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1、学科导论,经济学：货币银行学、经济理论（宏观经济学、微观经济学）、发展经济学、计量经济学、比较制度经济学、经济史和经济思想史、国际金融、国际贸易、数理经济学、博弈论和农业经济学等 金融学：1970年以前属于经济学的一个次级学科，后从经济系转移到商学院 商学院：会计、金融、企业战略与管理、组织行为、市场营销、决策科学与商业经济,1-0,金融学可以划分为两大主流领域投资学Investment；公司金融Corporate Finance 投资学Investment主要是探讨金融市场和金融资产的定价模式。关于课程方面，投资学领域可以开设如下课程投资学、固定收益债券、国际金融市场、期权与期货。 公司金融
2、Corporate Finance主要是探讨公司实物投资与财务运作的决策过程，而公司治理就是探讨这些决策对股东权益的影响，因此，公司金融和公司治理很难清楚地分开。公司金融学可以开设如下课程公司金融、公司兼并与收购、公司治理。,1-1,学习方法,本科 自学能力“整理笔记、把书读薄” 培养通才 如何写学术论文,1-2,Introduction To Corporate Finance,Key Concepts and Skills,Know the basic types of financial management decisions and the role of the financial
3、 manager Know the financial implications of the different forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various types of financial markets,1-4,Chapter Outline,Corporate Finance and t
4、he Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation,1-5,Corporate Finance,Definition Corporate finance is the study of the relationship between business decisions and the value of
5、 the stock in the business. Some important questions that are answered using finance What long-term investments should the firm take on?(capital budgeting) Where will we get the long-term financing to pay for the investment? (capital structure) How will we manage the everyday financial activities of
6、 the firm? (working capital) 华尔街日报：如何在一年之内毁掉惠普,1-6,Financial Manager,What is a university structure like? What is a corporation structure like? (video: Role of CFO) Treasurers strategic role: CA in the UK,1-7,Financial Management Decisions,Capital budgeting (资本预算) Definition: the process of planning
7、 and managing a firms long-term investments. e.g., McDonalds; IBM; HP; Home Deport; Seibu Capital structure (资本结构) Definition: the mixture of long-term debt and equity the firm uses to finance its operations. Definition of debt and equity Why does capital structure matter? e.g. 开服装店如何筹资？ Working cap
8、ital management (营运资本) Definition: management of a firms short-term assets.,1-8,Forms of Business Organization,Three major forms in the United States Sole proprietorship (单一业主制) Partnership (合伙制) General Limited Corporation (股份公司),1-9,Sole Proprietorship,Advantages Easiest to start Least regulated S
9、ingle owner keeps all the profits Taxed once as personal income,Disadvantages Limited to life of owner Equity capital limited to owners personal wealth Unlimited liability Difficult to sell ownership interest,1-10,Partnership,Advantages Two or more owners More capital available Relatively easy to st
10、art Income taxed once as personal income,Disadvantages Unlimited liability General partnership Limited partnership Partnership dissolves when one partner dies or wishes to sell Difficult to transfer ownership,1-11,Corporation,Advantages Limited liability Unlimited life Separation of ownership and ma
11、nagement Transfer of ownership is easy Easier to raise capital,Disadvantages Separation of ownership and management Double taxation (income taxed at the corporate rate and then dividends taxed at the personal rate),1-12,公司的起源：荷兰东印度公司；郎咸平说公司的秘密，东方出版社,Goal Of Financial Management,What should be the go
12、al of a corporation? Maximize profit? How? Minimize costs? How? Maximize market share? How? 团购网 Maximize the current value of the companys stock? How? to maximize the current value per share of the existing stock? to maximize the market value of the existing owners equity? to maximize firm value? Do
13、es this mean we should do anything and everything to maximize owner wealth? 亚洲船东警告中远 黄金福娃发霉 to maximize stakeholders value?,1-13,Moral Hazard and Adverse Selection,Moral hazard The risk that the presence of a contract will affect on the behaviour of one or more parties. The classic example is in the
14、 insurance industry, where coverage against a loss might increase the risk-taking behaviour of the insured. One illustration is that if somebody is insured against fire, he may take less care to avoid fire because he knows that, should a loss be incurred, the insurance company will ultimately bear t
15、he cost.,1-14,Moral Hazard and Adverse Selection,Adverse selection It occurs under the circumstance of asymmetric information, where one party holds the information that he/she might benefit from a contract while his/her counterpart may loss from it. However, the other party has no access to the inf
16、ormation in the bargain. This glossary originally implies the adverse effects to the insured by the increasing of insurance premium.,1-15,Moral Hazard and Adverse Selection,Economists usually treat moral hazard and adverse selection as questions in the same category. An example in banking (Stiglitz and Weiss, 1981) The model of adverse selection The model of moral hazard eg. 恋爱劣币驱逐良币,1-16,The Agency Problem,Agency relationship Principal hires an agent to represent his/her inter
