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1、《財務(wù)管理原理》課程簡介 課程編號 12FIN281 課程名稱 財務(wù)管理原理 課程性質(zhì) 必修 學(xué) 時 48 學(xué) 分 3 學(xué)時分配 授課:48實驗： 上機：實踐：實踐(周)： 考核方式 閉卷考試，平時成績占50% ,期末成績占50% - 開課學(xué)院 國際教育學(xué)院 更新時間 適用專業(yè) 財務(wù)管理(中澳合作) 先修課程 組織與管理、會計學(xué)1&2 課程內(nèi)容： (宋體五號字，1.5倍行距) 財務(wù)管理原理是財務(wù)管理專業(yè)(中澳合作)的一門必修課，也是一門專業(yè)基礎(chǔ)課。本課 程的主要內(nèi)容包括公司投資管理、融資管理、營運資本管理和股利政策的相關(guān)理論和實踐, 以及適

2、用于當(dāng)前財務(wù)決策的一系列分析技術(shù)和方法。本課程提供了對投資、融資和股利政策 進行評估的基礎(chǔ)財務(wù)理論知識，以及識別和分析財務(wù)問題的基本技能。 本課程的主要任務(wù)如下： (1) 能夠識別、分析和解決商業(yè)企業(yè)面臨的財務(wù)問題，尤其是與公司投資、資產(chǎn)管理和 融資決策有關(guān)的問題； (2) 運用當(dāng)前的電子技術(shù)，對財務(wù)決策做出定量分析； (3) 能夠?qū)?jīng)濟、法律和稅收變化對公司財務(wù)狀況的沖擊做出分析； (4) 能夠針對商業(yè)組織中財務(wù)管理的范圍、方法、作用、目標(biāo)和倫理等進行評價和交流。 capital-gains tax for a company's dividend policy; appre

3、ciate the procedures that a company follows in the payment of dividends. Chapter 18 Long-term financing At the completion of this part, you should be able to determine the cost of bond finance; appreciate the importance of term loans in business finance; understand how to amortise a term loan;

4、determine the effect of non-interest charges on the cost of a loan; describe other forms of debt, such as leases and 'hire-purchase'. Chapter 19 Shares and convertible securities At the completion of this part, you should be able to understand the distinction between equity, debt and hybrid capi

5、tal and the way in which equity is represented in a company's balance sheet; explain the basic features and terminology of ordinary shares; understand secondary issues and be able to calculate the value of rights; explain the basic features and terminology of preference shares and convertible sec

6、urities. 三、章節(jié)學(xué)時分配 章次 總課時 課堂講授 實驗 上機 實踐 備注 1 2 2 2 1 1 3 1 1 4 4 4 7 2 2 9 4 4 10 4 4 11 4 4 12 4 4 13 2 2 14 4 4 15 4 4 16 2 2 17 4 4 18

7、 2 2 19 4 4 總計 48 48 四、教材與主要參考資料 教材 [1 ] Petty J W, Keown A J, Scott D F, et al. Financial Management: principles and applications (5由 edition)[M]. Frenchs Forest, N.S.W.: Pearson Education Australia, 2008. 參考資料 [1] Bishop S R, Faff R W, Oliver B, et al. Corpo

8、rate Finance (5lh edition)|M] . Sydney: Prentice-Hall, 2004. |2] Brigham E F, Gapenski L C. Intermediate Financial Management (9th edition)|M]. USA: Dryden, 2007. [3 ] Ross S A, Westerfield R W, Jaffe J F. Corporate Finance (7th edition)[M]. New York: McGraw Hill Irwin, 2005. 執(zhí)筆: 審核: 批準(zhǔn): Br

9、ief Introduction Code 12FIN281 Title Principle of Financial Management Course nature Required Semester Hours 48 3 Semester Hour Structure Lecture: 48 Experiment: Computer Lab: Practice: Practice (Week): Assessment Closed book examination, usually results accounted for 50%, the final gra

