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1、Chapter 1The Role of Financial ManagementWhat is Financial Management?The Goal of the FirmCorporate GovernanceOrganization of the Financial ManagementChapter Outline13-5月-232Fundamentals of Financial ManagementIt is concerned with the acquisition,financing,and management of assets with some overall
2、goal in mind.The decision function of financial managementInvestment DecisionFinancing DecisionAsset Management DecisionWhat is Financial Management13-5月-233Fundamentals of Financial Management4The Balance Sheet13-5月-23Fundamentals of Financial ManagementThe Goals of The FirmProfit MaximizationTo ma
3、ximize earnings per share(EPS)Doesnt specify the timing or duration of expected returnsDoesnt consider risksDoesnt allow for the effect of dividend policy on the market price of the stockTo maximize the market price per share5Fundamentals of Financial Management13-5月-23Goals of The CorporationShareh
4、olders desire wealth maximizationDo managers maximize shareholder wealth?The separation of ownership and control“Agency Problems”represent the conflict of interest between management and ownersAgency cost6Fundamentals of Financial Management13-5月-23Goals of The CorporationAgency Problem SolutionsMon
5、itoring is done by:Bonding the agentSystematically reviewing management perquisitesAuditing financial statementsLimiting management decisionsThe managerial labor market7Fundamentals of Financial Management13-5月-23Goals of The CorporationCorporate Social Responsibility(CSR)Such as:protect the consume
6、r,pay fair wages to employees,safe working conditions,be involved in such environmental issues StakeholdersCreditors,employees,customers,suppliers,communities,and othersSustainability8Fundamentals of Financial Management13-5月-23It refers to the system by which corporations are managed and controlled
7、.It encompassed the relationships among：Corporate Governance13-5月-239Fundamentals of Financial ManagementShareholdersBoard of DirectorsSenior management13-5月-23Fundamentals of Financial Management10Corporate Governance13-5月-23Fundamentals of Financial Management11Organization of the Financial Manage
8、ment FunctionBoard of DirectorsBoard of DirectorsPresidentPresidentExecutiveExecutive Vice Vice PresidentPresidentOperationsOperationsExecutiveExecutive Vice Vice PresidentPresident Finance(CFO)Finance(CFO)ExecutiveExecutive Vice Vice PresidentPresidentMarketingMarketingVice PresidentVice President(
9、Treasurer)(Treasurer)Vice PresidentVice President(Controller)(Controller)Capital BudgetingCapital BudgetingCash ManagementCash ManagementCredit ManagementCredit ManagementInvestor RelationsInvestor RelationsEtc.Etc.Cost ManagementCost ManagementCost ManagementCost ManagementInternal ControlInternal ControlPreparing Financial StatementsPreparing Financial StatementsEtc.Etc.