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ID:9227272
大小:441.08 KB
页数:22页
时间:2018-04-23
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1、FinancialManagement.2013.SouthChinaUniversityofTechnologyFOUNDATIONSOFFINANCIALMANAGEMENTPART1INTRODUCTIONLecturer:Renee,RenGu1WhatisCorporation?1.1FormsofOrganizationSoleproprietorshipPartnershipCorporationFirstType:SoleProprietorshipAdvantagesDisadvantagesEasiesttost
2、artOwnersmustbearallcostsLeastregulatedNootherstoshareburdenoraddexpertiseSingleownerkeepsalltheUnlimitedliabilityfordebtsprofitsandmalpracticeTaxedonceaspersonalDifficulttosellownershipincomeinterestSecondType:PartnershipAdvantagesDisadvantagesRelativelyeasytostartEac
3、hpartnerhasunlimitedliabilityfordebtandmalpracticePooledexpertiseandPartnershipdissolveswhenresourcesonepartnerdiesorwishestosellMorecapitalavailableDifficulttotransferownershipIncometaxedonceasShareprofitswithpartnerspersonalincomeThirdtype:CorporationAdvantagesDisadv
4、antagesLimitedliabilityfordebtsandSeparationofownershipandmalpracticemanagementSeparationofownershipandDoubletaxationmanagement(incometaxedatthecorporaterate;dividendstaxedatpersonalrate)EasiertoraisecapitalResponsibletoshareholdersTransferofownershipiseasyRequiresanda
5、ttorneytoestablish2WhatisFINANCIALMANAGEMENT?2.1Definition•Takingacommercialbusinessasthemostcommonorganizationalstructure.•Financialmanagemententailsplanningforthefutureofapersonorabusinessenterprisewiththeaimofensuringapositivecashflow.Corporation’sFinancialManagemen
6、t2.2StructureoftheKNOWLEDGECorporatefinanceincludes…2.3Whoisfinancialmanager?Functionsoffinancialmanager:toallocatefundstocurrentandfixedassetstoobtainthebestmixoffinancingalternativestodevelopanappropriatedividendpolicywithinthecontextofthefirm’sobjectives.Thesefun
7、ctionsareperformedonaday-to-daybasisaswellasthroughinfrequentuseofthecapitalmarketstoacquirenewfunds.CorporationFinancialFinancialOperationsMarketsManagers(RealAssets)(Investors)Financialmanagerstrytoanswersomeorallofthesequestions:•Capitalbudgeting–Whatlong-terminvest
8、mentsorprojectsshouldthebusinesstakeon?•Capitalstructure–Howshouldwepayforourassets?–Shouldweusedebtorequity?•Working
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