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,按一下以編輯母片標題樣式,按一下以編輯母片,第二層,第三層,第四層,第五層,*,財 務 管 理,I,Financial Management I,(,課程大綱,&ch.1 Introduction),1,授課內容,課程簡介：本課程主要係介紹公司的財務活動,(,投資、融資及營運資金管理,),及其相關理論。,教科書：,Fundamentals of Corporate Finance(2003,6th edition),，,Ross,Westerfield,and Jordan,，,McGraw-Hill.,評分標準：平常作業與考核,(30%),、期中考,(30%),、期末考,(40%),2,教學進度,No.,章次,課 程 進 度,1,Course Overview,2,Ch1,Introduction to Corporate Finance,3,Ch2,Financial Statements,Taxes,and Cash Flow,4,Ch3,Working with Financial Statements,5,Ch4,Long-Term Financial Planning and Growth,6,Ch5,The Time Value of Money,7,Ch6,Discounted Cash Flow Value,8,Ch7,Interest Rates and Bond Valuation,9,Ch8,Stock Valuation,10,Mid-term Exam.,11,Ch9,Net Present Value and Other Investment Criteria,12,Ch10,Making Capital Investment Decisions,13,Ch11,Project Analysis and Evaluation,14,Ch12,Some Lessons from Capital Market History,15,Ch13,Return,Risk,and Variances,16,Ch14,Options and Corporate Finances,17,Final Exam.,3,Ch1.,財務管理概論,Introduction to Corporate Finance,財務管理與財務人員,Corporate Finance and the Financial Manager,企業組織形態,Forms of Business Organization,財務管理的目標,the Goal of Financial Management,代理問題與公司控制,The agency Problem and Control of the Corporation,金融市場與公司,Financial Markets and the Corporation,4,Sec.1,財務管理與財務人員,Corporate Finance and the Financial Manager,財務管理的內容,What is Corporate Finance,？,資 產 負 債 表,流動資產,流動負債,流動資產流動負債營運資金,固定資產,長期負債,長期資金用途固定資產,股東權益,長期資金來源長期負債股東權益,5,財務管理的內容,長期投資,long-term investments,：*,選擇行業別,lines of business*,實質投資計劃,buildings and equipments,長期融資,long-term financing,：,*,因應長期投資所需*引進合夥人或是借款,日常財務活動,Everyday financial activity,*,收付款項,6,財務經理,Financial Manager,所有權與經營權分離大公司特徵,The owners are usually not directly involved in making business decisions.,The corporation employs managers to represent the owners interests and make decisions on their behalf.,7,財務經理,Financial Manager,組織位置,董事會,Board of Directors ,董事長,Chairman of the Board,首席執行長,Chief Executive Officer(CEO),總經理,President,首席營運長,Chief Operations Officer(COO),生產副總,財務副總,CFO,行銷副總,(Chief Financial Officer),財務長,會計長,(Treasurer)(Controller),8,財務經理,Financial Manager,職責,財 務 長,會 計 長,現金管理,(cash management),信用管理,(credit management),融資計劃,(financial planning),資本支出,(capital expenditures),成本會計,(cost accounting),財務會計,(financial accounting),稅 務,(tax payments),管理資訊系統,(management information,systent,),9,財務管理決策,Financial Management Decisions,資本預算,(,capital budgeting,),長期投資,資本結構,(,capital structure,，即財務結構,),長期融資,營運資金管理,(,working capital management,),日常財務活動,10,資本預算,capital budgeting,定義：,The process of planning and managing a firms long-term investments.,投資計畫,：,一連串的現金流量,(,收入或支出,),，現金流量係估計而得，牽涉到,大小,size,、發生時點,timing,、風險,risk,。