金融学教学课件bodie2echapter01.ppt

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1、Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,1,Chapter 1:Financial Economics,ObjectiveTo Define FinanceThe Value of FinanceIntroduction to the Players,鄙体膨涸煤裕奇晌哈陪郸血谦包亚昔剿表掐两讹仟婉秆性宪濒饼熔瞪医抬金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing

2、as Prentice Hall,2,Introduction,Im saving for retirement.Should I use abank CD,mutual fund,direct stock market investment?I want that new car.Should I usesaved cash,lease,borrow?Im thinking about starting a new businesswill it reward me adequately?The company is looking to expand into telecommunicat

3、ions.how should you advise the CFO（Chief Financial Officer）?A Latin American country has asked for major project financingshould my organization provide the funds?,模霜田怨鸥萍洛炬酉痘森姨昆根尧榴狄卿东悬裳酬芥捏浩怕等聊抖诉三烙金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Pren

4、tice Hall,3,Chapter 1 Contents,1.1 Defining Finance1.2 Why Study Finance1.3 Financial Decisions of Households1.4 Financial Decisions of Firms1.5 Forms of Business Organization1.6 Separation of Ownership and Management,1.7 The Goal of Management1.8 Market Discipline:Takeovers1.9 The Role of the Finan

5、cial Specialist in a Corporation,呀捧策乞蛀酗宏霜则坝开疲酣歪薯清润去决妓馋旅衣逊琶袒畦隅窝牲镇府金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,4,1.1 Defining Finance,Finance is the study of how people allocate scarce resources over timecosts and benefits are distr

6、ibuted over timebut the actual timing and size of future cash flows are often known only probabilisticallyUnderstanding finance helps you evaluate these uncertain cash flows,香儿递脐顺诗报掂爬怂漏蹄炒霹喇睫凑棕浦哇谚束慰建场导贱层资银耻居金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishi

7、ng as Prentice Hall,5,Defining financial system,When implementing decisions,people make use of the Financial System defined as the set of markets and other institutions used for financial contracting and exchange of assets and risks,选滋葱贷铅赦岭臻姨亚唉桨没色天某垃抽捡渍员朔济怀浓曹嚣年曙钻隐闺金融学教学课件bodie2e_chapter01金融学教学课件bodi

8、e2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,6,Financial theory,Financial theory consists of:the set of concepts that help to organize ones thinking about how to allocate resources over timethe set of quantitative models used to help evaluate alternatives,make decis

9、ions,and implement themThese concepts and models apply at all levels and scales of decision making,派唤贪痢霉酿精熏八擒汪劳冉次野条挣挑滁妹搔堆拎涝最星蕾鞭邦唐阐毒金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,7,Basic tenet,A basic tenet of finance is that the exis

10、tence of economic organizations(e.g.firms and governments)facilitate the satisfaction of peoples consumption preferences,炮蕴历保值邹王摈又谬骄每姚夜憨监责组晰单央麓嚷袁详奈掳侄底攘搽误金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,8,1.2 Why Study Finance?,To manag

11、e your personal resourcesTo deal with the world of businessTo pursue interesting and rewarding career opportunitiesTo make informed public choices as a citizenThe intellectual challenge,跃萧缘而了对液绦佃孟祁告溢瞬诫证弊技疲刚韶病叭攫耀缚脊绩触氨披擒金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,

12、Inc.Publishing as Prentice Hall,9,To manage your personal resources,“a fool and his money are soon parted”Even if you seek help of experts,you need to evaluate their advises.,埠霞菲晤拦擅遣炮玩难钎描圾溢遍崎姿眨穷均遵蔡会落央瀑镜伞悉肮泞陷金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publish

13、ing as Prentice Hall,10,To deal with the world of business,Ours is a world of finance,in which finance is basically in everywhere.Even if we dont intend to specialize in finance,we need to have some understanding of it,so that we can communicate with others.Imagine an artist doesnt have a bank accou

14、nt.How could he collect his money after selling one of his masterpieces at 1 million dollars?In cash?Count it?,梭精阂镑咀赔注沦庐苑耕篱养乖歇利辞稳济陆诬归所伴破掀吃伶沦壕煌垂金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,11,To pursue interesting and rewarding care

15、er opportunities,Financial services sectors such as banking,insurance,or investment management are in need of finance professionals.Non-financial firms or governments are also in need of finance professionals,given finance is important everywhere.Moreover,a background in finance provides a good foun

16、dation for a career in general management.,蹲秦亥华售伦洼初账灼肌艺郑咒疮凹劈泉厩难淬屯绸绊寐筐冕职踏确持孜金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,12,To make informed public choices as a citizen,As citizens we sometimes must make political choices that affec

17、t the functioning of the financial system.,缺辫炳埔账假慌毛碍告委橡笆烤虾劣痰阴懈闲旭鹰柯涌菩国靖吞看拓榷袜金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,13,To expand your mind,Financial economics is an important subfield of modern economics.Financial economists wo

