公司财务政策与研制管理CORPORATE FINANCIAL POLICY AND R&D MANAGEMENT, SECOND EDITION
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ISBN：9780471458234
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简介
Completely updated and expanded, this edition examines the relationship between managing research development (R&D) and sustaining sound financial policy. Through extensive fieldwork and consulting, the author demonstrates how to balance and manage R&D efforts, capital investment, and new debt financing decisions. He also offers a framework for understanding the interdependence between these elements and tools that include financial modeling techniques for determining resource allocation. 作者简介:JOHN B. GUERARD JR. is a faculty member at Rutgers University and a financial consultant to several financial institutions and money managers, including serving on the Virtual Research team of GlobeFlex Capital Management, Inc. Guerard has served on the faculty of the University of Virginia and Lehigh University, as well as in research departments at Drexel, Burnham, Lambert, Daiwa Securities Trust Company, and Vantage Global Advisors, Inc. While serving as director of quantitative research at Vantage Global Advisors, Inc, Guerard was awarded the first Mosokowitz Prize for research in socially responsible investing. He has published several articles in the International Journal of Forecasting, Management Science, Research in Finance, the Journal of Forecasting, the Journal of Investing, and the Financial Analysts Journal. Guerard is a coauthor of several textbooks, including the Handbook of Financial Modeling, and Quantitative Corporate Finance. He serves as an Associate Editor of the International Journal of Forecasting and the Journal of Investing and as an adjunct faculty member in the Graduate School of Management at Rutgers University and the Executive Master's in Technology Management (EMTM) at the University of Pennsylvania.
目录
Preface
Biography
Chapter 1 R&D Management and Corporate Financial Policy
Chapter 2 An Introduction to Financial Statements
The Balance Sheet
Assets
Liabilities and Capital
Current Liabilities
Long Term Debt
Capital Section of the Balance Sheet
Book Value of Common Stock
Consolidated Balance Sheets
The Operating Statements: The Income Statement and Sources and Uses of Funds
Consolidated Statements
Sources and Uses of Funds
Chapter 3 Ratio Analysis
Ratio Analysis and the Firm’s Perceived Financial Health
Current Analysis Ratios
Leverage Ratio
Sales Efficiency Ratio
Profitability Ratios
Financial Ratios and the Perceived Financial Health of Firms
The Time Series of Ratios in the U.S., 1970-2003
Limitations of Ratio Analysis
Chapter 4 Debt, Equity, Financial Structure, and the Investment Decision
Definition of Leverage – Profits and Financial Risk
The Pure Theory of the Optimal Financial Structure
Modigliani and Miller – Constant Capital Costs
The Optimal Capital Structure and the M&M Hypothesis
Empirical Factors Influencing Financial Structures
Cost of Capital
Real Options and the Investment Decision
Abandonment Value
The Option to Delay a Project
Implications of Viewing the Right to Delay a Project as an Option
Chapter 5 An Introduction to Statistical Analysis and Simultaneous Equations
The Linear Regression Model
Multiple Regression
Least Squares Estimates of the Regression Coefficients
Multiple Coefficient of Determination
Estimation of Simultaneous Equations Systems
Two Stage Least squares (2SLS)
Three Stage Least Squares (3SLS)
Chapter 6 The Interdependencies among Corporate Financial Policies
The Model
The Data
Estimated Simultaneous Equation Results
Chapter 7 Comparing Census/NSF R&D Data with Compustat R&D Data
Innovation, R&D, and Stockholder Wealth
Financial Decision Estimation Results
Comparison of R&D Expenditure Data
Comparison of Regression Results
Relation of Current Results to Prior Research
Extensions of the Simultaneous Equation Approach
Summary and Conclusions
Suggestions for Future Research
Chapter 8 The Use of Financial Information in the Risk and Return of Equity
Chapter 9 The Optimization of Efficient Portfolios: How the R&D Quadratic erm
Chapter 10 The (Not So Special) Case of Social Investing
Chapter 11 R&D Management and Corporate Financial Policy: Conclusions
Exercises
Endnotes
References
Figures
Tables
Biography
Chapter 1 R&D Management and Corporate Financial Policy
Chapter 2 An Introduction to Financial Statements
The Balance Sheet
Assets
Liabilities and Capital
Current Liabilities
Long Term Debt
Capital Section of the Balance Sheet
Book Value of Common Stock
Consolidated Balance Sheets
The Operating Statements: The Income Statement and Sources and Uses of Funds
Consolidated Statements
Sources and Uses of Funds
Chapter 3 Ratio Analysis
Ratio Analysis and the Firm’s Perceived Financial Health
Current Analysis Ratios
Leverage Ratio
Sales Efficiency Ratio
Profitability Ratios
Financial Ratios and the Perceived Financial Health of Firms
The Time Series of Ratios in the U.S., 1970-2003
Limitations of Ratio Analysis
Chapter 4 Debt, Equity, Financial Structure, and the Investment Decision
Definition of Leverage – Profits and Financial Risk
The Pure Theory of the Optimal Financial Structure
Modigliani and Miller – Constant Capital Costs
The Optimal Capital Structure and the M&M Hypothesis
Empirical Factors Influencing Financial Structures
Cost of Capital
Real Options and the Investment Decision
Abandonment Value
The Option to Delay a Project
Implications of Viewing the Right to Delay a Project as an Option
Chapter 5 An Introduction to Statistical Analysis and Simultaneous Equations
The Linear Regression Model
Multiple Regression
Least Squares Estimates of the Regression Coefficients
Multiple Coefficient of Determination
Estimation of Simultaneous Equations Systems
Two Stage Least squares (2SLS)
Three Stage Least Squares (3SLS)
Chapter 6 The Interdependencies among Corporate Financial Policies
The Model
The Data
Estimated Simultaneous Equation Results
Chapter 7 Comparing Census/NSF R&D Data with Compustat R&D Data
Innovation, R&D, and Stockholder Wealth
Financial Decision Estimation Results
Comparison of R&D Expenditure Data
Comparison of Regression Results
Relation of Current Results to Prior Research
Extensions of the Simultaneous Equation Approach
Summary and Conclusions
Suggestions for Future Research
Chapter 8 The Use of Financial Information in the Risk and Return of Equity
Chapter 9 The Optimization of Efficient Portfolios: How the R&D Quadratic erm
Chapter 10 The (Not So Special) Case of Social Investing
Chapter 11 R&D Management and Corporate Financial Policy: Conclusions
Exercises
Endnotes
References
Figures
Tables
公司财务政策与研制管理CORPORATE FINANCIAL POLICY AND R&D MANAGEMENT, SECOND EDITION
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