财务管理基础 第13版PDF|Epub|txt|kindle电子书版本网盘下载

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Part 1 Introduction to Financial Management1

1 The Role of Financial Management1

Objectives1

Introduction2

What Is Financial Management？2

The Goal of the Firm3

Corporate Governance8

Organization of the Financial Management Function8

Organization of the Book10

Key Learning Points13

Questions14

Selected References14

2 The Business， Tax， and Financial Environments17

Objectives17

The Business Environment18

The Tax Environment20

The Financial Environment27

Key Learning Points35

Questions36

Self-Correction Problems37

Problems37

Solutions to Self-Correction Problems38

Selected References39

Part 2 Valuation41

3 The Time Value of Money41

Objectives41

The Interest Rate42

Simple Interest43

Compound Interest43

Compounding More Than Once a Year59

Amortizing a Loan62

Summary Table of Key Compound Interest Formulas63

Key Learning Points63

Questions64

Self-Correction Problems64

Problems65

Solutions to Self-Correction Problems69

Selected References71

4 The Valuation of Long-Term Securities73

Objectives73

Distinctions Among Valuation Concepts74

Bond Valuation75

Preferred Stock Valuation78

Common Stock Valuation79

Rates of Return 〔or Yields〕83

Summary Table of Key Present Value Formulas for Valuing Long-Term Securities88

Key Learning Points88

Questions89

Self-Correction Problems90

Problems91

Solutions to Self-Correction Problems93

Selected References95

5 Risk and Return97

Objectives97

Defining Risk and Return98

Using Probability Distributions to Measure Risk99

Attitudes Toward Risk101

Risk and Return in a Portfolio Context103

Diversification104

The Capital-Asset Pricing Model 〔CAPM〕106

Efficient Financial Markets114

Key Learning Points116

Appendix A： Measuring Portfolio Risk117

Appendix B： Arbitrage Pricing Theory119

Questions121

Self-Correction Problems122

Problems122

Solutions to Self-Correction Problems125

Selected References126

Part 3 Tools of Financial Analysis and Planning127

6 Financial Statement Analysis127

Objectives127

Financial Statements128

A Possible Framework for Analysis134

Balance Sheet Ratios138

Income Statement and Income Statement/Balance Sheet Ratios141

Trend Analysis152

Common-Size and Index Analysis153

Key Learning Points156

Summary of Key Ratios156

Appendix： Deferred Taxes and Financial Analysis158

Questions159

Self-Correction Problems160

Problems161

Solutions to Self-Correction Problems165

Selected References167

7 Funds Analysis， Cash-Flow Analysis， and Financial Planning169

Objectives169

Flow of Funds 〔Sources and Uses〕 Statement170

Accounting Statement of Cash Flows176

Cash-Flow Forecasting180

Range of Cash-Flow Estimates184

Forecasting Financial Statements186

Key Learning Points190

Appendix： Sustainable Growth Modeling190

Questions194

Self-Correction Problems195

Problems197

Solutions to Self-Correction Problems200

Selected References203

Part 4 Working Capital Management205

8 Overview of Working Capital Management205

Objectives205

Introduction206

Working Capital Issues208

Financing Current Assets： Short-Term and Long-Term Mix210

Combining Liability Structure and Current Asset Decisions215

Key Learning Points216

Questions216

Self-Correction Problem217

Problems217

Solutions to Self-Correction Problem218

Selected References219

9 Cash and Marketable Securities Management221

Objectives221

Motives for Holding Cash222

Speeding Up Cash Receipts223

S-l-o-w-i-n-g D-o-w-n Cash Payouts228

Electronic Commerce231

Outsourcing233

Cash Balances to Maintain234

Investment in Marketable Securities235

Key Learning Points244

Questions245

Self-Correction Problems245

Problems246

Solutions to Self-Correction Problems247

Selected References248

10 Accounts Receivable and Inventory Management249

Objectives249

Credit and Collection Policies250

Analyzing the Credit Applicant258

Inventory Management and Control263

Key Learning Points273

Questions274

Self-Correction Problems274

Problems275

Solutions to Self-Correction Problems278

Selected References279

11 Short-Term Financing281

Objectives281

Spontaneous Financing282

Negotiated Financing287

Factoring Accounts Receivable298

Composition of Short-Term Financing300

Key Learning Points301

Questions302

Self-Correction Problems302

Problems303

Solutions to Self-Correction Problems305

Selected References306

Part 5 Investment in Capital Assets307

12 Capital Budgeting and Estimating Cash Flows307

Objectives307

The Capital Budgeting Process： An Overview308

Generating Investment Project Proposals308

Estimating Project “After-Tax Incremental Operating Cash Flows”309

Key Learning Points318

Questions318

Self-Correction Problems319

Problems319

Solutions to Self-Correction Problems321

Selected References322

13 Capital Budgeting Techniques323

Objectives323

Project Evaluation and Selection： Alternative Methods324

Potential Difficulties330

Project Monitoring： Progress Reviews and Post-Completion Audits340

Key Learning Points340

Appendix A： Multiple Internal Rates of Return341

Appendix B： Replacement Chain Analysis343

Questions345

