财务管理基础 13版 _pp14

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《财务管理基础学习》课件

反映企业在某一特定日期的财务状况，包括资产、负债和所有者权益。
利润表
反映企业在一定会计期间的经营成果，包括收入、费用和利润。
现金流量表
反映企业一定时期内现金流入和流出的状况。
财务分析方法
比率分析法
通过比较不同会计期间或同行业之间的财务比率，来分析企业的财务状况和经营成果。
趋势分析法
业整体的影响。
转移策略
通过购买保险、外包等方式，将财务风险转移给其他机构或
个人。
2023
PART 05
财务控制与审计
REPORTING
内部控制的重要性
1 2
保证财务信息的真实性和完整性
有效的内部控制系统可以防止财务欺诈和舞弊行为，确保财务信息的准确性和可靠性。
提升企业经营效率
健全的内部控制制度可以帮助企业优化内部流程，提高经营效率，降低不必要的成本和风险。
财务预算的编制流程
财务预算的编制通常包括目标确定、预算计划、预算执行和预算调整等步骤。
财务预算的编制方法
常见的财务预算编制方法有固定预算、弹性预算、滚动预算和零基预算等。
投资决策的方法
投资决策的考虑因素
01
投资决策需要考虑的因素包括投资回报率、风险评估、资金成
本和项目可行性等。
投资决策的方法
02
财务合规与法规遵循
合规性要求
确保企业的财务活动符合相关法律法规、行业标准和监管要求。
法规遵循策略
制定并执行符合法律法规的财务管理策略，降低企业面临的法律风险。
合规性审查
定期进行财务合规性审查，及时发现并纠正不合规行为，确保企业持续合规经营。
2023
PART 06

《财务管理基础第13版》相关章节答案ppt课件

ation Limited 2008
Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations. 2. Maximizing earnings is a nonfunctional objective for the following reasons: a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all other time vectors, it is impossible to select the vector that will maximize earnings. b. Each time vector of earning possesses a risk characteristic. Maximizing expected earnings ignores the risk parameter. c. Earnings can be increased by selling stock and buying treasury bills. Earnings will continue to increase since stock does not require out-of-pocket costs. d. The impact of dividend policies is ignored. If all earnings are retained, future earnings are increased. However, stock prices may decrease as a result of adverse reaction to the absence of dividends. Maximizing wealth takes into account earnings, the timing and risk of these earnings, and the dividend policy of the firm. 3. Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus, the function of financial management can be broken down into three major decision areas: the investment, financing, and asset management decisions. 4. Yes, zero accounting profit while the firm establishes market position is consistent with the maximization of wealth objective. Other investments where short-run profits are sacrificed for the long-run also are possible. 5. The goal of the firm gives the financial manager an objective function to maximize. He/she can judge the value (efficiency) of any financial decision by its impact on that goal. Without such a goal, the manager would be "at sea" in that he/she would have no objective criterion to guide his/her actions. 6. The financial manager is involved in the acquisition, financing, and management of assets. These three functional areas are all interrelated (e.g., a decision to acquire an asset necessitates the financing and management of that asset, whereas financing and management costs affect the decision to invest). 7. If managers have sizable stock positions in the company, they will have a greater understanding for the valuation of the company. Moreover, they may have a greater incentive to maximize shareholder wealth than they would in the absence of stock holdings. However, to the extent persons have not only human capital but also most of their financial

财务管理基础PPT课件

4. Discuss the advantages and disadvantages of issuing/buying the three different types of long-term securities from the perspective of both the issuer and investor.
• A negative-pledge clause precludes the corporation from pledging any of its assets (not already pledged) to other creditors.
20.6
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Types of Long-Term Debt Instruments
• Liquidity varies depending on investor sentiments.
• Junk bonds were used frequently in the 1980s as a means of financing leveraged buyouts (LBOs).

