?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 3060 0 02
授課教師, 廖咸興
研究室及電話,管院 806 室, ( 02)363-0231ext 295 9
Email,hliao@ccms.ntu.edu.tw W e bsi te,htt p,// ww w.f in,ntu,e du.t w
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, F und a m e nt a ls of C orpor a te F in a nc e,3e d,B r e a ley,My e r s,a nd
Ma r c us,( 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 a ppo in tm e nt
評分標準, 期中, 30%,期末, 40% ; 作業, 20% ; 上課參與, 10%
?The McGraw-Hill Companies,Inc.,2001
1- 2
Irwin/McGraw-Hill
授課進度,
1,02/22 導論 ( T ex t, ch.1)
2,03/01 財務 金融系統 ( Ref e r e nc e 2,c h.2)
3,03/08 分析與預測 財務報表 ( T ex t, ch.17 ； Ref e r e nc e 2,c h.3)
4,03/15 折現調整現金流量分析 ( Te x t,c h.3)
5,03/22 債券與股票評價 （ T e xt,c h,4,5 ）
6,03/29 資本支出預算 ( 或投資 ) 決策 ( I ) ( Te x t,c h.6.,c h.7,c h8)
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 ( I I ) ( Te x t,c h,6,c h.7,c h8)
10,04/26 資金成本 ( Te x t,c h.9,c h10,c h.11)
11,05/03 企業融資與資本結構決策 ( I ) ( Te x t,c h.12,c h.13,c h.14)
12,05/10 企業融資與資本結構決策 ( I I ) ( Te x t,c h.13,c h.14,c h15)
13,05/ 17 股利政策, 企業合併與控制 ( Te x t c h.16,c h.22)
14,05/ 24 選擇權 ( te xt c h24)
15,05/31 個案報告
16,06/07 期末考
?The McGraw-Hill Companies,Inc.,2001
1- 3
Irwin/McGraw-Hill
Chapter 1Fundamentals of Corporate FinanceThird Edition
The Firm and
The Financial
Manager
Brealey Myers Marcus
slides by Matthew Will
?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
?The McGraw-Hill Companies,Inc.,2001
1- 5
Irwin/McGraw-Hill
Organizing a Business
?Types of Business Organizations
?Sole Proprietorships
?Partnerships
?Corporations
?The McGraw-Hill Companies,Inc.,2001
1- 6
Irwin/McGraw-Hill
Sole
Prop rietorship
Partnership Corpo ration
W ho ow ns the
bu si ness?
The Manager P art ners S hare holders
Ar e m anagers
and o wn ers
se parate?
No No U su al ly
W hat i s the
ow ner’ s
li abil it y?
U nlimite d U nlimite d
(exc ept ions)
Li m it ed
Ar e own ers &
the busines s
ta xed
se parate ly?
No No Y es
Organizing a Business
?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
?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
?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
?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
?The McGraw-Hill Companies,Inc.,2001
1- 11
Irwin/McGraw-Hill
The Role of The Financial Manager
?Financing Decisions
?Source of Funds,Capital Markets”
?Capital Structure
?Money Markets
?Euros
?The McGraw-Hill Companies,Inc.,2001
1- 12
Irwin/McGraw-Hill
Financial Markets
Primary
Markets
Secondary
Markets
OTC
Markets
Money
?The McGraw-Hill Companies,Inc.,2001
1- 13
Irwin/McGraw-Hill
Financial Markets
Company
Issue Debt
Cash
Investors
?The McGraw-Hill Companies,Inc.,2001
1- 14
Irwin/McGraw-Hill
Financial Markets
Funds
Funds
Banks
Insurance Cos.
