财金之旅 影印版 财务管理基础 第10版PDF电子书下载

PARTⅠ INTRODUCTION TO FINANCIAL MANAGEMENT 1

CHAPTER 1·THE ROLE OF FINANCIAL MANAGEMENT 1

THE ROLE OF FINANCIAL MANAGEMENT 1

CHAPTER 1

INTRODUCTION TO FINANCIAL MANGEMENT 1

PRAT 1 1

What is Financial Management 2

Introductiion 2

The Goal of the Firm 3

Organization of the Financlal Management Function 6

Organization of the Book 7

Summary 10

Questions 10

Selected References 11

CHAPTER 2·THE BUSINESS, TAX, AND FINANCIAL ENVIRONMENTS 12

CHAPTER 2 12

THE BUSINESS, TAX, AND FINANCIAL ENVIRONMENTS 12

The Business Environment 13

The Tax Environment 15

Financial Statemients 21

The Financial Environment 21

Summary 30

Questions 31

Self-Correction Problems 32

Solutions fo Self-Correction Problems 33

Problems 33

Selected References 34

CHAPTER 3·THE TIME VALUE OF MONEY 35

PARTⅡ 35

VALUATION 35

CHAPTER 3 35

THE TIME VALUE OF MONEY 35

PARTⅡ VALUATION 35

The Interest Rate 36

Simple Interest 36

Compound Interest 37

Generating Investment Project Proposals 37

Compounding More Than Once a Year 50

Amortizing a Loan 54

Summary 56

Self-Correction Problems 57

Questions 57

Problems 58

Solutions to Self-Correction Problems 62

Selected References 64

THE VALLIATION OF LONG-TERM SECURMES 65

CHAPTER 4·THE VALUATION OF LONG-TERM SECURITIES 65

CHAPTER 4 65

Distinctions Among Valuation Concepts 66

Bond Valuation 67

Prefered Stock Valuation 70

Common Stock Valuation 71

Rates of Return（or Yields） 76

Summary Table of Key Present Value Formulas for Valuing Long-Term Securities 81

Summary 81

Questions 82

Self-Correction Problems 83

Problems 84

Solutions to Self-Correction Problems 86

Selected References 88

CHAPTER 5·RISK AND RETURN 89

RISK AND RETURN 89

CHAPTER 5 89

Defining Risk and Return 90

Using Probability Distributions to Measure Risk 91

Attiludes Toward Risk 94

Risk and Return in a Portfolio Context 95

Diversification 97

The Capital-Asset Pricing Model 99

Summary 108

Appendix A：Measuring Portfolio Risk 109

Appendix B：Arbitrage Pricing Theory 111

Questions 114

Self-Correction Problems 114

Problems 115

Solutions to Self-Correction Problems 117

Selected References 118

CHAPTER 6·FINANCIAI STATEMENT ANALYSIS 120

CHAPTER 6 120

FINANCIAL STATEMENT ANALYSIS 120

PART Ⅲ 120

TOOLS OF FINANCIAL ANALYSIS AND PLANNING 120

PARTⅢ TOOLS OF FINANCIAL ANALYSIS AND PLANNING 120

A Possible Framework for Analysis 124

Balance Sheet Ratios 129

Income Statement and Income Statement/Batance Sheet Ratios 132

Trend Analysis 144

Common-Size and Index Analysis 145

Summary 148

Summary of Key Ratios 149

Appendix：Deferred Taxes and Financial Analysis 150

Questions 152

Self-Correcton Problems 153

Problems 155

Solutions to Self-Correction Problems 159

Selected References 162

CHAPTER 7 164

FUNDS ANALYSIS, CASH-FLOW ANALYSIS, AND FINANCIAL PLANNING 164

CHAPTER 7·FUNDS ANALYSIS, CASH-FLOW ANALYSIS, AND FINANCIAL PLANNING 164

Flow of Funds（Sources and Uses）Statement 165

Accounting Statement of Cash Flows 172

Cash-Flow Forecasting 176

Range of Cash-Flow Estimates 181

Forecastin Financial Statements 182

Summary 186

Appendix：Sustainable Growth Modeling 187

Questions 192

Self-Correction Problems 193

Problems 195

Solutons to Self-Correction Problems 198

Selected References 202

CHAPTER 8·OVERVIEW OF WORKING CAPITAL MANAGEMENT 203

PART Ⅳ 203

WORKING CAPITAL MANAGEMENT 203

CHAPTER 8 203

OVERVIEW OF WORKING CAPITAL MANAGEMENT 203

PARTⅣ WORKING CAPITAL MANAGEMENT 203

Introduction 204

Working Capital Issues 205

Financing Current Assets：Short-Term and Long-Term Mix 208

Combining Liability Structure and Current Asset Decisions 213

Summary 214

Questions 215

Self-Correction Problems 215

Problems 216

Solutions to Self-Correction Problems 217

Selected References 218

CHAPTER 9 219

CASH AND MARKETABLE SECURITIES MANAGEMENT 219

CHAPTER 9·CASH AND MARKETABLE SECURITIES MANAGEMENT 219

Motives for Holding Cash 220

