財務(wù)管理原理課程介紹與教學(xué)大綱

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; appreciate the procedures that a company followsin the payment of dividends.Chapter 18 Long-term financingAt 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;determine the effect of non-interest charges on the cost of a loan; describe other forms of debt, suchas leases and 'hire-purchase'.Chapter 19 Shares and convertible securitiesAt the completion of this part, you should be able to understand the distinction between equity,debt and hybrid capital 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 beable to calculate the value of rights; explain the basic features and terminology of preference sharesand convertible securities.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1222113114447229441044114412441322144415441622174418221944總計4848四、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. Corporate 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: McGrawHill Irwin, 2005.執(zhí)筆:審核:批準(zhǔn):Brief IntroductionCode12FIN281TitlePrinciple of Financial ManagementCourse natureRequiredSemester Hours 483Semester HourStructureLecture: 48Experiment:Computer Lab:Practice:Practice (Week):AssessmentClosed book examination, usually results accounted for 50%, the finalgrade accounted for 50%.Offered byInternational Education CollegeDateforFinancial Management (Sino-Australian cooperation)PrerequisiteOrganization and Management, Accounting 1 &2Course Description:(Times New Roman 五號字，1.5 倍行距)Principle of Financial Management is the compulsory subject for the students majored inFinancial Management (Sino-Australian cooperation), and it is a basic course for this major. Thesubject covers a broad range of topics including the theory and practice of investment, financingand dividend decision-making, and the application of a range of analytical techniques appropriateto contemporary financial decision making. It provides you with basic knowledge of the theoryof finance that will assist you in the evaluation of investment, financing and dividend policies offirms, skills in the identification and analysis of financial problems.The 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 electronic aids appropriateto financial decision making;(3) Be able to analyse the impact of economic, legal and tax changes on the financial positionof the firm;(4) Be able to demonstrate critical evaluation and communication skills relating to the scope,methodology, role, objectives and ethics 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 financial management1.1 What is financial management?1.2 Goal of the firm1.3 Legal forms of business organization1.4 Ten principles that form the basis for financial managementDifficulties: The principles of financial managementKey points: The content of financial managementCHAPTER 2 The tax environment2.1 An introduction to income taxation2.2 Income tax on companies and shareholdersDifficulties: The mechanics of the dividend imputation systemKey points: Computing taxable incomeCHAPTER 3 The Hnancial markets3.1 What are financial markets?3.2 Role of financial markets3.3 Components of Australian financial marketsDifficulties: Derivatives MarketsKey points: The components of financial marketsCHAPTER 4 The time value of money4.1 Compound interest concepts4.2 Future value4.3 Present value4.4 Making interest rates comparable4.5 Annuities4.6 Annuity due4.7 Perpetuity4.8 Complex cash flows4.9 The case of bond valuationDifficulties: The calculation of present value of complex cash flowsKey points: The principle of compound interestCHAPTER 7 Working capital management and short term financing7.1 Working capital7.2 Managing current assets and liabilities7.3 The hedging principle and the appropriate level of working capital7.4 Short-term financing and its cost7.5 Source of short-term financeDifficulties: The cost of short term financingKey points: The principle of Risk-return trade-offCHAPTER 9 Risk and rates of return9.1 Rates of return in financial markets9.2 The effects of inflation on rates of return and the Fisher effect9.3 The term structure of interest rates9.4 Measuring return9.5 Measuring risk9.6 Risk and diversification9.7 Measuring market risk9.8 Measuring a portfolio's beta9.9 The expected rate of return and risk of a two-asset portfolio9.10 The investor's required rate of returnDifficulties: The term structure of interest ratesKey points: The relationship between risk and rates of returnCHAPTER 10 Valuation of bonds and shares10.1 Definitions of value10.2 Valuation: the basic process10.3 Bond valuation10.4 Bond valuation10.5 Preference share valuation10.6 Valuation of ordinary shares10.7 Expected rates of returnDifficulties: The calculation of yield to maturityKey points: The calculation of the prices of bonds and sharesCHAPTER 11 Capital budgeting: concepts and methods11.1 Finding profitable projects11.2 Principles for selecting Capital Budgeting Criteria11.3 Discounted-cash-flow Capital-Budgeting Criteria11.4 Non-discounted-cash-flow capital-budgeting criteriaDifficulties: The calculation of IRRKey points: The principle of capital budgetingChapter 12 Capital budgeting: cash-flow identification and project ranking conflicts12.1 Guidelines for identifying a project's incremental costs and benefits12.2 Calculation of a project's incremental cash flows12.3 Capital budgeting: an asset-replacement project12.4 Capital budgeting: a revenue-generating project12.5 Complications in capital budgetingDifficulties: Options in capital budgetingKey points: The calculation of added cash flowsChapter 13 Risk in capital budgeting13.1 Risk and the investment decision13.2 Methods for incoiporating risk into the required rate of return13.3 Risk-adjusted discount rate and measurement of a project9s systematic risk13.5 Other approaches to evaluating risk in capital budgetingDifficulties: Sensitivity analysisKey points: Risk-adjusted return on capitalChapter 14 Cost of capital14.1 The concept of the cost of capital14.2 Factors determining the weighted cost of capital14.3 Assumptions of the weighted cost of capital14.4 Computing the weighted cost of capital14.5 Step 1: determining individual costs of capital14.6 Step 2: determination of capital-structure weights14.7 Step 3: Computing and using the weighted cost of capitalDifficulties: Calculating a bond yield to maturity (YTM)Key points: Computing the weighted cost of capitalChapter 15 Analysis and impact of leverage15.1 Business and financial risk15.2 Break-even analysis15.3 Operating leverage and financial leverage15.4 EBIT-EPS analysisDifficulties: The process to make EBIT-EPS analysisKey points: Computing operating leverage and financial leverageChapter 16 Planning the firm's financing mix16.1 