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1、Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 1 Chapter1 FinancialEconomics ObjectiveToDefineFinanceTheValueofFinanceIntroductiontothePlayers Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 2 Chapter1Contents 1 1DefiningFinance1 2WhyStudyFinance1 3FinancialDecisionsofHouseh
2、olds1 4FinancialDecisionsofFirms1 5FormsofBusinessOrganization1 6SeparationofOwnershipandManagement 1 7TheGoalofManagement1 8MarketDiscipline Takeovers1 9TheRoleoftheFinancialSpecialistinaCorporation Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 3 Introduction I msavingforretirement Sh
3、ouldIuseabankCD mutualfund directstockmarketinvestment Iwantthatnewcar ShouldIusesavedcash lease borrow I mthinkingaboutstartinganewbusinesswillitrewardmeadequately Thecompanyislookingtoexpandintotelecommunications howshouldyouadvisetheCFO ALatinAmericancountryhasaskedformajorprojectfinancingshouldm
4、yorganizationprovidethefunds Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 4 1 1DefiningFinance FinanceisthestudyofhowpeopleallocatescarceresourcesovertimecostsandbenefitsaredistributedovertimebuttheactualtimingandsizeoffuturecashflowsareoftenknownonlyprobabilisticallyUnderstandingfina
5、ncehelpsyouevaluatetheseuncertaincashflows Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 5 DefiningFinance Whenimplementingdecisions peoplemakeuseoftheFinancialSystemdefinedasthesetofmarketsandotherinstitutionsusedforfinancialcontractingandexchangeofassetsandrisks Copyright 2009Pearson
6、Education Inc PublishingasPrenticeHall 6 DefiningFinance Financialtheoryconsistsof thesetofconceptsthathelptoorganizeone sthinkingabouthowtoallocateresourcesovertimethesetofquantitativemodelsusedtohelpevaluatealternatives makedecisions andimplementthemTheseconceptsandmodelsapplyatalllevelsandscaleso
7、fdecisionmaking Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 7 DefiningFinance Abasictenetoffinanceisthattheexistenceofeconomicorganizations e g firmsandgovernments facilitatethesatisfactionofpeople sconsumptionpreferences Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 8
8、1 2WhyStudyFinance TomanageyourpersonalresourcesTodealwiththeworldofbusinessTopursueinterestingandrewardingcareeropportunitiesTomakeinformedpublicchoicesasacitizenTheintellectualchallenge Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 9 1 3FinancialDecisionsofHouseholds Consumptionandsa
9、vingdecisionsInvestmentDecisionsFinancingDecisionsRisk managementdecisions Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 10 ImportantTerms AssetsPersonalinvesting AssetallocationLiability DebtNetWorth Assets LiabilitiesExogenousandendogenouselements Copyright 2009PearsonEducation Inc P
10、ublishingasPrenticeHall 11 1 4FinancialDecisionsofFirms BusinessFirmsentitieswhoseprimaryfunctionistoproducegoodsandservicestheyvarywidelyinsizefrompart timebusinessesrunfromaspareroom togiantcorporations e g MitsubishiorGeneralMotors withhundredsofthousandsofemployees andanevenlargerownership Copyr
11、ight 2009PearsonEducation Inc PublishingasPrenticeHall 12 FinancialDecisionsofFirms Strategicplansspecifythebusinessthefirmisinstrategicplansmaychangeradicallyovertimethefirm sbusinessmaybedefinedintermsofagroupofproducts technologiesorcustomers Copyright 2009PearsonEducation Inc PublishingasPrentic
12、eHall 13 FinancialDecisionsofFirms TheCapitalBudgetingProcessThepreparationofaplanforacquiringfactories machinery researchlaboratories showrooms warehouses andhumanassetstoimplementthestrategicplanThebasicunitofanalysisistheinvestmentproject Investmentprojectsareidentified triaged andimplementedinth
13、ecapitalbudgetingprocess Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 14 FinancialDecisionsofFirms TheFinancingProcessOnceanewsetofapprovedprojectshasbeenidentified itmustbefinancedwithretainedearnings stock bonds etceteraCapitalstructureistheamountofthefirm smarketvalueallocatedtoeac
14、hcategoryofissuedsecurities ItdeterminesownershipandrisklevelofthefirmsfuturecashflowsCapitalstructure sunitofanalysisisthefirmasawhole notaninvestmentproject Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 15 FinancialDecisionsofFirms Thecapitalstructurealsodetermineswhocontrolsthefirmu
15、nderdifferentcontingenciesCommonstockholdersusuallydeterminethemembershipoftheboardofdirectorsPreferredstockholdersusuallygainsomecontrolifpreferreddividendsarenotpaidBondholdercovenantsrestrictdecisionsthatcouldadverselyaffectbondvalues Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 16
16、 FinancialDecisionsofFirms WorkingCapitalallfirms includinghighlyprofitableones thatdonotpaysufficientattentiontoworkingcapitalmanagementmaybeseriouslydamagedbytheresultinglossofinvestorandcreditorconfidencedelayedininvestmentschedulessub optimaltemporaryfinanceunscheduledsaleofthefirmsassets Copyright 2009PearsonEducation Inc PublishingasPrenticeHall 17 1 5FormsofBusinessOperation SoleProprietorshipafirmownedbyanindividualorfamilytheassetsandliabilitiesarethepersonalassetsandliabilitiesofthepro
