《金融学 英文版 第9版》求取 ⇩

PART1 THE FINANCIAL SYSTEM1

1 Role of Finance2

1 Role of Finance2

PART1 THE FINANCIAL SYSTEM2

WHAT IS FINANCE?3

BASIC REQUIREMENTS FOR AN EFFECTIVE FINANCIAL SYSTEM4

Five Types of Financial Intermediaries5

FINANCIAL INTERMEDIARIES IN THE UNTTED STATES5

Financial Intermediation7

CLAIMS TO WEALTH8

Creating Money10

FINANCIAL FUNCTIONS IN THE U．S．SYSTEM10

Lending and Investing Money11

Transferning Money11

Accumulating Savings11

CAREER OPPORTUNITIES IN FINANCE12

Transferring Financial Assets12

Marketing Financial Assets12

THE PLAN OF STUDY13

2 United States Monetary System21

2 United States Monetary System21

NATURE AND FUNCTIONS OF MONEY22

DEVELOPMENT OF MONETARY SYSTEMS23

Barter23

Early Development of Money23

Use of Precious Metals as Money24

Representative Money25

Credit Money26

U．S．MONETARY SYSTEM27

Early Legislation27

Credit Money in the United States28

Demand Deposits29

Electronic Funds Transfer Systems30

MONETARY STANDARD AND THE VALUE OF MONEY30

INTERNATIONAL MONETARY SYSTEM32

U．S．MONEY SUPPLY33

Defining the Money Supply33

Measuring the Money Supply36

Money Supply Growth39

3 Depository Institutions46

3 Depository Institutions46

Before the Civil War47

HISTORY OF THE U．S．BANKING SYSTEM47

Entry of Thrift Institutions49

Legislation to Govern the Banking System50

PROTECTION OF DEPOSITORS′FUNDS53

The Savings and Loan Crisis53

Insurance for Deposit and Share Accounts55

FUNCTIONS OF THE BANKING SYSTEM56

ASSETS AND SOURCES OF FUNDS FOR DEPOSITORY INSTITUTIONS57

Assets57

Sources of Funds61

CONCENTRATION IN COMMERCLAL BANKING CONTROL64

Branch Banking64

Bank Holding Companies66

INTERNATIONAL BANKING68

NONBANK FINANCIAL CONGLOMERATES69

U．S．BANKING PRIOR TO WORLD WARI76

4 Federal Reserve System76

4 Federal Reserve System76

Weaknesses of the Banking System77

Central Banking78

STRUCTURE OF THE FEDERAL RESERVE SYSTEM79

Federal Reserve Membership79

Federal Reserve Banks81

Board of Governors82

Federal Open Market Committee84

FUNCTIONS OF THE FEDERAL RESERVE SYSTEM84

Dynamic，Defensive，and Accommodative Functions84

Monetary Policy Functions and Instruments85

Supervisory and Regulatory Functions92

Service Functions93

5 Economic Objectives，Policy Makers，and the Money Supply104

5 Economic Objectives，Policy Makers，and the Money Supply104

NATIONAL ECONOMIC POLICY OBJECTIVES105

Economic Growth105

High and Stable Levels of Employment106

Price Stability106

International Financial Equilibrium106

GOVERNMENT INFLUENCE ON THE ECONOMY107

POLICY INSTRUMENTS OF THE U．S．TREASURY110

Managing the Treasury s Cash Balances110

Powers Relating to the Federal Budget and to Surpluses or Deficit111

DEBT MANAGEMENT114

CHANGING THE MONEY SUPPLY115

Checkable Deposit Expansion116

Offsetting or Limiting Factors121

Contraction of Deposits122

FACTORS AFFECTING BANK RESERVES123

Changes in the Demand for Currency124

Federal Reserve System Transactions125

THE MONETARY BASE AND THE MONEY MULTIPLIER128

6 International Trade and Finance137

6 International Trade and Finance137

INTERNATIONAL TRANSACTIONS139

Foreign Exchange Markets140

Exchange Rates140

BUSINESS MANAGEMENT OF FOREIGN EXCHANGE146

FINANCING INTERNATIONAL TRADE147

Financing by the Exporter147

Financing by the Importer150

The Volume and Cost of Bankers′Acceptances154

OTHER AIDS TO INTERNATIONAL TRADE154

The Export-Import Bank154

Travelers Checks155

Traveler s Letter of Credit155

INTERNATIONAL FINANCIAL EQUILIBRIUM156

Nature of the Problem156

Balance-of-Payments Accounts157

International Financial System160

Exchange Rate Developments for the U．S．Dollar162

PART2 INVESTMENTS172

PART2 INVESTMENTS174

7 Savings and Investment Process174

7 Savings and Investment Process174

GROSS DOMESTIC PRODUCT AND CAPITAL FORMATION175

Implications of International Payment Imbalances176

Link Between GPDI and Gross Savings177

HISTORICAL ROLE OF SAVINGS IN THE UNITED STATES179

Foreign Sources of Savings179

Domestic Supply of Savings179

CREATION OF FINANCIAL ASSETS AND LIABILITIES180

