财务管理 文本 讲义_财务管理

LECTURE NOTES FOR MANAGING FINANCIAL RESOURCES 财务管理讲义 SAVINGS AND ESTMENT STMENT LAM Instructor: Guo Hait的ng郭海芳 Class: Business &Management (BTEC) Student Name: PRODUCED BY GUOHAIFANG THE DEPARTMENT OFECONOMICSAND MANAGEMENT SHUNDE POLYTECHNIC AEus4,8,2011 顺德肌业技术学院经济管理学院郭海芳编著 1

1 LECTURE NOTES FOR MANAGING FINANCIAL RESOURCES 财务管理讲义 Instructor: Guo Haifang 郭海芳 Class: Business &Management (BTEC) Student Name: PRODUCED BY GUO HAIFANG THE DEPARTMENT OF ECONOMICS AND MANAGEMENT SHUNDE POLYTECHNIC August, 8, 2011 顺德职业技术学院经济管理学院郭海芳编著

Contents Preface PART I SYLLABUS PARTⅡLECTURENOTES CHAPTER ONE SOURCES OF FINANCE. CHAPTER TWO FINANCE ASA RESOURCE CHAPTER THREE FINANCIAL STATEMENTS PARTⅢ Financial Case Study CASE STUDY ONE EVALUATING FINANCIAL PERFORMACE CASE STUDY TWO INVESTMENT APPRAISAL CASE.STUDY THREE BUDGETING CASESTUDY FOUR PRICING DECISIONS PART IV READING MATERIALS

2 Contents Preface PART Ⅰ SYLLABUS PART Ⅱ LECTURE NOTES CHAPTER ONE SOURCES OF FINANCE CHAPTER TWO FINANCE AS A RESOURCE CHAPTER THREE FINANCIAL STATEMENTS PART Ⅲ Financial Case Study CASE STUDY ONE EVALUATING FINANCIAL PERFORMACE CASE STUDY TWO INVESTMENT APPRAISAL CASE STUDY THREE BUDGETING CASE STUDY FOUR PRICING DECISIONS PART Ⅳ READING MATERIALS

财务管理在企业的生产经营过程中起着至关重要的作用，它是企业管理的核心， 它的好坏直接影响着企业的生存、发展与壮大。不论是企业的答者，还是企业的 员工，都应该具备一定的财务管理知识和技能，以使日常的企业活动和决有利于 企业目标的实现，有利于企业价值的增如 财务管理的目标是使企业价值最大化，也就是说财务管理的过程就是企业价位 增值的过程。财务包3个方面的内容：筹资理，即用尽可能低的成木尽可 能少的代价获得企业运行和发展所需的资金：投资管理，即对企业的资金以及资金 的各种形式进行有效的管理，使其发挥最大的经济效益：利润形成和分配管理，包 括收入管理、成本控制、利润分配等内容，以有效的保蹄股东的利益，同时满足金 业长远发展的资金需求。 在财务管理中，我们需要根据财务信息做出有相应决箴，比如为企业或企业的 某一特定项目选择合适的筹资渠道和筹贷方式，确定企业合适的现金持有量、存货 持有量和应收账教政策，运用投资决策方法对企业的投资项月进行评估以透择能为 企业带来最大经济效益的投资项日，对企业的生产经营进行预算以确定企业所需的 资金、生产成本等等，企业产品的定价决策等等。所有这些财务决策都必列围绕企 业的财务管理目标进行 财务管理的理论性与实践性很强。因此，在该讲义里，木人突出了以下3个特 点： 注重理论性和实我性的结合。在道循理论知识“必须、够用”的前提下， 通过项目教学、案例分析、小组讨论、习题、思考愿等多种形式调动学 3

