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1、The Goals and Functions of Financial Management,1,1-2,Chapter Outline,Introduction to Finance Forms of Organizations Risk-Return Tradeoff Primary Goal of Financial Managers Role of Financial Managers,1-3,Relationship between Finance, Economics and Accounting,Economics provides structure for decision
2、 making in many important areas Provides a broad picture of economic environment Accounting provides financial data in various forms Income statements Balance sheets Statement of cash flows Finance links economic theory with the numbers of accounting,1-4,Evolution of the Field of Finance,At the turn
3、 of the century: Emerged as a field separate from economics By 1930s: Financial practices revolved around such topics as: Preservation of capital Maintenance of liquidity Reorganization of financially troubled corporations Bankruptcy process,1-5,Evolution of the Field of Finance (contd),By mid-1950s
4、: Finance becomes more analytical Financial capital (money) was used to purchase real capital (long-term plant and equipment) Cash and inventory management Capital structure theory Dividend policy,1-6,Modern Issues in Finance,Focus has been on: Risk-return relationships Maximization of return for a
5、given level of risk Portfolio management Capital structure theory New financial products with a focus on hedging are being widely used Inflation a key variable in financial decisions,1-7,Modern Issues in Finance (contd),The following are significant to financial managers during decision making: Effe
6、cts of inflation and disinflation on financial forecasting Required rates of return for capital budgeting decisions Cost of capital,1-8,The Impact of the Internet,Internet and its acceptance has enabled acceleration of e-commerce solutions for “old economy” companies E-commerce solutions for existin
7、g companies B2C B2B Spurt in new business models and companies A eBay,1-9,The Impact of the Internet (contd),For a financial manager, e-commerce impacts financial management because it affects the pattern and field through which cash flows through the firm B2C model: Products are bought with credit
8、cards Credit card checks are performed Selling firms get the cash flow faster B2B model can help companies Lower the cost of managing inventory, accounts receivable, and cash,1-10,Financial Management,Financial management or business finance is concerned with managing an entitys money Functions: All
9、ocate funds to current and fixed assets Obtain the best mix of financing alternatives Develop an appropriate dividend policy within the context of the firms objectives,1-11,Functions of the Financial Manager,1-12,财务管理的对象和职能,财务管理的对象既客体，即企业的资金及其运动。财务管理的对象决定着财务管理的内容（职能）。 财务管理的内容（职能）主要包括筹资管理、营运资本管理和收益分配
10、管理。也就是资金的筹集、使用和分配。,1-13,Risk-Return Trade-Off,Influences operational side (capital versus labor/Product A versus Product B) Influences financial mix (stocks versus bonds versus retained earnings),1-14,Sole Proprietorship,Represents single-person ownership Advantages: Simplicity of decision-making Lo
11、w organizational and operational costs Drawbacks Unlimited liability to the owner Profits and losses are taxed as though they belong to the individual owner,1-15,Partnership,Similar to sole proprietorship except there are two or more owners Articles of partnership specifies: The ownership interest T
12、he methods for distributing profits The means of withdrawing from the partnership Carries unlimited liability for the owners,1-16,Partnership (contd),Limited partnership One or more partners are designated general partners and have unlimited liability for the debts of the firm Other partners designa
13、ted limited partners and are liable only for their initial contribution Not all financial institutions will extend funds to a limited partnership,1-17,Corporation,Corporation Is uniqueit is a legal entity unto itself Articles of incorporation Specify the rights and limitations of the entity Owned by
14、 shareholders who enjoy the privilege of limited liability Has a continual life Key feature Easy divisibility of ownership interest by issuing shares of stock,1-18,Corporation (contd),Disadvantage: The potential of double taxation of earnings Subchapter S corporation Income is taxed as direct income
15、 to stockholders and thus is taxed only once as normal income,1-19,Corporate Governance,Agency theory Examines the relationship between the owners and managers of the firm Institutional investors Have more to say about the way publicly owned companies are managed,1-20,Sarbanes-Oxley Act,Set up a fiv
16、e-member Public Company Accounting Oversight Board (PCAOB) with responsibility for: Auditing standards within companies Controlling the quality of audits Setting rules and standards for the independence of the auditors Major focus is to make sure that publicly-traded corporations accurately present their Assets Liabilities Equity and income on their financial statements,1-21,Goals of Financial Management,Valuation approach Maximizing shareholder wealth Management and stockholder wealth Retentio
