have a better understanding of the types of business organization、corporate structure of the company、objectives of financial management、separation of ownership and control、agency relationships.
proprietorship（所有权） A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 单一业主指一人拥有公司，它是企业家经营的典型模式。
4.partnership 合伙制企业
Maximize the stakeholders’ wealth (相关利益者财富最大化)
Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化)
Mini CMasinei case
In 1990, two of General Motor’s largest institutional shareholders, unhappy with the company’s declining market share and profits during the 1980s, sought to talk to GM’s leaders about a successor to the retiring CEO. GM’s senior managers rebuffed the shareholders. They could do that because the two large stockholders each owned less than 1% of the company’s stock.
这是美国主流的公司治理模式，股权的分散化使得决 策权从股东转向了职业经理。这种公司治理机制是利弊互 现的，即公司管理的职业经理化与代理成本的存在。那么 在以后设计出的种种公司治理机制就是为了减少公司代理 成本。
Words Study
1.business 企业，商业 business circle 企业界 2.financial risk 财务(金融)风险 There is no financial risk in selling to East European countries on credit. 向东欧国家赊销没有财务风险。 3.sole proprietorship 私人业主制企业
partner 合伙人
limited partnership 有限合伙制企业 general partner
一般合伙人
A partnership may have unlimited liability as well as limited
liability.
合营可以是无限责任也可以是有限责任。
5.separation of ownership and control 所有权与经营权分离
The reason of the agency relationshnership and control. 代理关系产生的原因就是所有权与经营权的分离。
Unit 2: Introduction to Financial Management(2)
Teaching objectives:
After learning this section, the students are reqiured to:
grasp some important words and expressions;
Wisdom
How do we want the firms in our economy to measure their own performance? How do we want them to determine what is better versus worse? Most economists would answer simply that managers have a criterion for evaluating performance and deciding between alternative courses of action, and that the criterion should be maximization of the long-term market value of the firm .This Value Maximization proposition has its roots in 200 years of research in economics and finance.
Read the mini case and think:
Why can the GM’s senior managers rebuff the shareholders?
1990年，通用汽车公司的两个最大的机构投资者股东， 因为对公司在20世纪80年代的市场份额减少、利润下降 及公司业绩欠佳不满，试图借总裁退休，在继任者的选择 问题上发表自己的意见，但他们的要求遭到公司管理层的 断然拒绝。公司管理层的反对之所以有效，是因为这两个 最大股东所持有公司股票的份额都不超过1%。这就是公 司所有权分散、公司经理主导的美国公司治理模式的特点。
——Michael C Jensen
What’s the objection of financial
management?
The objection of financial management
Maximize the profit (revenue) of the firm (利润最大化)