简介
本书是一本原文书,供攻读MBA专业的学生使用.全书共分七大部分,从实践出发系统介绍了有关企业融资和管理的基本理论和概念,从长\短期投资,公司上市等各方面磁铁地阐述了现代企业的理财活动,对资金时间价值与资金预算,风险与回报,资本市场,资本结构及红利政策跨国公司融资等内容作了详细的介绍.书后还附有难词汇总和索引.
目录
part 1 overvies
1 introduction to corporate finance
1.1 what is corporate finance?
1.2 corporate securities as contingent claims on total firm value
1.3 the corporate firm
1.4 goals of the corporate firm
1.5 financial markets
1.6 outline of the text
2 accounting statements and cash flow
2.1 the balance sheet
2.2 the income statement
2.3 net working capital
2.4 financial cash flow
2.5 summary and conclusions
part ii value and capital budgeting
3 financial markets and net present value: first principles of finance
3.1 the financial market economy
3.2 making consumption choices
3.3 the competitive market
3.4 the basic principle
.3.5 practicing the principle
3.6 illustrating the investment decision
3.7 corporate investment decisionmaking
3.8 summary and conclusions
4 net present value
4.1 the one-period case
4.2 the multiperiod case
4.3 compounding periods
4.4 simplifications
4.5 what is a firm worth?
4.6 summary and conclusions
5 how to value bonds and stocks
5.1 definition and example of a bond
5.2 how to value bonds
5.3 bond concepts
5.4 the present value of common stocks
5.5 estimates of parameters in the dividend-discount model
5.6 growth opportunities
5.7 the dividend-growth model and the npvgo model
5.8 price-earnings ratio
5.9 summary and conclusions
6 some alternative investment rules
6.1 why use net present value?
6.2 the payback period rule
6.3 the discounted payback period rule
6.4 the average accounting return
6.5 the internal rate of return
6.6 problems with the irr approach
6.7 the profitability index
6.8 the practice of capital budgeting
6.9 summary and conclusions
7 net present value and capital budgeting
7.1 incremental cash flows
7.2 the baldwin company: an example
7.3 inflation and capital budgeting
7.4 a capital budgeting
7.5 investments of unequal lives: the equivalent annual cost method
7.6 summary and conclusions
8 strategy and analysis in using net present value
8.1 corporate strategy and positive npv
8.2 decision trees
8.3 sensitivity analysis, scenario analysis, and break-even analysis
8.4 options
8.5 summary and cjonclusions
part iii risk
9 capital market theory: an overview
9.1 returns
9.2 holding-period returns
9.3 return statistics
9.4 average stock returns and risk-free returns
9.5 risk statistics
9.6 the discount rate for risky projects
9.7 risk and beta
9.8 summary and conclusions
10 return and risk: the capital-asset-pricing model
10.1 individual securities
10.2 expected return, variance, and covariance
10.3 the return and risk for portfolios
10.4 the efficient set for two
10.5 the efficient set for many
10.6 diversification: an example
10.7 riskless borrowing and lending
10.8 market equilibrium
10.9 relationship between risk and and expected return
10.10 summary and conclusions
11 an alternative view of risk and return: the arbitrage pricing theory
11.1 factor models: announcements, surprises, and expected returns
11.2 risk: systematic and unsystematic
11.3 systematic risk and betas
11.4 portfolios and factor models
11.5 betas and expected returns
11.6 the capital-asset-pricing model and the arbitrage pricing
11.7 parametric approaches to asset pricing
11.8 summary and conclusions
12 risk, return, and capital budgeting
12.1 the cost of equity capital
12.2 determinants of beta
12.3 extensions of the basic model
12.4 summary and conclusions
part iv capital structure and dividend policy
13. corporate-financing decisions and efficient capital markets
13.1 can financing decisions create balue?
13.2 a description of efficient capital markets
13.3 the different types of efficiency
13.4 the evidence
13.5 implications for corporate finance
13.6 summary and conclusions
14 long-term financing: an introduction
14.1 common stock
14.2 corporate long-term debt: the basics
14.3 priferred stock
14.4 patterns of financing
14.5 recent trends in capital structure
14.6 summary and conclusions
15 capital structure: basic concepts
15.1 the capital-structure quession and the pie theory
15.2 maximizing firm value versus maximizing stockholder interests
15.3 can an optimal capital structure be determined?
15.4 financial leverage and firm value: an example
15.5 modigliani and miller: proposition ii
15.6 taxes
15.7 summary and conclusions
16 capital structure: limits to the use of debt
16.1 costs of financial distress
16.2 description of costs
16.3 can costs of debt be rduced?
