西方财务管理1.ppt

Financial Management 任课教师：钟海燕 授课时间：周二、周四 授课期间：3-15周 答疑：课后 授课方法：讲解、讨论、习题、案例 最后成绩：期末考试——70% 考勤、课堂参与与作业——30% 参考教材： 《财务管理学》，荆新、王化成、刘俊彦主编，中国人民大学出版社 《财务管理教学案例》，王化成，人大社 《公司财务原理》，布雷利等，机械工业出版社 Key Concepts and Skills Know the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various types of financial markets Chapter Outline 1.1 What is Corporate Finance? 1.2 The forms of business organization 1.3 The Goal of Financial Management 1.4 The Agency Problem and Control of the Corporation 1.5 Financial Markets 背景：各种说法 Finance 1.英文说法 1.1 Corporate Finance 1.2 Financial Management 1.3 Managerial Finance 1.4 Corporate Finance Management 2.中文说法 公司理财、财务管理、公司财务、企业金融 The Evolution of Finance Achieved recognition at the turn of last century 1920’s: raising capital 1930’s: capital preservation, bankruptcy and reorganization 1950’s: shift to analytical decision-making, capital budgeting 1960 ’s into 1980’s: risk/return relationship Recent years: relationship between the owners and the managers Nobel Prize Winners for Finance Modigliani capital structure 1985 Miller capital structure 1990 Markwitz investment portfolio 1990 Sharpe capital asset pricing model 1990 Black option pricing model 1997 Scholes option pricing model 1997 1.1 What is Corporate Finance? Corporate Finance addresses the following three questions: What long-term investments should the firm choose? How should the firm raise funds for the selected investments? How much short-term cash flow does a company