Proximate Course Objectives

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Presentation transcript:

Proximate Course Objectives Understand Corporate Finance Theory Investing Decision-Making Financing Decision-Making Apply Corporate Finance Methods Practical analyses, rooted in theory Use of analyses to inform decisions Health care firm Health care financial and other markets

Course Methods 40 hours of theory, math, applications Readings in text (BMA) and other Review of videos CTools discussion Deliverables 7 exercises 2 cases Grading 30% case analyses 20% exercise analyses 40% examinations 20% miscellaneous information Schedule (attached)

Finance and the Financial Manager BMA Ch 1 Organizational structures The role of the financial manager Common finance terminology Financial analyses and decisions

Organizational Structures Sole Proprietorships Unlimited Liability Personal tax on profits Partnerships Limited Liability Corporate tax on profits + Personal tax on dividends Principal-agent problems Corporations

Role of The Financial Manager (2) Cash invested in firm (2) (1) Cash raised from investors (1) Firm's (4a) Cash reinvested (4a) Financial Financial manager operations markets (3) Cash generated by operations (3) (4b) Cash returned to investors (4b)

Role of The Financial Manager Prepare Financial Statements Develop Strategic Financial Plan Analyze Capital Expenditure Proposals Determine Optimal Capital Structure Secure Capital Financing Manage Cash Accounts receivable Financial investments Control to Achieve Financial Plan Cost Management Systems Revenue Maximization

Introduction to Health Care Finance Let’s begin at the end Financial statements Results of decisions show up here Terminology Financial challenges - key themes Equity the key to success (capital structure) Pressure on operating profits Reliance on investments Increasing business risk

Potential Solutions Control Costs (or cash outflows) Administrative Efficiency Technical efficiency Economic efficiency Scale economies Clinical efficiency Financing efficiency Enhance Revenues (or cash inflows) Net price increases Volume increases (and effect on costs) New lines of business Fund development (philanthropy) More investment games?

Financial Analyses and Decisions Basic finance problems Investment decision - How much should we invest and what assets should we invest in? Financing decision - How should the cash required for the operation of the firm be raised? Criterion - To make the owners of the firm as well off as possible, i.e., to maximize value.

Focus on cash flows, instead of accruals Financial Analyses and Decisions Important characteristics of decisions Focus on cash flows, instead of accruals Expenses v. Cash Outflows Purchase of capital asset is not expense is cash outflow Recognition of depreciation expense is expense is not cash outflow Revenues v. Cash Inflows Borrowing funds is not revenue is cash inflow

Financial Analyses and Decisions Important characteristics of decisions Consequences last several years 影響持續數年 Risk of future cash flows Non-cash values (?)