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1、,Irwin/McGraw-Hill,Chapter 1,Fundamentals of Corporate Finance Third Edition,The Firm and The Financial Manager,Brealey Myers Marcus slides by Matthew Will,Irwin/McGraw-Hill,The McGraw-Hill Companies, Inc.,2001,Irwin/McGraw-Hill,Topics Covered,Organizing a Business The Role of The Financial Manager
2、Financial Markets Who Is The Financial Manager Corporate Goals & Incentives Value Maximization,Irwin/McGraw-Hill,Organizing a Business,Types of Business Organizations Sole Proprietorships Partnerships Corporations,Irwin/McGraw-Hill,Organizing a Business,Corporate Structure,Sole Proprietorships,Corpo
3、rations,Partnerships,Irwin/McGraw-Hill,Financial,managers,Firms,operations,Financial,markets,The Role of The Financial Manager,Irwin/McGraw-Hill,The Role of The Financial Manager,Investment Decisions “Capital Budgeting” Buy real assets that are worth more than they cost,Irwin/McGraw-Hill,The Role of
4、 The Financial Manager,“Capital Budgeting”,Tangible Assets Euro Disney $2 billion,Nontangible Assets Gillettes Mach3 Razor $300 million,Irwin/McGraw-Hill,The Role of The Financial Manager,Financing Decisions Source of Funds “Capital Markets” Capital Structure Money Markets Euros,Financial Markets,Pr
5、imary Markets,Secondary Markets,OTC Markets,Money,Irwin/McGraw-Hill,Financial Markets,Company,Issue Debt,Cash,Investors,Irwin/McGraw-Hill,Financial Markets,Company,Intermediary,Investor,Irwin/McGraw-Hill,Financial Markets,Banks,Depositors,$2.5 mil,Cash,Loan,Deposits,Company,Intermediary,Investor,Irw
6、in/McGraw-Hill,Financial Markets,Insurance Company,Policyholders,$250 mil,Cash,Loan,Sell policies Issue Stock,Company,Intermediary,Investor,Careers in Finance,Careers in Finance,Wageweb - Wall Street Journal - Bureau of Labor Statistics - www.bls.gov Wetfeet - Ohio State University - www.cob.ohio
7、-state.edu/fin/osujobs.htm,Click to access web sites Internet connection required,Web Links,Goals of The Corporation,Shareholders desire wealth maximization Do managers maximize shareholder wealth? Mangers have many constituencies “stakeholders” “Agency Problems” represent the conflict of interest b
8、etween management and owners,Goals of The Corporation,Agency Problem Solutions 1 - Compensation plans 2 - Board of Directors 3 - Takeovers 4 - Specialist Monitoring 5 - Auditors,Who is The Financial Manager?,Chief Financial Officer,Treasurer,Controller,Web Resources, www.wiso.gwdg.de/ifbg/finance.h
9、tml crcse.business.pitt.edu/pages/biblio.html to access web sites Internet connection required,Web Links,金融機構之角色,資本形成之方式,資金成本-利率,利率之組成 real risk-free rate of interest inflation premium default risk premium liquidity premium maturity risk premium,資金成本-利率(續）,影響利率之因素 production opportunities and tim
10、e preferences expected inflation default risk liquidity term structure maturity central bank policy balance of payment tax & government deficit,資金成本-利率(續）,利率期間結構與理論 市場區隔理論 流動性偏好理論 預期理理論,外匯市場,重要性:投資與融資活動之全球化 生產與分派成本之降低 國外資金之募集(資本注入與風險分散) 匯率: 外匯之價格 表示 NT$/1US$: 33.25 NT$/US$ 決定:供給與需求,外匯市場（續）,影響匯率之因素決定:供給與需求 利率差異 物價水準差異 其他 (GNP、貿易障礙、央行干預、赤字、國際收支),
