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Chapter_01Why Finance Matters(公司金融,英文版)

发布时间:2014-02-25 19:41:47  

Principles of Corporate Finance
Seventh Edition

Chapter 1
Why Finance Matters

Richard A. Brealey Stewart C. Myers

Slides by Matthew Will
McGraw Hill/Irwin
Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved

1- 2

Topics Covered
? What Is A Corporation? ? The Role of The Financial Manager ? Who Is The Financial Manager? ? Separation of Ownership and Management ? Financial Markets

McGraw Irwin/McGraw Hill/Irwin Hill

Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved

1- 3

Corporate Structure
Sole Proprietorships
Unlimited Liability Personal tax on profits

Partnerships

Limited Liability Corporations

Corporate tax on profits +
Personal tax on dividends

McGraw Irwin/McGraw Hill/Irwin Hill

Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved

1- 4

Role of The Financial Manager
(2) (1)

Firm's operations
(3)

Financial manager

(4a)

Financial markets

(4b)
(1) Cash raised from investors (2) Cash invested in firm (3) Cash generated by operations (4a) Cash reinvested (4b) Cash returned to investors

McGraw Irwin/McGraw Hill/Irwin Hill

Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved

1- 5

Who is The Financial Manager?
Chief Financial Officer

Treasurer

Comptroller

McGraw Irwin/McGraw Hill/Irwin Hill

Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved

1- 6

Ownership vs. Management
Difference in Information Different Objectives

? Stock prices and returns ? Managers vs. stockholders ? Issues of shares and other securities ? Top mgmt vs. operating mgmt ? Dividends ? Stockholders vs. banks ? Financing and lenders

McGraw Irwin/McGraw Hill/Irwin Hill

Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved


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