【正文】
Problem,Different Information Stock prices vs. returns Dividend Policy Financing Decisions,Different Objectives Managers vs. shareholders Top managers vs. lower managers Stockholders vs. banks and lenders,127,,Agency Problem Solutions,Compensation plans Board of Directors Blockholders,128,,Agency Problem Solutions,Takeovers Specialist Monitoring Legal and Regulatory Requirements,129,,,,4A. Cash reinvested in the firm 4B. Cash returned to investors,Role of the Financial Manager,Cash raised from investors (how?) Cash invested in firm Cash generated by operations,130,,,,Role of the Financial Manager,Most large companies have 3 toplevel financial managers:,Role of the Financial Manager,Some dailyquestions faced by managers A) Will a particular investment be profitable? B) Where will the funds come from to finance the investment? C) Which customers should be offered credit and how much should they be offered? D) How much inventory should be held? E) How should profits be used or distributed? (What is the optimal dividend policy?),132,Appendix: Careers in Fina