公司理财精要Chap00.ppt

1-* Basic Areas Of Finance 1-* Why Study Finance? Marketing Budgets, marketing research, marketing financial products Accounting Dual accounting and finance function, preparation of financial statements Management Strategic thinking, job performance, profitability Personal finance Budgeting, retirement planning, college planning, day-to-day cash flow issues 1-* Business Finance Some important questions that are answered using finance What long-term investments should the firm take on? Where will we get the long-term financing to pay for the investments? How will we manage the everyday financial activities of the firm? 1-* Financial Manager Financial managers try to answer some, or all, of these questions The top financial manager within a firm is usually the Chief Financial Officer (CFO) Treasurer – oversees cash management, credit management, capital expenditures, and financial planning Controller – oversees taxes, cost accounting, financial accounting, and data processing 1-* Corporate Organization ChartFigure 1.1 1-* Financial Management Decisions Capital budgeting What long-term investments or projects should the business take on? Capital structure How should we pay for our assets? Should we use debt or equity? Working capital management How do we manage the day-to-day finances of the firm? Return to Quick Quiz 1-* Forms of Business Organization Three major forms in the United States Sole proprietorship Partnership General Limited Corporation Limited liability company Return to Quick Quiz 1-* Sole Proprietorship Advantages Easiest to start Least regulated Single owner keeps all of the profits Taxed once as personal income Disadvantages Limited to life of owner Equity capital limited to owner’s personal wealth Unlimited liability Difficult to sell ownership interest Business owned by one person 1-* Partnership Advantages Two or more owners More capital available Relatively easy to start Income taxed once as personal income Disadvantages Unlimited liability Gener