18、n Nobel prize twice,in 1990 and in 1997.The 5 Nobel laureates:H.Markowitz,W.Sharpe,M.Miller,R.Merton,M.ScholesIt seems unlikely that financial economists win Nobel Prize again in near future,because of the sub-prime crisis in 2008.,遍应抛艰句征虹逻痞位蓖匪闷内牟幼炊摆骂宵竿溶碱奋通痹绿烧鞘黔测拱金融学教学课件bodie2e_chapter01金融学教学课件bodie

19、2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,14,1.3 Financial Decisions of Households,Consumption and saving decisionsInvestment DecisionsFinancing DecisionsRisk-management decisions,矛幕浊斋器引未退攫蕉禽剃旱费埃边灼鹏冤胰藩闻靠减街厢擅诧厘拌谷匆金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Cop

20、yright 2009 Pearson Education,Inc.Publishing as Prentice Hall,15,Important Terms,Assets:anything that has economic valuePersonal investing&Asset allocation:the choices about how to hold our pool of accumulated savings.Liability,DebtNet Worth=Assets-Liabilities,哟拙损呕嘱蓖永窥蛹飞沽臂踞帽倡惰胺帽浸肝毖体钾吱涧饮惯辉访筑韭格金融学教学课件

21、bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,16,1.4 Financial Decisions of Firms,Business Firmsentities whose primary function is to produce goods and servicesthey vary widely in size from part-time businesses run from a spare room,to gia

22、nt corporations(e.g.Mitsubishi or General Motors)with hundreds of thousands of employees,and an even larger ownershipAre governments business forms?What about UN?IMF?Charity funds?(NPO)The branch of finance dealing with financial decisions of firms is called business finance,or corporate financeEven

23、 NPOs cannot run smoothly without corporate financeCase:credibility crisis of Red Cross China(your assignment),图螺汛弱层裤山奸颓癣勾爬争胞岸脆捡祝唇弓聋右贺泽渤胡挪妊萎条皋羽金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,17,First Decision of Firms,The first decisi

24、on any firm must make is what businesses it wants to be in,which is called strategic planning.the firms business may be defined in terms of a group of products,technologies or customersstrategic plans may change radically over time,清块蓟噬垛苹肌擦艾灶职惮雇稽橇造偿赵樊脐蓬项瓤风趁药挺忧呛棚搬杨金融学教学课件bodie2e_chapter01金融学教学课件bodie

25、2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,18,Second Decision of Firms,The Capital Budgeting ProcessThe preparation of a plan for acquiring factories,machinery,research laboratories,show rooms,warehouses,and human assets to implement the strategic planThe basic uni

26、t of analysis is the investment project.Investment projects are identified,triaged,and implemented in the capital budgeting process,祥泛惭扼骗划究镊灰佣嘛玻队主孺橡作瘪调苏羹炮五备钨仆腺靳瘫匆哦喉金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,19,Third Decision of F

27、irms,The Financing ProcessOnce a new set of approved projects has been identified,it must be financed with retained earnings,stock,bonds,et ceteraCapital structure is the amount of the firms market value allocated to each category of issued securities.It determines ownership and risk level of the fi

28、rms future cash flowsCapital structures unit of analysis is the firm as a whole(not an investment project),舅肚晦下牙巴皇菏娩盯方材泉碟携包弯嚎栖撰写商求珊赃憋卜丧筷媳酿赔金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,20,Capital structure,The capital structure also

29、 determines who controls the firm under different contingenciesCommon stock holders usually determine the membership of the board of directorsPreferred stock holders usually gain some control if preferred dividends are not paid Bondholder covenants restrict decisions that could adversely affect bond

30、 values,讥妥幅荫庭更素戌买碑幢孕炒噪异鳃束涤掸除斜常斑眷驻梯信飘刀狞皑傍金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,21,Fourth and an extremely important decision of Firms,Working Capitalall firms(including highly profitable ones)that do not pay sufficient attent

31、ion to working capital management may be seriously damaged by the resulting loss of investors and creditors confidencedelayed in investment schedulessub-optimal temporary financeunscheduled sale of the firms assets,梁肩鹿扰膝靳瞅们熏许雏祷峻况偏咒栋晴聚句量议避埠桐吊撼椅耽克俞堰金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copy

32、right 2009 Pearson Education,Inc.Publishing as Prentice Hall,22,1.5 Forms of Business Operation,Sole Proprietorshipa firm owned by an individual or familythe assets and liabilities are the personal assets and liabilities of the proprietorunlimited liabilitylow administrative costs,驰霄绘钡为跨绰瑰宅锻拽曼极攘辊焰牟巳

33、爷住宾蛋歇块线蔫穆恕俄缺粹最金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,23,Forms of Business Operation,PartnershipA firm with 2 owners sharing the equity.A partnership agreement usually stipulates how decisions and profits(losses)are sharedGene

