精品课程财务管理基础英文课件ch01.ppt

1-1 Pearson Education Limited 2004Fundamentals of Financial Management,12/eCreated by:Gregory A.Kuhlemeyer,Ph.D.Carroll College,Waukesha,WI1-21.Explain why the role of the financial manager today is so important.2.Describe financial management in terms of the three major decision areas that confront the financial manager.3.Identify the goal of the firm and understand why shareholders wealth maximization is preferred over other goals.4.Understand the potential problems arising when management of the corporation and ownership are separated(i.e.,agency problems).5.Demonstrate an understanding of corporate governance.6.Discuss the issues underlying social responsibility of the firm.7.Understand the basic responsibilities of financial managers and the differences between a treasurer and a controller.1-3uWhat is Financial Management?uThe Goal of the FirmuCorporate GovernanceuOrganization of the Financial Management Function1-4Concerns the acquisition,financing,and management of assets with some in mind.1-5uWhat is the optimal firm size?uWhat specific assets should be acquired?uWhat assets(if any)should be reduced or eliminated?1-6uWhat is the best type of financing?uWhat is the best financing mix?uWhat is the best dividend policy(e.g.,dividend-payout ratio)?uHow will the funds be physically acquired?1-7uHow do we manage existing assets efficiently?uFinancial Manager has varying degrees of operating responsibility over assets.uGreater emphasis on current asset management than fixed asset management.1-8Value creation occurs when we maximize the share price for current shareholders.1-9uCould increase current profits while harming firm(e.g.,defer maintenance,issue common stock to buy T-bills,etc.).uIgnores changes in the risk level of the firm.uMaximizing a firms earnings after taxes.1-10uDoes not specify timing or duration of expected returns.uIgnores changes in the risk level of the firm.uCalls for a zero payout dividend policy.uMaximizing earnings after taxes divided by shares outstanding.1-11uTakes account of:;and all other relevant factors.uThus,serves as a barometer for business performance.1-12uCadbury Schweppes:“governing objective is growth in shareowner value”uCredit Suisse Group:“achieve high customer satisfaction,maximize shareholder value and be an employer of choice”uDow Chemical Company:“maximize long-term shareholder value”uExxonMobil:“long-term,sustainable shareholder value”*Refer to text for additional details1-13There exists a SEPARATION between owners and managers.Modern CorporationShareholdersManagement1-14uAn is an individual authorized by another person,called the principal,to act in the latters behalf.Management acts as an for the owners(shareholders)of the firm.1-15is a branch of economics relating to the behavior of principals and their agents.uJensen and Meckling developed a theory of the firm based on.1-16uIncentives include,and.uPrincipals must provide so that management acts in the principals best interests and then results.1-17uWealth maximization does not preclude the firm from being.uAssume we view the firm as producing both private and social goods.uThen remains the appropriate goal in governing the firm.1-18uCorporate governance:represents the system by which corporations are managed and controlled.uIncludes shareholders,board of directors,and senior management.uThen remains the appropriate goal in governing the firm.1-19uTypical responsibilities:uSet company-wide policy;uAdvise the CEO and other senior executives;uHire,fire,and set the compensation of the CEO;uReview and approve strategy,significant investments,and acquisitions;anduOversee operating plans,capital budgets,and financial reports to common shareholders.uCEO/Chairman roles commonly same person in US,but separate in Britain(US moving this direction).1-20uSarbanes-Oxley Act of 2002(SOX):addresses corporate governance,auditing and accounting,executive compensation,and enhanced and timely disclosure of corporate informationuImposes new penalties for violations of securities lawsuEstablished the Public Company Accounting Oversight Board(PCAOB)to adopt auditing,quality control,ethics,disclosure standards for public companies and their auditors,and policing authorityuGenerally increasing the standards for corporate governance1-21Board of DirectorsPresident(Chief Executive Officer)Vice PresidentOperationsVice PresidentMarketingVP ofFinance1-22TreasurerCapital BudgetingCash ManagementCredit ManagementDividend DisbursementFin Analysis/PlanningPension ManagementInsurance/Risk MngmtTax Analysis/PlanningVP of FinanceControllerCost AccountingCost ManagementData ProcessingGeneral LedgerGovernment ReportingInternal ControlPreparing Fin StmtsPreparing BudgetsPreparing Forecasts1-23uIntegrated throughout the ChaptersuA Useful Financial TooluDoes NOT replace financial understanding1-24Change the decimal places displayed from“2”to“Floating”Press:2nd Format 9ENTER2nd QUIT1-25Change the periods per year from“12”to“1”Press:2nd P/Y 1ENTER2nd Q