《金融学教学》bodie2echapter01PPT课件.ppt

Chapter 1:  Financial Economics
Objective
To Define Finance
The Value of Finance
Introduction to
the Players
1
Copyright © 2009 Pearson Education, Inc.  Publishing as Prentice Hall
Introduction
I’m saving for retirement. Should I use a
bank CD, mutual fund, direct stock market investment?
I want that new car. Should I use
saved cash, lease, borrow?
I’m thinking about starting a new business
will it reward me adequately?
pany is looking to expand into munications.
how should you advise the CFO(Chief Financial Officer)?
A Latin American country has asked for major project financing
should anization provide the funds?
2
Copyright © 2009 Pearson Education, Inc.  Publishing as Prentice Hall
Chapter 1 Contents
Defining Finance
Why Study Finance
Financial Decisions of Households
Financial Decisions of Firms
Forms of anization
Separation of Ownership and Management
The Goal of Management
Market Discipline: Takeovers
The Role of the Financial Specialist in a Corporation
3
Copyright © 2009 Pearson Education, Inc.  Publishing as Prentice Hall
Defining Finance
Finance is the study of how people allocate scarce resources over time
costs and benefits are distributed over time
but the actual timing and size of future cash flows are often known only probabilistically
Understanding finance helps you evaluate these uncertain cash flows
4
Copyright © 2009 Pearson Education, Inc.  Publishing as Prentice Hall
Defining financial system
When implementing decisions, people make use of the Financial System defined as the set of markets and other institutions used for financial contracting and exchange of assets and risks
5
Copyright © 2009 Pearson Education, Inc.  Publishing as Prentice Hall
Financial theory
Financial theory consists of:
the set of concepts that help anize one’s thinking about how to allocate resources over time
the set of quantitative models used to help evaluate alternatives, make decisions, and implement th