《[财务管理]财务管理可分割成2个领域：Fields(PPT 32页)中英文.ppt》由会员分享，可在线阅读，更多相关《[财务管理]财务管理可分割成2个领域：Fields(PPT 32页)中英文.ppt（32页珍藏版）》请在金锄头文库上搜索。
1、Chapter 1,Foundations (導論),AAn Overview of Finance (p.2),Finance is the art and science of handling money-the management of money. 財務管理可分割成2個領域:Fields are separate but related Investments and financial markets Financial management of corporations,A-1Financial Assets(金融資產),Real asset Financial asset
2、(or is called a security (有價證券)a document representing a claim (請求權) to certain future cash flows. Financial assets are either stocks or bonds Firms issue financial assets to raise money in order to buy real assets.,A-1Financial Assets(金融資產),Investing involves buying financial assets in the hope of
3、earning a return Investments in financial assets can be made directly by buying securities, or indirectly by buying shares in a mutual fund (共同基金),A-2Financial Markets(金融市場),In Fin. Markets, financial assets are issued (發行) by firms and bought (購買) by investors in financial markets Fin. Market is a
4、framework or organization in which people can buy/sell securities Stock market: exchange & over-the-counter Stockbroker (broker)-trade securities for a commission,A-2Financial Markets,Secondary market (次級市場):Most transactions are of this type Primary market(初級市場)market where securities are initially
5、 sold (I.P.O.) Investments(投資):Making decisions about buying and selling stock and bonds Financial management:Decisions about raising money (募集資金)and how to spend it,A-3 Raising Money(p.4),Financing (融資) means raising money to acquire something Forms of Financing (融資的形式) (1) Issuing stock (equity fi
6、nancing) (2) Borrowing money (debt financing) Bank Issuing bonds Leasing (3) Internal financing (retaining earnings) Still considered equity financing,A-3 Raising Money,Field of finance includes raising money and investing money Changing Focus of Finance 狹義地說: Finance is used to financial market act
7、ivity 廣義地說:更包括 (1) Portfolio formation and analysis(投資組合的形成與分析) (2) Financial management within an organization,A-4 Financial Management (p.5),Financial Management is the management and control of money and money-related operations within a business Executive in charge of finance department CFO: Chi
8、ef Financial Officer (VP of Finance(財務總管) Typically reports directly to the President of the corporation,典型組織圖中的財務職位與工作,A-4 Financial Management,Functions of the finance department (財務部門的功能):business decisions (商業決策)& oversight (監督) Keeping records Receiving payments from customers & Making payments
9、 to suppliers Borrowing funds Purchasing assets Selling stock & Paying dividends, etc.,A-5The Price of Securities-A Link Between the Firm and the Market,Investors buy securities for the future cash flows expected from them Link between company management and investors comes from this relationship be
10、tween price and expected financial results (風險越高則投資人願意支付的價格越低),B Finance and Accounting(p.6),Accounting: a system of record-keeping designed to portray a firms operations in a fair/unbiased manner (簿記制度) Finance: a process of decision-making related to raising money, analyzing results, etc.(決策程序/過程)
11、 Finance department generally consists of both the accounting department (會計部門)and the treasury department(財務部門),B-1The Importance of Cash Flow,Accounting attempts to reflect a firms financial results in a way that represents what is physically occurring Finance is interested in how cash is flowing
12、(or expected to flow)(財管上對現金流量的焦點是放在現金從何處取得及用於何處) Cash is king!,B-2The Language of Finance & CFinancial Theory (p.8-9),Accounting is the language of finance Thus all finance professionals need some accounting knowledge CFinancial TheoryThe Relationship with Economics Financial theory developed from
13、economics,FPrincipal-Agent Problem(主人與代理人的問題/代理問題) -1(p.16),企業的主人(或稱所有人) 僱用代理人(或稱管理者、經理人)以對所有人最有利的情況下經營企業。但是道德上的喪失、自利、或所有人對管理者缺乏信任均會導致利益上的衝突，且造成所有人與管理者彼此之間的猜疑。因此，將企業管理上的這個問題稱為principal-agent problem或agency problem。,Principal-Agent Problem(主人與代理人的問題/代理問題) -2,若為了把經理人的目標調整至與股東目標一致而利用到資源，則這部分的成本稱之為代理成本(
14、agency costs) How to Reduce Agency Problems ? 1. Incentives (誘因的產生):將管理者的薪資/福利與公司的利潤結合一起 2. Monitoring and Increased Information Flows (監督並增加資訊的流通),Principal-Agent Problem(主人與代理人的問題/代理問題) -3,代理問題涉及到利益衝突，包括 股東(stockholders)與經理人(management)之間的利益衝突 債權人(creditors)與股東(stockholders)之間的利益衝突,D Forms of Busi
15、ness Organization and Their Financial Impact(企業組織的形態及其財務上的影響)p.9,不同的企業組織形態則對下列問題的處理方式也就不同： 課稅的含意 所有人對企業的控制權 交易所有權的能力 對債務的限制 企業壽命的長短 募集資金的能力 對代理問題的敏感度,企業組織的形態,Businesses can be legally or organized as A sole proprietorship (獨資) A partnership (合夥) A corporation (公司) Regular or C-type corporation (一般型態
16、公司) S-type corporations and limited liability companies (LLCs): small businesses (S型態公司與有限責任公司),Sole Proprietorships,依個人綜合所得計算稅額 企業的所有權不易移轉 沒有代理成本問題 募集資金的能力有限 優點：所有者享有全部的利潤 缺點：所有者對於企業的債務負有無限償還責任,Partnerships,較Proprietorship在募集&融資資金上的能力為佳，但企業成長的能力仍受到限制 仍以各所有人的所得來課稅 一旦其中有一個業主死亡或想要退出，該企業即告終止 沒有代理成本問題 企業價值不易被評估且不易移轉所有權 比較普通合夥企業 與有限合夥企業,General & limited partnerships,對於普通合夥企業 (general partnership)而言，所有的業主均要共同承擔利潤與損失，且對於企業的全部債務均負有無限償還責任。 在有限合夥企業 (limited partnership)中，一人或一人以上的普通合夥業主(general