,行業差異：大型零售商開新的分店；軟體公司如,Microsoft,開發及行銷新 的工作底稿。無行業差異：公司購買電腦系統。,11,資本結構,capital structure,定義：,The mixture of debt and equity maintained by a firm.,兩大重點：*,何種負債權益比,(debt equity ratio),最佳,？*,如何降低籌措資金之成本,？,財務經理須決定籌資對象與籌資型態。,12,營運資金管理,working capital management,營運資金,：,A firms short-term assets and liabilities.,重點：*現金與存量之庫存量*信用政策,(,賒銷？信用期限？現金折扣？,),*,短期融資方式,13,Sec.2,企業組織形態,Forms of Business Organization,獨資,Sole proprietorship,合夥,Partnership,公司,Corporation,14,獨資,Sole proprietorship,定義：,A business owned by a single individual.,特質：,The simplest type of business to start and the least regulated form of organization.,企業生命,life of the business,與業主同壽。,籌資能力：受限於業主財富,&,無足夠資本把握投資機會,權利義務與課稅,rights&duties and tax,業主獨享所有的利潤,&,無限償還責任 企業所得與個人所得一併課稅,&,移轉困難,15,合夥,Partnership,定義：,A business formed by two or more individuals or entities.,類別：*普通合夥,general partnership,：共享利益，責任無限*責任有限合夥,limited partnership,：普通合夥人與有限責任合夥人並存,合夥契約,partnership agreement,：可以非正式的口頭形式。,16,合夥,Partnership(,續,),成立門檻：省事又省錢的組織形態。,企業生命：任一普通合夥人想要退出或死亡，合夥關係即告中止。,籌資能力：與獨資同。,權利義務與課稅：與獨資同。,17,公司,Corporation,定義：,A business created as a distinct legal entity composed of one or more individuals or entities.,特質：,Starting a corporation is more complicated than starting the other forms of business organization.,企業生命,：不受限制,(,可以永續經營,),。,籌資能力：新股籌資 公司借款。,課稅,tax,公司的缺點重覆課稅,double taxation*,公司盈餘課稅後分配給股東得再課一次個人稅。*衍生結果：兩合公司企業組織出現，課稅時如同合 夥組織，卻保留業主有限償還責任的特質,18,Sec.3,財務管理的目標,The Goal of Financial Management,Possible Goals,生存,(,競爭,),：牽涉到生產、行銷、財務,等因素。,銷售或市場占有率極大化：降價或放寬信用條件即可達成。,成本極小化：削減研發費用為方法之一，與財務之關係？,避免財務危機：放棄投資機會，不對外舉債。,利潤最大化,Maximize profits,目標不夠明確*短期利潤？長期利潤,(,多長,),？*會計淨利？或每股盈餘？*有利潤之投資機均都投資？應考慮風險的大小！,19,Sec.3,財務管理的目標,思考過程：財務經理代理股東制定決策,股東觀點的好財務決策,增加股票價值的財務決策,財務管理目標：使,公司,股東權益的市場價值,極大化,(,對上市公司而言為,股票目前價值,),管理當局若不以股價最大化為目標，可能之結果：可能遭撤換,20,Sec.4,代理問題與公司控制,The agency Problem and Control of the Corporation,問題源起,財務經理應以股東最大利益為決策依據。,大型公司股權分散，使管理階層可以有效掌控公司。,管理階層會犧牲股東利益去追求本身的目標嗎？,21,代理關係,Agency Relationships,定義：股東與管理階層間的關係。,代理問題,Agency problem,：主理人,(,股東,),與代理人,(,管理階層,),間利益衝突的可能性。,Example,：以固定佣金委託他人代售車輛，代理人以車輛售出為目的，不必然求取最好價格。,22,管理階層的目標,Management Goals,降低公司風險,-,保飯碗,Ex,：高風險投資股東增值（風險亦提高）,股東：贊成投資,(,可藉個人投資組合分散風險,),管理階層：不贊成,(,公司可能倒閉,),擴充權利，掌握資源,Ex,：高價購買他公司只為擴充規模，卻不利於公司股東。,公司的獨立性與自主性,不愛外界干預。,23,代理成本,Agency cost,定義：,It is the cost of the conflict of interest between stockholders and management.,間接代理成本,Indirect agency cost,：喪失投資機會。,直接代理成本,Direct
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