台湾大学：《财务管理》双语版 Chapter 1 The Firm and The Financial Manager

1-1 開課系所:會計系 課程名稱:財務管理 課程編號與班次:7023060002 授課教師:廖咸興 研究室及電話:管院806室(02)363-023lext2959 Email:hliao@ccms.ntu.edu.twWEbsitehttp://www.fin.ntu.edu.tw 上課時間:星期四6.7.8地點:教207 課程說明 這門課之目的在提供冋學對財務管理有一基本瞭解’以做為同學們未來進行 相關財務決策或進一步對財務管理領琙鑽硏之基礎 上課教材 1.BRA: Fundamentals of Corporate Finance, 3ed. Brealey, Myers, and arcus (華泰,2001) 2.參考書∶財務管理洪茂蔚丶蘇永成丶陳明賢丶胡星陽(雙葉丶1998) 3.上課投影片可自老師網頁下載 選課俫件∶修過初會丶經濟學 詢問時間∶星期三:pm:2:00-4:30 or by appointment 評分標準:期中:30%,期末:40%;作業:20%;上課參與∶10% IrwinMcGraw-hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 1 Irwin/McGraw-Hill 開課系所: 會計系 課程名稱：財務管理 課程編號與班次: 702 30600 02 授課教師：廖咸興 研究室及電話：管院806室，(02)363-0231ext 2959 Email: hliao@ccms.ntu.edu.tw Website: http://www.fin.ntu.edu.tw 上課時間：星期四 6.7.8 地點: 教 207 課程說明： 這門課之目的在提供同學對財務管理有一基本瞭解，以做為同學們未來進行 相關財務決策或進一步對財務管理領域鑽研之基礎。 上課教材： 1. 課本：Fundamentals of Corporate Finance, 3ed. Brealey, Myers, and Marcus. (華泰，2001) 2. 參考書：財務管理 洪茂蔚、蘇永成、陳明賢、胡星陽 (雙葉、1998) 3. 上課投影片可自老師網頁下載 選課條件：修過初會、經濟學 詢問時間：星期三: pm: 2:00-4:30 or by appointment 評分標準 : 期中:30%, 期末: 40%; 作業：20%; 上課參與：10%

1-2 授課進度 1.0222導输(Text:ch 2.03/01財務金融系統( Reference2:ch2) 3.03/08分析與預測財務報表(Text:ch17; Reference2:ch.3) 4.03/15折現調整現金流量分析(Text:ch,3) 5.03/22債券與股票評價(Text:ch.4,5) 6.03/29資本支出預算(或投資)決策((Text:ch6,ch.7,ch8) 7.04/05春假 8.042期中考 9.04/19資本支出預算(或投資)決策(ID)(Text:ch.6,ch.7,ch8) 10.0426資金成本(Text:ch9,chl0,ch11) 11.05/03企業融資與資本結構決策((Text:ch.12,ch.13,ch,l4) 12.05/10企業融資與資本結構決策(I(Text:ch.13,ch.14,ch15) 13.05/17股利政策丶企業合併與控制( Text ch.16,ch22) 14.05/24選擇權( ( text ch24) 15.05/31個案報告 16.0607期末考 Irwin/McGraw-Hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 2 Irwin/McGraw-Hill 授課進度: 1. 02/22 導論 (Text: ch.1) 2. 03/01 財務金融系統 (Reference 2: ch.2) 3. 03/08 分析與預測財務報表(Text: ch.17；Reference 2: ch.3) 4. 03/15 折現調整現金流量分析(Text: ch.3) 5. 03/22 債券與股票評價（Text: ch.4, 5） 6. 03/29 資本支出預算(或投資)決策 (I) (Text: ch.6., ch.7, ch8) 7. 04/05 春假 8. 04/12 期中考 9. 04/19 資本支出預算(或投資)決策 (II) (Text: ch. 6, ch.7, ch8) 10. 04/26 資金成本 (Text: ch.9, ch10, ch.11) 11. 05/03 企業融資與資本結構決策 (I) (Text: ch.12, ch.13, ch.14) 12. 05/10 企業融資與資本結構決策 (II) (Text: ch.13, ch.14, ch15) 13. 05/17 股利政策、企業合併與控制 (Text ch.16, ch.22) 14. 05/24 選擇權(text ch24) 15. 05/31 個案報告 16. 06/07 期末考

