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1、YCF正版可修改PPT(本科）会计专业英语chapter12教学课件Chapter 12 Introduction to Financial Management 2Learning ObjectivespExplainthenatureandpurposeoffinancialmanagement.pInterprettherelationshipbetweenfinancialobjectives,corporateobjectivesandcorporatestrategy.pIdentifyanddescribeavarietyoffinancialobjectives.pUnders
2、tanddifferentfinancialinstrumentsandfinancialmarkets.pExplainandapplythevalueformoney.3Mini CaseM&KCo.is“aleadingglobalproviderofingredientsandsolutionstothefood,beverageandotherindustries”.Theircorporatestrategyisasfollows.“Ourvisionistobecometheleadingglobalproviderofspecialtyfoodingredientsandsol
3、utions.Overthelastthreeyearswehavebeentakinganumberofstepstorealizethisvisionthroughourbusinesstransformationprogramme.Thefirstpartofthetransformation,whichisnowcomplete,wasaboutrealigningandfocusingourresourcesongrowingourSpecialtyFoodIngredientsbusinessunit.Thesecondpartisaboutgettingtherightenabl
4、ingplatforminplace.Wehavemadegoodprogressincludingthemovetoanewoperatingmodelcomprisingtwoglobalbusinessunits,implementingaglobalSharedServiceCentreandtheinitialroll-outofourglobalIS/ITsystem.”Identify:Whatarethegeneralfinancialobjectivitiesandnon-financialobjectivitiesofacompany?4ContentpTopic 1:An
5、 overview of Financial ManagementpTopic 2:Financial Instruments and MarketspTopic 3:Value for Money5Topic 1:An overview of Financial Management1.Nature of Financial ManagementpFinancialmanagementcanbedefinedasthemanagementofthefinancesofanorganizationinordertoachievethefinancialobjectivesoftheorgani
6、zation.Theusualassumptioninfinancialmanagementfortheprivatesectoristhattheobjectiveofthecompanyistomaximizeshareholderswealth.6Topic 1:An overview of Financial Management2.Financial PlanningpThefinancialmanagerwillneedtoplantoensurethatenoughfundingisavailableattherighttimetomeettheneedsoftheorganiz
7、ationforshort,mediumandlong-termcapital.p(1)Intheshortterm,fundsmaybeneededtopayforpurchasesofinventory,ortosmoothoutchangesinreceivables,payablesandcash:thefinancialmanagermustensurethatworkingcapitalrequirements(ie,requirementsfordaytodayoperations)aremet.p(2)Inthemediumorlongterm,theorganizationm
8、ayhaveplannedpurchasesofnon-currentassets,suchasplantandequipment,forwhichthefinancialmanagermustensurethatfundingisavailable.7Topic 1:An overview of Financial Management3.Financial Management DecisionspThefinancialmanagermakesdecisionsrelatingtoinvestment,financinganddividends.Themanagementofriskmu
9、stalsobeconsidered.pExhibit12-1displaysexamplesofdifferenttypesofinvestmentdecision.8Topic 1:An overview of Financial ManagementpExhibit 12-1 Examples of Different Types of Investment DecisionDecisions internal to thebusiness enterpriseWhether to undertake new projectsWhether to invest in new plant
10、and machineryResearch and development decisionsInvestment in a marketing or advertising campaignDecisions involvingexternal partiesWhethertocarryoutatakeoveroramergerinvolvinganotherbusinessWhethertoengageinajointventurewithanotherenterpriseDisinvestment decisions Whethertoselloffunprofitablesegment
11、softhebusinessWhethertoselloldorsurplusplantandmachineryThesaleofsubsidiarycompanies9Topic 1:An overview of Financial Management4.Management accounting,financial accounting and financial managementpExhibit 12-2 Financial Accounts and Management AccountsFinancial AccountsManagement AccountsThe format
12、 of published financial accounts is determined by law and by accounting standards.In principle the accounts of different organizations can therefore be easily compared.Theformatofmanagementaccountsisentirelyatmanagementdiscretion:nostrictrulesgovernthewaytheyarepreparedorpresented.Financial accounts
13、 concentrate on the business as a whole,aggregating revenues and costs from different operations,and are an end in themselves.Managementaccountscanfocusonspecificareasofanorganizationsactivities.Informationmayaidadecisionratherthanbeanendproductofadecision.Most financial accounting information is of