3 序 财务管理在企业的生产经营过程中起着至关重要的作用，它是企业管理的核心， 它的好坏直接影响着企业的生存、发展与壮大。不论是企业的管理者，还是企业的 员工，都应该具备一定的财务管理知识和技能，以使日常的企业活动和决策有利于 企业目标的实现，有利于企业价值的增加。 财务管理的目标是使企业价值最大化，也就是说财务管理的过程就是企业价值 增值的过程。财务管理包涵 3 个方面的内容：筹资管理，即用尽可能低的成本尽可 能少的代价获得企业运行和发展所需的资金；投资管理，即对企业的资金以及资金 的各种形式进行有效的管理，使其发挥最大的经济效益；利润形成和分配管理，包 括收入管理、成本控制、利润分配等内容，以有效的保障股东的利益，同时满足企 业长远发展的资金需求。 在财务管理中，我们需要根据财务信息做出有相应决策，比如为企业或企业的 某一特定项目选择合适的筹资渠道和筹资方式，确定企业合适的现金持有量、存货 持有量和应收账款政策，运用投资决策方法对企业的投资项目进行评估以选择能为 企业带来最大经济效益的投资项目，对企业的生产经营进行预算以确定企业所需的 资金、生产成本等等，企业产品的定价决策等等。所有这些财务决策都必须围绕企 业的财务管理目标进行。 财务管理的理论性与实践性很强。因此，在该讲义里，本人突出了以下 3 个特 点： 1. 注重理论性和实践性的结合。在遵循理论知识“必须、够用”的前提下， 通过项目教学、案例分析、小组讨论、习题、思考题等多种形式调动学

生的积极性和主动性，提高学生的参与性，增强学生的实发技能，丰富 学生的理财经验。 2. 注重国际化视眼和本土化运用相结合。一方面让学生学习国际上通用的 财务管理思想和方法，另方面又让学生举反三，运用所学的知识和 技能来解决一些本土化的案例。 3.课内知识和课外知识相结合。·方而本讲义严格按照BT正C课程大纲进 行编写，保证溢盖B正C课程大钢栽定的所有学习成果和考核指标：牙 一方面本讲义还补充了一些财务管理的课外资科，比如《拱出银行的小 猪》全文，以增加学生的见识，折展学生的思维 总之，财务管理是一门非常重委的学科。在财务管理里获得的知识和技能不仪 对企业的生存、发辰和壮大有很重要的作用，而且对个人的人生有很重要的作用。 随着市场经济的发展，我们个人作为理财的主体，理财知识和技能必然成为我们说 生所必各的知识和技能。因此，我希你们能对误堂所学的财务理知识做到举 反三、触类旁通。将之运用自己的个人理财当中，你必将受益匪浅 顺德职业技术学院：郭海芳 2011年8月1日

4 生的积极性和主动性，提高学生的参与性，增强学生的实践技能，丰富 学生的理财经验。 2. 注重国际化视眼和本土化运用相结合。一方面让学生学习国际上通用的 财务管理思想和方法，另一方面又让学生举一反三，运用所学的知识和 技能来解决一些本土化的案例。 3. 课内知识和课外知识相结合。一方面本讲义严格按照 BTEC 课程大纲进 行编写，保证涵盖 BTEC 课程大纲规定的所有学习成果和考核指标；另 一方面本讲义还补充了一些财务管理的课外资料，比如《拱出银行的小 猪》全文，以增加学生的见识，拓展学生的思维。 总之，财务管理是一门非常重要的学科。在财务管理里获得的知识和技能不仅 对企业的生存、发展和壮大有很重要的作用，而且对个人的人生有很重要的作用。 随着市场经济的发展，我们个人作为理财的主体，理财知识和技能必然成为我们谋 生所必备的知识和技能。因此，我希望你们能对课堂所学的财务管理知识做到举一 反三、触类旁通，将之运用自己的个人理财当中，你们必将受益匪浅！ 顺德职业技术学院： 郭海芳 2011 年 8 月 1 日

PART I SYLLABUS -Provided by BTEC (4 learning hours》 Unit value:1 Unit kevel:HI Unit code:21452P @126.c0四 00.531632525 Tutorial Date of fin to in willcan budg Summary of outsomes学习成果 ,Identify the sources of finance(筹资渠道)available to businesses 2 Explain the use of finanee as a resource(财务资源)withn the busines 3.Analyz心the financial performance(财务业绩)ofbusinesses 4.Make financial decisions(财务决策)basedfnini available

