Professional Documents
Culture Documents
Fixed Assets
1 Tangible
Shareholders’
2 Intangible Equity
The Capital Budgeting Decision
Current
Liabilities
Current
Assets Long-Term
Debt
Fixed Assets
What long-term
1 Tangible investments
Shareholders’
should the firm
2 Intangible Equity
choose?
The Capital Structure Decision
Current
Liabilities
Current
Assets Long-Term
How should the Debt
firm raise funds
for the selected
Fixed Assets
investments?
1 Tangible Shareholders’
2 Intangible Equity
Short-Term Asset Management
Current
Liabilities
Current
Net
Assets Working Long-Term
Capital Debt
How should
Fixed Assets
short-term assets
1 Tangible be managed and
financed? Shareholders’
2 Intangible Equity
Capital Structure
The value of the firm can be
thought of as a pie.
The goal of the manager is 70%50%30%
25%
to increase the size of the DebtDebt
Equity
pie.
75%
50%
The Capital Structure Equity
decision can be viewed as
how best to slice the pie.
Treasurer Controller
總經理 (首席執行長,CEO)
財務長 主計長
Taxes (D)
Voting Rights Usually each share gets one General Partner is in charge;
vote limited partners may have
some voting rights
重要決策項目包括
♣ 投資決策
♣ 融資決策
♣ 股利決策
QUIZ
為何「利潤極大化」不適合作為公司
經營目標?
QUIZ
為何「利潤極大化」不適合作為公司
經營目標?
Ans:
目標不明確:到底是稅前盈餘,營業淨利,抑或是每
股盈餘?針對不同的定義,企業努力的方向就可能
不一樣
時點不明確:到底是當年度利潤,抑或是未來一段時
間的平均利潤?若以極大化當年度利潤為目標,是
否有可能是以削弱未來利潤來達成?
QUIZ
為何「市佔率極大化」不適合作為公
司經營目標?
QUIZ
為何「市佔率極大化」不適合作為公
司經營目標?
Ans:
要擴大市佔率,公司可用降低產品銷售價格的
方式來達成,但是削價競爭未必能提昇公司的獲利
,反而可能造成虧損,傷及股東權益。此外,削價
競爭也會招致同業的反擊,影響公司長遠的發展
公司經營的目標、重要決策及決策考量重點
股票價格極大化 目標
報 融 融到 何 支
酬 資 資期 種 付
率 工 工期 形 多 考量重點
具 具限 式 少
組
合
最有影響力的五大財務理論
Stocks and
Investors
Bonds
Firms securities
Money Bob Sue
money
Primary Market
Secondary
Market
Quick Quiz
What
are the three basic questions Financial
Managers must answer?