Chapter1.1公司理财与财务经理一、什么是公司理财1、你采取什么长期投资？What long-term investments should the firm take on?2、从哪里筹资？Where will we get the long-term financing to pay for the investment?3、如何管理日常财务活动？How will we manage the everyday financial activities of the firm?二、财务管理人员的工作1、财务副总裁或首席财务官(CFO) Chief Financial Officer财务管理的最高官员The top financial manager within a firm2、财务副总裁协调财务长或司库(treasurer)负责管理企业的现金和信贷、财务计划和资本性支出。
Oversees cash management, credit management, capital expenditures, and financial planning3、主计长或总会计师(controller)处理成本和财务会计、税务支出和管理信息系统。
Oversees taxes, cost accounting, financial accounting and data processing三、财务经理应关注的问题1、资本预算capital budgeting第一个问题着眼于企业的长期投资企业的长期投资的计划和管理过程，称为资本预算。
财务经理需要通过评价未来现金流量的规模、时机和风险来识别那些能给企业带来的财富超过其取得成本的投资机会。
2、资本结构capital structure第二个问题着眼于企业对支持其长期投资需要的长期筹资的获取和管理方式。
企业用来为其经营融资的长期债务和权益的特定组合，称为资本结构。
财务经理需要决定企业的债务与权益的组合并选择债主和借款类型。
3、营运资本管理working capital第三个问题着眼于营运资本企业的短期资产和短期负债称为营运资本。
财务经理需要确保企业有充足的资源维系其经营，避免高成本的中断。
课后问题1、什么是资本预算决策？指财务经理通过评价未来现金流量的规模、时机和风险来判断一项投资机会给企业带来的财富能否超过其取得成本。
2、现金管理属于财务管理的哪一门类？属于营运资本管理Chapter1.2企业组织形态 forms of business organization一、组织形态forms of business organization1、单一业主制 sole proprietorship①定义指一个人所拥有的企业，也称为独资制。
A business owned by one person.②优点Ⅰ单个所有者保留全部利润Single owner keeps all the profits.Ⅱ容易开办Easiest to startⅢ企业全部利润视同个人所得征税一次All business income is Taxed once as personal incomeⅣ收到的限制最小Least regulated②缺点Ⅰ所有者对企业的债务负有无限责任Owner has unlimited liability for business debts.Ⅱ很难转让所有权Difficult to sell ownership interest.Ⅲ企业寿命限于其所有者的生命终结The life of a sole proprietorship is limited to the owner’s life span.Ⅳ权益金额限于业主个人财富的金额Equity capital limited to owner’s personal wealth.2、合伙制 partnership①定义除了有两个或更多的所有者之外，与业主制类似。
A partnership is similar to a proprietorship except that there are two or more owners.②类型Ⅰ普通合伙制 general partnership所有的合伙人共享利得和损失，都对合伙制企业的全部债务负有无限责任，而不仅限于某一特定份额。
All the partners share in gains or losses, and all have unlimited liability for all partnership debts, not just some particular share.Ⅱ有限合伙制 limited partnership一个或多个普通合伙人经营企业并负有无限责任，而有一个或多个并不实际参与经营的有限责任合伙人。
有限合伙人对企业债务的责任以其对合伙企业的出资数额为限。
One or more general partners will run the business and have unlimited liability, but there will be one or more limited partners who will not actively participate in the business. A limited partner’s liability for business debts is limited to the amount that partner contributes to the partnership.③优点Ⅰ两个或多个所有者Two or more ownersⅡ企业可以筹集到的权益金额限于合伙人的财富之和The amount of equity that can be raised is limited to the partners’ combined wealth.Ⅲ相对容易开办Relatively easy to startⅣ企业全部利润视同个人所得征税一次All income is taxed once as personal income to the partners.④缺点Ⅰ所有者对企业的债务负有无限责任General partners have unlimited liability for partnership debts.Ⅱ企业能够持续到一个普通合伙人希望卖出或死亡时The partnership terminates when a general partner wishes to sell out or dies. Ⅲ难以转让所有权Difficult to transfer ownership.*单一业主制和合伙制的缺点1、所有者必须对企业的债务承担无限责任Unlimited liability for business debts on the part of the owners.2、企业的寿命收到限制Limited life of the business.3、难以转让所有权Difficulty of transferring ownership.核心问题：企业的成长能力可能会受到来自不能筹集资金用于投资的严重限制Central problem: the ability of such businesses to grow can be seriouslylimited by an inability to raise cash for investment.3、股份公司 corporation①定义公司是有别于其所有者的独立法人，有着同人一样的权利、职责和特权。
