考文垂大学 商科课程 企业财务战略 第一讲课件.ppt

M15EFA CFS LECTURE 1 The Nature of CFS: An Introduction LEARNING OUTCOMES By the end of this lecture students should be able to: Understand how the management of finance can enable strategic success for a firm by: Developing strategies to create financial value Providing for the different funding needs of different strategies Addressing the differing financial expectations of stakeholders The Integration of Corporate Strategy Finance Seen by managers as ‘dry’ and often difficult subjects by managers Both disciples have been described to be esoteric (difficult to understand), technical and far from everyday management practice. The main aim to integrate both the disciplines where to a firm could turn threats into opportunities, eradicate its weaknesses wherever possible and reinforce its strengths. What does the letters means…. FINANCE: F= FUN I= INTERESTING ( to link F with business environment, competitive position,etc) N=NASTY (when things go wrong when mismanaged) A= ADVANTAGE (if you know how it works, it can help you in your career and you are less likely to be dependent on accountants,finance experts for advise on financial matter) N= NOT PRECISE (can be at times GIGO- garbage in garbage out, e.g. different measure used in calculating some financial ratios of different firms in different or same industry. C= CREATIVE (can be positive or harmful for a firm. E.g. creative accounting by suppressing some financial figures of a firm, e.g. ENRON) E= EXCITING (through financial lens, strategy could be partially resolved, e.g. ‘what would we have to achieve strategically to secure a particular financial result? What does the letters means….(cont’d) STRATEGY: S= SIMPLICITY THINKING RESULT FOCUS ACTION TIMING ENERGISING GOAL-DRIVEN YOUR FUTURE Key Links Corporate and Financial Strategy could be linked particularly with: Strategic and Financial Analysis Strategic Choice Strategy Implementation Strategy, value and learning Strategic and Financial Analysis Strategi