财务管理基础

《财务管理基础》（第10版）是美国斯坦福大学Horne教授和田纳西大学 Wachowicz 教授合作的结晶。全书共分8个部分24章和13个附录。本书除了全面 介绍财务决策过程和财务决策对价值创造的影响外，还特别详细讨论了财务管理 中的三个主要决策领域：投资、融资和资产管理决策。 与前版相比，本版使用了最新的资料，如企业组织形式――有限责任公司、 电子商务与 Outs0urcing对现金管理的影响以及战略联盟，等等。它们对理解财 务决策的制定非常重要。 为了便于学生学习，本书还附有自测题（含答案）。附录和参考书目为学生 在某个专题上达到更高的层次提供了阶梯。 本书是一部教科书，但对于相关的实际工作部门人员来说也是十分有用的参 考书。如营运资产管理、现金与有价证券管理、应收账与存贷管理、短期融资、 现金流量、资本预算方法、分红政策、定期贷款和租赁、兼并和公司重组的其他 形式、国际财务管理等等。

CONTENTS PREFACE XIII PART I INTRODUCTION TO FlNANCIAL MANAGEMENT CHAPTER 1 THE ROLE OF FlNANCIAL MANAGEMENT Introduction What Is Financial Management? The Goal of the Firm Organization of the Financiai Management Function Organization of the Book Summary Questiona Selected References CHAPTER 2 THE BUSINESS, TAX, AND FlNANCIAL ENVIRUNMENTS The Business Environment The Tax Environment The Financial Environment Summary Questions Self-Correction Problems Problems Sahitions to Self-Correction Problems Selected References PART II VALUATION CHAPTER 3 TBE TlME VALUE OF MONEY The Interest Rate Simple Interest Compound Interest Compounding More Than Once a Year Amortizing a Loan Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 4 FHE VALUATION OF LONG-TERM SECURMES DIStinctions Among Valuation Cocepts Bond Valuation Preferred Stock Valuation Common Stock Valuation Rates of Return (or Yields) Summary Table of Key Present Value Formulas for Valuing Long-Term Securtties Summary Questions Self-Correction Pmblems Problems Solutions to Self-Correction Problems Selected References CHAPTER 5 RlSK AND RETURN Defining Risk and Retum Using Probability Distributions to Measure Risk Attitudes Toward Risk Risk and Retum in a Portfolio Context Diversification The Capital-Asset Pricing Model Summary Appendix A: Measuring Portfolio Risk Appendix B: Arbitrage Pricing Theory Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART III TOOLS OF FINANCIAL ANALYSIS AND PLANNING CHAPTER 6 FlNANClAL STATENT ANALYSIS Finandal Statements A Possible Framework for Analysis Balance Sheet Ratios Income Statement and Income Statement/Balance Sheet Ratios Trend Analysis Common-Size and Index Analysis Summary Summary of Key Ratios Appendix: Deferred Taxes and Financial Analysis Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 7 FUNDS ANALYSIS, CASH-FLOW ANALYSIS AND FlNANCIAL PLANNING Flow of Funds (Sources and Uses) Statement Accounting Statement of Cash Flows Cash-Flow Forecashng Range of Cash-Flow Estimates Forccasting Finandal Statements Summary Appendix: Sustainable Growth Modeling Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART IV WORKING CAPITAL MANAGEMENT CHAPTER 8 OVERVIEW OF WORKING CAPITAL MANAGEMENT Introductior Working Capital Issues Finandng Current Assets: Short-Term and Long-Term Mix Combining Liability Structure and Current Asset Decisions Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 9 CASH AND MARKETABLE SECURITIES MANAGEMENT Motives for Holding Cash Speeding Up Cash Receipts S-l-o-w-i-n-g D-o-w-n Cash Payouts Electronic Commerce Outsourcing Cash Balances to Maintain Investment in Marketable Securities Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 10 ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT Credit and Collection Policies Analyzing the Credit Applicant Inventory Management and Control Summary Questions Self-Correction Problems : Problems Solutions to Self-Correction Problems : Selected References CHAPTER 11 SHORT-TERM FlNANCING Spontaneous Financing Negotiated Financing Factoring Accounts Receivable Composition of Short-Term Financing Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART V INVESTMENT IN CAPITAL ASSETS CHAPTER 12 CAPITAL BUDGETING AND ESTIMATING CASH FLOWS The Capital Budgeting Process: An Overview Generating Investment Project Proposals Estimating Project "After-Tax Incremental Operating Cash Flows" Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 13 CAPnAL BUDGETING TECHNIQUES Project