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1、1-1Copyright 2001 by Harcourt,Inc.All rights reserved.Fundamentals of Financial ManagementNinth EditionCopyright 2001 by Harcourt,Inc.All rights reserved.Requests for permission to make copies of any part of the work should be mailed to the following address:Permissions Department,Harcourt,Inc.,6277
2、 Sea Harbor Drive,Orlando,Florida 32887-6777.ISBN 0-03-031478-X1-2Copyright 2001 by Harcourt,Inc.All rights reserved.Career opportunitiesIssues of the new millenniumForms of business organizationGoals of the corporationAgency relationshipsCHAPTER 1An Overview of Financial Management1-3Copyright 2001
3、 by Harcourt,Inc.All rights reserved.nMoney and capital marketsnInvestmentsnFinancial managementCareer Opportunities in Finance1-4Copyright 2001 by Harcourt,Inc.All rights reserved.nUse of computers and electronic transfers of informationnThe globalization of businessFinancial ManagementIssues of th
4、e new millennium1-5Copyright 2001 by Harcourt,Inc.All rights reserved.3M51.726.9Chase Manhattan27.826.6Coca-Cola62.364.6Exxon80.165.1General Electric23.931.1General Motors30.868.0IBM56.868.9McDonalds60.871.7Merck24.927.4Walt Disney16.718.9Percentage of Revenue and Net Income from Overseas Operations
5、 for 10 Well-Known Corporations,1998Percentage of Percentage of Revenue Originated Net IncomeCompany OverseasGenerated Overseas1-6Copyright 2001 by Harcourt,Inc.All rights reserved.nForecasting and planningnInvestment and financing decisionsnCoordination and controlnTransactions in the financial mar
6、ketsnManaging riskResponsibilities of the Financial Staff1-7Copyright 2001 by Harcourt,Inc.All rights reserved.nSole proprietorshipnPartnershipnCorporationAlternative Forms of Business Organization1-8Copyright 2001 by Harcourt,Inc.All rights reserved.nAdvantages:lEase of formationlSubject to few reg
7、ulationslNo corporate income taxesnDisadvantages:lLimited lifelUnlimited liabilitylDifficult to raise capitalSole Proprietorship1-9Copyright 2001 by Harcourt,Inc.All rights reserved.nA partnership has roughly the same advantages and disadvantages as a sole proprietorship.Partnership1-10Copyright 200
8、1 by Harcourt,Inc.All rights reserved.nAdvantages:lUnlimited lifelEasy transfer of ownershiplLimited liabilitylEase of raising capitalnDisadvantages:lDouble taxationlCost of set-up and report filingCorporation1-11Copyright 2001 by Harcourt,Inc.All rights reserved.nThe primary goal is shareholder wea
9、lth maximization,which translates to maximizing stock price.lDo firms have any responsibilities to society at large?lIs stock price maximization good or bad for society?lShould firms behave ethically?Goals of the Corporation1-12Copyright 2001 by Harcourt,Inc.All rights reserved.nAn agency relationsh
10、ip exists whenever a principal hires an agent to act on their behalf.nWithin a corporation,agency relationships exist between:lShareholders and managerslShareholders and creditorsAgency Relationships1-13Copyright 2001 by Harcourt,Inc.All rights reserved.nManagers are naturally inclined to act in the
11、ir own best interests.nBut the following factors affect managerial behavior:lManagerial compensation planslDirect intervention by shareholderslThe threat of firinglThe threat of takeoverShareholders versus Managers1-14Copyright 2001 by Harcourt,Inc.All rights reserved.nShareholders(through managers)
12、could take actions to maximize stock price that are detrimental to creditors.nIn the long run,such actions will raise the cost of debt and ultimately lower stock price.Shareholders versus Creditors1-15Copyright 2001 by Harcourt,Inc.All rights reserved.nProjected cash flows to shareholdersnTiming of
13、the cash flow streamnRiskiness of the cash flowsFactors that Affect Stock Price1-16Copyright 2001 by Harcourt,Inc.All rights reserved.Factors that Affect the Level and Riskiness of Cash FlowsnDecisions made by financial managers:lInvestment decisionslFinancing decisions(the relative use of debt fina
14、ncing)lDividend policy decisionsnThe external environment1、有时候读书是一种巧妙地避开思考的方法。11月-2211月-22Monday,November 7,20222、阅读一切好书如同和过去最杰出的人谈话。19:52:5819:52:5819:5211/7/2022 7:52:58 PM3、越是没有本领的就越加自命不凡。11月-2219:52:5819:52Nov-2207-Nov-224、越是无能的人，越喜欢挑剔别人的错儿。19:52:5819:52:5819:52Monday,November 7,20225、知人者智，自知者明。
15、胜人者有力，自胜者强。11月-2211月-2219:52:5819:52:58November 7,20226、意志坚强的人能把世界放在手中像泥块一样任意揉捏。07十一月20227:52:58下午19:52:5811月-227、最具挑战性的挑战莫过于提升自我。十一月227:52下午11月-2219:52November 7,20228、业余生活要有意义，不要越轨。2022/11/719:52:5919:52:5907 November 20229、一个人即使已登上顶峰，也仍要自强不息。7:52:59下午7:52下午19:52:5911月-2210、你要做多大的事情，就该承受多大的压力。11/7/2022 7:52:59 PM19:52:5907-11月-2211、自己要先看得起自己，别人才会看得起你。11/7/2022 7:52 PM11/7/2022 7:52 PM11月-2211月-2212、这一秒不放弃，下一秒就会有希望。07-Nov-2207 November 202211月-2213、无论才能知识多么卓著，如果缺乏热情，则无异纸上画饼充饥，无补于事。Monday,November 7,202207-Nov-2211月-2214、我只是自己不放过自己而已，现在我不会再逼自己眷恋了。11月-2219:52:5907 November 202219:52谢谢大家谢谢大家