金融管理与政策 英文版PDF电子书下载

第一部分 金融基础 1

Vignette:Problems at Gillette 1

FOUNDATIONS OF FINANCE 1

PARTⅠ 1

Creation of Value 3

1 Goals and Functions of Finance 3

第一章 金融目标和功能 3

Investment Decision 6

Financing Decision 7

Dividend/Share Repurchase Decision 7

Bringing It All Together 8

Questions 8

Selected References 9

第二章 评估的概念 11

2 Concepts in Valuation 11

The Time Value of Money 11

Present Values 16

Preface 19

前言 19

Internal Rate of Return or Yield 21

Bond Returns 23

Return from a Stock Investment 27

Dividend Discount Models 30

Measuring Risk:Standard Deviation 37

Summary 39

Self-Correction Problems 41

Problems 42

Solutions to Self-Correction Problems 45

Selected References 48

3 Market Risk and Returns 49

Efficient Financial Markets 49

第三章 市场风险和回馈 49

Security Portfolios 51

Multiple Security Portfolio Analysis and Selection 57

Capital Asset Pricing Model 62

Expected Return for Individual Security 68

Certain Issues with the CAPM 72

Summary 75

Self-Correction Problems 76

Problems 77

Solutions to Self-Correction Problems 81

Selected References 82

4 Multivariable and Factor Valuation 85

Extended CAPM 85

第四章 综合变量和因素评估 85

Factor Models in General 90

Arbitrage Pricing Theory 93

Summary 96

Self-Correction Problems 97

Problems 98

Solutions to Self-Correction Problems 100

Selected References 100

第五章 期权评估 103

5 Option Valuation 103

Expiration Date Value of an Option 103

Valuation with One Period to Expiration:General Consideration 104

Binomial Option Pricing of a Hedged Position 109

The Black-Scholes Option Model 112

American Options 118

Summary 121

Debt and Other Options 121

Appendix:Put-Call Parity 122

Self-Correction Problems 123

Problems 124

Solutions to Self-Correction Problems 126

Selected References 128

PARTⅡ 129

INVESTMENT IN ASSETS AND REQUIRED RETURNS 129

Case:Fazio Pump Corporation 129

第二部分 资产投资和必需的回报 129

Administrative Framework 133

第六章 资本投资理论 133

6 Principles of Capital Investment 133

Methods for Evaluation 138

NPV versus IRR 143

Depreciation and Other Refinements in Cash-Flow Information 146

What Happens When Capital Is Rationed? 148

Inflation and Capital Budgeting 150

Information to Analyze an Acquisition 152

Summary 154

Appendix:Multiple Internal Rates of Return 155

Self-Correction Problerns 157

Problems 158

Solutions to Self-Correction Problems 161

Selected References 163

第七章 资本预算中的风险与实际期权 165

7 Risk and Real Options in Capital Budgeting 165

Quantifying Risk and its Appraisal 165

Total Risk for Multiple Investments 174

Real Options in Capital Investments 177

Self-Correction Problems 188

Summary 188

Problems 190

Solutions to Self-Correction Problems 195

Selected References 197

8 Creating Value through Required Returns 199

Foundations of Value Creation 199

第八章 通过必需的回报创造价值 199

Required Market-Based Return for a Single Project 202

Modification for Leverage 206

Weighted Average Required Return 208

Adjusted Present Value 214

Divisional Required Returns 217

Company s Overall Cost of Capital 221

Diversification of Assets and Total Risk Analysis 223

Evaluation of Acquisitions 227

Summary 229

Self-Correction Problems 230

Problems 232

Solutions to Self-Correction Problems 237

Selected References 240

Case:National Foods Corporation 241

FINANCING AND DIVIDEND POLICIES 249

Case:Restructuring the Capital Structure at Marriott 249

第三部分 融资与红利政策 249

PARTⅢ 249

9 Theory of Capital Structure 253

Introduction to the Theory 253

第九章 资本结构理论 253

Modigliani-Miller Position 257

Taxes and Capital Structure 261

Effect of Bankruptcy Costs 268

Effect on Security Rating 268

