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1、财务管理的概念：Concernstheacquisition,financing，andmanagementofassetswithsomeoverallgoalinmind.Investmentdecisions,Financingdecisions,Assetmanagementdecisions。TheGoaloftheFirm：MaximizationofShareholderWealth：Valuecreationoccurswhenwemaximizethesharepriceforcurrentshareholders・公司组织形
2、式：SoleProprietorships：Advantages：Simplicity,Lowsetupcost,Quicksetup,Singletaxfilingonindividualform0Disadvcmtagws：Unlimitedliability,Hardtoraiseadditionalcapital,Transferofownershipdifficulties,Partnerships(generalandlimited)AdvantagestCanbesimple,Lowsetupcost,higherthansole
3、proprietorship,Relativelyquicksetup,LimitedliabilityforlimitedpartnersoDisadvantages：Unlimitedliabilityforthegeneralpartner,Difficulttoraiseadditionalcapital,buteasierthansoleproprietorship,TransferofownershipdifficultiesCorporations:父Limitedliability,Easytransferofownership
4、,Unlimitedlife,Easiertoraiselargequantitiesofcapital。Disadvantages：Doubletaxation,Moredifficulttoestablish,Moreexpensivetosetupandmaintain。5c系统：FiveCsofCredit1Character一willingnesstomeetfinancialobligations2Capacity一abilitytomeetfinancialobligationsoutofoperatingcashflows3Ca
5、pital-financialreserves(储备)4Collateral一assetspledgedassecurity5Conditions-generaleconomicconditionsrelatedtocustomer'sbusinessPBP的4Strengths:1Easytouseandunderstand2Canbeusedasameasureofliquidity3EasiertoforecastSTthanLTflowsWeaknesses:lDoesnotaccountforTVM2Doesnotconsiderca
6、shflowsbeyondthePBP3CutoffperiodissubjectiveIlT的优缺点：Strengths:1AccountsforTVM2Considersallcashflows3LesssubjectivityWeaknesses:1AssumesallcashflowsreinvestedattheIRR2DifficultieswithprojectrankingsandMultipleIRRsNp、的优缺点：Strengths:ICashflowsassumedtobereinvestedatthehurdlerti
7、te.2AccountsforTVM.intheproject3Considersallcashflows.Weaknesses:MaynotineludemanagerialoptionsembeddedPl的优缺点：「Strengths:ISameasNPV2AllovvscomparisonofdifferentscaleprojectsWeaknesses:1SameasNPV2Providesonlyrelativeprofitability3PotentialRankingProblems风险与报酬：Risk:Thevariabil
8、ityof「etumsfromthosethatareexpected・SystematicRiskisthevariabilityofreturno
