企业财务管理核心考点梳理与分析.pdfVIP

1.ObjectivesofOrganisation

1PrimaryAim–ShareholderWealthisation

Value!Presentvalueoffuturecashflow!

Profitisationvsshareholderwealthisation

2Non-financialObjectives

3NFP

ValueofMoney

3Es

2.TotalShareholderReturn

Thewealthoftheshareholderscomesfrom:

❑Dividendsreceived

❑Marketvalueoftheshares

Totalshareholderreturndividend+capitalgain

$Dividend+(Closeprice–Openprice)

%dividendyield+capitalgain%

DividendClosePrice−OpenPrice

+

OpenPriceOpenPrice

(ClosePrice−OpenPrice+Dividend)/OpenPrice

3.AgencyProblemandremunerationscheme

Conflictofinterestsweenmanagersandshareholders

•Takeover

•TimeHorizon

•Risks

SolutionforAgencyProblem

a)NonPerformance-relatedpay

b)Executiveshareoptionsns(ESOPs)

c)CorporateGovernance

4.FinancialRatios

1)Profitabilityandreturn

2)Debtandgearing

3)Liquidity,controlofcashandotherworkingcapitalitems

4)Shareholdersinvestmentratios

PartB

FMEnvironment

考点梳理

1.MacroeconomicPolicies

(1)MonetaryAlsonamedInterestRate

记忆：Monetaryisundertakenbygovernmentindirectlythroughbanks

financialintermediariesviainterestrate,banking,etc.

Itcontrolsthemoneysupplyviausinginterestrate(i.e.,supplysideeconomy)

(2)Fiscal

记忆：Fiscalisundertakenbygovernmentdirectlyviataxation,

governmentexpendituresns,etc.

Governmentexpendituremaybefinancedthroughamixoftaxationandgovernment

borrowing.

Itmanagestheaggreedemand(i.e.,demandsideeconomy)

2.CapitalMarket

(1)Terminology

CapitalMarketsMoneyMark