财务管理专业英语topic.ppt

Topic 2 Introduction to Financial Management （2） News in Media Stock market Text Audio Vocabulary wisdom Maximization of the long-term market value of the firm 市值最大化 Mini Case general motor (GM): 通用汽车公司 Institution shareholders：机构持股者 公募基金，保险资金，社保资金，QFII (Qualified Foreign Institutional Investors合格的境外机构投资者 )，私募资金，券商资金 Successor： 继承者，继任人 heirs background 2009年因次贷危机引发金融海啸，财务受到严重冲击的通用汽车公司为求美国联邦政府援助宣布破产重整，让旧通用汽车破产股票下市，并经法官同意立即将剩余资产转卖给新成立的新通用汽车公司，再将新通用汽车大部分股权交给美国政府成为国营企业，换取美国政府援助资金，雪佛兰与凯迪拉克、别克、GMC被宣告为重整后在美国市场上保留的厂牌，2010年11月通用汽车股票重新上市。 Overview Forms of business Organizational structure of company Goal of financial management The maximization of shareholder wealth Potential agency problem Separation of ownership and management 2.1 types of business organization Sole proprietorship：（个人）独资企业 Partnership：合伙企业 Corporation：公司制企业 2.1.1 solo proprietorship Simplest Advantage Easy to form No double taxation Drawbacks Limited life/pool of funds Unlimited liability 2.1.2 Partnership Owned by two or more individuals（partners） Limited and unlimited General partners Limited partners 2.1.3 corporation Separation of ownership and control 所有权与经营权分离 Types Public corporation Private corporation Closely held corporation 2.2 corporate structure of the company 2.2.1 —— 2.2.4 董事长总经理二职合一 Board of directors 董事会 Independent director 独立董事 CEO CFO Controller：keep recording（财会） Treasurer：financial management（财管） Ps： Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world? 2.3 objective of financial management 企业-公司-财管的目标？ Maximize：revenues, profit, EPS…… Minimize：costs；…… Defects：don’t take following aspects into consideration Time value Risk The relationship between profit and capital investment foresight…… ps：利润表与资产负债表勾稽关系 2.3.12.3.2 利益相关者理论（公司）价值最大化 Maximum of shareholders/firm wealth 后者除了common shareholder，还包括debts holders， preferred stockholders 股东财富由所拥有的股票数量和股票价格两方面来决定→maximize share price 明确，易观测，综合 考虑了时间价值、风险，避免短视行为，反应了资本与报酬间的关