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Topic2IntroductiontoTopic2IntroductiontoFinancialManagementFinancialManagement（2 2）财务管理概述（财务管理概述（2）第1页NewsinMediaNewsinMediaStockmarketTextAudioVocabulary第2页wisdomwisdomMaximizationofthelong-termmarketvalueofthefirm市值最大化第3页MiniCaseMiniCasegeneralmotor(GM):通用汽车企业Institutionshareholders：机构持股者公募基金，保险资金，社保资金，QFII(QualifiedForeignInstitutionalInvestors合格境外机构投资者)，私募资金，券商资金Successor：继承者，继任人heirs第4页backgroundbackground因次贷危机引发金融海啸，财务受到严重冲击通用汽车企业为求美国联邦政府援助宣告破产重整，让旧通用汽车破产股票下市，并经法官同意马上将剩下资产转卖给新成立新通用汽车企业，再将新通用汽车大部分股权交给美国政府成为国营企业，换取美国政府援助资金，雪佛兰与凯迪拉克、别克、GMC被宣告为重整后在美国市场上保留厂牌，年11月通用汽车股票重新上市。第5页OverviewOverviewFormsofbusinessOrganizationalstructureofcompanyGoaloffinancialmanagementThemaximizationofshareholderwealthPotentialagencyproblemSeparationofownershipandmanagement第6页2.1typesofbusinessorganization2.1typesofbusinessorganizationSoleproprietorship：（个人）独资企业Partnership：合作企业Corporation：企业制企业第7页2.1.1soloproprietorship2.1.1soloproprietorshipSimplestAdvantageEasytoformNodoubletaxationDrawbacksLimitedlife/pooloffundsUnlimitedliability第8页2.1.2Partnership2.1.2PartnershipOwnedbytwoormoreindividuals（partners）LimitedandunlimitedGeneralpartnersLimitedpartners第9页2.1.3corporation2.1.3corporationSeparationofownershipandcontrol全部权与经营权分离TypesPubliccorporationPrivatecorporationCloselyheldcorporation第10页2.2corporatestructureofthecompany2.2corporatestructureofthecompany董事会董事会董事董事长&CEO总经理理&COO副副总经理理&CFO司司库/财务主管主管现金管理金管理信信贷经理理主主计长资本支出本支出财务计划划税税务经理理成本会成本会计财务会会计数据数据处理理股股东第11页2.2.12.2.42.2.12.2.4董事长&总经理二职合一Boardofdirectors董事会Independentdirector独立董事CEOCFOController：keeprecording（财会）Treasurer：financialmanagement（财管）第12页PsPs：Doyouwanttospendtherestofyourlifesellingsugaredwaterordoyouwantachancetochangetheworld?第13页2.3objectiveoffinancial2.3objectiveoffinancialmanagementmanagement企业-企业-财管目标？Maximize：revenues,profit,EPSMinimize：costs；Defects：donttakefollowingaspectsintoconsiderationTimevalueRiskTherelationshipbetweenprofitandcapitalinvestmentforesight第14页psps：利润表与资产负债表勾稽关系：利润表与资产负债表勾稽关系：利润表与资产负债表勾稽关系：利润表与资产负债表勾稽关系第15页2.3.1&2.3.22.3.1&2.3.2利益相关者理论利益相关者理论利益相关者理论利益相关者理论&（企业）价值（企业）价值（企业）价值（企业）价值最大化最大化最大化最大化Maximumofshareholders/firmwealth后者除了commonshareholder，还包含debtsholders，preferredstockholders股东财富由所拥有股票数量和股票价格两方面来决定maximizeshareprice明确，易观察，综合考虑了时间价值、风险，防止短视行为，反应了资本与酬劳间关系第16页2.3.1&2.3.22.3.1&2.3.2利益相关者理论利益相关者理论利益相关者理论利益相关者理论&（企业）价值（企业）价值（企业）价值（企业）价值最大化（续）最大化（续）最大化（续）最大化（续）3assumptionsManagersoperateinthebestinterestsofshareholdersManagersdonottakeactionstodeceivefinancialmarketsManagersactinsociallyresponsiblemanneranddonotcreateunreasonablecost第17页包括包括1.73亿违规抵押担保亿违规抵押担保背信损害上市企业利益背信损害上市企业利益违规披露或不披露主要信息违规披露或不披露主要信息PsPs：雷士照明大内斗：雷士照明大内斗：雷士照明大内斗：雷士照明大内斗大股东大股东德豪润达德豪润达称这是一起针对他个人称这是一起针对他个人“有预谋、有有预谋、有策划策划”陷阱陷阱德豪润达董事长王东雷涉嫌侵吞德豪德豪润达董事长王东雷涉嫌侵吞德豪润达应向其支付润达应向其支付1亿多港币亿多港币前前CEO吴长江吴长江10日雷士照明公布公告指责前日雷士照明公布公告指责前CEO吴长江吴长江“三宗罪三宗罪”吴长江吴长江11日接收日接收经济参考报经济参考报采访时给予否定采访时给予否定第18页Advantages&DownsidesFree-ridingproblemAgencyproblemInformationasymmetryCostofinformationgatheringDiversityrisksSpecializedknowledgesuperiorabilityLearningcurveeffect2.4separationofownershipand2.4separationofownershipandcontrolcontrol（全部权与经营权分离）（全部权与经营权分离）（全部权与经营权分离）（全部权与经营权分离）第19页PsPs：搭便车：搭便车：搭便车：搭便车 freeridingfreeriding不付成本坐享他人之利。