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1、Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructors ManualContentsChaptersPages1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.The Role of Financial ManagementThe Business, Tax, and Financial EnvironmentsThe Time Value of Money*The Valuation of Lon
2、g-term Securities*Risk and Return*Financial Statement Analysis*Funds Analysis, Cash-flow Analysis, and Financial Planning*Overview of Working-capital ManagementCash and Marketable Securities ManagementAccounts Receivable and Inventory ManagementShort-term FinancingCapital Budgeting and Estimating Ca
3、sh FlowsCapital Budgeting TechniquesRisk and Managerial (Real) Options in Capital Budgeting(some sections may be omitted in an abbreviated course)Required Returns and the Cost of CapitalOperating and Financial Leverage (may be omitted in an abbreviated course)Capital Structure DeterminationDividend
4、PolicyThe Capital MarketLong-term Debt, Preferred Stock, and Common StockTerm Loans and Leases (may be omitted in an abbreviated course)Convertibles, Exchangeables, and WarrantsMergers and Other Forms of Corporate RestructuringInternational Financial Management912193241496182889310511212013414415717
5、4184195201213225234251*Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3-5. Thesechapters have been written so that this can be done without any problem. 本课程涉及的章节3 Pearson Education Limited 2021Chapter 1Chapter 3Chapter 4Chapter 5Chapter 6Chapter 15Chapter 16Chapte
6、r 17THE ROLE OF FINANCIAL MANAGEMENTTHE TIME VALUE OF MONEY*THE VALUATION OF LONG-TERM SECURITIES*RISK AND RETURN*FINANCIAL STATEMENT ANALYSIS*REQUIRED RETURNS AND THE COST OF CAPITALOPERATING AND FINANCIAL LEVERAGECAPITAL STRUCTURE DETERMINATIONThe Role of Financial ManagementIncreasing shareholder
7、 value over time is the bottom lineof every move we make.ROBERT GOIZUETAFormer CEO, The Coca-Cola Company9 Pearson Education Limited 2021Chapter 1: The Role of Financial ManagementANSWERS TO QUESTIONS1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to themost
8、productive investment opportunities on a risk-adjusted return basis. Other decisionswill also be made to maximize efficiency. If all firms do this, productivity will beheightened and the economy will realize higher real growth. There will be a greater level ofoverall economic want satisfaction. Pres
9、umably people overall will benefit, but this dependsin part on the redistribution of income and wealth via taxation and social programs. In otherwords, the economic pie will grow larger and everybody should be better off if there is noreslicing. With reslicing, it is possible some people will be wor
10、se off, but that is the result ofa governmental change in redistribution. It is not due to the objective function ofcorporations.2. Maximizing earnings is a nonfunctional objective for the following reasons:a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all othert
11、ime vectors, it is impossible to select the vector that will maximize earnings.b. Each time vector of earning possesses a risk characteristic. Maximizing expectedearnings ignores the risk parameter.c. Earnings can be increased by selling stock and buying treasury bills. Earnings willcontinue to incr
12、ease since stock does not require out-of-pocket costs.d. The impact of dividend policies is ignored. If all earnings are retained, future earningsare increased. However, stock prices may decrease as a result of adverse reaction to theabsence of dividends.Maximizing wealth takes into account earnings
13、, the timing and risk of these earnings, andthe dividend policy of the firm.3. Financial management is concerned with the acquisition, financing, and management ofassets with some overall goal in mind. Thus, the function of financial management can bebroken down into three major decision areas: the
14、investment, financing, and assetmanagement decisions.4. Yes, zero accounting profit while the firm establishes market position is consistent with themaximization of wealth objective. Other investments where short-run profits are sacrificedfor the long-run also are possible.5. The goal of the firm gi
15、ves the financial manager an objective function to maximize. He/shecan judge the value (efficiency) of any financial decision by its impact on that goal. Withoutsuch a goal, the manager would be at sea in that he/she would have no objective criterionto guide his/her actions.6. The financial manager
16、is involved in the acquisition, financing, and management of assets.These three functional areas are all interrelated (e.g., a decision to acquire an assetnecessitates the financing and management of that asset, whereas financing andmanagement costs affect the decision to invest).7. If managers have sizable stock positions in the company, they will have a greaterunderstanding for the valuation of the company. Moreover, they may have a greaterincentive to maximize shareholder wealth than they wou