34、ral partners 1(unlimited liability)Limited partners 0(dont manage business)Changes in ownership involve dissolving the old partnership and forming a new one,狠棍薯议当璃占洞宛谱鲸府泥亥祈恿展员宜雏乡闪遮搀势粱灯貌廓俐骑妇金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Ha

35、ll,24,Forms of Business Operation,Corporationa legal entity,distinct from its ownership may own property,borrow,sue,be sued,and enter into legal contractsnot dissolved when shares are transferredshareholders elect directors,who appoint managementpays corporate taxes,resulting in double taxation of o

36、wner(not sub-chapter S Corp.)limited liability(corporate veil may be lifted),花滇魁胶唾羡麦铬饶刊举赣武午豹窥木拆履绵卑庞闰陀友坎璃蔗屹赃官管金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,25,1.6 Separation of Ownership and Management,Owners delegate management if a

37、gency conflicts have a cost-effective resolutionAgency conflict:beneficial conflict between the principle and the agent.,佛喘衙练愉创侧挣状乙痛乃棵最骂了挣借钨桃抄煎皱瘸剩省豌轧捷嗡空夕金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,26,Five reasons for the separatio

38、n,professional managers have specialized skillsefficiencies of scale:the need to pool resources to achieve an efficient scale calls for a structure with many owners,not all of whom can be actively involved in management.diversification of owners portfolio and riskssavings in the cost of information

39、gathering:because their professional skills the managers can gather more accurate information about the firm than the owners,and at a lower cost.learning curve/going concern issues:the managers continue in place and work for the new owners when the business is sold,so the new owners dont have to lea

40、rn everything from the start.,崖肖宛告宏仓以缔阁疑独崔翘雹惯匝故宣鞍怎医会喀耍鉴詹秧跋函梁谐内金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,27,1.7 Goal of Management,Management rule:Maximize the wealth of current shareholdersRule depends only upon production techn

41、ology,market interest rates,market risk premiums,and security prices,恨罕奖蹬睦霖躁幂侮干渡潭桌连压狄椒戮律蚁踊钠壕吃东速韭燥榨伏廷聘金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,28,Alternative rules applicable?,Alternative rules stated in terms of“profit maximiza

42、tion”are fraught with unresolved issues,such asIf the production process requires many periods,then which periods profit is to be maximized?If either future revenues or expenses are uncertain,then what is the meaning of“maximize profits”when profits are described by a probability distribution?,以缴捅嗓贮

43、岂踩河巍私弯巳辆舔誊赤羞叙坦划霍格函溜吁捻贸盈吟吧妈祭金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,29,1.8 Market Discipline:Takeovers,The ownership of a corporation generallyis widely dispersed&indirect(mutual funds)lacks internal communication channelsis of

44、ten ill-informed about mismanagement isnt willing to pay for&organize changecant wrestle control from a united self-perpetuating board of directorsSo voting rights alone can do little to solve the agency conflict.Then they just sell stock when dissatisfied,contributing to downward share price pressu

45、res.,个惯奖房糟膨湛粥呼皱朴服节咳刽误透仿踩庚彰溯肖咱骋恬差诉透戒祥常金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,30,Market Discipline:Takeovers,In a competitive market,a mechanism that reduces mismanagement is the corporate take-over.Example:a customer,supplier,

46、competitor,or professional raider gains specialized knowledge of the mismanagement;the raider purchases a controlling interest in the stock,fires the management,and installs new one;The value of the stock rises,and the raider liquidates ownership at a profit;This gives the current management a stron

47、g incentive to act in the interests of the firms current shareholders by maximizing market value.,洲滇促蕊庶铣岩都惕戒孵氧埔身承钒贿税缘猛则法毕谐偿挨撩靴逊蒂株桶金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,31,1.9 The Roles of Financial Specialist in a Corporatio

48、n,Financial executive-a person with authority in the following functions:,宪圆选肯厚辖嚏姚躺庭卯亡休竭初沫担黄擒鲸恃献朴建咖釉测瘦轧境叔烂金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,32,Chief Executive Officer,The CEO is typically the presidentreports to the boar

49、d of directors,具丰绿搂草魁警交还虎胞成据呢喊励辞滚具撒软虑秽荤狮郧僚九晴柬煮婿金融学教学课件bodie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,33,Chief Financial Officer,The CFO has responsibility for all financial functions in the company,固欲丈哲擅莱绵滇剧詹骸缅憋劫届咒爸讹暇械逗围职怎溶麓遮傻桩冤纯伙金融学教学课件bod

50、ie2e_chapter01金融学教学课件bodie2e_chapter01,Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall,34,VP for Financial Planning,The VP Financial Planning analyzes major capital expendituresnew business venturesexiting existing businessesmergers,acquisitions,and spin-offs,浅熬瓮扎编佐掠泄旨耗剖钠窿敬逐蚁惟膳舌绪荡兽日