SYNOPSIS
Managing a business requires one to develop good knowledge on the concept of business,
forms and organisations of business, business strategy, financial management methods,
allocation of capital and control of an organisation.
OBJECTIVES
Upon completion of this subject, students should be able to:
To enable students to explain本
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To enable students to demonstrate an understanding of the primary issues in
the formulation of a financial strategy;
To prepare students for the challenge of managing the working capital
requirement profitably;
To enable students to evaluate various sources of finance;
To give students a good understanding of how firms undertake investment
appraisals;
To enable students to evaluate investment risks and returns using CAPM and
Portfolio Theory;
To prepare students on how to evaluate mergers and acquisitions, and
To enable students to undertake appropriate valuation of shares and bonds.
TOPICS
Topic 1 – Introduction to financial management and the taxation system.
Development of financial management
Financial goal of the firm
Financial decisions and risk-return relationships
Business environment and legal forms of business organizations
Income tax on companies 本
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Implications of income tax and capital-gains tax on rates of return
Topic 2 – The financial markets.
Role of financial markets
Components of the financial markets
Flow of funds through financial markets
Market prices and market efficiency
Corporate credit ratings and risk-return trade-off
Topic 3 – Financial mathematics
Why cash flows are important
The time value of money
Opportunity cost
Present value and annuities
Solving problems in financial mathematics
Topic 4 – Valuation of bonds and shares
Definitions of value
Market efficiency and behavioural finance
Valuation: the basic process
Bond valuation
Preference share valuation
Valuation of ordinary shares
Topic 5 – Risk and rates of return
Rates of return in financial markets
Risk-return trade-off
Expected return and investors required rates of return
Risk reduction through diversification
Topic 6 – Capital budgeting concepts and methods
Principles for selecting capital budgeting criteria
Discounted cash flow criteria
Role of taxation in capital budgeting
Non-discounted cash flow criteria in capital budgeting
Ethics in capital budgeting
Topic 7 – Issues in capital budgeting
Guidelines for identifying a project’s incremental costs and benefits
Applying discounted cash flow techniques
Complications in capital budgeting
Topic 8 – Risk in capital budgeting
Risk and the investment decision
Methods for incorporating risk into the required rate of return
Other approaches to evaluating risk
Topic 9 – Sources of short-term finance
Managing current assets and current liabilities
Sources of short-term finances
Choosing short-term finance
Topic 10 – Cost of capital
Concept of the cost of capital
Factors determining the weighted average cost of capital(WACC)
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