Jo K.Shim and Joel G.Siegel, Financial Management 2nd ed., Barron's Educational:2000
company goals usually include 1)stock holder wealth maximization, 2) profit maximization, 3)managerial reward maximization, 4) behaviour goals, 5)social responsibility traditional goal -profit maximization not sufficient for most companies today 利潤最大化は今日の企業の目標として十分ではない。
disadvantage of profit maximization 利潤最大化の欠点
1)emphasizes the short term 2)ignores risk or uncertainty 3)ignores the timing of returns 4)requires immediate resources 1)短期主義の強調 2)リスクや不確実性を無視 ３）収益時期の無視 4)現在の資源に依存
disadvantage of stockholder wealth maximization 株主の富の最大化の問題
1)offers no clear relationship between financial decisions and stock price 2)can lead to management anxiety and frustration １）財務の決定と株価との間に明確な関係が存在しないこと ２）経営陣に不安や苛立ちを導きやすいこと
what do financial managers do? 財務責任者はなにをするべきか？
1)financial analysis and planning(determining the amount of funds the company needs 2)making investment decisions (allocating funds to specific assets)3)making financing and capital structure decisions(raising funds on favorable terms) 4)managing financial resources(dividend policy;manner of financing) １）必要資金の分析と計画 ２）投資あるいは投資配分の決定 ３）資金調達そして資本構造の決定 ４）配当政策や資金調達の仕方など金融資源の管理
basic forms of business organization
sole proprietorship:unlimited liability for the owner, limited life, limited ability to raise money
partnership:unlimited liability for the individual partnership, limited life,limited ability ro raise money
Sub-chapter S Corporation:can not have more than 75 shareholders, owners must be individuals, estates ,or certain qualified trusts, shareholders cannot be nonresident foreigners, have just one class of stock,enjoying the other advantage of the corporate form
limited liability company(LLC)
the balance sheet is a snapshot, the income statement is a motion picture
revenue 収入と経費
CGS cost of goods sold includes inventory
OE operating expenses SE+GAE
SE selling expenses
GAE general and administrative expenses
NOE non-operating expenses like interest expense
asset 資産
current asset within one year or the normal operating cycle year of the business
long term investment
PPE property, plant, an equipment often called fixed assets
intangible assets 無形資産
deferred charges 買掛債務
stockholder's equity
capital stock/paid in capital(received over par value)/retained earnings
経営分析に使う比率
liquidity ratios 流動性比率
current ratio/quick ratio
asset utilization ratios 資産活動比率 各種回転率
accounts receivable turnover/average collection period(ALP)
inventory turnover/average age of inventory(AAI)
operating cycle=ALP+AAI
total asset turnover
solvency ratios 健全性比率
debt ratio
debt equity ratio
times interest earned
profitability ratios 収益性比率
gross profit ratio
profit margin
return on total assets
market value ratios 市場評価比率
EPS 1株当たり利益
price/earnings ratio or P/E ratio 株価収益率
price/book value
dividend yield
financial forecasting 財務上の目標数値
external funds needed = required increase in assets - spontaneous increase in liabilities - increase in retained earnings
＝ projected total assets - (projected total liabilities + projected equity)
expected production volume = planned sales + desired ending inventory - beginning inventory
return on investment : ROI 投資収益率 デユポン式
Du Pont formula ROI=net profit margin × total asset turnover
ROA=(R/Ｓ)×（Ｓ/A）
return on equity:ROE 株主資本利益率あるいは己資本利益率
modified Du Pont formula ROE= ROI × equity multiplier
ROE=(R/Ｓ)×（Ｓ/A）×（Ａ/E）
financial leverage is measured by the equiy multiplier（Ａ/E）
time value of money
compounding/annuity/discount rate
present value of a perpetuity=receipt/discount rate
holding period return=(current income + capital gain or loss)/purchase price
arithmetic return
geometric return(=compounded rate of return)
risk and return trade-off
measuring risk: standard deviation
coefficient of variation
capital asset pricing model（ＣＡＰＭ） 投資する側から見ている。
unsystematic risk(business risk, liquidity risk, default risk ) controlled through diversification
systematic risk(purchasing power, interest risk, market risk) measured by beta, non diversifiable, non controllable システマテックリスク
beta measures a security 's volatility relative to an average security
expected return=risk free rate + beta× market risk premium
= cost of equity capital
Gordon model P=D/(r-g)
break even point(S*)
S*=VC+FC
px=vx + FC
x=FC/(p-v)
損益分岐点販売量＝固定費用／（単位当たり費用価格ー単位当たり可変費用）
operating leverage 営業（業務）レバレッジ＝限界利益/営業利益
この数値は売上の中の固定費用の多さを反映する
固定費用水準が高いと利益がでにくい
financial leverage 財務レバレッジ(A/E)
この数値は資産の中の負債の多さを反映する
