麦肯锡—财务管理培训课程.
《企业财务管理培训》ppt课件
03 企业财务预算与控制
CHAPTER
财务预算的制定
总结词:科学合理
详细描述:制定财务预算需要基于企业战略目标,结合市场环境、历史数据和业 务计划等因素,采用科学的方法和工具进行预测和规划。
财务预算的执行与调整
总结词:刚柔相济
详细描述:在预算执行过程中,既要严格执行预算,又要根据实际情况进行适时调整。调整时要充分评估和考虑内外部环境 的变化,确保预算的合理性和可行性。
所有者权益变动表
总结词
反映企业所有者权益变动的财务报表
VS
详细描述
所有者权益变动表是企业财务报表中的重 要报表之一,主要反映了企业所有者权益 的变动情况。通过所有者权益变动表,可 以了解企业股本、资本公积、盈余公积和 未分配利润等所有者权益项目的变动情况 ,从而评估企业的股东价值和股东权益变 动情况。
战略性财务管理
将财务管理与企业战略相结合,从战略角度出发制定财务管理策 略,推动企业战略目标的实现。
价值链财务管理
将财务管理延伸至企业的价值链管理,从价值链的角度出发优化财 务管理流程和决策。
智能化财务管理
利用人工智能、大数据等技术手段,实现财务管理的智能化决策和 预测,提高财务管理的准确性和前瞻性。
03
详细描述
企业应深入了解自身的经营状况和行业地位,包括产品或服务的市场需
求、竞争状况、政策法规等,以便更好地制定风险管理策略。
企业财务风险管理 财务风险识别
总结词
关注企业内外部环境变化,及时调整 风险管理策略。
详细描述
企业应时刻关注内外部环境的变化, 包括宏观经济形势、政策法规调整、 科技进步等,及时调整风险管理策略 ,以应对不断变化的风险状况。
详细描述
《财务管理培训》课件ppt
财务整合内容
会计政策、财务系统、资金管理等 。
并购后协同效应
经营协同、管理协同、财务协同等 。
企业财务重组与并购的风险管理
01
02
03
风险识别
市场风险、财务风险、整 合风险等。
风险评估
风险概率、风险影响程度 等。
风险应对
风险规避、风险控制、风 险转移等。
THANKS FOR WATCHING
风险控制与防范
企业需要建立完善的风险控制和防范 机制,以降低融资风险对企业经营的 影响。
06 企业财务重组与并购
产剥离、股权转让、债务重组等。
优化企业财务结构,提高企业价值。
财务重组程序
资产评估、交易谈判、交易执行等。
企业并购的财务评估与整合
财务评估方法
资产负债表定义
资产负债表是反映企业在某一特定日期财务状况的财务报表,它列出了企业资产、负债和 所有者权益的各项目。
资产负债表的构成
资产负债表由资产、负债和所有者权益三部分构成。资产主要包括流动资产、固定资产、 无形资产等;负债包括流动负债和长期负债;所有者权益则是企业的净资产,即资产减去 负债的余额。
《财务管理培训》课件
汇报人:可编辑 2023-12-24
contents
目录
• 财务管理概述 • 财务报表与财务分析 • 预算管理 • 投资决策与风险管理 • 融资管理 • 企业财务重组与并购
01 财务管理概述
财务管理的定义与目标
总结词
明确财务管理的定义和目标,帮助学员了解财务管理的核心概念和意义。
资本结构与资本成本
资本结构
资本成本
指企业各种资本的构成及其比例关系,是 企业筹资决策的核心问题。
《财务管理学》课程中英文简介
《财务管理学》课程中英文简介Corporate Finance课程代码:040013A/040013B Course Code:040025A/040015A/040012B 040025A/040015A /040012B 040025A/040015A课程名称:财务管理学Course Name:Corporate Finance学时:48/32/80 Periods:48/32/80学分:3/2/5 Credits:3/2/5考核方式:考查/考试Assessment:Inspection/Examination先修课程: Preparatory Courses:成本管理会计学(上)MA1 Management AccountingⅠ本课程就是国际会计专业方向的基础财务管理学课程,主要讲授的就是财务经理在进行投资、筹资与日常营运管理过程中如何进行财务决策,才能实现股东财富最大化这一企业理财目标。
先修课程为管理会计基础(MA1)。
该课程主要包括以下内容:(1)财务管理学简介; (2)财务环境与其组成要素分析。
(3)证券估价。
(4)利息率与汇率的确定:利息率的影响因素与确定步骤、利率期限结构、风险溢价、汇率的影响因素、购买力平价理论与利率平价理论。
(5)战略决策——资本预算:主要讲授项目现金流的确定、资本预算方法与决策标准、内部报酬率法的优缺点分析、资本限额决策、资本预算决策中的风险分析。
(6)战略决策——资本成本:主要讲授资本结构、个别资本成本(包括债券、优先股、普通股)与综合资本成本的确定。
(7)经营决策——营运资本管理:主要讲授营运资本筹资决策、存货、应收帐款的管理。
(8)财务计划:主要讲授财务计划(或资金需求计划)的编制与分析。
Corporate Finance Fundamentals [FN1] is a fundamental course in managerial finance with an emphasis on the major decisions to be made by the financial executive of an organization、Topics introduced in FN1 include the following parts:Part 1 Introduction to the corporate finance; Part 2 The financial environment,including the financial system, the major intermediaries and the specialized markets; Part 3 Security valuation: Risk-free assets, including the interest rate as an opportunity cost, varying compound intervals and annuities; Part 4 The determinants of interest rates, including the determinants of interest rates, term structure effects; Part 5 Security valuation: Risk-adjusted discount rates, including the determinants of equity prices, the relationship between the price and the expected return; Part 6 Strategic decisions: Capital budgeting and cash flow estimation, including the capital budgeting process, estimating cash flows; Part 7 Strategic decisions: Capital budgeting evaluation criteria, including the NPV rule measures shareholder wealth, alternative capital budgeting criteria; Part 8 Financial planning, including Important elements in financial planning and the benefits of financial planning、《财务管理学》课程中英文简介Financial Management课程代码:040015A Course Code:040015A课程名称:财务管理学Course Name:Financial Management学时:80 Periods:80学分:5 Credits:5考核方式:考试Assessment:Examination先修课程:会计学基础Preparatory Courses:Accounting 财务管理学就是会计学与注册会计师专业的学科基础课,开设本课程的主要任务就是加强学生对财务管理理论与实务的全面、深入了解,培养学生课堂讨论与课外阅读与写作的习惯,引导学生对有关现代企业财务管理问题进行思考,从而培养出适应市场经济需要的中级理财者。
《财务管理》教学大纲(英文)
《财务管理》课程编号:CFIN311课程类型:专业必修课总学时: 54 学时学分:3学分适用对象:工商管理专业先修课程:CACC111/MFIN221Learning ObjectivesOn successful completion of this paper candidates should be able to:–Discuss the role and purpose of the financial management function–Assess and discuss the impact of the economic environment on financial management–Discuss and apply working capital management techniques–Carry out effective investment appraisal–Identify and evaluate alternative sources of business finance–Discuss and apply principles of business and asset valuations–Explain and apply risk management techniques in business. Teaching MethodsThis course contains lectures, class discussions, homework assignments, quizzes and exams.Group discussions of the course material are an important part of the learning process in this course. Students are expected to make a meaningful contribution to the class, whether by asking questions, responding to questions, delivering presentations or contributing in other ways to class discussion.Core syllabus areas and teaching guidanceWorking capital management, investment appraisal and business finance are core areas of this course. Lecturing along with past exam problems practicing will be used