1 / 12

Introduction to Financial Management: Principles and Practices for Maximizing Wealth

This chapter provides a comprehensive overview of financial management, emphasizing the art and science of managing funds effectively. It covers key aspects such as investment strategies, financing options, personal and business finance, and the objectives of different financial entities. The discussion includes the importance of risk management and decision-making in enhancing company value. Additionally, it examines organizational structures, managerial roles, and the implications of agency problems in corporate finance. Ideal for students and professionals seeking to understand foundational financial concepts.

prescott-skinner
Télécharger la présentation

Introduction to Financial Management: Principles and Practices for Maximizing Wealth

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 第一章 財務管理概論

  2. 財務金融 (Finance) • 資金管理的科學與技巧 (The art and science of managing money) • 資金管理分為 • 資金運用 (Investment) • 實質投資 • 金融投資 • 人力資本投資 • 資金籌措 (Financing) • 短期融資 • 長期融資 • 風險理財

  3. 各種組織的財務金融及其目標 • 個人理財 (Personal Finance)-家計單位效用最大 • 企業理財 (Business Finance)-股東(或業主)財富最大 • 一般企業 (財務管理) Financial Management • 金融機構 (金融機構的經營與管理) Institutional Finance • 國際企業 (國際財務管理) Multinational Finance • 公共財政 (Public Finance)-社會福利最大

  4. 企業型態 • 獨資 (Sole proprietorship) • 合夥 (Partnership) • 互助 (Mutual Form) • 公司 (Corporation)

  5. 財務管理 • 管理 (management)=決策 (decision making) • 研究財務決策與公司價值(或股東財富)之間的關係，亦即探討何種財務決策可提高公司價值(或股東財富) 。

  6. 主要財務決策與其特色 • 財務決策 • 投資 (資本預算、併購) • 融資 • 營運資金管理 • 資本結構 • 風險管理 • 決策的成本或效益發生在不同時點-(time) • 決策的成本或效益通常不確定-(risk)

  7. 公司(所有權人)的目標 • 公司價值(=負債(D)+股東權益(E) )最大 • 股東財富 (=股東權益(E)=Outstanding shares x Stock price)最大 • 公司股價(Stock price)最高 • 問題: 管理者可否炒作公司股票來達其目標？

  8. 典型的公司組織(部份)

  9. 財務長(財務經理) 財務規劃 資金管理 主計長 會計 稽核 預算 財務人員的職責

  10. 有限責任 權能區分 有利所有權移轉 有利資金籌措 利於分散化投資 雙重課稅(除非兩稅合一) 可能存在代理問題 公司組織的優缺點

  11. 代理問題存在的前提與後果 • 前提 • 利益衝突(conflict of interests) • 資訊不對稱(asymmetric information) • 情況不確定(uncertainty) • 後果：管理者(CEO)不會以股東的目標為目標

  12. 教材與聯絡資訊 • Brealey, Richard A., Myers Stewart C., Alan J. Marcus , Fundamentals of Corporate Finance, 3rd edition, McGraw-Hill.（華泰） • Office: 商學大樓1004 • TEL: 24517250 ext. 4132 • Fax: 24512176 • Email: rclu@fcu.edu.tw

More Related