财务会计学(第13版)PPT第1章

•5
1.1 企业财务会计的性质
1.1.1 对企业会计信息(accounting information)的需求
•企业所有者债权人
•供应商 •顾客
•经营者
企业
•职工
•政府
1)企业的财力是否充裕，是否足以偿还其债务。 2)企业的获利情况怎样。 3)是否应该贷给企业更多的资金。 4)是否应该继续保持对企业的债权(如是否转让公司的债券)。
•23
1.3 财务会计的基本前提
• 1.3.1 会计主体 (accounting entity) • 1.3.2 持续经营(going concern) • 1.3.3 会计期间 (accounting period) • 1.3.4 货币计量 • 1.3.5 权责发生制 (accrued basis)
•10
1.1 企业财务会计的性质 1.1.2 企业财务会计的特点
(4)从工作程序的约束依据来看，财务会计要受外在统一的会计规范(如会计准则)的约束。 (5)从会计程序与方法来看，财务会计有一套比较科学、统一、定型的会计处理程序与方法，如填制凭证、登记账簿、编制报表等。
•11
1.1 企业财务会计的性质 1.1.3 经济环境对财务会计的影响
际会计准则趋同的能够独立实施的企业会计准则体系。
•18
1.2 企业会计准则(accounting standards) 1.2.2 我国的企业会计准则
2014年上半年又先后发布了《企业会计准则第39号— 我 —公允价值计量》、《企业会计准则第40号——合营安国排》和《企业会计准则第41号——在其他主体中权益的准披露》,并对部分会计准则进行了修订。则发 2017年3月财政部发布修订后的《企业会计准则第22 展号——金融工具确认和计量》《企业会计准则第23号— 历 —金融资产转移》和《企业会计准则第24号——套期会史计》。

财务管理基础工业出版社13版Chap013_PPT

1-9
Betas for Five-Year Period (Ending January 2006)
1-10
Risk and the Capital Budgeting Process
• Informed investors and managers need to decide between:
1-11
Risk-Adjusted Discount Rate
• Using different discount rates for proposals with different risk levels
– Investment with normal amount of risk may be discounted at the cost of capital – Investments carrying greater than normal risk will be discounted at a higher rate and so on
– Investments that produce ‘certain’ returns – Investments that produce an expected value of return, apart from having a high coefficient of variation
1-17
Capital Budgeting Analysis
1-18
Capital Budgeting Decision Adjusted for Risk
1-19
Simulation Models
• Help in dealing with uncertainties involved in forecasting the outcome of capital budgeting projects or other decisions

财务管理基础 financial management 清华大学出版社pp14

14.12
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Variance of Year 1 Cash Flows (Proposal B)
Probability Distribution of Year 1 Cash Flows
Proposal A
0.40
Probability
0.25
0.05
–3,000
14.5
1,000
5,000
9,000
13,000
Cash Flow ($)
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Probability Distribution of Year 1 Cash Flows
Proposal B
0.40
Probability
0.25
0.05 –3,000 1,000 5,000 9,000 13,000
Cash Flow ($)
14.11 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

财务管理基础工业出版社13版第三章共30页文档

distortion
1-1
Ratio Analysis
• Financial ratios
– Used to weigh and evaluate the operating performance of a firm
– Used to compare performance record as against similar firms in the industry
1-16
Debt Utilization Ratios (cont’d)
• Fixed charge coverage measures the firm’s ability to meet the fixed obligations
• Interest payments alone are not considered
• Debt utilization ratios
– Estimates the overall debt position of the firm – Evaluates in the light of asset base and earning
power
1-6
Financial Statement for Ratio Analysis
– Measures the speed at which the firm is turning over accounts receivable
1-5
Types of Ratios (cont’d)
• Liquidity ratios
– Emphasizes the firm’s ability to pay off shortterm obligations as and when due

财务管理基础工业出版社13版第三章

1-8
Profitability Ratios
1-9
DuPont System of Analysis
• A satisfactory return on assets might be derived through:
– A high profit margin – A rapid turnover of assets (generating more
1-4
Ratios and their Classification (cont’d)
C. Liquidity ratios
9. Current ratio 10. Quick ratio
D. Debt utilization ratios
11. Debt to total assets 12. Times interest earned 13. Fixed charge coverage
1-14
Asset Utilization Ratios (cont’d)
1-15
Liquidity Ratios
1-16
Debt Utilization Ratios
• Measures the prudence of the debt management policies of the firm
1-11
DuPont Analysis
1-12
Return of Wal-Mart versus Macy’s using the Du Pont method of analysis, 2007
1-13
Asset Utilization Ratios
• These ratios relate the balance sheet to the income statement

