财务管理基础 第13版PDF电子书下载

Part 1 Introduction to Financial Management 1

1 The Role of Financial Management 1

Objectives 1

Introduction 2

What Is Financial Management？ 2

The Goal of the Firm 3

Corporate Governance 8

Organization of the Financial Management Function 8

Organization of the Book 10

Key Learning Points 13

Questions 14

Selected References 14

2 The Business， Tax， and Financial Environments 17

Objectives 17

The Business Environment 18

The Tax Environment 20

The Financial Environment 27

Key Learning Points 35

Questions 36

Self-Correction Problems 37

Problems 37

Solutions to Self-Correction Problems 38

Selected References 39

Part 2 Valuation 41

3 The Time Value of Money 41

Objectives 41

The Interest Rate 42

Simple Interest 43

Compound Interest 43

Compounding More Than Once a Year 59

Amortizing a Loan 62

Summary Table of Key Compound Interest Formulas 63

Key Learning Points 63

Questions 64

Self-Correction Problems 64

Problems 65

Solutions to Self-Correction Problems 69

Selected References 71

4 The Valuation of Long-Term Securities 73

Objectives 73

Distinctions Among Valuation Concepts 74

Bond Valuation 75

Preferred Stock Valuation 78

Common Stock Valuation 79

Rates of Return 〔or Yields〕 83

Summary Table of Key Present Value Formulas for Valuing Long-Term Securities 88

Key Learning Points 88

Questions 89

Self-Correction Problems 90

Problems 91

Solutions to Self-Correction Problems 93

Selected References 95

5 Risk and Return 97

Objectives 97

Defining Risk and Return 98

Using Probability Distributions to Measure Risk 99

Attitudes Toward Risk 101

Risk and Return in a Portfolio Context 103

Diversification 104

The Capital-Asset Pricing Model 〔CAPM〕 106

Efficient Financial Markets 114

Key Learning Points 116

Appendix A： Measuring Portfolio Risk 117

Appendix B： Arbitrage Pricing Theory 119

Questions 121

Self-Correction Problems 122

Problems 122

Solutions to Self-Correction Problems 125

Selected References 126

Part 3 Tools of Financial Analysis and Planning 127

6 Financial Statement Analysis 127

Objectives 127

Financial Statements 128

A Possible Framework for Analysis 134

Balance Sheet Ratios 138

Income Statement and Income Statement/Balance Sheet Ratios 141

Trend Analysis 152

Common-Size and Index Analysis 153

Key Learning Points 156

Summary of Key Ratios 156

Appendix： Deferred Taxes and Financial Analysis 158

Questions 159

Self-Correction Problems 160

Problems 161

Solutions to Self-Correction Problems 165

Selected References 167

7 Funds Analysis， Cash-Flow Analysis， and Financial Planning 169

Objectives 169

Flow of Funds 〔Sources and Uses〕 Statement 170

Accounting Statement of Cash Flows 176

Cash-Flow Forecasting 180

Range of Cash-Flow Estimates 184

Forecasting Financial Statements 186

Key Learning Points 190

Appendix： Sustainable Growth Modeling 190

Questions 194

Self-Correction Problems 195

Problems 197

Solutions to Self-Correction Problems 200

Selected References 203

Part 4 Working Capital Management 205

8 Overview of Working Capital Management 205

Objectives 205

Introduction 206

Working Capital Issues 208

Financing Current Assets： Short-Term and Long-Term Mix 210

Combining Liability Structure and Current Asset Decisions 215

Key Learning Points 216

Questions 216

Self-Correction Problem 217

Problems 217

Solutions to Self-Correction Problem 218

Selected References 219

9 Cash and Marketable Securities Management 221

Objectives 221

Motives for Holding Cash 222

Speeding Up Cash Receipts 223

S-l-o-w-i-n-g D-o-w-n Cash Payouts 228

Electronic Commerce 231

Outsourcing 233

Cash Balances to Maintain 234

Investment in Marketable Securities 235

Key Learning Points 244

Questions 245

Self-Correction Problems 245

Problems 246

Solutions to Self-Correction Problems 247

Selected References 248

10 Accounts Receivable and Inventory Management 249

Objectives 249

Credit and Collection Policies 250

Analyzing the Credit Applicant 258

Inventory Management and Control 263

Key Learning Points 273

Questions 274

Self-Correction Problems 274

Problems 275

Solutions to Self-Correction Problems 278

Selected References 279

11 Short-Term Financing 281

Objectives 281

Spontaneous Financing 282

Negotiated Financing 287

Factoring Accounts Receivable 298

Composition of Short-Term Financing 300

Key Learning Points 301

Questions 302

Self-Correction Problems 302

Problems 303

Solutions to Self-Correction Problems 305

Selected References 306

Part 5 Investment in Capital Assets 307

12 Capital Budgeting and Estimating Cash Flows 307

Objectives 307

The Capital Budgeting Process： An Overview 308

Generating Investment Project Proposals 308

Estimating Project “After-Tax Incremental Operating Cash Flows” 309

Key Learning Points 318

Questions 318

Self-Correction Problems 319

Problems 319

Solutions to Self-Correction Problems 321

Selected References 322

13 Capital Budgeting Techniques 323

Objectives 323

Project Evaluation and Selection： Alternative Methods 324

Potential Difficulties 330

Project Monitoring： Progress Reviews and Post-Completion Audits 340

Key Learning Points 340

Appendix A： Multiple Internal Rates of Return 341

Appendix B： Replacement Chain Analysis 343

Questions 345

Self-Correction Problems 346

Problems 347

