《财金之旅 影印版 财务管理基础 第10版》

PARTⅠ INTRODUCTION TO FINANCIAL MANAGEMENT1

CHAPTER 1·THE ROLE OF FINANCIAL MANAGEMENT1

THE ROLE OF FINANCIAL MANAGEMENT1

CHAPTER1

INTRODUCTION TO FINANCIAL MANGEMENT1

PRAT 11

What is Financial Management2

Introductiion2

The Goal of the Firm3

Organization of the Financlal Management Function6

Organization of the Book7

Summary10

Questions10

Selected References11

CHAPTER 2·THE BUSINESS, TAX, AND FINANCIAL ENVIRONMENTS12

CHAPTER 212

THE BUSINESS, TAX, AND FINANCIAL ENVIRONMENTS12

The Business Environment13

The Tax Environment15

Financial Statemients21

The Financial Environment21

Summary30

Questions31

Self-Correction Problems32

Solutions fo Self-Correction Problems33

Problems33

Selected References34

CHAPTER 3·THE TIME VALUE OF MONEY35

PARTⅡ35

VALUATION35

CHAPTER 335

THE TIME VALUE OF MONEY35

PARTⅡ VALUATION35

The Interest Rate36

Simple Interest36

Compound Interest37

Generating Investment Project Proposals37

Compounding More Than Once a Year50

Amortizing a Loan54

Summary56

Self-Correction Problems57

Questions57

Problems58

Solutions to Self-Correction Problems62

Selected References64

THE VALLIATION OF LONG-TERM SECURMES65

CHAPTER 4·THE VALUATION OF LONG-TERM SECURITIES65

CHAPTER 465

Distinctions Among Valuation Concepts66

Bond Valuation67

Prefered Stock Valuation70

Common Stock Valuation71

Rates of Return（or Yields）76

Summary Table of Key Present Value Formulas for Valuing Long-Term Securities81

Summary81

Questions82

Self-Correction Problems83

Problems84

Solutions to Self-Correction Problems86

Selected References88

CHAPTER 5·RISK AND RETURN89

RISK AND RETURN89

CHAPTER 589

Defining Risk and Return90

Using Probability Distributions to Measure Risk91

Attiludes Toward Risk94

Risk and Return in a Portfolio Context95

Diversification97

The Capital-Asset Pricing Model99

Summary108

Appendix A：Measuring Portfolio Risk109

Appendix B：Arbitrage Pricing Theory111

Questions114

Self-Correction Problems114

Problems115

Solutions to Self-Correction Problems117

Selected References118

CHAPTER 6·FINANCIAI STATEMENT ANALYSIS120

CHAPTER 6120

FINANCIAL STATEMENT ANALYSIS120

PART Ⅲ120

TOOLS OF FINANCIAL ANALYSIS AND PLANNING120

PARTⅢ TOOLS OF FINANCIAL ANALYSIS AND PLANNING120

A Possible Framework for Analysis124

Balance Sheet Ratios129

Income Statement and Income Statement/Batance Sheet Ratios132

Trend Analysis144

Common-Size and Index Analysis145

Summary148

Summary of Key Ratios149

Appendix：Deferred Taxes and Financial Analysis150

Questions152

Self-Correcton Problems153

Problems155

Solutions to Self-Correction Problems159

Selected References162

CHAPTER 7164

FUNDS ANALYSIS, CASH-FLOW ANALYSIS, AND FINANCIAL PLANNING164

CHAPTER 7·FUNDS ANALYSIS, CASH-FLOW ANALYSIS, AND FINANCIAL PLANNING164

Flow of Funds（Sources and Uses）Statement165

Accounting Statement of Cash Flows172

Cash-Flow Forecasting176

Range of Cash-Flow Estimates181

Forecastin Financial Statements182

Summary186

Appendix：Sustainable Growth Modeling187

Questions192

Self-Correction Problems193

Problems195

Solutons to Self-Correction Problems198

Selected References202

CHAPTER 8·OVERVIEW OF WORKING CAPITAL MANAGEMENT203

PART Ⅳ203

WORKING CAPITAL MANAGEMENT203

CHAPTER 8203

OVERVIEW OF WORKING CAPITAL MANAGEMENT203

PARTⅣ WORKING CAPITAL MANAGEMENT203

Introduction204

Working Capital Issues205

Financing Current Assets：Short-Term and Long-Term Mix208

Combining Liability Structure and Current Asset Decisions213

Summary214

Questions215

Self-Correction Problems215

Problems216

Solutions to Self-Correction Problems217

Selected References218

CHAPTER 9219

CASH AND MARKETABLE SECURITIES MANAGEMENT219

CHAPTER 9·CASH AND MARKETABLE SECURITIES MANAGEMENT219

Motives for Holding Cash220