to demonstrate how to apply key knowledge and techniques.Study TimeTo do well in this course, you need to devote time outside of class for practice and proper preparation. A typical student needs at least20 hours of no-class time each week during a 16-week semester. I would encourage all of you to do all assigned homework and practice extra problems.Homework assignmentsIf you do not attempt to complete the assigned homework, it is likely that your performance in the course will suffer. It is expected that homework assignments will be completed prior to the start of class. The answers need not be correct. Homework will be evaluated as complete if all parts of the assignment have been attempted and all work is shown. Assignments will be collected at the beginning of class and late assignments will not be accepted.Quizzes and ExaminationsThere will be one or two quizzes during the semester. Quizzes may or may not be announced in advance. Quizzes will test your knowledge of both concepts and the application of those concepts. The examination contains a mix of objectives and longer type questionsconsist of questions utilizing the application of critical thinking.Grading schemeA+ (100-97, Superior) A (96-93) A-(92-90)B+ (89-87) B (86-83, Good) B- (82-80)C+ (79-75) C (74-70, competent) C- (69-67)D+ (66-63) D (62-60) F = failure (59and below) Academic dishonestyAny student caught cheating on homework assignments or tests will receive an automatic grade of zero on that assignment. A second violation will result in disciplinary action in accordance with university policy. Any type of cheating on the midterm or final exam will result in a nullification of the exam paper.Classroom PolicyNo cell phones.No textbook no class!No smoking.No drowsing.No chatting and whispering.Participate actively.Course ScheduleCourse outlineChapter 1 Financial management and financial objectivesFinancial management function1 The nature and purpose of financial management(a) Explain the nature and purpose of financial management.(b) Explain the relationship between financial management and financial and management accounting.2 Financial objectives and the relationship with corporate strategy(a) Discuss the relationship between financial objectives, corporate objectivesand corporate strategy.(b) Identify and describe a variety of financial objectives, including:(i) Shareholder wealth maximization(ii) Profit maximization(iii) Earnings per share growth3 Stakeholders and impact on corporate objectives(a) Identify the range of stakeholders and their objectives.(b) Discuss the possible conflict between stakeholder objectives.(c) Discuss the role of management in meeting stakeholder objectives,including the application of agency theory.(d) Describe and apply ways of measuring achievement of corporate objectivesincluding:(i) Ratio analysis, using appropriate ratios such as return on capital employed,return on equity, earnings per share and dividend per share(ii) Changes in dividends and share prices as part of total shareholder return(e) Explain ways to encourage the achievement of stakeholder objectives,including:(i) Managerial reward schemes such as share options and performance-relatedpay(ii) Regulatory requirements such as corporate governance codes of bestpractice and stock exchange listing regulations4 Financial and other objectives in not for profit organizations(a) Discuss the impact of not for profit status on financial and other objectives.(b) Discuss the nature and importance of value for money as an objective in notfor profit organizations.(c) Discuss ways of measuring the achievement of objectives in not for profitorganizations.Key teaching pointsFinancial management functionFinancial and other objectives in not for profit organizationsExam guideThe material in this chapter is examinable as an entire discussion question or as a question involvingcalculations such as ratios and discussion. When doing a ratio analysis question, you must make sure you apply your answer to the organization in the question. The organization will not necessarily be a publicly quoted company with shareholders. AssignmentSee Revision Kit 2016,BPP Learning MediaSection A Questions1-5 MCQ bank – Financial management and financial objectivesSection B Questions 16-20 ABC CoChapter 2 The economic environment for businessThe economic environment for business(a) Identify and explain the main macroeconomic policy targets.(b) Define and discuss the role of fiscal, monetary, interest rate and exchangerate policies in achieving macroeconomic policy targets.(c) Explain how government economic policy interacts with planning anddecision-making in business.(d) Explain the need for, and the interaction with, planning and decision-makingin business of:(i) Competition policy(ii) Government assistance for business(iii) Green policies(iv) Corporate governance regulationKey teaching points(a) Identify and explain the main macroeconomic policy targets.