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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1ThebasictypesoffinancialmanagementdecisionsandtheINTRODUCTIONroleofthefinancialmanager.LO2Thegoaloffinancialmanagement.LO3ThefinancialimplicationsoftheTOCORPORATEdifferentformsofbusiness1organization.L
2、O4TheconflictsofinterestthatcanFINANCEarisebetweenmanagersandowners.COMPENSATIONOFCORPORATEEXECU-itdoesnotpermitshareholderstovetoacompensa-TIVESintheUnitedStatescontinuestobeahottionpackageanddoesnotplacelimitsonexecutivebuttonissue.ItiswidelyviewedthatCEOpayhasp
3、ay.Somecompanieshadactuallyalreadybegungrowntoexorbitantlevels(atleastinsomecases).Ininitiativestoallowshareholdersasayonpaybeforeresponse,inApril2007,theU.S.HouseofRepresen-Congressgotinvolved.OnMay5,2008,Aflac,thetativespassedthe“SayonPay”bill.Thebillrequiresins
4、urancecompanywiththewell-known“spokes-corporationstoallowanonbindingshareholdervoteduck,”heldthefirstshareholdervoteonexecutiveonexecutivepay.(NotethatbecausethebillappliespayintheU.S.tocorporations,itdoesnotgivevotersa“sayonpay”Understandinghowacorporationsetsexe
5、cutiveforU.S.Representatives.)pay,andtheroleofshareholdersinthatprocess,Specifically,themeasureallowsshareholderstakesusintoissuesinvolvingthecorporateformoftoapproveordisapproveacompany’sexecutiveorganization,corporategoals,andcorporatecontrol,compensationplans.B
6、ecausethebillisnonbinding,allofwhichwecoverinthischapter.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Tobeginourstudyofmoderncorporatefinanceandfinancialmanagement,weneedtoaddresstwocentralissu
7、es.First,OverviewofCorporateFinancePART1whatiscorporatefinanceandwhatistheroleofthefinancialmanagerinthecorporation?Second,whatisthegoaloffinancialmanagement?Todescribethefinancialmanagementenvironment,weconsiderthecorporateformoforganizationanddiscusssomeconflictstha
8、tcanarisewithinthecorporation.WealsotakeabrieflookatfinancialmarketsintheUnitedStates.1rros46128_ch01.indd1os46128_ch01.indd111/15/095:30:38PM/15/095:30:38PM2PA
