金融学 英文版 第9版PDF电子书下载

PART1 THE FINANCIAL SYSTEM 1

1 Role of Finance 2

1 Role of Finance 2

PART1 THE FINANCIAL SYSTEM 2

WHAT IS FINANCE? 3

BASIC REQUIREMENTS FOR AN EFFECTIVE FINANCIAL SYSTEM 4

Five Types of Financial Intermediaries 5

FINANCIAL INTERMEDIARIES IN THE UNTTED STATES 5

Financial Intermediation 7

CLAIMS TO WEALTH 8

Creating Money 10

FINANCIAL FUNCTIONS IN THE U．S．SYSTEM 10

Lending and Investing Money 11

Transferning Money 11

Accumulating Savings 11

CAREER OPPORTUNITIES IN FINANCE 12

Transferring Financial Assets 12

Marketing Financial Assets 12

THE PLAN OF STUDY 13

2 United States Monetary System 21

2 United States Monetary System 21

NATURE AND FUNCTIONS OF MONEY 22

DEVELOPMENT OF MONETARY SYSTEMS 23

Barter 23

Early Development of Money 23

Use of Precious Metals as Money 24

Representative Money 25

Credit Money 26

U．S．MONETARY SYSTEM 27

Early Legislation 27

Credit Money in the United States 28

Demand Deposits 29

Electronic Funds Transfer Systems 30

MONETARY STANDARD AND THE VALUE OF MONEY 30

INTERNATIONAL MONETARY SYSTEM 32

U．S．MONEY SUPPLY 33

Defining the Money Supply 33

Measuring the Money Supply 36

Money Supply Growth 39

3 Depository Institutions 46

3 Depository Institutions 46

Before the Civil War 47

HISTORY OF THE U．S．BANKING SYSTEM 47

Entry of Thrift Institutions 49

Legislation to Govern the Banking System 50

PROTECTION OF DEPOSITORS′FUNDS 53

The Savings and Loan Crisis 53

Insurance for Deposit and Share Accounts 55

FUNCTIONS OF THE BANKING SYSTEM 56

ASSETS AND SOURCES OF FUNDS FOR DEPOSITORY INSTITUTIONS 57

Assets 57

Sources of Funds 61

CONCENTRATION IN COMMERCLAL BANKING CONTROL 64

Branch Banking 64

Bank Holding Companies 66

INTERNATIONAL BANKING 68

NONBANK FINANCIAL CONGLOMERATES 69

U．S．BANKING PRIOR TO WORLD WARI 76

4 Federal Reserve System 76

4 Federal Reserve System 76

Weaknesses of the Banking System 77

Central Banking 78

STRUCTURE OF THE FEDERAL RESERVE SYSTEM 79

Federal Reserve Membership 79

Federal Reserve Banks 81

Board of Governors 82

Federal Open Market Committee 84

FUNCTIONS OF THE FEDERAL RESERVE SYSTEM 84

Dynamic，Defensive，and Accommodative Functions 84

Monetary Policy Functions and Instruments 85

Supervisory and Regulatory Functions 92

Service Functions 93

5 Economic Objectives，Policy Makers，and the Money Supply 104

5 Economic Objectives，Policy Makers，and the Money Supply 104

NATIONAL ECONOMIC POLICY OBJECTIVES 105

Economic Growth 105

High and Stable Levels of Employment 106

Price Stability 106

International Financial Equilibrium 106

GOVERNMENT INFLUENCE ON THE ECONOMY 107

POLICY INSTRUMENTS OF THE U．S．TREASURY 110

Managing the Treasury s Cash Balances 110

Powers Relating to the Federal Budget and to Surpluses or Deficit 111

DEBT MANAGEMENT 114

CHANGING THE MONEY SUPPLY 115

Checkable Deposit Expansion 116

Offsetting or Limiting Factors 121

Contraction of Deposits 122

FACTORS AFFECTING BANK RESERVES 123

Changes in the Demand for Currency 124

Federal Reserve System Transactions 125

THE MONETARY BASE AND THE MONEY MULTIPLIER 128

6 International Trade and Finance 137