(b) Define and discuss the role of fiscal, monetary, interest rate and exchangerate policies in achieving macroeconomic policy targets.(c) Explain how government economic policy interacts with planning anddecision-making in business.Exam guideThe emphasis in the exam will be on discussing how economic conditions or policies affect particular businesses, for example the impact of a change in interest rates.Assignment21-35 MCQ bank – Financial management environment36-40 CBE style OTQ bank – Financial management environmentChapter 3 Financial markets, money markets and institutions1 The nature and role of financial markets and institutions(a) Identify the nature and role of money and capital markets, both nationallyand internationally.(b) Explain the role of financial intermediaries.(c) Explain the functions of a stock market and a corporate bond market.(d) Explain the nature and features of different securities in relation to therisk/return tradeoff.2 The nature and role of money markets(a) Describe the role of the money markets in:(i) Providing short-term liquidity to the private sector and the public sector(ii) Providing short-term trade finance(b) Explain the role of banks and other financial institutions in the operation ofthe money markets.(c) Explain the characteristics and role of the principal money-marketinstruments:(i) Interest-bearing instruments(ii) Discount instruments(iii) Derivative productsKey teaching pointsExplain the role of financial intermediaries.The nature and role of money marketsExplain the characteristics and role of the principal money-marketInstrumentsExam guideYou are unlikely to be asked a whole longer question on financial markets and institutions. You might,however, be asked a part question or Section A multiple choice question that relates to the circumstances of a particular company, for instance how they could raise funds using a stock market.AssignmentChapter end quick quizChapter 4 Working capital1 The nature, elements and importance of working capital(a) Describe the nature of working capital and identify its elements.(b) Identify the objectives of working capital management in terms of liquidity andprofitability, and discuss the conflict between them.(c) Discuss the central role of working capital management in financial management.2 Management of inventories, accounts receivable, accounts payable and cash(a) Explain the cash operating cycle and the role of accounts payable and accounts receivable.(b) Explain and apply relevant accounting ratios, including:(i) Current ratio and quick ratio(ii) Inventory turnover ratio, average collection period and average payable period (iii) Sales revenue/net working capital ratioKey teaching pointsAll are very importantExam guideWorking capital is highly examinable. Questions are likely to be a mixture of calculations and discussion. Always make sure your discussion and explanations are applied to the specific organization in the question.AssignmentSection A Questions41-45 MCQ bank – Working capital80 Wobnig Co (6/12, amended) (a)Chapter 5 Managing working capital1 Management of inventories, accounts receivable, accounts payable and cash(a) Discuss, apply and evaluate the use of relevant techniques in managing inventory,including the economic order quantity model and Just-in-Time techniques.(b) Discuss, apply and evaluate the use of relevant techniques in managing accountsreceivable, including:(i) Assessing creditworthiness(ii) Managing accounts receivable(iii) Collecting amounts owing(iv) Offering early settlement discounts(v) Using factoring and invoice discounting(vi) Managing foreign accounts receivable(c) Discuss and apply the use of relevant techniques in managing accounts payable, including:(i) Using trade credit effectively(ii) Evaluating the benefits of discounts for early settlement and bulk purchase (iii) Managing foreign accounts payableKey teaching pointsDiscuss, apply and evaluate the use of relevant techniques in managing inventory Discuss and apply the use of relevant techniques in managing accounts payable Exam guideQuestions in this area are likely to be a mixture of calculations and discussion. The material in this chapter is highly examinable.Assignment46-55 CBE style OTQ bank – Managing working capital78 WQZ Co (12/10, amended)79 Bold Co (12/11, amended)Chapter 6 Working capital finance1 Management of inventories, accounts receivable, accounts payable and cash(a) Explain the various reasons for holding cash, and discuss and apply the use ofrelevant techniques in managing cash, including:(i) Preparing cash flow forecasts to determine future cash flows and cash balances(ii) Assessing the benefits of centralized treasury management and cash control (iii) Cash management models, such as the Baumol model and the Miller-Orr model(iv) Investing short-term2 Determining working capital needs and funding