财务会计学(第13版)PPT第13章

(8)“存货”项目,反映资产负债表日企业持有的存货净额。该项目主要应根据“材料采购”(或“在途物资”“商品采购”) 、“原材料”(或“库存商品”)、“委托加工物资”、“包装物”、 “低值易耗品”、“材料成本差异”(或“商品进销差价”)、“生产成本”、“自制半成品”、“产成品”、“发出商品”等科目借贷方余额的差额,减去“存货跌价准备”科目的期末余额后的金额填列。
25
13.2.5 资产负债表的编制方法
(9)“合同资产”项目,反映企业按照《企业会计准则第 14 号——收入》(2017 年修订)的相关规定根据本企业履行履约义务与客户付款之间的关系应确认的合同资产在资产负债表日的余额中的流动部分。该项目应根据“合同资产”科目的相关明细科目期末余额分析填列,同一合同下的合同资产和合同负债应当以净额列示,其中净额为借方余额的,其流动性部分在“合同资产”项目中填列,已计提减值准备的,还应减去“ 合同资产减值准备”科目中相关的期末余额后的金额填列。
13.1.1 财务报表的意义
1.企业财务报表定义企业财务报表（financial statement）也称会计
报表，是指企业对外提供的、以日常会计核算资料为主要依据，反映企业某一特定日期财务状况和某一会计期间经营成果、现金流量的文件。
企业编制财务报表，对于改善企业外部有关方面的经济决策环境和加强企业内部经营管理具有重要作用。
按公允价值计量的）
21
13.2.4 资产负债表项目的计价
“应付债券”等非流动负债项目现值 “债权投资”项目在减值测试之前
固定资产”和“无形资产”等非流动资产计提了减值准备后，公允价值减去处置费
用后的净额或者是按照现值计价
22
13.2.5 资产负债表的编制方法

本科《财务管理》13章

本科《财务管理》13章
•（四）课程考核方式
•期末考试——闭卷（80%）
•课堂表现（10%）
PPT文档演模板
•平时作业（10%）
本科《财务管理》13章
•（五）主要参考书目
（1）尤金·伯格汉姆等：美国中级财务管理，中国展望出版社，1990。
（2）斯蒂芬·罗斯等：公司理财（第9版），机械工业出版社，2012。
•企业内部单位
•企业员工
•所有者
•政府部门
•企业
•债权人
PPT文档演模板
•被投资单位
•债务人
本科《财务管理》13章
三、财务管理的概念与特点
财务管理是指基于企业再生产过程中客观存在的财务活动和财务关系而产生的，它是利用价值形式对企业再生产过程进行的管理，是组织财务活动、处理财务关系的一项综合性管理工作。
PPT文档演模板
本科《财务管理》13章
v 二、公司财务管理目标的协调
我们知道，公司是建立在委托代理基础上的，而公司委托代理关系模式如下：
•社
会•社区 •供应商 •客户 •政府
•…
•…
•委托人
•公
•司 •股
•东
•
•代理人代
• 经营者理
人
•
•
债权人
委托
人
• 公司制下，委托代理关系主要表现在三个方面：
企业财务活动是以现金收支为主的企业资金收支活动的总称，即筹集、运用和分配资金的活动的总称。
•流动资产 •长期投资 •固定资产 •无形资产
•财务活动
•负债 •所有者权益
PPT文档演模板
•分配资金
本科《财务管理》13章
二、企业财务关系

财务管理基础 financial management 清华大学出版社pp13

Julie Miller is evaluating a new project for her firm, Basket Wonders (BW). She has determined that the after-tax cash flows for the project will be $10,000; $12,000; $15,000; $10,000; and $7,000, respectively, for each of the Years 1 through 5. The initial cash outlay will be $40,000.
• For this project, assume that it is independent of any other potential projects that Basket Wonders may undertake.
• Independent – A project whose acceptance (or rejection) does not prevent the acceptance of other projects under consideration.
13.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Proposed Project Data
After Studying Chapter 13, you should be able to:
1.
Understand the payback period (PBP) method of project evaluation and selection, including its: (a) calculation; (b) acceptance criterion; (c) advantages and disadvantages; and (d) focus on liquidity rather than profitability. Understand the three major discounted cash flow (DCF) methods of project evaluation and selection – internal rate of return (IRR), net present value (NPV), and profitability index (PI). Explain the calculation, acceptance criterion, and advantages (over the PBP method) for each of the three major DCF methods. Define, construct, and interpret a graph called an “NPV profile.”

