西方财务管理基本理念.pptVIP

* Bin Lu at CNC Basic Introduction to American Finance Dell Case Outline Stock Market at United States – Financing and Accounting A Burgeoning Company -- Dell Computer -- Entrepreneurship -- Business Model -- Corporate Management Who is the MONSTER of economy ? Up? Down? New York Stock Exchange The principal place in which shares, options and futures are traded in New York. NASDAQ An electronic quotation system that provides price quotations to market participants about the more actively traded common stock issues in the OTC market. About 4000 common stock issues are included in the NASDAQ system. American Stock Exchange (AMEX) Index: Dow / SP 500 / NASDAQ Index / Big Blue Why EBITDA? Why IPO? EBITDA – Earnings before Interest\Tax\Depreciation\Amortization A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expense. IPO – Initial Public Offering The difference between finance and accounting Finance – Future Money and funding (How to decide initial value of securities) Accounting – Past activities at corporate-level (How to evaluate the performance of the public company) Accounting Items Balance Sheet: a summary of a companys assets, liabilities, and owners equity. Income Statement: A statement showing the revenues, expenses, and income (the difference between revenues and expenses) of a corporation over some period of time. Cash Flow: A statement represents earnings before depreciation, amortization, and non-cash charges Example (Dell’s financial statements) Dell Case Michael Dell and Dell’s background Dell’s direct model Most Efficient Path to the Customer Single Point of Accountability Build-to-Order Low-Cost Leader Standards-Based Technology Management at Dell Continuous reorganization Cost deduction oriented finance focus Supply Ch