广东财经大学：会计学院《财务管理》课程教学大纲（F9）

《F9财务管理》课程教学大纲 一、课程基本信息 课程代码：16014703 课程名称：下9财务管理 英文名称：Financial Management 课程类别：专业课 学时：48 分：3 适用对象：国际会计(ACCA)创新实验区本科生 考核方式：考试 先修课程：F3财务会计、F7财务报告 二、课程简介 本课程主要让学生掌握企业财务管理的基本理论、基本概念和基本方法：熟悉营运资本项目 管理、投资管理、收入和利润管理的相关知识：掌握财务预算、财务控制和财务分析的能力： 熟悉金融市场：树立现代财务管理的基本观念，具有从事经济管理所必须的财务管理业务 知识和工作能力。 英文简介 This course is to let students master the basic theory of enterprise financial management, the basic concepts and basic methods,knowledge of working capital management,project investment management,revenue and profit management;grasp the financial budget, financial control and financial analysis skills Students should be familiar with financial market.establish the basic concept of modern financial management and has the knowledge and work ability in financial management of business. 三、课程性质与教学目的 本课程为专业必修课。通过本课程的学习，使学生明确财务管理的含义，目标 和特点，认识做好财务管理工作对于促进生产经营、提高经济效益的重要意义：理 解财务管理的基本内容，懂得各种财务活动的联系以及财务活动同其他经济活动的 联系；在系统掌握财务管理的基本理论和基本知识的基础上，熟练掌握财务管理的 各种业务方法，具有一定的财务分析和解决财务管理问题的能力，为经营决策服 务，并为学习其他课程打下良好的基础。 四、教学内容及要求 第一模块Financial management function (一)目的与要求

《F9 财务管理》课程教学大纲 一、课程基本信息 课程代码：16014703 课程名称：F9 财务管理 英文名称：Financial Management 课程类别：专业课 学 时：48 学 分：3 适用对象: 国际会计（ACCA）创新实验区本科生 考核方式：考试 先修课程：F3 财务会计、F7 财务报告 二、课程简介 本课程主要让学生掌握企业财务管理的基本理论、基本概念和基本方法；熟悉营运资本项目 管理、投资管理、收入和利润管理的相关知识；掌握财务预算、财务控制和财务分析的能力； 熟悉金融市场；树立现代财务管理的基本观念，具 有从事经济管理所必须的财务管理业务 知识和工作能力。 英文简介 This course is to let students master the basic theory of enterprise financial management, the basic concepts and basic methods; knowledge of working capital management, project investment management, revenue and profit management; grasp the financial budget, financial control and financial analysis skills; Students should be familiar with financial market, establish the basic concept of modern financial management and has the knowledge and work ability in financial management of business. 三、课程性质与教学目的 本课程为专业必修课。通过本课程的学习，使学生明确财务管理的含义，目 标 和特点，认识做好财务管理工作对于促进生产经营、提高经济效益的重要意义； 理 解财务管理的基本内容，懂得各种财务活动的联系以及财务活动同其他经济活 动的 联系；在系统掌握财务管理的基本理论和基本知识的基础上，熟练掌握财务 管理的 各种业务方法，具有一定的财务分析和解决财务管理问题的能力，为经营 决策服 务，并为学习其他课程打下良好的基础。 四、教学内容及要求 第一模块 Financial management function （一）目的与要求

1理解企业财务管理的目标和企业目标的关系： 2理解利益相关者对财务管理目标的影响： 3了解非盈利组织财务管理目标。 (二)教学内容 第一节1主要内容 (1)The nature and purpose of financial management Financial management can be defined as the management of the finances of an organization in order to achieve the financial objectives of the orgnisation Setting financial objectives √Deciding on: proposed investments funding sources -distribution of eamnings Controlling resources Managing risk Overall goals cascaded down through the organization Corporate objective一→corporate strategy Business objectives-business strategy Operations objectives -objectives strategy Corporate objectives are relevant for the organization as a whole.relating to key factors for business success 3)Financial objectives Shareholder wealth maximization deemed main/primary objective Profit maximization focus on short-term gain) Earnings per share grown(common objective but still based on profits) Maximizing and satisfying (distinction between achieving maximum returns and simply achieving enough to satisfy shareholders) A restriction on the company's level of gearing ordebt A target for profit retention A target for operating profitability (4)Maximization of shareholder wealth Investment decision New projects (positive NPV investments should increase the share price) Acquisitions Working capital >Financing decision (using appropriate levels of debt finance)

