《财务管理分析 英文版 第5版》
| 作者 | （美）罗伯特 C.希金斯（Robert C. Higgins 编者 |
|---|---|
| 出版 | 北京：机械工业出版社 |
| 参考页数 | 411 |
| 出版时间 | 1998（求助前请核对） 目录预览 |
| ISBN号 | 7111065530 — 求助条款 |
| PDF编号 | 89533808（仅供预览，未存储实际文件） |
| 求助格式 | 扫描PDF（若分多册发行，每次仅能受理1册） |
PARTⅠ3
PARTⅠ3
Chapter 13
Interpreting Financial Statements3
The Cash Flow Cycle3
ASSESSING THE FINANCIAL HEALTH OF THE FIRM3
ASSESSING THE FINANCIAL HEALTH OF THE FIRM3
1Interpreting Financial Statements3
The Balance Sheet6
Current Assets and Liabilities7
Shareholders'Equity7
The Income Statement9
Cash Budgets10
Measured Earnings10
Sources and Uses Statements14
The Two-Finger Approach16
The Cash Flow Statement16
Financial Statements and the Value Problem21
Market Value versus Book Value21
Economic Income versus Accounting Income24
Inflation and Company Profits28
Appendix:Inflation and the Assessment of Company Performance28
Inflation Accounting31
Inflation and Company Balance Sheets31
Chapter Summary32
Chapter Problems33
Additional Reading33
The Levers of Financial Performance37
Evaluating Financial Performance37
Chapter237
2Evaluating Financial Performance37
The Three Determinants of ROE38
Return on Equity38
The Profit Margin40
Asset Turnover42
Financial Leverage46
Is ROE a Reliable Financial Yardstick?52
The Risk Problem53
The Timing Problem53
The Value Problem55
ROE or Market Price?57
Ratio Analysis58
Using Ratios Effectively61
Ratio Analysis of Analog Devices,Inc.62
Appendix:International Differences in Financial Structure75
Percentage Balance Sheets76
Comparisons Among Large,Publicly Traded Companies78
International Accounting Differences80
Chapter Summary82
Additional Reading and Recommended Web Sites83
Chapter Problems84
Chapter 391
Pro Forma Statements91
Financial Forecasting91
PARTⅡ91
PLANNING FUTURE FINANCIAL PERFORMANCE91
PARTⅡ91
3Financial Forecasting91
PLANNING FUTURE FINANCIAL PERFORMANCE91
Percent-of-Sales Forecasting92
Pro Forma Statements and Financial Planning98
Sensitivity Analysis100
Scenario Analysis100
Simulation101
Interest Expense102
Seasonality103
Forecasting with Computer Spreadsheets104
Cash Flow Forecasts106
The Techniques Compared108
Planning in Large Companies111
Chapter Summary112
Additional Reading113
Chapter Problems114
4 Managing Growth119
Managing Growth119
Chapter 4119
Sustainable Growth120
The Sustainable Growth Equation121
Balanced Growth124
Too Much Growth124
Analog Devices'Sustainable Growth Rate126
"Wgat If"Questions127
What to do When Actual Growth Exceeds Sustainable Growth128
Sell New Equity129
Increase Leverage134
Reduce the Payout Ratio134
Profitable Pruning134
Sourcing135
Pricing136
Is Merger the Answer?136
Too Little Growth136
What to do When Sustainable Growth Exceeds Actual Growth138
Ignore the Problem139
Return the Money to Shareholders139
Buy Growth140
Sustainable Growth and Inflation141
Sustainable Growth and Pro Forma Forecasts142
Chapter Summary143
Chapter Problems144
Additional Reading144
PARTⅢ149
FINANCING OPERATIONS149
Chapter 5149
Financial Instruments and Markets149
5Financial Instruments and Markets149
FINANCING OPERATIONS149
PARTⅢ149
Financial Instruments150
Bonds151
Common Stock156
Preferred Stock161
Financial Markets163
Private Placement or Public Issue?163
Exchanges and Over-the-Counter Markets165
International Financial Markets165
Investment Banking168
Issue Costs170
Regulatory Changes171
Efficient Markets172
What Is an Efficient Market?173
Implications of Efficiency174
Forward Markets178
Appendix:Using Financial Markets to Manage Corporate Risks178
Hedging in Money and Capital Markets183
Limitations of Financial Market Hedging185
Chapter Summary187