Brokerage Firms
Obligations
Depositors
Policyholders
Investors
Obligations
Company
Intermediary
Investor
?The McGraw-Hill Companies,Inc.,2001
1- 15
Irwin/McGraw-Hill
Financial Markets
Banks
Depositors
$2.5 mil
Cash
Loan
Deposits
Company
Intermediary
Investor
?The McGraw-Hill Companies,Inc.,2001
1- 16
Irwin/McGraw-Hill
Financial Markets
Insurance
Company
Policyholders
$250 mil
Cash
Loan
Sell policies
Issue Stock
Company
Intermediary
Investor
?The McGraw-Hill Companies,Inc.,2001
1- 17
Irwin/McGraw-Hill
Careers in Finance
A n n u a l S a l a r y
B a n k i n g
P r e s i d e n t,m e d i u m s i z e b a n k 2 2 5,0 0 0$
V P,F o r e i g n e x c h a n g e t r a d i n g 1 5 0,0 0 0
C o n t r o l l e r 1 6 0,0 0 0
C o r p o r a t e F i n a n c e
A s s i s t a n t T r e a s u r e r 1 1 0,0 0 0
C o r p o r a t e C o n t r o l l e r 1 6 5,0 0 0
C h i e f F i n a n c i a l O f f i c e r 2 5 0,0 0 0
I n n v e s t m e n t B a n k i n g
I n s t i t u t i o n a l b r o k e r s 2 0 0,0 0 0
V P,I n s t i t u t i o n a l s a l e s 1 9 0,0 0 0 + b o n u s
M a n a g i n g D i r e c t o r 4 0 0,0 0 0 +
D e p a r t m e n t h e a d 7 5 0,0 0 0 +
M o n e y M a n a g e m e n t
P o r t f o l i o m a n a g e r 1 3 6,0 0 0
D e p a r t m e n t h e a d 2 0 0,0 0 0
I n s u r a n c e
C h i e f i n v e s t m e n t o f f i c e r 1 9 1,0 0 0 + b o n u s
C h i e f f i n a n c i a l o f f i c e r 1 6 8,0 0 0 + b o n u s
?The McGraw-Hill Companies,Inc.,2001
1- 18
Irwin/McGraw-Hill
Careers in Finance
?Wageweb - www.wageweb.com
?Wall Street Journal - careers.wsj.com
?Bureau of Labor Statistics - www.bls.gov
?Wetfeet - www.wetfeet.com
?Ohio State University - www.cob.ohio-
state.edu/~fin/osujobs.htm
Click to access web sites
Internet connection required
?The McGraw-Hill Companies,Inc.,2001
1- 19
Irwin/McGraw-Hill
Goals of The Corporation
?Shareholders desire wealth
maximization
?Do managers maximize shareholder
wealth?
?Mangers have many constituencies
“stakeholders”
?“Agency Problems” represent the
conflict of interest between
management and owners
?The McGraw-Hill Companies,Inc.,2001
1- 20
Irwin/McGraw-Hill
Goals of The Corporation
Agency Problem Solutions
1 - Compensation plans
2 - Board of Directors
3 - Takeovers
4 - Specialist Monitoring
5 - Auditors
?The McGraw-Hill Companies,Inc.,2001
1- 21
Irwin/McGraw-Hill
Who is The Financial Manager?
Chief Financial Officer
Treasurer Controller
?The McGraw-Hill Companies,Inc.,2001
1- 22
Irwin/McGraw-Hill
Web Resources
www.financewise.com
www.forbes.com
www.wiso.gwdg.de/ifbg/finance.html
www.edgeonline.com
www.corpmon.com
crcse.business.pitt.edu/pages/biblio.html
pw1.netcom.com/~jstorres/internalaudit/resources.html
Click to access web sites
Internet connection required
?The McGraw-Hill Companies,Inc.,2001
1- 23
Irwin/McGraw-Hill
金融機構之角色
金 融 體 系
金融市
場
1.
資本市場
2.
貨幣市場
3,Mo r tga ge mkt
4,Con sume r c r e dit
金
融
機
構
金
融
機
構
資金供給者 資金需求者
家計單位
企業單位
政府部門
家計單位
企業單位
政府部門
資金
資金
證券證券
?The McGraw-Hill Companies,Inc.,2001
1- 24
Irwin/McGraw-Hill
資本形成之方式
?? ?ê aì
a÷ ?? ¤ ¤?