分为正外部性和负外部性。常存在于公共物品消费领域，往往造成市场失灵。第20页J：中国是当前伊拉克最大能源投资者，你是否想对中国说，中国应该成为一个“利益相关者”，而不是“搭便车”时候了。O：我确实是这么说。他们确实在搭便车，而且已经打了30年了，一直没什么问题。我有时候会调侃，当我收件箱堆满了邮件，我说，我们就不能学学中国吗？出事时没人指望他们做任何事情。也正因为这个原因，人们总是看着美国，而不是中国。从很多方面来说这对美国是一个劣势，但也是一个优势，是我们不一样原因。我很高兴自己是美利坚合众国总统。PsPs：搭便车：搭便车：搭便车：搭便车 freeridingfreeriding（续）（续）（续）（续）第21页2.5agencyrelationship2.5agencyrelationshipPrincipal-agent委托代理关系Agencyproblem代理问题Agencycost代理成本solutions第22页2.5.1whatisagencyproblem2.5.1whatisagencyproblemDivergenceininterestbetweenshareholdersandmanagersEngageinnetpresentvalueinvestmentSquander（waste）corporatefundCreativeaccounting逆向选择逆向选择&道德风险道德风险第23页激励监督成本管理者非货币性消费代理人和委托人目标不一致造成实际收益少于潜在收益损失2.5.2whatareagencycosts2.5.2whatareagencycosts第24页2.5.3practicalsolutionstotheagency2.5.3practicalsolutionstotheagencyproblemproblemEquity-basedmanagerialcompensationscheme股票期权Independentshareholder独董Dismissal解聘Hostiletakeover接管第25页CoreWordandExpressionsCoreWordandExpressionsSeparationofownershipandcontrolStakeholdertheoryValue（wealth）maximizationAgencyproblemFree-ridingproblem第26页ThinkingandExplorationThinkingandExplorationSettingfinancialgoals,policiesandproceduresDevelopfinancialstrategyandplanProperauthorizationCoordinaterelationshipbetweenbank,taxation,audit,governmentdepartmentSupervise,audit第27页ThinkingandExplorationThinkingandExplorationTeamcooperationspirit,occupationmorality,rigorousstyleofwork,responsibility;Managementability,communicationskills;Financialmanagementconsciousness,strongfinancialforecastandanalysis;Familiarwithrelevantlaws;Experience第28页TranslationTranslation第29页ThankYou!ThankYou!第30页Part1StockMarketInvestment股市投资股市投资第31页Stockmarketinvestmentgivesyoutheuniqueopportunitytotakeadirectpartinthegrowthandsuccessofcompanies.Whenyoubuysharesinacompany,itmeansthatyouactuallyownaportionofthatcompany.Aspartowner,youbenefitbyreceivingpartoftheprofitsordividendsandsharinginthegrowthofthevalueofthecompany.第32页Thecompanybenefitsbyraisingfundsorcapitalwhenyoursharesandothersharesarefirstsold.Thesefundsareusedtooperateandexpandthebusiness.Ingeneral,shareinvestmentsproducebetterreturnsthanfixedinterestinvestments,particularlywhenmoneyisinvestedlongterm.第33页Althoughtherearerisesandfallsinthestockmarket,historyshowsthatoverthelongterm,thevalueofthestockmarketrises.IntheUS,whichhasalonghistoryofderegulatedstockmarket,theaveragerealreturnperannumafterinflationisapproximately10%.第34页Directinvestmentinthestockmarketalsogivesyoucontroloverwhereyouputyourmoney.Youdecidewhichcompaniesyouwanttoinvestinandwhenthetimeisrightforyoutoseeyourshares.Ifyouwanttobeincontrol,stockmarketinvestmentisagoodoption.第35页Anotherattractivefeatureofstockmarketinvestmentistheflexibilitytochangeyourinvestmentswhenyourpersonalcircumstanceschange.Forexample,ifyouneedmoneyforawell-earnedbreak,anextensiononourhouseoryourchildrenseducation,allyouneedtodoissellyourshares.第36页Stockmarketinvestmentallowsyoutofollowyourinvestment.Youllreceiveregularinformationfromcompaniesyouinvestinandcanattendmeetings.Thisenablesyoutogainauniqueinsightintotheresultsandstrategiesoftheorganizationandlearnalotintheprocess.Marketinvestmentalsoallowsyoutofollowaparticularinterestyouhave.Forexample,youmayhavelivedallyoulifeinaforestryareaandareinterestedinsupportingthisindustryandbenefitingfromitssuccess,byinvestinginlistedforestrystocks.