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1、Unit 2:Introduction to Financial Management(2),Teaching objectives:,After learning this section,the students are reqiured to:grasp some important words and expressions;have a better understanding of the types of business organization、corporate structure of the company、objectives of financial managem
2、ent、separation of ownership and control、agency relationships.,Wisdom,How do we want the firms in our economy to measure their own performance?How do we want them to determine what is better versus worse?Most economists would answer simply that managers have a criterion for evaluating performance and
3、 deciding between alternative courses of action,and that the criterion should be maximization of the long-term market value of the firm.This Value Maximization proposition has its roots in 200 years of research in economics and finance.Michael C Jensen,Whats the objection of financial management?,?,
4、Maximize the profit(revenue)of the firm(利润最大化)Maximize the stakeholders wealth(相关利益者财富最大化)Maximize the value of the firm(or the shareholders wealth)(企业价值最大化或股东财富最大化),The objection of financial management,Mini case,In 1990,two of General Motors largest institutional shareholders,unhappy with the comp
5、anys declining market share and profits during the 1980s,sought to talk to GMs leaders about a successor to the retiring CEO.GMs senior managers rebuffed the shareholders.They could do that because the two large stockholders each owned less than 1%of the companys stock.,Mini Case,Read the mini case
6、and think:Why can the GMs senior managers rebuff the shareholders?,1990年，通用汽车公司的两个最大的机构投资者股东，因为对公司在20世纪80年代的市场份额减少、利润下降及公司业绩欠佳不满，试图借总裁退休，在继任者的选择问题上发表自己的意见，但他们的要求遭到公司管理层的断然拒绝。公司管理层的反对之所以有效，是因为这两个最大股东所持有公司股票的份额都不超过1%。这就是公司所有权分散、公司经理主导的美国公司治理模式的特点。这是美国主流的公司治理模式，股权的分散化使得决策权从股东转向了职业经理。这种公司治理机制是利弊互现的，即公司管
7、理的职业经理化与代理成本的存在。那么在以后设计出的种种公司治理机制就是为了减少公司代理成本。,1.business 企业，商业 business circle 企业界 2.financial risk 财务(金融)风险There is no financial risk in selling to East Europeancountries on credit.向东欧国家赊销没有财务风险。3.sole proprietorship 私人业主制企业 proprietorship（所有权）A sole proprietorship is a business owned by one perso
8、n.It is the classic example of entrepreneur.单一业主指一人拥有公司，它是企业家经营的典型模式。,Words Study,4.partnership 合伙制企业 partner 合伙人 limited partnership 有限合伙制企业 general partner 一般合伙人A partnership may have unlimited liability as well as limitedliability.合营可以是无限责任也可以是有限责任。5.separation of ownership and control 所有权与经营权分离T
9、he reason of the agency relationship is the separation of ownership and control.代理关系产生的原因就是所有权与经营权的分离。6.claim 要求权 have a claim on(to)有对.要求权claim a large amount against him 要求他赔偿大量金额,7.Management buyout 管理层收购 管理层收购在英文中简称MBO，是指公司的经营管理者利用借贷融资买断或控制公司的股份，旨在改变公司的所有者结构、控制权结构和资产结构，使公司原经营者变成企业所有者的一种收购行为。MBO的
10、主要投资者是目标公司的管理人员，或是管理人员与投资者结成的联盟，通过MBO，他们的身份由单一的经营者角色变为所有者与经营者合一的双重身份。,8.tender offer take over bid（要约收购）收购上市公司,有两种方式：协议收购和要约收购,而后者是更市场化的收购方式。从协议收购向要约收购发展,是资产重组市场化改革的必然选择。要约收购（即狭义的上市公司收购），是指通过证券交易所的买卖交易使收购者持有目标公司股份达到法定比例（证券法规定该比例为30）,若继续增持股份，必须依法向目标公司所有股东发出全面收购要约。hostile tender offer 恶意收购9.New York S
11、tock Exchange 纽约股票交易所New York Stock Exchange composite index 纽约证券交易所混合指数 10.Financial standards 财务准则,11.initial public offering(IP0)首次公开发行股票A$100 investment in Dell stock at the 1988 initial publicoffering is worth more than$56,000 today 在1988年最初上市时仅投资100美元的戴尔股票今天价值56000美元 12.private corporation 私募公
12、司 closely held corporation 控股公司13.board of directors 董事会 executive director 执行董事Non-ececutive 非执行董事 chairperson（chairman)主席、董事长independent director 独立董事An independent director is a director who should be in aposition to exercise independent judgment in carrying outthe functions of the Audit Committe
13、e of a listed company.“独立董事”是一个能够在执行审计委员会的功能时，做出独立判断的上市公司董事。,14.controller 主计长、管理者 The controller of BBC Radio 英国广播公司广播电台负责人 15.treasurer 司库、出纳、财务主任 Who can we have as treasurer?我们能让谁掌管财务呢？16.Master of Financial Management 财务管理专业硕士 Master of Accounting 会计学硕士 Master of Business Administration(MBA)工商管
