台湾大学课件-财务管理（全套课件220P）.ppt

Topics Covered Organizing a Business The Role of The Financial Manager Financial Markets Who Is The Financial Manager Corporate Goals Incentives Value Maximization Organizing a Business Types of Business Organizations Sole Proprietorships Partnerships Corporations Organizing a Business Corporate Structure The Role of The Financial Manager The Role of The Financial Manager Investment Decisions “Capital Budgeting” Buy real assets that are worth more than they cost The Role of The Financial Manager “Capital Budgeting” The Role of The Financial Manager Financing Decisions Source of Funds “Capital Markets” Capital Structure Money Markets Euros Financial Markets Financial Markets Financial Markets Financial Markets Financial Markets Careers in Finance Careers in Finance Goals of The Corporation Shareholders desire wealth maximization Do managers maximize shareholder wealth? Mangers have many constituencies “stakeholders” “Agency Problems” represent the conflict of interest between management and owners Goals of The Corporation Agency Problem Solutions 1 - Compensation plans 2 - Board of Directors 3 - Takeovers 4 - Specialist Monitoring 5 - Auditors Who is The Financial Manager? 金融機構之角色 資本形成之方式 資金成本--利率 利率之組成 real risk-free rate of interest inflation premium default risk premium liquidity premium maturity risk premium 資金成本--利率(續） 影響利率之因素 production opportunities and time preferences expected inflation default risk liquidity term structure maturity central bank policy balance of payment tax government deficit 資金成本--利率(續） 利率期間結構與理論 市場區隔理論 流動性偏好理論 預期理理論 外匯市場 重要性:投資與融資活動之全球化 生產與分派成本之降低 國外資金之募集(資本注入與風險分散) 匯率: 外匯之價格 表示 NT$/1US$: 33.25 NT$/US$ 決定:供給與需求 外匯市場（續） 影響匯率之因素決定:供給與需求 利率差異 物價水準差異 其他 (GNP、貿易障礙、央行干預、赤字、國際收支) Topics Covered Net Present Value Other Investment Criteria Project Interactions Capital Rationing Net Present Value Opportunity Cost of Capital - Expected rate of return given up by investing in a project. Net Present Value Example Suppose we can invest $50 toda