财务管理

与 财务管理是有关创造财富的决策科学，历来受到人们的重视。《财务管理：原 理与实务》从原理和实务两个角度为读者提供一个全面了解财务世界的良好机会。 该书作者Timothyj.Gallagher是美国科罗拉多州立大学资深金融学教授，Joseph D.Andrew，Jr.是×－Change软件公司的首席财务官（CFO），并且在Webster大学 兼职讲授金融学。 本书共5个部分21章。在金融领域部分，主要探讨企业与金融业的关系；在财 务基本概念部分，涉及到会计、财务报表分析、财务计划预测、风险与收益、货币 的时间价值和股票及债券波动等内容；在长期财务管理决策部分，讨论了资本预算 决策方法、现金流增量估计、资本成本、资本结构基础、公司债券、优先股和普通 股以及股利政策等问题；在短期财务管理决策部分，研究了流动资本、现金管理、 应收账户和存货、短期融资等；在全球财务部分，探讨了国际金融中的有关问题。 书中配有大量案例、自测题及答案，同时使用漫画、图表并配以简洁的文字。 本书同样适合中国各大专院校用作财务管理教材，也可供财务管理人员及有关 科研工作者参考。

BriefContents PARTONETH EWO RLDO FFINAN NCE Chapter1： Financeandth eFirm Chapter2：FinancialMarketsandlnterestRates Chapter3：Financiallnstitutions PART TWO：ESSENTIALCONCEPTSINFINANCE Chapter4：RevievvofAccounting Chapter5： Analys isof Financial St at em ent s Chapter6：FOrecastingforFinancialPlanning Chapt8r7：RiskandReturn Chapt er 8： TheTi meVa lueof M oney Chapter9：BondandStockValuation PART THREE：LONG－TERMFINANCIALMANAGEMENTKECISIONS Chapter10：CapitalBudgetingDeCisionM ethods Chapter11 ：Es tim at in gIn cre m ent al Ca sh flow s Chapter12：TheCostofCapital Chapter13：CapitalStructureBasics Chapter14：CorporateBonds， PreferredStock， andLeasing Chapter15：Com m onStock Chapter16：DiVidendPolicy PART FOUR：SHOR－TERMFINANCIALMANAGANAGEMENTDECISIONS Chapter17：W orkingCapitalPolicy Chapter18：ManagingCash Chapter19：Accounts ReceiVableandInventory Chapter20：Short－Term Financing PART FIVE：FINANCEINTHEGLOBALECONOMY Chapter21：InternationalFinance xvn xxvii Preface About the Authors PART ONE THE WORLD OF FINANCE Chapter 1: Finance and the Firm The Field of Finance Finance Career Paths Financial Management The Role of the Financial Manager TheBasicFinancialGoaloftheFirm In Search ofValue Finance at Work: Melanie Rosen. Electronic Media, The New York Times Legal and Ethical Challenges in Financial Management Agency Issues The Interests of Other Groups The Interests of Society as a Whole Forms of Business Organization The Proprietorship The Partnership The Corporation What's Next Summary Self-Test Review Queslions Build Your Communication Skills Answers to Self- Test Chapter 2: Finandal Markets and Interest Rates The Financial System Securities Financial Intermediaries Financial Markets The Primary Market The Secondary Market The Monev Market The Capital Market Security Exchanges The Over-the-Counter (OTC) Market Market Efficiency Securities in the Financial Marketplace Securities in the Money Market Ethical Connections: The Dog Ate My Investment Securities in the Capital Market Financial Management and You: How to BuyTreasury Securities without Using a Broker Interest Determinants of Interest Rates The Yield Curve What's Next Summary Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Chapter 3: Finandal Institutions Financial Intermediation Denomination Matching Absorbing Credit Risk Commercial Banks Bank Regulation Commercial Bank Operations Ethical Connections: How Ethical Is Your Financial Institution? The Federal Reserve System Organization of the Fed Controlling the Money Supply The Discount Window Savings and Loan Associations Legislation Affecting S&Ls Regulation ofS&Ls Mutual Companies versus Stockholder Owned Companies The Problem ot Matching Loan and Deposit Maturities S&Ls' Real Assets , Credit Unions The Common Bond Requirement Members as Shareholders Credit Unions Compared to Banks Credit Union Regulation Finance Companies, Insurance Companies, and Pension Funds Types of Finance Companies Insurance Companies Financial Management and You: The Social Security System What's Next Summary Self-Test Review Questions Build Your Communication Skills Answers to Self-Test PART TWO ESSENTIAL CONCEPTS IN FINANCE Chapter 4: Review of Accounting Review ofAccounting Fundamentals Basic Accounting Financial Statements The Income Statement