5 PART Ⅰ SYLLABUS --- Provided by BTEC （4 learning hours） Unit value: 1 Unit level: H1 Unit code: 21452P Instructor: Mrs. Guo Haifang Telephone: 13192669107 E-mail: pghfsds@126.com QQ: 531632525 Tutorial Date： Description of unit课程描述 The unit is designed to give the student an understanding of the management of finance within a business organization. Students will look at the sources of finance and learn how to interpret and use financial information for decision-making purposes. They will learn basic financial techniques used for making decisions in relation to costing and budgeting, pricing and investments. Summary of outcomes学习成果 To achieve this unit a student must: 1. Identify the sources of finance （筹资渠道） available to businesses 2. Explain the use of finance as a resource （财务资源） within the business 3. Analyze the financial performance （财务业绩）of businesses 4. Make financial decisions （财务决策） based on financial information available

Contents救学内容 1 Sources of finance资金来源 Sources of finance:major sources of finance for all types of businesses-retained profits (留存收益)，loas(贷款)，investment by ouside parties(外部人投资)，shares(股 份)，hire purchse(分期付款购买)andese schemes(租货计划)，creditors(债 权人)，debt factoring(保理业务)working capital(营运货金) Chooince offinance thedaddsoeof differen sourffnsutability ofdifferentor offfordffert purposes imporanc ofmanoffundswithonprojt imphcanons:the implications of different types of finance for a business,legal and financial concemns.ownership of assets (purchased,implications of failing to repay borrowed money or paying interest 2 Finance as#resource资金管瑶 the costs of different typesof tothe business.opportunity cos (机会成本)of investing money in specific projects,tax implications of different types of finance flow withina appropriate funds to projects/investments,impl nce and fin on-making AsesamdlabMhaesrdife ）owned by the busines note: (现金流量表) canital/efficion i0s(营运俊力指标)

6 Content教学内容 1 Sources of finance资金来源 Sources of finance: major sources of finance for all types of businesses – retained profits （留存收益）, loans（贷款）, investment by outside parties（外部人投资）, shares（股 份）, hire purchase（分期付款购买） and lease schemes（租赁计划）, creditors（债 权人）, debt factoring（保理业务）, working capital（营运资金） Choosing a source of finance: the advantages and disadvantages to a business of different sources of finance; suitability of different sources of finance for different purposes, importance of matching of long-/short-term funds with long-/short-term projects Implications: the implications of different types of finance for a business, legal and financial concerns, ownership of assets（资产） purchased, implications of failing to repay borrowed money or paying interest 2 Finance as a resource资金管理 Cost of finance: the costs of different types of finance to the business, opportunity costs （机会成本）of investing money in specific projects, tax implications of different types of finance Flow of finance: importance of finance flow within a business, matching appropriate funds to projects/investments, implications of interruptions in funding/finance flow Decision-making: the importance of finance and financial information to decision-making within the business, the type of information required by different decision makers Assets and liabilities: different types of asset and liability（负债）owned by the business, how assets and liabilities arise for the business, how finance appears on the balance sheet （资产负债表） 3 Financial performance财务业绩 Financial statements（财务报表）: the basic structure of main financial statements of a business, purpose of different financial statements, the interpretation of financial statements of different types of business, (note: students are not required here to be able to construct the financial statements), main financial statements – profit and loss account （损益表）, balance sheet, notes to the accounts（会计报表附注）, cash flow statements （现金流量表） Analysing performance using accounting ratios（财务指标）: profitability ratios（获利 指标）, liquidity ratios（流动指标）, working capital/efficiency ratios（营运能力指标）

investment ratios(投资指标) Comparisons benveen fnancial statements:to market,other companies,industry standards 4 Financial decisions财务决策 Costing and hudgeting (decisions:analysis of costs.monitoring budgels and cash flow Pricing decisiopmumsenp(较优售价法)，cost-plus pricng(成本加成法) sensitivity analysis(敏感分折】 andprjecpprbasic underanding of apprasahniqus benefit analysis,net present value(净现值)，payback(回收期)，intemalrate of retum (内部收益率)，ccountin%rale of retur〔会计收益率) Chapter学习章拉 1.Sourccs of finance 1.1 Sources of Finance 12 Choosing asoure of finance 2.Finance as a resource 22 Flow offinanc 2 3 Dec Asscts and Lia al pe 31F ting alystofcoet

