财务管理Chapter_01.pptVIP

Topics Covered Introduction What Is A Corporation? The Role of The Financial Manager Who Is The Financial Manager? Separation of Ownership and Management Financial Markets Corporate Structure Role of The Financial Manager Who is The Financial Manager? Ownership vs. Management Who’s the owner of the company Conflicts The shareholders want to see higher profits as more dividends can be yield from it whilst the managers are more interested in higher revenue because it means more expenses can be made that are beneficial to them. Managers may wish to hold more cash and receive more perks like having a personal jet that would be the expenses of the company and this may reduce the profit. managers and shareholders have different attitude towards risk Conflict between both can also arise when there is takeover bid to the company 1- * McGraw Hill/Irwin Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved Irwin/McGraw Hill Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved Why Finance Matters Principles of Corporate Finance Richard A. Brealey Stewart C. Myers Chapter 1 McGraw Hill/Irwin Sole Proprietorships Corporations Partnerships Limited Liability Corporate tax on profits + Personal tax on dividends Unlimited Liability Personal tax on profits Financial manager Firms operations Financial markets (1) Cash raised from investors (1) (2) Cash invested in firm (2) (3) Cash generated by operations (3) (4a) Cash reinvested (4a) (4b) Cash returned to investors (4b) Chief Financial Officer Controller Treasurer