财务管理业英语topic.pptVIP

Unit 2: Introduction to Financial Management(2);Teaching objectives:;Wisdom;;Maximize the profit (revenue) of the firm (利润最大化) Maximize the stakeholders’ wealth (相关利益者财富最大化) Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化); Mini case;Read the mini case and think: Why can the GM’s senior managers rebuff the shareholders?; 1990年，通用汽车公司的两个最大的机构投资者股东，因为对公司在20世纪80年代的市场份额减少、利润下降及公司业绩欠佳不满，试图借总裁退休，在继任者的选择问题上发表自己的意见，但他们的要求遭到公司管理层的断然拒绝。公司管理层的反对之所以有效，是因为这两个最大股东所持有公司股票的份额都不超过1%。这就是公司所有权分散、公司经理主导的美国公司治理模式的特点。 这是美国主流的公司治理模式，股权的分散化使得决???权从股东转向了职业经理。这种公司治理机制是利弊互现的，即公司管理的职业经理化与代理成本的存在。那么在以后设计出的种种公司治理机制就是为了减少公司代理成本。;1.business 企业，商业 business circle 企业界 2.financial risk 财务(金融)风险 There is no financial risk in selling to East European countries on credit.? 向东欧国家赊销没有财务风险。 3.sole proprietorship 私人业主制企业 proprietorship（所有权） A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 单一业主指一人拥有公司，它是企业家经营的典型模式。 ;;;;;;;;;;;;;Lesson Ten Closing Procedures;;;;;;;Separation of Ownership and Control;;Separation of Ownership and Control;;;;An accounting example!;Let’s analyze some transactions for JJ’s Lawn Care Service.;On May 1, 2001, Jill Jones deposited $8,000 in the bank to officially start JJ’s Lawn Care Service.;The Effects of Business Transactions;On May 2, 2001, JJ’s purchased a riding lawn mower for $2 500 cash.;The Effects of Business Transactions;On May 8, 2001, JJ’s purchased a $15,000 truck. JJ’s paid $2 000 down in cash and issued a note payable for the remaining $13 000.;The Effects of Business Transactions;On May 11, 2001, JJ’s purchased some repair parts for $300 on account.;The Effects of Business Transactions;Case study 1;case study 2;Thank You!