14、理硕士17.revenue 收入 profit 利润 earnings per share 每股盈余（EPS)18.return 回报 market share 市场份额 Thomsons have a 48%market share.汤姆森公司有48%的市场占有率.social good 社会福利 financial distress 财务困境,19.stakeholder theory 利益相关者理论 1984年，弗里曼战略管理：利益相关者管理的分析方法，明确提出了利益相关者管理理论。利益相关者管理理论是指企业的经营管理者为综合平衡各个利益相关者的利益要求而进行的管理活动。与传统的股东至上
15、主义相比较，该理论认为任何一个公司的发展都离不开各利益相关者的投入或参与，企业追求的是利益相关者的整体利益，而不仅仅是某些主体的利益。这些利益相关者包括企业的股东、债权人、雇员、消费者、供应商等交易伙伴，也包括政府部门、本地居民、本地社区、媒体、环保主义等的压力集团，甚至包括自然环境、人类后代等受到企业经营活动直接或间接影响的客体。,20.value(wealth)maximization 价值（财富）最大化mon stockholder or shareholder 普通股股东 preferred stockholder or shareholder 优先股股东 debt holder(cr
16、editor)债权人22.well-being 福利 diversify 多样化 She worked for the well-being of the underprivileged.她为下层贫困民众的福利而努力。We must diversify our products.我们必须于产品多样化。23.learning curve 学习曲线 going concern 持续的24.agency problem 代理问题,25.free-riding problem 搭便车问题搭便车理论首先由美国经济学家曼柯奥尔逊于1965年发表的集体行动的逻辑：公共利益和团体理论(The Logic of
17、 Collective Action Public Goodsand the Theory of Groups)一书中提出的。其基本含义是不付成本而坐享他人之利。26.information asymmetry 信息不对称该理论认为：市场中卖方比买方更了解有关商品的各种信息；掌握更多信息的一方可以通过向信息贫乏的一方传递不可靠信息在市场中获益；买卖双方中拥有信息较少的一方会努力从另一方获取信息；市场信号显示在一定程度上可以弥补信息不对称的问题；信息不对称是市场经济的弊病，要想减少信息不对称对经济产生的危害，政府应在市场体系中发挥强有力的作用。The Influences of Informat
18、ion Asymmetry on IPO Pricing信息不对称对于IPO竞价发行的影响,27.retail investor 散户投资者 institutional investor 机构投资者28.principal-agent or agency relationship 委托-代理关系委托代理理论的主要观点认为：委托代理关系是随着生产力大发展和规模化大生产的出现而产生的。其原因一方面是生产力发展使得分工进一步细化，权利的所有者由于知识、能力和精力的原因不能行使所有者的权利了；另一方面专业化分工产生了一大批具有专业知识的代理人，他们有精力、有能力代理行使好被委托的权利。但在委托代理的关
19、系当中，由于委托人与代理人的效用函数不一样，委托人追求的是自己的财富更大，而代理人追求自己的工资津贴收入、奢侈消费和闲暇时间最大化，这必然导致两者的利益冲突。在没有有效的制度安排下代理人的行为很可能最终损害委托人的利益。,present value(NPV)净现值Thus AAI should invest its available cash in the package of projects having the largest aggregate net present value.因此AAI应该投资能够投资于有最大的合计净现值的项目组合。30.creative accounting
20、创造性会计创造性会计是指通过包装或粉饰公司财务报表以求达到某种目的的会计处理方式，不同于做假账，其本身并非违法行为，但使得公司财务报表信息严重失实。它是一种在不违背会计准则和有关会计法规的条件下，为达到某种目的而有意识地选择会计程序和会计方法的活动。,31.stock option 股票期权股票期权是指买方在交付了期权费后即取得在合约规定的到期日或到期日以前按协议价买入或卖出一定数量相关股票的权利。32、agency cost 代理成本资产所有权与使用权的分离会产生委托代理关系，这种委托代理关系会产生代理成本。,33、bonding cost 契约成本 monitoring costs监督成本
21、34、takeover 接管 The takeover cause 250 redundancy.接管移交造成250人的裁员。,Lesson Ten Closing Procedures,Text Study,2.1 Types of Business Organization 2.2 Corporate Structure of the Company 2.3 Objectives of Financial Management 2.4 Separation of Ownership and Control 2.5 Agency Relationships,(1)Sole Proprieto
22、rship an unincorporated business owned by one personWhats the advantage and drawbacks of this structure?the advantage:easy to formNo double taxationthe drawbacks:Non-transferable,2.1 Types of Business Organization,(2)Partnership owned by two or more individuals(called partners)general partnership ge
23、neral partners普通合伙企业 由普通合伙人组成，合伙人对合伙企业债务承担无限连带责任。If any partner is unable to meet his or her prorate liability in the event that the partnership goes bankrupt,the remaining partners must make goodon the unsatisfied claims,drawing on their personal assets to the extend necessary.Limited partnershipge
24、neral partners limited partners 有限合伙企业 由普通合伙人和有限合伙人组成，普通合伙人对合伙企业债务承担无限连带责任，有限合伙人以其认缴的出资额为限对合伙企业债务承担责任。The limited partners are liable only for the amount of their investment in the partnership,while the general partners have unlimited liability.However,the limited partners typically have no control,
25、which rests solely with the general partners,and their returns are likewise limited.,Types of Business Organization,(3)Corporation a legal entity separate from its owners There is a separation of ownership and control.Shareholders who hold shares in a corporation own thecorporation.Shares represent
26、a claim to corporate profits,which are distributed in the form of dividends,share repurchases or acquisition payouts,Different types of corporations:publicly traded corporations IPOprivate corporationsclosely held corporations,Types of Business Organization,2.2 Corporate Structure of the Company,2.3