7 investment ratios（投资指标） Comparisons between financial statements: to market, other companies, industry standards 4 Financial decisions财务决策 Costing and budgeting（预算） decisions: analysis of costs, monitoring budgets and cash flow Pricing decisions: optimum selling price（最优售价法）, cost-plus pricing（成本加成法）, sensitivity analysis（敏感分析） Investment and project appraisal: basic understanding of appraisal techniques, cost benefit analysis, net present value（净现值）, payback（回收期）, internal rate of return （内部收益率）, accounting rate of return（会计收益率） Chapter学习章节 1. Sources of finance 1.1 Sources of Finance 1.2 Choosing a source of finance 1.3 Implications 2. Finance as a resource 2.1 Cost of finance 2.2 Flow of finance 2.3 Decision-making 2.4 Assets and Liabilities 3. Evaluating financial performance 3.1 Financial Statements 3.2 Analysing performance using accounting ratios 4. Making Financial Decisions 4.1 Analysis of costs 4.2 Budgets 4.3 Pricing decisions 4.4 Investment and project appraisal

Outcom5 and assessment criteria学习成果和考核标准 To achieve cach outcome astudent must demonstrate the ability to: 1 Identify the sources of finance available to businesses (la)identify the major sources of finance for a business (1b)select appropriate sources of finance for a business project (lc)assess the implications of different sources of finance 2Explain theuse of finasresouwithin the business (2a)assess the cost of different types of finance for the business (2b)explain the importanc ofthe flow offinancial ou (2c)explain the importance and use of financial information for decision-making ourposes (2d)define the different types of assets and liabilities owned by the business 3Analyse the fiancial performanee of businesses (3a)explain the main fi ial statements,their purpose and us (3b)analyse financial performance using relevant accounting ratios industry standards sionsbascdonfinancialinfonmationavalable investment and project apprai ss the viability 学习感果证明 nts will need ty of busine must sho tha er all the

8 Outcomes and assessment criteria学习成果和考核标准 To achieve each outcome a student must demonstrate the ability to: 1 Identify the sources of finance available to businesses (1a) identify the major sources of finance for a business (1b) select appropriate sources of finance for a business project (1c) assess the implications of different sources of finance. 2 Explain the use of finance as a resource within the business (2a) assess the cost of different types of finance for the business (2b) explain the importance of the flow of financial resources (2c) explain the importance and use of financial information for decision-making purposes (2d) define the different types of assets and liabilities owned by the business. 3 Analyse the financial performance of businesses (3a) explain the main financial statements, their purpose and use (3b) analyse financial performance using relevant accounting ratios (3c) make comparisons between two different businesses and compare their results to industry standards. 4 Make financial decisions based on financial information available (4a) make decisions related to costs and budgeting based on management information available (4b) make appropriate pricing decisions for the business (4c)use investment and project appraisal techniques to assess the viability of a project. Generating evidence学习成果证明 Evidence of outcomes may be in the form of assignments, investigations of specific business organisations or case studies. Students will need to analyse financial statements from a variety of business organisations to assess performance. Students must show that they can carry out accurate calculations for investment and project appraisal. In this unit, the students are required to finish three assignments, which cover all the

required learning outcomes (sce part N) Li加ks课程衔接送系 The unit forms the basis of the Higher National finance pathway linking with the othe finance units:'Management Accounting'(Unit 9).'Financial Systems and Auditing (Unit 10)'Financial Reporting'(Unit 11)and Taxation'(Unit 12) The unit also links with'Marketing'(Unit 1)and 'Organizations,Competition and EnvironmentUnit 4). The unit covers some of the underpinning knowledge and understanding for the following units of the NVQin Accounting a leve: Unit 7:Contributing to the management of costs and enhancement of value Unit Contnbuting to the planning and allocation ofesours. Thenivefn topicqrdforsuenwishng tomakein this field and wishing to gain membership of one of the professional accounting bodics This unit offers for demonstrating Common Skills in Managing Tasks and Solving Problems and Applying Numeracy Deliverv教学方法 ing They will need to gain an ced to be ab le to car n of financial statements Students are no ofnslrclon:lecture,udenmtresponx Center,and assistan fierenty-d you may nave,any t ng m