1.理解企业财务管理的目标和企业目标的关系； 2.理解利益相关者对财务管理目标的影响； 3.了解非盈利组织财务管理目标。 （二）教学内容 第一节 1.主要内容 (1) The nature and purpose of financial management Financial management can be defined as the management of the finances of an organization in order to achieve the financial objectives of the orgnisation. ✓ Setting financial objectives ✓ Deciding on : --------- proposed investments --------- funding sources --------- distribution of earnings ✓ Controlling resources ✓ Managing risk (2) Financial objectives and the relationship with corporate strategy Strategy ✓ Overall goals cascaded down through the organization Corporate objective →corporate strategy ↓ Business objectives →business strategy ↓ Operations objectives →objectives strategy ✓ Corporate objectives are relevant for the organization as a whole, relating to key factors for business success. (3) Financial objectives ✓ Shareholder wealth maximization ( deemed main/primary objective ) ✓ Profit maximization ( focus on short-term gain) ✓ Earnings per share grown( common objective but still based on profits) ✓ Maximizing and satisfying ( distinction between achieving maximum returns and simply achieving enough to satisfy shareholders) ✓ A restriction on the company’s level of gearing ordebt ✓ A target for profit retention ✓ A target for operating profitability (4) Maximization of shareholder wealth: ➢ Investment decision ✓ New projects (positive NPV investments should increase the share price) ✓ Acquisitions Working capital ➢ Financing decision (using appropriate levels of debt finance)

Raising capital to finance investment Minimize cost of capital >Dividend decision Pay out or reinvestment(determined by investment opportunities and willingness to use debt finance) (5)Non-financial objectives(difficult to measure) Welfare of employees(Good employee relations) Welfare of management Welfare of society,E.g.green policies Provision of certain level of service Responsibilities towards customers/suppliers √Growth Diversification Quality Leadership in research and development. (6)Stakeholders and impact on corporate objectives Stakeholder groups Internal Managers Employees Connected Shareholders Debt-holders Customers Bankers Supplies Competitors External Government Pressure groups Local and national communities rofessional and regulatory bodies Stakeholder objectives The community at large:legal and social responsibilities,pollution control, emplovee welfare Ordinary shareholders:wealth maximization,ROCE,EPS,gearing. growth asset utilization.market share Trade payables:being paid the full amount due by the date agreed. continuing the trading relationship Long-term payables:the ability to repay the finance including interest,long- term solvency:interest cover,gearing Employees:salary and benefits,continuity of employment,working conditions

✓ Raising capital to finance investment ✓ Minimize cost of capital ➢ Dividend decision ✓ Pay out or reinvestment (determined by investment opportunities and willingness to use debt finance) (5) Non-financial objectives (difficult to measure) ✓ Welfare of employees (Good employee relations) ✓ Welfare of management ✓ Welfare of society, E.g. green policies ✓ Provision of certain level of service ✓ Responsibilities towards customers/ suppliers ✓ Growth ✓ Diversification ✓ Quality ✓ Leadership in research and development. (6) Stakeholders and impact on corporate objectives Stakeholder groups Internal Managers Employees Connected Shareholders Debt-holders Customers Bankers Supplies Competitors External Government Pressure groups Local and national communities Professional and regulatory bodies Stakeholder objectives ✓ The community at large: legal and social responsibilities, pollution control, employee welfare ✓ Ordinary shareholders: wealth maximization, ROCE, EPS, gearing, growth ,asset utilization, market share ✓ Trade payables: being paid the full amount due by the date agreed, continuing the trading relationship ✓ Long-term payables: the ability to repay the finance including interest, long￾term solvency: interest cover ,gearing ✓ Employees: salary and benefits, continuity of employment, working conditions

Managers:balance the interests of shareholders and other stakeholders,long- term(defending against takeovers,sales maximization),short-term(profit margins leading to increased bonuses)remuneration packag Government:taxation,provision of grants,health and safety legislation, training initiatives,high levels of employment Customers:quality,lead times,price The influence of the various stakeholders results in many firms adopting non- financial objectives in addition to financial ones These might include objectives such as: vMaintaining a contented workforce Showing respect for the environment Providing a top quality service to customers 2.基本概念和知识点 Strategy is a course of action,including the specification of resources required,to achieve a specified objective Financial strategy is that area of a company' overall st rategy within the s scope of the financial managers.The identification of the possible strategies capable of maximizing an organization's net present value,the allocation of scarce capital resources among the competing opportunities and the implementation and monitoring of the chosen strategy so as to achieve stated objectives. 3.问题与应用（能力要求） How to understand the relationship between strategy and financial strategy? 第二节 1.主要内容 (1)Corporate objectives >Profitability:PBIT,ROCE,ROE Return on capital employed =Profit margin xAsset turnover(ROCE) PBIT/Capital employed (PBIT/Sale revenue)x(Sale revenue/Capital employed) PBIT=profit before interest and tax Capital employed=equity +long-term liabilities-total assets less current liabilities Disadvantage of ROCE: Uses profit which is not directly linked to the objective of maximizing shareholder wealth The change in ROCE from one year to the next. Return on equity =Profit available to ordinary shareholders/shareholders'equity ROE=profit after tax and preference dividends/(ordinary share capital+reserves) Debt and gearing ratios Gearing is the amount of debt finance a company uses relative to its equity finance >Liquidity ratio:current ratio,quick ratio,stock tumover,account receivable