EXPENDITURES AND RECEIPTS OF THE FEDERAL GOVERNMENT182

The Budget184

Debt Financing187

MAJOR SOURCES OF SAVINGS190

Personal Savings190

Corporate Savings193

FLOW OF FUNDS FROM SAVINGS INTO INVESTMENTS194

FACTORS AFFECTING SAVINGS197

Levels of Income197

Economic Expectations198

Economic Cycles198

Life Stages of the Individual Saver199

Life Stages of the Corporation201

8 Structure of Interest Rates207

8 Structure of Interest Rates207

SUPPLY AND DEMAND FOR LOANABLE FUNDS208

Historical Changes in U．S．Interest Rate Levels210

Loanable Funds Theory211

DETERMINANTS OF MARKET INTEREST RATES215

RISK-FREE SECURITIES：U．S．TREASURY DEBT OBLIGATIONS216

Marketable Obligations217

Dealer System219

Tax Status of Federal Obligations220

Ownership of Public Debt Securities220

Maturity Distribution of Marketable Debt Securities221

TERM OR MATURITY STRUCTURE OFINTEREST RATES223

Relationship Between Yield Curves and the Economy224

Term Structure Theories225

INFLATION PREMIUMS AND PRICE MOVEMENTS226

Historical Price Movements227

Inflation in the United States228

Types of Inflation230

DEFAULT RISK PREMIUMS234

9 Time Value of Money244

9 Time Value of Money244

SIMPLE INTEREST245

COMPOUNDING TO DETERMINE FUTURE VALUES246

Inflation or Purchasing Power Implications249

DISCOUNTING TO DETERMINE PRESENT VALUES250

EQUATING PRESENT VALUES AND FUTURE VALUES254

FINDING INTEREST RATES AND TIME REQUIREMENTS254

Solving for Interest Rates254

Solving for Time Periods255

Rule of 72256

FUTURE VALUE OF AN ANNUITY256

Ordinary Annuity257

Annuity Due259

PRESENT VALUE OF AN ANNUITY260

INTEREST RATES AND TIME REQUIREMENTS FOR ANNUITIES264

Solving for Interest Rates264

Solving for Time Periods266

DETERMINING ANNUAL ANNUITY PAYMENTS267

MORE FREQUENT COMPOUNDING OR DISCOUNTING INTERVALS269

APR VERSUS EAR270

10 Bonds and Stocks：Characteristics and Valuations278

10 Bonds and Stocks：Characteristics and Valuations278

LONG TERM EXTERNAL FINANCING SOURCES FOR BUSINESSES279

DEBT CAPITAL280

Bond Covenants281

Bond Ratings282

Bondholder Security284

Other Bond Features285

Global Bond Market286

Reading Bond Quotes287

CORPORATE EQUITY CAPITAL288

Common Stock289

Preferred Stock290

Reading Stock Quotes292

VALUATION PRINCIPLES294

VALUATION OF BONDS296

Calculating the Yield to Maturity298

Semi-Annual Coupons299

Risk in Bond Valuation300

VALUATION OF STOCKS302

Importance of Cash Flows from Dividends302

Valuing Stocks with Constant Dividends304

Valuing Stocks with Constant Dividend Growth Rates304

Risk in Stock Valuation305

Holding Period Returns306

CALCULATING RATES OF RETURN306

Annualized Rates of Return307

11 Securities Markets317

11 Securities Markets317

THE PRIMARY SECURITIES MARKETS318

Primary Market Functions of Investment Bankers318

SECONDARY SECURITIES MARKETS329

Organized Security Exchanges329

Structure of the New York Stock Exchange331

Over-the-Counter Market337

Third and Fourth Security Markets338

A WORD ON COMMISSIONS339

SECURITY MARKET INDEXES339

FOREIGN SECURITIES340

INSIDE INFORMATION AND THE LAW341

CHANGES IN THE STRUCTURE OF THE STOCK MARKET342

APPENDIX 11A Introduction to Futures and Options350

APPENDIX 11A Introduction to Futures and Options350

WHY DO DERIVATIVES EXIST?350

FUTURES CONTRACTS352

OPTIONS354

OPTION PAYOFF DIAGRAMS356

12 Financial Return and Risk Concepts361

12 Financial Return and Risk Concepts361

HISTORICAL RETURN AND RISK FOR A SINGLE FINANCIAL ASSET362

Arithmetic Average Annual Rates of Return362

Vanance as a Measure of Risk364

Standard Deviation as a Measure of Risk365

EXPECTED MEASURES OF RETURN AND RISK367

HISTORICAL RETURNS AND RISK OF DIFFERENT ASSETS369

EFFICIENT CAPITAL MARKETS371

PORTFOLIO RETURNS AND RISK375

Expected Return on a Portfolio376

Variance and Standard Deviation of Return on a Portfolio378

Portfolio Risk and the Number of Investments in the Portfolio379

Systematic and Unsystematic Risk380

Capital Asset Pricing Model382

Estimating Beta385

Security Market Line388

PART3 BUSINESS FINANCE398

