Functions of the financial manager Dar ly Occasional Profitability Credit management Stock issue Goal: Inventory control Bond issue Maximize Receipt and disburse Capital budgeting Trade-off shareholder ment of funds Dividend decision wealth Risk
Functions of the financial manager
The risk-Return Trade-off ↑ Profitability→↑Risk l Profitability→Risk ex, investing in stocks VS savings accounts + Stocks are more profitable but riskier Savings accounts are less profitable and less riskyor safer) Financial manager must choose appropriate combinations
The Risk-Return Trade-off Profitability → Risk Profitability → Risk ex., investing in stocks vs.savings accounts Stocks are more profitable but riskier Savings accounts are less profitable and less risky(or safer) Financial manager must choose appropriate combinations
财务活动 )概念:财务活动指企业筹集、投放、使用、收回及分配等一系列行为 二)内容: 1.筹资活动( capita1 struture Financial Capital (or Accounting Capital)=money Real Capital (or Economic Capital)=plant and equipment Stock ownership or equity Stockholders own the company Bond debt or jou Bondholders are owed s by company 2投资活动( capital budgeting) Capital Budgeting is concerned with long-term(L/m) financing decisions >1 year ex, purchasing a new machine in the future
财务活动 (一）概念：财务活动指企业筹集、投放、使用、收回及分配等一系列行为 （二）内容 ： 1.筹资活动(capital struture) Financial Capital (or Accounting Capital) = money Real Capital (or Economic Capital) = plant and equipment Stock = ownership or equity Stockholders own the company Bond = debt or IOU Bondholders are owed $ by company 2.投资活动(capital budgeting) Capital Budgeting is concerned with long-term (L/T) financing decisions >1 year ex., purchasing a new machine in the future
3.营运资金活动( working capital management) Working Capital is concerned with short-term(/m)financing decisions <1 year ex, managing cash and other current assets 4.分配活动
3.营运资金活动(working capital management) Working Capital is concerned with short-term (S/T) financing decisions <1 year ex., managing cash and other current assets 4.分配活动
则务民系 )概念:企业在组织财务活动过程中与有关各 方发生的经济利益关系 (二)财务关系的内容与实质 内容 实质 企业与政府(税务机关)强制性与无偿性的分配关系 企业与投资者 经营权与所有权的关系 企业与受资者 投资与受资的关系 企业与债权人 债务与债权的关系 企业与债务人 债权与债务的关系 企业内部各单位之间内部各单位之间的利益关系 企业与职工之间 劳动成果的分配关系
财务关系 （一）概念：企业在组织财务活动过程中与有关各 方发生的经济利益关系 （二）财务关系的内容与实质 内容 实质 企业与政府(税务机关） 强制性与无偿性的分配关系 企业与投资者 经营权与所有权的关系 企业与受资者 投资与受资的关系 企业与债权人 债务与债权的关系 企业与债务人 债权与债务的关系 企业内部各单位之间 内部各单位之间的利益关系 企业与职工之间 劳动成果的分配关系