Self-Correction Problems346

Problems347

Solutions to Self-Correction Problems349

Selected References350

14 Risk and Managerial 〔Real〕 Options in Capital Budgeting353

Objectives353

The Problem of Project Risk354

Total Project Risk357

Contribution to Total Firm Risk： Firm-Portfolio Approach364

Managerial 〔Real〕 Options368

Key Learning Points373

Questions373

Self-Correction Problems374

Problems375

Solutions to Self-Correction Problems377

Selected References379

Part 6 The Cost of Capital， Capital Structure， and Dividend Policy381

15 Required Returns and the Cost of Capital381

Objectives381

Creation of Value382

Overall Cost of Capital of the Firm383

The CAPM： Project-Specific and Group-Specific Required Rates of Return396

Evaluation of Projects on the Basis of Their Total Risk401

Key Learning Points406

Appendix A： Adjusting the Beta for Financial Leverage407

Appendix B： Adjusted Present Value408

Questions410

Self-Correction Problems411

Problems412

Solutions to Self-Correction Problems415

Selected References417

16 Operating and Financial Leverage419

Objectives419

Operating Leverage420

Financial Leverage427

Total Leverage435

Cash-Flow Ability to Service Debt436

Other Methods of Analysis439

Combination of Methods440

Key Learning Points441

Questions442

Self-Correction Problems443

Problems444

Solutions to Self-Correction Problems446

Selected References449

17 Capital Structure Determination451

Objectives451

A Conceptual Look452

The Total-Value Principle456

Presence of Market Imperfections and Incentive Issues458

The Effect of Taxes461

Taxes and Market Imperfections Combined463

Financial Signaling465

Timing and Financial Flexibility465

Financing Checklist466

Key Learning Points467

Questions468

Self-Correction Problems468

Problems469

Solutions to Self-Correction Problems471

Selected References473

18 Dividend Policy475

Objectives475

Passive versus Active Dividend Policies476

Factors Influencing Dividend Policy481

Dividend Stability484

Stock Dividends and Stock Splits486

Stock Repurchase491

Administrative Considerations495

Key Learning Points496

Questions497

Self-Correction Problems498

Problems499

Solutions to Self-Correction Problems501

Selected References502

Part 7 Intermediate and Long-Term Financing505

19 The Capital Market505

Objectives505

Deja Vu All Over Again506

Public Issue507

Privileged Subscription509

Regulation of Security Offerings512

Private Placement516

Initial Financing519

Signaling Effects520

The Secondary Market522

Key Learning Points522

Questions523

Self-Correction Problems524

Problems524

Solutions to Self-Correction Problems525

Selected References526

20 Long-Term Debt， Preferred Stock， and Common Stock527

Objectives527

Bonds and Their Features528

Types of Long-Term Debt Instruments529

Retirement of Bonds532

Preferred Stock and Its Features534

Common Stock and Its Features538

Rights of Common Shareholders539

Dual-Class Common Stock542

Key Learning Points543

Appendix： Refunding a Bond Issue544

Questions546

Self-Correction Problems547

Problems548

Solutions to Self-Correction Problems550

Selected References551

21 Term Loans and Leases553

Objectives553

Term Loans554

Provisions of Loan Agreements556

Equipment Financing558

Lease Financing559

Evaluating Lease Financing in Relation to Debt Financing562

Key Learning Points567

Appendix： Accounting Treatment of Leases567

Questions570

Self-Correction Problems571

Problems572

Solutions to Self-Correction Problems573

Selected References575

Part 8 Special Areas of Financial Management577

22 Convertibles， Exchangeables， and Warrants577

Objectives577

Convertible Securities578

Value of Convertible Securities581

Exchangeable Bonds584

Warrants585

Key Learning Points589

Appendix： Option Pricing589

Questions595

Self-Correction Problems596

Problems597

Solutions to Self-Correction Problems599

Selected References600

23 Mergers and Other Forms of Corporate Restructuring603

Objectives603

Sources of Value604

Strategic Acquisitions Involving Common Stock608

Acquisitions and Capital Budgeting615

Closing the Deal617

Takeovers， Tender Offers， and Defenses620

Strategic Alliances622

Divestiture623

Ownership Restructuring626

Leveraged Buyouts627

Key Learning Points629

Appendix： Remedies for a Failing Company630

Questions635

Self-Correction Problems636

Problems638

Solutions to Self-Correction Problems641

Selected References643

24 International Financial Management647

Objectives647

Some Background648

Types of Exchange-Rate Risk Exposure652

Management of Exchange-Rate Risk Exposure656

Structuring International Trade Transactions668

Key Learning Points671

Questions672

Self-Correction Problems673

Problems674

Solutions to Self-Correction Problems676

Selected References677

Appendix679

Table Ⅰ：Future value interest factor680

Table Ⅱ：Present value interest factor682

Table Ⅲ：Future value interest factor of an（ordinary）annuity684

Table Ⅳ：Present value interest factor of an（ordinary）annuity686

Table Ⅴ：Area of normal distribution that is Zstandard deviations to the left or right of the mean688

Glossary689

Commonly Used Symbols705

Index707