财务管理基本理论82.pptVIP

第二章 財務管理基本理論 參考資料：Lee ect. Chap2 -Theory of Financial Management 企業的經理人員負責計畫（planning）、執行（implementing）、控制（考核，controlling）三種經濟行為—生產（production）、運銷（marketing）與財務（financing）管理（＋人事，personnel） 財務經理的職責—負責目標的設定、發現及分析問題、做決策、執行並負責企業的財政庶務，其範圍包含生產與運銷事務 企業管理目標（Management Goal） —最大利潤（Profit maximization） timing risk uncertainly （時效性？ 風險與不確定性？ ） — Profit Max.之二大缺失 ↓ ↓ ↓ 第三、四章 知道機率 不知機率 企業風險（Business Risk）：與企業特性有關的獲利變動 農企業風險—氣候、病蟲害、價格變動 AgriBusiness Risk - (i) technical risk : weather, disease -(ii) market risk : price Key elements of financial goal: profitability, risk liquidity (timing) 目標－風險與報酬（risk return） 兼顧－utility maximization Measurement of Business Risk : Variance Risk--Return Trade-off 1. coefficient of variation CV = V/E 愈小愈好 2. highest lower bound L = E-2V 愈高愈好 the risk-return basis for choice: Risk-reducing Strategy (風險分散策略）： Diversification : Holding combinations of investment Portfolio Theory (投資組合理論) : ρ＝ 0 ρ0（其實 ρ≠1 即可） ↑ ↑ If returns tend to be independent or negatively correlated, diversification will generally be desirable. ∵ the coefficient of variation (CV=V/E) for the “portfolio” will likely be less than that associated with each individual investment - the “portfolio effect” Diversification as a risk – reducing strategy becomes more effective as the covariation (i.e. correlation) among investments is lower ※coefficient of correlation (ρ): -1ρ 1 Combinations of crops A and B will always dominate complete specialization in one or the other, as long as the returns from the two are less than perfectly correlated (ρ≠1 ). Portfolio selection for risky assets： Appendix : p