[管理学]第1讲公司治理与财务管理环境.ppt

* The balance of payments The balance of payments – a statistical “accounting” record of a country’s international trade transactions and capital transactions with other countries during a period of time. Rectifying a balance of payments – devalue – protectionist measure – deflationary economic measures * Competition policy Market failure and regulation – market failure: market mechanism fails to result in efficiency. ☆imperfect competition ☆social costs / externalities ☆imperfect information ☆inequity Self regulation – professional bodies * Competition policy Monopolies: significant market share or oligopoly – Advantages of monopolies ☆economic of scale ☆maximise its profits – Disadvantages of monopolies ☆higher prices ☆no incentive to improve ☆no pressure to improve the efficiency Restrictive practices * Competition policy Deregulation – removal of any form of regulation Advantages of deregulation – improved incentives for internal/cost efficiency – improved allocative efficiency Disadvantages of deregulation – loss of economic of scale – lower quality or quantity of service – need to protect competition * Competition policy Privatisation: a policy of introducing private enterprise into industries which were previously state-owned or state-operated. Forms of privatisation – deregulation of industries – contracting out work to private firms – transferring the ownership of assets * Competition policy Advantages of privatisation – improved efficiency – immediate source of money for government – reduced bureaucratic and political meddling – wider share ownership Arguments against privatisation – state-owned industries are more likely to respond to the public interest, ahead of the profit motive – inadvisable (loss of economic of scale) – lower quality or quantity of service * Official aid schemes The government provides finance to companies in cash grants and other forms of official