第37页Part2HowToPickAStock?怎怎样选择股票样选择股票?第38页Whentechnicalanalysisismentioned,peopleoftenthinkofanalystsplottingpricemovementsofstocks,drawinglinestofindtrends,supportorresistance.Technicalanalysisistheartofdeducingprobablefuturetrendfromhistoricalrecordsofstocktrading.Itisthestudyofthestockmarketitselfratherthantheexternalfactorsthatinfluencethemarket.Themostfamiliarindicatorsusedarethepriceandvolumeofastock.第39页Advocatesoftechnicalanalysisbelievethatinformationisnotimmediatelyreflectedinthemarketpricesofstocks.Forexample,whenapieceofgoodnewsaboutacompanyisavailable,itisnotimmediatelyknowntoeveryonebutisslowlypassedfromonepersontoanother.第40页Thisprocesstakestimeandanupwardpricetrenddevelopsforthatcompanyasmoreandmorepeoplehearthegoodnewsandwanttobuythestockandfewerandfewerpeoplearewillingtosellthestock.Thestockpricewhichhasstartedtomoveinanuptrendwillcontinuetodosountilsomethinghappenstochangethesupply-demandbalance.第41页Forthetechnicalanalyst,hedoesnotneedtoknowwhatthegoodnewsoranyotherinformationthatisaffectingthestockpriceis;thechartwilltellhimwhetherthestockpriceisgoingtomoveupordown.Hedoesnotneedtoknowthefundamentalsofthecompanybecauseifthepriceisgoingup,thefundamentalsmustbeimproving.第42页Ontheotherhand,fundamentalanalysisexaminesallrelevantfactorsaffectingthestockpriceinordertodetermineanintrinsicvalueforthatstock.Ifthemarketpriceisbelowtheintrinsicvalue,thenthestockisundervaluedandshouldbebought.Thefactorstoconsiderincludebalancesheetitems,corporatemanagement,businessprospectsandearningsoutlook.第43页Thefundamentalanalystcalculatesfinancialratiosbasedondataavailablefromthebalancesheetandincomestatementofacompany.Fromtheseratios,hededucesthefinancialstrengthandearningstrendofthecompany.Thenhewillmeetthecompanysmanagementtoaffirmhisdeductions,tounderstandthebusinessandtolearnofanynewdevelopmentofthecompanyandtheindustry.第44页Awidelyusedtoolinfundamentalanalysisistheprice-earningsratioorPEratio.Itiscalculatedusingthestockpricedividedbytheearningspershare(EPS)ofacompany.Asageneralrule,astockwithalowPEratioisconsideredcheapalthoughtherearedifficultiesinapplyingthisprinciple.PEratiosoftwocompaniescanonlybecomparedifthecompaniesaresimilar.第45页ItisbelievedthatcompaniesindifferentindustriesdeservedifferentPEratios.Forexample,SingaporeTelecomisbelievedtodeserveahigherPEratiothanmanyotherstocksbecauseofitspositioninthetelecommunicationbusiness.第46页However,analystshavenotyetagreedonwhatPEratioeachindustryorcompanydeservesandthereisnoonewaytodeterminetherightPEratio.Bothapproachesattempttopredictthefuturepricemovementofastock.Fundamentalistsstudythecauseofmarketmovementwhiletechniciansbelievethattheeffectisallthattheyneedtoknow.第47页Despitetheirdifferences,bothapproachestrytoincreaseyourprobabilityofpickinguptherightstockatarightprice.However,thesemethodsonlyincreaseyourchancesbutdonotguaranteecompletesuccess.Somebelievethatfundamentalanalysisisgoodforpickingtherightstockwhiletechnicalanalysisisappropriatetodecidetherightpriceortimetobuy.