财务管理财务管理第一章财务管理的基本概念第一节财务管理内容一、定义二、企业财务活动三、企业财务关系四、财务管理的基本理论四、财务管理的基本理论第二节财务管理目标一、企业目标二、财务管理目标2.股东财富最大化、公司股票价格最高化3.企业价值最大化报酬与利润基本财务原理财务管理与价值创造三、财务管理基础的十项基本原则三、财务管理基础的十项基本原则四、委托代理问题第三节财务管理环境第三节财务管理环境第二章财务管理的价值观念第一节货币的时间价值三、年金三、年金四、不同复利间隔期利率的转换五、复利和折现的实际应用五、复利和折现的实际应用习题第二节风险和报酬理论基础行为经济学（心理学）前景理论的基本原理发布消息的四个原则风险偏好What’sYourRiskTolerance2.Nowlookatthepreviousquestionanotherway.Yourinvestmentfell20percent,butit’spartofaportfoliobeingusedtomeetinvestmentgoalswiththreedifferenttimehorizons.2A.Whatwouldyoudoifthegoalwerefiveyearsaway?2B.Whatwouldyoudoifthegoalwere15yearsaway?2C.Whatwouldyoudoifthegoalwere30yearsaway?a.Sellb.Donothingc.Buymore3.Thepriceofyourretirementinvestmentjumps25%amonthafteryoubuyit.Again,thefundamentalshaven’tchanged.Afteryoufinishgloating,whatdoyoudo?a.Sellitandlockinyourgainsb.Stayputandhopeformoregainc.Buymore;itcouldgohigher4.You’reinvestingforretirement,whichis15yearsaway.Whichwouldyouratherdo?a.Investinamoney-marketfundorguaranteedinvestmentcontract,givingupthepossibilityofmajorgains,butvirtuallyassuringthesafetyofyourprincipalb.Investina50-50mixofbondfundsandstockfunds.inhopesofgettingsomegrowth,butalsogivingyourselfsomeprotectionintheformofsteadyincomec.Investinaggressivegrowthmutualfundswhosevaluewillprobablyfluctuatesignificantlyduringtheyear,buthavethepotentialforimpressivegainsoverfiveor10years5.Youjustwonabigprize!Butwhichone?It’suptoyou.a.$2,000incashb.A50%chancetowin$5,000c.A20%chancetowin$15,0006.Agoodinvestmentopportunityjustcamealong.Butyouhavetoborrowmoneytogetit.Wouldyoutakeoutaloan?a.Definitelynotb.Perhapsc.Yes7.Yourcompanyissellingstocktoitsemployees.Inthreeyears,managementplanstotakethecompanypublic.Untilthen,youwon’tbeabletosellyoursharesandyouwillgetnodividends.Butyourinvestmentcouldmultiplyasmuchas10timeswhenthecompanygoespublic.Howmuchmoneywouldyouinvest?a.Noneb.Twomonths’salaryc.Fourmonths’salaryScoringYourRiskTolerance一、风险及其类别二、风险的衡量三、风险和报酬的关系四、投资组合的风险报酬系统风险和特殊风险五、资本资产定价模型ß系数通货膨胀与证券报酬风险回避与证券报酬第三节利息率利率第三章