27、 Objectives of Financial Management,So far we have sees that managers are primarily concerned with long-term investment and financing decisions as well as working capital management decisions within a firm.To make effective decisions,the financial manager needs a clear objective or goal to serve as
28、a standard or a criterion.,Whats the objection of financial management?,Stakeholder Theory Managers should make decisions that take intoaccount the interests of all of a firms stakeholders.Value or Wealth MaximizationTo maximize long-term firm value or wealth.Maximization of shareholder wealth focus
29、es only on stockholders whereas maximization of firm value encompasses all financial claimholders including common stockholders,debt holders,and preferred stockholders.,Separation of Ownership and Control,The entity which owns the company(shareholders)is often not the one that controls the companys
30、resources(management),2.4 Separation of Ownership and Control,Why?,Professional managers superior abilityTo grow to an optimal size in terms of business efficiencyEfficient diversifications needThe“learning curve”or“going concern”effect,The reason or the advantage,Separation of Ownership and Control
31、,agency problemfree-riding problemincreased costs of information gathering.information asymmetry,Four major downsides,Agency problem Managers may waste corporate cash and resources by engaging in negative net present value(NPV)acquisitions or investments to satisfy their desire to build an empire.Le
32、ss ominous,but no less costly,managers may squander corporate funds on excessively lavish corporate offices and jets.More recently managers have been known to increase share prices(not value)by using“creative accounting”,so as to exercise their stock options(e.g.Enron).,2.5 Agency Relationships,Agen
33、cy costs are the total costs resulting from the agency problem.management takes actions that negatively influence the wealth of shareholders.Bonding costs the shareholders monitor the managements actions to ensure compliance.Monitoring costs,Agency Relationships,Practical solutions to the agency pro
34、blemensure thatmanagerial actions are consistent with shareholders interests.Equity-based managerial compensation schemes Election of independent outside members to the board of directors Threat of dismissal of management.As a last resort,the threat of a hostile takeover,Agency Relationships,An acco
35、unting example!,Lets analyze some transactions for JJs Lawn Care Service.,On May 1,2001,Jill Jones deposited$8,000 in the bank to officially start JJs Lawn Care Service.,The Effects of Business Transactions,The Effects of Business Transactions,On May 2,2001,JJs purchased a riding lawn mower for$2 50
36、0 cash.,The Effects of Business Transactions,The Effects of Business Transactions,On May 8,2001,JJs purchased a$15,000 truck.JJs paid$2 000 down in cash and issued a note payable for the remaining$13 000.,The Effects of Business Transactions,The Effects of Business Transactions,On May 11,2001,JJs pu
37、rchased some repair parts for$300 on account.,The Effects of Business Transactions,The Effects of Business Transactions,Case study 1,Case案例1:Michaels dental clinic incurred following transactions：1)Initial Investment of$4000 started the business投资4000美元开业。2)Bought office supplies by cash$300支付300美元现
38、金买办公用品。3)Bought office furniture from Brown Furniture Co.on credit$2000从布朗家具公司赊账购买家具2000美元。Case案例2:the business transaction for John.Watt Co.in Jan.1)Received$1000 in cash for the service performed提供服务，收取现金1000美元.2)Paid wages to an employee$500 for cash以现金支付雇员工资500美元,case study 2,You recently invest
39、ed$12000of your savings in a security issued by a large company.The security agreement pays you 7%per year and has a maturity two years from the day you purchased it.What is the total cash flow you expect to receive from this investment,separated into return on your investment and the return of your investment?Hand in next friday with group,which have to including accounting process and explaination in English,Thank You!,
