公司理财第五版高等院校双语教材·金融系列-chapter 1(PPT 22页)英文.ppt

Chapter 1
The Corporation and the Financial Manager
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Objectives
Give examples of the investment and financing decisions that financial managers make, and explain the responsibilities of the CFO, treasurer, and controller
Cite some of the advantages and disadvantages anizing a business as a corporation
Explain why maximizing market value is the logical financial goal for the corporation
Understand why conflicts of interest arise, especially in large, public corporations
Explain how corporations mitigate conflicts and encourage ethical, cooperative behavior
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Content
Investment and financing decisions
What is a corporation?
Who is the financial manager?
Goals of the corporation
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Making good investment and
financing decisions is the chief task of the financial manager.
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The Investment Decision
Investment decision /capital budgeting decision: decision to invest in tangible or intangible assets
If a project’s value is greater than its required investment, then the project if attractive financially
Investments in automobile plant
Investments in research and development (R&D)
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The Financing Decision
Financing decision: the form and amount of financing of a firm’s investment
The choice between debt and equity financing is often called the capital structure decision
Issue shares of stock
borrow from a bank
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Financing and investment decisions are connected
The amount of investment determines the amount of financing that has to be raised
The investors who contribute financing today expect a return on that investment in the future
Thus, the investments that the firm makes today have to generate future returns for payout to investors
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Investment decision: 投资决策
Financing decision: 筹资决策
Capital budegting decision: 资本预算决策
Tangible assets: 有形资产
Intangible assets: 无形资产
Debt financing: 债务资金、债务筹资
Equity financing: 权益资金、权益筹资
Capital