会计专业英语教学教案(共17章)Chapter-12.docx
- 文档编号:30780994
- 上传时间:2023-09-06
- 格式:DOCX
- 页数:6
- 大小:33KB
会计专业英语教学教案(共17章)Chapter-12.docx
《会计专业英语教学教案(共17章)Chapter-12.docx》由会员分享,可在线阅读,更多相关《会计专业英语教学教案(共17章)Chapter-12.docx(6页珍藏版)》请在冰豆网上搜索。
教学目标
知识目标:
Explainthenatureandpurposeoffinancialmanagement.
能力目标:
Interprettherelationshipbetweenfinancialobjectives,corporateobjectivesandcorporatestrategy.
Identifyanddescribeavarietyoffinancialobjectives.
素质目标:
Understanddifferentfinancialinstrumentsandfinancialmarkets.
Explainandapplythevalueformoney.
教学重点
Understanddifferentfinancialinstrumentsandfinancialmarkets.
Explainandapplythevalueformoney.
教学难点
Explainandapplythevalueformoney.
教学手段
结合理论与案例
小组讨论
教学学时
2课时
教学内容与教学过程设计
注释
Chapter12IntroductiontoFinancialManagement
〖理论知识〗
Topic1:
AnoverviewofFinancialManagement
1.NatureofFinancialManagement
Financialmanagementcanbedefinedasthemanagementofthefinancesofanorganizationinordertoachievethefinancialobjectivesoftheorganization.Theusualassumptioninfinancialmanagementfortheprivatesectoristhattheobjectiveofthecompanyistomaximizeshareholders’wealth.
2.FinancialPlanning
Thefinancialmanagerwillneedtoplantoensurethatenoughfundingisavailableattherighttimetomeettheneedsoftheorganizationforshort,mediumandlong-termcapital.
(1)Intheshortterm,fundsmaybeneededtopayforpurchasesofinventory,ortosmoothoutchangesinreceivables,payablesandcash:
thefinancialmanagermustensurethatworkingcapitalrequirements(ie,requirementsfordaytodayoperations)aremet.
(2)Inthemediumorlongterm,theorganizationmayhaveplannedpurchasesofnon-currentassets,suchasplantandequipment,forwhichthefinancialmanagermustensurethatfundingisavailable.
3. FinancialManagementDecisions
Thefinancialmanagermakesdecisionsrelatingtoinvestment,financinganddividends.Themanagementofriskmustalsobeconsidered.
Exhibit12-1displaysexamplesofdifferenttypesofinvestmentdecision.
Exhibit12-1ExamplesofDifferentTypesofInvestmentDecision
Decisionsinternaltothe
businessenterprise
ØWhethertoundertakenewprojects
ØWhethertoinvestinnewplantandmachinery
ØResearchanddevelopmentdecisions
ØInvestmentinamarketingoradvertisingcampaign
Decisionsinvolving
externalparties
ØWhethertocarryoutatakeoveroramergerinvolvinganotherbusiness
ØWhethertoengageinajointventurewithanotherenterprise
Disinvestmentdecisions
ØWhethertoselloffunprofitablesegmentsofthebusiness
ØWhethertoselloldorsurplusplantandmachinery
ØThesaleofsubsidiarycompanies
4. Managementaccounting,financialaccountingandfinancialmanagement
Exhibit12-2FinancialAccountsandManagementAccounts
FinancialAccounts
ManagementAccounts
Theformatofpublishedfinancialaccountsisdeterminedbylawandbyaccountingstandards.
Inprincipletheaccountsofdifferentorganizationscanthereforebeeasilycompared.
Theformatofmanagementaccountsisentirelyatmanagementdiscretion:
nostrictrulesgovernthewaytheyarepreparedorpresented.
Financialaccountsconcentrateonthebusinessasawhole,aggregatingrevenuesandcostsfromdifferentoperations,andareanendinthemselves.
Managementaccountscanfocusonspecificareasofanorganization’sactivities.Informationmayaidadecisionratherthanbeanendproductofadecision.
Mostfinancialaccountinginformationisofamonetarynature.
Managementaccountsincorporatenon-monetarymeasures.
Financialaccountspresentanessentiallyhistoricpictureofpastoperations.
Managementaccountsarebothahistoricalrecordandafutureplanningtool.
5. FinancialObjectivesandtheRelationshipwithCorporateStrategy
(1)Corporateobjectives
Corporateobjectivesarethosewhichareconcernedwiththefirmasawhole.Objectivesshouldbeexplicit,quantifiableandcapableofbeingachieved.Thecorporateobjectivesoutlinetheexpectationsofthefirmandthestrategicplanningprocessisconcernedwiththemeansofachievingtheobjectives.
Objectivesshouldrelatetothekeyfactorsforbusinesssuccess,whicharetypicallyasfollows.
ØProfitability(returnoninvestment)
ØMarketshare
ØGrowth
ØCashflow
ØCustomersatisfaction
ØThequalityofthefirm’sproducts
ØIndustrialrelations
ØAddedvalue
(2)Financialobjectives
Financialtargetsmayincludetargetsfor:
earnings;earningspershare;dividendpershare;gearinglevel;profitretention;operatingprofitability.
Theusualassumptioninfinancialmanagementfortheprivatesectoristhattheprimaryfinancialobjectiveofthecompanyistomaximizeshareholders'wealth.
