《财务管理英》PPT课件

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

2、nofnewcompaniesandtheirlegalregulationandtheprocessofraisingfundsinthecapitalmarkets.Thecompany’ssecretarywasinchargeofraisingfundsandproducingtheannualreports,aswellastheaccountingfunction.BusinessfailuresduringtheGreatDepressionofthe1930shelpedchangethefocusoffinance.Incre

3、asedemphasiswasplacedonbankruptcy,liquiditymanagementandavoidanceoffinancialproblems.AfterWorldWarⅡtheemphasisofcorporatefinanceswitchedfromfinancialaccountingandexternalreportingtocostaccountingandreportingandfinancialanalysisonbehalfofthefirm’smanagers.Thatis,theperspectiv

4、eoffinancechangedfromreportingonlytooutsiderstothatofaninsiderchargedwiththemanagementandcontrolofthefirm’sfinancialoperations.Capitalbudgetingbecameamajortopicinfinance.Thisledtoanincreasedinterestinrelatedtopics,mostnotablyfirmvaluation.Interestinthesetopicsgrewandinturnsp

5、urredinterestinsecurityanalysis,portfoliotheoryandcapitalstructuretheory.ChiefAccountantCorporateTreasurerTypicalFinanceStructureChiefFinancialOfficerChiefaccountantisalsocalledfinancialcontroller,whoseresponsibilitiesincludefinancialreportingtooutsidersaswellascostandmanage

6、rialaccountingandfinancialanalysisonbehalfofthefirm’smanagers.Corporatetreasurerisinchargeofraisingfunds,managingliquidityandbankingrelationshipsandcontrollingrisks.FinancialGoaloftheFirmProfitmaximisation?Inmicroeconomicscoursesprofitmaximisationisfrequentlygivenasthefinanc

7、ialgoalofthefirm.Profitmaximisationfunctionslargelyasatheoreticalgoal.Problems:UNCERTAINTYofreturnsTIMINGofreturnsShareholderwealthmaximisation?Sameas:MaximisingfirmvalueMaximisingsharevaluesIttakesintoaccountuncertaintyorrisk,time,andotherfactorsthatareimportanttotheowners.

8、Butmanythingsaffectshareprices.Difficulty:TheagencyproblemAgencyproblemThea