Speeding Up Cash Receipts221

S-l-o-w-i-n-g D-o-w-n Cash Payouts225

Electronic Commerce228

Outsourcing229

Cash Balance to Maintain230

Investment in Marketable Securities231

Summary239

Questions240

Self-Correction Problems241

Problems242

Solutions to Self-Correction Problems243

Selected References244

CHAPTER 10·ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT245

ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT245

CHAPTER 10245

Credit and Collection Policies246

Analyzing the Credit Applicant253

Inventory Management and Control259

Summary269

Questions270

Self-Correction Problems270

Problems271

Solutions to Self-Correction Problems275

Selected References276

CHAPTER 11·SHORT-TERM FINANCING278

CHAPTER 11278

SHORT-TERM FINANCING278

Spontaneous Financing279

Negotiated Financing284

Factoring Accounts Receivable296

Composition of Short-Term Financing298

Summary299

Questions300

Self-Correction Problems301

Problems302

Solutions to Self-Correction Problems304

Selected References305

PART Ⅴ306

INVESTMENT IN CAPITAL ASSETS306

CHAPTER 12306

CAPITAL BUDGETING AND ESTIMATIG CASH FLOWS306

CHAPTER 12·CAPITAL BUDGETING AND ESTIMATING CASH FLOWS306

PARTⅤ INVESTMENT IN CAPITAL ASSETS306

The Capitl Budgeting Process：An Overview307

Estimating Project″After-Tax Incremental Operating Cash Flows″308

Questions318

Summary318

Problems319

Self-Correction Problems319

Solutions to Self-Correction Problems321

Selected References323

CAPITAL BUDGETING TECHNIQUES324

CHAPTER 13324

CHAPTER 13·CAPITAL BUDGETING TECHNIQUES324

Project Evaluation and Selection：Alternative Methods325

Potential Difficulties331

Summary340

Project Monitoring：Progress Reviews and Post-Completion Audits340

Appendix A：Multiple Intermal Rates of Return344

Appendix B：Replacement Chain Analysis344

Questions346

Self-Correcton Problems346

Problems348

Solutions to Self-Correction Problems350

Selected References351

CHAPTER 14·RISK AND MANAGERIAL OPTIONS IN CAPITAL BUDGETING353

CHAPT ER 14353

RISK AND MANAGERIAL OPTIONS IN CAPITAL BUDGETING353

The Problem of Project Risk354

Total Project Risk358

Contribution to Toatl Firm Risk：Firm-Portfolio Approach366

Managerial Options370

Summary375

Questions376

Self-Correction Problems376

Problems378

Solutions to Self-Correction Problems381

Selected References383

CHAPTER 15385

REQUIRED RETURNS AND THE COST OF CAPITAL385

PARTⅥ THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY385

THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY385

PART Ⅵ*385

CHAPTER 15·REQUIRED RETURNS AND THE COST OF CAPITAL385

Creation of Value386

Overall Cost of Capital of the Firm387

The CAPM：Project-Specific and Group-Specific Required Rates of Return399

Evaluation of Projects on the Basis of Their Total Risk405

Summary409

Appendix A：Adjusting the Beta for Financial Leverage410

Appendix B：Adjusted Present Value412

Questions414

Self-Correction Problems415

Problems416

Solutions to Self-Correction Problems420

Selected References422

CHAPTER 16·OPERATING AND FINANCIAL LEVERAGE424

CHAPTER 16424

OPERATING AND FINANCIAL LEVERAGE424

Operating Leverage425

Financial Leverage432

Total Leverage441

Cash-Flow Ability to Service Debt442

Other Methods of Analysis445

Combination of Methods447

Summary448

Questions449

Self-Correction Problems450

Problems452

Solutions to Self-Correction Problems454

Selected References458

CHAPTER 17·CAPITAL STRUCTURE DETERMINATION459

CHAPTER 17459

CAPITAL STRUCTURE DETERMINATION459

A Conceptual Look460

The Total-Value Principle464

Presence of Market Imperfections and Incentive Issues467

The Effect of Taxes469

Evaluating Lease Financing in Relation to Debt Financing471

Taxes and Market Imperfections Combined472

Financial Signaling473

Summary474

