财务管理期末复习范围

财务管理Ch11. What are three decisions of Financial Management?They are investment decisions, financing decisions, and asset management decisions.2. What is Financial Management?Concerns the acquisition, financing, and management of assets with some overall goal in mind.3. Most important of the three decisions is Investment Decisions.4. What is the goal of the firm?Maximization of Shareholder Wealth!（什么是股东价值最大化?）Value creation occurs when we maximize the share price for current shareholders. 5. Profit Maximization指的是?Maximizing a firm’s earnings after taxes.（判断）6.Earnings per Share Maximization （每股收益最大化）Maximizing earnings after taxes divided by shares outstanding.Problems（缺陷）u Does not specify timing or duration of expected returns.u Ignores changes in the risk level of the firm.u Calls for a zero payout dividend policy.7. Modern Corporation：（公司结构）Shareholders and Management. There exists a separation（分离）between owners and managers.8. Agency Theory（代理人理论概念）Agency Theory is a branch of economics relating to the behavior of principals and their agents.Principals （被代理人）和Agency 之间的矛盾=stock owner and manager之间的矛盾。

9. Social Responsibilityu Wealth maximization does not preclude the firm from being socially responsible.u Assume we view the firm as producing both private and social goods.u Then shareholder wealth maximization remains the appropriate goal in governing the firm.10. Sarbanes-Oxley Act of 2002 (SOX): 针对安然，世通发表了虚假的财务会计年报而推出的。

