ACCA F9 FM Financial Management (FM) 复习笔记（一）
为了督促自己学习决定定期更新笔记，同时也可以和广大ACCA考生一起备考！主要是根据课本和老师的笔记整理的，如有错漏还望指正。
今天先来复习一下Part A Financial Management Function吧，主要就是记住一些考点供写选择题时用，大题这部分没啥好考的。
直接上笔记啦。
Chapter 1 Financial Management and Financial Objectives 1.Three key decisions 财务管理的三大决策 1）Investment
Capital assets (考虑return&risk)
Working capital (balance the risk of insolvency against the cost of funding)
2）Finance (需要融资多少totally funding required，从哪儿融资internally vs. externally，用债还是权益debt vs. equity，长短期long term vs. short term)
3）Dividend decision （发不发？发多少？何形式？影响因素：profitability, cash flow, growth, legal restriction, shareholder expectation）
2.Corporate objectives Financial objectives
1)Shareholder wealth maximization（最基本，首要） 2)Maximizing profit
shareholder wealth maximization 和Maximizing profit不同的方面：
long term vs. short term issues, quality of earnings, profit does not equal to cash
3)Earnings per share growth 4)Other financial objectives
(eg. Restriction on the company’s level of gearing, retention, a target for operating profitability) Non-financial objectives
*market share increase is a non-financial object
3.Stakeholders 利益相关者 Agency theoryagency problem The divorce of ownership and control Conflict of interest Takeovers并购 Time horizon Risk Reward 解决方法：
1)Managerial reward schemes Performance related pay
Rewarding managers with shares Executive share option plans(ESOPS)
ESOPS优缺点 Advantages： Goal congruence
Improve staff motivation and retention and thus expensive staff turnover costs Disadvantages:
不一定能创造extra share value
profit lower 可能不是有主要影响的因素
2)Regulatory requirements
Corporate governance （内治）（目标和规则？） Stock exchange listing regulations（外治） 4.Not for profit organization Value for money
1. Economy given output, input最小化 2. Efficiency given input, output最大化 3. Effectiveness goals are achieved
ACCA F9 FM Financial Management (FM) 复习笔记(一)
