财务学基础

书籍目录

Preface

Chapter 1

An Introduction to the. Foundations of

Financial Management-The Ties That Bind

Goal of the Firm

Legal Forms of Business Organization

Federal Income Taxation

Ten Axioms That Form fhe Foundations of Financial Management

Axiom 1: The Risk-Return Trade-off-We Won't Take On

Additional Risk Unless We Expect to Be Compensated with

Additional Return

Axiom 2: The Time Value of Money--A Dollar Received Today

Is Worth More Than a Dollar Received in the Future

Axiom 3: Cash-Not Profits-Is King

Axiom 4: Incremental Cash Flows--It's Only What Changes

That Counts

Axiom 5: The Curse of Competitive Markets-Why It's Hard to Find

Exceptionaliy Profitable Projects

Axiom 6: Efficient Capital Markets-The Markets Are Quick and the

Prices Are Right

Axiom 7: The Agency Problem--Managers Won't Work for the

Owners Unless It's in Their Best Interest

Axiom 8: Taxes Bias Business Decisions

Axiom 9: All Risk Is Not Equal--Some Risk Can Be Diversified Away,

and Some Cannot

Axiom 10: Ethical Behavior Is Doing the Right Thing, and Ethical

Dilemmas Are Everywhere in Finance

Overview of the Text

Chapter 2

The Financial Markets and Interest Rates

The Mix of Corporate Securities Sold m the Capital Market

Why Financial Markets Exist

Financmg of Business: The Movement of Funds through the

Economy

Components of the U.S. Financial Market System

The Investment Banker

Private Placements

Flotation Costs

Regulation

More Recent Regulatory Developments

Rates of Retum in the Financial Markets

Interest Rate Determinants in a Nutshell

The Term Structure of Interest Rates

Chapter 3

Evaluating a Firm's Financial Performance

and Measuring Cash Flow

Basic Financial Statements

Financial Ratio Analysis

The DuPont Analysis: An Integrative Approach to Ratio Analysis

Chapter 4:

Financial Forecasting, Planning, and Budgeting

Financial Forecasting

Fmancial Planning and Budgeting

Computerized Financial Planning

Chapter 5

The Time Value of Money

Compound Interest

Present Value

Annuities

Annuities Due

Compound Interest with Nonannual Periods

Present Value of an Uneven Stream

Perpetuities

Chapter 6

Valuation and Characteristics of Bonds

Types of Bonds

Terminology and Characteristics of Bonds

Definitions of Value

Valuation: An Overview

Valuation: The Basic Process

Bond Valuation

The Bondholder's Expected Rate of Retum (Yield to Maturity)

Bond Valuation: Three Important Relationships

Chapter 7

Valuation and Characteristics of Stock

Preferred Stock

Common Stock

The Stockholder's Expected Rate of Retum

Chapter 8

The Meaning and Measurement

of Risk and Return

Expected Retum Defmed and Measured

Risk Defined and Measured

Rates of Retum: The Investor's Experience

Risk and Diversification

The Investor's Required Rate of Retum

The Fama and French Attack on the CAPM

Chapter 9

Capital-Budgeting Technlques and Practice

Finding Profitable Projects

Capital-Budgeting Decision Criteria

Capital Rationing

Problems in Project Ranking-Capital Rationing, Mutually

Exclusive Projects, and Problems with the IRR

Ethics in Capital Budgeting

A Glance at Actual Capital-Budgetmg Practices

Chapter 10

Cash Flows and Other Topics in Capital Budge

Guidelines for Capital Budgeting

Measuring a Project's Benefits and Costs

Risk and the Investment Decision

Incorporating Risk into Capital Budgeting

Exammmg a Project's Risk through Simulation

Chapter 11

Cost of Capital

The Cost of Capital: Key Definitions and Concepts

Detennining Individual Costs of Capital

The Weighted Average Cost of Capital

Calculating Divisional Costs of Capital: PepsiCo, Inc.

Using a Firm's Cost of Capital to Evaluate

New Capital Investments

Chapter 12

Determining the Financing Mix

Business and Financial Risk

Breakeven Analysis

Operating Leverage

Financial Leverage

Combination of Operating and Financial Leverage

Planning the Financing Mix

A Quick Look at Capital Structure Theory

Basic Tools of Capital Structure Management

A Glance at Actual Capital Structure Management

Chapter 13

Dividend Policy and Internal Financing

Key Terms

Does Dividend Policy Affect Stock Price?

The Dividend Decision in Practice

Dividend Payment Procedures

Stock Dividends and Stock Splits

Stock Repurchases

Chapter 14

Introduction to Working-Capital Management

Managing Current Assets and Liabilities

Appropriate Level of Working Capital

Estimation of the Cost of Short-Term Credit

Sources of Short-Term Credit

Chapter 15

Liquid Asset Management

Why a Company Holds Cash

Cash Management Objectives and Decisions

Collection and Disbursement Procedures

Evaluation of Costs of Cash Management Services

Composition of Marketable-Securities Portfolio

Accounts-Receivable Management

Inventory Management

Chaprter 16

Internatlonal Business Finance

The Globalization of Product and Financial Markets

Exchange Rates

Interest-Rate Parity Theory

Purchasing-Power Parity Theory

Exposure to Exchange Rate Risk

Multinational Working-Capital Management

Intemational Financing and Capital Structure Decisions

Direct Foreign Investment

Chapter 17

Changes and Challenges in Finance

Recent Innovations in Risk Management

Finance m the '90s: The Consequences of Financial Innovation

in Corporate Restructuring

Recent Innovations in Raising Capital: Hybrid Securities

The Agency Problem: Changes and Challenges

The CAPM and Market Efficiency: The Challenges from

Academia

Appendixes

Appendix A: Using a Calculator

Appendix B: Compound Sum of $1

Appendix C: Present Value of $1

Appendix D: Sum of an Annuity of $1 for n Periods

Appendix E: Present Value of an Annuity of $1 for n periods

Appendix F: Check Figures for Selected

End-of-Chapter Study Problems

Glossary

Index

作者简介

《财务学基础:财务管理逻辑与实务(第2版)》为世界工商管理名典系列之一。

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