国际财务管理课件1.ppt

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1、IntroductionToCorporateFinanceKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanagerKnowthefinancialimplicationsofthedifferentformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinteresttha

2、tcanarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarkets1ChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation2Corp

3、orateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?3FinancialManagerFinancialmanagerstrytoanswerso

4、meorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasurer–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController–overseestaxes,costaccounting,financialaccountinganddataprocessing4Fina

5、ncialManagementDecisionsCapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?5FormsofBusinessOrganizationThr

6、eemajorformsintheUnitedStatesSoleproprietorshipPartnershipGeneralLimitedCorporationS-CorpLimitedliabilitycompany6SoleProprietorshipAdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincomeDisadvantagesLimitedtolifeofownerEquityca

7、pitallimitedtoowner’spersonalwealthUnlimitedliabilityDifficulttosellownershipinterest7PartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincomeDisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPar

8、tnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership8CorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipand