《F9财务管理》课程教学大纲 一、课程基本信息 课程代码：16014703 课程名称：下9财务管理 英文名称：Financial Management 课程类别：专业课 学时：48 分：3 适用对象：国际会计(ACCA)创新实验区本科生 考核方式：考试 先修课程：F3财务会计、F7财务报告 二、课程简介 本课程主要让学生掌握企业财务管理的基本理论、基本概念和基本方法：熟悉营运资本项目 管理、投资管理、收入和利润管理的相关知识：掌握财务预算、财务控制和财务分析的能力： 熟悉金融市场：树立现代财务管理的基本观念，具有从事经济管理所必须的财务管理业务 知识和工作能力。 英文简介 This course is to let students master the basic theory of enterprise financial management, the basic concepts and basic methods,knowledge of working capital management,project investment management,revenue and profit management;grasp the financial budget, financial control and financial analysis skills Students should be familiar with financial market.establish the basic concept of modern financial management and has the knowledge and work ability in financial management of business. 三、课程性质与教学目的 本课程为专业必修课。通过本课程的学习，使学生明确财务管理的含义，目标 和特点，认识做好财务管理工作对于促进生产经营、提高经济效益的重要意义：理 解财务管理的基本内容，懂得各种财务活动的联系以及财务活动同其他经济活动的 联系；在系统掌握财务管理的基本理论和基本知识的基础上，熟练掌握财务管理的 各种业务方法，具有一定的财务分析和解决财务管理问题的能力，为经营决策服 务，并为学习其他课程打下良好的基础。 四、教学内容及要求 第一模块Financial management function (一)目的与要求
《F9 财务管理》课程教学大纲 一、课程基本信息 课程代码：16014703 课程名称：F9 财务管理 英文名称：Financial Management 课程类别：专业课 学 时：48 学 分：3 适用对象: 国际会计（ACCA）创新实验区本科生 考核方式：考试 先修课程：F3 财务会计、F7 财务报告 二、课程简介 本课程主要让学生掌握企业财务管理的基本理论、基本概念和基本方法；熟悉营运资本项目 管理、投资管理、收入和利润管理的相关知识；掌握财务预算、财务控制和财务分析的能力； 熟悉金融市场；树立现代财务管理的基本观念，具 有从事经济管理所必须的财务管理业务 知识和工作能力。 英文简介 This course is to let students master the basic theory of enterprise financial management, the basic concepts and basic methods; knowledge of working capital management, project investment management, revenue and profit management; grasp the financial budget, financial control and financial analysis skills; Students should be familiar with financial market, establish the basic concept of modern financial management and has the knowledge and work ability in financial management of business. 三、课程性质与教学目的 本课程为专业必修课。通过本课程的学习，使学生明确财务管理的含义，目 标 和特点，认识做好财务管理工作对于促进生产经营、提高经济效益的重要意义； 理 解财务管理的基本内容，懂得各种财务活动的联系以及财务活动同其他经济活 动的 联系；在系统掌握财务管理的基本理论和基本知识的基础上，熟练掌握财务 管理的 各种业务方法，具有一定的财务分析和解决财务管理问题的能力，为经营 决策服 务，并为学习其他课程打下良好的基础。 四、教学内容及要求 第一模块 Financial management function （一）目的与要求
1理解企业财务管理的目标和企业目标的关系： 2理解利益相关者对财务管理目标的影响： 3了解非盈利组织财务管理目标。 (二)教学内容 第一节1主要内容 (1)The nature and purpose of financial management Financial management can be defined as the management of the finances of an organization in order to achieve the financial objectives of the orgnisation Setting financial objectives √Deciding on: proposed investments funding sources -distribution of eamnings Controlling resources Managing risk Overall goals cascaded down through the organization Corporate objective一→corporate strategy Business objectives-business strategy Operations objectives -objectives strategy Corporate objectives are relevant for the organization as a whole.relating to key factors for business success 3)Financial objectives Shareholder wealth maximization deemed main/primary objective Profit maximization focus on short-term gain) Earnings per share grown(common objective but still based on profits) Maximizing and satisfying (distinction between achieving maximum returns and simply achieving enough to satisfy shareholders) A restriction on the company's level of gearing ordebt A target for profit retention A target for operating profitability (4)Maximization of shareholder wealth Investment decision New projects (positive NPV investments should increase the share price) Acquisitions Working capital >Financing decision (using appropriate levels of debt finance)
1.理解企业财务管理的目标和企业目标的关系； 2.理解利益相关者对财务管理目标的影响； 3.了解非盈利组织财务管理目标。 （二）教学内容 第一节 1.主要内容 (1) The nature and purpose of financial management Financial management can be defined as the management of the finances of an organization in order to achieve the financial objectives of the orgnisation. ✓ Setting financial objectives ✓ Deciding on : --------- proposed investments --------- funding sources --------- distribution of earnings ✓ Controlling resources ✓ Managing risk (2) Financial objectives and the relationship with corporate strategy Strategy ✓ Overall goals cascaded down through the organization Corporate objective →corporate strategy ↓ Business objectives →business strategy ↓ Operations objectives →objectives strategy ✓ Corporate objectives are relevant for the