strategies(a) Calculate the level of working capital investment in current assets and discuss thekey factors determining this level, including:(i) The length of the working capital cycle and terms of trade(ii) An organization's policy on the level of investment in current assets(iii) The industry in which the organization operates(b) Describe and discuss the key factors in determining working capital funding strategies, including:(i) The distinction between permanent and fluctuating current assets(ii) The relative cost and risk of short-term and long-term finance(iii) The matching principle(iv) The relative costs and benefits of aggressive, conservative and matching funding policies(v) Management attitudes to risk, previous funding decisions and organization size Key teaching points(a) Explain the various reasons for holding cash, and discuss and apply the use ofrelevant techniques in managing cash, including:(i) Preparing cash flow forecasts to determine future cash flows and cash balances(ii) Assessing the benefits of centralized treasury management and cash control (iii) Cash management models, such as the Baumol model and the Miller-Orr modelDescribe and discuss the key factors in determining working capital funding strategies Exam guideThe material covered in this chapter is again highly examinable. Any of the calculations could form part or all of a question and you also need to be able to explain the meaning of your answers.Assignment56-60 CBE style OTQ bank – Working capital finance80 Wobnig Co (6/12, amended) (b)84 Widnor Co (6/15, amended)Chapter 7 Investment decisions1 Investment appraisal techniques(a) Identify and calculate relevant cash flows for investment projects.(b) Calculate payback period and discuss the usefulness of payback as an investmentappraisal method.(c) Calculate return on capital employed (accounting rate of return) and discuss itsusefulness as an investment appraisal method.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideYou should be able to use the techniques covered in this chapter, you may be asked to discuss their drawbacks. You must be able to apply your knowledge.Assignment85-94 MCQ bank – Investment decisionsChapter 8 Investment appraisal using DCF methods1 Investment appraisal techniques(a) Calculate net present value and discuss its usefulness as an investment appraisal method.(b) Calculate internal rate of return and discuss its usefulness as an investment appraisal method.(c) Discuss the superiority of DCF methods over non-DCF methods.(d) Discuss the relative merits of NPV and IRR.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideYou may be asked to discuss the relative merits of the various investment appraisal techniques as well as to demonstrate your ability to apply the techniques themselves. Assignment95-104 MCQ bank – Investment appraisal using DCFChapter 9 Allowing for inflation and taxation1 Allowing for inflation and taxation in investment appraisal(a) Apply and discuss the real terms and nominal terms approaches to investment appraisal.(b) Calculate the taxation effects of relevant cash flows, including the tax benefits ofcapital allowances and the tax liabilities of taxable profit.(c) Calculate and apply before- and after-tax discount rates.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideAs well as bringing inflation into your DCF calculations, you may be asked to explain the differences between real and nominal rates. In a long question, you can expect to have to deal with inflation, tax and working capital in an NPV question. Assignment105-114 MCQ bank – Allowing for tax and inflation146 Project E (6/14, amended)152 Uftin Co (12/14, amended)Chapter 10 Project appraisal and risk1 Investment appraisal process techniques(a) Calculate discounted payback and discuss its usefulness as an investment appraisal method.2 Adjusting for risk and uncertainty in investment appraisal(a) Describe and discuss the difference between risk and uncertainty in relation toprobabilities and increasing project life.(b) Apply sensitivity analysis to investment projects and discuss the usefulness ofsensitivity analysis in assisting investment decisions.(c) Apply probability analysis to investment projects and discuss the usefulness ofprobability analysis in assisting investment decisions.(d) Apply and discuss other techniques of adjusting for risk and uncertainty ininvestment appraisal, including:(i) Simulation(ii) Adjusted paybackKey teaching pointsCalculate discounted payback and discuss its usefulness as an investment appraisal method.Apply sensitivity analysis to investment projects and discuss the usefulness of sensitivity analysis in assisting investment decisions.Apply probability analysis to investment projects and discuss the usefulness of probability analysis in assisting investment decisions.Exam guideRisk and uncertainty are increasingly examinable in financial management exams andsensitivity calculations are particularly important. You will need to be able to explain these techniques as well as be confident and competent with the calculations. Assignment115-119 CBE style OTQ bank – Project appraisal and risk130-134 Sensitivity analysisChapter 11 Specific investment decisionsSpecific investment decisions (lease or buy; asset replacement; capital rationing) (a) Evaluate leasing and borrowing to buy using the before- and after-tax costs of debt.