兹维博迪金融学第二版课件Chapter01概要1.pptVIP

Chapter 1:  Financial Economics Chapter 1 Contents 1.1 Defining Finance 1.2 Why Study Finance 1.3 Financial Decisions of Households 1.4 Financial Decisions of Firms 1.5 Forms of Business Organization 1.6 Separation of Ownership and Management 1.7 The Goal of Management 1.8 Market Discipline: Takeovers 1.9 The Role of the Financial Specialist in a Corporation Introduction I’m saving for retirement. Should I use a bank CD, mutual fund, direct stock market investment? I want that new car. Should I use saved cash, lease, borrow? I’m thinking about starting a new business will it reward me adequately? The company is looking to expand into telecommunications. how should you advise the CFO? A Latin American country has asked for major project financing should my organization provide the funds? 1.1 Defining Finance Finance is the study of how people allocate scarce resources over time costs and benefits are distributed over time but the actual timing and size of future cash flows are often known only probabilistically Understanding finance helps you evaluate these uncertain cash flows Defining Finance When implementing decisions, people make use of the Financial System defined as the set of markets and other institutions used for financial contracting and exchange of assets and risks Defining Finance Financial theory consists of: the set of concepts that help to organize one’s thinking about how to allocate resources over time the set of quantitative models used to help evaluate alternatives, make decisions, and implement them These concepts and models apply at all levels and scales of decision making Defining Finance A basic tenet of finance is that the existence of economic organizations (e.g. firms and governments) facilitate the satisfaction of people’s consumption preferences 1.2 Why Study Finance? To manage your personal resources To deal with the world of business To pursue interesting and rewarding career opportunities To make informed public choice