14、 a monetary nature.Managementaccountsincorporatenon-monetarymeasures.Financial accounts present an essentially historic picture of past operations.Managementaccountsarebothahistoricalrecordandafutureplanningtool.10Topic 1:An overview of Financial Management5.Financial Objectives and the Relationship
15、 with Corporate Strategyp(1)CorporateobjectivespCorporateobjectivesarethosewhichareconcernedwiththefirmasawhole.Objectivesshouldbeexplicit,quantifiableandcapableofbeingachieved.Thecorporateobjectivesoutlinetheexpectationsofthefirmandthestrategicplanningprocessisconcernedwiththemeansofachievingtheobj
16、ectives.11Topic 1:An overview of Financial ManagementpObjectivesshouldrelatetothekeyfactorsforbusinesssuccess,whicharetypicallyasfollows.Profitability(return on investment)Market shareGrowthCash flowCustomer satisfactionThe quality of the firms productsIndustrial relationsAdded value12Topic 1:An ove
17、rview of Financial Management(2)FinancialobjectivespFinancialtargetsmayincludetargetsfor:earnings;earningspershare;dividendpershare;gearinglevel;profitretention;operatingprofitability.pTheusualassumptioninfinancialmanagementfortheprivatesectoristhattheprimaryfinancialobjectiveofthecompanyistomaximiz
18、eshareholderswealth.Shareholder wealth maximizationProfit maximizationEarnings per share growthOther financial targets13Topic 1:An overview of Financial Management6.Non-financial ObjectivespAcompanymayhaveimportantnon-financialobjectiveswhichmustbesatisfiedinordertoensurethecontinuingparticipationof
19、allstakeholders.Examplesofnon-financialobjectivesareasfollows.(1)Thewelfareofemployees(2)Thewelfareofmanagement(3)Theprovisionofaservice(4)Thefulfillmentofresponsibilitiestowardscustomers(5)Thefulfillmentofresponsibilitiestowardssuppliers(6)Thewelfareofsocietyasawhole14Topic 2:Financial Instruments
20、and Markets1.Financial Instrumentsp(1)BondspAbond,likeanyotherformofindebtedness,isafixed-incomesecurity.Theholderreceivesaspecifiedannualinterestincomeandaspecifiedamountatmaturity,nomoreornoless(unlessthecompanygoesbankrupt).p(2)CallProvisionspVirtuallyallcorporatebondscontainaclausegivingtheissui
21、ngcompanytheoptiontoretirethebondspriortomaturity.Frequentlythecallpriceforearlyretirementwillbeatamodestpremiumaboveparorthebondmayhaveadelayedcall,meaningtheissuermaynotcallthebonduntilithasbeenoutstandingforaspecifiedperiod,usually5or10years.15Topic 2:Financial Instruments and Marketsp(3)Covenant
22、spTypicalcovenantsincludealowerlimitonthecompanyscurrentratio,anupperlimitonitsdebt-to-equityratioandperhapsarequirementthatthecompanynotacquireorsellmajorassetswithoutpriorcreditorapproval.p(4)RightsinLiquidationpThedistributionofliquidationproceedsinbankruptcyisdeterminedbywhatisknownastherightsof
23、absolutepriority.Firstinlineare,naturallythegovernmentforpast-duetaxesandthebankruptcylawyerswhowrotethelaw.Amonginvestors,thefirsttoberepaidareseniorcreditors,thengeneralcreditors,andfinallysubordinatedcreditors.16Topic 2:Financial Instruments and Marketsp(5)SecuredCreditorspAsecuredcreditisaformof
24、seniorcreditinwhichtheloaniscollateralizedbyaspecificcompanyassetorgroupofassets.Inliquidation,proceedsfromthesaleofthisassetgoonlytothesecuredcreditor.p(6)BondsasanInvestmentpFormanyyears,investorsthoughtbondstobeverysafeinvestments.Afterall,interestincomeisspecifiedandthechancesofbankruptcyareremo
25、te.However,thisreasoningignoredthebadeffectsofinflationonfixed-incomesecurities.17Topic 2:Financial Instruments and Marketsp(7)BondRatingspAbondratingisalettergrade,suchasAA,assignedtoanissuethatreflectstheanalystsappraisalofthebondsdefaultrisk.Analystsdeterminetheseratingsusingmanytechniques,includ
