ch01 Overview.pptVIP

Financial Management lecturer：苏淑艳 Email:ssy1001@163.com Core Text James C. Van Horne et al., Fundamentals of Financial Management，12th Ed., 财务管理基础（第12版）（影印版）, Tsinghua University Press, 清华大学出版社, 2006. Stephen A. Ross et al., Essentials of Corporate Finance, 4th Ed.,公司理财精要（第4版，双语版），P osts Telecom Press,人民邮电出版社 ，2006. 会计与财务的联系与区别 会计 对象——资金 基本职能——反映,监督 基本任务——确认,计量 性质——信息系统 目标——提供真实,公允及时的会计信息 财务 对象——资金 基本职能——控制,决策 基本任务——组织资金运动,协调财务关系 性质——决策系统 目标——企业价值最大化 Main contents CHA 1 The Role of Financial Management CHA 2 Time Value of Money CHA 3 The Valuation of Long-Term Securities CHA 4 Risk and Return CHA 5 Working Capital Management CHA 6 Capital Budgeting Techniques CHA 7 Required Returns and the Cost of Capital CHA 8 Operating and Financial Leverage Chapter 1 The Role of Financial Management The Role of Financial Management What is Financial Management? The Goal of the Firm Corporate Governance(公司治理） Organization of the Financial Management Function Business environment 1.1What is Financial Management? Concerns the acquisition, financing, and management of assets with some overall goal in mind. Investment decisions Financing decisions Asset management decisions 1.Investment Decisions What is the optimal firm size? What specific assets should be acquired? What assets (if any) should be reduced or eliminated? 2.Financing Decisions What is the best type of financing? What is the best financing mix? What is the best dividend policy (e.g., dividend-payout ratio)? 3.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. 1.2 The Goal of the Firm Maximization of Shareholder Wealth! Value creation occurs when we maximize the share price for current shareholders. 1. Profit Maximization Could increase current profits while harming firm (e.g., defer maintenance, issue common stock to buy T-bills, etc.