财务管理与政策

财务管理与政策 （第十一版） 财务管理的理论与实践在迅速变化发展。这既是由于人们对财务管理 的内在规律的理解进一步得以深化。也因为财务管理者所处的环境日新月 异。财务管理在大多数现代企业中已居无庸置疑的核心地位。 财务管理的核凡内容是资金运作的管理，包括资金的筹集、使用和分 配。因此，财务管理的关键决策领域有融资决策、投资决策和分配决策三 块。本书将围绕上述关键领域展开探讨，告诉读者应如何有效地利用资源， 制定最佳的资本结构和资本预算，协调利益相关者之间的权益。适应经常 变化的法律和法规，以及怎样进行国际财务管理。 本书目的有三：1.通过精辟的阐述，使读者不仅能领略不断发展的财 务理论之精妙，还能理解和评价一个企业的投资决策、融资决策和股利政 策应如何紧密结合，共成系统，为企业财务管理的基本目标――股东财富 最大化――作出贡献；2.读者将会熟悉财务政策制定过程中的分析方法、 决策标准和决策技巧；3.本书提供了必要的制度性资料，以使读者能深刻 理解财务决策所面临的环境因素。 本书资料新颖，有较好的案例，在内容安排上循序渐进，重点突出， 可读性较强。 本书适合作为MBA的财务管理初级教材以及大学本科高年级的财务管

Brief Contents PART I FOUNDATIONS OF FINANCE Vignette: Coca-Cola, The Most Admired Corporation CHAPTER 1 Goals and Functions ofFinance CHAPTER 2 ConceptsinValuation CHAPTER 3 Market Risk and Retums CHAPTER 4 Multivariable and Factor Valuation CHAPTER 5 Option Valuation PART II INVESTMENT IN ASSETS AND REQUIRED RETURNS Case: Fazio Pump Corporation CHAPTER 6 Principles of Capital Investment CHAPTER 7 Risk and Real Options in Capital Budgeting CHAPTER 8 Creating Value through Required Retums PART III FINANCING AND DIVIDEND POLICIES Vignette: Boeing Company CHAPTER 9 Theory of Capital Structure CHAPTER 10 Making Capital Structure Decisions CHAPTER 11 Dividend Policy: Theory and Practice PART IV LIQUIDITY AND WORKING CAPITAL MANAGEMENT Case: Flores Distributors, Inc CHAPTER 12 LIquidity, Cash, and Marketable Securities CHAPTER 13 Management ofAccounts Receivable and Invenfbries CHAPTER 14 Short-Term Financing CHAPTER 15 Secured Loans and Term Financing PART V CAPITAL MARKET FINANCING AND RISK MANAGEMENT Case: Dougall & Gilligan Global Agency CHAPTER 16 Foundations for Longer-Term Financing CHAPTER 17 Lease Financing CHAPTER 18 Issuing Securities CHAPTER 19 Fixed-Income Financing and Pension Liability CHAPTER 20 Option Financing: Warrants, Convertibles, and Exchangeables CHAPTER 21 Managing Financial Risk PART VI EXPANSION AND RESTRUCTURING Case: Marriott Restructuring CHAPTER 22 Mergers and the Marketfor Corporate Control CHAPTER 23 Corporate and Distress Restructuring CHAPTER 24 Intemational Financial Management PART VII TOOLS OF FINANCIAL ANALYSIS AND CONTROL Vignette: New YorkTimes Company's New CFO CHAPTER 25 Financial Ratio Analysis CHAPTER 26 Financial Planning APPENDIX: Present-Value Tables and Normal Probability Distribution Table Preface xvii PART I FOUNDATIONS OF FINANCE Vignette: Coca-Cola, The Most Admired Corporation 1 Goals and Functions of Finance Creation of Value Inyestment Decision Financing Dedsion Dividend Decision Financial Management Questions Selected References 2 Concepts in Valuation The Time Value of Money Present Values Intemal Rate of Retum or Yield Bond Returns Retum from a Stock Investment Dividend Discount Models Measuring Risk: Standard Deviation Summary Appendix: Using a Calculator to Solve Equations Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 3 Market Risk and Retums 49 Efficient Financial Markets Security Portfolios Multiple Security Portfolio Analysis and Selection Capital Asset Priicing Model Expected Retum for Individual Security Certain Issues with the CAPM Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 4 Multivariable and Factor Valuation Extended CAPM Factor Models in General Arbitrage Pricing Theory Summary Self-Correction Problems Problems Solutions to Self-Correction problems Selected References 5 Option Valuation Expiration Date Value of an Option Valuation with One Period to Expiration: General Consideration Binomial Option Pricing of a Hedged Posidon The Black-Scholes Option Model American Options Debt and Other Options Summary Appendix: Put-Call Parity Self-Correction Problems Problems Appendix Problem Solutions to Self-Correction Problems Selected References PART II INVESTMENT IN ASSETS AND REQUIRED RETURNS Case: Fazio Pump Corporation 6 Principles of Capital Investment Administrative Framework Methods for Evaluation NPV Versus IRR Depreciation and Other Refinements in Cash-Flow Information What Happens when Capital is Rationed? Inflation and Capital Budgetmg Information to Analyze an Acquisition Summary Appendix: Multiple Intemal Rates of Retum Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 7 Risk and Real Options in Capital Budgeting Quantifying Risk and its Appraisal