10、de accounted for 50%. Offered by International Education College Date for Financial Management (Sino-Australian cooperation) Prerequisite Organization and Management, Accounting 1 &2 Course Description: (Times New Roman 五號字，1.5 倍行距) Principle of Financial Management is the compulsory subj

11、ect for the students majored in Financial Management (Sino-Australian cooperation), and it is a basic course for this major. The subject covers a broad range of topics including the theory and practice of investment, financing and dividend decision-making, and the application of a range of analyt

12、ical techniques appropriate to contemporary financial decision making. It provides you with basic knowledge of the theory of finance that will assist you in the evaluation of investment, financing and dividend policies of firms, skills in the identification and analysis of financial problems. Th

13、e main missions of this subject are: (1) Be able to identify, analyse and solve financial problems confronting business enteiprises, particularly problems relating to corporate investment, asset management and financing decisions; (2) Be able to employ analytical techniques, using contemporary el

14、ectronic aids appropriate to financial decision making; (3) Be able to analyse the impact of economic, legal and tax changes on the financial position of the firm; (4) Be able to demonstrate critical evaluation and communication skills relating to the scope, methodology, role, objectives and et

15、hics of financial management within business organisations. 《財務(wù)管理原理》課程教學(xué)大綱 課程編號 12FIN281 課程名稱 財務(wù)管理原理 課程性質(zhì) 必修 學(xué) 時 48 學(xué) 分 3 學(xué)時分配 授課：48 實驗： 上機: 實踐： 實踐（周）： 考核方式 閉卷考試，平時成績占50% ,期末成績占50% O 開課學(xué)院 國際教育學(xué)院 更新時間 適用專業(yè) 財務(wù)管理（中澳合作） 先修課程 組織與管理、會計學(xué)1&2 一、教學(xué)內(nèi)容 CHAPTER 1 The role of finan

16、cial management 1.1 What is financial management? 1.2 Goal of the firm 1.3 Legal forms of business organization 1.4 Ten principles that form the basis for financial management Difficulties: The principles of financial management Key points: The content of financial management CHAPTER 2 The ta

17、x environment 2.1 An introduction to income taxation 2.2 Income tax on companies and shareholders Difficulties: The mechanics of the dividend imputation system Key points: Computing taxable income CHAPTER 3 The Hnancial markets 3.1 What are financial markets? 3.2 Role of financial markets 3.

18、3 Components of Australian financial markets Difficulties: Derivatives Markets Key points: The components of financial markets CHAPTER 4 The time value of money 4.1 Compound interest concepts 4.2 Future value 4.3 Present value 4.4 Making interest rates comparable 4.5 Annuities 4.6 Annuity

19、due 4.7 Perpetuity 4.8 Complex cash flows 4.9 The case of bond valuation Difficulties: The calculation of present value of complex cash flows Key points: The principle of compound interest CHAPTER 7 Working capital management and short term financing 7.1 Working capital 7.2 Managing current

20、assets and liabilities 7.3 The hedging principle and the appropriate level of working capital 7.4 Short-term financing and its cost 7.5 Source of short-term finance Difficulties: The cost of short term financing Key points: The principle of Risk-return trade-off CHAPTER 9 Risk and rates of ret

21、urn 9.1 Rates of return in financial markets 9.2 The effects of inflation on rates of return and the Fisher effect 9.3 The term structure of interest rates 9.4 Measuring return 9.5 Measuring risk 9.6 Risk and diversification 9.7 Measuring market risk 9.8 Measuring a portfolio's beta 9.9 The

22、 expected rate of return and risk of a two-asset portfolio 9.10 The investor's required rate of return Difficulties: The term structure of interest rates Key points: The relationship between risk and rates of return CHAPTER 10 Valuation of bonds and shares 10.1 Definitions of value 10.2 Valua

23、tion: the basic process 10.3 Bond valuation 10.4 Bond valuation 10.5 Preference share valuation 10.6 Valuation of ordinary shares 10.7 Expected rates of return Difficulties: The calculation of yield to maturity Key points: The calculation of the prices of bonds and shares CHAPTER 11 Capital