(b) Evaluate asset replacement decisions using equivalent annual cost and equivalent annual benefit.(c) Evaluate investment decisions under single period capital rationing, including: (i) The calculation of profitability indexes for divisible investment projects(ii) The calculation of the NPV of combinations of non-divisible investment projects Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideYou may be asked to calculate the results of different options and careful, methodical workings will be essential. These calculations can be quite difficult and will need lots of practice.Assignment120-129 CBE style OTQ bank – Specific investment decisions145 Calvic Co147 AGD Co (FMC, 12/05, amended)Chapter 12 Sources of finance1 Sources of and raising business finance(a) Identify and discuss the range of short-term sources of finance available to businesses, including:(i) Overdraft(ii) Short-term loan(iii) Trade credit(iv) Lease finance(b) Identify and discuss the range of long-term sources of finance available tobusinesses, including:(i) Equity finance(ii) Debt finance(iii) Lease finance(iv) Venture capital(c) Identify and discuss methods of raising equity finance, including:(i) Rights issue(ii) Placing(iii) Public offer(iv) Stock exchange listing(d) Identify and discuss methods of raising short- and long-term Islamic finance, including:(i) Major difference between Islamic finance and the other forms of business finance(ii) The concept of riba (interest) and how returns are made by Islamic financial securities(iii) Islamic financial instruments available to businesses, including:(i) Murabaha (trade credit)(ii) Ijara (lease finance)(iii) Mudaraba (equity finance)(iv) Sukuk (debt finance)(v) Musharaka (venture capital)Key teaching pointsIdentify and discuss methods of raising equity financeIdentify and discuss methods of raising short- and long-term Islamic financeExam guideSources of finance are a major topic. You may be asked to describe appropriate sources of finance for a particular company, and also discuss in general terms when different sources of finance should be utilized and when they are likely to be available.Assignment154-158 MCQ bank – Sources of finance147 AGD Co (FMC, 12/05, amended)199 Bar Co (12/11, amended)Chapter 13 Dividend policy1 Sources of and raising business finance(a) Identify and discuss internal sources of finance, including:(i) Retained earnings(ii) Increasing working capital management efficiency(iii) The relationship between dividend policy and the financing decision(iv) The theoretical approaches to, and the practical influences on, the dividend decisions, including legal constraints, liquidity, shareholding expectations andalternatives to cash dividendsKey teaching pointsIdentify and discuss internal sources of finance(i) Retained earnings(ii) Increasing working capital management efficiencyExam guideThis chapter is likely to be examined as a discussion question, perhaps combined with ratio analysisAssignment159-163 MCQ bank – Dividend policyChapter 14 Gearing and capital structure1 Sources of finance and their relative costs(c) Identify and discuss the problem of high levels of gearing.(d) Assess the impact of sources of finance on financial position, financial risk and shareholder wealth using appropriate measures, including:(i) Ratio analysis using statement of financial position gearing, operational and financial gearing, interest coverage ratio and other relevant ratios(ii) Cash flow forecasting(iii) Leasing or borrowing to buy2 Finance for small and medium-sized entities (SMEs)(a) Describe the financing needs of small businesses.(b) Describe the nature of the financing problem for small businesses in terms of the funding gap, the maturity gap and inadequate security.(c) Explain measures that may be taken to ease the financing problems of SMEs, including the responses of government departments and financial institutions.