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MGMT 408: Foundations of Finance Tyler Muir
MGMT 408: 財務基礎 Tyler Muir

UCLA  加州大學洛杉磯分校

What is finance and why should you care?
什麼是財務?您為什麼要關心這個問題?

What are some examples of financial decisions made by firms or investors?
公司或投資人所做的財務決策有哪些範例?
Insurance?  保險?
Acquisitions  收購
Budgeting of investment  投資預算
Capital expenditure  資本支出
Share repurchases  股份購回
Fund business not  基金業務不
Loans / financing  貸款/融資
Which bank to choose
選擇哪家銀行
  • If over $ 250 K $ 250 K $250K\$ 250 \mathrm{~K}  如果超過 $ 250 K $ 250 K $250K\$ 250 \mathrm{~K}
What is finance and why should you care? How should firms or investors go about making those decisions?
什麼是財務?您為什麼要關心這個問題?公司或投資人應該如何做出這些決策?
Risk I return  風險 I 回報
Discussion in in board Reputation Brand
討論區 Reputation Brand
Estimating value  估計價值
urlizing time-value money
縮短時間值
  • Comps (disconated cash flow)
    Comps (非劃一現金流量)
The Fundamentals of Finance
財務基礎

The Fundamentals of Finance
財務基礎

The Fundamentals of Finance
財務基礎

The Fundamentals of Finance
財務基礎

Capital Markets  資本市場

Capital Markets Exchange
資本市場交易所

Capital: Money that firms can use to invest in new projects or maintain old ones.
資本:公司可用於投資新專案或維護舊專案的資金。
Financial Security: A contract that pays future cash flows to its owner.
財務安全:向所有者支付未來現金流量的合約。
  • Equity  股權
  • Debt  債務
Capital and financial markets essentially involve the exchange of value today (capital) for a potential of value in the future (securities).
資本與金融市場基本上是以今日的價值(資本)交換未來潛在的價值(證券)。

Capital Markets are Complicated
資本市場是複雜的


Why are Finance and Capital Markets so Important?
為何金融與資本市場如此重要?

Not all firms and ideas are the same. How do we decide which new ideas and firms get capital?
不是所有的公司和想法都是一樣的。我們如何決定哪些新構想和公司能獲得資本?

Why are Finance and Capital Markets so Important?
為何金融與資本市場如此重要?

Ideal capital markets allocate capital to good ideas and away from bad ones!
理想的資本市場會將資金分配給好的點子,捨棄壞的點子!

This creates the most value possible!
這樣可以創造最大的價值!

Learning objectives for this course
本課程的學習目標

Overarching Goal:
Optimal financial decision making for the firm and investor
總體目標:為公司和投資人做出最佳財務決策

  • How to compare cash flows that differ in terms of timing, risk, or both
    如何比較因時間、風險或兩者而不同的現金流量
■ What is the best way to use this comparison to make investment decisions within a firm
使用這種比較在公司內部進行投資決策的最佳方式是什麼?
  • What are the common securities issued by firms to finance investment, how do we value them
    公司為投資融資而發行的常見證券有哪些?
  • An in-depth look at the definition and measurement of financial risk
    深入瞭解財務風險的定義和衡量方法
  • How best to structure a portfolio of investments to take into account risk
    如何以最佳方式建構投資組合以考量風險
  • The effect of risk on asset prices
    風險對資產價格的影響
  • Institutional detail along the way!
    沿途的機構細節!

Learning objectives for this course
本課程的學習目標

Course material has two broad components:
課程教材包含兩大部分:

1 Quantitative: How to calculate:
1 定量:如何計算:
  • The value of a new project within a firm/household
    公司/家庭內部新專案的價值
  • The fair price for a stock or bond
    股票或債券的公平價格
  • The optimal mix of stocks in an investment portfolio
    投資組合中股票的最佳組合
  • And many other similar calculations
    以及許多其他類似的計算

    2 2 2\boxed{2} Qualitative: How to think about these same issues. In other words what do the numbers mean!
    2 2 2\boxed{2} 定性:如何思考這些相同的問題。換句話說,這些數字代表什麼意義!
Success in the course requires a mastery of both the quantitative and the qualitative.
要在本課程中取得成功,必須同時掌握定量和定性兩方面的知識。