Speeding Up Cash Receipts 221

S-l-o-w-i-n-g D-o-w-n Cash Payouts 225

Electronic Commerce 228

Outsourcing 229

Cash Balance to Maintain 230

Investment in Marketable Securities 231

Summary 239

Questions 240

Self-Correction Problems 241

Problems 242

Solutions to Self-Correction Problems 243

Selected References 244

CHAPTER 10·ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT 245

ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT 245

CHAPTER 10 245

Credit and Collection Policies 246

Analyzing the Credit Applicant 253

Inventory Management and Control 259

Summary 269

Questions 270

Self-Correction Problems 270

Problems 271

Solutions to Self-Correction Problems 275

Selected References 276

CHAPTER 11·SHORT-TERM FINANCING 278

CHAPTER 11 278

SHORT-TERM FINANCING 278

Spontaneous Financing 279

Negotiated Financing 284

Factoring Accounts Receivable 296

Composition of Short-Term Financing 298

Summary 299

Questions 300

Self-Correction Problems 301

Problems 302

Solutions to Self-Correction Problems 304

Selected References 305

PART Ⅴ 306

INVESTMENT IN CAPITAL ASSETS 306

CHAPTER 12 306

CAPITAL BUDGETING AND ESTIMATIG CASH FLOWS 306

CHAPTER 12·CAPITAL BUDGETING AND ESTIMATING CASH FLOWS 306

PARTⅤ INVESTMENT IN CAPITAL ASSETS 306

The Capitl Budgeting Process：An Overview 307

Estimating Project″After-Tax Incremental Operating Cash Flows″ 308

Questions 318

Summary 318

Problems 319

Self-Correction Problems 319

Solutions to Self-Correction Problems 321

Selected References 323

CAPITAL BUDGETING TECHNIQUES 324

CHAPTER 13 324

CHAPTER 13·CAPITAL BUDGETING TECHNIQUES 324

Project Evaluation and Selection：Alternative Methods 325

Potential Difficulties 331

Summary 340

Project Monitoring：Progress Reviews and Post-Completion Audits 340

Appendix A：Multiple Intermal Rates of Return 344

Appendix B：Replacement Chain Analysis 344

Questions 346

Self-Correcton Problems 346

Problems 348

Solutions to Self-Correction Problems 350

Selected References 351

CHAPTER 14·RISK AND MANAGERIAL OPTIONS IN CAPITAL BUDGETING 353

CHAPT ER 14 353

RISK AND MANAGERIAL OPTIONS IN CAPITAL BUDGETING 353

The Problem of Project Risk 354

Total Project Risk 358

Contribution to Toatl Firm Risk：Firm-Portfolio Approach 366

Managerial Options 370

Summary 375

Questions 376

Self-Correction Problems 376

Problems 378

Solutions to Self-Correction Problems 381

Selected References 383

CHAPTER 15 385

REQUIRED RETURNS AND THE COST OF CAPITAL 385

PARTⅥ THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY 385

THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY 385

PART Ⅵ* 385

CHAPTER 15·REQUIRED RETURNS AND THE COST OF CAPITAL 385

Creation of Value 386

Overall Cost of Capital of the Firm 387

The CAPM：Project-Specific and Group-Specific Required Rates of Return 399

Evaluation of Projects on the Basis of Their Total Risk 405

Summary 409

Appendix A：Adjusting the Beta for Financial Leverage 410

Appendix B：Adjusted Present Value 412

Questions 414

Self-Correction Problems 415

Problems 416

Solutions to Self-Correction Problems 420

Selected References 422

CHAPTER 16·OPERATING AND FINANCIAL LEVERAGE 424

CHAPTER 16 424

OPERATING AND FINANCIAL LEVERAGE 424

Operating Leverage 425

Financial Leverage 432

Total Leverage 441

Cash-Flow Ability to Service Debt 442

Other Methods of Analysis 445

Combination of Methods 447

Summary 448

Questions 449

Self-Correction Problems 450

Problems 452

Solutions to Self-Correction Problems 454

Selected References 458

CHAPTER 17·CAPITAL STRUCTURE DETERMINATION 459

CHAPTER 17 459

CAPITAL STRUCTURE DETERMINATION 459

A Conceptual Look 460

The Total-Value Principle 464

Presence of Market Imperfections and Incentive Issues 467

The Effect of Taxes 469

Evaluating Lease Financing in Relation to Debt Financing 471

Taxes and Market Imperfections Combined 472

Financial Signaling 473

Summary 474

