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1、19878_01_c01_pxxxii-030.qxd2/22/069:35AMPage2CHAPTER1AnOverviewofFinancialManagementThisbookisdesignedtoexplainwhat“financialmanagement”isallabout,andtoshowhowitcanbeusedtohelpincreasethevalueofafirm.Itisintendedforuseinasecond-levelfinancecourse,followingtheintroductorycourse.Onlythebasiccours
2、eisprerequisite,soifstudentshavetakenotherfinancecourses,especiallyoninvestmentsorcapitalmarkets,theywillfindsomeofthematerialareview.Thebookisoftenusedina“capstone”coursetakenduringthelasttermbeforegraduation.Thisisanexhilaratingtimeforstudents,withgraduationloomingandajobsearchunderway.Itisal
3、soagoodtimetostepbackfromthetechnicalskillsdevel-opedintheclassroomandtolookatthebigpictureofwhyfinancialmanagementissoimportant.Spendingthetimenowtodevelopagoodoverviewoffinancialmanagementcanbetremendouslyvaluabletoyourcareer.Whyisfinancialmanage-mentsovaluable?Inanutshell,becauseitexplainsbo
4、thhowmanagerscanincreasetheirfirms’valueandwhyitisessentialforthemtodoso.Today’sbusinessenvironmentismorecomplicatedthanever.Investorsareforcingmanagerstofocusonvaluemaximization,buttherecentscandalsatEnron,WorldCom,Tyco,andahostofothercompanieshaveshownthatethicalbehaviorandmanagerialTODISCCOL
5、LECTIONaccountabilityarecrucialprerequisites.Masteringthetechnicaldetailsoffinancialmanagementandunderstandingitsrolewithinthefirmisimportanttograduatingstudentsbecausecompanieswanttohirepeoplewhocanmakedecisionswiththebroadcor-porategoalofvaluemaximizationinmind.Therefore,studentswhounderstand
6、theprinciplesofvaluemaximizationhaveamajor2IMAGE:?GETTYIMAGES,INC.,PHO19878_01_c01_pxxxii-030.qxd2/22/069:35AMPage3advantageinthejobmarketoverstudentswhodonot.Demonstratingthatyouunderstandallthiscanmakeabigdifferenceinboththequalityofyourinitialjobandyoursubsequentcareerpath.ABOUTUSINGTHETEXTI
7、nyourintroductoryfinancecourseyoulearnedanumberoftermsandcon-cepts,andyounowhaveanideaofwhatfinancialmanagementisallabout.However,youprobablyfocusedonindividualchapters,orsectionsofchapters,andyouprobablypreparedforexamsthatconsis
