manager财务管理决策基本问题.pptxVIP

Introduction To Corporate FinanceKey Concepts and SkillsKnow the basic types of financial management decisions and the role of the financial manager財務管理決策基本問題Know the financial implications of the different forms of business organization不同企業組織Know the goal of financial management財務管理的目標Understand the conflicts of interest that can arise between owners and managers所有人和經理人可能產生的利益衝突Understand the various types of financial markets各種型態的金融市場Chapter OutlineCorporate Finance and the Financial ManagerForms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets and the CorporationCorporate FinanceSome important questions that are answered using financeWhat long-term investments should the firm take on?Where will we get the long-term financing to pay for the investment?How will we manage the everyday financial activities of the firm?Financial ManagerFinancial managers try to answer some or all of these questionsThe top financial manager within a firm is usually the Chief Financial Officer (CFO)首席財務長Treasurer財務長– oversees cash management, credit management, capital expenditures and financial planningController會計長– oversees taxes, cost accounting, financial accounting and data processingFinancial Management DecisionsCapital budgeting資本預算 What long-term investments or projects should the business take on?Capital structure資本結構 How should we pay for our assets?Should we use debt or equity?Working capital management營運資金管理 How do we manage the day-to-day finances of the firm?Forms of Business OrganizationThree major forms in the United StatesSole proprietorship獨資Partnership合夥GeneralLimited有限責任合夥 Corporation公司S-CorpLimited liability company有限責任公司 Sole ProprietorshipAdvantagesEasiest to startLeast regulated法令規範最少 Single owner keeps all the profitsTaxed once as personal income所有營業所得納入個人綜合所得稅課稅 DisadvantagesLimited to life of ownerEquity capital limited to owner’s personal wealthUnlimited liability業主承擔公司債務的無限償還責任 Diffic