Questions 475

Self-Correction Problems 475

Problems 476

Solutions to Self-Correction Problems 479

Selected References 480

CHAPTER 18·DIVIDEND POLICY 482

CHAPTER 18 482

DIVIDEND POLICY 482

Passive versus Active Dividend Policy 483

Factors Influencing Dividend Policy 488

Dividend Stability 491

Stock Dividends and Stock Splits 494

Stock Repurchase 498

Administrative Considerations 502

Summary 503

Questions 505

Self-Correction Problems 506

Problems 507

Solutions to Self-Correction Problems 510

Selected References 511

PARTⅦ INTERMEDIATE AND LONG-TERM FINANCING 514

CHAPTER 19·THE CAPITAI MARKET 514

PART Ⅶ 514

INTERMEDIATE AND LONG-TERM FINANCING 514

CHAPTER 19 514

THE CAPITAL MARKET 514

Deja Vu All Over Again 515

Public Issue 515

Privileged Subscription 518

Regulation of Security Offerings 522

Private Placement 525

Intial Financing 527

Signaling Effects 528

The Secondary Market 530

Summary 530

Questions 531

Self-Correction Problems 532

Problems 532

Solutions to Self-Correction Problems 533

Seleted Reference 534

CHAPTER 20·LONG-TERM DEBT, PREFERRED STOCK, AND COMMON STOCK 536

CHAPT ER 20 536

LONG-TERM DEBT, PREFERRED STOCK, AND COMMON STOCK 536

Bonds and Their Features 537

Types of Long-Term Debt Instruments 538

Retirement of Bonds 540

Preferred Stock and Its Features 543

Common Stock and Its Features 546

Rights to Common Shareholders 547

Dual-Class Common Stock 550

Summary 550

Appendix：Refunding aBond Issue 551

Questions 554

Self-Correction Problems 555

Problems 556

Solutions to Self-Correction Problems 558

Selected References 559

CHAPTER 21·TERM LOANS AND LEASES 561

TERM LOANS AND LEASES 561

CHAPTER 21 561

Term Loans 562

Provisions of Loan Agreements 564

Equipment Financing 566

Lease Financing 567

Summary 576

Appendix：Accounting Treatment of Leases 576

Self-Correction Problems 579

Questions 579

Problems 580

Solutions to Self-Correction Problems 582

Selected References 584

PART Ⅷ 586

SPECIAL AREAS OF FINANCIAL MANAGEMENT 586

CHAPTER 22 586

CONVERTIBLES, EXCHANGEABLES, AND WARRANTS 586

PARTⅧ SPECIAL AREAS OF FINANCIAL MANAGEMENT 586

CHAPTER 22·CONVERTIBLES, EXCHANGEABLES, AND WARRANTS 586

Convertible Security Features 587

Use of Convertibles 588

Value of Convertible Securities 591

Exchangeable Bonds 594

Warrants 595

Summary 598

Appendix：Option Pricing 599

Questions 606

Self-Correction Problems 607

Problems 607

Solutiions to Self-Correction Problems 610

Selected References 611

CHAPTER 23 613

MERGERS AND OTHER FORMS OF CORPORATE RESTRUCTURING 613

CHAPTER 23·MERGERS AND OTHER FORMS OF CORPORATE RESTRUCTURING 613

Sources of Value 614

Strategic Acquisititions Involving Common Stock 617

Acquisitions and Capital Budgeting 623

Closing the Deal 625

Takeovers, Tender Offers, and Defenses 628

Strategic Alliances 631

Divestiture 632

Ownership Restructuring 634

Leveraged Buyouts 635

Summary 637

Appendix：Remedies for a Failing Company 638

Questions 643

Problems 644

Self-Correction Problems 644

Solutions to Self-Correction Problems 651

Selected References 653

CHAPTER 24 656

INTERNATIONL FINANCIAL MANAGEMENT 656

CHAPTER 24·INTERNATIONAL FINANCIAL MANAGEMENT 656

Some Background 657

Types of Exchange-Rate Risk Exposure 661

Management of Exchange-Rate Risk Exposure 666

Structuring Intermational Trade Transactions 677

Summary 681

Questions 682

Self-Correction Problems 683

Problems 684

Solutions to Self-Correction Problems 686

Selected References 688

APPENDIX 689

TableⅠ：Future value interest factor 690

APPENDIX 690

TableⅡ：Present value interest factor 692

TableⅢ：Future value interest factorof an (ordinary)annuity 694

TableⅣ：Present value interest factor of an (ordinary) annuity 696

TableⅤ：Area of normal distribution that is Z standard deviations to the left or right of the mean 698

GLOSSARY 699

INDEX 719

INDEX 719

COMMONLY USED SYMBOLS 736

COMMONLY USED SYMBOLS 736