?÷ oc
§? ?ê ¤H
-é ′ú ?′ ?ù
?ê a÷
|s ′ú ?′ ?ù
?ê a÷
直接移轉
經由金融機構間接移轉
?? ?ê aì §? ?ê ?è |? §? ?ê ¤H
¤? ￥q ??
?ê a÷
經由金融機構間接移轉
?The McGraw-Hill Companies,Inc.,2001
1- 25
Irwin/McGraw-Hill
資金成本 --利率
?利率之組成
?real risk-free rate of interest
?inflation premium
?default risk premium
?liquidity premium
?maturity risk premium
?The McGraw-Hill Companies,Inc.,2001
1- 26
Irwin/McGraw-Hill
資金成本 --利率 (續）
?影響利率之因素
?production opportunities and time
preferences
?expected inflation
?default risk
?liquidity
?term structure
?maturity
?central bank policy
?balance of payment
?tax & government deficit
?The McGraw-Hill Companies,Inc.,2001
1- 27
Irwin/McGraw-Hill
資金成本 --利率 (續）
?利率期間結構與理論
?市場區隔理論
?流動性偏好理論
?預期理理論
?The McGraw-Hill Companies,Inc.,2001
1- 28
Irwin/McGraw-Hill
外匯市場
?重要性,投資與融資活動之全球化
?生產與分派成本之降低
?國外資金之募集 (資本注入與風險分散 )
?匯率, 外匯之價格
?表示 NT$/1US$,33.25 NT$/US$
?決定,供給與需求
?The McGraw-Hill Companies,Inc.,2001
1- 29
Irwin/McGraw-Hill
外匯市場（續）
?影響匯率之因素決定,供給與需求
?利率差異
?物價水準差異
?其他 (GNP,貿易障礙、央行干預、赤字、
國際收支 )
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 3060 0 02
授課教師, 廖咸興
研究室及電話,管院 806 室, ( 02)363-0231ext 295 9
Email,hliao@ccms.ntu.edu.tw W e bsi te,htt p,// ww w.f in,ntu,e du.t w
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, F und a m e nt a ls of C orpor a te F in a nc e,3e d,B r e a ley,My e r s,a nd
Ma r c us,( 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 a ppo in tm e nt
評分標準, 期中, 30%,期末, 40% ; 作業, 20% ; 上課參與, 10%
?The McGraw-Hill Companies,Inc.,2001
1- 2
Irwin/McGraw-Hill
授課進度,
1,02/22 導論 ( T ex t, ch.1)
2,03/01 財務 金融系統 ( Ref e r e nc e 2,c h.2)
3,03/08 分析與預測 財務報表 ( T ex t, ch.17 ； Ref e r e nc e 2,c h.3)
4,03/15 折現調整現金流量分析 ( Te x t,c h.3)
5,03/22 債券與股票評價 （ T e xt,c h,4,5 ）
6,03/29 資本支出預算 ( 或投資 ) 決策 ( I ) ( Te x t,c h.6.,c h.7,c h8)
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 ( I I ) ( Te x t,c h,6,c h.7,c h8)
10,04/26 資金成本 ( Te x t,c h.9,c h10,c h.11)
11,05/03 企業融資與資本結構決策 ( I ) ( Te x t,c h.12,c h.13,c h.14)
12,05/10 企業融資與資本結構決策 ( I I ) ( Te x t,c h.13,c h.14,c h15)
13,05/ 17 股利政策, 企業合併與控制 ( Te x t c h.16,c h.22)
14,05/ 24 選擇權 ( te xt c h24)
15,05/31 個案報告
16,06/07 期末考
?The McGraw-Hill Companies,Inc.,2001
1- 3
Irwin/McGraw-Hill
Chapter 1Fundamentals of Corporate FinanceThird Edition
The Firm and
The Financial
Manager
Brealey Myers Marcus
slides by Matthew Will
?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
?The McGraw-Hill Companies,Inc.,2001
1- 5
Irwin/McGraw-Hill
Organizing a Business
?Types of Business Organizations
?Sole Proprietorships
?Partnerships
?Corporations
?The McGraw-Hill Companies,Inc.,2001
1- 6
Irwin/McGraw-Hill
Sole
Prop rietorship
Partnership Corpo ration
W ho ow ns the
bu si ness?
