3)Cashgeneratedbyoperations(3)(4a)Cashreinvested(4a)(4b)Cashreturnedtoinvestors(4b)WhoisTheFinancialManager?ChiefFinancialOfficerControllerTreasurerOwnershipvs.ManagementWho’stheownerofthecompanyConflictsTheshareholderswanttose
4、ehigherprofitsasmoredividendscanbeyieldfromitwhilstthemanagersaremoreinterestedinhigherrevenuebecauseitmeansmoreexpensescanbemadethatarebeneficialtothem.Managersmaywishtoholdmorecashandreceivemoreperkslikehavingapersonaljetthatwouldbetheexpensesofthecom
5、panyandthismayreducetheprofit.managersandshareholdershavedifferentattitudetowardsriskConflictbetweenbothcanalsoarisewhenthereistakeoverbidtothecompany
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