财务管理概论（An Overview of Financial Management）.docVIP

财务管理概论（An Overview of Financial Management） First, financial management (Finance Management) definition Financial management is the overall goal, purchase, financing and management of assets. - James C. Van. (USA) Horne (modern enterprise financial management) 1998 edition Financial management and economic value or increasing the value of wealth, wealth is about the creation of decision. Arthur J. Keown (USA) - (basic financial management) 1996 edition Enterprise financial management is an open, dynamic and comprehensive management is carried out around the capital movement. Yu Xuying (Corporate Finance) 1995 edition Financial management is the effective use of funds and management work. - the CPA Examination Committee Office (Financial Management) 1999 edition Financial management is a management planning and control of enterprise funds. Wang Qingcheng Wang Huacheng (Western financial management) 1993 edition Modern corporate finance refers to the company to investors and financiers entered the financial market financial products business activities. Wang Yonghai (corporate finance theory) 1996 edition A case In 1964, the United States Eastern Airline price of $more than 60 per share, while Delta shares only 20 dollars. After 80s, Eastern Airline companys share price per share to $4, while Deltas share price is close to $50. Delta earnings and dividends has been steady growth, the company employees have a safe and generous work, while the Eastern Airline company in 1969 after it did not pay dividends, and often layoffs, cut staff salaries. There are many factors that lead to the difference between the two companies, but the company financial factors is one of the most main factors. Eastern Airline has been the traditional financial management ideas, use a large amount of debt, while Delta companies mainly use equity financing. In 1984, Delta, about 50% of the equity capital and debt of 50%, Eastern Airline, about 12% of the equity capital and debt 88%. The United S