企业融资PPT介绍(英文)
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• Maximize the current value of the company’s stock?
• There is no short run vs. long run here. The stock price should incorporate expectations about the future
1-14
Financial Markets
• Cash flows to the firm • Primary vs. secondary markets
• Dealer自營商市場vs. auction markets拍賣市場 • Listed上市掛牌vs. over-the-counter securities 店頭市場
• 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
• 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
• 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
Chapter
1
•Introduction To Corporate Finance
McGraw-Hill/Irwin
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
• Corporate control
• The threat of a takeover may result in better management
• Other stakeholders利害關係人
1-13
Work the Web Example
• The Internet provides a wealth of information about individual companies • One excellent site is • Click on the web surfer to go to the site, choose a company and see what information you can find!
• Agency problem
• Conflict of interest between principal and agent • A common example of an agency relationship is a real estate broker
• Management goals and agency costs
1-9
Goal Of Financial Management
• What should be the goal of a corporation?
• Maximize profit?
• Are we talking about long-run or short-run profits? accounting profits?
• 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
1-6
Sole Proprietorship
• Advantages
• Working capital management營運資金管理
• How do we manage the day-to-day finances of the firm?
1-5
Forms of Business Organization
• Three major forms in the United States
1-3
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
• 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
• Disadvantages
• Separation of ownership and management • Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)雙重課稅 (公司就盈餘繳納公司所 得稅,股東收到股利後 再繳納個人所得稅)
1-11
The Agency Problem
• Direct agency costs – the purchase of something for management that can’t be justified from a risk-return standpoint, monitoring costs. • Indirect agency costs – management’s tendency to forgo risky or expensive projects that could be justified from a riskreturn standpoint.
• NYSE • NASDAQ
1-15
Quick Quiz
• What are the three types of financial management decisions and what questions are they designed to answer? • What are the three major forms of business organization? • What is the goal of financial management? • What are agency problems and why do they exist within a corporation? • What is the difference between a primary market and a secondary market?
1-8
Corporation
• Advantages
• Limited liability • Unlimited life • Separation of ownership and management • Transfer of ownership is easy • Easier to raise capital
1-1
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
• • •
•
1-2
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?
• Does this mean we should do anything and everything to maximize owner wealth?
1-10
The Agency nship
• Principal hires an agent to represent his/her interest • Stockholders (principals) hire managers (agents) to run the company
• Minimize costs?
• We can minimize costs today by not purchasing new equipment or delaying maintenance
• Maximize market share?
• have positive earnings?
1-7
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
1-12
Managing Managers
• Managerial compensation
• Incentives can be used to align management and stockholder interests • The incentives need to be structured carefully to make sure that they achieve their goal
1-4
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?