Download Business finance : theory and practice by Eddie McLaney PDF

By Eddie McLaney

Company Financehas a real-world flavour, exploring the theories surrounding monetary selection making and bearing on those theories to what occurs within the genuine global.

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In fact the importance placed on EPS and growth in shareholders’ wealth by the same respondents emphasises this point. Evidence from annual reports UK companies are legally required to report their accounting results and other information about themselves in an annual report. Many businesses take the opportunity to include information about themselves, including their business philosophy and an outline of their objectives. Many businesses are fairly unequivocal that increasing, if not maximising, shareholder wealth is their goal.

Qxd 11/19/08 9:52 Page 20 Chapter 2 • A framework for financial decision making Good decision making requires that the horizon should constantly be surveyed for opportunities that will better enable the objectives to be achieved. In the business finance context, this includes spotting new investment opportunities and the means to finance them. Such opportunities will not often make themselves obvious, and businesses need to be searching for them constantly. A business failing to do so will almost certainly be heading into decline, and opportunities will be lost to its more innovative competitors.

L Shares in the ownership of companies can be transferred. l Cheap and easy to form a limited company. l Managed by directors on behalf of shareholders. l Duty of directors to account for their management of the shareholders’ assets. l Corporate governance has become a major issue; scandals have led to the emergence of the Combined Code. l Limited companies can only come to an end through a formal liquidation (winding up). Long-term financing l Businesses are financed by: l ordinary shares; l preference shares; and l borrowings.

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