manager财务管理决策基本问题.ppt

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1、IntroductionToCorporateFinanceKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財務管理決策基本問題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業組織Knowthegoaloffinancialmanagement財務管理的目標Understa

2、ndtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經理人可能產生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態的金融市場1ChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandContr

3、oloftheCorporationFinancialMarketsandtheCorporation2CorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivit

4、iesofthefirm?3FinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務長Treasurer財務長–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningControlle

5、r會計長–overseestaxes,costaccounting,financialaccountinganddataprocessing4FinancialManagementDecisionsCapitalbudgeting資本預算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結構Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapit

6、almanagement營運資金管理Howdowemanagetheday-to-dayfinancesofthefirm?5FormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨資Partnership合夥GeneralLimited有限責任合夥Corporation公司S-CorpLimitedliabilitycompany有限責任公司6SoleProprietorshipAdvantagesEasiestt

7、ostartLeastregulated法令規範最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營業所得納入個人綜合所得稅課稅DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliability業主承擔公司債務的無限償還責任Difficulttosellownershipinterest7PartnershipAdvantages

8、TwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營業所得納入個人綜合所得稅課稅DisadvantagesUnlimitedliability無限償還責任GeneralpartnershipLimitedpartnershipPartn