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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1ThebasictypesoffinancialmanagementdecisionsandtheINTRODUCTIONroleofthefinancialmanager.LO2Thegoaloffinancialmanagement.LO3ThefinancialimplicationsoftheTOCORPORATEdifferentformsofbusiness1organization.LO4Theconflictso
2、finterestthatcanFINANCEarisebetweenmanagersandowners.COMPENSATIONOFCORPORATEEXECU-itdoesnotpermitshareholderstovetoacompensa-TIVESintheUnitedStatescontinuestobeahottionpackageanddoesnotplacelimitsonexecutivebuttonissue.ItiswidelyviewedthatCEOpayhaspay.Somecompanieshadactuallya
3、lreadybegungrowntoexorbitantlevels(atleastinsomecases).Ininitiativestoallowshareholdersasayonpaybeforeresponse,inApril2007,theU.S.HouseofRepresen-Congressgotinvolved.OnMay5,2008,Aflac,thetativespassedthe“SayonPay”bill.Thebillrequiresinsurancecompanywiththewell-known“spokes-corp
4、orationstoallowanonbindingshareholdervoteduck,”heldthefirstshareholdervoteonexecutiveonexecutivepay.(NotethatbecausethebillappliespayintheU.S.tocorporations,itdoesnotgivevotersa“sayonpay”UnderstandinghowacorporationsetsexecutiveforU.S.Representatives.)pay,andtheroleofshareholde
5、rsinthatprocess,Specifically,themeasureallowsshareholderstakesusintoissuesinvolvingthecorporateformoftoapproveordisapproveacompany’sexecutiveorganization,corporategoals,andcorporatecontrol,compensationplans.Becausethebillisnonbinding,allofwhichwecoverinthischapter.Mastertheabil
6、itytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Tobeginourstudyofmoderncorporatefinanceandfinancialmanagement,weneedtoaddresstwocentralissues.First,OverviewofCorporateFinancePART1whatiscorporatefinanceandwhatistheroleofthefin
7、ancialmanagerinthecorporation?Second,whatisthegoaloffinancialmanagement?Todescribethefinancialmanagementenvironment,weconsiderthecorporateformoforganizationanddiscusssomeconflictsthatcanarisewithinthecorporation.WealsotakeabrieflookatfinancialmarketsintheUnitedStates.1rros46128_ch
8、01.indd1os46128_ch01.indd111/15/095:30:38PM/15/095:30:38PM2PA