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14.4
Probability 0.05 0.25 0.40 0.25 0.05
Cash Flow $ –3,000 1,000 5,000 9,000 13,000
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Summary of Proposal A
The standard deviation = SQRT (14,400,000) = $3,795
The expected cash flow = $5,000
Coefficient of Variation (CV) = $3,795 / $5,000 = 0.759
(CF1)(P1)
$ –150 250 2,000 2,250 650 $5,000
14.7
(CF1 – CF1)2(P1)
(–3,000 – 5,000)2 (0.05) ( 1,000 – 5,000)2 (0.25) ( 5,000 – 5,000)2 (0.40) ( 9,000 – 5,000)2 (0.25) (13,000 – 5,000)2 (0.05)
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Variance of Year 1 Cash Flows (Proposal A)
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Variance of Year 1 Cash Flows (Proposal B)
• The Problem of Project Risk
• Total Project Risk
• Contribution to Total Firm Risk: Firm-Portfolio Approach
• Managerial Options
14.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
14.6
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Variance of Year 1 Cash Flows (Proposal A)
(CF1)(P1) (CF1 – CF1)2*(P1)
$ –150 250 2,000 2,250 650 $5,000
14.8
3,200,000 4,000,000 0 4,000,000 3,200,000 14,400,000
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
(CF1)(P1) (CF1 – CF1)2(P1)
$ –50 500 2,000 2,000 550 $5,000
14.14
1,800,000 2,250,000 0 2,250,000 1,800,000 8,100,000
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Chapter 14
Risk and Managerial (Real) Options in Capital Budgeting
14.1 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
(CF1)(P1) (CF1 – CF1)2(P1)
$ –50 500 2,000 2,000 550 $5,000
14.13
(–1,000 – 5,000)2 (0.05) ( 2,000 – 5,000)2 (0.25) ( 5,000 – 5,000)2 (0.40) ( 8,000 – 5,000)2 (0.25) (11,000 – 5,000)2 (0.05)
14.12
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Variance of Year 1 Cash Flows (Proposal B)
Expected Value of Year 1 Cash Flows (Proposal A)
CF1
$ –3,000 1,000 5,000 9,000 13,000
P1
0.05 0.25 0.40 0.25 0.05 S=1.00
(CF1)(P1)
$ –150 250 2,000 2,250 650 CF1=$5,000
14.10
Probability 0.05 0.25 0.40 0.25 0.05
Cash Flow $ –1,000 2,000 5,000 8,000 11,000
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
An Illustration of Total Risk (Discrete Distribution)
ANNUAL CASH FLOWS: YEAR 1 PROPOSAL A
State Deep Recession Mild Recession Normal Minor Boom Major Boom
An Illustration of Total Risk (Discrete Distribution)
ANNUAL CASH FLOWS: YEAR 1 PROPOSAL B
State Deep Recession Mild Recession Normal Minor Boom Major Boom
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Risk and Managerial Options in Capital Budgeting
Expected Value of Year 1 Cash Flows (Proposal B)
CF1
$ –1,000 2,000 5,000 8,000 11,000
P1
0.05 0.25 0.40 0.25 0.05 S=1.00
(CF1)(P1)
$ –50 500 2,000 2,000 550 CF1=$5,000
CV is a measure of relative risk and is the ratio of standard deviation to the mean of the distribution.
14.9 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Probability Distribution of Year 1 Cash Flows
Proposal A
0.40
Probability
0.25
0.05
–3,000
14.5
1,000
5,000
9,000
13,000
Cash Flow ($)
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.