Fundamentals of Corporate Finance Third edition Chapter 1 The firm and Brealey Myers Marcus The financial Manager ndamentals of Corporate Finan Brealey Myers Marcus slides by Matthew will IrwinMcGraw-Hill CThe McGraw-Hill Companies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 3 Irwin/McGraw-Hill Chapter 1 Fundamentals of Corporate Finance Third Edition The Firm and The Financial Manager Brealey Myers Marcus slides by Matthew Will Irwin/McGraw-Hill ©The McGraw-Hill Companies, Inc.,2001

1-4 Topics Covered ORganizing a business SThe role of The Financial manager S Financial markets wHo Is The Financial manager COrporate Goals Incentives sValue maximization Irwin/McGraw-Hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 4 Irwin/McGraw-Hill Topics Covered Organizing a Business The Role of The Financial Manager Financial Markets Who Is The Financial Manager Corporate Goals & Incentives Value Maximization

15 Organizing a Business DTypes of Business Organizations Sole Proprietorships → Partnerships Corporations Irwin/McGraw-Hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 5 Irwin/McGraw-Hill Organizing a Business Types of Business Organizations ➔Sole Proprietorships ➔Partnerships ➔Corporations

1-6 Organizing a Business Sole Partnership Corporation Proprietorship Who owns the The Manager Partners Shareholders business Are managers No N Usuall and owners separate? What is the Unlimited Unlimited Limited owner s (exceptions) liability? Are owners No No Yes the business taxed separately? Irwin/McGraw-Hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 6 Irwin/McGraw-Hill Sole Proprietorship Partnership Corporation Who owns the business? The Manager Partners Shareholders Are managers and owners separate? No No Usually What is the owner’s liability? Unlimited Unlimited (exceptions) Limited Are owners & the business taxed separately? No No Yes Organizing a Business

1-7 Corporate Structure Sole proprietorships Unlimited liability Personal tax on profits Partnerships Limited Liability Corporations Corporate tax on profits Personal tax on dividends Irwin/McGraw-Hill CThe McGraw-Hill Companies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 7 Irwin/McGraw-Hill Corporate Structure Sole Proprietorships Corporations Partnerships Limited Liability Corporate tax on profits + Personal tax on dividends Unlimited Liability Personal tax on profits

1-8 The role of The Financial Manager Firms Financial Financial (4a) operations managers markets (3) (4b) (1) Cash raised from investors (2)Cash invested in firm (3) Cash generated by operations (4a)Cash reinvested (4b)Cash returned to investors Irwin/McGraw-Hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 8 Irwin/McGraw-Hill Financial managers Firm's operations Financial markets (1) Cash raised from investors (1) (2) Cash invested in firm (2) (3) Cash generated by operations (3) (4a) Cash reinvested (4a) (4b) Cash returned to investors (4b) The Role of The Financial Manager

1-9 The role of The Financial Manager SInvestment decisions )Capital Budgeting )Buy real assets that are worth more than they cost Irwin/McGraw-Hill CThe McGraw-Hill Commpanies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 9 Irwin/McGraw-Hill The Role of The Financial Manager Investment Decisions ➔“Capital Budgeting” ➔Buy real assets that are worth more than they cost

1-10 The role of The Financial Manager “ Capital Budgeting Tangible assets Nontangible Assets Euro Disney Gillette's Mach3 Razor $2 billion a $300 million Irwin/McGraw-Hill CThe McGraw-Hill Companies, Inc, 2001

©The McGraw-Hill Companies, Inc.,2001 1- 10 Irwin/McGraw-Hill The Role of The Financial Manager ➔“Capital Budgeting” Tangible Assets Euro Disney @ $2 billion Nontangible Assets Gillette’s Mach3 Razor @ $300 million