organization as a whole, relating to key factors for business success. (3) Financial objectives ✓ Shareholder wealth maximization ( deemed main/primary objective ) ✓ Profit maximization ( focus on short-term gain) ✓ Earnings per share grown( common objective but still based on profits) ✓ Maximizing and satisfying ( distinction between achieving maximum returns and simply achieving enough to satisfy shareholders) ✓ A restriction on the company’s level of gearing ordebt ✓ A target for profit retention ✓ A target for operating profitability (4) Maximization of shareholder wealth: ➢ Investment decision ✓ New projects (positive NPV investments should increase the share price) ✓ Acquisitions Working capital ➢ Financing decision (using appropriate levels of debt finance)
Raising capital to finance investment Minimize cost of capital >Dividend decision Pay out or reinvestment(determined by investment opportunities and willingness to use debt finance) (5)Non-financial objectives(difficult to measure) Welfare of employees(Good employee relations) Welfare of management Welfare of society,E.g.green policies Provision of certain level of service Responsibilities towards customers/suppliers √Growth Diversification Quality Leadership in research and development. (6)Stakeholders and impact on corporate objectives Stakeholder groups Internal Managers Employees Connected Shareholders Debt-holders Customers Bankers Supplies Competitors External Government Pressure groups Local and national communities rofessional and regulatory bodies Stakeholder objectives The community at large:legal and social responsibilities,pollution control, emplovee welfare Ordinary shareholders:wealth maximization,ROCE,EPS,gearing. growth asset utilization.market share Trade payables:being paid the full amount due by the date agreed. continuing the trading relationship Long-term payables:the ability to repay the finance including interest,long- term solvency:interest cover,gearing Employees:salary and benefits,continuity of employment,working conditions
✓ Raising capital to finance investment ✓ Minimize cost of capital ➢ Dividend decision ✓ Pay out or reinvestment (determined by investment opportunities and willingness to use debt finance) (5) Non-financial objectives (difficult to measure) ✓ Welfare of employees (Good employee relations) ✓ Welfare of management ✓ Welfare of society, E.g. green policies ✓ Provision of certain level of service ✓ Responsibilities towards customers/ suppliers ✓ Growth ✓ Diversification ✓ Quality ✓ Leadership in research and development. (6) Stakeholders and impact on corporate objectives Stakeholder groups Internal Managers Employees Connected Shareholders Debt-holders Customers Bankers Supplies Competitors External Government Pressure groups Local and national communities Professional and regulatory bodies Stakeholder objectives ✓ The community at large: legal and social responsibilities, pollution control, employee welfare ✓ Ordinary shareholders: wealth maximization, ROCE, EPS, gearing, growth ,asset utilization, market share ✓ Trade payables: being paid the full amount due by the date agreed, continuing the trading relationship ✓ Long-term payables: the ability to repay the finance including interest, longterm solvency: interest cover ,gearing ✓ Employees: salary and benefits, continuity of employment, working conditions
Managers:balance the interests of shareholders and other stakeholders,long- term(defending against takeovers,sales maximization),short-term(profit margins leading to increased bonuses)remuneration packag Government:taxation,provision of grants,health and safety legislation, training initiatives,high levels of employment Customers:quality,lead times,price The influence of the various stakeholders results in many firms adopting non- financial objectives in addition to financial ones These might include objectives such as: vMaintaining a contented workforce Showing respect for the environment Providing a top quality service to customers 2.