11.财务管理对公司起增益作用还是辅助作用? 增益Ch21. The U.S. has four basic forms of business organization:u Sole Proprietorships（个人独资）u Partnerships (general and limited)（合伙制）u Corporations（公司）u Limited liability companies（有限责任公司LLC）2.Sole Proprietorship -- A business form for which there is one owner. This single owner has unlimited liability for all debts of the firm.（无限连带责任）3. Partnership -- A business form in which two or more individuals act as owners. General Partnership--all partners have unlimited liability and are liable for all obligations of the partnership.Limited Partnership--limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability4. Corporation -- A business form legally separate from its owners.（所有权和经营权分离）区别：Easy transfer of ownership5. Generally, an LLC will possess only the first two of the following four standard corporation characteristics（选择）u Limited liabilityu Centralized managementu Unlimited lifeu Transfer of ownership without other owners’prior consentmon Types of DepreciationStraight-line (SL)Accelerated TypesDouble Declining Balance (DDB)Modified Accelerated Cost Recovery System (MACRS)Interest DeductibilityDebt financial （负债融资）7. What Influences Expected Security Returns?u Default Risk is the failure to meet the terms of a contract.（违约风险）u Marketability is the ability to sell a significant volume of securities in a short period of time in the secondary market without significant price concession.（可销售性）Ch31. Types of Interestu Simple Interest（单利）Interest paid (earned) on only the original amount, or principal, borrowed (lent).u Compound Interest（复利）Interest paid (earned) on any previous interest earned, as well as on the principal borrowed (lent).2. Future Value is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.3. Present Value is the current value of a future amount of money, or a series of payments, evaluated at a given interest rate.4. Types of Annuitiesu Ordinary Annuity: Payments or receipts occur at the end of each period.u Annuity Due: Payments or receipts occur at the beginning of each period.Ch41. What is Value?(1) Liquidation value represents the amount of money that could be realized if an asset or group of assets is sold separately from its operating organization.(2) Going-concern value represents the amount a firm could be sold for as a continuing operating business.(3) Book value represents eitheran asset: t he accounting value of an asset -- the asset’s cost minus its accumulated depreciation;a firm:total assets minus liabilities and preferred stock as listed on the balance sheet.(4) Market value represents the market price at which an asset trades.(5) Intrinsic value represents the price a security “ought to have”based on all factors bearing on valuation.2. The bond’s coupon rate is the stated rate of interest; the annual interest payment divided by the bond’s face value.3. perpetual bond永续帐券（50年以上的到账）永远不会到期4. A zero coupon bond is a bond that pays no interest but sells at a deep discountfrom its face value; it provides compensation to investors in the form of price appreciation.5. Bond Price - Yield RelationshipDiscount Bond -- The market required rate of return exceeds the coupon rate (Par > P0 ).Premium Bond -- The coupon rate exceeds the market required rate of return (P0 > Par).Par Bond -- The coupon rate equals the market required rate of return (P0 = Par).6.When interest rates rise, then the market required rates of return rise and bond prices will fall.7. The Role of Bond MaturityThe longer the bond maturity, the greater the change in bond price for a given change in the market required rate of return.8. For a given change in the market required rate of return, the price of a bond will change by proportionally more, the lower the coupon rate.Ch51. Total Risk = Systematic Risk + Unsystematic RiskSystematic Risk is the variability of return on stocks or portfolios associated with changes in return on the market as a whole.Unsystematic Risk is the variability of return on stocks or portfolios not explained by general market movements. It is avoidable through diversification.2. What is Beta?An index of systematic risk.It measures the sensitivity of a stock’s returns to changes in returns on the market portfolio.The beta for a portfolio is simply a weighted average of the individual stock betas in the portfolio.Chap 61. Examples of External Uses of Statement Analysis(财务报表使用者)Trade Creditors -- Focus on the liquidity of the firm.（关注公司流动性）Bondholders -- Focus on the long-term cash flow of the firm.Shareholders-- Focus on the profitability and long-term health of the firm.2.Primary Types of Financial StatementsBalance Sheet：A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’equity.Income Statement：A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period.（只反映了留存收益）3.Return on Investment and the Du Pont ApproachReturn On Equity (ROE) = Net profit margin X Total asset turnover X Equity Multiplier(权益乘数)4.ROA=ROI= Net profit margin X Total asset turnoverEg. 如果公司想提高自己的ROIChap71.Flow of Funds Statement：A summary of a firm’s changes in financial position from one period to another; it is also called a sources and uses of funds statement or a statement of changes in financial position.Has been replaced by the cash flow statement (1989) in U.S. audited annual reports.2.Why should we bother to understand a Flow of Funds Statement that is no longer required to appear in U.S. audited annual reports?Because The Flow of Funds Statement:Includes important noncash transactions while the cash flow statement does not.Is easy to prepare and often preferred by managers for analysis purposes over the more complex cash flow statement.Helps you to better understand the cash flow statement, especially if it is prepared under the “indirect method.”3 .eg, 资产的增加是资金的应用资产的减少是资金的来源4.Statement of Cash Flows :A summary of a firm’s payments during a period of time.5.This statement reports cash inflows and outflows based on the firm’s ：operating activities,investing activities, and financing activities.（现金流量表都是现金，资产流量表包括现金和非现金noncash）6、Cash Flow From Investing ActivitiesCash Outflows：To acquire fixed assets (property, plant, equipment)To purchase debt or equity securities (other than common equity) of other entitiesCash InflowsFrom sale of fixed assets (property, plant, equipment)From sale of debt or equity securities (other than common equity) of other entities7.Cash Budget：is a forecast of a firm’s future cash flows arising from collections and disbursements, usually on a monthly basis.8.在现金预算里，最具有支持影响的变量的项目：sales forecastChap81.Time：Permanent （永久性流资）and Temporary（临时性流资）（对永久性流资进行融资时，大公司or小公司愿意用这种方式进行短期投资）（短期投资or长期投资风险高）2.1)Hedging Approach:A method of financing where each asset would be offset with a financing instrument of the same approximate maturity.2) Conservative Approach:Firm can reduce risks associated with short-term borrowing by using a larger proportion of long-term financing.3) Aggressive Approach:Firm increases risks associated with short-term borrowing by using a larger proportion of short-term financing.3.Conservative Approach1)Long-Term Financing BenefitsLess worry in refinancing short-term obligationsLess uncertainty regarding future interest costs2)Long-Term Financing RisksBorrowing more than what is necessaryBorrowing at a higher overall cost (usually)3)ResultManager accepts less expected profits in exchange for taking less risk.4.Summary of Short- vs. Long-Term Financingbining Liability Structure and Current Asset Decisions1)The level of current assets and the method of financing those assets areinterdependent.2) A conservative policy of “high”levels of current assets allows a moreaggressive method of financing current assets.3) A conservative method of financing (all-equity) allows an aggressive policy of“low”levels of current assets.Chap91.Motives for Holding Cash1)Transactions Motive（交易）-- to meet payments arising in the ordinary courseof business(公司正常的交易)2)Speculative Motive（投机）-- to take advantage of temporary opportunities（原材料价格上升，公司未来有个投资的机会）3)Precautionary Motive（预防）-- to maintain a cushion or buffer to meetunexpected cash needs（面对未来不确定的，预测不到的）2.Concentration Banking(集中银行制)：定义Moving cash balances to a central location:Improves control over inflows and outflows of corporate cash.Reduces idle cash balances to a minimum.Allows for more effective investments by pooling excess cash balances.3.Concentration Banking(集中银行制)：优点mercial Paper（商业汇票）: Short-term, unsecured promissory notes, generally issued by large corporations (unsecured IOUs). The largest dollar-volume instrument.（协议性融资方式）Chap101.Why lower the firm’s credit standards?The financial manager should continually lower the firm’s credit standards as long as profitability from the change exceeds the extra costs generated by the additional receivables.2.2/10, net 30: 发票上的日期开始往后推30天，如果10天内支付，给2%的收益率怎么算3.Seasonal Dating（定义）：Credit terms that encourage the buyer of seasonal products to take delivery before the peak sales period and to defer payment until after the peak sales period.（季节性高峰到来之前把货拿走，高峰过后再支付）Seasonal Dating（作用）：1)Avoids carrying excess inventory and the associated carrying costs.2)Accept dating if warehousing costs plus the required return on investment ininventory exceeds the required return on additional receivables.4.Economic Order Quantity：The quantity of an inventory item to order so that total inventory costs are minimized over the firm’s planning period.（如果按照经济订货量订货的话，成本最低）The EOQ or optimal quantity (Q*) is（公式）:5.Lead Time(间隔期)：The length of time between the placement of an order for an inventory item and when the item is received in inventory.（发出订单到收货之间的时间）Order Point（订货点）：The quantity to which inventory must fall in order to signal that an order must be placed to replenish an item.Safety Stock（安全存货）：Inventory stock held in reserve as a cushion against uncertain demand (or usage) and replenishment lead time.（目的：为了防止公司缺货，作为公司的缓冲）Our previous example assumed certain demand and lead time. When demand and/or lead time are uncertain, then the order point is:Order Point =(Avg. lead time x Avg. daily usage) + Safety stockChap111.Spontaneous Financing: Trade credit, and other payables and accruals, that arise spontaneously in the firm’s day-to-day operations.2.Types of spontaneous financing：1)Accounts Payable2)Accrued Expenses。