Solutions to Self-Correction Problems 349

Selected References 350

14 Risk and Managerial 〔Real〕 Options in Capital Budgeting 353

Objectives 353

The Problem of Project Risk 354

Total Project Risk 357

Contribution to Total Firm Risk： Firm-Portfolio Approach 364

Managerial 〔Real〕 Options 368

Key Learning Points 373

Questions 373

Self-Correction Problems 374

Problems 375

Solutions to Self-Correction Problems 377

Selected References 379

Part 6 The Cost of Capital， Capital Structure， and Dividend Policy 381

15 Required Returns and the Cost of Capital 381

Objectives 381

Creation of Value 382

Overall Cost of Capital of the Firm 383

The CAPM： Project-Specific and Group-Specific Required Rates of Return 396

Evaluation of Projects on the Basis of Their Total Risk 401

Key Learning Points 406

Appendix A： Adjusting the Beta for Financial Leverage 407

Appendix B： Adjusted Present Value 408

Questions 410

Self-Correction Problems 411

Problems 412

Solutions to Self-Correction Problems 415

Selected References 417

16 Operating and Financial Leverage 419

Objectives 419

Operating Leverage 420

Financial Leverage 427

Total Leverage 435

Cash-Flow Ability to Service Debt 436

Other Methods of Analysis 439

Combination of Methods 440

Key Learning Points 441

Questions 442

Self-Correction Problems 443

Problems 444

Solutions to Self-Correction Problems 446

Selected References 449

17 Capital Structure Determination 451

Objectives 451

A Conceptual Look 452

The Total-Value Principle 456

Presence of Market Imperfections and Incentive Issues 458

The Effect of Taxes 461

Taxes and Market Imperfections Combined 463

Financial Signaling 465

Timing and Financial Flexibility 465

Financing Checklist 466

Key Learning Points 467

Questions 468

Self-Correction Problems 468

Problems 469

Solutions to Self-Correction Problems 471

Selected References 473

18 Dividend Policy 475

Objectives 475

Passive versus Active Dividend Policies 476

Factors Influencing Dividend Policy 481

Dividend Stability 484

Stock Dividends and Stock Splits 486

Stock Repurchase 491

Administrative Considerations 495

Key Learning Points 496

Questions 497

Self-Correction Problems 498

Problems 499

Solutions to Self-Correction Problems 501

Selected References 502

Part 7 Intermediate and Long-Term Financing 505

19 The Capital Market 505

Objectives 505

Deja Vu All Over Again 506

Public Issue 507

Privileged Subscription 509

Regulation of Security Offerings 512

Private Placement 516

Initial Financing 519

Signaling Effects 520

The Secondary Market 522

Key Learning Points 522

Questions 523

Self-Correction Problems 524

Problems 524

Solutions to Self-Correction Problems 525

Selected References 526

20 Long-Term Debt， Preferred Stock， and Common Stock 527

Objectives 527

Bonds and Their Features 528

Types of Long-Term Debt Instruments 529

Retirement of Bonds 532

Preferred Stock and Its Features 534

Common Stock and Its Features 538

Rights of Common Shareholders 539

Dual-Class Common Stock 542

Key Learning Points 543

Appendix： Refunding a Bond Issue 544

Questions 546

Self-Correction Problems 547

Problems 548

Solutions to Self-Correction Problems 550

Selected References 551

21 Term Loans and Leases 553

Objectives 553

Term Loans 554

Provisions of Loan Agreements 556

Equipment Financing 558

Lease Financing 559

Evaluating Lease Financing in Relation to Debt Financing 562

Key Learning Points 567

Appendix： Accounting Treatment of Leases 567

Questions 570

Self-Correction Problems 571

Problems 572

Solutions to Self-Correction Problems 573

Selected References 575

Part 8 Special Areas of Financial Management 577

22 Convertibles， Exchangeables， and Warrants 577

Objectives 577

Convertible Securities 578

Value of Convertible Securities 581

Exchangeable Bonds 584

Warrants 585

Key Learning Points 589

Appendix： Option Pricing 589

Questions 595

Self-Correction Problems 596

Problems 597

Solutions to Self-Correction Problems 599

Selected References 600

23 Mergers and Other Forms of Corporate Restructuring 603

Objectives 603

Sources of Value 604

Strategic Acquisitions Involving Common Stock 608

Acquisitions and Capital Budgeting 615

Closing the Deal 617

Takeovers， Tender Offers， and Defenses 620

Strategic Alliances 622

Divestiture 623

Ownership Restructuring 626

Leveraged Buyouts 627

Key Learning Points 629

Appendix： Remedies for a Failing Company 630

Questions 635

Self-Correction Problems 636

Problems 638

Solutions to Self-Correction Problems 641

Selected References 643

24 International Financial Management 647

Objectives 647

Some Background 648

Types of Exchange-Rate Risk Exposure 652

Management of Exchange-Rate Risk Exposure 656

Structuring International Trade Transactions 668

Key Learning Points 671

Questions 672

Self-Correction Problems 673

Problems 674

Solutions to Self-Correction Problems 676

Selected References 677

Appendix 679

Table Ⅰ：Future value interest factor 680

Table Ⅱ：Present value interest factor 682

Table Ⅲ：Future value interest factor of an（ordinary）annuity 684

Table Ⅳ：Present value interest factor of an（ordinary）annuity 686

Table Ⅴ：Area of normal distribution that is Zstandard deviations to the left or right of the mean 688

Glossary 689

Commonly Used Symbols 705

Index 707