《财务学基础 财务管理逻辑与实务 英文版 第2版》

Chapter 1 An Introduction to the Foundations of Financial Management—The Ties That Bind1

Goal of the Firm2

Legal Forms of Business Organization3

Federal Income Taxation6

Ten Axionms That Form the Foundations of Financial Management11

Axiom 1:The Risk-Return Trade-off—we Won't Take On Additional Risk Unless We Expect to Be Compensated with Additional Return11

Axiom 2:The Time Value of Money—A Dollar Received Today Is Worth More Than a Dollar Received in the Future12

Axiom 3:Cash—Not Profits—Is King13

Axiom 4:Incremental Cash Flows—It's Only What Changes That Counts13

Axiom 5:The Curse of Competitive Markets—Why It's Hard to Find Exceptionally Profitable Projects14

Axiom 6:Efficient Capital Markets—The Markets Are Quick and the Prices Are Right15

Axiom 7:The Agency Problem—Managers Won't Work for the Owners Unless It's in Their Best Interest15

Axiom 8:Taxes Bias Business Decisions16

Axiom 9:All Risk Is Not Equal—Some Risk Can Be Diversified Away,and Some Cannot17

Axiom 10:Ethical Behavior Is Doing the Right Thing,and Ethical Dilemmas Are Everywhere in Finance18

Overview ofthe Text20

Chapter 2 The Financial Markets and Interest Rates27

The Mix of Corporate Securities Sold in the Capital Market31

Why Financial Markets Exist33

Financing of Business:The Movement of Funds through the Economy35

Components of the U.S.Financial Market System38

The Investment Banker42

Private Placements46

Flotation Costs47

Regulation48

More Recent Regulatory Developments50

Rates of Return in the Financial Markets51

Interest Rate Determinants in a Nutshell55

The Term Structure of Interest Rates58

Chapter 3 Evaluating a Flrm's Financial Performance and Measuring Cash Flow66

Basic Financial Statements68

Financial Ratio Analysis81

The DuPont Analysis:An Integrative Approach to Ratio Analysis92

Chapter 4 Financial Forecasting,Planning,and Budgeting114

Financial Forecasting115

Financial Planning and Budgeting125

Computerized Financial Planning128

Chapter 5 The Time Value of Money141

Compound Interest142

Present Value148

Annuities151

Annuities Due156

Compound Interest with Nonannual Periods158

Present Value of an Uneven Stream159

Perpetuities161

Chapter 6 Valuation and Characteristics of Bonds171

Types of Bonds172

Terminology and Characteristics of Bonds175

Definitions of Value179

Valuation:An Overview181

Valuation:The Basic Process182

Bond Valuation183

The Bondholder's Expected Rate of Return(Yield to Maturity)186

Bond Valuation:Three Important Relationships187

Chapter 7 Valuation and Characteristics of Stock196

Preferred Stock197

Common Stock203

The Stockholder's Expected Rate of Return211

Chapter 8 The Meaning and Measurement of Risk and Return221

Expected Return Defined and Measured222

Risk Defined and Measured224

Rates of Return:The Investor's Experience227

Risk and Diversification229

The Investor's Required Rate of Return240

The Fama and French Attack on the CAPM243

Chapter 9 Capital-Budgeting Techniques and Practice259

Finding Profitable Projects260

Capital-Budgeting Decision Criteria261

Capital Rationing273

Problems in Project Ranking—Capital Rationing,Mutually Exclusive Projects,and Problems with the IRR275

Ethics in Capital Budgeting281

A Glance at Actual Capital-Budgeting Practices281

Chapter 10 Cash Flows and Other Topics in Capital Budgeting295

Guidelines for Capital Budgeting296

Measuring a Project's Benefits and Costs299

Risk and the Investment Decision309

Incorporating Risk into Capital Budgeting312

Examining a Project's Risk through Simulation316

Chapter 11 Cost of Capital327

The Cost of Capital:Key Definitions and Concepts328

Determining Individual Costs of Capital329

The Weighted Average Cost of Capital336

Calculating Divisional Costs of Capital:PepsiCo,Inc.340

Using a Firm's Cost of Capital to Evaluate New Capital Investments342

Chapter12

Determining the Financing Mix351

Business and Fiancial Risk354

Breakeven Analysis356

Operating Leverage362

Financial Leverage366

Combination of Operating and Financial Leverage369

Planning the Financing Mix372

A Quick Look at Capital Structure Theory374

Basic Tools of Capital Structure Management384

A Glance at Actual Capital Structure Management389

Chapter 13 Dividend Policy and Internal Financing402

Key Terms403

Does Dividend Policy Affect Stock Price?404

The Dividend Decision in Practice415

Dividend Payment Procedures418

Stock Dividends and Stock Splits420

Stock Repurchases423

Chapter 14 Introduction to Working-Capital Management435

Managing Current Assets and Liabilities436

Appropriate Level of Working Capital438

Estimation of the Cost of Short-Term Credit441

Sources of Short-Term Credit443

Chapter 15 Liquid Asset Management457

Why a Company Holds Cash459

Cash Management Objectives and Decisions462

Collection and Disbursement Procedures463

Evaluation of Costs of Cash Management Services474

Composition of Marketable-Securities Portfolio476

Accounts-Receivable Management483

Inventory Management489

Chapter 16 International Business Finance505

The Globalization of Product and Financial Markets506

Exchange Rates507

Interest-Rate Parity Theory517

Purchasing-Power Parity Theory518

Exposure to Exchange Rate Risk520

Multinational Working-Capital Management524

International Financing and Capital Structure Decisions525

Direct Foreign Investment526

Chapter 17 Changes and Challenges in Finance533

Recent Innovations in Risk Management534

Finance in the'90s:The Consequences of Financial Innovation in Corporate Restructuring537

Recent Innovations in Raising Capital:Hybrid Securities543

The Agency Problem:Changes and Challenges544

The CAPM and Market Efficiency:The Challenges from Academia547