第48页Fortheprofessionalinvestor,hehastotakeanotherstepofdecidingthesequenceofanalysis.Thiswillhaveanimpactonhowtheinvestordivideshismoneyamongdifferentcountriesandstocks.Basically,theinvestordecideswhetherthemarketasawholeorthecompanyitselfismoreimportantindeterminingstockprices.Bothfactorsdefinitelyinfluencestockpricesbutthedegreeofinfluenceistheissue.第49页Thetop-downapproachorsometimesknownastheEconomy-Industry-Company(EIC)modelemphasizesthemarketoverthecompany.Itstartswiththeanalysisofdifferenteconomiestodeterminewhichcountrycouldoffertheinvestorbetterreturns.第50页Intheselectedeconomy,itsearchesforindustriesthatprovidebetterprospectsanditpicksthebestcompanieswithintheseindustries.Thetop-downapproachoffersasystematicandstructuredwaytoanalyzestocks.Itadvocatesthattheeconomyandindustryeffectsaresignificantfactorsindeterminingthetotalreturnforstocks.第51页Thebottom-uporstockpickingapproachbelievesinfindingstocksthatareundervaluedwhichcanprovidesuperiorreturnsirrespectiveofthemarketandindustryfactors.Thecompanyeffectisthedominantfactorindeterminingstockreturn.第52页Thereisnooverwhelmingevidencetosuggestwhichapproachofferssuperiorreturnstotheinvestors.Themostimportantthingisthataninvestoriscomfortablewithaparticularmethod,understandsitsstrengthsandlimitations,experimentswithit,findsthatitworksforhimandabidesbythemethod.第53页Part3SomethingaboutStock关于股票关于股票第54页DialogueScript1Julia:Wouldyoutellmesomethingaboutstock?Mike:Sure,whatdoyouwantmetostartwith?Julia:Uhh,youcanstartwiththeexplanationofsometermslikeabullandabear.Mike:OK.Abullisasituationinwhichsharepricesarerising.第55页Julia:Whataboutabear,then?Mike:Abearisasituationinwhichsharepriceskeepfalling.Julia:Oh,Isee.Butwhythepricesgetrisingorfalling?Mike:Iftherearemorebuyers,thepricewillrise.Otherwise,thepricewillbelowerandlower.第56页Julia:Howcanwemakemoneyinthestockmarket?Mike:Ifyoubelievethemarketwillgoup,youcanbuyinorhangon.Ifitturnsouttobetrue,youcanmakeyourprofit.Julia:Iheardthatsomepeoplecanearnmoneyoutofabearmarket.Howdotheywininsuchasituation?第57页Mike:Ifyoubelievethemarketwillfalldown,youcanselloutyoursharesandthenbuybackatalowerprice.Thepricedifferenceisyourprofit.Julia:Itsoundseasytomakemoneyfromstockinvestment.Mike:Notatall.Whenyoureallyinvestinstockmarket,youllgetinvolvedintothewholeworld.第58页Julia:Whatdoyoumeanbythat?Mike:Todecidewhichshareyoullbuyinisquitehardsometimes.Youhavetoconsiderthemarkettendency;thegrowthofthecompanyandyoudbetterknowsomethingabouttechnicalanalysis.Julia:Soboringitis.Idbetterinvestinsomefixedinterestfields.第59页Mike:Certainlyyoucan.Youwontsufferfromtherisks.Butyourwalletwillsuffer.Julia:WhatshouldIdo?Mike:Ifyoureallywanttoinvestinstock,perhapsyoushouldfindabroker.第60页DialogueScript2Julia:Hello,canIspeaktoMr.Smith?Smith:Yes,speaking.Julia:ThisisJuliaspeaking.Idliketobuyastock.Smith:Whatstockdoyouwanttobuyandhowmany?Julia:Iwanttobuy1000sharesofDubon.第61页Smith:Letmegettheaskingpriceofthestock.Justamoment.Oh,nowtheaskingpriceis$80eachshare.Bytheway,whatistheofferingprice?Julia:Letmesee.Theofferingpriceisnearorat$78.第62页Smith:Thenthedifferencebetweentheaskingpriceandtheofferingpriceis$2.Itshardtotakeplacetoday.Julia:DoyoumeanthatIhavetobuyatcurrentprice?Smith:Youcandecidebyyourself.Julia:Iheardthatthisstockwouldgoup.Hmm,Iwilltakeitatcurrentprice.Smith:So,nowIwillbuyin.Areyousure?Julia:Yes,please.第63页
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