基本概念和知识点 Strategy is a course of action,including the specification of resources required,to achieve a specified objective Financial strategy is that area of a company' overall st rategy within the s scope of the financial managers.The identification of the possible strategies capable of maximizing an organization's net present value,the allocation of scarce capital resources among the competing opportunities and the implementation and monitoring of the chosen strategy so as to achieve stated objectives. 3.问题与应用（能力要求） How to understand the relationship between strategy and financial strategy? 第二节 1.主要内容 (1)Corporate objectives >Profitability:PBIT,ROCE,ROE Return on capital employed =Profit margin xAsset turnover(ROCE) PBIT/Capital employed (PBIT/Sale revenue)x(Sale revenue/Capital employed) PBIT=profit before interest and tax Capital employed=equity +long-term liabilities-total assets less current liabilities Disadvantage of ROCE: Uses profit which is not directly linked to the objective of maximizing shareholder wealth The change in ROCE from one year to the next. Return on equity =Profit available to ordinary shareholders/shareholders'equity ROE=profit after tax and preference dividends/(ordinary share capital+reserves) Debt and gearing ratios Gearing is the amount of debt finance a company uses relative to its equity finance >Liquidity ratio:current ratio,quick ratio,stock tumover,account receivable
✓ Managers: balance the interests of shareholders and other stakeholders, longterm( defending against takeovers, sales maximization) , short-term( profit margins leading to increased bonuses) remuneration package ✓ Government: taxation, provision of grants, health and safety legislation, training initiatives, high levels of employment ✓ Customers: quality, lead times, price The influence of the various stakeholders results in many firms adopting nonfinancial objectives in addition to financial ones These might include objectives such as: ✓ Maintaining a contented workforce ✓ Showing respect for the environment ✓ Providing a top quality service to customers 2.基本概念和知识点 Strategy is a course of action, including the specification of resources required, to achieve a specified objective. Financial strategy is that area of a company’s overall strategy within the scope of the financial managers. The identification of the possible strategies capable of maximizing an organization’s net present value, the allocation of scarce capital resources among the competing opportunities and the implementation and monitoring of the chosen strategy so as to achieve stated objectives. 3.问题与应用（能力要求） How to understand the relationship between strategy and financial strategy? 第二节 1.主要内容 (1) Corporate objectives ➢ Profitability: PBIT, ROCE, ROE Return on capital employed =Profit margin ×Asset turnover (ROCE) ↓ ↓ ↓ PBIT/Capital employed = (PBIT/Sale revenue) × (Sale revenue/Capital employed) PBIT=profit before interest and tax Capital employed=equity +long-term liabilities=total assets less current liabilities Disadvantage of ROCE: Uses profit which is not directly linked to the objective of maximizing shareholder wealth The change in ROCE from one year to the next. Return on equity = Profit available to ordinary shareholders/shareholders’ equity ROE=profit after tax and preference dividends/ (ordinary share capital+ reserves) Debt and gearing ratios Gearing is the amount of debt finance a company uses relative to its equity finance ➢ Liquidity ratio: current ratio, quick ratio, stock turnover, account receivable
tumover,account payable tumover Shareholder's investment ratios:dividend yield,EPS,P/E ratio,dividend cover EPS=earnings distributed to ordinary shareholders/weighted average number of ordinary shares (earnings per share) P/E=market price per share /EPS =total market value of equity/total eamings Dividend yield=dividend per share/Ex-div market price per share Dividend yield is calculated against the share price at the start of the year. Total shareholder return=dividend yield +capital gain(better than profit-based measures EPS,ROCE) (2)Managerial reward schemes Performance-related pay: Minimum profit levels Economic value added(EVA) ■Tumnover growth Rewarding managers with shares Executive share options plans (EPOPs) corporate governance codes Corporate governance is the system by which companies are directed and controlled. Good corporate govemance involves risk management and internal control, accountability to stakeholders and other shareholders and conducting business in an ethical and effective way. The key areas relate to corporate governance codes Non-executives directors(NEDs). Executive directors Remuneration committees Nomination committees Annual general meeting(AGM) (3)Financial and other objectives in not-for-profit organizations Value for money Value for money can be defined as getting the best possible combination of services from the least resources.which means maximizing the benefits for the lowest possible cost Measuring VFM Economy is attaining the appropriate quantity and quality of inputs at lowest cost to achieve a certain level of outputs.