财务管理教学大纲

《财务管理》教学大纲王燕祥编写国际商务专业课程教学大纲716目录Chapter1AnOverviewofCorporateFinanceandTheFinancialEnvironment...................................717Chapter2TimeValueofMoney............................................................................................................721Chapter3FinancialStatements,CashFlow,andTaxes.........................................................................723Chapter4AnalysisofFinancialStatements...........................................................................................725Chapter5RiskandReturn.....................................................................................................................727Chapter6BondsandTheirValuation....................................................................................................729Chapter7StocksandTheirValuation....................................................................................................732Chapter8FinancialOptions,TheirValuation,andApplicationsinCorporateFinance.........................734Chapter9TheCostofCapital................................................................................................................736Chapter10TheBasicsofCapitalBudgeting:EvaluatingCashFlows..................................................738Chapter11CashFlowEstimationandRiskAnalysis............................................................................740Chapter12FinancialPlanningandForecastingFinancialStatements...................................................742Chapter13CorporateValuation,Value-BasedManagement,andCorporateGovernance....................744Chapter14CapitalStructureDecisions.................................................................................................746Chapter15DistributionstoShareholders:DividendsandRepurchases................................................748Chapter16WorkingCapitalManagement.............................................................................................751Chapter17MultinationalCorporateFinance.........................................................................................754财务管理717Chapter1AnOverviewofCorporateFinanceandTheFinancialEnvironment1-1a.Aproprietorship,orsoleproprietorship,isabusinessownedbyoneindividual.Apartnershipexistswhentwoormorepersonsassociatetoconductabusiness.Incontrast,acorporationisalegalentitycreatedbyastate.Thecorporationisseparateanddistinctfromitsownersandmanagers.b.Inalimitedpartnership,limitedpartners’liabilities,investmentreturnsandcontrolarelimited,whilegeneralpartnershaveunlimitedliabilityandcontrol.Alimitedliabilitypartnership(LLP),sometimescalledalimitedliabilitycompany(LLC),combinesthelimitedliabilityadvantageofacorporationwiththetaxadvantagesofapartnership.Aprofessionalcorporation(PC),knowninsomestatesasaprofessionalassociation(PA),hasmostofthebenefitsofincorporationbuttheparticipantsarenotrelievedofprofessional(malpractice)liability.c.Stockholderwealthmaximizationistheappropriategoalformanagementdecisions.Theriskandtimingassociatedwithexpectedearningspershareandcashflowsareconsideredinordertomaximizethepriceofthefirm’scommonstock.d.Amoneymarketisafinancialmarketfordebtsecuritieswithmaturitiesoflessthanoneyear(short-term).TheNewYorkmoneymarketistheworld’slargest.Capitalmarketsarethefinancialmarketsforlong-termdebtandcorporatestocks.TheNewYorkStockExchangeisanexampleofacapitalmarket.Primarymarketsarethemarketsinwhichnewlyissuedsecuritiesaresoldforthefirsttime.Secondarymarketsarewheresecuritiesareresoldafterinitialissueintheprimarymarket.TheNewYorkStockExchangeisasecondarymarket.e.Inprivatemarkets,transactionsareworkedoutdirectlybetweentwopartiesandstructuredinanymannerthatappealstothem.Bankloansandprivateplacementsofdebtwithinsurancecompaniesareexamplesofprivatemarkettransactions.Inpublicmarkets,standardizedcontractsaretradedonorganizedexchanges.Securitiesthatareissuedinpublicmarkets,suchascommonstockandcorporatebonds,areultimatelyheldbyalargenumberofindividuals.Privatemarketsecuritiesaremoretailor-madebutlessliquid,whereaspublicmarketsecuritiesaremoreliquidbutsubjecttogreaterstandardization.Derivativesareclaimswhosevaluedependsonwhathappenstothevalueofsomeotherasset.Futuresandoptionsaretwoimportanttypesofderivatives,andtheirvaluesdependonwhathappenstothepricesofotherassets,sayIBMstock,Japaneseyen,orporkbellies.Therefore,thevalueofaderivativesecurityisderivedfromthevalueofanunderlyingrealasset.f.Aninvestmentbankerisamiddlemanbetweenbusinessesandsavers.Investmentbankinghousesassistinthedesignofcorporatesecuritiesandthensellthemtosavers(investors)intheprimarymarkets.Financialservicecorporationsofferawiderangeoffinancialservicessuchasbrokerageoperations,insurance,andcommercialbanking.Afinancialintermediarybuyssecuritieswithfundsthatitobtainsbyissuingitsownsecurities.Anexampleisacommonstockmutualfundthatbuyscommonstockswithfundsobtainedbyissuingsharesinthemutualfund.g.Amutualfundisacorporationthatsellssharesinthefundandusestheproceedstobuystocks,long-termbonds,orshort-termdebtins