《财务管理英》PPT课件

《《财务管理英》PPT课件》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、chapter1&3ScopeandenvironmentoffinancialmanagementDevelopmentofFinancialManagementEarly20thcentury:Concentratedonreportingtooutsiders.Early21stcentury:Insidersmanagingandcontrollingthefirm’sfinancialoperations.Attheturnofthetwentiethcenturyfinancialtopicsfocusedontheformationofnewcompaniesandtheirl

2、egalregulationandtheprocessofraisingfundsinthecapitalmarkets.Thecompany’ssecretarywasinchargeofraisingfundsandproducingtheannualreports,aswellastheaccountingfunction.BusinessfailuresduringtheGreatDepressionofthe1930shelpedchangethefocusoffinance.Increasedemphasiswasplacedonbankruptcy,liquiditymanag

3、ementandavoidanceoffinancialproblems.AfterWorldWarⅡtheemphasisofcorporatefinanceswitchedfromfinancialaccountingandexternalreportingtocostaccountingandreportingandfinancialanalysisonbehalfofthefirm’smanagers.Thatis,theperspectiveoffinancechangedfromreportingonlytooutsiderstothatofaninsiderchargedwit

4、hthemanagementandcontrolofthefirm’sfinancialoperations.Capitalbudgetingbecameamajortopicinfinance.Thisledtoanincreasedinterestinrelatedtopics,mostnotablyfirmvaluation.Interestinthesetopicsgrewandinturnspurredinterestinsecurityanalysis,portfoliotheoryandcapitalstructuretheory.ChiefAccountantCorporat

5、eTreasurerTypicalFinanceStructureChiefFinancialOfficerChiefaccountantisalsocalledfinancialcontroller,whoseresponsibilitiesincludefinancialreportingtooutsidersaswellascostandmanagerialaccountingandfinancialanalysisonbehalfofthefirm’smanagers.Corporatetreasurerisinchargeofraisingfunds,managingliquidi

6、tyandbankingrelationshipsandcontrollingrisks.FinancialGoaloftheFirmProfitmaximisation?Inmicroeconomicscoursesprofitmaximisationisfrequentlygivenasthefinancialgoalofthefirm.Profitmaximisationfunctionslargelyasatheoreticalgoal.Problems:UNCERTAINTYofreturnsTIMINGofreturnsShareholderwealthmaximisation?

7、Sameas:MaximisingfirmvalueMaximisingsharevaluesIttakesintoaccountuncertaintyorrisk,time,andotherfactorsthatareimportanttotheowners.Butmanythingsaffectshareprices.Difficulty:TheagencyproblemAgencyproblemThea