公司金融期中复习总结.docxVIP

1、Common Forms of Business Organizations Sole Proprietorship (个体工商户) （1）、Owned and run by one person （2）、No legal distinction between personal and business assets Receive all profits (3)、Has unlimited responsibility for all losses and debts Partnership (合伙企业) Formed by two or more individuals/entities. ---General partnership run the business and have unlimited liability ---Limited partnership not participate in the business liability is limited to the amount that he contributes to the partnership Corporation (公司制) A separate legal entity that has privileges and liabilities that are distinct from those of its owners (individuals or entities). The Goal of Financial Management:To maximize the market value of existing owners’ equity. Goals of the Corporate Firm Vs Managerial Goals The relationship between shareholders and management is an agency relationship --Managerial Compensation Incentives can be used to align management and stockholder interests, e.g., stock options, promotion. Enhance the Control over the Firm --Internal Control (e.g. board of directors) Replace the bad managers --External Control Hostile takeover threat (for publicly traded corporations only) --Bankruptcy threat Structure of Financial Market --Primary markets The original sale of securities by governments and corporations cash flows into the firm/government from investors --Secondary markets Once issued, stocks and bonds are bought and sold between investors in secondary markets Financial Securities: Debt Vs Equity 财务报表、税收和现金流 Financial Statements, taxes, and Cash Flow(Chapter 2) ? Financial statements reports the accounting information of a company. ? Financial statements summarize the details in the accounting books that record a companies economic activities. ? Accounting is the language of business. ? Financial statements are among the most important (and most frequently used) information used for financial decisions. There are three most important financial statements