财务管理英文版第一章思维导图
罗斯公司理财精要版（原书第12版）
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思维导图大纲
Introduction to Corporate Finance思维导图模板大纲
Corporate Finance
Financial Manager
Vice president finance(CFO)
Controller
cost and financial accounting
tax payment
management of information systems
Treasurer
cash and credit management
financial planning
capital expenditures
Financial Management Decisions
Capital budgeting
与企业的长期投资支出有关
Capital structure
关于企业的股权、债权结构和比例
Working capital management
关于企业日常经营的收支
Forms of Business Organization
sole proprietorship(独资企业)
优点
easiest to start
least regulated
single owner keeps all the profits
taxed once as personal income
缺点
limited to life of owner
equity capital limited to owner's personal wealth
unlimited liabiliaty
diffficult to sell ownership interest
partnership（合伙企业）
优点
two or more owners
more capital available
relatively easy to start
income taxed once as personal income
缺点
unlimited liability
general partnership
limited partnership(limited liability)
partnership dissolves once one partner dies or wishes to sell
difficult to transfer ownership
corporation(公司)
优点
limited liability
unlimited life
separation of ownership and management
transfer of ownership is easyeasier to raise capital
缺点
double taxation(income taxed at the corporate rate and the dividends taxed at the personal rate)
Goal of management
Maximise the current value of the company's stock(企业价值最大化)
The agency problem
agency relationship
stockholders(principals,委托方)
managers(agents,受托方)
agency problem
conflict of interest between principal and agent
reason
direct reason:conflict of interest
ultimate reason:the separation of ownership and management
solutions
positive:managerial compensation,流入 stock options
negative:a takeover
other stakeholders
Firm cash flows
流入企业
Firm issues securities（来自financial markets）
cash flow from firm's assets中reinvested进企业的部分(retained earnings)
流出企业
cash flow from firm's assets中用于支付利息和股利的部分(流向finnacial market)
cash flow from firm's assets中流向政府和其他利益相关者的部分
Financial markets
Primary market
Secondary markets
Dealer markets
Auction markets
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