6 International Trade and Finance 137

INTERNATIONAL TRANSACTIONS 139

Foreign Exchange Markets 140

Exchange Rates 140

BUSINESS MANAGEMENT OF FOREIGN EXCHANGE 146

FINANCING INTERNATIONAL TRADE 147

Financing by the Exporter 147

Financing by the Importer 150

The Volume and Cost of Bankers′Acceptances 154

OTHER AIDS TO INTERNATIONAL TRADE 154

The Export-Import Bank 154

Travelers Checks 155

Traveler s Letter of Credit 155

INTERNATIONAL FINANCIAL EQUILIBRIUM 156

Nature of the Problem 156

Balance-of-Payments Accounts 157

International Financial System 160

Exchange Rate Developments for the U．S．Dollar 162

PART2 INVESTMENTS 172

PART2 INVESTMENTS 174

7 Savings and Investment Process 174

7 Savings and Investment Process 174

GROSS DOMESTIC PRODUCT AND CAPITAL FORMATION 175

Implications of International Payment Imbalances 176

Link Between GPDI and Gross Savings 177

HISTORICAL ROLE OF SAVINGS IN THE UNITED STATES 179

Foreign Sources of Savings 179

Domestic Supply of Savings 179

CREATION OF FINANCIAL ASSETS AND LIABILITIES 180

EXPENDITURES AND RECEIPTS OF THE FEDERAL GOVERNMENT 182

The Budget 184

Debt Financing 187

MAJOR SOURCES OF SAVINGS 190

Personal Savings 190

Corporate Savings 193

FLOW OF FUNDS FROM SAVINGS INTO INVESTMENTS 194

FACTORS AFFECTING SAVINGS 197

Levels of Income 197

Economic Expectations 198

Economic Cycles 198

Life Stages of the Individual Saver 199

Life Stages of the Corporation 201

8 Structure of Interest Rates 207

8 Structure of Interest Rates 207

SUPPLY AND DEMAND FOR LOANABLE FUNDS 208

Historical Changes in U．S．Interest Rate Levels 210

Loanable Funds Theory 211

DETERMINANTS OF MARKET INTEREST RATES 215

RISK-FREE SECURITIES：U．S．TREASURY DEBT OBLIGATIONS 216

Marketable Obligations 217

Dealer System 219

Tax Status of Federal Obligations 220

Ownership of Public Debt Securities 220

Maturity Distribution of Marketable Debt Securities 221

TERM OR MATURITY STRUCTURE OFINTEREST RATES 223

Relationship Between Yield Curves and the Economy 224

Term Structure Theories 225

INFLATION PREMIUMS AND PRICE MOVEMENTS 226

Historical Price Movements 227

Inflation in the United States 228

Types of Inflation 230

DEFAULT RISK PREMIUMS 234

9 Time Value of Money 244

9 Time Value of Money 244

SIMPLE INTEREST 245

COMPOUNDING TO DETERMINE FUTURE VALUES 246

Inflation or Purchasing Power Implications 249

DISCOUNTING TO DETERMINE PRESENT VALUES 250

EQUATING PRESENT VALUES AND FUTURE VALUES 254

FINDING INTEREST RATES AND TIME REQUIREMENTS 254

Solving for Interest Rates 254

Solving for Time Periods 255

Rule of 72 256

FUTURE VALUE OF AN ANNUITY 256

Ordinary Annuity 257

Annuity Due 259

PRESENT VALUE OF AN ANNUITY 260

INTEREST RATES AND TIME REQUIREMENTS FOR ANNUITIES 264

Solving for Interest Rates 264

Solving for Time Periods 266

DETERMINING ANNUAL ANNUITY PAYMENTS 267

MORE FREQUENT COMPOUNDING OR DISCOUNTING INTERVALS 269

APR VERSUS EAR 270

10 Bonds and Stocks：Characteristics and Valuations 278

10 Bonds and Stocks：Characteristics and Valuations 278

LONG TERM EXTERNAL FINANCING SOURCES FOR BUSINESSES 279

DEBT CAPITAL 280

