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