1. 第一章 公司金融(理财)导论.ppt

* Note, these actions explicitly relate to the three questions addressed in slide 4. * It may be beneficial to discuss S-Corporations and LLCs in the context of this slide. * It is important to remind students that net income is NOT cash flow. * A common example of an agency relationship is a real estate broker – in particular if you break it down between a buyers agent and a sellers agent. A classic conflict of interest is when the agent is paid on commission, so they may be less willing to let the buyer know that a lower price might be accepted or they may elect to only show the buyer homes that are listed at the high end of the buyer’s price range. Direct agency costs – the purchase of something for management that can’t be justified from a risk-return standpoint, monitoring costs. Indirect agency costs – management’s tendency to forgo risky or expensive projects that could be justified from a risk-return standpoint. * Incentives – discuss how incentives must be carefully structured. For example, tying bonuses to profits might encourage management to pursue short-run profits and forego projects that require a large initial outlay. Stock options may work, but there may be an optimal level of insider ownership. Beyond that level, management may be in too much control and may not act in the best interest of all stockholders. The type of stock can also affect the effectiveness of the incentive. Corporate control – ask the students why the threat of a takeover might make managers work towards the goals of stockholders. Other groups also have a financial stake in the firm. They can provide a valuable monitoring tool, but they can also try to force the firm to do things that are not in the owners’ best interest. Introduction to Corporate Finance 公司理财导论 Chapter 1 公司金融（理财）的职能 组织投资、筹资和确定股利政策 考虑投资和筹资决策的关系 财务经理与企业其他部门经理相互联系，帮助企业尽可能高效运转。 利用货币和资本市场 资金的来源： 1.债权人—债务融资—硬约束（偿还不了债务，导致企业破产） 2.股东—股权融资—软约束（并不是无约束，导致企业被收购） 营销 人力资源 财务和会计的区别 董事会 总经理CEO VP：财务 VP：销售 VP：经营 财务主任 总会计