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1、Module41MODFinanUciLE?alM34?anaTAgemeXnEtS:TRANSACTIONSINPROPERTYBusinessEnvironmentandConcepts主講老師:Amy1Copyright高才國際教育集團M41FinancialManagementA.?Financial?Management?B.?Working?Capital?Management?C.?Capital?Structure?D.?Mergers2?A.Financial?Management3AFinancialManagement1.?Five?func
2、tionsa)Financingfunction?Raise?capitalto?supportfirm’soperations?andinvestmentprogramsb)Capital?budgetingfunction?Selectthebestprojectstoinvestfirmresources,basedonriskand?return?c)Financialmanagementfunction?Manage?firm’sinternalcash?flowsand?itscapital?structure?to?minimize?WACCand?
3、ensure?thefirm?canpayitsobligationswhen?due?d)Corporate?governance?function?Develop?ownershipand?corporate?governance?systemin?thebestof?stockholdee)Riskmanagementfunction?Manage?thefirm’sexposure?to?all?typesof?risk4?AFinancialManagement2.?Ultimate?Goalsa)Stockprice??Highriskinvestme
4、ntsmayincrease?NI?butmakefirmmore?risky?Measurementofprofitmaydeferprojectsbenefitsin?thelongrun?Ethical?and?socialresponsibilitiesb)Agency?theory?Relyonmarketforces?Establish?independentinternalauditdepartment?Executive?compensationplanc)Riskand?return?tradeoff?Economicenvironments,p
5、roduction,?investment,financing,and?marketing?d)Taxconsideration??Final?returnsisaftertaxprofits?Interestistaxdeductible?whiledividendisnot?Alternative?taxaccountingmethodsmayreducetaxable?income5?B.?Working?Capital?Management6BWorkingCapitalManagement1.?Managing?the?Firm’s?Cash?Conve
6、rsion?Cyclea)Cash?conversioncycle??inventoryconversion?period?receivables?collection?period?(days?sales?outstanding)?payables?deferral?period?Receives?materials?Pays?Finishes?goods?Collects?from?suppliers?suppliers?and?sells?themreceivables?Cashconversioncycle7?BWorkingCapitalManageme
7、nt1.?Managing?the?Firm’s?Cash?Conversion?Cyclea)Cash?conversioncycle??inventoryconversion?period①Average?time?toconvert?materials?into?finished?goods?and?sell?those?goodsExample:Assume?thataverage?inventoryis$10,000,000?and?annual?salesare$40,000,000?Answer:Average?inventory?$10,000,0
8、00Inv