Other Inperfections 270

Incentive Issues and Agency Costs 271

Financial Signaling 278

Summary 279

Self-Correction Problems 279

Problems 280

Solutions to Self-Correction Problems 284

Selected References 286

10 Making Capital Structure Decisions 289

EBTT-EPS Analysis 289

第十章 制定资本结构决策 289

Cash-Flow Ability to Service Debt 292

Effect on Debt Ratios 296

Timing and Flexibility 297

A Pecking Order of Financing? 298

Checklist when it Comes to Financing 299

Summary 300

Self-Correction Problems 301

Problems 302

Solutions to Self-Correction Problems 306

Selected References 307

Procedural Aspects of Paying Dividends 309

第十一章 红利与股份回购：理论与实践 309

11 Dividends and Share Repurchase:Theory and Practice 309

Dividend Payout Irrelevance 310

Arguments for Dividens Payout Mattering 313

Financial Signaling 316

Empirical Testing and Implications for Payout 317

Share Repurchase 320

Stock Dividends and Stock Splits 324

Managerial Considerations as to Dividend/Share-Repurchase Policy 328

Summary 332

Self-Correction Problems 333

Problems 334

Solutions to Self-Correction Problems 338

Selected References 341

PARTⅣ 343

TOOLS OF FINANCIAL ANALYSIS AND CONTROL 343

Case:Morley Industries,Inc. 343

第四部分 金融分析与控制的工具 343

12 Financial Ratio Analysis 349

Introduction to Financial Analysis 349

第十二章 金融利率分析 349

Liquidity Ratios 351

Debt Ratios 357

Coverage Ratios 358

Profitability Ratios 360

Market-Value Ratios 363

Predective Power of Financial Ratios 365

Common Size and Index Analysis 367

Summary 371

Self-Correction Problems 372

Problems 374

Solutions to Self-Correction Problems 380

Case:Financial Ratios and Industries 383

Selected References 383

Methods of Analysis 387

13 Financial Planning 387

第十三章 财政计划 387

Source and Use of Funds 388

Cash Budgeting 393

Pro Forma Statements 398

Sustainable Growth Modeling 403

Summary 410

Self-Correction Problems 411

Problems 412

Solutions to Self-Correction Problems 417

Selected References 419

第五部分 流动资本与运营资本的管理 421

PARTⅤ 421

LIQUIDITY AND WORKENG CAPTTAL MANAGEMENT 421

Case:Caceres Semilla S.A.de C.V. 421

第十四章 流动资本、现金与可销售有价证券 429

14 Liquidity,Cash,and Marketable Securities 429

Liquidity and its Role 429

Cash Management and Collections 431

Control of Disbursements 434

Investment in Marketable Securities 436

Summary 442

Self-Correction Problems 442

Problems 444

Solutions to Self-Correction Problems 445

Selected References 446

第十五章 应收帐款与存货的管理 449

15 Management of Accounts Receivable and Inventories 449

Credit Policies 449

Collection Policy 455

Evaluating the Credit Applicant 459

Inventory Management and Control 463

Uncertainty and Safety Stock 467

Inventory and the Financial Manager 470

Summary 471

Appendix:Application of Discriminant Analysis to the Selection of Accounts 472

Self-Correction Problems 475

Problems 476

Solutions to Self-Correction Problems 479

Selected References 481

第十六章 负债管理与中长期融资 483

16 Liability Management and Short/Medium-Term Financing 483

Liability Structure of a Company 483

Trade Credit Financing 488

Accrual Accounts as Spontaneous Financing 492

Unsecured Short-Term Loans 493

Secured Lending Arrangements 496

Intermediate-Term Debt 503

Protective Covenants and Loan Agreements 506

Summary 511

Self-Correction Problems 511

Problems 512

Solutions to Self-Correction Problems 516

Selected References 518

第六部分 资本市场融资与风险管理 521

PARTⅥ 521

CAPITAL MARKET FINANCING AND RISK MANAGEMENT 521

Case:Douglas Gilligan Global Agency 521

第十七章 长期融资基础 529

17 Foundations for Longer-Term Financing 529

Purpose and Function of Financial Markets 529

Yield Curves and Their Use 533

