internatinalfinancemanagement【國(guó)際財(cái)務(wù)管理】lecture1introductiontointernantionalfinancemana-資料下載頁(yè)
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【正文】 oal of financial management ? Maximize shareholder wealth ? Why not profit maximization ? Profit maximization is vague, there are many definitions of profit(accounting profit vs economic profit, short run profit vs long run profit, private profit vs social profit..) ? Ignore time value of money ? Ignore risk Separation of ownership and control ? One of the advantages of corporation is the separation of ownership and control, but do managers always work on shareholders benefits? ? PrincipleAgency problems ? Managers may act in their own selfinterests ? Agency costs reduce the value of the firm ? Corporate governance focus on how to reduce agency costs How shareholder control managerial behavior ? Shareholders determine board of directors, who in turn select the management team ? Shareholders can use some incentive plan, like stock options, or performance share, to encourage managers to work on shareholders’ benefit ? Fear of takeover gives managers an incentive to take actions that will maximize stock prices ? Competition in the managerial labor market may force managers to perform in the best interest or share holders Two Different Corporate governance mechanism Bank Capital Market Financial market Small, less liquid Large,highly liquid Share of all firms listed small large Ownership of debt and equity concentrated dispersed Dominate agency conflict Controlling vs minority stakeholders Shareholders vs management Role of board of directors limited important Role of hostile takeovers Very limited Potentially importan
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