(d) Identify and evaluate the financial impact of different sources of finance for SMEs, including sources already referred to in syllabus section E1, and also:(i) Business angel financing(ii) Government assistance(iii) Supply chain financing(iv) Crowdfunding/peer to peer fundingKey teaching pointsRatio analysis using statement of financial position gearing, operational and financial gearing, interest coverage ratio and other relevant ratiosFinance for small and medium-sized entities (SMEs)Exam guideYou may be asked to explain the implications of different financing decisions on investment opportunities and the company's continued health. Capital structure is a significant topic in this exam and can be examined in conjunction with a number of other areas.Assignment164-173 MCQ bank – Gearing and capital structureChapter 15 The cost of capital1 Estimating the cost of capital(a) Estimate the cost of equity including:(i) Application of the dividend growth model and discussion of its weaknesses(ii) Explanation and discussion of systematic and unsystematic risk(iii) Relationship between portfolio theory and the capital asset pricing model(CAPM)(iv) Application of the CAPM, its assumptions, advantages and disadvantages (b) Estimating the cost of debt:(i) Irredeemable debt(ii) Redeemable debt(iii) Convertible debt(iv) Preference shares(v) Bank debt(c) Estimating the overall cost of capital including: 2(i) Distinguishing between average and marginal cost of capital(ii) Calculating the weighted average cost of capital (WACC) using book value and market value weightings2 Sources of finance and their relative costs(a) Describe the relative risk-return relationship and describe the relative costs of equity and debt.(b) Describe the creditor hierarchy and its connection with the relative costs of sources of finance.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideIn the exam you may be asked to calculate the weighted average cost of capital and its component costs, either as a separate sub-question, or as part of a larger question, most likely an investment appraisal. Remember that questions won't just involve calculations; you may be asked to discuss the problems with the methods of calculation you've used or the relevance of the costs of capital to investment decisions.Assignment174 -183 CBE style OTQ bank – The cost of capital201 NN Co (12/10, amended)202 AQR Co (6/11, amended)203 BKB Co (12/12, amended)Chapter 16 Capital structure1 Sources of finance and their relative costs(a) Impact of cost of capital on investments including:(i) The relationship between company value and cost of capital(ii) The circumstances under which WACC can be used in investment appraisal (iii) The advantages of the CAPM over WACC in determining a project-specific cost of capital(iv) Application of CAPM in calculating a project-specific discount rate2 Capital structure theories and practical considerations(a) Describe the traditional view of capital structure and its assumptions.(b) Describe the views of Miller and Modigliani on capital structure, both without andwith corporate taxation, and their assumptions.(c) Identify a range of capital market imperfections and describe their impact on theviews of Miller and Modigliani on capital structure.(d) Explain the relevance of pecking order theory to the selection of sources of finance.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideThe theories covered in this chapter could be needed in a discussion part of a question. Gearing andungearing a beta is an essential technique to master using the formula which will be given to you in the exam.Assignment184- 193 CBE style OTQ bank – Capital structure204 Fence Co (6/14, amended)205 Tinep Co (12/14, amended)Chapter 17 Business valuations1 Nature and purpose of the valuation of business and financial assets(a) Identify and discuss reasons for valuing businesses and financial assets.(b) Identify information requirements for valuation and discuss the limitations ofdifferent types of information.2 Models for the valuation of shares(a) Asset-based valuation models, including:(i) Net book value (statement of financial position basis)(ii) Net realisable value basis(iii) Net replacement cost basis(b) Income-based valuation models, including:(i) Price/earnings ratio method(ii) Earnings yield method(c) Cash flow based valuation models, including:(i) Dividend valuation model and the dividend growth model(ii) Discounted cash flow basis3 The valuation of debt and other financial assets(a) Apply appropriate valuation methods to:(i) Irredeemable debt(ii) Redeemable debt(iii) Convertible debt(iv) Preference sharesKey teaching pointsModels for the valuation of sharesThe valuation of debt and other financial assetsAssignment207-216 MCQ bank – Business valuations222-226 Phobis Co (12/07, amended)Chapter 18 Market efficiency1 Efficient market hypothesis (EMH) and practical considerations in the valuation of shares(a) Distinguish between and discuss weak form efficiency, semi-strong formefficiency and strong form efficiency.