A corporation is a legal “person” separate and distinct from its owners, and It has many of the rights, duties, and privileges of an actual person.②优点Ⅰ所有权可以很容易的转让Transfer of ownership is easy.Ⅱ股份公司的寿命不会受到限制The life of the corporation is therefore not limited.Ⅲ股份公司以其自身的名义举借资金The corporation borrows money in its own name.Ⅳ股份公司的股东对公司的债务承担有限责任The stockholders in a corporation have limited liability for corporate debts. Ⅴ所有权与经营权相分离Separation of ownership and management③缺点股份公司作为法人必须纳税，此外作为股利支付给股东的钱必须作为股东的所得再次征税，即双重课税。
A corporation must pay taxes as a legal person. Moreover, money paid out to stockholders in the form of dividends is taxed again as income to those stockholders. This is double taxation.Chapter1.3 财务管理的目标 the goal of financial management一、财务管理的目标the goal of financial management1、在股份公司中为了使现有股票的每股当前价值最大化the goal of financial management is to maximize the current value per share of the existing stock.2、公司理财的定义对企业决策和股票价值之间的关系的研究The study of the relationship between business decisions and the value of the stock in the business.3、更一般的目标 a more general goal使现有所有者权益的市场价值最大化Maximize the market value of the existing owners’ equity.Chapter1.4 代理问题与公司控制一、代理关系 agency relationships股东和管理者之间的关系称为代理关系The relationship between stockholders and management is called an agency relationship.二、代理问题 agency problem委托人和代理人的利益冲突称为代理问题The conflict of interest between principal and the agency is called an agency problem.三、代理成本 agency cost1、定义指的是股东和管理层之间利益冲突的成本The costs of the conflict of interest between stockholders and management.2、分类①间接成本 indirect agency cost②直接成本 direct agency costⅠ有利于管理层但耗费股东成本的公司支出A corporate expenditure that benefits management but cost the stockholders. Ⅱ因监督管理层行动的需要而发生的费用An expense that arises from the need to monitor management actions.四、管理报酬 managerial compensation1、管理激励managerial compensation2、经理的激励与工作前景有关Incentive managers have relates to job prospects.五、利益相关者 stakeholders是除了股东和债权人之外，其他对企业的现金流量有潜在索偿权的人Stakeholder is someone other than a stockholder or creditor who potentially hasa claim on the cash flows of the firm.Chapter1.5金融市场与公司一、一级市场 primary markets指的是政府和公司最初销售证券的市场Primary market refers to the original sale of securities by governments and corporations.二、二级市场 secondary markets指证券在初次销售之后进行买卖的市场，二级市场交易涉及一个所有者或债权人将证券转售给其他人The secondary markets are those in which these securities are bought and sold after the original sale. Secondary market transaction involves one owner or creditor selling to another.*权益证券只能由公司发行，债务证券则可以由政府和公司发行Equity are issued solely bt corporations. Debt securities are issued by both governments and corporations.三、公司从事的一级市场交易1、公开发行 public offerings2、私下募集 private placements四、公司证券交易 trading in corporation securities1、拍卖市场 auction markets例如，纽约股票交易所NYSE、美国证券交易所AMEX、太平洋股票交易所2、交易商市场 dealer markets*场外市场-股票和长期债券的交易商市场Dealer markets in stocks and long-term debt are called over-the-counter markets. 例如，电子报价系统-全国证券交易商协会自动报价系统NASDAQ（纳斯达克）五、拍卖市场和交易所市场的区别1、拍卖市场或交易所有一个实际的场所An auction market or exchange has a physical location.2、在交易商市场商大量的买卖由交易商进行In a dealer market, most of the buying and selling is done by the dealer.六、上市 listed在有组织的交易所交易的股票称为在该交易所上市Stocks that trade on an organized exchange are said to be listed on that exchange.*纽交所是美国要求最严的交易所。