9 required learning outcomes (see part Ⅳ). Links课程衔接关系 The unit forms the basis of the Higher National finance pathway linking with the other finance units: ‘Management Accounting’ (Unit 9), ‘Financial Systems and Auditing’ (Unit 10), ‘Financial Reporting’ (Unit 11) and ‘Taxation’ (Unit 12). The unit also links with ‘Marketing’ (Unit 1) and ‘Organizations, Competition and Environment’ (Unit 4). The unit covers some of the underpinning knowledge and understanding for the following units of the NVQ in Accounting at level 4:  Unit 7: Contributing to the management of costs and enhancement of value  Unit 8: Contributing to the planning and allocation of resources. The unit covers financial topics required for students wishing to make a career in this field and wishing to gain membership of one of the professional accounting bodies. This unit offers opportunities for demonstrating Common Skills in Managing Tasks and Solving Problems and Applying Numeracy. Delivery教学方法 Students should be exposed to a variety of case studies to gain coverage of different aspects of financial resources and decision-making. They will need to gain an understanding of the structure of financial statements and their purpose and uses, and will need to be able to carry out basic interpretation of financial statements. Students are not required, in this unit, to actually construct financial statements. The instructor will utilize the following methods of instruction: lecture, student responses to class activities, self-evaluation by students of their assignments, group discussion, financial DVD's and videos available in the Learning Resource Center, and assistance with the use of computers. Differently-abled students: If you have, or suspect you may have, any type of disability or learning problem that may require extra assistance or special accommodations, please speak to me privately after class or during my office hours as soon as possible so I can help you obtain any assistance you may need to successfully complete this course

数等方法项日导向、任务墨动 以资金的蒋集、投成、分配和迟出为主线，谈如何侧立并经普企业 点是款争大玩氨、美金的等集道等来方式造条、对带来宾金的装工 3) 道的透邦和管理（流动资金的投迹和管理、固定产的投查和管班 、成本、利管理，包括财务预算和财务评价等。 ,学生还必须进行广泛的课外阀读和练习，并且在条 f public limited c panies in UK can be obtained ompany outhe fina ial a yalso publish information on the Intemnet.Such as hp:Aoww.entist.comhiMa hp:ew限cif.com.cn (China The financial press can be a useful source of information.case stud ies and performance figures as well as share nrices ete Companies such as Video Arts produce a variety of videos which may be useful in covering financial topics World Wide web sites can be useful in provi ine information and case studies (ea p:/ww.bized ac which provides business case studies appropriale for educational purposes) Suggested reading BTEC推荐的书籍

10 教学方法：项目导向、任务驱动 项目： 以资金的筹集、投放、分配和退出为主线，谈如何创立并经营企业。 任务： （1）选择项目和组建公司：项目的选择标准、公司的组织形式、财务管理部门的架构和职 责等。 （2）筹集资金：资金需求量预测、资金的筹集渠道和筹集方式选择、对筹集资金的管理（重 点是资金结构和风险防范）。 （3）投放资金：投资渠道的选择和管理（流动资金的投资和管理、固定资产的投资和管理 等）、投资决策分析评价等。 （4）业绩管理：收入、成本、利润管理，包括财务预算和财务评价等。 Resources学习资源 【教师提示：课堂学习获取的是必须的、精华的内容，但是这是有限的。为了能更 加深入和全面的掌握所需知识，学生还必须进行广泛的课外阅读和练习，并且在条 件允许的情况下进行实践。】 Copies of published financial reports of public limited companies in UK can be obtained by contacting the company direct or through the financial accounts service provided by the Financial Times. Many companies now also publish information on the Internet. Such as,  http://www.reuters.com (USA)  http://news.ft.com/home/uk (UK)  http://www.cfi.net.cn/ (China)  http://www.cnlist.com (China)  http://www.cninfo.com.cn (China)  http://www.p5w.net (China) The financial press can be a useful source of information, case studies and performance figures as well as share prices etc. Companies such as Video Arts produce a variety of videos which may be useful in covering financial topics. World Wide Web sites can be useful in providing information and case studies (eg http://www.bized.ac.uk which provides business case studies appropriate for educational purposes). Suggested reading BTEC推荐的书籍：