The Manager P art ners S hare holders
Ar e m anagers
and o wn ers
se parate?
No No U su al ly
W hat i s the
ow ner’ s
li abil it y?
U nlimite d U nlimite d
(exc ept ions)
Li m it ed
Ar e own ers &
the busines s
ta xed
se parate ly?
No No Y es
Organizing a Business
?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
?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
?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
?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
?The McGraw-Hill Companies,Inc.,2001
1- 11
Irwin/McGraw-Hill
The Role of The Financial Manager
?Financing Decisions
?Source of Funds,Capital Markets”
?Capital Structure
?Money Markets
?Euros
?The McGraw-Hill Companies,Inc.,2001
1- 12
Irwin/McGraw-Hill
Financial Markets
Primary
Markets
Secondary
Markets
OTC
Markets
Money
?The McGraw-Hill Companies,Inc.,2001
1- 13
Irwin/McGraw-Hill
Financial Markets
Company
Issue Debt
Cash
Investors
?The McGraw-Hill Companies,Inc.,2001
1- 14
Irwin/McGraw-Hill
Financial Markets
Funds
Funds
Banks
Insurance Cos.
Brokerage Firms
Obligations
Depositors
Policyholders
Investors
Obligations
Company
Intermediary
Investor
?The McGraw-Hill Companies,Inc.,2001
1- 15
Irwin/McGraw-Hill
Financial Markets
Banks
Depositors
$2.5 mil
Cash
Loan
Deposits
Company
Intermediary
Investor
?The McGraw-Hill Companies,Inc.,2001
1- 16
Irwin/McGraw-Hill
Financial Markets
Insurance
Company
Policyholders
$250 mil
Cash
Loan
Sell policies
Issue Stock
Company
Intermediary
Investor
?The McGraw-Hill Companies,Inc.,2001
1- 17
Irwin/McGraw-Hill
Careers in Finance
A n n u a l S a l a r y
B a n k i n g
P r e s i d e n t,m e d i u m s i z e b a n k 2 2 5,0 0 0$
V P,F o r e i g n e x c h a n g e t r a d i n g 1 5 0,0 0 0
C o n t r o l l e r 1 6 0,0 0 0
C o r p o r a t e F i n a n c e
A s s i s t a n t T r e a s u r e r 1 1 0,0 0 0
C o r p o r a t e C o n t r o l l e r 1 6 5,0 0 0
C h i e f F i n a n c i a l O f f i c e r 2 5 0,0 0 0
I n n v e s t m e n t B a n k i n g
I n s t i t u t i o n a l b r o k e r s 2 0 0,0 0 0
V P,I n s t i t u t i o n a l s a l e s 1 9 0,0 0 0 + b o n u s
M a n a g i n g D i r e c t o r 4 0 0,0 0 0 +
D e p a r t m e n t h e a d 7 5 0,0 0 0 +
M o n e y M a n a g e m e n t
P o r t f o l i o m a n a g e r 1 3 6,0 0 0
D e p a r t m e n t h e a d 2 0 0,0 0 0
I n s u r a n c e
C h i e f i n v e s t m e n t o f f i c e r 1 9 1,0 0 0 + b o n u s
C h i e f f i n a n c i a l o f f i c e r 1 6 8,0 0 0 + b o n u s
?The McGraw-Hill Companies,Inc.,2001
1- 18
Irwin/McGraw-Hill
Careers in Finance
?Wageweb - www.wageweb.com
?Wall Street Journal - careers.wsj.com
?Bureau of Labor Statistics - www.bls.gov
?Wetfeet - www.wetfeet.com
?Ohio State University - www.cob.ohio-
state.edu/~fin/osujobs.htm
Click to access web sites
Internet connection required
?The McGraw-Hill Companies,Inc.,2001
1- 19
Irwin/McGraw-Hill
Goals of The Corporation
?Shareholders desire wealth
maximization
?Do managers maximize shareholder
wealth?
