公司金融基础PDF电子书下载

CHAPTER 1 Introduction 1

1.1 The Form of Business Organization 2

1.2 The Goal of the Corporate Finance 5

1.3 Financial Markets 9

Questions and Problems 11

CHAPTER 2 Accounting Statements and Cash Flow 13

2.1 The Balance Sheet 13

2.2 The Income Statement 15

2.3 Net Working Capital 17

2.4 Financial Cash Flows 17

2.5 The Statement of Cash Flows 18

2.6 Financial Reporting in Practice 20

Questions and Problems 21

CHAPTER 3 Net Present Value:First Principles of Finance 23

3.1 Making Consumption Choices over Time 23

3.2 The Basic Principle of Investment Decision Making 25

3.3 Illustrating the Investment Decision 26

Questions and Problems 27

CHAPTER 4 Net Present Value 29

4.1 The One-period Case 29

4.2 The Multi-period Case 33

4.3 Compounding Periods 37

4.4 Simplifications 40

4.5 Enterprise Value 45

Questions and Problems 46

CHAPTER 5 Some Alternative Investment Rules 49

5.1 Why Use Net Present Value？ 49

5.2 The Payback Period Rule 50

5.3 The Discounted Payback Period Rule 52

5.4 The Internal Rate of Return 53

5.5 The Profitability Index 59

5.6 The Practice of Capital Budgeting 60

Questions and Problems 61

CHAPTER 6 Net Present Value and Capital Budgeting 67

6.1 Incremental Cash Flows 67

6.2 The Baldwin Company:An Example 72

6.3 Inflation and Capital Budgeting 75

6.4 The Equivalent Annual Cost Method 77

Questions and Problems 79

CHAPTER 7 Risk Analysis and Project Evaluation 83

7.1 Decision Trees 83

7.2 Real Options 86

7.3 Sensitivity Analysis 93

7.4 Scenario Analysis 96

7.5 Monte Carlo Simulation 98

7.6 Break-even Analysis 100

Questions and Problems 103

CHAPTER 8 Capital Market Theory:An Overview 105

8.1 Return Basics 106

8.2 Return Statistics 109

8.3 Risk 110

8.4 Capital Market Theory 111

Questions and Problems 115

CHAPTER 9 Corporate-financing Decisions and Efficient Capital Markets 117

9.1 Can Financing Decisions Create Value？ 117

9.2 A Description of Efficient Capital Markets 118

9.3 The Different Types of Efficiency 121

9.4 The Evidence of Efficient Market Hypothesis 123

9.5 Criticism and Behavior Finance 127

9.6 Empirical Challenges to Market Efficiency 128

9.7 Implications for Corporate Finance 130

Questions and Problems 130

CHAPTER 10 Long-term Financing:An Introduction 133

10.1 Common Stock 133

10.2 The Basics of Corporate Long-term Debt 139

10.3 Preferred Stock 143

10.4 Patterns of Financing 144

10.5 Recent Trends in Capital Structure 145

Questions and Problems 146

CHAPTER 11 Capital Structure:Basic Concepts 147

11.1 The Capital-structure Question and the Pie Theory 147

11.2 Firm Value versus Stockholder Interests 148

11.3 Financial Leverage and FirmValue 149

11.4 Modigliani andMiller:Proposition Ⅰ and Ⅱ（No Taxes） 153

11.5 Modigliani andMiller:Proposition Ⅰ and Ⅱ（Taxes） 155

Questions and Problems 158

CHAPTER 12 Capital Structure:Limits to the Use of Debt 159

12.1 Costs of Financial Distress 159

12.2 Can Costs of Debt Be Reduced？ 163

12.3 Optimal Capital Structure:The Trade-off Theory 163

12.4 The Agency Benefits of Leverage 165

12.5 Asymmetric Information and Capital Structure 166

12.6 The Pecking-order Theory 168

12.7 Growth and the Debt-equity Ratip 169

12.8 The Miller Model with Personal Taxes 170

12.9 How Firms Establish Capital Structure 172

Questions and Problems 173

CHAPTER 13 Valuation and Capital Budgeting for the Levered Firm 175

13.1 Adjusted-present-value Approach 175

13.2 Flows-to-equity Approach 178

13.3 Weighted-average-cost-of-capital Method 179

13.4 A Comparison of the APV,FTE,and WACC Approaches 181

13.5 Project-based Costs of Capital 182

13.6 Beta and Leverage 183

Questions and Problems 186

CHAPTER 14 Dividend Policy 191

14.1 Different Types of Dividends 192

14.2 Standard Method of Cash Dividend Payment 193

14.3 Dividend Policy and Value of Firm 193

14.4 Repurchase of Stock 203

14.5 Dividend Policy in Practice 207

14.6 Non-cash Distributions 209

Questions and Problems 211

Reference Resources 215