Ethical Cunnections: Box Office Hits- Who Profits? The Balance Sheet The Statement of Cash Flows Depreciation Calculating the Amount of Depreciation Expense Income Taxes Financial Management and You: Your Personal Tax Rates What's Next Summary Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Chapter 5: Analysis of Financial Statements Assessing Financial Health Misleading Numbers Financial Ratios The Basic Financial Ratios Calculating the Ratios Finance at Work: Lee Anne Schuster, Kitchell Contractors, Marketing Trend Analysis and Industry Comparisons Trend Analysis Industry Comparisons Summary Analysis: Trend and Industry Comparisons Together Locating Information about Financial Ratios What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Chapter 6: Forecasting for Financial Planning Why Forecasting Is Important Forecasting Approaches Why Forecasts Are Sometimes Wrong Forecasting Sales Forecasting Financial Statements Budgets Producing Pro Forma Financial Statements Finance at Work: Keith Ender, Customer Service Representative, James River Paper Company Analyzing Forecasts for Financial Planning What's Next Summarv Self-Test Review Questions Build Your Communication Skills Problems Answers lo Self- Tesl Chapter 7: Risk and Return Risk Risk Aversion The Risk-Return Relationship Measuring Risk Using Standard Deviation to Measure Risk Using the Coefficient ofVariation to Measure Risk The Types of Risks Firms Encounter Business Risk Financial Risk Portfolio Risk Dealing With Risk Risk-Reduction Methods Compensating for the Presence of Risk Financial Management and You: Mutual Funds and Risk What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self- Test Chapter 8: The Time Value of Money Why Money Has Time Value Measuring the Time Value of Money The Future Value of a Single Amount The Sensitivity of Future Values to Changes in Interest Rates or the Number of Compounding Periods The Present Value of a Single Amount The Sensitivity of Present Values to Changes in k and n Working with Annuities Future Value of an Ordinary Annuity The Present Value of an Ordinary Annuity Ethical Connections: When a Million Isn't a Million. Taking a Chance on the Time Value of Money Future and Present Values cf Annuities Due Perpetuities Present Value of an Investment with Uneven Cash Flows Special Time Value of Money Problems Finding the Interest Rate Finding the Number of Periods Solving for the Payment Compounding More than Once per Year What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self- Test Chapter 9: Bond and Stock Valuation The Importance of Bond and Stock Valuation A General Valuation Model Bond Valuation Semi-Annual Coupon Interest Payments The Yield to Maturity of a Bond The Relationship Between Bond YTM and Price Preferred Stock Valuation Finding the Present Value of Preferred Stock Dividends The Yield on Preferred Stock Common Stock Valuation Common Stock Going Concern Valuation Models Balance Sheet Valuation Approaches Deciding Which Stock Valuation Approach to Use The Yield on Common Stock What's Next Snmmary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Appendix 9A: Common Stock Valuation: Supernormal Growth PART THREE LONG-TERM FINANCIAL MANAGEMENT DECISIONS Chapter 10: Capital Budgeting Decision Methods The Capital Budgeting Process Decision Practices Types of Projects Capital Budgeting Cash Flows Stages in the Capital Budgeting Process Capital Budgeting Decision Methods The Payback Method The Net Present Value (NPV) Method The Internal Rate of Return (IRR) Methbd Problems with the IRR Method Conflicting Rankings between the NPV and IRR Methods Capital Rationing Finance at Work: Jim Bruner. Former Maricopa County Supervisor, State of Arizona Risk and Capital Budgeting Measuring Risk