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1、CHAPTER 1 Goals and GovernanceGoals and Governanceof the Corporationof the Corporation1-1-2 2Goals and Governance of the CorporationThis chapter introduces the corporation,its goals,and the roles of financial managers.Source:U.S.Census 2008 SUSB Annual DataContentsw1.1 Investment and Financing Decis
2、ionsw1.2 What is a Corporate?w1.3 Who is the Financial Manager?w1.4 Goals of the Corporatew1.5 Careers in Finance1-1-3 31-1-4 4Investment and Financing DecisionsThe Investment DecisionReal AssetsThe Financing DecisionFinancial Assets1-1-5 5Investment and Financing DecisionsAre the following capital
3、budgeting or financing decisions?Apple decides to spend$500 million to develop a new iPhone.GE borrows$400 million from bond investors.Microsoft issues 100 million shares to buy a small technology company.1-1-6 6What is a Corporation?wCorporation-A business organized as a separate legal entity owned
4、 by stockholders.wTypes of Corporations:Public CorporationsPrivate Corporations1-1-7 7Benefits of the CorporationwLimited liabilitywInfinite lifespanwEase of raising capital1-1-8 8Drawbacks of the CorporationwCorporations face the problem of double taxationwImproper corporate structures may lead to“
5、Agency Problems”1-1-9 9Goals of The CorporationwShareholders want wealth maximizationwWealth maximization vs.profit maximization:Pitfall:Profits from which period?Pitfall:Cutting dividends to increase cash reserves1-1-1010The Ethics of Maximizing ValueDoes value maximization justify unethical behavi
6、or?Recent examples:Enron WorldComBernard Madoff1-1-1111Agency ProblemDo managers really maximize value?Agency ProblemsManagers are agents for stockholders,but the managers may act in their own interests rather than maximizing valuewShareholders vs.Stakeholders1-1-1212Agency ProblemDifferent Informat
7、ionwStock prices vs.returnswDividend PolicywFinancing DecisionsDifferent ObjectiveswManagers vs.shareholderswTop managers vs.lower managerswStockholders vs.banks and lenders1-1-1313Agency Problem SolutionsCompensation plansBoard of DirectorsBlockholders1-1-1414Agency Problem SolutionsTakeoversSpecia
8、list MonitoringLegal and Regulatory Requirements1-1-15154A.Cash reinvested in the firm4B.Cash returned to investorsRole of the Financial ManagerFinancialManager(1)(2)(3)(4a)(4b)Real assetsInvestorsFinancial Assets FirmsOperations1.Cash raised from investors(how?)2.Cash invested in firm3.Cash generated by operations1-1-1616The Financial ManagerMost large companies have 3 top-level financial managers:1-1-1717Appendix:Careers in Finance