(Obtaining resources at a'fair'price) Efficiency is the relationship between inputs and outputs.(Getting maximum outcomes from resources)
turnover, account payable turnover ➢ Shareholder’s investment ratios: dividend yield, EPS, P/E ratio, dividend cover EPS=earnings distributed to ordinary shareholders/ weighted average number of ordinary shares (earnings per share) P/E=market price per share /EPS =total market value of equity/total earnings Dividend yield=dividend per share/ Ex-div market price per share Dividend yield is calculated against the share price at the start of the year. Total shareholder return=dividend yield + capital gain(better than profit-based measures EPS, ROCE) (2) Managerial reward schemes Performance-related pay: ◼ Minimum profit levels ◼ Economic value added ( EVA) ◼ Turnover growth Rewarding managers with shares Executive share options plans (EPOPs) corporate governance codes Corporate governance is the system by which companies are directed and controlled. Good corporate governance involves risk management and internal control, accountability to stakeholders and other shareholders and conducting business in an ethical and effective way. The key areas relate to corporate governance codes Non-executives directors ( NEDs ). Executive directors Remuneration committees Nomination committees Annual general meeting(AGM) (3) Financial and other objectives in not-for-profit organizations Value for money Value for money can be defined as getting the best possible combination of services from the least resources, which means maximizing the benefits for the lowest possible cost. Measuring VFM Economy is attaining the appropriate quantity and quality of inputs at lowest cost to achieve a certain level of outputs. (Obtaining resources at a ‘fair’ price) Efficiency is the relationship between inputs and outputs. (Getting maximum outcomes from resources)
Effectiveness is the extent to which declared objectives/goals are met.(Obtaining good results) 2.基本概念和知识点 Agency theory(the divorce of ownership and control) Agency relationships occur when one party,the principal,employs another party,the agent,to perform a task on their behalf.In particular,directors (agents)act on behalf of shareholders (principals). Stakeholders are groups whose interests are directly affected by activities of organizations. 3.问题与应用（能力要求》 How to understand the following accusations of non-goal-congruent behavior have been made against managemen? Excessive remuneration levels Empire building Creative accounting Off-balance-sheet financins iate takeover bids Uneth activities (三)思考与实践 理解和学握财务目标的定量衡量方法。这些指标各自有什么意义和局限性？ (四)教学方法与手段 课堂讲授、多媒体教学 (五)思政内容 在讲述企业的目的时，应当强调在中国特色社会主义制度下企业应当承担的责任 以及我国国有企业应当承担的责任。2017年12月12日，习近平视察徐工集团时 强调：“国有企业是中国特色社会主义的重要物质基础和政治基础， 基中国特色料 会主义经济的“顶梁柱 要按照党的十九大部署推动国有企业深化改革， 提高经 营管理水平，使国有企业成为贯彻新发展理念、全面深化改革的骨干力量，成为 我们党执政兴国的重要支柱和依靠力量。”“顶梁柱”形象地表明了国有企业在建 设中国特色社会主义事业中的地位和作用。在讲述企业的目的时，应当突出企业 应当承担的社会责任。 第二模块F management environment (一)目的与要求 1.了解宏观经济政策的种类和作用 2.了解金融市场的种类和特色 3熟悉金融的类别和特点 (二)教学内容 第一节1.主要内容 (1)The economic environment for business
