Effectiveness is the extent to which declared objectives/goals are met.(Obtaining good results) 2.基本概念和知识点 Agency theory(the divorce of ownership and control) Agency relationships occur when one party,the principal,employs another party,the agent,to perform a task on their behalf.In particular,directors (agents)act on behalf of shareholders (principals). Stakeholders are groups whose interests are directly affected by activities of organizations. 3.问题与应用（能力要求》 How to understand the following accusations of non-goal-congruent behavior have been made against managemen? Excessive remuneration levels Empire building Creative accounting Off-balance-sheet financins iate takeover bids Uneth activities (三)思考与实践 理解和学握财务目标的定量衡量方法。这些指标各自有什么意义和局限性？ (四)教学方法与手段 课堂讲授、多媒体教学 (五)思政内容 在讲述企业的目的时，应当强调在中国特色社会主义制度下企业应当承担的责任 以及我国国有企业应当承担的责任。2017年12月12日，习近平视察徐工集团时 强调：“国有企业是中国特色社会主义的重要物质基础和政治基础， 基中国特色料 会主义经济的“顶梁柱 要按照党的十九大部署推动国有企业深化改革， 提高经 营管理水平，使国有企业成为贯彻新发展理念、全面深化改革的骨干力量，成为 我们党执政兴国的重要支柱和依靠力量。”“顶梁柱”形象地表明了国有企业在建 设中国特色社会主义事业中的地位和作用。在讲述企业的目的时，应当突出企业 应当承担的社会责任。 第二模块F management environment (一)目的与要求 1.了解宏观经济政策的种类和作用 2.了解金融市场的种类和特色 3熟悉金融的类别和特点 (二)教学内容 第一节1.主要内容 (1)The economic environment for business
Effectiveness is the extent to which declared objectives/goals are met. (Obtaining good results) 2. 基本概念和知识点 Agency theory (the divorce of ownership and control) Agency relationships occur when one party, the principal, employs another party, the agent, to perform a task on their behalf. In particular, directors (agents) act on behalf of shareholders (principals). Stakeholders are groups whose interests are directly affected by activities of organizations. 3.问题与应用（能力要求） How to understand the following accusations of non-goal-congruent behavior have been made against managemen? ✓ Excessive remuneration levels ✓ Empire building ✓ Creative accounting ✓ Off-balance-sheet financing ✓ Inappropriate reaction to takeover bids ✓ Unethical activities. （三）思考与实践 理解和掌握财务目标的定量衡量方法。这些指标各自有什么意义和局限性？ （四）教学方法与手段 课堂讲授、多媒体教学. （五）思政内容 在讲述企业的目的时，应当强调在中国特色社会主义制度下企业应当承担的责任 以及我国国有企业应当承担的责任。2017 年 12 月 12 日，习近平视察徐工集团时 强调：“国有企业是中国特色社会主义的重要物质基础和政治基础，是中国特色社 会主义经济的‘顶梁柱’。要按照党的十九大部署推动国有企业深化改革、提高经 营管理水平，使国有企业成为贯彻新发展理念、全面深化改革的骨干力量，成为 我们党执政兴国的重要支柱和依靠力量。”“顶梁柱”形象地表明了国有企业在建 设中国特色社会主义事业中的地位和作用。在讲述企业的目的时，应当突出企业 应当承担的社会责任。 第二模块 Financial management environment （一） 目的与要求 1.了解宏观经济政策的种类和作用 2.了解金融市场的种类和特色 3.熟悉金融的类别和特点 （二）教学内容 第一节 1.主要内容 （1）The economic environment for business
The objectives of macroeconomic policy 令Economic growth 令Low inflation High employment Balance of payments stability appropriate distribution of income and wealth There are conflicts between obiectives -high employment&price stability; -economic growth&balance of payment,etc Simultaneous achievement of all the objectives is difficult,and hence government have to consider trade-offs between objectives (2)exchange rate policy A change in the exchange rate will affect the relative prices of domestic and foreign produced goods and services.(I.e.exchange rate decreases to improve balance of payments position) (3)competition policy (Government intervention and regulation) The more specific measures taken to regulate business by government include vpricing restrictions green policies corporate governance (4)government assistance for business √Official aid schemes The enterprise initiative (5)The nature and role of financial markets and institutions Financial intermediation:institutions invest other people's money ◇Investment banks Saving banks ◆Pension funds Insurance companies Investment trusts and unit trusts (6)The role of financial intermediation Maturity transformation ◆Aggregation of funds 女Pooling losses 2基本概念和知识点
The objectives of macroeconomic policy Economic growth Low inflation High employment Balance of payments stability appropriate distribution of income and wealth ◼ There are conflicts between objectives: -high employment & price stability; -economic growth & balance of payment, etc. ◼ Simultaneous achievement of all the objectives is difficult, and hence government have to consider trade-offs between objectives （2）exchange rate policy A change in the exchange rate will affect the relative prices of domestic and foreign produced goods and services. (I.e. exchange rate decreases to improve balance of payments position) （3）competition policy (Government intervention and regulation) ◼ The more specific measures taken to regulate business by government include ✓ pricing restrictions ✓ green policies ✓ corporate governance （4）government assistance forbusiness ✓ Official aid schemes ✓ The enterprise initiative （5）The nature and role of financial markets and institutions Financial intermediation: institutions invest other people’s money Investment banks Saving banks Pension funds Insurance companies Investment trusts and unit trusts （6）The role of financial intermediation Maturity transformation Aggregation of funds Pooling losses 2.基本概念和知识点