(b) Discuss practical considerations in the valuation of shares and businesses, including:(i) Marketability and liquidity of shares(ii) Availability and sources of information(iii) Market imperfections and pricing anomalies(iv) Market capitalization(c) Describe the significance of investor speculation and the explanations of investor decisions offered by behavioral finance.Key teaching pointsDistinguish between and discuss weak form efficiency, semi-strong form efficiency and strong form efficiency.Discuss practical considerations in the valuation of shares and businessesExam guideMarket efficiency may need to be discussed as part of a business valuation question. Assignment217-221 CBE style OTQ bank – Market efficiencyChapter 19 Foreign currency risk1 The nature and role of money market(a) Describe the role of money markets in:(i) Allowing an organization to manage its exposure to foreign currency risk and interest rate risk2 The nature and types of risk and approaches to risk management(a) Describe and discuss different types of foreign currency risk:(i) Translation risk(ii) Transaction risk(iii) Economic risk3 Causes of exchange rate differences and interest rate fluctuations(a) Describe the causes of exchange rate fluctuations, including:(i) Balance of payments(ii) Purchasing power parity theory(iii) Interest rate parity theory(iv) Four-way equivalence(b) Forecast exchange rates using:(i) Purchasing power parity(ii) Interest rate parity4 Hedging techniques for foreign currency risk(a) Discuss and apply traditional and basic methods of foreign currency risk management, including:(i) Currency of invoice(ii) Netting and matching。
财务管理培训课程安排表
财务管理培训课程安排表第1章财务管理基础 (3)1.1 财务管理概述 (3)1.1.1 财务管理的定义与范畴 (3)1.1.2 财务管理的地位与作用 (3)1.1.3 财务管理的发展历程与趋势 (3)1.2 财务报表分析 (3)1.2.1 财务报表的种类与编制方法 (4)1.2.2 财务报表分析的方法与指标 (4)1.2.3 财务比率分析及其在企业中的应用 (4)1.3 财务管理目标与原则 (4)1.3.1 财务管理的目标 (4)1.3.2 财务管理的原则 (4)1.3.3 财务管理目标与原则在实践中的应用 (4)第2章资金的时间价值与风险 (4)2.1 资金的时间价值 (4)2.1.1 资金时间价值的定义与概念 (4)2.1.2 单利与复利 (4)2.1.3 资金时间价值的计算方法 (4)2.2 投资风险与收益 (4)2.2.1 投资风险概述 (4)2.2.2 投资收益与风险的度量 (5)2.2.3 风险与收益的关系 (5)2.3 货币时间价值的应用 (5)2.3.1 投资决策中的货币时间价值 (5)2.3.2 融资决策中的货币时间价值 (5)2.3.3 企业价值评估中的货币时间价值 (5)第3章筹资决策 (5)3.1 筹资概述 (5)3.2 资本成本与资本结构 (5)3.2.1 资本成本 (6)3.2.2 资本结构 (6)3.3 筹资方式及选择 (6)3.3.1 筹资方式 (6)3.3.2 筹资方式选择 (6)第4章资本预算 (6)4.1 资本预算概述 (6)4.2 投资项目的现金流量分析 (7)4.3 投资评价方法 (7)第5章营运资本管理 (7)5.1 营运资本概述 (7)5.2 现金管理 (8)5.3.1 应收账款管理 (8)5.3.2 存货管理 (8)第6章利润分配管理 (8)6.1 利润分配概述 (8)6.1.1 利润分配的基本原则 (8)6.1.2 利润分配的程序 (9)6.1.3 影响利润分配的因素 (9)6.2 股利政策选择 (9)6.2.1 股利政策类型 (9)6.2.2 股利政策选择的影响因素 (9)6.3 股票回购与分红 (10)6.3.1 股票回购 (10)6.3.2 股票分红 (10)6.3.3 股票回购与分红的区别与联系 (10)第7章财务报表分析与应用 (10)7.1 财务比率分析 (10)7.1.1 流动比率与速动比率 (10)7.1.2 负债比率与权益比率 (10)7.1.3 资产周转率与存货周转率 (11)7.1.4 净利润率与毛利率 (11)7.2 财务趋势分析 (11)7.2.1 资产规模与结构变化趋势 (11)7.2.2 负债规模与结构变化趋势 (11)7.2.3 收入与利润变化趋势 (11)7.2.4 股东权益变化趋势 (11)7.3 财务预警分析 (11)7.3.1 财务指标预警分析 (11)7.3.2 线性回归分析 (11)7.3.3 聚类分析 (11)7.3.4 主成分分析 (11)第8章企业风险管理 (12)8.1 风险与风险管理概述 (12)8.1.1 风险的定义与分类 (12)8.1.2 风险管理的内涵与重要性 (12)8.1.3 企业面临的风险类型 (12)8.1.4 企业风险管理的基本流程和原则 (12)8.2 财务风险识别与评估 (12)8.2.1 财务风险识别 (12)8.2.2 财务风险评估 (12)8.3 风险应对策略 (12)8.3.1 风险规避 (12)8.3.2 风险分散 (12)8.3.3 风险转移 (12)8.3.5 风险控制 (13)第9章企业估值与并购 (13)9.1 企业估值概述 (13)9.2 企业估值方法 (13)9.2.1 折现现金流法(DCF) (13)9.2.2 市盈率法(PE) (13)9.2.3 市净率法(PB) (13)9.2.4 企业价值对EBITDA法 (13)9.3 并购财务分析 (14)9.3.1 目标企业选择 (14)9.3.2 估值 (14)9.3.3 支付方式 (14)9.3.4 融资安排 (14)第10章国际财务管理 (14)10.1 国际财务管理概述 (14)10.1.1 国际财务管理的概念与特点 (14)10.1.2 国际财务管理的重要性 (14)10.1.3 跨国企业在国际财务管理中面临的挑战与机遇 (15)10.2 外汇风险管理 (15)10.2.1 外汇风险的类型与评估 (15)10.2.2 外汇风险管理策略 (15)10.3 国际资本运作与投资决策 (15)10.3.1 国际资本运作概述 (15)10.3.2 国际投资决策 (15)10.3.3 投资评价方法 (15)第1章财务管理基础1.1 财务管理概述本章首先对财务管理的概念、范畴及其在企业管理中的地位进行系统介绍。
财务培训内容PPT课件
及时报告风险状况
定期向上级或相关部门报告财务风 险状况,及时反馈风险变化和应对 效果。
调整风险管理策略
根据风险监控结果,及时调整风险 管理策略,优化风险管理措施。
04
财务决策分析
投资决策分析
投资决策原则
评估投资项目的风险和回报, 选择最优的投资方案。
阐述财务和会计的区别与联系, 明确两者在企业运营中的角色和 作用。
财务报表解读
资产负债表
详细解读资产负债表的构成要素和编 制方法,帮助学员了解企业资产、负 债和所有者权益状况。
利润表与现金流量表
介绍利润表和现金流量表的编制基础 、主要项目及对企业经营状况的反映 。
财务分析方法
财务比率分析
通过对比率指标如流动比率、速动比率、存货周转率等的计算和分析,评估企 业的偿债能力和运营效率。
财务趋势分析
通过比较企业不同时期的财务报表数据,分析企业财务状况的变化趋势,预测 未来的发展趋势。
02
财务预算与控制
预算编制流程
确定预算目标
根据企业战略目标和实 际情况,制定预算目标 ,包括收入、利润、成
本等指标。
制定预算方案
根据预算目标,制定具 体的预算方案,包括各 部门预算、项目预算等
。
汇总与审批
短期融资与短期投资
利用短期融资和短期投资工具,满足 短期资金需求。
05
税务筹划与合规
税务基础知识
税务种类
介绍企业所得税、个人所得税、增值税等主要税种的基本概念、 征收范围和计算方法。
税务登记与申报
说明企业或个人在税务登记、变更和注销的流程,以及纳税申报的 时间、地点和方式。
财务管理培训内容完整PPT
PART02
财务记帐知识
汇报人:name
时间:XX月XX日
(一)流水帐
1 、开业准备 2、经营收支记录
3、往来账款
02、财务记帐知识
记帐步骤:
收集日常经营凭证单据;
02、财务记帐知识
如何记账?
按时间顺序进行登记;
按周或月对资金余额进行统计;
根据统计资料,对企业经营情 况进行分析;
记帐举例
02、财务记帐知识
✓ 02、财务记帐知识 ✓ 04、财务现金管理
PART01
财务基本知识
汇报人:name
时间:XX月XX日
01、财务基本知识
学习管理金钱是—个过程, 因为它是那么妊媚 善变。变化多端的金融市场和产昂,会带来众多 无常第一的,人在你生的一故生事中,。金为钱把会不握断流好动自,会己增的加,命也会运减,少。有两条 要领告诉你:
6 没记期初现金,或记多了。
所以要做好记账:赊销顾客每人一页;赊销结款记在现金流入中;
赊销日记帐
02、财务记帐知识
日期
01/02 02/03 03/04
摘要
数量 赊销额 付款额
活页笔记本 , 5元
4
20
16
发票本, 12 元;
2
24
24
铅笔1.25 元
4
5
3
橡皮筋1袋
1
1
0
余额
4 2 1
签字
XXX XXX XXX
4 月2日.小张和小李一各自拿出 1 万元, 作为启动资金 4 月2 日,租赁门 面支付订金2000元 4 月3 日,小张前期找门面交通费 266 元 4 月4 日,小李申办执照工作餐20元 4 月8 日,交 6个月房租 2200 元X 6=13200元 一周小结: 现金余额6514元。 4 月12 日 , 小张和小李各投入2万元现金 4 月13日 , 购电脑 2 台,支付 现金10000元 4 月13日 , 购扫描仪 一台800 元, 打印机一台 3100 元 4 月14日 , 购二手复 印机一 台,支付 现金4500 元 4 月15日 , 购刻字机 一台, 5000元 购塑封机一台300元,饮水机一台1 20 元 做灯箱1000 元 一周小结: 现金余额21694元
财务管理培训课件PPT
汇报人:可编辑
2023-12-24
目录
CONTENTS
• 财务管理基础知识 • 财务报表与财务分析 • 预算管理 • 成本控制与管理 • 投资决策与风险管理 • 财务管理实践与案例分析
01 财务管理基础知识
财务管理的定义与目标
总结词