Effectiveness is the extent to which declared objectives/goals are met. (Obtaining good results) 2. 基本概念和知识点 Agency theory (the divorce of ownership and control) Agency relationships occur when one party, the principal, employs another party, the agent, to perform a task on their behalf. In particular, directors (agents) act on behalf of shareholders (principals). Stakeholders are groups whose interests are directly affected by activities of organizations. 3.问题与应用（能力要求） How to understand the following accusations of non-goal-congruent behavior have been made against managemen? ✓ Excessive remuneration levels ✓ Empire building ✓ Creative accounting ✓ Off-balance-sheet financing ✓ Inappropriate reaction to takeover bids ✓ Unethical activities. （三）思考与实践 理解和掌握财务目标的定量衡量方法。这些指标各自有什么意义和局限性？ （四）教学方法与手段 课堂讲授、多媒体教学. （五）思政内容 在讲述企业的目的时，应当强调在中国特色社会主义制度下企业应当承担的责任 以及我国国有企业应当承担的责任。2017 年 12 月 12 日，习近平视察徐工集团时 强调：“国有企业是中国特色社会主义的重要物质基础和政治基础，是中国特色社 会主义经济的‘顶梁柱’。要按照党的十九大部署推动国有企业深化改革、提高经 营管理水平，使国有企业成为贯彻新发展理念、全面深化改革的骨干力量，成为 我们党执政兴国的重要支柱和依靠力量。”“顶梁柱”形象地表明了国有企业在建 设中国特色社会主义事业中的地位和作用。在讲述企业的目的时，应当突出企业 应当承担的社会责任。 第二模块 Financial management environment （一） 目的与要求 1.了解宏观经济政策的种类和作用 2.了解金融市场的种类和特色 3.熟悉金融的类别和特点 （二）教学内容 第一节 1.主要内容 （1）The economic environment for business
The objectives of macroeconomic policy 令Economic growth 令Low inflation High employment Balance of payments stability appropriate distribution of income and wealth There are conflicts between obiectives -high employment&price stability; -economic growth&balance of payment,etc Simultaneous achievement of all the objectives is difficult,and hence government have to consider trade-offs between objectives (2)exchange rate policy A change in the exchange rate will affect the relative prices of domestic and foreign produced goods and services.(I.e.exchange rate decreases to improve balance of payments position) (3)competition policy (Government intervention and regulation) The more specific measures taken to regulate business by government include vpricing restrictions green policies corporate governance (4)government assistance for business √Official aid schemes The enterprise initiative (5)The nature and role of financial markets and institutions Financial intermediation:institutions invest other people's money ◇Investment banks Saving banks ◆Pension funds Insurance companies Investment trusts and unit trusts (6)The role of financial intermediation Maturity transformation ◆Aggregation of funds 女Pooling losses 2基本概念和知识点
The objectives of macroeconomic policy Economic growth Low inflation High employment Balance of payments stability appropriate distribution of income and wealth ◼ There are conflicts between objectives: -high employment & price stability; -economic growth & balance of payment, etc. ◼ Simultaneous achievement of all the objectives is difficult, and hence government have to consider trade-offs between objectives （2）exchange rate policy A change in the exchange rate will affect the relative prices of domestic and foreign produced goods and services. (I.e. exchange rate decreases to improve balance of payments position) （3）competition policy (Government intervention and regulation) ◼ The more specific measures taken to regulate business by government include ✓ pricing restrictions ✓ green policies ✓ corporate governance （4）government assistance forbusiness ✓ Official aid schemes ✓ The enterprise initiative （5）The nature and role of financial markets and institutions Financial intermediation: institutions invest other people’s money Investment banks Saving banks Pension funds Insurance companies Investment trusts and unit trusts （6）The role of financial intermediation Maturity transformation Aggregation of funds Pooling losses 2.基本概念和知识点
Monetary policy is undertaken by government indirectly through banks financial intermediaries via interest rate policy,banking policy,etc. It controls the output via managing the money supply using interest rate policy (ie.supply side economy) Fiscal policy is undertaken by govemment directly via taxation policy,govemment expenditures plans,etc. It controls the output via managing the aggregate demand(i.e.demand side economy) 3.问题与应用（能力要求） 了解政府运用不同宏观经济政策和工具对企业的影响。 第二节 1.主要内容 (1)Financialmarkets International money and capital markets are available for larger companies wishing to raise larger amounts of finance. Intemational money markets Eurocurrency markets International capital markets:Eurobonds (2)ates of interest and rates of return The pattern of interest rates on financial assets is influenced by the risk of the assets,the duration of the lending,and the size of the loan. the risk-return trade-off investors in riskier assets expect to be compensated for the risk,some of the main forms of investment are listed below in ascending order of risk: government bonds √company bonds preference shares √ordinary shares (3)treasury function 3.1 the role of money markets Providing short-term liquidity to industry and the public sector Providing short-term trade finance Allowing an organization to manage its exposure to foreign currency risk and interest rate risk (4)money market instruments Interest-bearing Discount Derivative products instruments instrument Money market deposit Treasury bill(T-bill) Forwards and futures