in Capital Budgeting Adjusting for Risk What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Appendix IOA: Wrinkles in Capital Budgeting Non-Simple Projects Multiple IRRs Mutually Exclusive Projects with Unequal Project Lives Comparing Projects with Unequal Lives Equations Introduced in This Appendlx Chapter 11: Estimating Incremental Cash Flows Incremental Cash Flows Types of Incremental Cash Flows Initial Investment Cash Flows Operating Cash Flows Cash Flows at the End of a Project's Life Incremental Cash Flows of an Expansion Project Financial Management and You: The Incremental Costs of Studying Abroad An Asset Replacement Decision Financing Cash Flows What's Next Summary Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Chapter 12: The Cost of Capital The Cost of Capital Sources of Capital The Cost of Debt The Cost of Preferred and Common Stock Funds The Weighted Average Cost of Capital (WACC) The Marginal Cost of Capital (MCC) Finance at Work: Interview with Fred Higgins: Minit Mart Foods. Inc CEO The Firm's MCC Schedule The IVICC Schedule and Capital Budgeting Decisions The Optimal Capital Budget .306 The Importance of MCC to Capital Budgeting Decisions What's Next Summarv Eqiuations Introduced in This Chapter Self-Test Review Qnestions Build Your Communication Skills Problems Answers to Self-Tes! Chapter 13: Capital Structure Basics Breakeven Analysis and Leverage Constructing a Sales Breakeven Chart Applying Breakeven Analysis Leverage Operating Leverage Financial Leverage Combined Leverage LBOs Ethical Connections: Et Tu, Wilson? Capital Structure Theory Tax Deductibilitv of Interest Modigliani and Miller Toward an Optimal Capital Structure What's Next Summary Equations Introduced in This Chapter Self-Test Review Qnestions Build Yuur Communication Skills Problems Answers to Self-Test Chapter 14: Corporate Bonds, Preferred Stock, and Leasing Bond Basics Features of Bond Indentures Security Plans for Paying off the Bond Issue Call Provisions Restrictive Covenants The Independent Trustee of the Bond Issue Types of Bonds Secured Bonds Unsecured Bonds (Debentures) Convertible Bonds Variable Rate Bonds Putable Bonds Junk Bonds International Bonds Ethical Connections: Repealing a Subsidy Generates Trash Talk Super Long-Term Bonds Preferred Stock Preferred Stock Dividends Preferred Stock Investors Leasing Genuine Leases versus Fakes Operating and Financial (Capital) Leases Lease or Buy? What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Appendix 14A: Bond Refunding A Sample Bond Refunding Problem Chapter 15: Common Stock The Characteristics of Common Stock Stock Issued by Private Corporations Stock Issued by Publicly Traded Corporations Finance at Work: Chris Heller. Corporate Communications Consultant Institutional Ownership of Common Stock Voting Rights of Common Stockholders Proxies Board of Directors Elections The Pros and Cons of Equity Financing Disadvantages of Equity Financing Advantages of Equity Financing Issuing Common Stock The Function of Investment Bankers Pricing New Issues of Stock Rights and Warrants Preemptive Rights Warrants What's Next Summarv Equations Introduced in This Chapter Self-Tesl Review Queslions Build Your Communication Skills Probltms Answers to Self- Test Chapter 16: Dividend Policy Dividends Why a Dividend Policy Is Necessary Factors Affecting Dividend Policy Need For Funds Management Expectations and Dividend Policy Stockholders' Preferences Restrictions on Dividend Payments Cash versus Earnings Leading Dividend Theories The Residual Theory of Dividends The Clientele Dividend Theory The Signaling Dividend Theory The Bird-in-the-HandTheory Modigliani and Miller's Dividend Theory The Mechanics of Paying Dividends Financal IVIanagement and You: Dividend