13 Business Organization and Financial Data400

PART3 BUSINESS FINANCE400

13 Business Organization and Financial Data400

STARTING A BUSINESS401

Strategic Plan with a Vision or Mission401

Business and Financial Goals403

GOAL OF A FIRM404

Measuring Shareholder Wealth404

Linking Strategy and Financial Plans406

Criterion for Non-Public Firms408

FORMS OF BUSINESS ORGANIZATION IN THE UNITED STATES408

Proprietorship409

Partnership410

Corporation411

CORPORATE GOVERNANCE413

Principal-Agent Problem413

Reducing Agency Problems415

Accounting Principles416

The Annual Report416

Income Statement417

The Balance Sheet420

Statement of Cash Flows424

Federal Income Taxation426

Depreciation Basics428

FINANCE IN THE ORGANIZATION CHART429

14 Financial Analysis and Long-Term Financial Planning439

14 Financial Analysis and Long-Term Financial Planning439

FINANCIAL STATEMENT ANALYSIS440

RATION ANALYSIS OF BALANCE SHEET AND INCOME STATEMENT441

TYPES OF FINANCIAL RATIOS442

Asset Management Ratios and Analysis446

Financial Leverage Ratios and Analysis449

Profitability Ratios and Analysis455

Market Value Ratios and Analysis456

SUMMARY OF RATION ANALYSIS FOR GLOBAL MANUFACTURING458

DU PONT METHOD OF RATIO ANALYSIS459

LONG-TERM FINANCIAL PLANNING462

Percentage of Sales Technique463

Cost-Volume-Profit Analysis466

Degree of Operating Leverage467

15 Managing Working Capital482

15 Managing Working Capital482

OPERATING AND CASH CONVERSION CYCLES483

Operating Cycle483

Cash Conversion Cycle484

Determining the Length of the Operating Cycle and Cash Conversion Cycle485

Working Capital Requirements488

CASH BUDGETS492

Cash Inflows494

Minimum Desired Cash Balance494

Cash Outflows495

Constructing the Cash Budget497

Seasonal versus Level Production498

MANAGEMENT OF CURRENT ASSETS500

Cash and Marketable Securities Management501

Accounts Receivable Management505

Inventory Management509

16 Short-Term Business Financing518

16 Short-Term Business Financing518

STRATEGIES FOR FINANCING WORKING CAPITAL519

FACTORS AFFECTING SHORT-TERM FINANCING524

Operating Characteristics525

Other Influences in Short-Term Financing528

Bank Lines of Credit530

COMMERCIAL BANK LENDING OPERATIONS530

Computing Interest Rates531

Revolving Credit Agreements532

Accounts Receivable Financing533

INVENTORY LOANS534

Loans Secured by Stocks and Bonds536

Other Forms of Security for Bank Loans538

TRADE CREDIT538

Terms for Trade Credit539

Cost of Trade Credit540

COMMERCIAL FINANCE COMPANIES541

FACTORS542

SMALL BUSINESS ADMINISTRATION544

COMMERCLAL PAPER546

17 Capital Budgeting Analysis555

17 Capital Budgeting Analysis555

MANAGEMENT OF FIXED ASSETS556

OVERVIEW OF THE CAPITAL BUDGETING DECISION557

CAPITAL-BUDGETING PROCESS558

CAPITAL-BUDGETING TECHNIQUES560

Net Present Value560

Internal Rate of Return562

Profitability Index564

Payback Period566

ESTIMATING PROJECT CASH FLOWS567

Isolating Project Cash Flows567

Approaches to Estimating Cash Flows569

Overvaluing a Strategy573

Determining the Correct Base Case573

Define Project Boundaries at the Corporate Level573

STRATEGIC ANALYSIS AND CASH FLOW ESTIMATION573

PISK-RELATED CONSIDERATIONS574

18 Capital Structure and the Cost of Capital586

18 Capital Structure and the Cost of Capital586

WHY CHOOSE A CAPITAL STRUCTURE?587

Trends in Corporate Use of Debt588

Difficulty of Making Capital Structure Decisions589

EBIT/EPS ANALYSIS589

Indifference Level590

COMBINED OPERATING AND FINANCIAL LEVERAGE EFFECTS593

Degree of Financial Leverage593

Total Risk595

OTHER INFLUENCES ON CAPITAL STRUCTVRE CHOICE597

Flexibility597

Timing598

Corporate Control598

Management s Attitude toward Debt and Risk599

Maturity Matching599

BEYOND DEBT AND EQUITY600

REQUIRED RATE OF RETURN AND THE COST OF CAPITAL602

COST OF CAPITAL603

Cost of Debt603

Cost of Preferred Stock604

Cost of Common Equity604

Cost of New Common Stock606

WEIGHTED AVERAGE COST OF CAPITAL607

Capital Structure Weights608

Measuring the Target Weights608

APPENDIX619

GLOSSARY629

INDEX641