Pricing Default Risk Off Treasuries 537

Summary 540

Self-Correction Problems 540

Problems 541

Solutions to Self-Correction Problems 542

Selected References 542

第十八章 租赁融资 543

18 Lease Financing 543

Features of a Lease 543

Accounting and Tax Treatments of Leases 545

Return to the Lessor 548

After-Tax Analysis of Lease Versus Bur/Borrow 549

Sources of Value in Leasing 556

Self-Correction Problems 559

Summary 559

Problems 560

Solutions to Self-Correction Problems 562

Selected References 564

第十九章 发行有价证券 565

19 Issuing Securities 565

Public Offering of Securities 565

Government Regulations 568

Selling Common Stock through a Rights Issue 570

Financing a Fledgling 575

Information Effects 580

Summary 582

Self-Correction Problems 583

Problems 583

Solutions to Self-Correction Problems 585

Selected References 586

20 Fixed-Income Financing and Pension Liability 589

Features of Debt 589

第二十章 固定收益融资与年金负债 589

Types of Debt Financing 593

Call Feature and Refunding 595

Private Placements 601

Preferred Stock 602

Pension Fund Liability 605

Summary 608

Self-Correction Problems 609

Problems 610

Solutions to Self-Correction Problems 612

Selected References 613

第二十一章 通过有价证券的收益环节进行混合融资 615

21 Hybrid Financing through Equity-Linked Securities 615

Use of Warrants 615

Convertible Securities 619

Valuation of Convertible Securities 623

Exchangeable Debt 627

Other Hybrid Securities 629

Summary 633

Appendix:Valuing Convertible Bonds in the Face of Firm Volatility,Default Risks,and Fluctuating Interest Rates 634

Self-Correction Problems 637

Problems 638

Solutions to Self-Correction Problems 640

Selected References 641

第二十二章 金融风险管理 645

22 Managing Financial Risk 645

Derivative Securities 645

Hedging Risk 646

Futures Markets 648

Forward Contracts 652

Option Contracts 654

Interest-Rate Swaps 659

Credit Derivatives 664

Commodity Contracts 666

Summary 667

Self-Correction Problems 668

Problems 669

Solutions to Self-Correction Problems 670

Selected References 671

PART Ⅶ 673

EXPANSION AND CONTRACTION 673

Case:Rayovac Corporation 673

第七部分 扩张与收缩 673

第二十三章 兼并与共同控制市场 687

23 Mergers and the Market for Corporate Control 687

What Is Control Worth? 687

Features of a Merger 688

Strategic Acquisitions Involving Stock 690

Sources or Rearrangements of Value 695

Corporate Voting and Control 699

Tender Offers and Company Resistance 701

Empirical Evidence on Mergers and Takeovers 705

Summary 708

Self-Correction Problems 709

Problems 711

Solutions to Self-Correction Problems 714

Selected References 716

24 Corporate and Distress Restructuring 719

Divestitures in General 719

第二十四章 公司整改与危难重组 719

Voluntary Liquidation and Sell-Offs 721

Spin-Offs 721

Equity Carve-Outs 723

Going Private and Leveraged Buyouts 724

Leveraged Recapitalizations 729

Distress Restructuring 730

Gaming with the Rule of Absolute Priority 735

Summary 737

Self-Correction Problems 738

Problems 740

Solutions to Self-Correction Problems 743

Selected References 744

25 International Financial Management 747

Some Background 747

第二十五章 国际金融管理 747

Types of Exposure 752

Economic Exposure 753

Exposure of Expected Future Cash Flows 756

Currency Market Hedges 761

Should Exposure Be Managed? 766

Macro Factors Governing Exchange-Rate Behavior 767

Structuring International Trade Transactions 773

Summary 776

Appendix:Translation Exposure 778

Self-Correction Problems 780

Problems 782

Solutions to Self-Correction Problems 784

Selected References 786

Apprndix:Present-Value Tables and Normal Probatility Distribution Table 787

附录：提示价格表和标准概率分布表 787

Index 797