Reinvestment Records Can Avoid Tax Headaches Dividend Reinvestment Plans Alternatives to Cash Dividends 400 Stock Dividends and Stock Splits What's Next Summary Equalions Introduced in This Chapler Self-Test Review Questions Bnild Your Communication Skills Problems Answers to Self-Test PART FOUR SHORT-TERM FINANCIAL MANAGEMENT DECISIONS Chapter 17: Working Capital Policy Managing Working Capital Why Businesses Accumulate Working Capital Fluctuating Current Assets Permanent and Temporary Current Assets Liquidity versus Profitability Establishing the Optimal Level of Current Assets Managing Current Liabilities: Risk and Return Three Working Capital Financing Approaches The Aggressive Approach The Conservative Approach The Moderate Approach Working Capital Financing and Financial Ratios What's Next Finance at Work: Interview with Michael Coleman.Vice President ofTek Soft 420 Summary Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Chapter 18: Managing Cash Cash Management Concepts Determining the Optimal Cash Balance The Minimum Cash Balance The Maximum Cash Balance Determining the Optimal Cash Balance Finance at Work: Karen Noble, Professional Golfer Forecasting Cash Needs Developing a Cash Budget Managing the Cash Flowing in and out of the Firm Increasing Cash Inflows Decreasing Cash Outflows Speeding Up Cash Inflows Slowing Dbwn Cash Outflows What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Tesl Chapter 19: Accounts Receivable and Inventory Why Firms Accumulate Accounts Receivable and Inventory How Accounts Receivable and Inventory Affect Profitability and Liquidity Finding Optimal Levels of Accounts Receivable and Inventory The Optimal Level ofAccounts Receivable The Optimal Level of Inventory Inventory Management Approaches The ABC Inventory Classification System Just-in-Time Inventory Control (JIT) Making Credit Decisions Collection Policies to Handle Bad Debts Finance at Work: Joann K. Jones, CEO of Capital Electric Supply What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Chapter 20: Short-Term Financing The Need for Short-Term Financing Short-Term Financing versus Long-Term Financing Short-Term Financing Alternatives Short-Term Loans from Banks and Other Institutions Trade Credit Commercial Paper How Loan Terms Affect the Effective Interest Rate of a Loan The Effective Interest Rate Discount Loans Compensating Balances Loan Maturities Shorter than One Year A Comprehensive Example Computing the Amount to Borrow Collateral for Short-Term Loans Accounts Receivable as Collateral Inventory as Collateral Financial Management and You: Easy Come. Easy Go:The Cost of Credit What's Next Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test PART FIVE FINANCE IN THE GLOBAL ECONOMY Chapter21: International Finance Multinational Corporations Financial Advantages of Foreign Operations Ethical Issues Facing Multinational Corporations Comparative Advantage Exchange Rates and Their Effects Fluctuating Exchange Rates Cross Rates Exchange Rate Effects on MNCS Exchange Rate Et'fects on Foreign Stock and Bond Investments Managing Risk Hedging Diversification Benefits of Foreign Investments American Depositorv Receipts Finance At Work: Interview with Don Burton, International [mport-Export Institute Exchange Rate Theories Purchasing Power Parity Theory International Fisher Effect Interest Rate ParityTheory Other Factors Affecting Exchange Rates Government Intervention in Foreign Exchange Markets Political and Cultural Risks Facing MNCs Political Risk Cultural Risk International Trade Agreements NAFTA GATT European Union Free Trade versus Fair Trade Summary Equations Introduced in This Chapter Self-Test Review Questions Build Your Communication Skills Problems Answers to Self-Test Glossary Index