26、inganalysisofthecompanysbalancesheetdebtratiosanditscoverageratiosrelativetocompetitors.p(8)JunkBondspAcompanysbondratingisimportantbecauseitaffectstheinterestratethecompanymustoffer.Moreover,manyinstitutionalinvestorsareprohibitedfrominvestinginbondthatareratedlessthan“investment”grade,usuallydefin
27、edasBBB,andabove.Asaresult,therehavebeenperiodsinthepastwhencompanieswithlower-ratedbondshadgreatdifficultyraisingdebtinpublicmarkets.Below-investment-gradebondsareknownvariouslyasspeculative,high-yield,orsimplyjunkbonds.18Topic 2:Financial Instruments and Marketsp(9)CommonStockpCommonstockisaresidu
28、alincomesecurity.Thestockholderhasaclaimonanyincomeremainingafterthepaymentofallobligations,includinginterestondebt.p(10)ShareholderControlpAtleastintheory,stockholdersexercisecontrolovercompanyaffairsthroughtheirabilitytoelecttheboardofdirectors.However,thewidedistributionofshareownershipandthelaws
29、governingelectionoftheboardhavefrequentlycombinedtogreatlyreducethisauthority,althoughthewindsofchangemaybeblowing.19Topic 2:Financial Instruments and Marketsp(11)PreferredStockpPreferredstockisahybridsecurity,likedebtinsomeways,butlikeequityinothers.Likedebt,preferredstockisafixed-incomesecurity.It
30、promisestheinvestoranannualfixeddividendequaltothesecurityscouponratetimesitsparvalue.p(12)CumulativePreferredpCompanyboardsofdirectorshavetwostrongincentivestopaypreferreddividends.Oneisthatpreferredshareholdershavepriorityovercommonshareholderswithrespecttodividendpayments.Commonshareholdersreceiv
31、enodividendsunlesspreferredholdersarepaidinfull.Second,virtuallyallpreferredstocksarecumulative.Ifafirmdoesnotpayapreferreddividendontime,thearrearageaccumulatesandmustbepaidinfirmbeforethecompanycanresumecommondividendpayments.20Topic 2:Financial Instruments and Markets2.Financial Marketsp(1)Privat
32、ePlacementorPublicIssue?pCompaniesraisemoneyintwobroadwaysthroughprivatenegotiationswithbanks,insurancecompanies,pensionfunds,andotherfinancialinstitutions,orbysellingsecuritiestothepublic.Theformerisknownasaprivateplacementthelatterisapublicissue.21Topic 2:Financial Instruments and Marketsp(2)Excha
33、ngesandOver-the-CounterMarketspPublicissuestradeontwotypesofmarkets:organizedexchangesandover-the-countermarkets.Organizedexchangesarecentralizedtradinglocationsthatmaintainactivemarketsinhundredsofstocksandbonds.Over-the-counter(OTC)marketsaremuchmoreinformal.Anybrokeragehouseanywhereinthecountryca
34、ncreateanOTCmarketforastockorabondbyquotingabidpriceatwhichitwillbuythesecurityandahigheraskingpriceatwhichitwillsellit.22Topic 2:Financial Instruments and Marketsp(3)InternationalFinancialMarketspFromaglobalperspective,companiescanraisemoneyonanyofthreetypesofmarketsdomestic,foreign,orinternational
35、.23Topic 3:Value for Money1.Introduction to Present ValuepPresentvalue(PV)=C1/1+rpNetpresentvalueispresentvalueplusanyimmediatecashflowpNetPresentValue(NPV)=C0+C1/1+rpC0isnegativeiftheimmediatecashflowisaninvestment,thatis,ifitisacashoutflow.24Topic 3:Value for Money2.The Calculation of Present Valu
36、epThebasicpresentvalueformulaforanassetthatpaysoffinseveralperiodsisthefollowingobviousextensionofour1-periodformula;pPV=(C1/1+r1)+C2/(1+r2)2+25Topic 3:Value for Moneyp26Topic 3:Value for MoneypHowever,wedidnotderiveourDCFformulajustbysubstitutingDIV,forCt.Wedidnotjustassumethatinvestorspurchasecomm
37、onstockssolelyfordividends.Infact,webeganwiththeassumptionthatinvestorshaverelativelyshorthorizonsandinvestforbothdividendsandcapitalgains.Ourfundamentalvaluationformulais,therefore,pP0=(DIV1+P1)/(1+r)pWealsomadeuseoftheformulaforagrowingperpetuity.Ifdividendsareexpectedtogrowforeverataconstantrateo
38、fg,thenpP0=DIV1/(r-g)27案例思考案例思考企业并购，不分析财务报表行不行？企业并购，不分析财务报表行不行？2010年上半年，国内市场发生了一个这样的并购案：上市公司A收购非上市公司B的控股权。B公司的基本财务数据是：净资产总额1.2亿元，2009年度的净利润为0.3亿元。A公司聘请的资产评估师对B公司评估的结果是：成本法评估的净资产价值为1.6亿元，收益法评估的净资产价值为3亿元。而最终双方股东确定的B公司净资产的价值为3.6亿元。在这个案例中，出现了几个与财务报表、企业价值评估等有关的术语，如净资产、净利润、成本法、收益法等。思考：思考：1.购买企业，是购买的总资产还是净资产？其价格确定应考虑哪些因素？2.如果让你参与购买谈判，你应该关注企业财务报表的哪些项目？28本章结束本章结束29