金融学兹维·博迪第一章.ppt

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1、Chapter1:FinancialEconomicsObjectiveToDefineFinanceTheValueofFinanceIntroductiontothePlayers1Copyright©2009PearsonEducation,Inc. PublishingasPrenticeHallChapter1Contents1.1DefiningFinance1.2WhyStudyFinance1.3FinancialDecisionsofHouseholds1.4FinancialDec

2、isionsofFirms1.5FormsofBusinessOrganization1.6SeparationofOwnershipandManagement1.7TheGoalofManagement1.8MarketDiscipline:Takeovers1.9TheRoleoftheFinancialSpecialistinaCorporation2Copyright©2009PearsonEducation,Inc. PublishingasPrenticeHallIntroductionI’m

3、savingforretirement.ShouldIuseabankCD,mutualfund,directstockmarketinvestment?Iwantthatnewcar.ShouldIusesavedcash,lease,borrow?I’mthinkingaboutstartinganewbusinesswillitrewardmeadequately?Thecompanyislookingtoexpandintotelecommunications.howshouldyouadvise

4、theCFO?ALatinAmericancountryhasaskedformajorprojectfinancingshouldmyorganizationprovidethefunds?3Copyright©2009PearsonEducation,Inc. PublishingasPrenticeHall1.1DefiningFinanceFinanceisthestudyofhowpeopleallocatescarceresourcesovertimecostsandbenefitsaredi

5、stributedovertimebuttheactualtimingandsizeoffuturecashflowsareoftenknownonlyprobabilisticallyUnderstandingfinancehelpsyouevaluatetheseuncertaincashflows4Copyright©2009PearsonEducation,Inc. PublishingasPrenticeHallDefiningFinanceWhenimplementingdecisions,p

6、eoplemakeuseoftheFinancialSystemdefinedasthesetofmarketsandotherinstitutionsusedforfinancialcontractingandexchangeofassetsandrisks5Copyright©2009PearsonEducation,Inc. PublishingasPrenticeHallDefiningFinanceFinancialtheoryconsistsof:thesetofconceptsthathel

7、ptoorganizeone’sthinkingabouthowtoallocateresourcesovertimethesetofquantitativemodelsusedtohelpevaluatealternatives,makedecisions,andimplementthemTheseconceptsandmodelsapplyatalllevelsandscalesofdecisionmaking6Copyright©2009PearsonEducation,Inc. Publishin

8、gasPrenticeHallDefiningFinanceAbasictenetoffinanceisthattheexistenceofeconomicorganizations(e.g.firmsandgovernments)facilitatethesatisfactionofpeople’sconsumptionpreferences7Copyright©2009PearsonEducation,Inc. Publi