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開課系所開課系所:會計系會計系課程名稱課程名稱：財務管理：財務管理課程編號與班次課程編號與班次:702 30600 02授課教師授課教師：廖咸興廖咸興研究室及電話研究室及電話：管院806室，(02)363-0231ext 2959Email:hliaoccms.ntu.edu.tw Website:http:/www.fin.ntu.edu.tw上課時間上課時間：星期四 6.7.8 地點地點:教教 207課程說明課程說明：這門課之目的在提供同學對財務管理有一基本瞭解，以做為同學們未來進行相關財務決策或進一步對財務管理領域鑽研之基礎。上課教材上課教材：1.課本：Fundamentals of Corporate Finance,3ed.Brealey,Myers,andMarcus.(華泰，2001)2.參考書：財務管理財務管理 洪茂蔚、蘇永成、陳明賢、胡星陽(雙葉、1998)3.上課投影片可自老師網頁下載上課投影片可自老師網頁下載選課條件選課條件：修過初會、經濟學詢問時間詢問時間：星期三:pm:2:00-4:30 or by appoi nt m ent評分標準評分標準:期中:30%,期末:40%;作業：20%;上課參與：10%授課進度授課進度:1.02/22 導論導論(Text:ch.1)2.03/01 財務金融系統(Reference 2:ch.2)3.03/08 分析與預測財務報表(Text:ch.17；Reference 2:ch.3)4.03/15 折現調整現金流量分析(Text:ch.3)5.03/22 債券與股票評價（Text:ch.4,5）6.03/29 資本支出預算(或投資)決策(I)(Text:ch.6.,ch.7,ch8)7.04/05 春假春假8.04/12 期中考期中考9.04/19 資本支出預算(或投資)決策(II)(Text:ch.6,ch.7,ch8)10.04/26 資金成本資金成本 (Text:ch.9,ch10,ch.11)11.05/03 企業融資與資本結構決策(I)(Text:ch.12,ch.13,ch.14)12.05/10 企業融資與資本結構決策(II)(Text:ch.13,ch.14,ch15)13.05/17 13.05/17股利政策、企業合併與控制(Text ch.16,ch.22)14.05/24 14.05/24選擇權(t ext ch24)15.05/31 個案報告16.06/07 期末考期末考Irwin/McGraw-HillChapter 1Fundamentals of Corporate FinanceThird EditionThe Firm and The Financial ManagerBrealey Myers Marcusslides by Matthew WillIrwin/McGraw-HillThe McGraw-Hill Companies,Inc.,2001Irwin/McGraw-HillTopics CoveredOrganizing a BusinessThe Role of The Financial ManagerFinancial MarketsWho Is The Financial ManagerCorporate Goals&IncentivesValue MaximizationIrwin/McGraw-HillOrganizing a BusinessTypes of Business OrganizationsSole ProprietorshipsPartnershipsCorporationsIrwin/McGraw-HillSol ePropri et orshi pPart nershi pCorporat i onW ho ow ns t hebusi ness?The M anagerPart nersSharehol dersA re m anagersand ow nersseparat e?N oN oU sual l yW hat i s t heow ner sl i abi l i t y?U nl i m i t edU nl i m i t ed(except i ons)Li m i t edA re ow ners&t he busi nesst axedseparat el y?N oN oY esOrganizing a BusinessCorporate StructureSole ProprietorshipsCorporationsPartnershipsLimited LiabilityCorporate tax on profits+Personal tax on dividends Unlimited LiabilityPersonal tax on profitsIrwin/McGraw-HillFinancialmanagersFirmsoperationsFinancialmarkets(1)Cash raised from investors(1)(2)Cash invested in firm(2)(3)Cash generated by operations(3)(4a)Cash reinvested(4a)(4b)Cash returned to investors(4b)The Role of The Financial ManagerIrwin/McGraw-HillThe Role of The Financial ManagerInvestment Decisions“Capital Budgeting”Buy real assets that are worth more than they costIrwin/McGraw-HillThe Role of The Financial Manager“Capital Budgeting”Irwin/McGraw-HillThe Role of The Financial ManagerFinancing DecisionsSource of Funds“Capital Markets”Capital StructureMoney MarketsEurosFinancial MarketsPrimary MarketsOTCMarketsMoneyIrwin/McGraw-HillFinancial MarketsCompanyIssue DebtCashInvestorsIrwin/McGraw-HillFinancial MarketsFundsFundsBanksInsurance Cos.Brokerage FirmsObligationsDepositorsPolicyholdersInvestorsObligationsCompanyIntermediaryInvestorIrwin/McGraw-HillFinancial MarketsBanksDepositors$2.5 milCashLoanDepositsCompanyIntermediaryInvestorIrwin/McGraw-HillFinancial MarketsInsurance CompanyPolicyholders$250 milCashLoanSell policies Issue StockCompanyIntermediaryInvestorCareers in FinanceAnnual SalaryBankingPresident,medium size bank225,000$VP,Foreign exchange trading150,000 Controller160,000 Corporate FinanceAssistant Treasurer110,000 Corporate Controller165,000 Chief Financial Officer250,000 Innvestment BankingInstitutional brokers200,000 VP,Institutional sales190,000 +bonusManaging Director400,000 +Department head750,000 +Money ManagementPortfolio manager136,000 Department head200,000 InsuranceChief investment officer191,000 +bonusChief financial officer168,000 +bonusCareers in FinanceGoals of The CorporationShareholders desire wealth maximizationDo managers maximize shareholder wealth?Mangers have many constituencies“stakeholders”“Agency Problems”represent the conflict of interest between management and ownersGoals of The CorporationAgency Problem Solutions1-Compensation plans2-Board of Directors3-Takeovers4-Specialist Monitoring5-AuditorsWho is The Financial Manager?Chief Financial OfficerTreasurerControllerWeb Resources金融機構之角色金融機構之角色金 融 體 系 金融市場 1.資本市場 2.貨幣市場 3.Mortgage mkt 4.Consumer credit 金融機構金融機構資金供給者資金需求者家計單位企業單位政府部門家計單位企業單位政府部門資金資金證券證券資本形成之方式資本形成之方式融資者金融中介機構投資人借款契約資金存款契約資金直接移轉經由金融機構間接移轉融資者投資銀行投資人公司債資金經由金融機構間接移轉資金成本資金成本-利率利率利率之組成real risk-free rate of interestinflation premiumdefault risk premiumliquidity premiummaturity risk premium資金成本資金成本-利率利率(續）續）影響利率之因素production opportunities and time preferencesexpected inflationdefault riskliquidityterm structurematuritycentral bank policybalance of paymenttax&government deficit資金成本資金成本-利率利率(續）續）利率期間結構與理論市場區隔理論流動性偏好理論預期理理論外匯市場外匯市場重要性:投資與融資活動之全球化生產與分派成本之降低國外資金之募集(資本注入與風險分散)匯率:外匯之價格表示 NT$/1US$:33.25 NT$/US$決定:供給與需求外匯市場（續）外匯市場（續）影響匯率之因素決定:供給與需求利率差異物價水準差異其他(GNP、貿易障礙、央行干預、赤字、國際收支)
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