✓ Managers: balance the interests of shareholders and other stakeholders, long￾term( defending against takeovers, sales maximization) , short-term( profit margins leading to increased bonuses) remuneration package ✓ Government: taxation, provision of grants, health and safety legislation, training initiatives, high levels of employment ✓ Customers: quality, lead times, price The influence of the various stakeholders results in many firms adopting non￾financial objectives in addition to financial ones These might include objectives such as: ✓ Maintaining a contented workforce ✓ Showing respect for the environment ✓ Providing a top quality service to customers 2.基本概念和知识点 Strategy is a course of action, including the specification of resources required, to achieve a specified objective. Financial strategy is that area of a company’s overall strategy within the scope of the financial managers. The identification of the possible strategies capable of maximizing an organization’s net present value, the allocation of scarce capital resources among the competing opportunities and the implementation and monitoring of the chosen strategy so as to achieve stated objectives. 3.问题与应用（能力要求） How to understand the relationship between strategy and financial strategy? 第二节 1.主要内容 (1) Corporate objectives ➢ Profitability: PBIT, ROCE, ROE Return on capital employed =Profit margin ×Asset turnover (ROCE) ↓ ↓ ↓ PBIT/Capital employed = (PBIT/Sale revenue) × (Sale revenue/Capital employed) PBIT=profit before interest and tax Capital employed=equity +long-term liabilities=total assets less current liabilities Disadvantage of ROCE:  Uses profit which is not directly linked to the objective of maximizing shareholder wealth  The change in ROCE from one year to the next. Return on equity = Profit available to ordinary shareholders/shareholders’ equity ROE=profit after tax and preference dividends/ (ordinary share capital+ reserves) Debt and gearing ratios Gearing is the amount of debt finance a company uses relative to its equity finance ➢ Liquidity ratio: current ratio, quick ratio, stock turnover, account receivable

tumover,account payable tumover Shareholder's investment ratios:dividend yield,EPS,P/E ratio,dividend cover EPS=earnings distributed to ordinary shareholders/weighted average number of ordinary shares (earnings per share) P/E=market price per share /EPS =total market value of equity/total eamings Dividend yield=dividend per share/Ex-div market price per share Dividend yield is calculated against the share price at the start of the year. Total shareholder return=dividend yield +capital gain(better than profit-based measures EPS,ROCE) (2)Managerial reward schemes Performance-related pay: Minimum profit levels Economic value added(EVA) ■Tumnover growth Rewarding managers with shares Executive share options plans (EPOPs) corporate governance codes Corporate governance is the system by which companies are directed and controlled. Good corporate govemance involves risk management and internal control, accountability to stakeholders and other shareholders and conducting business in an ethical and effective way. The key areas relate to corporate governance codes Non-executives directors(NEDs). Executive directors Remuneration committees Nomination committees Annual general meeting(AGM) (3)Financial and other objectives in not-for-profit organizations Value for money Value for money can be defined as getting the best possible combination of services from the least resources.which means maximizing the benefits for the lowest possible cost Measuring VFM Economy is attaining the appropriate quantity and quality of inputs at lowest cost to achieve a certain level of outputs.(Obtaining resources at a'fair'price) Efficiency is the relationship between inputs and outputs.(Getting maximum outcomes from resources)

turnover, account payable turnover ➢ Shareholder’s investment ratios: dividend yield, EPS, P/E ratio, dividend cover EPS=earnings distributed to ordinary shareholders/ weighted average number of ordinary shares (earnings per share) P/E=market price per share /EPS =total market value of equity/total earnings Dividend yield=dividend per share/ Ex-div market price per share Dividend yield is calculated against the share price at the start of the year. Total shareholder return=dividend yield + capital gain(better than profit-based measures EPS, ROCE) (2) Managerial reward schemes  Performance-related pay: ◼ Minimum profit levels ◼ Economic value added ( EVA) ◼ Turnover growth  Rewarding managers with shares  Executive share options plans (EPOPs) corporate governance codes Corporate governance is the system by which companies are directed and controlled. Good corporate governance involves risk management and internal control, accountability to stakeholders and other shareholders and conducting business in an ethical and effective way. The key areas relate to corporate governance codes  Non-executives directors ( NEDs ).  Executive directors  Remuneration committees  Nomination committees  Annual general meeting(AGM) (3) Financial and other objectives in not-for-profit organizations Value for money Value for money can be defined as getting the best possible combination of services from the least resources, which means maximizing the benefits for the lowest possible cost. Measuring VFM Economy is attaining the appropriate quantity and quality of inputs at lowest cost to achieve a certain level of outputs. (Obtaining resources at a ‘fair’ price) Efficiency is the relationship between inputs and outputs. (Getting maximum outcomes from resources)