Questions475

Self-Correction Problems475

Problems476

Solutions to Self-Correction Problems479

Selected References480

CHAPTER 18·DIVIDEND POLICY482

CHAPTER 18482

DIVIDEND POLICY482

Passive versus Active Dividend Policy483

Factors Influencing Dividend Policy488

Dividend Stability491

Stock Dividends and Stock Splits494

Stock Repurchase498

Administrative Considerations502

Summary503

Questions505

Self-Correction Problems506

Problems507

Solutions to Self-Correction Problems510

Selected References511

PARTⅦ INTERMEDIATE AND LONG-TERM FINANCING514

CHAPTER 19·THE CAPITAI MARKET514

PART Ⅶ514

INTERMEDIATE AND LONG-TERM FINANCING514

CHAPTER 19514

THE CAPITAL MARKET514

Deja Vu All Over Again515

Public Issue515

Privileged Subscription518

Regulation of Security Offerings522

Private Placement525

Intial Financing527

Signaling Effects528

The Secondary Market530

Summary530

Questions531

Self-Correction Problems532

Problems532

Solutions to Self-Correction Problems533

Seleted Reference534

CHAPTER 20·LONG-TERM DEBT, PREFERRED STOCK, AND COMMON STOCK536

CHAPT ER 20536

LONG-TERM DEBT, PREFERRED STOCK, AND COMMON STOCK536

Bonds and Their Features537

Types of Long-Term Debt Instruments538

Retirement of Bonds540

Preferred Stock and Its Features543

Common Stock and Its Features546

Rights to Common Shareholders547

Dual-Class Common Stock550

Summary550

Appendix：Refunding aBond Issue551

Questions554

Self-Correction Problems555

Problems556

Solutions to Self-Correction Problems558

Selected References559

CHAPTER 21·TERM LOANS AND LEASES561

TERM LOANS AND LEASES561

CHAPTER 21561

Term Loans562

Provisions of Loan Agreements564

Equipment Financing566

Lease Financing567

Summary576

Appendix：Accounting Treatment of Leases576

Self-Correction Problems579

Questions579

Problems580

Solutions to Self-Correction Problems582

Selected References584

PART Ⅷ586

SPECIAL AREAS OF FINANCIAL MANAGEMENT586

CHAPTER 22586

CONVERTIBLES, EXCHANGEABLES, AND WARRANTS586

PARTⅧ SPECIAL AREAS OF FINANCIAL MANAGEMENT586

CHAPTER 22·CONVERTIBLES, EXCHANGEABLES, AND WARRANTS586

Convertible Security Features587

Use of Convertibles588

Value of Convertible Securities591

Exchangeable Bonds594

Warrants595

Summary598

Appendix：Option Pricing599

Questions606

Self-Correction Problems607

Problems607

Solutiions to Self-Correction Problems610

Selected References611

CHAPTER 23613

MERGERS AND OTHER FORMS OF CORPORATE RESTRUCTURING613

CHAPTER 23·MERGERS AND OTHER FORMS OF CORPORATE RESTRUCTURING613

Sources of Value614

Strategic Acquisititions Involving Common Stock617

Acquisitions and Capital Budgeting623

Closing the Deal625

Takeovers, Tender Offers, and Defenses628

Strategic Alliances631

Divestiture632

Ownership Restructuring634

Leveraged Buyouts635

Summary637

Appendix：Remedies for a Failing Company638

Questions643

Problems644

Self-Correction Problems644

Solutions to Self-Correction Problems651

Selected References653

CHAPTER 24656

INTERNATIONL FINANCIAL MANAGEMENT656

CHAPTER 24·INTERNATIONAL FINANCIAL MANAGEMENT656

Some Background657

Types of Exchange-Rate Risk Exposure661

Management of Exchange-Rate Risk Exposure666

Structuring Intermational Trade Transactions677

Summary681

Questions682

Self-Correction Problems683

Problems684

Solutions to Self-Correction Problems686

Selected References688

APPENDIX689

TableⅠ：Future value interest factor690

APPENDIX690

TableⅡ：Present value interest factor692

TableⅢ：Future value interest factorof an (ordinary)annuity694

TableⅣ：Present value interest factor of an (ordinary) annuity696

TableⅤ：Area of normal distribution that is Z standard deviations to the left or right of the mean698

GLOSSARY699

INDEX719

INDEX719

COMMONLY USED SYMBOLS736

COMMONLY USED SYMBOLS736