TAILIEUCHUNG - Lecture Contemporary financial management (9th Edition): Chapter 1 - Moyer, McGuigan, Kretlow

Chap 1 - The role and objective of financial management. This chapter introduces the financial management process of the typical firm. It looks at the financial manager, the field of finance, financial decisions and their implications, and the daily questions faced by the firm’s financial management. | Contemporary Financial Management, 9th Edition Copyright ©2003 South-Western/Thomson Learning by Moyer, McGuigan, Kretlow Instructor: Wen-I Chuang 1 The Role and Objective of Financial Management Introduction This chapter introduces the financial management process of the typical firm. It looks at the financial manager, the field of finance, financial decisions and their implications, and the daily questions faced by the firm’s financial management. Questions Faced in Finance How is finance related to other fields of study? What are financial managers’ goals and objectives? How has the finance field evolved? How is the finance field changing today? More questions are listed in the text. Principal Forms of Business Organizations Sole proprietorship Partnership Corporation Sole Proprietorship Owned by one person Easy formation → advantage Unlimited liability → disadvantage Difficulty raising funds → disadvantage Represent 75 percent of all businesses Account for less than 6% of the dollar volume Partnership Owned by two or more persons Classified as general or limited General Partner: Has unlimited liability for all obligations of the business → disadvantage Limited Partner: Liability limited to the partnership agreement → advantage Partnership dissolves when a general partner dies. → disadvantage Corporation Limited liability Permanency Ability to raise capital Has a board of directors Owners are stockholders Flexibility Legal entity Easy marketability of shares of ownership All advantages Board of Directors Stockholders elect a board of directors Board of directors then elect the officers Chairman of the board Chief executive officer (CEO) Chief operating officer (COO) President Chief financial officer (CFO) Vice presidents Treasurer Secretary Management Who Manages? Board of directors deals with broad policy 3 to 5 year strategic plan Management makes most of the decisions Day-to-day decisions following the strategic plan Stockholder Rights Dividend Voting Asset .

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