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VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition,Instructor’sManualContentsChaptersPages1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.TheRoleofFinancialManagementTheBusiness,Tax,andFinancialEnvironmentsTheTimeValueofMoney*TheValuationofLong-termSecurities*RiskandReturn*FinancialStatementAnalysis*FundsAnalysis,Cash-flowAnalysis,andFinancialPlanning*OverviewofWorking-capitalManagementCashandMarketableSecuritiesManagementAccountsReceivableandInventoryManagementShort-termFinancingCapitalBudgetingandEstimatingCashFlowsCapitalBudgetingTechniquesRiskandManagerial(Real)OptionsinCapitalBudgeting(somesectionsmaybeomittedinanabbreviatedcourse)RequiredReturnsandtheCostofCapitalOperatingandFinancialLeverage(maybeomittedinanabbreviatedcourse)CapitalStructureDeterminationDividendPolicyTheCapitalMarketLong-termDebt,PreferredStock,andCommonStockTermLoansandLeases(maybeomittedinanabbreviatedcourse)Convertibles,Exchangeables,andWarrantsMergersandOtherFormsofCorporateRestructuringInternationalFinancialManagement9121932414961828893105112120134144157174184195201213225234251*Note:SomeinstructorsprefertocoverChapters6and7beforegoingintoChapters3-5.Thesechaptershavebeenwrittensothatthiscanbedonewithoutanyproblem.本课程涉及的章节3©PearsonEducationLimited2008Chapter1Chapter3Chapter4Chapter5Chapter6Chapter15Chapter16Chapter17THEROLEOFFINANCIALMANAGEMENTTHETIMEVALUEOFMONEY*THEVALUATIONOFLONG-TERMSECURITIES*RISKANDRETURN*FINANCIALSTATEMENTANALYSIS*REQUIREDRETURNSANDTHECOSTOFCAPITALOPERATINGANDFINANCIALLEVERAGECAPITALSTRUCTUREDETERMINATIONTheRoleofFinancialManagementIncreasingshareholdervalueovertimeisthebottomlineofeverymovewemake.ROBERTGOIZUETAFormerCEO,TheCoca-ColaCompany9©PearsonEducationLimited2008Chapter1:TheRoleofFinancialManagementANSWERSTOQUESTIONS1.Withanobjectiveofmaximizingshareholderwealth,capitalwilltendtobeallocatedtothemostproductiveinvestmentopportunitiesonarisk-adjustedreturnbasis.Otherdecisionswillalsobemadetomaximizeefficiency.Ifallfirmsdothis,productivitywillbeheightenedandtheeconomywillrealizehigherrealgrowth.Therewillbeagreaterlevelofoveralleconomicwantsatisfaction.Presumablypeopleoverallwillbenefit,butthisdependsinpartontheredistributionofincomeandwealthviataxationandsocialprograms.Inotherwords,theeconomicpiewillgrowlargerandeverybodyshouldbebetteroffifthereisnoreslicing.Withreslicing,itispossiblesomepeoplewillbeworseoff,butthatistheresultofagovernmentalchangeinredistribution.Itisnotduetotheobjectivefunctionofcorporations.2.Maximizingearningsisanonfunctionalobjectiveforthefollowingreasons:a.Earningsisatimevector.Unlessonetimevectorofearningsclearlydominatesallothertimevectors,itisimpossibletoselectthevectorthatwillmaximizeearnings.b.Eachtimevectorofearningpossessesariskcharacteristic.Maximizingexpectedearningsignorestheriskparameter.c.Earningscanbeincreasedbysellingstockandbuyingtreasurybills.Earningswillcontinuetoincreasesincestockdoesnotrequireout-of-pocketcosts.d.Theimpactofdividendpoliciesisignored.Ifallearningsareretained,futureearningsareincreased.However,stockpricesmaydecreaseasaresultofadversereactiontotheabsenceofdividends.Maximizingwealthtakesintoaccountearnings,thetimingandriskoftheseearnings,andthedividendpolicyofthefirm.3.Financialmanagementisconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.Thus,thefunctionoffinancialmanagementcanbebrokendownintothreemajordecisionareas:theinvestment,financing,andassetmanagementdecisions.4.Yes,zeroaccountingprofitwhilethefirmestablishesmarketpositionisconsistentwiththemaximizationofwealthobjective.Otherinvestmentswhereshort-runprofitsaresacrificedforthelong-runalsoarepossible.5.Thegoalofthefirmgivesthefinancialmanageranobjectivefunctiontomaximize.He/shecanjudgethevalue(efficiency)ofanyfinancialdecisionbyitsimpactonthatgoal.Withoutsuchagoal,themanagerwouldbeatseainthathe/shewouldhavenoobjectivecriteriontoguidehis/heractions.6.Thefinancialmanagerisinvolvedintheacquisition,financing,andmanagementofassets.Thesethreefunctionalareasareallinterrelated(e.g.,adecisiontoacquireanassetnecessitatesthefinancingandmanagementofthatasset,whereasfinancingandmanagementcostsaffectthedecisiontoinvest).7.Ifmanagershavesizablestockpositionsinthecompany,theywillhaveagreaterunderstandingforthevaluationofthecompany.Moreover,theymayhaveagreaterincentivetomaximizeshareholderwealththantheywouldintheabsenceofstockholdings.However,totheextentpersonshavenotonlyhumancapitalbutalsomostoftheirfinancial10©PearsonEducationLimited2008VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition,Instructor’sManualcapitaltiedupinthecompany,theymaybemoreriskaversethanisdesirable.Ifthecompanydeterioratesbecauseariskydecisionprovesbad,theystandtolosenotonlytheirjobsbuthaveadropinthevalueoftheirassets.Excessiveriskaversioncanworktothedetrimentofmaximizingshareholderwealthascanexcessiveriskseeking,ifthemanagerisparticularlyriskprone.8.Regulationsimposedbythegovernmentconstituteconstraintsagainstwhichshareholderwealthcanstillbemaximized.Itisimpor