Monetary policy is undertaken by government indirectly through banks financial intermediaries via interest rate policy,banking policy,etc. It controls the output via managing the money supply using interest rate policy (ie.supply side economy) Fiscal policy is undertaken by govemment directly via taxation policy,govemment expenditures plans,etc. It controls the output via managing the aggregate demand(i.e.demand side economy) 3.问题与应用（能力要求） 了解政府运用不同宏观经济政策和工具对企业的影响。 第二节 1.主要内容 (1)Financialmarkets International money and capital markets are available for larger companies wishing to raise larger amounts of finance. Intemational money markets Eurocurrency markets International capital markets:Eurobonds (2)ates of interest and rates of return The pattern of interest rates on financial assets is influenced by the risk of the assets,the duration of the lending,and the size of the loan. the risk-return trade-off investors in riskier assets expect to be compensated for the risk,some of the main forms of investment are listed below in ascending order of risk: government bonds √company bonds preference shares √ordinary shares (3)treasury function 3.1 the role of money markets Providing short-term liquidity to industry and the public sector Providing short-term trade finance Allowing an organization to manage its exposure to foreign currency risk and interest rate risk (4)money market instruments Interest-bearing Discount Derivative products instruments instrument Money market deposit Treasury bill(T-bill) Forwards and futures
Monetary policy is undertaken by government indirectly through banks & financial intermediaries via interest rate policy, banking policy, etc. ◼ It controls the output via managing the money supply using interest rate policy (i.e. supply side economy) Fiscal policy is undertaken by government directly via taxation policy, government expenditures plans, etc. ◼ It controls the output via managing the aggregate demand (i.e. demand side economy) 3.问题与应用（能力要求） 了解政府运用不同宏观经济政策和工具对企业的影响。 第二节 1.主要内容 （1）Financialmarkets International money and capital markets are available for larger companies wishing to raise larger amounts of finance. ✓ International money markets: Eurocurrency markets ✓ International capital markets: Eurobonds （2）ates of interest and rates of return The pattern of interest rates on financial assets is influenced by the risk of the assets, the duration of the lending, and the size of the loan. the risk-return trade-off investors in riskier assets expect to be compensated for the risk, some of the main forms of investment are listed below in ascending order of risk: ✓ government bonds ✓ company bonds ✓ preference shares ✓ ordinary shares （3） treasury function 3.1 the role of money markets ✓ Providing short-term liquidity to industry and the public sector ✓ Providing short-term trade finance ✓ Allowing an organization to manage its exposure to foreign currency risk and interest rate risk. （4） money market instruments Interest-bearing instruments Discount instrument s Derivative products Money market deposits Treasury bill(T-bill) Forwards and futures
Certificate of deposit (CD) Banker's Swaps acceptance(BA) Repurchase agreements Commercial paper(CP) Options (Reno) money market deposits are very short-term loans between banks or other institutions including governments. Certificate of deposit (CD)is acertificate of receipt for funds deposited at a bank or other financial institution for a specified term and paying interest at a specified term and paying interest at a specified rate. Repurchase agreements (Repo)is an agreement between two counterparties under which one counterparty agrees to sell an instrument to the other on an agreed date for an agreed price.and simultaneously agrees to buy back the instrument from the counterparty at a later date for an agreed price treasury bills(T-bill)are debt instruments issued by the government with maturities range from one month to one year. Commercial paper is short-term unsecured corporate debt with maturity up to 270 days. Banker's acceptance (BA)are negotiable bills issued by companies and guaranteed by a bank Future is an agreement to buy or sell a standard quantity of a specified asset on a fixed future date at a price agreed today. Forward is an agreement off-exchange between two parties to make or take delivery of an asset for an agreed price at a future date. Option is a contract that confers the right,but not the obliation,to an asset at a given price(exercise price or strike price)onor before a given date. 2.基本概念和知识点 Capital markets are markets for long-term capital,provides funds for the long Stock market(provide access toa wider pool of equity finance) Bond market (bonds(secured,traded),loan notes,debentures,junk bonds(unsecured)) Euromarkets(Eurobonds,cheap,unsecured,traded,companies with an excellent credit rating the ability to borrow in a variety of different currencies) Money markets are markets for short-term capital Treasury bills(issued by governments) Certificates of deposit(can be sold on Commercial paper(issued by companies with a high credit rating) Bills of exchange(company IOU signed by customer)
