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1、Introduction To Corporate Finance,1-1,Key Concepts and Skills,Know the basic types of financial management decisions and the role of the financial manager財務管理決策基本問題Know the financial implications of the different forms of business organization不同企業組織Know the goal of financial management財務管理的目標Underst
2、and the conflicts of interest that can arise between owners and managers所有人和經理人可能產生的利益衝突Understand the various types of financial markets各種型態的金融市場,1-2,Chapter Outline,Corporate Finance and the Financial ManagerForms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Contr
3、ol of the CorporationFinancial Markets and the Corporation,1-3,Corporate Finance,Some important questions that are answered using financeWhat long-term investments should the firm take on?Where will we get the long-term financing to pay for the investment?How will we manage the everyday financial ac
4、tivities of the firm?,1-4,Financial Manager,Financial managers try to answer some or all of these questionsThe top financial manager within a firm is usually the Chief Financial Officer (CFO)首席財務長Treasurer財務長 oversees cash management, credit management, capital expenditures and financial planningCon
5、troller會計長 oversees taxes, cost accounting, financial accounting and data processing,1-5,Financial Management Decisions,Capital budgeting資本預算 What long-term investments or projects should the business take on?Capital structure資本結構 How should we pay for our assets?Should we use debt or equity?Working
6、 capital management營運資金管理 How do we manage the day-to-day finances of the firm?,1-6,Forms of Business Organization,Three major forms in the United StatesSole proprietorship獨資Partnership合夥GeneralLimited有限責任合夥 Corporation公司S-CorpLimited liability company有限責任公司,1-7,Sole Proprietorship,AdvantagesEasiest
7、 to startLeast regulated法令規範最少 Single owner keeps all the profitsTaxed once as personal income所有營業所得納入個人綜合所得稅課稅,DisadvantagesLimited to life of ownerEquity capital limited to owners personal wealthUnlimited liability業主承擔公司債務的無限償還責任 Difficult to sell ownership interest,1-8,Partnership,AdvantagesTwo o
8、r more ownersMore capital availableRelatively easy to startIncome taxed once as personal income營業所得納入個人綜合所得稅課稅,DisadvantagesUnlimited liability無限償還責任 General partnershipLimited partnershipPartnership dissolves when one partner dies or wishes to sell當有合夥人死亡或希望退出時即解散Difficult to transfer ownership,1-9
9、,Corporation,AdvantagesLimited liabilityUnlimited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capital,DisadvantagesSeparation of ownership and managementDouble taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)雙重課稅 (
10、公司就盈餘繳納公司所得稅，股東收到股利後再繳納個人所得稅),1-10,Goal Of Financial Management,What should be the goal of a corporation?Maximize profit?Are we talking about long-run or short-run profits? accounting profits?Minimize costs?We can minimize costs today by not purchasing new equipment or delaying maintenanceMaximize m
11、arket share?have positive earnings?Maximize the current value of the companys stock?There is no short run vs. long run here. The stock price should incorporate expectations about the futureDoes this mean we should do anything and everything to maximize owner wealth?,1-11,The Agency Problem,Agency re
12、lationshipPrincipal hires an agent to represent his/her interestStockholders (principals) hire managers (agents) to run the companyAgency problemConflict of interest between principal and agentA common example of an agency relationship is a real estate brokerManagement goals and agency costs,1-12,Th
13、e Agency Problem,Direct agency costs the purchase of something for management that cant be justified from a risk-return standpoint, monitoring costs.Indirect agency costs managements tendency to forgo risky or expensive projects that could be justified from a risk-return standpoint.,1-13,Managing Ma
14、nagers,Managerial compensationIncentives can be used to align management and stockholder interestsThe incentives need to be structured carefully to make sure that they achieve their goalCorporate controlThe threat of a takeover may result in better managementOther stakeholders利害關係人,1-14,Work the Web
15、 Example,The Internet provides a wealth of information about individual companiesOne excellent site is Click on the web surfer to go to the site, choose a company and see what information you can find!,1-15,Financial Markets,Cash flows to the firmPrimary vs. secondary marketsDealer自營商市場vs. auction m
16、arkets拍賣市場Listed上市掛牌vs. over-the-counter securities店頭市場NYSENASDAQ,1-16,Quick Quiz,What are the three types of financial management decisions and what questions are they designed to answer?What are the three major forms of business organization?What is the goal of financial management?What are agency problems and why do they exist within a corporation?What is the difference between a primary market and a secondary market?,End of Chapter,
