公司理财(第七版)-精品·公开课件.pptVIP

Role of the Financial Manager Some daily-questions faced by managers A) Will a particular investment be profitable? B) Where will the funds come from to finance the investment? C) Which customers should be offered credit and how much should they be offered? D) How much inventory should be held? E) How should profits be used or distributed? (What is the optimal dividend policy?) 1-* Appendix: Careers in Finance Chapter 1 Learning Objectives 1. Give examples of the investment and financing decisions that financial managers make. 2. Distinguish between real and financial assets. 3. Cite some of the advantages and disadvantages of organizing a business as a corporation. 4. Describe the responsibilities of the CFO, treasurer, and controller. 5. Explain why maximizing market value is the logical financial goal of the corporation. 6. Explain why value maximization is not inconsistent with ethical behavior. 7. Explain how corporations mitigate conflicts and encourage cooperative behavior. * 6 5 5 5 5 5 6 5 5 5 5 5 6 5 5 5 5 5 The Investment Decision – Decision to invest in tangible or intangible assets. Also known as the “capital budgeting” or “CAPEX” decision. The Financing Decision – The form and amount of financing of a firm’s investments. Real Assets – Assets used to produce goods and services. Financial Assets – Financial claims to the income generated by the firm’s real assets. When Apple spends $500 million to develop a new iPhone it is investing in real assets and is making a capital budgeting decision. When GE borrows $400 million from bond investors it is investing in financial assets and is making a financing decision. When Microsoft issues 100 million shares to buy a smaller company it is investing in both financial and real assets. It is making both a capital budgeting and financing decision. * 6 5 5 5 5 5 Chapter 1 Outline Investment and Financing Decisions The Corporation The Financial Managers Goals of the Co