Total Risk for Multiple Investments Real Options in Capital Investments Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 8 Creating Value through Required Retums Foundations of Value Creation Required Market-Based Retum for a Single Project Modification for Leverage Weighted Average Required Retum Adjusted Present Value Divisional Required Retums Company's Overall Cost of Capital Diversification of Assets and Total Risk Analysis Evaluation of Acquisitions Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References Case: National Foods Corporation PART III FINANCING AND DIVIDEND POLICIES Vignette: Boeing Company 9 Theory of Capital Structure Introduction to the Theory Modigliani-Miller Position Taxes and Capital Structure Effect of Bankruptcy Costs Other Imperfections Incentive Issues and Agency Costs Financial Signaling Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 10 Making Capital Struicture Decisions EBIT-EPS Analysis Cash-Flow Ability to Service Debt Effect on Debt Ratios Effect on Security Rating Timmg and Flexibility A Pecking Order of Financing? Checklist when it Comes to Financing Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 11 Dividend Policy: Theory and Practice Procedural Aspects of Paying Dividends Dividend Payout Irrelevance Arguments for Dividend Payout Maiiering Financial Signaling Empirical Testing and Implications for Payout Share Repurchase Stock Dividends and Stock Splits Managerial Considerations as to Dividend Policy Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART IV LIQUIDITY AND WORKING CAPITAL MANAGEMENT Case: Fiores Distributors, Inc. 12 Liquidity, Cash, and Marketable Securities Liquidity and its Role Cash Management and Collections Investment in Marketable Securities Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 13 Management of Accounts Receivable and Inventories Credit Policies Collection Policy Evaluating the Credit Applicant Inventory Management and Control Uncertainty and Safety Stock Inventory and the Financial Manager Summary Appendix: Application of Discrminant Analysis to the Selection of Accounts Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 14 Short-Term Financing Liability Structure of a Company Trade Credit Financing Accrual Accounts as Spontaneous Financing Money Market Credit Short-Term Loans Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 15 Secured Loans and Term Financing Secured Lending Arrangements Intermediate-Term Debt Protective Covenants and Loan Agreements Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References PART V CAPITAL MARKET FINANCING AND RISK MANAGEMENT Case: Dougall & Gilligan Global Agency 16 Foundations for Longer-Term Financing Purpose of Financial Markets Inflation and Expected Retums Inflation and Nominal Contracting Effects Yield Curves and Their Use Pricing Default Risk Off Treasuries Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 17 LeaseFinancing Features of a Lease Accounting and Tax Treatments of Leases Return to the Lessor After-Tax Analyses of Lease Versus Buy/Borrow Sources of Value in Leasing Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 18 Issning Securities Public Offermg of Securities Govemment Regulations Selling Common Stock through a Rights Issue Inital Financing Information Effects Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 19 Fixed-Income Financing and Pension Liability Features of Debt Types of Debt Financing Call Feature and Refunding Private Placements Preferred Stock Pension Fund Liability Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 20 Option Financing: Warrants, Convertibles and Exchangeables Use of Warrants Convertible Securities Valuation of Convertible Securities Exchangeable Debt Summary Appendix: Valuing Convertible Bonds in the Face of Firm Volatility Default Risks, and Fluctuating Interest Rates Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References 26 Financial Planning Methods of Analysis Source and Use of Funds Cash Budgeting Pro Forma Statements Sustainable Growth Modeling Summary Self-Correction Problems Problems Solutions to Self-Correction Problems Selected References Appendix: Present-Value Tables and Normal Probabilty Distribution Table Index