24、budgeting: concepts and methods 11.1 Finding profitable projects 11.2 Principles for selecting Capital Budgeting Criteria 11.3 Discounted-cash-flow Capital-Budgeting Criteria 11.4 Non-discounted-cash-flow capital-budgeting criteria Difficulties: The calculation of IRR Key points: The principle

25、 of capital budgeting Chapter 12 Capital budgeting: cash-flow identification and project ranking conflicts 12.1 Guidelines for identifying a project's incremental costs and benefits 12.2 Calculation of a project's incremental cash flows 12.3 Capital budgeting: an asset-replacement project 12.4

26、Capital budgeting: a revenue-generating project 12.5 Complications in capital budgeting Difficulties: Options in capital budgeting Key points: The calculation of added cash flows Chapter 13 Risk in capital budgeting 13.1 Risk and the investment decision 13.2 Methods for incoiporating risk into

27、 the required rate of return 13.3 Risk-adjusted discount rate and measurement of a project9s systematic risk 13.5 Other approaches to evaluating risk in capital budgeting Difficulties: Sensitivity analysis Key points: Risk-adjusted return on capital Chapter 14 Cost of capital 14.1 The concept

28、of the cost of capital 14.2 Factors determining the weighted cost of capital 14.3 Assumptions of the weighted cost of capital 14.4 Computing the weighted cost of capital 14.5 Step 1: determining individual costs of capital 14.6 Step 2: determination of capital-structure weights 14.7 Step 3: C

29、omputing and using the weighted cost of capital Difficulties: Calculating a bond yield to maturity (YTM) Key points: Computing the weighted cost of capital Chapter 15 Analysis and impact of leverage 15.1 Business and financial risk 15.2 Break-even analysis 15.3 Operating leverage and financial

30、 leverage 15.4 EBIT-EPS analysis Difficulties: The process to make EBIT-EPS analysis Key points: Computing operating leverage and financial leverage Chapter 16 Planning the firm's financing mix 16.1 Financial structure and capital structure 16.2 Theories of capital structure and shareholder we

31、alth 16.3 Other factors affecting the financing mix 16.4 A glance at actual capital-structure management Difficulties: The relationship between capital structure and shareholder's wealth Key points: Optimal capital structure Chapter 17 Dividend policy and internal Hnancing 17.1 Terminology 17

32、.2 Does dividend policy affect share price? 17.3 What is the correct view of the relationship between dividend policy and share price? 17.4 Dividend policy in practice 17.5 Dividend payment procedures 17.6 Bonus shares and share splits 17.7 Share buybacks Difficulties: The relationship between

33、 dividend policy and shareholder's wealth Key points: Preconditions of dividend policy Chapter 18 Long-term financing 18.1 Bonds 18.2 The cost of bond finance 18.3 Term loans 18.4 Amortization of term loans Difficulties: Amortization of term loans Key points: Preconditions of dividend polic

34、y Chapter 19 Shares and convertible securities 19.1 Equity and other classes of finance 19.2 Ordinary shares 19.3 Preference shares 19.4 Convertible securities Difficulties: The calculations of right issue Key points: The valuation of one right 二、教學(xué)基本要求 CHAPTER 1 The role of financial manag

35、ement At the completion of this part, you should be able to describe what the subject of financial management is about; explain the goal of the firm; compare the various legal forms of business and explain why the company form of business is the most logical choice for a firm that is large or gr

36、owing; explain the ten principles that form the basis for financial management; explain what has led to the era of the multinational corporation. CHAPTER 2 The tax environment At the completion of this part, you should be able to calculate the taxable income and tax payable for Australian indivi

37、dual and company taxes; understand the basic mechanics of the Australian dividend imputation system and the implications for the after-tax wealth of shareholders. CHAPTER 3 The financial markets At the completion of this part, you should be able to define financial markets; understand the role o

