管理者➽take a short-term view
股东➽long-term performance
Risk
管理者➽a relatively low level of risk比起股东
（股东可能不止投资一家公司）
Reward
管理者➽Maximize their own income or increase their benefit
股东➽Be paid well when the company achieves a good performance.
Agency problem代理问题
➽Relationship between shareholders and managers, managers act as agents（代理人） for the shareholder shareholders own the company, but managers control it.
➽The manager will often make decisions to maximize their own wealth rather than the shareholders.
solving
Managerial reward schemes
甜枣
Performance-related pay（PRP）
绩效工资
Executive share options plans-ESOPs
执行董事股票期权激励计划
Advantages
Disadvantages
Regulatory requirements
棍棒
Corporate Governance codes of best practice
Stock market listing regulations
Not-for-profit organisation
目标
value for money
strategy and objective关系
Objectives➽组织到底想要追求什么what the organization is trying to achieve
Strategy➽A cause of action to achieve an objective
Financial objectives
Financial objectives should be quantitative so that their a achievements can be measured.
财务目标是可以量化的，但不可以说所有量化的指标都是财务目标
Shareholder wealth maximisation股东财富最大化
普通股要先减去税和优先股股利
陷阱
指标
Profitability and return盈利性
Debt and Gearing资产负债率/杠杆率
shareholders' investment
Liquidity流动性指标
补充
Non-financial objectives
财管、财会、管会存在的区别
Financial accounting
通过学习会计准则对历史费用进行一个呈现
Management accounting
为管理层提供日常的现在的未来信息
Financial management
对财务资源进行投资，融资，利益分配，帮助组织更好实现目标
财管Nature and purpose
关注的是acquisition and deployment of financial resources获取和配置
为了achieve key objectives
Financial planning
①确保enough funding，
②满足short-term，medium-term，long-term capital requirements
Financial control
①the organization meeting its objectives组织运作，符合目标
②assets exploit efficiently资产利用充分
③compare data on actual performance with forecast performance定期把实际数据和规划数据进行比较
Financial management decisions
Investment decision投资
长期项目投资或者短期营运资本投资
Both long-term investment in non-current asset and short-term investment in working capital.
