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1、1,高级财务管理理论与实务 Office: 706, School of Management Tel: 13760883968 Email: ,2,中文参考书： 公司理财第8版（罗斯等著，吴世农和沈艺峰等译），机械工业出版社； 公司财务原理第8版（布雷利等著，方曙红等译），机械工业出版社； My request: 课前预习和课后复习 成绩考核: 课堂表现: 30%；作业与案例讨论: 30%；期末考试: 40%,3,Chapter 1,公司治理与财务管理环境,4,什么是财务管理,财务管理(Financial management): 通过对企 业资金的管理来达到企业的财务目标, 又称为公司财务
2、或者公司理财。 (Corporate finance),5,什么是财务管理,财务管理与金融学之间的关系,6,财务管理的产生,1900年，一位穷困潦倒的法国数学教师贝奇里耶（Louis Bachelier）写了一篇题为投机理论（Theory of Speculation）的博士论文，这篇关于证券市场的统计研究在数十年后被认定是财务学（Finance）从经济学（Economics）中独立出来成为一门新学科的里程碑。,7,Stakeholders in a company,Stakeholders: individuals or groups who are affected by the acti
3、vities of the firm. Classification: internal: employees and managers connected: shareholders, debtholders, customers, bankers, suppliers, competitors external: government, pressure groups, local and national communities, professional and regulatory bodies Objectives of stakeholder groups (p26-37),凡影
4、响到公司经营目标或受公司经营目标影响的人都可被称为相关利益人。 弗里曼：战略性管理：一种相关利益者方法1984年,8,Stakeholders in a company,Major stakeholder interest (interests conflict): shareholders and managers agency relationship shareholders, managers and long-term creditors risky investment decisions interest payments on time extra dividends shar
5、eholders, managers and government taxation encourage new investments encourage a wider spread of share ownership legislation economic policy,9,Agency theory,Berle outputs seldom be measured solutions: inputs; judgements; comparison,22,Macroeconomic objectives and policies,Objectives economic growth
6、control price inflation full employment balance of payments Conflicts in objectives simultaneous achievement of all the objectives is difficult, and hence government have to consider trade-offs between objectives.,23,Macroeconomic objectives and policies,Policies monetary policy fiscal policy prices
7、 and incomes policy exchange rate policy external trade policy policy mix,24,Fiscal policy,Fiscal policy: is action by the government to spend money, or to collect money in taxes, with the purpose of influencing the condition of the national economy. Fiscal policy controls the output via managing th
8、e aggregate demand (ie, demand side economy) Demand management: an approach to economic policy which seeks to control the level of aggregate demand through fiscal policy and/or monetary policy. Aggregate demand (AD) is the total demand for goods and services in the economy.,25,Fiscal policy,Governme
9、nt expenditure may be financed through a mix of taxation and government borrowing. Government borrowing: borrow directly or indirectly from the public borrow from the banking system Problems of fiscal policy include the crowding out and incentive effects of taxation. crowding out: government borrowi
10、ng leads to a fall in private investment since it would lead to higher interest rates. incentive effects: high taxes can lead to personal and business disincentives to work and investment.,26,Monetary and interest rate policy,Monetary policy: is the regulation of the economy through control of the m
11、onetary systems by operating on such variables as the money supply, the level of interest rates and the conditions for availability of credit. Tools for implementing monetary policy influence over interest rates fiscal policy exchange rate policy the regulation of banks and other financial instituti
12、ons,27,Monetary and interest rate policy,Monetary policy controls the output via managing the money supply using interest rate policy (ie, supply side economy) It is concerned with influencing the overall monetary conditions ie.: the volume of money (ie, money supply) or, the price of money (ie, int
13、erest rate) . Problems with the operation of monetary policy: the choice of targets: money supply or interest rate? the undesirable effects of interest rate changes,28,Monetary and interest rate policy,Impact of changes in monetary policy on business decision making the availability of finance the c
14、ost of finance the level of consumer demand the level of inflation the level of exchange rate,29,Exchange rates,Factors influencing the exchange rate If the rate of inflation is higher in one country than in another country, the value of its currency will tend to weaken against the other countrys cu
15、rrency. Purchasing power parity theory Consequences of an exchange rate policy,30,Inflation,Why is inflation a problem redistribution of income and wealth balance of payments effects uncertainty of the value of money and prices resource costs of changing prices economic growth and investment Measuri
16、ng inflation: consumer price indices The cause of inflation demand-pull inflation cost-push inflation expectational inflation In most cases, inflation will reduce profits and cash flows in long run.,31,The balance of payments,The balance of payments a statistical “accounting” record of a countrys international trade transactions and capital transactions with other countries during a perio
