Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,1-,*,Introduction To Corporate Finance,Key Concepts and Skills,Know the basictypesof financial management decisions and therole ofthe financialmanager,財務管理決策基,本,本問題,Know the financial implications ofthe differentforms of business organization,不同企業組織,Know the goalof financial management,財務管理的目標,Understand theconflicts ofinterest thatcan arise between owners andmanagers,所有人,和,和經理,人,人可能,產,產生的,利,利益衝,突,突,Understand thevarious types of financialmarkets,各種型,態,態的金,融,融市場,1,Chapter Outline,CorporateFinanceandthe FinancialManager,FormsofBusinessOrganization,TheGoalofFinancialManagement,TheAgency Problemand Controlofthe Corporation,FinancialMarketsandtheCorporation,2,CorporateFinance,Someimportant questionsthat are answered usingfinance,Whatlong-term investments should the firm takeon?,Where will we get the long-termfinancing topayfortheinvestment?,Howwillwemanage the everydayfinancial activitiesofthefirm?,3,Financial Manager,Financial managers try to answersome orallofthese questions,Thetopfinancial manager withina firmis usually the ChiefFinancial Officer(CFO),首席財務,長,長,Treasurer,財務長,oversees cashmanagement,credit management,capital expendituresandfinancial planning,Controller,會計長,oversees taxes,cost accounting,financialaccountinganddataprocessing,4,Financial ManagementDecisions,Capitalbudgeting,資本預算,Whatlong-term investments or projects should the business takeon?,Capitalstructure,資本結構,Howshould we pay for our assets?,Should we use debt or equity?,Workingcapitalmanagement,營運資金,管,管理,Howdo we managetheday-to-dayfinancesofthefirm?,5,Forms ofBusiness Organization,Three majorforms intheUnitedStates,Soleproprietorship,獨資,Partnership,合夥,General,Limited,有限責任,合,合夥,Corporation,公司,S-Corp,Limitedliability company,有限責任,公,公司,6,SoleProprietorship,Advantages,Easiestto start,Least regulated,法令規範,最,最少,Single ownerkeeps all the profits,Taxed once as personal income,所有營業,所,所得納入,個,個人綜合,所,所得稅課,稅,稅,Disadvantages,Limitedto lifeof owner,Equitycapital limited to owners personalwealth,Unlimited liability,業主承擔公司,債,債務的無限償,還,還責任,Difficult tosellownership interest,7,Partnership,Advantages,Two ormoreowners,More capitalavailable,Relatively easy tostart,Incometaxedonceas personalincome,營業所得納入,個,個人綜合所得,稅,稅課稅,Disadvantages,Unlimited liability,無限償還責任,General partnership,Limited partnership,Partnershipdissolves when onepartner dies or wishesto sell,當有合夥人死,亡,亡或希望退出,時,時即解散,Difficult totransfer ownership,8,Corporation,Advantages,Limited liability,Unlimited life,Separation of ownershipand management,Transfer ofownership iseasy,Easierto raise capital,Disadvantages,Separation of ownershipand management,Doubletaxation(incometaxedat thecorporate rate and thendividends taxed at thepersonal rate),雙重課稅,(,公司就盈餘繳,納,納公司所得稅,，,股東收到股利,後,後再繳納個人,所,所得稅,),9,Goal Of FinancialManagement,What shouldbe thegoalof a corporation?,Maximize profit?,Are wetalking about long-runor short-runprofits?accounting profits?,Minimize costs?,We canminimize costs today bynot purchasing new equipmentor delayingmaintenance,Maximize market share?,have positive earnings?,Maximize thecurrent value ofthe companys stock?,Thereis noshortrun vs.longrun here.The stock price should incorporate expectationsaboutthe future,Does this mean weshoulddo anythingand everything tomaximize owner wealth?,10,The Agency Problem,Agencyrelationship,Principal hires anagentto represent his/her interest,Stockholders(principals)hiremanagers(agents)to run thecompany,Agencyproblem,Conflict ofinterest between principal andagent,A common example of an agencyrelationshipis areal estatebroker,Management goals and agency costs,11,The AgencyProblem,Direct agency costs,thepurchaseof something for management that cant be justified from a risk-returnstandpoint,monitoring costs.,Indirect agencycosts managements tendencyto forgoriskyor expensive projects that could be justified from a risk-returnstandpoint.,12,ManagingManagers,Managerialcompensation,Incentivescanbeusedtoalignmanagementandstockholderinterests,Theincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoal,Corporatecontrol,Thethreatofatakeovermayresultinbettermanagement,Otherstakeholders,利,害,害,關,關,係,係,人,人,13,WorktheWebExample,TheInternetprovidesawealthofinformationaboutindividualcompanies,O,Clickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!,14,FinancialMarkets,Cashflowstothefirm,Primary vs.secondarymarkets,Dealer,自營商,市,市場,vs.auctionmarkets,拍賣市,場,場,Listed,上市掛,牌,牌,vs.over-the-countersecurities,店頭市,場,場,NYSE,NASDAQ,15,QuickQuiz,What arethethreetypesoffinancial managementdecisions andwhat questionsaretheydesignedtoanswer?,What arethethreemajorformsofbusinessorganization?,What is thegoal of financialmanagement?,What areagencyproblemsand whydothey exist withina corporation?,What is thedifference betweenaprimary marketandasecondarymarket?,16,EndofChapter,演讲完,毕,毕，谢,谢,谢观看,！,！,