Monetary policy is undertaken by government indirectly through banks & financial intermediaries via interest rate policy, banking policy, etc. ◼ It controls the output via managing the money supply using interest rate policy (i.e. supply side economy) Fiscal policy is undertaken by government directly via taxation policy, government expenditures plans, etc. ◼ It controls the output via managing the aggregate demand (i.e. demand side economy) 3.问题与应用（能力要求） 了解政府运用不同宏观经济政策和工具对企业的影响。 第二节 1.主要内容 （1）Financialmarkets International money and capital markets are available for larger companies wishing to raise larger amounts of finance. ✓ International money markets: Eurocurrency markets ✓ International capital markets: Eurobonds （2）ates of interest and rates of return The pattern of interest rates on financial assets is influenced by the risk of the assets, the duration of the lending, and the size of the loan. the risk-return trade-off investors in riskier assets expect to be compensated for the risk, some of the main forms of investment are listed below in ascending order of risk: ✓ government bonds ✓ company bonds ✓ preference shares ✓ ordinary shares （3） treasury function 3.1 the role of money markets ✓ Providing short-term liquidity to industry and the public sector ✓ Providing short-term trade finance ✓ Allowing an organization to manage its exposure to foreign currency risk and interest rate risk. （4） money market instruments Interest-bearing instruments Discount instrument s Derivative products Money market deposits Treasury bill(T-bill) Forwards and futures
Certificate of deposit (CD) Banker's Swaps acceptance(BA) Repurchase agreements Commercial paper(CP) Options (Reno) money market deposits are very short-term loans between banks or other institutions including governments. Certificate of deposit (CD)is acertificate of receipt for funds deposited at a bank or other financial institution for a specified term and paying interest at a specified term and paying interest at a specified rate. Repurchase agreements (Repo)is an agreement between two counterparties under which one counterparty agrees to sell an instrument to the other on an agreed date for an agreed price.and simultaneously agrees to buy back the instrument from the counterparty at a later date for an agreed price treasury bills(T-bill)are debt instruments issued by the government with maturities range from one month to one year. Commercial paper is short-term unsecured corporate debt with maturity up to 270 days. Banker's acceptance (BA)are negotiable bills issued by companies and guaranteed by a bank Future is an agreement to buy or sell a standard quantity of a specified asset on a fixed future date at a price agreed today. Forward is an agreement off-exchange between two parties to make or take delivery of an asset for an agreed price at a future date. Option is a contract that confers the right,but not the obliation,to an asset at a given price(exercise price or strike price)onor before a given date. 2.基本概念和知识点 Capital markets are markets for long-term capital,provides funds for the long Stock market(provide access toa wider pool of equity finance) Bond market (bonds(secured,traded),loan notes,debentures,junk bonds(unsecured)) Euromarkets(Eurobonds,cheap,unsecured,traded,companies with an excellent credit rating the ability to borrow in a variety of different currencies) Money markets are markets for short-term capital Treasury bills(issued by governments) Certificates of deposit(can be sold on Commercial paper(issued by companies with a high credit rating) Bills of exchange(company IOU signed by customer)
