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EMBA Financial Management by Professor Li Zhihong: Exploring Agency Issues & Financial Markets

Dive into EMBA finance with Prof. Li Zhihong, learning about agency problems, financial markets, interest rate determinants, and yield-to-maturity relationships. Understand balance sheets, income statements, cash flows, and financial ratios for in-depth analysis.

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EMBA Financial Management by Professor Li Zhihong: Exploring Agency Issues & Financial Markets

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  1. EMBA財務管理 李志宏 政大財務管理系教授兼EMBA執行長

  2. 2. 代理問題(agency problem)股東 VS. 經理人 股東 VS. 債權人3. 金融市場(Financial Markets)a. Money Market ＜－－－＞ Capital Market。b. Primary Market ＜－－－＞ Secondary Market 。4. 利率決定因素K = K* + IP + DP + LP + MP K：名目利率(nominal interest rate)K*：真實利率(real interest rate) IP ：通貨膨脹溢酬(inflation premium) DP ：違約風險溢酬(default premium) LP ：變現力溢酬(liquidity premium) MP ：到期風險溢酬(maturity risk premium)

  3. 5. 利率期間結構描述殖利率(yield – to - maturity)與到期期間(time – to - maturity)的關係。(見圖)美國國庫券的利率期間結構解釋期間結構之理論a. 預期理論 (Expectation Theory) b. 變現力偏好理論 (Liquidity Preference Theory) c. 市場區隔理論 (Market Segmentation Theory)

  4. Balance Sheets

  5. Income Statements

  6. Statement of Cash Flows (2007)

  7. Financial Ratio Analysis • Short-Term Solvency • Ability to pay bills in the short-run • Long-Term Solvency • Ability to meet long-term obligations • Assets Management • Intensity and efficiency of assets use • Profitability • Market Value • Going beyond financial statements

  8. Ratio Analysis: Asset Management Ratios

  9. Ratio Analysis: Debt Management Ratios

  10. Ratio Analysis: Profitability Ratios

  11. Ratio Analysis: Market Value Ratios

  12. Common Financial Ratios

  13. Common Financial Ratios (continued)

  14. Common Financial Ratios (continued)

  15. Common Financial Ratios (continued)

  16. 報酬與風險 Return and Risk The Concept of Portfolio Management

  17. Now assume :Case 1 : ρ =1 RP 140 B 80 A 0 30 50 VP

  18. Case 2 : ρ = -1.0 RP 14.0 B 10.0 8.0 A 0 VP

  19. RP 140 B 10 9.2 8 A 0 2.68 3 6 VP Case 3 : ρ = 0

  20. The Efficient frontier of Investment The Efficient Set of Investments Expected Portfolio Return Risk, σP Total Risk = Market Risk + Firm – Specific Risk

  21. The Effect of Portfolio Size on Portfolio Risk Capital Assets Price Model E[ Ri ]=rf+β[E[Rm]-rf]

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