财务管理分析 CFA影印系列教材PDF电子书下载

PARTⅠ ASSESSING THE FINANCIAL HEALTH OF THE FIRM 3

Chapter 1 Interpreting Financial Statements 3

The Cash Flow Cycle 3

The Balance Sheet 6

Current Assets and Liabilities 7

Shareholders’Equity 7

The Income Statement 9

Measuring Earnings 10

Sources and Uses Statements 13

The Two-Finger Approach 14

The Cash Flow Statement 16

Financial Statements and the Value Problem 20

Market Value versus Book Value 20

Economic Income versus Accounting Income 23

Chapter Summary 26

Additional Resources 27

Chapter Problems 28

Chapter 2 Evaluating Financial Performance 33

The Levers of Financial Performance 33

Return on Equity 34

The Three Determinants of ROE 34

The Profit Margin 36

Asset Turnover 38

Financial Leverage 43

Is ROE a Reliable Financial Yardstick? 49

The Timing Problem 50

The Risk Problem 50

The Value Problem 52

ROE or Market Price? 53

Ratio Analysis 55

Using Ratios Effectively 57

Ratio Analysis of The Timberland Company 58

Appendix: International Differences in Financial Structure 69

Percentage Balance Sheets 69

Comparisons among Publicly Traded Companies 72

International Accounting Differences 76

Chapter Summary 78

Additional Resources 78

Chapter Problems 80

PART Ⅱ PLANNING FUTURE FINCIAL PERFORMANCE 85

Chapter 3 Financial Forecasting 85

Pro Forma Statements 85

Percent-of-Sales Forecasting 86

Pro Forma Statements and Financial Planning 92

Sensitivity Analysis 94

Scenario Analysis 94

Interest Expense 95

Seasonality 96

Forecasting with Computer Spreadsheets 96

Simulation 99

Cash Flow Forecasts 101

Cash Budgets 102

The Techniques Compared 104

Planning in Large Companies 105

Chapter Summary 107

Additional Resources 108

Chapter Problems 108

Chapter 4 Managing Growth 115

Sustainable Growth 116

The Sustainable Growth Equation 117

Too Much Growth 119

Balanced Growth 120

Triad Guarantee’s Sustainable Growth Rate 122

“What If” Questions 122

What to do When Actual Growth Exceeds Sustainable Growth 124

Sell New Equity 124

Increase Leverage 130

Profitable Pruning 130

Sourcing 131

Pricing 132

Is Merger the Answer? 132

Too Little Growth 132

What to do When Sustainable Growth Exceeds Actual Growth 133

Ignore the Problem 135

Return the Money to Shareholders 135

Buy Growth 136

Sustainable Growth and Inflation 137

Sustainable Growth and Pro Forma Forecasts 138

Chapter Summary 139

Additional Resources 140

Chapter Problems 141

PART Ⅲ FINANCING OPERATIONS 145

Chapter 5 Financial Instruments and Markets 145

Financial Instrumsents 146

Bonds 147

Common Stock 153

Preferred Stock 157

Financial Markets 160

Private Placement or Public Issue? 160

Exchanges and Over-the-Counter Markets 161

International Financial Markets 161

Investment Banking 164

Issue Costs 166

Regulatory Changes 167

Efficient Markets 168

What Is an Efficient Market? 168

Implications of Efficiency 171

Appendix: Forward Contracts, Options, and the Management of Corporate Risk 173

Forward Markets 174

Hedging in Money and Capital Markets 178

Hedging with Options 178

Limitations of Financial Market Hedging 180

Valuing Options 182

Chapter Summary 185

Additional Resources 186

Chapter Problems 187

Chapter 6 The Financing Decision 191

Financial Leverage 193

Techniques for Analyzing Financing Alternatives 195

Leverage and Risk 198

Leverage and Earnings 200

How Much to Borrow 204

Tax Benefits and Distress Costs 204

Flexibility and Market Signaling 210

The Financing Decision and Sustainable Growth 214

Selecting a Maturity Structure 217

Inflation and Financing Strategy 218

Appendix: The Irrelevance Proposition 219

No Taxes or Distress Costs 219

Taxes but Still No Distress Costs 222

Chapter Summary 223

Additional Resources 224

Chapter Problems 225

PART Ⅳ EVALUATING INVESTMENT OPPORTUNITIES 231

Chapter 7 Discounted Cash Flow Techniques 231

Figures of Merit 232

The Payback Period and the Accounting Rate of Return 233

The Time Value of Money 234

Equivalence 238

The Net Present Value 239

The Benefit-Cost Ratio 241

The Internal Rate of Return 241

Calculating NPVs, IRRs, and BCRs with a Computer Spreadsheet 244

Bond Valuation: An Example of NPV and IRR Calculations 246

Mutually Exclusive Alternatives and Capital Rationing 248

Determining the Relevant Cash Flows 249

Depreciation 250

Working Capital and Spontaneous Sources 252

Sunk Costs 254

Allocated Costs 255

Excess Capacity 256

Financing Costs 258

Appendix: Mutually Exclusive Alternatives and Capital Rationing 261

What Happened to the Other $578,000? 262

Unequal Lives 263

Capital Rationing 264

The Problem of Future Opportunities 266

A Decision Tree 266

Chapter Summary 267

Additional Resources 268

Chapter Problems 269

Chapter 8 Risk Analysis in Investment Decisions 273

Risk Defined 275

Estimating Investment Risk 277

Three Techniques for Estimating Investment Risk 278

Including Risk in Investment Evaluation 278

Risk-Adjusted Discount Rates 278

The Cost of Capital 280

The Cost of Capital Defined 281

Timberland Company’s Cost of Capital 283

The Cost of Capital in Investment Appraisal 290

Multiple Hurdle Rates 290

Four Pitfalls in the Use of Discounted Cash Flow Techniques 292

The Entity Perspective versus the Equity Perspective 293

Inflation 295

Real Options 297

Excessive Risk Adjustment 300

Economic Value Added 301

EVA and Investment Analysis 302

EVA’s Appeal 304

A Cautionary Note 305

Appendix: Diversification and B-Risk 307

Diversification 309

Measuring Beta 312

Using Beta in Investment Evaluation 313

Beta Risk and Conglomerate Diversification 313

Chapter Summary 314

Additional Resources 315

Chapter Problems 316

Chapter 9 Business Valuation and Corporate Restructuring 319

Valuing a Business 321

Assets or Equity? 321

Dead or Alive? 322

Minority Interest or Control? 324

Discounted Cash Flow Valuation 325

Free Cash Flow 326

The Terminal Value 327

A Numerical Example 330

Problems with Present Value Approaches to Valuation 332

Valuation Based on Comparable Trades 332

Lack of Marketability 337

The Market for Control 338

The Premium for Control 338

Financial Reasons for Restructuring 341

The Empirical Evidence 347

The AT&T-McCaw Merger 349

Chapter Summary 352

Additional Resources 353

Chapter Problems 353

APPENDLX A: PRESENT VALUE OF $1 IN YEAR N, DISCOUNTED AT DISCOUNT RATE K 359

APPENDLX B: PRESENT VALUE OF AN ANNUITY OF $1 FOR N YEARS,DISCOUNTED AT RATE K 361

GLOSSARY 363

SUGGESTED ANSWERS TO END-OF-CHAPTER PROBLEMS 375

INDEX 399