Additional Reading and Recommended Web Sites188
Chapter Problems188
6The Financing Decision191
Chapter 6191
The Financing Decision191
Financial Leverage192
Techniques for Evaluating Financing Alternatives195
Range of Earnings Chart196
Coverage Ratios201
Selecting the Appropriate Financing Instrument203
Financial Flexibility204
Market Signaling205
The Financing Decision and Sustainable Growth208
FRICTO212
Selecting a Maturity Structure213
Inflation and Financing Strategy214
Appendix:The Financing Decision and Firm Value215
No Taxes or Bankruptcy215
Corporate Taxes but Still No Bankruptcy218
Taxes and Bankruptcy220
Concluding Comments223
Chapter Summary225
Additional Reading226
Chapter Problems226
PARTⅣ231
EVALUATING INVESTMENT OPPORTUNITIES231
7Discounted Cash Flow Techniques231
EVALUATING INVESTMENT OPPORTUNITIES231
Chapter 7231
Discounted Cash Flow Techniques231
PARTⅣ231
Figures of Merit232
The Payback Period and the Accounting Rate of Return234
The Time Value of Money235
Equivalence238
The Net Present Value239
The Benefit-Cost Ratio241
The Internal Rate of Return241
Calculating NPVs,IRRs,and BCRs with a Computer Spreadsheet245
Bond Valuation:An Example of NPV and IRR Calculations247
Mutually Exclusive Alternatives and Capital Rationing248
Determining the Relevant Cash Flows250
Depreciation251
Working Capital and Spontaneous Sources253
Allocated Costs254
Sunk Costs254
Excess Capacity255
Financing Costs256
Appendix:Mutually Exclusive Alternatives and Capital Rationing258
What Happened to the Other $578,000?259
Unequal Lives260
Capital Rationing261
The Problem of Future Opportunities263
A Decision Tree263
Chapter Summary264
Additional Reading265
Chapter Problems266
Chapter 8269
Risk Analysis in Investment Decisions269
8Risk Analysis in Investment Decisions269
Risk Defined271
Estimating Investment Risk273
Three Techniques for Estimating Investment Risk274
Including Risk in Investment Evaluation275
Risk-Adjusted Discount Rates275
The Cost of Capital277
The Cost of Capital Defined277
Analog Devices'Cost of Capital279
The Cost of Capital in Investment Appraisal286
Multiple Hurdle Rates288
Four Pitfalls in the Use of Discounted Cash Flow Techniques289
The Entity Perspective versus the Equity Perspective290
Inflation292
Real Options293
Excessive Risk Adjustment296
Economic Value Added298
EVA and Investment Analysis299
EVA's Apeal300
A Cautionary Note302
Appendix:Diversification and B-Risk303
Diversification305
Measuring Beta308
Using Beta in Investment Evaluation309
Beta Risk and Conglomerate Diversification309
Chapter Summary310
Additional Reading311
Chapter Problems312
9 Business Valuation and Corporate Restructuring315
Business Valuation and Corporate Restructuring315
Chapter 9315
Valuing a Business317
Assets or Equity?317
Dead or Alive?318
Minority Interest or Control?320
Equity Valuation321
Firm Valuation321
Discounted Cash Flow Valuation321
Free Cash Flow322
The Terminal Value323
A Numerical Example326
Problems with Present Value Approaches to Valuation328
Valuation Based on Comparable Trades329
Lack of Marketability335
The Market for Control335
The Premium for Control336
Financial Reasons for Restructuring339
The Empirical Evidence345
The AT T-McCaw Merger347
Chapter Summary349
Additional Reading350
Chapter Problems351
APPENDLX A:PRESENT VALUE OF$1 IN YEAN N,DISCOUNTED AT DISCOUNT RATE K355
APPENDIX A355
APPENDIX B357
APPENDLX B:PRESENT VALUE OF AN ANNUITY OF$1 FOR N YEARS,DISCOUNTED AT RATE K357
GLOSSARY359
GLOSSARY359
SUGGESTED ANSWERS TO END-OF-CHAPTER PROBLEMS371
SUGGESTED ANSWERS TO END-OF-CHAPTER PROBLEMS371
INDEX399
INDEX399
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