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1、EMBA財務管理李志宏政大財務管理系教授兼EMBA執行長2.代理問題(agencyproblem)股東VS.經理人 股東VS.債權人3.金融市場(FinancialMarkets)a.MoneyMarket＜－－－＞CapitalMarket。b.PrimaryMarket＜－－－＞SecondaryMarket。4.利率決定因素K=K*+IP+DP+LP+MPK：名目利率(nominalinterestrate)K*：真實利率(realinterestrate) IP：通貨膨脹溢酬(inflationpremium)
2、 DP：違約風險溢酬(defaultpremium) LP：變現力溢酬(liquiditypremium) MP：到期風險溢酬(maturityriskpremium)5.利率期間結構描述殖利率(yield–to-maturity)與到期期間(time–to-maturity)的關係。(見圖)美國國庫券的利率期間結構解釋期間結構之理論a.預期理論(ExpectationTheory) b.變現力偏好理論(LiquidityPreferenceTheory) c.市場區隔理論(MarketSegmentationTheor
3、y)BalanceSheetsAssets20062007Cash$52,000$57,600Receivables402,000351,200Inventories836,000715,200Totalcurrentassets$1,290,000$1,124,000Grossfixedassets$527,000$491,000Less:AccumulatedDepreciation166,200146,200Netfixedassets$360,800$344,800Totalassets$1,650,800$1,
4、468,800LiabilitiesandEquityAccountspayable$175,200$145,600Notespayable225,000200,000Accruals140,000136,600Totalcurrentliabilities$540,200$481,600Long-termdebt$424,612$323,432Commonstock$460,000$460,000Retainedearnings225,988203,768Totalequity$685,988663,768TotalL
5、iabilitiesandEquity$1,650,800$1,468,800IncomeStatements20062007Sales$3,850,000$3,432,000Costofgoodssold3,250,0002,864,000Otherexpenses430,300340,000Depreciation20,00018,900Totaloperatingcosts$3,700,000$3,222,900Earningsbeforeinterestandtaxes(EBIT)$149,700$209,100
6、Lessinterestexpense76,00062,500Earningsbeforetaxes(EBT)73,700$146,600Incometaxes(40%)29,48058,640Netincome$44,220$87,960OtherDataEPS$0.442$0.880December31stockprice$6.00$8.50Sharesoutstanding(December31)100,000100,000Dividendspershare$0.22$0.22Leasepayments$40,00
7、0$40,000StatementofCashFlows(2007)OperatingActivities:Netincome$44,220Additions(sourcesofcash):Depreciation20,000Increaseinaccountspayable29,600Increaseinaccruals4,000Subtractions(Usesofcash):Increaseinreceivables(50,800)Increaseininventories(120,800)Netcashflowf
8、romoperations($73,780)Long-TermInvestingActivities:Investmentinfixedassets($36,000)FinancingActivities:Increaseinnotespayable$25,000Increaseinlong-termdebt101,
