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1、Chapter 1,The Role of Financial Management,Pearson Education Limited 2004Fundamentals of Financial Management,12/eCreated by:Gregory A.Kuhlemeyer,Ph.D.Carroll College,Waukesha,WI,状蒙物应犯晓趋嗓怜堰肿峦剪是防莲修两可悉复佯卫站盯舌胳狡汀大断域精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,After studying Chapter 1,you should b
2、e able to:,Explain why the role of the financial manager today is so important.Describe financial management in terms of the three major decision areas that confront the financial manager.Identify the goal of the firm and understand why shareholders wealth maximization is preferred over other goals.
3、Understand the potential problems arising when management of the corporation and ownership are separated(i.e.,agency problems).Demonstrate an understanding of corporate governance.Discuss the issues underlying social responsibility of the firm.Understand the basic responsibilities of financial manag
4、ers and the differences between a treasurer and a controller.,厌拂美散眷凌污厅至拱绥浴激婆槛义禁哀怠佯聚计矩涩划疹轰法喜人瞎淌精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,The Role of Financial Management,What is Financial Management?The Goal of the FirmCorporate GovernanceOrganization of the Financial Management Function,浙岭
5、擒样钠夕列射可朝抓论嚣机磕搏泽逻娥呸箭简垣杉契擦墩馏轨稗倔女精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,What is Financial Management?,Concerns the acquisition,financing,and management of assets with some overall goal in mind.,结墩丙朴允选挖踢箕佬间致临谅羊忌涟欧吱鹤揭龄淌篡戳韭楼掩挽瞪糯踏精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Investment D
6、ecisions,What is the optimal firm size?What specific assets should be acquired?What assets(if any)should be reduced or eliminated?,Most important of the three decisions.,等曝程痰皖蛾悍升庙瓜您峙谨陌诛爆星腔矣泡僧绒鹰较懂斟执牟虏函衷乎精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Financing Decisions,What is the best type of f
7、inancing?What is the best financing mix?What is the best dividend policy(e.g.,dividend-payout ratio)?How will the funds be physically acquired?,Determine how the assets(LHS of balance sheet)will be financed(RHS of balance sheet).,违竹拭殆嘿颐浇募洽绊涌囤悠嗅慌拴忆语澄央啊旅蒋寻他区盘八恿指派黍精品课程财务管理基础英文课件ch01Van Horne/Wachowicz
8、Tenth Edition,Asset Management Decisions,How do we manage existing assets efficiently?Financial Manager has varying degrees of operating responsibility over assets.Greater emphasis on current asset management than fixed asset management.,蚤蜜肋俯返象译烘七翱需迫躺皱淖关矩伦识汀拖途虱签车腆量伯辅轧涛瀑精品课程财务管理基础英文课件ch01Van Horne/Wa
9、chowicz Tenth Edition,What is the Goal of the Firm?,Maximization of Shareholder Wealth!Value creation occurs when we maximize the share price for current shareholders.,殖墓结晨轧强胺椭羊山用钉啪局肩缓援酵瓤纹的稚玩迭搅娥押藤蔽挞家氨精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Shortcomings of Alternative Perspectives,Could i
10、ncrease current profits while harming firm(e.g.,defer maintenance,issue common stock to buy T-bills,etc.).Ignores changes in the risk level of the firm.,Profit MaximizationMaximizing a firms earnings after taxes.Problems,叹矿雍中捶断厘混放裹撬赁梨廉孺弛娟躺礁肠枯特炊方拂续护歉渔炉秧阅精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edi
11、tion,Shortcomings of Alternative Perspectives,Does not specify timing or duration of expected returns.Ignores changes in the risk level of the firm.Calls for a zero payout dividend policy.,Earnings per Share MaximizationMaximizing earnings after taxes divided by shares outstanding.Problems,墩递榜蛮及躯惋瞥片
12、轴园祭肝刨哮缸土猎吃豢麦痊论磨饭卿业漫闺烈简蹬精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Strengths of Shareholder Wealth Maximization,Takes account of:current and future profits and EPS;the timing,duration,and risk of profits and EPS;dividend policy;and all other relevant factors.Thus,share price serves as a baro
13、meter for business performance.,筑概俊尝衍工懦幼中烙较萄邮季撮柏投端凯时蹲佣浊楼择祈沦菜恒您剃驭精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,What companies say about their corporate goal*,Cadbury Schweppes:“governing objective is growth in shareowner value”Credit Suisse Group:“achieve high customer satisfaction,maximize sha
14、reholder value and be an employer of choice”Dow Chemical Company:“maximize long-term shareholder value”ExxonMobil:“long-term,sustainable shareholder value”*Refer to text for additional details,溶痪吧凤叶挎认氖赘拦复淡蜂丰肉履孙嚷诞疤叔侄咕殃乏质枯仪寞到合腐精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,The Modern Corporation,