Bond Covenants 281

Bond Ratings 282

Bondholder Security 284

Other Bond Features 285

Global Bond Market 286

Reading Bond Quotes 287

CORPORATE EQUITY CAPITAL 288

Common Stock 289

Preferred Stock 290

Reading Stock Quotes 292

VALUATION PRINCIPLES 294

VALUATION OF BONDS 296

Calculating the Yield to Maturity 298

Semi-Annual Coupons 299

Risk in Bond Valuation 300

VALUATION OF STOCKS 302

Importance of Cash Flows from Dividends 302

Valuing Stocks with Constant Dividends 304

Valuing Stocks with Constant Dividend Growth Rates 304

Risk in Stock Valuation 305

Holding Period Returns 306

CALCULATING RATES OF RETURN 306

Annualized Rates of Return 307

11 Securities Markets 317

11 Securities Markets 317

THE PRIMARY SECURITIES MARKETS 318

Primary Market Functions of Investment Bankers 318

SECONDARY SECURITIES MARKETS 329

Organized Security Exchanges 329

Structure of the New York Stock Exchange 331

Over-the-Counter Market 337

Third and Fourth Security Markets 338

A WORD ON COMMISSIONS 339

SECURITY MARKET INDEXES 339

FOREIGN SECURITIES 340

INSIDE INFORMATION AND THE LAW 341

CHANGES IN THE STRUCTURE OF THE STOCK MARKET 342

APPENDIX 11A Introduction to Futures and Options 350

APPENDIX 11A Introduction to Futures and Options 350

WHY DO DERIVATIVES EXIST? 350

FUTURES CONTRACTS 352

OPTIONS 354

OPTION PAYOFF DIAGRAMS 356

12 Financial Return and Risk Concepts 361

12 Financial Return and Risk Concepts 361

HISTORICAL RETURN AND RISK FOR A SINGLE FINANCIAL ASSET 362

Arithmetic Average Annual Rates of Return 362

Vanance as a Measure of Risk 364

Standard Deviation as a Measure of Risk 365

EXPECTED MEASURES OF RETURN AND RISK 367

HISTORICAL RETURNS AND RISK OF DIFFERENT ASSETS 369

EFFICIENT CAPITAL MARKETS 371

PORTFOLIO RETURNS AND RISK 375

Expected Return on a Portfolio 376

Variance and Standard Deviation of Return on a Portfolio 378

Portfolio Risk and the Number of Investments in the Portfolio 379

Systematic and Unsystematic Risk 380

Capital Asset Pricing Model 382

Estimating Beta 385

Security Market Line 388

PART3 BUSINESS FINANCE 398

13 Business Organization and Financial Data 400

PART3 BUSINESS FINANCE 400

13 Business Organization and Financial Data 400

STARTING A BUSINESS 401

Strategic Plan with a Vision or Mission 401

Business and Financial Goals 403

GOAL OF A FIRM 404

Measuring Shareholder Wealth 404

Linking Strategy and Financial Plans 406

Criterion for Non-Public Firms 408

FORMS OF BUSINESS ORGANIZATION IN THE UNITED STATES 408

Proprietorship 409

Partnership 410

Corporation 411

CORPORATE GOVERNANCE 413

Principal-Agent Problem 413

Reducing Agency Problems 415

Accounting Principles 416

The Annual Report 416

Income Statement 417

The Balance Sheet 420

Statement of Cash Flows 424

Federal Income Taxation 426

Depreciation Basics 428

FINANCE IN THE ORGANIZATION CHART 429

14 Financial Analysis and Long-Term Financial Planning 439

14 Financial Analysis and Long-Term Financial Planning 439

FINANCIAL STATEMENT ANALYSIS 440

RATION ANALYSIS OF BALANCE SHEET AND INCOME STATEMENT 441

TYPES OF FINANCIAL RATIOS 442

Asset Management Ratios and Analysis 446