?Mangers have many constituencies
“stakeholders”
?“Agency Problems” represent the
conflict of interest between
management and owners
?The McGraw-Hill Companies,Inc.,2001
1- 20
Irwin/McGraw-Hill
Goals of The Corporation
Agency Problem Solutions
1 - Compensation plans
2 - Board of Directors
3 - Takeovers
4 - Specialist Monitoring
5 - Auditors
?The McGraw-Hill Companies,Inc.,2001
1- 21
Irwin/McGraw-Hill
Who is The Financial Manager?
Chief Financial Officer
Treasurer Controller
?The McGraw-Hill Companies,Inc.,2001
1- 22
Irwin/McGraw-Hill
Web Resources
www.financewise.com
www.forbes.com
www.wiso.gwdg.de/ifbg/finance.html
www.edgeonline.com
www.corpmon.com
crcse.business.pitt.edu/pages/biblio.html
pw1.netcom.com/~jstorres/internalaudit/resources.html
Click to access web sites
Internet connection required
?The McGraw-Hill Companies,Inc.,2001
1- 23
Irwin/McGraw-Hill
金融機構之角色
金 融 體 系
金融市
場
1.
資本市場
2.
貨幣市場
3,Mo r tga ge mkt
4,Con sume r c r e dit
金
融
機
構
金
融
機
構
資金供給者 資金需求者
家計單位
企業單位
政府部門
家計單位
企業單位
政府部門
資金
資金
證券證券
?The McGraw-Hill Companies,Inc.,2001
1- 24
Irwin/McGraw-Hill
資本形成之方式
?? ?ê aì
a÷ ?? ¤ ¤?
?÷ oc
§? ?ê ¤H
-é ′ú ?′ ?ù
?ê a÷
|s ′ú ?′ ?ù
?ê a÷
直接移轉
經由金融機構間接移轉
?? ?ê aì §? ?ê ?è |? §? ?ê ¤H
¤? ￥q ??
?ê a÷
經由金融機構間接移轉
?The McGraw-Hill Companies,Inc.,2001
1- 25
Irwin/McGraw-Hill
資金成本 --利率
?利率之組成
?real risk-free rate of interest
?inflation premium
?default risk premium
?liquidity premium
?maturity risk premium
?The McGraw-Hill Companies,Inc.,2001
1- 26
Irwin/McGraw-Hill
資金成本 --利率 (續）
?影響利率之因素
?production opportunities and time
preferences
?expected inflation
?default risk
?liquidity
?term structure
?maturity
?central bank policy
?balance of payment
?tax & government deficit
?The McGraw-Hill Companies,Inc.,2001
1- 27
Irwin/McGraw-Hill
資金成本 --利率 (續）
?利率期間結構與理論
?市場區隔理論
?流動性偏好理論
?預期理理論
?The McGraw-Hill Companies,Inc.,2001
1- 28
Irwin/McGraw-Hill
外匯市場
?重要性,投資與融資活動之全球化
?生產與分派成本之降低
?國外資金之募集 (資本注入與風險分散 )
?匯率, 外匯之價格
?表示 NT$/1US$,33.25 NT$/US$
?決定,供給與需求
?The McGraw-Hill Companies,Inc.,2001
1- 29
Irwin/McGraw-Hill
外匯市場（續）
?影響匯率之因素決定,供給與需求
?利率差異
?物價水準差異
?其他 (GNP,貿易障礙、央行干預、赤字、
國際收支 )