概述财务管理的含义和目的
详细描述
财务管理的定义是组织企业财务活动、处理财务关系的一项管理工作。其目标 是实现企业价值最大化,确保企业财务状况良好、稳健,支持企业战略发展。
资产负债表结构
资产负债表分为左右两方,左边列示资产项目,右边列示 负债和所有者权益项目。
资产负债表编制方法
资产负债表根据总账科目余额直接填列、根据总账科目余 额计算填列、根据明细科目余额计算填列和根据总账科目 和明细科目余额分析计算填列。
利润表
01
利润表定义
利润表是反映企业在一定会计期间经营成果的财务报表,它显示了企业
根据预算执行情况和企业发展需要, 不断优化预算管理流程和方法,提高 预算管理水平。
04 成本控制与管理
成本分类与核算
直接成本
指与特定产品或服务直 接相关的成本,如原材
料、人工等。
间接成本
指为支持企业运营而产 生的成本,如管理费用
、销售费用等。
固定成本
指在一定时期内不会发 生变化的成本,如租金
、设备折旧等。
预算的种类与编制方法
固定预算
根据固定业务量水平进行编制 ,适用于业务量波动不大的企
业。
弹性预算
考虑不同业务量水平进行编制 ,适用于业务量波动较大的企 业。
零基预算
从零开始,对各项开支进行逐 项审议,适用于企业规模较小 或预算编制基础较差的情况。
《麦肯锡培训》课件
学习与成长
总结词
持续学习、反思、知识分享、跨界思维
详细描述
学习与成长是个人发展的核心。通过持续学习,不断更新知识和技能;通过反思,总结 经验教训,提高自我认知;通过知识分享,巩固所学内容并帮助他人成长;通过跨界思
维,开拓视野,激发创新。
谢谢
THANKS
《麦肯锡培训》ppt课件
目录
CONTENTS
• 麦肯锡简介 • 麦肯锡方法论 • 麦肯锡解决问题的方法 • 麦肯锡沟通技巧 • 麦肯锡团队建设 • 麦肯锡个人发展建议
01 麦肯锡简介
CHAPTER
公司背景
成立于1923年,总 部位于美国纽约
提供战略、组织、运 营等方面的咨询服务
全球领先的管理咨询 公司之一
总结词
有效沟通是建立良好人际关系和实现工作目标的关键。
详细描述
有效沟通需要清晰、准确、及时地传递信息,并确保信息被 正确理解和接受。在沟通过程中,要避免使用模糊不清的语 言,尽量使用简洁明了的语言,同时要注意语速和语调,以 增强沟通效果。
倾听技巧
总结词
倾听是有效沟通的重要组成部分,是建 立良好人际关系的基础。
分析问题
总结词
系统地分析问题的各个方面
详细描述
分析问题需要系统地考虑问题的各个方面,包括问题的背景、相关因素、影响等 。麦肯锡提倡使用逻辑树、流程图等工具来帮助分析问题,以便更全面地了解问 题的结构和关系。
提出解决方案
总结词
提出切实可行的解决方案
详细描述
在分析问题的基础上,提出切实可行的解决方案是解决问题的关键。麦肯锡强调创造性思维和跨领域合作,以寻 求独特的解决方案。同时,解决方案需要与问题定义和范围保持一致,并考虑实施的可行性和效果。
财务管理基本知识体系培训(ppt 296页).ppt
四、不同复利间隔期利率的转换
计息周期与名义利率的利息周期不同时的将 来值
FV n PV 01rm Nmn
实际年利率
rE
1rN
m
1
m
财务管理
五、复利和折现的实际应用
1.贷款等额摊还
已知现值求年金 例:某企业借入贷款5000万元,年利率10%,5年年末等额摊还。
50 0A(0PV 1% 05 A ),
财务管理
二、企业财务活动
1.融资财务活动 资金来源:权益资本、负债资本 资金成本:权益资金成本、负债资金成本 2.投资财务活动 资金占用:投资项目,购置厂房、设备等固定
资产、无形资产 投资现金流:资本预算、投资产生的现金流、
投资决策 3.经营财务活动 经营的现金收支:采购、生产、销售、
财务管理
三、企业财务关系
财务管理
第一章 财务管理的基本概念
第一节 财务管理内容 第二节 财务管理目标 第三节 财务管理环境
财务管理
第一节 财务管理内容
一、定义 二、企业财务活动 三、企业财务关系 四、财务管理的基本理论
财务管理
一、定义
财务(finance)是指政府、企业和个人对货 币资源的获取和管理。 财务管理(financial management)是研究 企业对资金的筹集、计划、使用和分配, 以及与上述财务活动有关的企业财务关系。
财务管理
四、委托代理问题
代理理论是研究股东、经理和债权人之间的利害冲突和如何使他们统一 到企业目标上来的理论。 (一)股东和经理 代理成本:监督经理管理活动的费用;采用激励经理的措施提高经营效率 的费用;因经理决策权力有限失去好的投资机会而造成的机会损失。 1.经理人才市场 2.经理被解雇的威胁 3.公司被兼并的威胁 4.对经理的奖励——绩效股、期权 (二)股东与债权人 1.要求风险补偿,提高债券利率 2.在债券合同中加入许多限制性条款
财务管理培训之财务基础知识培训PPT课件
汇报人:可编辑 2023-12-27
目录
• 引言 • 财务基础知识概述 • 财务报表的解读 • 财务分析基础 • 财务决策基础 • 财务风险管理
引言
01
培训目标
掌握财务基础知识 提高财务分析能力
培养财务管理意识
培训背景
随着企业规模的扩大和市场竞争的加 剧,财务管理在企业运营中的地位越 来越重要。
评估投资项目的可行性、风险和回报,选 择最优方案。
包括项目筛选、尽职调查、风险评估和投 资决策等步骤。
投资工具选择
投资组合管理
根据投资目标和风险偏好,选择合适的投 资工具,如股票、债券、基金等。
根据市场环境和风险承受能力,调整投资 组合,以实现最优回报。
融资决策
融资方式选择
根据企业需求和风险承受能力,选择合适的 融资方式,如股权融资、债权融资等。
衡量企业短期偿债能力 ,计算公式为流动资产
除以流动负债。
速动比率
衡量企业快速偿债能力 ,计算公式为速动资产
除以流动负债。
资产负债率
衡量企业长期偿债能力 ,计算公式为负债总额
除以资产总额。
利息保障倍数
衡量企业支付利息的能 力,计算公式为息税前 利润除以应付利息费用
。
财务趋势分析
营业收入增长率
衡量企业营业收入的增长情况,计算 公式为本期营业收入增长额除以上期 营业收入总额。
存货管理
合理安排采购、生产和销售,降低存货成本,提高存货周转率。
应付账款管理
合理利用商业信用,延长应付账款到期日,降低短期资金压力。
财务风险管理
06
财务风险识别
总结词
财务风险识别是风险管理的第一步,旨在发现潜在的财务风 险。
财务管理培训课件(共36张)
第一节 收益分配概述 第二节 股利理论和股利政策 第三节 股利分配 第四节 股票分割与股票回购
第一节 收益分配概述
一、收益分配基本原则 广义的收益分配: 对企业收益人和收益总额进行分配的过程 狭义的收益分配: 对企业净收益进行分配 1.依法分配原则: 公司法、外商投资法、会计法等对一般次序和重大比例做了规定 2.资本保全原则: 企业经营和分配不能侵蚀资本,收益分配是对投入资本经过经营而增值的部分。如果有尚未弥补的亏损,就不能进行分配。
2.提取盈余公积金 盈余公积金: 企业在税后利润中计提的用于增强企业物质后备、防范不测事件的资金。 法定盈余公积金: 按净利润10%计提,累计达到注册资本50%后可以不再计提 任意盈余公积: 计提法定盈余公积金、法定公益金、支付优先股股利后,由公司章程或股东会议决定提取的公积金。
企业计提的公积金可以用于弥补超过税前利润弥补期的亏损, 在弥补亏损后, 如果当年实现的利润以及以前年度累计未分配利润不够向股东支付股利, 经股东会特别决议, 可以用盈余公积金支付股利, 但支付额不超过股票面值的6%, 切支付后法定盈余公积金不低于注册资本25%。 企业公积金经股东特别决议后可以用来增加注册资本, 但法定盈余公积金仍不能低于注册资本25%。
固定或稳定增长型
成熟阶段
营垒水平稳定,有留存收益
固定支付率股利政策
衰退阶段
业务减少,获利能力和现金获得能力下降
剩余股利政策
2.确定股利支付水平 通常用股利支付率来衡量。是当年发放股利与当年净利润之比,或每股股利除以每股收益。影响因素: (1)企业所处成长周期 (2)企业投资机会 (3)企业筹资能力和筹资成本 (4)企业资本结构 (5)股利信号的传递功能 (6)借款协议及法律限制 (7)股东偏好 (8)通货膨胀
财务培训内容PPT课件
财务管理与决策
投资项目评估
投资回报率分析
风险与收益权衡
投资组合优化
01
02
03
04
对投资项目进行全面的评估,包括市场需求、竞争状况、技术可行性等。
计算投资项目的预期回报率,评估项目的盈利潜力。
在投资决策中权衡风险和收益,选择最优的投资方案。
根据投资目标和风险偏好,优化投资组合,实现资产的最优配置。
总结词
了解财务审计的流程,包括审计计划、审计实施、审计报告和后续审计四个阶段。
详细描述
财务审计流程包括审计计划阶段、审计实施阶段、审计报告阶段和后续审计阶段。在审计计划阶段,需要对被审计单位的基本情况进行了解,评估审计风险,制定审计计划。在审计实施阶段,需要进行现场调查、取证、形成工作底稿等。在审计报告阶段,需要根据审计结果编写审计报告,向被审计单位提出整改意见和建议。在后续审计阶段,需要对被审计单位的整改情况进行跟踪和监督。
财务培训内容ppt课件
汇报人:可编辑
2023-12-24
财务基础知识财务预算与计划财务管理与决策财务控制与审计税务管理与筹划财务软件应用与操作
目录
CONTENTS
财务基础知识
介绍财务的定义、目标和功能,以及财务与其他管理领域的关系。
财务基本概念
财务决策过程
财务管理的目标
阐述财务决策的基本步骤和考虑因素,包括预测、预算、决策、控制和评估等。
财务软件应用与操作
总结词
选择合适的财务软件是关键,需要考虑软件的功能、安全性、易用性以及与现有系统的兼容性。
详细描述
在选择财务软件时,应从企业需求出发,对比不同软件的优缺点,选择最适合企业使用的软件。安装过程中需遵循软件供应商提供的指南,确保软件正确无误地安装在计算机上。
麦肯锡——建立成功的财务管理体系
差幅=投资资本回报(ROIC)—加权平均资本成本(WACC)
中国公司必须开阔思路
从只关注 到关注更多指标,包括
• 产量 • 市场占有率 • 销售收入 • 净利润 • 每股收益
• 投资资本回报 • 差幅 • 经济利润 • 折现现金流量价值 • 股票市值(适用于上
市公司)
为中国经济及消费者带来利益 •更好的资源配置,将有限的资源投入到最好的投资上 •减少对国外资本投入的需求 •创造更多的财富
投资者的判断
界定什么是经济利润(EP)
经济利润=(投资资本回报-加权平均资本成本)X投资资本
ROIC
= 投资资本回报率
WACC
= 加权平均资本成本率
揝Spread(差幅)
例如
经济利润=(10%-8%)X1,000美元=20美元
经济利润:更有效的经营单位业绩衡量工具
经营利润
经营单位3 经营单位2 经营单位1 Y20
• 单位产品成本
• 劳动生产率 • 废品率
各层级的业绩指标举例:一家欧洲领先银行 的分行零售业务
战略议题/目标 关键管理问题 员工是否在富有 成效地工作 分行的 人员编制 是否有效 长期雇员成本 是否在控制中 支持性员工是否争取 了足够的重点潜在客户 分行成本是否 在预算之内 我们是否 在有效率 地使用 资源 是否最大程度地 优化了现金平衡 我们是否在 控制“运作”亏损 是否保持了 客户服务标准 分行是否在积极地 达到标准 相应管理信息 预估业务量和人员需求量(各项职能) 预估量和实际人员数量的对比 将实际的小时数分解为全职、兼职、随叫随到和加班 使用的员工为所需员工的% 每笔业务的人工费成本 网点中 的各工 作领域
市场经济中的资本流动
企业 工业