Certificate of deposit (CD) Banker's acceptance(BA) Swaps Repurchase agreements (Repo) Commercial paper (CP) Options money market deposits are very short-term loans between banks or other institutions including governments. Certificate of deposit (CD) is a certificate of receipt for funds deposited at a bank or other financial institution for a specified term and paying interest at a specified term and paying interest at a specified rate. Repurchase agreements (Repo) is an agreement between two counterparties under which one counterparty agrees to sell an instrument to the other on an agreed date for an agreed price, and simultaneously agrees to buy back the instrument from the counterparty at a later date for an agreed price. treasury bills(T-bill) are debt instruments issued by the government with maturities range from one month to one year. Commercial paper is short-term unsecured corporate debt with maturity up to 270 days. Banker's acceptance (BA) are negotiable bills issued by companies and guaranteed by a bank. Future is an agreement to buy or sell a standard quantity of a specified asset on a fixed future date at a price agreed today. Forward is an agreement off-exchange between two parties to make or take delivery of an asset for an agreed price at a future date. Option is a contract that confers the right, but not the obligation, to buy or sell an asset at a given price (exercise price or strike price) on or before a given date. 2.基本概念和知识点 Capital markets are markets for long-term capital, provides funds for the longterm. ✓ Stock market (provide access to a wider pool of equity finance) ✓ Bond market (bonds(secured, traded), loan notes, debentures, junk bonds(unsecured)) ✓ Euromarkets (Eurobonds, cheap, unsecured, traded, companies with an excellent credit rating the ability to borrow in a variety of different currencies) Money markets are markets for short-term capital ✓ Treasury bills (issued by governments) ✓ Certificates of deposit (can be sold on ✓ Commercial paper(issued by companies with a high credit rating) ✓ Bills of exchange (company IOU signed by customer)
3.问题与应用（能力要求） 不同金融工具的特点。 (三)思考与实践 企业应如何选择使用不同金融工具进行融资。 (四)教学方法与手段 课堂讲授、多媒体教学。 (五)思政内容 十九大报告明确指出，深化金融体制改革，增强金融服务实体经济能力。金融要 为实体经济服务，而非与实体经济抢夺资金进而独立运行。因此，金融工具的使用 要用于为实体经济服务，且金融机构的运行要在政府严格的监控之下进行。 第三模块Working capital management (一)目的与要求 1.了解营运资本管理的目标 2掌握营运资本管理的原则 3.掌握营运资本管理模型的计算及其意义 （二)教学内容 第一节 1.主要内容 (1)The nature,elements and importance of working capital Key elements of working capital Current assets Current liability Cash Creditors Inventory or stocks Short-term loans Receivables Long-term loans within 1 year Marketable securities Lease rentals due within one year Objectives of working capital Ensure sufficient liquidity to pay short-term debtsas they fall due Increase profitability (receivables and inventory are a short- term investment) Trade-off between cash verses profits Net working capital-current assets-current liabilities Working capital cyele(cash cycle/operating cycle/trading cycle) Means the time period from invest money (pay to suppliers)to collect money (receive from customers),can be measured by =Average time that raw materials remain in stock+Production time +Cash collection time credit period suppliers
3.问题与应用（能力要求） 不同金融工具的特点。 （三）思考与实践 企业应如何选择使用不同金融工具进行融资。 （四）教学方法与手段 课堂讲授、多媒体教学。 （五）思政内容 十九大报告明确指出，深化金融体制改革，增强金融服务实体经济能力。金融要 为实体经济服务，而非与实体经济抢夺资金进而独立运行。因此，金融工具的使用 要用于为实体经济服务，且金融机构的运行要在政府严格的监控之下进行。 第三模块 Working capital management （一） 目的与要求 1.了解营运资本管理的目标 2.掌握营运资本管理的原则 3.掌握营运资本管理模型的计算及其意义 （二）教学内容 第一节 1. 主要内容 （1）The nature, elements and importance of working capital Key elements of working capital Current assets Current liability Cash Creditors Inventory or stocks Short-term loans Receivables Long-term loans within 1 year Marketable securities Lease rentals due within one year Objectives of working capital ✓ Ensure sufficient liquidity to pay short-term debts as they fall due ✓ Increase profitability (receivables and inventory are a shortterm investment) ✓ Trade-off between cash verses profits Net working capital= current assets - current liabilities Working capital cycle (cash cycle/operating cycle/trading cycle) Means the time period from invest money (pay to suppliers) to collect money (receive from customers), can be measured by: =Average time that raw materials remain in stock+ Production time + Cash collection time credit period suppliers