Financial Leverage Ratios and Analysis 449

Profitability Ratios and Analysis 455

Market Value Ratios and Analysis 456

SUMMARY OF RATION ANALYSIS FOR GLOBAL MANUFACTURING 458

DU PONT METHOD OF RATIO ANALYSIS 459

LONG-TERM FINANCIAL PLANNING 462

Percentage of Sales Technique 463

Cost-Volume-Profit Analysis 466

Degree of Operating Leverage 467

15 Managing Working Capital 482

15 Managing Working Capital 482

OPERATING AND CASH CONVERSION CYCLES 483

Operating Cycle 483

Cash Conversion Cycle 484

Determining the Length of the Operating Cycle and Cash Conversion Cycle 485

Working Capital Requirements 488

CASH BUDGETS 492

Cash Inflows 494

Minimum Desired Cash Balance 494

Cash Outflows 495

Constructing the Cash Budget 497

Seasonal versus Level Production 498

MANAGEMENT OF CURRENT ASSETS 500

Cash and Marketable Securities Management 501

Accounts Receivable Management 505

Inventory Management 509

16 Short-Term Business Financing 518

16 Short-Term Business Financing 518

STRATEGIES FOR FINANCING WORKING CAPITAL 519

FACTORS AFFECTING SHORT-TERM FINANCING 524

Operating Characteristics 525

Other Influences in Short-Term Financing 528

Bank Lines of Credit 530

COMMERCIAL BANK LENDING OPERATIONS 530

Computing Interest Rates 531

Revolving Credit Agreements 532

Accounts Receivable Financing 533

INVENTORY LOANS 534

Loans Secured by Stocks and Bonds 536

Other Forms of Security for Bank Loans 538

TRADE CREDIT 538

Terms for Trade Credit 539

Cost of Trade Credit 540

COMMERCIAL FINANCE COMPANIES 541

FACTORS 542

SMALL BUSINESS ADMINISTRATION 544

COMMERCLAL PAPER 546

17 Capital Budgeting Analysis 555

17 Capital Budgeting Analysis 555

MANAGEMENT OF FIXED ASSETS 556

OVERVIEW OF THE CAPITAL BUDGETING DECISION 557

CAPITAL-BUDGETING PROCESS 558

CAPITAL-BUDGETING TECHNIQUES 560

Net Present Value 560

Internal Rate of Return 562

Profitability Index 564

Payback Period 566

ESTIMATING PROJECT CASH FLOWS 567

Isolating Project Cash Flows 567

Approaches to Estimating Cash Flows 569

Overvaluing a Strategy 573

Determining the Correct Base Case 573

Define Project Boundaries at the Corporate Level 573

STRATEGIC ANALYSIS AND CASH FLOW ESTIMATION 573

PISK-RELATED CONSIDERATIONS 574

18 Capital Structure and the Cost of Capital 586

18 Capital Structure and the Cost of Capital 586

WHY CHOOSE A CAPITAL STRUCTURE? 587

Trends in Corporate Use of Debt 588

Difficulty of Making Capital Structure Decisions 589

EBIT/EPS ANALYSIS 589

Indifference Level 590

COMBINED OPERATING AND FINANCIAL LEVERAGE EFFECTS 593

Degree of Financial Leverage 593

Total Risk 595

OTHER INFLUENCES ON CAPITAL STRUCTVRE CHOICE 597

Flexibility 597

Timing 598

Corporate Control 598

Management s Attitude toward Debt and Risk 599

Maturity Matching 599

BEYOND DEBT AND EQUITY 600

REQUIRED RATE OF RETURN AND THE COST OF CAPITAL 602

COST OF CAPITAL 603

Cost of Debt 603

Cost of Preferred Stock 604

Cost of Common Equity 604

Cost of New Common Stock 606

WEIGHTED AVERAGE COST OF CAPITAL 607

Capital Structure Weights 608

Measuring the Target Weights 608

APPENDIX 619

GLOSSARY 629

INDEX 641