财务管理基础financialmanagement清华大学1.pptVIP

Chapter 1 The Role of Financial Management The Role of Financial Management After studying Chapter 1, you should be able to: Explain why the role of the financial manager today is so important. Describe financial management in terms of the three major decision areas that confront the financial manager. Identify the goal of the firm and understand why shareholders wealth maximization is preferred over other goals. Understand the potential problems arising when management of the corporation and ownership are separated (i.e., agency problems). Demonstrate an understanding of corporate governance. Discuss the issues underlying social responsibility of the firm. Understand the basic responsibilities of financial managers and the differences between a treasurer and a controller. Why should I care about Financial Management ? Prepare for the workplace of tomorrow. Broadening expectations of financial knowledge and skills. Use and understand financial terminology and concepts in team communication. Developing cross-functional capabilities. Critical thinking. The Role of Financial Management What is Financial Management? The Goal of the Firm Corporate Governance Organization of the Financial Management Function What is Financial Management? Concerns the acquisition, financing, and management of assets with some overall goal in mind. Investment Decisions What is the optimal firm size? What specific assets should be acquired? What assets (if any) should be reduced or eliminated? Most important of the three decisions. 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)? How will the funds be physically acquired? Determine how the assets (LHS of balance sheet) will be financed (RHS of balance sheet). Asset Management Decisions How do we manage existing assets efficiently? Financial Manager has varying degrees of operating responsibility over assets. Greater emphasis on curr