Financial structure and capital structure16.2 Theories of capital structure and shareholder wealth16.3 Other factors affecting the financing mix16.4 A glance at actual capital-structure managementDifficulties: The relationship between capital structure and shareholder's wealthKey points: Optimal capital structureChapter 17 Dividend policy and internal Hnancing17.1 Terminology17.2 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 practice17.5 Dividend payment procedures17.6 Bonus shares and share splits17.7 Share buybacksDifficulties: The relationship between dividend policy and shareholder's wealthKey points: Preconditions of dividend policyChapter 18 Long-term financing18.1 Bonds18.2 The cost of bond finance18.3 Term loans18.4 Amortization of term loansDifficulties: Amortization of term loansKey points: Preconditions of dividend policyChapter 19 Shares and convertible securities19.1 Equity and other classes of finance19.2 Ordinary shares19.3 Preference shares19.4 Convertible securitiesDifficulties: The calculations of right issueKey points: The valuation of one right二、教學(xué)基本要求CHAPTER 1 The role of financial managementAt the completion of this part, you should be able to describe what the subject of financialmanagement is about; explain the goal of the firm; compare the various legal forms of business andexplain why the company form of business is the most logical choice for a firm that is large orgrowing; explain the ten principles that form the basis for financial management; explain what hasled to the era of the multinational corporation.CHAPTER 2 The tax environmentAt the completion of this part, you should be able to calculate the taxable income and taxpayable for Australian individual and company taxes; understand the basic mechanics of theAustralian dividend imputation system and the implications for the after-tax wealth of shareholders.CHAPTER 3 The financial marketsAt the completion of this part, you should be able to define financial markets; understand therole of financial markets in a developed economy; describe the various component market groupsthat make up the overall Australian financial markets.CHAPTER 4 The time value of moneyAt the completion of this part, you should be able to explain the mechanics of compounding;determine the future or present value of a sum of money; calculate the annual percentage yield oreffective 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, inapplication such as loan amortization and bond pricing; determine how bond values change inresponse to changing interest rates.CHAPTER 7 Working capital management and short term financingAt the completion of this part, you should be able to understand the nature and importance ofworking capital; appreciate the nature of the risk-return trade-off in managing current assets andcurrent liabilities; explain the hedging principle and the factors that determine the appropriate levelof working capital for a firm; understand how to determine the cost of short-term finance; describethe typical sources of short-term finance used by the firm.CHAPTER 9 Risk and rates of returnAt the completion of this part, you should be able to explain the effects of inflation on rates ofreturn; describe the term structure of interest rates; explain how diversifying investments affects theriskiness and expected rate of return of portfolio or combination of assets; measure the market riskof an individual asset; calculate the expected return and risk of a two-asset portfolio; explain therelationship between an investor's required rate of return on an investment and the riksiness of theinvestment.CHAPTER 10 Valuation of bonds and sharesAt 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 theconcept of an investor's expected rate of return and be able to compute the expected rate of return onbonds, preference shares and ordinary shares; explain the relationship between the expected rate ofreturn, the required rate of return and the cost of funds to a firm.CHAPTER 11 Capital budgeting: concepts and methodsAt the completion of this part, you should be able to understand the general principles inselecting capital-budgeting techniques, determine whether a new project should be accepted usingdiscounted-cash-flow criteria or non-discounted-cash-flow criteria; understand the role of taxationin capital budgeting.Chapter 12 Capital budgeting: cash-flow identification and project ranking conflictsAt the completion of this part, you should be able to identify the guidelines by which cashflows are measured; explain how a project's benefits and costs-that is, its incremental cash flows-arecalculated; apply discounted-cash-flow techniques in a typical 'asset-replacement9 and6revenue-generating5 projects; understand how the capital-budgeting process changes when there iscapital rationing or there are mutually exclusive projects.Chapter 13 Risk in capital budgetingAt the completion of this part, you should be able to explain what the appropriate measure ofrisk is for capital-budgeting purposes; determine the acceptability of a new project using both thecertainty-equivalent and risk-adjusted discount rate methods of adjusting for risk; explain othermethods to evaluate risk in capital budgeting.Chapter 14 Cost of capitalAt the completion of this part, you should be able to understand the basic concepts underlyingthe cost of capital; understand the key factors influencing a firm9s cost of capital; describe theassumptions generally required to measure and use a firm's weighted cost of capital; calculate theweighted cost of capital for a company; calculate a project-specific required rate of return as analternative to the weighted cost of capital.Chapter 15 Analysis and impact of leverageAt the completion of this part, you should be able to understand and distinguish betweenbusiness risk and financial risk; use break-even analysis; calculate measures of operating leverage,financial leverage and combined leverage; understand and use EBIT-EPS and comparative leverageratios to analyse a company's capital structure.Chapter 16 Planning the firm's financing mixAt the completion of this part, you should be able to distinguish between financial structure andcapital 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 capitalstructure influences the value of its share price; appreciate that agency costs, free cash flow anddividend imputation can affect the financing mix.Chapter 17 Dividend policy and internal flnancingAt the completion of this part, you should be able to understand rival theories of therelationship between dividend policy and share price; distinguish between the types of dividendpolicies used by companies in practice; appreciate the implications of dividend imputation and