精品课程《财务管理基础》英文课件ch(2)
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CHAPTER1 An Overview of Financial Management (《财务管理基础》PPT课件)
Some actions may cause an increase in earnings, yet cause the stock price to decrease (and vice versa).
1-11
AGENCY RELATIONSHIPS
An agency relationship exists whenever a principal hires an agent to act on their behalf.
Is stock price maximization good or bad for society?
Should firms behave ethically?
1-10
IS STOCK PRICE MAXIMIZATION THE SAME AS PROFIT MAXIMIZATION?
Forecasting and planning Investment and financing decisions Coordination and control Transactions in the financial markets Managing risk
1-3
ROLE OF FINANCE IN A TYPICAL BUSINESS ORGANIZATION
1-8
CORPORATION
Advantages
Unlimited life Easy transfer of ownership Limited liability Ease of raising capital
Disadvantages
Double taxation Cost of set-up and report filing
1-11
AGENCY RELATIONSHIPS
An agency relationship exists whenever a principal hires an agent to act on their behalf.
Is stock price maximization good or bad for society?
Should firms behave ethically?
1-10
IS STOCK PRICE MAXIMIZATION THE SAME AS PROFIT MAXIMIZATION?
Forecasting and planning Investment and financing decisions Coordination and control Transactions in the financial markets Managing risk
1-3
ROLE OF FINANCE IN A TYPICAL BUSINESS ORGANIZATION
1-8
CORPORATION
Advantages
Unlimited life Easy transfer of ownership Limited liability Ease of raising capital
Disadvantages
Double taxation Cost of set-up and report filing
财务管理基础英文课件 (2)
Support Technologies
1. 2.
Chapters will include supporting PowerPoint files that focus primarily on employing tools such as Excel to solve financial problems Chapter 1 will include some basic documentation on the Texas Instruments BAII+. Some instructors may utilize the BAII+ Professional or another vendor in the classroom. These slides will focus only on the traditional BAII+.
Change the decimal places displayed from “2” to “Floating”
Press:
2nd 9 2nd
Format ENTER QUIT
1b.5
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
1b.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
财务管理英文课件
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
the firm’s financial operations.
Copyright © 2003 Pearson Education Australia Pty Limited
• Interest in these topics grew and in turn spurred interest in security analysis, portfolio theory and caopyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 7
Chief accountant is also called financial controller, whose responsibilities include financial reporting to outsiders as well as cost and managerial accounting and financial analysis on behalf of the firm’s managers.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
财务管理英文课件Cha
Profit budget
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness
财务管理英文课件
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
The more risk the firm is willing to assume, the higher the expected return from a given course of action.
Copyright © 2003 Pearson Education Australia Pty Limited
chapter 1 & 3 Scope and environment of
financial management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 1
Development of Financial Management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 10
Shareholder wealth maximisation?
Same as:
1. Maximising firm value 2. Maximising share values
Slide: 1 - 16
Risk and Returns
财务管理ppt英文课件Cha
A
4
Examples of External Uses of Statement Analysis
• Trade Creditors -- Focus on the liquidity of the firm. • Bondholders -- Focus on the long-term cash flow of the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
A
6
The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
A
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
– Accounting liquidity – Debt versus equity – Value versus cost
A
8
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
2020/2/21
山东轻工业学院商学院
10
2）Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
山东轻工业学院商学院
8
1）Account、Accounting & Accountant
Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
财务管理英文课件Operating-and-Financial-Leverage.ppt
16-4
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
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Chapter 17
Capital Structure Determination
17-1
© Pearson Education Limited 2004 Fundamentals of Financial Management, 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI
17-4
A Conceptual Look -Relevant Rates of Return
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
Explain the traditional approach to capital structure and the valuation of a firm.
Discuss the relationship between financial leverage and the cost of capital as originally set forth by Modigliani and Miller (M&M) and evaluate their arguments.
After studying Chapter 17,
you should be able to:
Define n the net operating income (NOI) approach to capital structure and valuation of a firm; and, calculate a firm's value using this approach.
Assumptions:
• V = B + S = total market value of the firm • O = I + E = net operating income = interest
Concerned with the effect of capital market decisions on security prices.
Assume: (1) investment and asset management decisions are held constant and (2) consider only debt-versus-equity financing.
theory of the firm
17-6
A Conceptual Look -Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
Describe various market imperfections and other "real world" factors that tend to dilute M&M’s original position.
Present a number of reasonable arguments for believing that an optimal capital structure exists in theory.
capital structure issues.)
17-5
A Conceptual Look -Relevant Rates of Return
ke = the expected return on the company’s equity
ke =
EE SS
=
Earnings available to common shareholders Market value of common
Explain how financial structure changes can be used for financial signaling purposes, and give some examples.
17-2
Capital Structure Determination
A Conceptual Look The Total-Value Principle Presence of Market Imperfections and Incentive Issues The Effect of Taxes Taxes and Market Imperfections Combined Financial Signaling Timing and Flexibility Financing Checklist
17-3
Capital Structure
Capital Structure -- The mix (or proportion) of a firm’s permanent long-term financing
represented by debt, preferred stock, and common stock equity.
Capital Structure Determination
17-1
© Pearson Education Limited 2004 Fundamentals of Financial Management, 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI
17-4
A Conceptual Look -Relevant Rates of Return
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
Explain the traditional approach to capital structure and the valuation of a firm.
Discuss the relationship between financial leverage and the cost of capital as originally set forth by Modigliani and Miller (M&M) and evaluate their arguments.
After studying Chapter 17,
you should be able to:
Define n the net operating income (NOI) approach to capital structure and valuation of a firm; and, calculate a firm's value using this approach.
Assumptions:
• V = B + S = total market value of the firm • O = I + E = net operating income = interest
Concerned with the effect of capital market decisions on security prices.
Assume: (1) investment and asset management decisions are held constant and (2) consider only debt-versus-equity financing.
theory of the firm
17-6
A Conceptual Look -Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
Describe various market imperfections and other "real world" factors that tend to dilute M&M’s original position.
Present a number of reasonable arguments for believing that an optimal capital structure exists in theory.
capital structure issues.)
17-5
A Conceptual Look -Relevant Rates of Return
ke = the expected return on the company’s equity
ke =
EE SS
=
Earnings available to common shareholders Market value of common
Explain how financial structure changes can be used for financial signaling purposes, and give some examples.
17-2
Capital Structure Determination
A Conceptual Look The Total-Value Principle Presence of Market Imperfections and Incentive Issues The Effect of Taxes Taxes and Market Imperfections Combined Financial Signaling Timing and Flexibility Financing Checklist
17-3
Capital Structure
Capital Structure -- The mix (or proportion) of a firm’s permanent long-term financing
represented by debt, preferred stock, and common stock equity.