ØShareholderwealthmaximization
ØProfitmaximization
ØEarningspersharegrowth
ØOtherfinancialtargets
6. Non-financialObjectives
Acompanymayhaveimportantnon-financialobjectiveswhichmustbesatisfiedinordertoensurethecontinuingparticipationofallstakeholders.Examplesofnon-financialobjectivesareasfollows.
(1)Thewelfareofemployees
(2)Thewelfareofmanagement
(3)Theprovisionofaservice
(4)Thefulfillmentofresponsibilitiestowardscustomers
(5)Thefulfillmentofresponsibilitiestowardssuppliers
(6)Thewelfareofsocietyasawhole
Topic2:
FinancialInstrumentsandMarkets
1.FinancialInstruments
(1)Bonds
Abond,likeanyotherformofindebtedness,isafixed-incomesecurity.Theholderreceivesaspecifiedannualinterestincomeandaspecifiedamountatmaturity,nomoreornoless(unlessthecompanygoesbankrupt).
(2)CallProvisions
Virtuallyallcorporatebondscontainaclausegivingtheissuingcompanytheoptiontoretirethebondspriortomaturity.Frequentlythecallpriceforearlyretirementwillbeatamodestpremiumaboveparorthebondmayhaveadelayedcall,meaningtheissuermaynotcallthebonduntilithasbeenoutstandingforaspecifiedperiod,usually5or10years.
(3)Covenants
Typicalcovenantsincludealowerlimitonthecompany’scurrentratio,anupperlimitonitsdebt-to-equityratioandperhapsarequirementthatthecompanynotacquireorsellmajorassetswithoutpriorcreditorapproval.
(4)RightsinLiquidation
Thedistributionofliquidationproceedsinbankruptcyisdeterminedbywhatisknownastherightsofabsolutepriority.Firstinlineare,naturallythegovernmentforpast-duetaxesandthebankruptcylawyerswhowrotethelaw.Amonginvestors,thefirsttoberepaidareseniorcreditors,thengeneralcreditors,andfinallysubordinatedcreditors.
(5)SecuredCreditors
Asecuredcreditisaformofseniorcreditinwhichtheloaniscollateralizedbyaspecificcompanyassetorgroupofassets.Inliquidation,proceedsfromthesaleofthisassetgoonlytothesecuredcreditor.
(6)BondsasanInvestment
Formanyyears,investorsthoughtbondstobeverysafeinvestments.Afterall,interestincomeisspecifiedandthechancesofbankruptcyareremote.However,thisreasoningignoredthebadeffectsofinflationonfixed-incomesecurities.
(7)BondRatings
Abondratingisalettergrade,suchasAA,assignedtoanissuethatreflectstheanalyst'sappraisalofthebond’sdefaultrisk.Analystsdeterminetheseratingsusingmanytechniques,includinganalysisofthecompany'sbalancesheetdebtratiosanditscoverageratiosrelativetocompetitors.
(8)JunkBonds
Acompany’sbondratingisimportantbecauseitaffectstheinterestratethecompanymustoffer.Moreover,manyinstitutionalinvestorsareprohibitedfrominvestinginbondthatareratedlessthan“investment”grade,usuallydefinedasBBB,andabove.Asaresult,therehavebeenperiodsinthepastwhencompanieswithlower-ratedbondshadgreatdifficultyraisingdebtinpublicmarkets.Below-investment-gradebondsareknownvariouslyasspeculative,high-yield,orsimplyjunkbonds.
(9)CommonStock
Commonstockisaresidualincomesecurity.Thestockholderhasaclaimonanyincomeremainingafterthepaymentofallobligations,includinginterestondebt.
(10)ShareholderControl
Atleastintheory,stockholdersexercisecontrolovercompanyaffairsthroughtheirabilitytoelecttheboardofdirectors.However,thewidedistributionofshareownershipandthelawsgoverningelectionoftheboardhavefrequentlycombinedtogreatlyreducethisauthority,althoughthewindsofchangemaybeblowing.
(11)PreferredStock
Preferredstockisahybridsecurity,likedebtinsomeways,butlikeequityinothers.Likedebt,preferredstockisafixed-incomesecurity.Itpromisestheinvestoranannualfixeddividendequaltothesecurity'scouponratetimesitsparvalue.
(12)CumulativePreferred
Companyboardsofdirectorshavetwostrongincentivestopaypreferreddividends.Oneisthatpreferredshareholdershavepriorityovercommonshareholderswithrespecttodividendpayments.Commonshareholdersreceivenodividendsunlesspreferredholdersarepaidinfull.Second,virtuallyallpreferredstocksarecumulative.Ifafirmdoesnotpayapreferreddividendontime,thearrearageaccumulatesandmustbepaidinfirmbeforethecompanycanresumecommondividendpayments.
2.FinancialMarkets
(1)PrivatePlacementorPublicIssue?
Companiesraisemoneyintwobroadwaysthroughprivatenegotiationswithbanks,insurancecompanies,pensionfunds,andotherfinancialinstitutions,orbysellingsecuritiestothepublic.Theformerisknownasaprivateplacementthelatterisapublicissue.
(2)ExchangesandOver-the-CounterMarkets
Publicissuestradeontwotypesofmarkets:
organizedexchangesandover-the-countermarkets.Organizedexchangesarecentralizedtradinglocationsthatmaintainactivemarketsinhundredsofstocksandbonds.Over-the-counter(OTC)marketsaremuchmoreinformal.AnybrokeragehouseanywhereinthecountrycancreateanOTCmarketforastockorabondbyquotingabidpriceatwh
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 会计专业 英语教学 教案 17 Chapter 12
![提示](https://static.bdocx.com/images/bang_tan.gif)