IntroductionToCorporateFinanceKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager財務(wù)管理決策基本問題Knowthefinancialimplicationsofthedifferentformsofbusinessorganization不同企業(yè)組織Knowthegoaloffinancialmanagement財務(wù)管理的目標(biāo)Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers所有人和經(jīng)理人可能產(chǎn)生的利益衝突Understandthevarioustypesoffinancialmarkets各種型態(tài)的金融市場1ChapterOutlineCorporateFinanceandtheFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarketsandtheCorporation2CorporateFinanceSomeimportantquestionsthatareansweredusingfinanceWhatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?3FinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)首席財務(wù)長Treasurer財務(wù)長–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanningController會計長–overseestaxes,costaccounting,financialaccountinganddataprocessing4FinancialManagementDecisionsCapitalbudgeting資本預(yù)算Whatlong-terminvestmentsorprojectsshouldthebusinesstakeon?Capitalstructure資本結(jié)構(gòu)Howshouldwepayforourassets?Shouldweusedebtorequity?Workingcapitalmanagement營運資金管理Howdowemanagetheday-to-dayfinancesofthefirm?5FormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleproprietorship獨資Partnership合夥GeneralLimited有限責(zé)任合夥Corporation公司S-CorpLimitedliabilitycompany有限責(zé)任公司6SoleProprietorshipAdvantagesEasiesttostartLeastregulated法令規(guī)範(fàn)最少SingleownerkeepsalltheprofitsTaxedonceaspersonalincome所有營業(yè)所得納入個人綜合所得稅課稅

DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliability業(yè)主承擔(dān)公司債務(wù)的無限償還責(zé)任

Difficulttosellownershipinterest7PartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome營業(yè)所得納入個人綜合所得稅課稅

DisadvantagesUnlimitedliability無限償還責(zé)任

GeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosell當(dāng)有合夥人死亡或希望退出時即解散Difficulttotransferownership8CorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesSeparationofownershipandmanagementDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)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)9GoalOfFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Arewetalkingaboutlong-runorshort-runprofits?accountingprofits?Minimizecosts?WecanminimizecoststodaybynotpurchasingnewequipmentordelayingmaintenanceMaximizemarketshare?havepositiveearnings?Maximizethecurrentvalueofthecompany’sstock?Thereisnoshortrunvs.longrunhere.ThestockpriceshouldincorporateexpectationsaboutthefutureDoesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?10TheAgencyProblemAgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentAcommonexampleofanagencyrelationshipisarealestatebrokerManagementgoalsandagencycosts11TheAgencyProblemDirectagencycosts–thepurchaseofsomethingformanagementthatcan’tbejustifiedfromarisk-returnstandpoint,monitoringcosts.Indirectagencycosts––management’stendencytoforgoriskyorexpensiveprojectsthatcouldbejustifiedfromarisk-returnstandpoint.12ManagingManagersManagerialcompensationIncentivescanbeusedtoalignmanagementandstockholderinterestsTheincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholders利害關(guān)係係人13WorktheWebExampleTheInternetprovidesawealthofinformationaboutindividualcompaniesOneexcellentClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!14FinancialMarketsCashflowstothefirmPrimaryvs.secondarymarketsDealer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NYSENASDAQ15QuickQuizWhatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer