财务管理英文课件1

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

2、niesandtheirlegalregulationandtheprocessofraisingfundsinthecapitalmarkets.Thecompany’ssecretarywasinchargeofraisingfundsandproducingtheannualreports,aswellastheaccountingfunction.BusinessfailuresduringtheGreatDepressionofthe1930shelpedchangethefocusoffinance.Increasedemphasiswasplacedo

3、nbankruptcy,liquiditymanagementandavoidanceoffinancialproblems.AfterWorldWarⅡtheemphasisofcorporatefinanceswitchedfromfinancialaccountingandexternalreportingtocostaccountingandreportingandfinancialanalysisonbehalfofthefirm’smanagers.Thatis,theperspectiveoffinancechangedfromreportingonl

4、ytooutsiderstothatofaninsiderchargedwiththemanagementandcontrolofthefirm’sfinancialoperations.Capitalbudgetingbecameamajortopicinfinance.Thisledtoanincreasedinterestinrelatedtopics,mostnotablyfirmvaluation.Interestinthesetopicsgrewandinturnspurredinterestinsecurityanalysis,portfoliothe

5、oryandcapitalstructuretheory.ChiefAccountantCorporateTreasurerTypicalFinanceStructureChiefFinancialOfficerChiefaccountantisalsocalledfinancialcontroller,whoseresponsibilitiesincludefinancialreportingtooutsidersaswellascostandmanagerialaccountingandfinancialanalysisonbehalfofthefirm’sma

6、nagers.Corporatetreasurerisinchargeofraisingfunds,managingliquidityandbankingrelationshipsandcontrollingrisks.FinancialGoaloftheFirmProfitmaximisation?Inmicroeconomicscoursesprofitmaximisationisfrequentlygivenasthefinancialgoalofthefirm.Profitmaximisationfunctionslargelyasatheoreticalg

7、oal.Problems:UNCERTAINTYofreturnsTIMINGofreturnsShareholderwealthmaximisation?Sameas:MaximisingfirmvalueMaximisingsharevaluesIttakesintoaccountuncertaintyorrisk,time,andotherfactorsthatareimportanttotheowners.Butmanythingsaffectshareprices.Difficulty:TheagencyproblemAgencyproblemThea