38、f financial markets in a developed economy; describe the various component market groups that make up the overall Australian financial markets. CHAPTER 4 The time value of money At the completion of this part, you should be able to explain the mechanics of compounding; determine the future or pr

39、esent value of a sum of money; calculate the annual percentage yield or effective annual rate of interest; define an ordinary annuity and calculate its present and future value;determine the present value of an annuity due; working with perpetuities and annuities, in application such as loan amor

40、tization and bond pricing; determine how bond values change in response to changing interest rates. CHAPTER 7 Working capital management and short term financing At the completion of this part, you should be able to understand the nature and importance of working capital; appreciate the nature o

41、f the risk-return trade-off in managing current assets and current liabilities; explain the hedging principle and the factors that determine the appropriate level of working capital for a firm; understand how to determine the cost of short-term finance; describe the typical sources of short-term

42、finance used by the firm. CHAPTER 9 Risk and rates of return At the completion of this part, you should be able to explain the effects of inflation on rates of return; describe the term structure of interest rates; explain how diversifying investments affects the riskiness and expected rate of r

43、eturn of portfolio or combination of assets; measure the market risk of an individual asset; calculate the expected return and risk of a two-asset portfolio; explain the relationship between an investor's required rate of return on an investment and the riksiness of the investment. CHAPTER 10 Va

44、luation of bonds and shares At the completion of this part, you should be able to give various definitions for the term 'value'; understand how to value bonds, preference shares and ordinary shares; appreciate the concept of an investor's expected rate of return and be able to compute the expecte

45、d rate of return on bonds, preference shares and ordinary shares; explain the relationship between the expected rate of return, the required rate of return and the cost of funds to a firm. CHAPTER 11 Capital budgeting: concepts and methods At the completion of this part, you should be able to un

46、derstand the general principles in selecting capital-budgeting techniques, determine whether a new project should be accepted using discounted-cash-flow criteria or non-discounted-cash-flow criteria; understand the role of taxation in capital budgeting. Chapter 12 Capital budgeting: cash-flow id

47、entification and project ranking conflicts At the completion of this part, you should be able to identify the guidelines by which cash flows are measured; explain how a project's benefits and costs-that is, its incremental cash flows-arecalculated; apply discounted-cash-flow techniques in a typic

48、al 'asset-replacement9 and 6revenue-generating5 projects; understand how the capital-budgeting process changes when there is capital rationing or there are mutually exclusive projects. Chapter 13 Risk in capital budgeting At the completion of this part, you should be able to explain what the app

49、ropriate measure of risk is for capital-budgeting purposes; determine the acceptability of a new project using both the certainty-equivalent and risk-adjusted discount rate methods of adjusting for risk; explain other methods to evaluate risk in capital budgeting. Chapter 14 Cost of capital At

50、the completion of this part, you should be able to understand the basic concepts underlying the cost of capital; understand the key factors influencing a firm9s cost of capital; describe the assumptions generally required to measure and use a firm's weighted cost of capital; calculate the weighte

51、d cost of capital for a company; calculate a project-specific required rate of return as an alternative to the weighted cost of capital. Chapter 15 Analysis and impact of leverage At the completion of this part, you should be able to understand and distinguish between business risk and financial

52、 risk; use break-even analysis; calculate measures of operating leverage, financial leverage and combined leverage; understand and use EBIT-EPS and comparative leverage ratios to analyse a company's capital structure. Chapter 16 Planning the firm's financing mix At the completion of this part, y

53、ou should be able to distinguish between financial structure and capital structure; appreciate the main principles in choosing an appropriate financing mix for a firm; understand three theoretical models that attempt to explain whether and how a company's capital structure influences the value of

54、 its share price; appreciate that agency costs, free cash flow and dividend imputation can affect the financing mix. Chapter 17 Dividend policy and internal flnancing At the completion of this part, you should be able to understand rival theories of the relationship between dividend policy and share price; distinguish between the types of dividend policies used by companies in practice; appreciate the implications of dividend imputation and