财务学基础 财务管理逻辑与实务 英文版 第2版PDF电子书下载

Chapter 1 An Introduction to the Foundations of Financial Management—The Ties That Bind 1

Goal of the Firm 2

Legal Forms of Business Organization 3

Federal Income Taxation 6

Ten Axionms That Form the Foundations of Financial Management 11

Axiom 1:The Risk-Return Trade-off—we Won't Take On Additional Risk Unless We Expect to Be Compensated with Additional Return 11

Axiom 2:The Time Value of Money—A Dollar Received Today Is Worth More Than a Dollar Received in the Future 12

Axiom 3:Cash—Not Profits—Is King 13

Axiom 4:Incremental Cash Flows—It's Only What Changes That Counts 13

Axiom 5:The Curse of Competitive Markets—Why It's Hard to Find Exceptionally Profitable Projects 14

Axiom 6:Efficient Capital Markets—The Markets Are Quick and the Prices Are Right 15

Axiom 7:The Agency Problem—Managers Won't Work for the Owners Unless It's in Their Best Interest 15

Axiom 8:Taxes Bias Business Decisions 16

Axiom 9:All Risk Is Not Equal—Some Risk Can Be Diversified Away,and Some Cannot 17

Axiom 10:Ethical Behavior Is Doing the Right Thing,and Ethical Dilemmas Are Everywhere in Finance 18

Overview ofthe Text 20

Chapter 2 The Financial Markets and Interest Rates 27

The Mix of Corporate Securities Sold in the Capital Market 31

Why Financial Markets Exist 33

Financing of Business:The Movement of Funds through the Economy 35

Components of the U.S.Financial Market System 38

The Investment Banker 42

Private Placements 46

Flotation Costs 47

Regulation 48

More Recent Regulatory Developments 50

Rates of Return in the Financial Markets 51

Interest Rate Determinants in a Nutshell 55

The Term Structure of Interest Rates 58

Chapter 3 Evaluating a Flrm's Financial Performance and Measuring Cash Flow 66

Basic Financial Statements 68

Financial Ratio Analysis 81

The DuPont Analysis:An Integrative Approach to Ratio Analysis 92

Chapter 4 Financial Forecasting,Planning,and Budgeting 114

Financial Forecasting 115

Financial Planning and Budgeting 125

Computerized Financial Planning 128

Chapter 5 The Time Value of Money 141

Compound Interest 142

Present Value 148

Annuities 151

Annuities Due 156

Compound Interest with Nonannual Periods 158

Present Value of an Uneven Stream 159

Perpetuities 161

Chapter 6 Valuation and Characteristics of Bonds 171

Types of Bonds 172

Terminology and Characteristics of Bonds 175

Definitions of Value 179

Valuation:An Overview 181

Valuation:The Basic Process 182

Bond Valuation 183

The Bondholder's Expected Rate of Return(Yield to Maturity) 186

Bond Valuation:Three Important Relationships 187

Chapter 7 Valuation and Characteristics of Stock 196

Preferred Stock 197

Common Stock 203

The Stockholder's Expected Rate of Return 211

Chapter 8 The Meaning and Measurement of Risk and Return 221

Expected Return Defined and Measured 222

Risk Defined and Measured 224

Rates of Return:The Investor's Experience 227

Risk and Diversification 229

The Investor's Required Rate of Return 240

The Fama and French Attack on the CAPM 243

Chapter 9 Capital-Budgeting Techniques and Practice 259

Finding Profitable Projects 260

Capital-Budgeting Decision Criteria 261

Capital Rationing 273

Problems in Project Ranking—Capital Rationing,Mutually Exclusive Projects,and Problems with the IRR 275

Ethics in Capital Budgeting 281

A Glance at Actual Capital-Budgeting Practices 281

Chapter 10 Cash Flows and Other Topics in Capital Budgeting 295

Guidelines for Capital Budgeting 296

Measuring a Project's Benefits and Costs 299

Risk and the Investment Decision 309

Incorporating Risk into Capital Budgeting 312

Examining a Project's Risk through Simulation 316

Chapter 11 Cost of Capital 327

The Cost of Capital:Key Definitions and Concepts 328

Determining Individual Costs of Capital 329

The Weighted Average Cost of Capital 336

Calculating Divisional Costs of Capital:PepsiCo,Inc. 340

Using a Firm's Cost of Capital to Evaluate New Capital Investments 342

Chapter 12

Determining the Financing Mix 351

Business and Fiancial Risk 354

Breakeven Analysis 356

Operating Leverage 362

Financial Leverage 366

Combination of Operating and Financial Leverage 369

Planning the Financing Mix 372

A Quick Look at Capital Structure Theory 374

Basic Tools of Capital Structure Management 384

A Glance at Actual Capital Structure Management 389

Chapter 13 Dividend Policy and Internal Financing 402

Key Terms 403

Does Dividend Policy Affect Stock Price? 404

The Dividend Decision in Practice 415

Dividend Payment Procedures 418

Stock Dividends and Stock Splits 420

Stock Repurchases 423

Chapter 14 Introduction to Working-Capital Management 435

Managing Current Assets and Liabilities 436

Appropriate Level of Working Capital 438

Estimation of the Cost of Short-Term Credit 441

Sources of Short-Term Credit 443

Chapter 15 Liquid Asset Management 457

Why a Company Holds Cash 459

Cash Management Objectives and Decisions 462

Collection and Disbursement Procedures 463

Evaluation of Costs of Cash Management Services 474

Composition of Marketable-Securities Portfolio 476

Accounts-Receivable Management 483

Inventory Management 489

Chapter 16 International Business Finance 505

The Globalization of Product and Financial Markets 506

Exchange Rates 507

Interest-Rate Parity Theory 517

Purchasing-Power Parity Theory 518

Exposure to Exchange Rate Risk 520

Multinational Working-Capital Management 524

International Financing and Capital Structure Decisions 525

Direct Foreign Investment 526

Chapter 17 Changes and Challenges in Finance 533

Recent Innovations in Risk Management 534

Finance in the'90s:The Consequences of Financial Innovation in Corporate Restructuring 537

Recent Innovations in Raising Capital:Hybrid Securities 543

The Agency Problem:Changes and Challenges 544

The CAPM and Market Efficiency:The Challenges from Academia 547