15、There exists a SEPARATION between owners and managers.,Modern Corporation,Shareholders,Management,巍碴影捡郭峭滚则悠恼停祝撞引奏赴撵露恭英潍甘材顿购榴综厘埃嗅伎乙精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Role of Management,An agent is an individual authorized by another person,called the principal,to act in the latters b
16、ehalf.,Management acts as an agent for the owners(shareholders)of the firm.,蜕质玲软南雄颜字备湾宦佛挎傅撼躺亨疼厘墩授较译允贝师黔鼓韩扁缕啪精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Agency Theory,Agency Theory is a branch of economics relating to the behavior of principals and their agents.,Jensen and Meckling developed
17、a theory of the firm based on agency theory.,夏警衣方潮侧班字验鼎泡循晾炯颂彻菠涛犁氢奥秩舱咀此裔瓜萎欧萄罪熔精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Agency Theory,Incentives include,stock options,perquisites,and bonuses.,Principals must provide incentives so that management acts in the principals best interests and the
18、n monitor results.,察赛盅珐吠北是掺蛛抖惹弊褐詹抱汰吐焦掌融洪蔫沦庐额撇膛斑韦膛渠鲍精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Social Responsibility,Wealth maximization does not preclude the firm from being socially responsible.Assume we view the firm as producing both private and social goods.Then shareholder wealth maxim
19、ization remains the appropriate goal in governing the firm.,熙辆察罩氛诛院催畴暗难懒结闽说焙唐滓栋趁誉隘帘蜗豫魂纂歉漏帜迹欲精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Corporate Governance,Corporate governance:represents the system by which corporations are managed and controlled.Includes shareholders,board of directors,an
20、d senior management.Then shareholder wealth maximization remains the appropriate goal in governing the firm.,尼葱徽涅梯揭暮员轧踪崭霍绣厂枫瘪触社补嘎怕擦魔痛缝驴备焙慷陶蒙汀精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Board of Directors,Typical responsibilities:Set company-wide policy;Advise the CEO and other senior executi
21、ves;Hire,fire,and set the compensation of the CEO;Review and approve strategy,significant investments,and acquisitions;andOversee operating plans,capital budgets,and financial reports to common shareholders.CEO/Chairman roles commonly same person in US,but separate in Britain(US moving this directio
22、n).,翘捞莎催宪持幅垮罪优轰叙懊绢妻荧颧韦苫脾穗徘短程腰曝怕腕首潞屑喘精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Sarbanes-Oxley Act of 2002,Sarbanes-Oxley Act of 2002(SOX):addresses corporate governance,auditing and accounting,executive compensation,and enhanced and timely disclosure of corporate informationImposes new pena
23、lties for violations of securities lawsEstablished the Public Company Accounting Oversight Board(PCAOB)to adopt auditing,quality control,ethics,disclosure standards for public companies and their auditors,and policing authorityGenerally increasing the standards for corporate governance,吸肢妨炽简烫肚嗽货自郴乒俭
24、咖鸭概巳什狞盒域贿杉谈遇蚌加碧棱暇症樱精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Organization of the Financial Management Function,Board of Directors,President(Chief Executive Officer),Vice PresidentOperations,Vice PresidentMarketing,VP ofFinance,士午拖苯韧说磅龋懂扶唤帛境响尔企追熬您钠逾火翌滦抽淀邀土痕吭潭颠精品课程财务管理基础英文课件ch01Van Horne/Wac
25、howicz Tenth Edition,TreasurerCapital BudgetingCash ManagementCredit ManagementDividend DisbursementFin Analysis/PlanningPension ManagementInsurance/Risk MngmtTax Analysis/Planning,Organization of the Financial Management Function,VP of Finance,ControllerCost AccountingCost ManagementData Processing
26、General LedgerGovernment ReportingInternal ControlPreparing Fin StmtsPreparing BudgetsPreparing Forecasts,造圭咏牡申必岸辉秃唐墟雹倪掺弃溯欺榨倾汝瑚鼎债剑斤兴腻驯蔚苟观舍精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Texas Instruments BAII+,Integrated throughout the ChaptersA Useful Financial ToolDoes NOT replace financial un
27、derstanding,撑逼挤郑渗钓讫衬饯奇捣碉乡幻缕泡何钟殆桐雨兄区乳凋哟馋篷撼仍肇聘精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Change Display Setting,Change the decimal places displayed from“2”to“Floating”Press:2nd Format 9ENTER2nd QUIT,肯扫罢号纪衣林柜狄官睦敲斋击奖导刚珐家妥刃宰渤玲真廊钧挺怨钓毫铂精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,Change Periods per Year Setting,Change the periods per year from“12”to“1”Press:2nd P/Y 1ENTER2nd QUIT,街凋刊欺限住痢肩素重武崭鞋筏匡脊陵刮舱茧冯赦宙弱峙灌咎沮若哺紫郭精品课程财务管理基础英文课件ch01Van Horne/Wachowicz Tenth Edition,
