manager财务管理决策基本问题解析

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Financial Management Decisions
• Capital budgeting資本預算
• What long-term investments or projects should the business take on?
• Capital structure資本結構
• How should we pay for our assets? • Should we use debt or equity?
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Partnership
• Advantages
• • • • Two or more owners More capital available Relatively easy to start Income taxed once as personal income營業所 得納入個人綜合所得稅 課稅
• Sole proprietorship獨資 • Partnership合夥
• General • Limited有限責任合夥
• Corporation公司
• S-Corp • Limited liability company有限責任公司
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Sole Proprietorship
• Advantages
• Easiest to start • Least regulated法令規 範最少 • Single owner keeps all the profits • Taxed once as personal income所有營業所得納 入個人綜合所得稅課稅
• Disadvantages
• Limited to life of owner • Equity capital limited to owner’s personal wealth • Unlimited liability業主承 擔公司債務的無限償還 責任 • Difficult to sell ownership interest
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Chapter Outline
• Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation
• Disadvantages
• Unlimited liability無限償 還責任
• General partnership • Limited partnership
• Partnership dissolves when one partner dies or wishes to sell當有合 夥人死亡或希望退出時 即解散 • Difficult to transfer ownership
• Treasurer財務長– oversees cash management, credit management, capital expenditures and financial planning • Controller會計長– oversees taxes, cost accounting, financial accounting and data processing
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Financial Manager
• Financial managers try to answer some or all of these questions • The top financial manager within a firm is usually the Chief Financial Officer (CFO)首席財務長
Chapter
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•Introduction To Corporate Finance
McGraw-Hill/Irwin
百度文库
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
• Know the basic types of financial management decisions and the role of the financial manager財務 管理決策基本問題 • Know the financial implications of the different forms of business organization不同企業組織 • Know the goal of financial management財務管理的 目標 • Understand the conflicts of interest that can arise between owners and managers所有人和經理人可能 產生的利益衝突 • Understand the various types of financial markets各 種型態的金融市場
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Corporate Finance
• Some important questions that are answered using finance
• What long-term investments should the firm take on? • Where will we get the long-term financing to pay for the investment? • How will we manage the everyday financial activities of the firm?
• Working capital management營運資金管理
• How do we manage the day-to-day finances of the firm?
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Forms of Business Organization
• Three major forms in the United States