Certificate of deposit (CD) Banker's acceptance(BA) Swaps Repurchase agreements (Repo) Commercial paper (CP) Options money market deposits are very short-term loans between banks or other institutions including governments. Certificate of deposit (CD) is a certificate of receipt for funds deposited at a bank or other financial institution for a specified term and paying interest at a specified term and paying interest at a specified rate. Repurchase agreements (Repo) is an agreement between two counterparties under which one counterparty agrees to sell an instrument to the other on an agreed date for an agreed price, and simultaneously agrees to buy back the instrument from the counterparty at a later date for an agreed price. treasury bills(T-bill) are debt instruments issued by the government with maturities range from one month to one year. Commercial paper is short-term unsecured corporate debt with maturity up to 270 days. Banker's acceptance (BA) are negotiable bills issued by companies and guaranteed by a bank. Future is an agreement to buy or sell a standard quantity of a specified asset on a fixed future date at a price agreed today. Forward is an agreement off-exchange between two parties to make or take delivery of an asset for an agreed price at a future date. Option is a contract that confers the right, but not the obligation, to buy or sell an asset at a given price (exercise price or strike price) on or before a given date. 2.基本概念和知识点 Capital markets are markets for long-term capital, provides funds for the longterm. ✓ Stock market (provide access to a wider pool of equity finance) ✓ Bond market (bonds(secured, traded), loan notes, debentures, junk bonds(unsecured)) ✓ Euromarkets (Eurobonds, cheap, unsecured, traded, companies with an excellent credit rating the ability to borrow in a variety of different currencies) Money markets are markets for short-term capital ✓ Treasury bills (issued by governments) ✓ Certificates of deposit (can be sold on ✓ Commercial paper(issued by companies with a high credit rating) ✓ Bills of exchange (company IOU signed by customer)
3.问题与应用（能力要求） 不同金融工具的特点。 (三)思考与实践 企业应如何选择使用不同金融工具进行融资。 (四)教学方法与手段 课堂讲授、多媒体教学。 (五)思政内容 十九大报告明确指出，深化金融体制改革，增强金融服务实体经济能力。金融要 为实体经济服务，而非与实体经济抢夺资金进而独立运行。因此，金融工具的使用 要用于为实体经济服务，且金融机构的运行要在政府严格的监控之下进行。 第三模块Working capital management (一)目的与要求 1.了解营运资本管理的目标 2掌握营运资本管理的原则 3.掌握营运资本管理模型的计算及其意义 （二)教学内容 第一节 1.主要内容 (1)The nature,elements and importance of working capital Key elements of working capital Current assets Current liability Cash Creditors Inventory or stocks Short-term loans Receivables Long-term loans within 1 year Marketable securities Lease rentals due within one year Objectives of working capital Ensure sufficient liquidity to pay short-term debtsas they fall due Increase profitability (receivables and inventory are a short- term investment) Trade-off between cash verses profits Net working capital-current assets-current liabilities Working capital cyele(cash cycle/operating cycle/trading cycle) Means the time period from invest money (pay to suppliers)to collect money (receive from customers),can be measured by =Average time that raw materials remain in stock+Production time +Cash collection time credit period suppliers
3.问题与应用（能力要求） 不同金融工具的特点。 （三）思考与实践 企业应如何选择使用不同金融工具进行融资。 （四）教学方法与手段 课堂讲授、多媒体教学。 （五）思政内容 十九大报告明确指出，深化金融体制改革，增强金融服务实体经济能力。金融要 为实体经济服务，而非与实体经济抢夺资金进而独立运行。因此，金融工具的使用 要用于为实体经济服务，且金融机构的运行要在政府严格的监控之下进行。 第三模块 Working capital management （一） 目的与要求 1.了解营运资本管理的目标 2.掌握营运资本管理的原则 3.掌握营运资本管理模型的计算及其意义 （二）教学内容 第一节 1. 主要内容 （1）The nature, elements and importance of working capital Key elements of working capital Current assets Current liability Cash Creditors Inventory or stocks Short-term loans Receivables Long-term loans within 1 year Marketable securities Lease rentals due within one year Objectives of working capital ✓ Ensure sufficient liquidity to pay short-term debts as they fall due ✓ Increase profitability (receivables and inventory are a shortterm investment) ✓ Trade-off between cash verses profits Net working capital= current assets - current liabilities Working capital cycle (cash cycle/operating cycle/trading cycle) Means the time period from invest money (pay to suppliers) to collect money (receive from customers), can be measured by: =Average time that raw materials remain in stock+ Production time + Cash collection time credit period suppliers