Evaluation and Selection: Altemative Methods Potential Difficulties Project Monitoring: Progress Reviews and Post-Completion Audits Summary Appendix A: Multiple Intemal Rates of Retum Appendix B: Replacement Chain Analysis Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 14 RlSK AND MANAGERIAL OPTIONS IN CAPITAL BUDGETING The Problem of Project Risk Total Project Risk Contribution to Total Firm Risk: Firm-Portfolio Approach Managerial Options Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PARTVI THE COST OF CAPITAL, CAPITAL STRUCTURE AND DIVIDEND POLICY CHAPTER 15 REQUIRED RETURNS AND THE COST OF CAPITAL Creation of Value Overall Cost of Capital of the Firm The CAPM: Project-Specific and Group-Specific Required Rates of Return Evaluation of Projects on the Basis of Their Total Risk Summary Appendix A: Adjushng the Beta for Financial Leverage Appendix B: Adjusted Present Value Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 16 OPERATING AND FlNANCIAL LEVERAGE Operating Leverage Financial Leverage Total Leverage Cash-Flow Ability to Service Debt Other Methods of Analysis Combination of Methods Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 17 CAPITAL STRUCTURE DETERMINATION A Conceptual Look The Total-Value Principle Presence of Market Imperfections and Incentive Issues The Effect of Taxes Taxes and Market Imperfections Combined Financial Signaling Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 18 DlVIDEND POLICY Passive versus Active Dividend Policy Factors Influencing Dividend Policy Dividend Stability Stock Dividends and Stock Splits Stock Repurchase Administrative Considerations Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART VII INTERMEDIATE AND LONG-TERM FINANCING CHAPTER 19 THE CAPITAL MARKET Deja Vu All Over Again Public Issue Privileged Subscription Regulation of Security Offerings Private Placement Initial Financing Signaling Effects The Secondary Market Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 20 LONG-TERM DEBT, PREFERRED STOCK AND COMMON STOCK Bonds and Their Features Types of Long-Term Debt Instruments Retirement of Bonds Preferred Stock and Its Features Common Stock and Its Features Rights to Common Shareholders Dual-Class Common Stock Summary Appendix: Refunding a Bond Issue Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 21 TERM LOANS AND LEASES Term Loans Provisions of Loan Agreements Equipment Financing Lease Financing Evaluating Lease Financing in Relation to Debt Financing Summary Appendix: Accounting Treatment of Leases Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART VIII SPECIAL AREAS OF FINANCIAL MANAGEMENT CHAPTER 22 CONVERTIBLES, EXCHANGEABLES, AND WARRANTS 586 Convertible Security Features Use of Convertibles Value of Convertible Securities Exchangeable Bonds Warrants Summary Appendix: Option Pricing Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 23 MERGERS AND OTHER FORMS OF CORPORATE RESTRUCTURING Sources of Value Strategic Acquisitions Involving Common Stock Acquisitions and Capital Budgeting Closing the Deal Takeovers Tender Offers, and Defenses Strategic Alliances Divestiture Ownership Restructurirtg Leveraged Buyouts Summary Appendix: Remedies for a Failing Company Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References CHAPTER 24 INTERNATIONAL FlNANCIAL MANAGEMENT Some Background Types of Exchange-Rate Risk Exposure Management of Exchange-Rate Risk Exposure Structuring Intemational Trade Transactions Summary Questions Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References APPENOIX Table 1: Future value interest factor Table 11: Present value interest factor Table III: Future value interest factor of an (ordinary) annuity Table IV: Present value interest factor of an (ordinary) annuity Table V: Area of normal distribution that is Z standard deviations to the left or right of the mean GLOSSARY INDEX COMMONLY USEO SYMBOLS