英文版财务管理课件.ppt

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1、Chapter1TheRoleofFinancialManagementSiasInternationalUniversityTheRoleofFinancialManagementWhatisFinancialManagement?TheGoaloftheFirmOrganizationoftheFinancialManagementFunctionWhatisFinancialManagement?Concernstheacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.Inves

2、tmentDecisionsWhatistheoptimalfirmsize?Whatspecificassetsshouldbeacquired?Whatassets(ifany)shouldbereducedoreliminated?Mostimportantofthethreedecisions.FinancingDecisionsWhatisthebesttypeoffinancing?Whatisthebestfinancingmix?Whatisthebestdividendpolicy?Howwillthefundsbephysicallyacquired?

3、Determinehowtheassets(LHSofbalancesheet)willbefinanced(RHSofbalancesheet).AssetManagementDecisionsHowdowemanageexistingassetsefficiently?FinancialManagerhasvaryingdegreesofoperatingresponsibilityoverassets.Greateremphasisoncurrentassetmanagementthanfixedassetmanagement.WhatistheGoaloftheF

4、irm?MaximizationofShareholderWealth!Valuecreationoccurswhenwemaximizethesharepriceforcurrentshareholders.ShortcomingsofAlternativePerspectivesCouldincreasecurrentprofitswhileharmingfirm(e.g.,defermaintenance,issuecommonstocktobuyT-bills,etc.).Ignoreschangesintherisklevelofthefirm.ProfitMa

5、ximizationMaximizingafirm’searningsaftertaxes.ProblemsShortcomingsofAlternativePerspectivesDoesnotspecifytimingordurationofexpectedreturns.Ignoreschangesintherisklevelofthefirm.Callsforazeropayoutdividendpolicy.EarningsperShareMaximizationMaximizingearningsaftertaxesdividedbysharesoutstan

6、ding.ProblemsStrengthsofShareholderWealthMaximizationTakesaccountof:currentandfutureprofitsandEPS;thetiming,duration,andriskofprofitsandEPS;dividendpolicy;andallotherrelevantfactors.Thus,sharepriceservesasabarometerforbusinessperformance.TheModernCorporationThereexistsaSEPARATIONbetweenow

7、nersandmanagers.ModernCorporationShareholdersManagementRoleofManagementAnagentisanindividualauthorizedbyanotherperson,calledtheprincipal,toactinthelatter’sbehalf.Managementactsasanagentfortheowners(shareholders)ofthefirm.AgencyTheoryAgencyTheoryisabranchofeconomicsr