16.4 integration of tax effects and financial distress costs
16.5 shirking and perquisites: a note on agency or equity costs
16.6 growth and the debt-equity ratio
16.7 personal taxes
16.8 how firms establish capital structure
16.9 the decision to use more debt: the case of goodyear tire and rubber
16.10 summary and conclusions
17 valuation and capital budgeting for the levered firm
17.1 adjusted-present-value approach
17.2 flow-to-equity approach
17.3 weighted-average-cost-of-capital method
17.4 a comparison of apv, fte, and wacc approaches
17.5 capital budgeting for projects that are not scale-enhancing
17.6 apv example
17.7 beta and leverage
17.8 summary and conclusions
18 dividend policy: why does it matter?
18.1 different types of dividends
18.2 standard method of cash dividend payment
18.3 the benchmark case: an illustration of the irrelevance of dividend policy
18.4 taxes, issuance costs, and dividends
18.5 repurchase of stock
18.6 expected return, dividends, and personal taxs
18.7 real- world factors favoring a high-dividend policy
18.8 a resolution of real-world factors?
18.9 what we know and do not know about dividend policy
18.10 how firms make the decision
18.11 summary and conclusions
part v long-term financing
19 issuing equity securities to the public
19.1 the public issue
19.2 alternative issue methods
19.3 the cash offer
19.4 the announcement of new equity and the value of the firm
19.5 the cost of new issues
19.6 rights
19.7 the new-issues
19.8 shelf registration
19.9 venture capital
19.10 the decision to do an initial public offering(ipo): the case of medstone international, inc
19.11 summary and conclusions
20 long-term debt
20.1 long-term debt: a review
20.2 the public issue of bonds
20.3 bond refunding
20.4 bond ratings
20.5 some different types of bonds
20.6 direct placement compared to public issues
20.7 summary and conclusions
21 options and corporate finance
21.1 options
21.2 call options
21.3 put options
21.4 selling zoptions
21.5 reading the wall street journal
21.6 combinations of options
21.7 valuing options
21.8 an option-prcing formula
21.9 stock and bonds as options
21.10 capital-structure policy and options
21.11 investment in real projects and options
21.12 summary and conclusions
22 warrants and convertibles
22.1 warrants
22.2 the difference between warrants and call options
22.3 warrant pricing and the blackscholes model
22.4 convertible bonds
22.5 the value of convertible bonds
22.6 reasons for issuing warrants and convertibles
22.7 why are warrants and convertibles issued
22.8 conversion policy
22.9 summary and conclusions
23 leasing
23.1 types of leases
23.2 accounting and leasing
23.3 taxes, the irs, and leases
23.4 the cash flows of leasing
23.5 a detour on discounting and debt capacity with corporate taxes
23.6 npv analysis of the lease-versusbuy decision
23.7 debt displacement and lease valuation
23.8 does leasing ever pay: the base case
23.9 reasons for leasing
23.10 some unanswered questions
23.11 summary and conclusions
24 derivatives and hedging risk
24.1 forward contracts
24.2 futures contracts
24.3 hedging
24.4 interest-rate futures contracts
24.5 duration hedging
24.6 swaps contracts
24.7 summary and conclusions
part vi financial planning and short-term finance
25 corporate financial models and longterm planning
26 short-term finance and planning
26.1 tracing cash and net working
26.2 defining cash in terms of other elements
26.3 the operating cycle and the cash cycle
26.4 some aspects of short-term financial policy
26.5 cash budgeting
26.6 the short-term financial plan unsecured loans
26.7 summary and conclusions
27 cash management
27.1 reasons for holding cash
27.2 determining the target cash balance
27.3 managing the collection and disbursement of cash
27.4 investing idle cash
27.5 summary and conclusions
28 credit management
28.1 terms of the sale
28.2 the decision to grant credit: risk and information
28.3 optimal credit apolicy
28.4 credit analysis
28.5 collection policy
28.6 how to finance trade credit
28.7 summary and conclusions
part vii special topics
29 mergers and acquisitions
29.1 the basic forms of
29.2 the tax forms of acquisitions
29.3 accounting for acquisitions
29.4 determining the synergy from an acquisition
29.5 source of synergy from acquisitions
29.6 calculating the value of the firm after an acquisition
29.7 a cost to stockholders from reduction in risk
29.8 two "bad"reasons for merger
29.9 the npv of a merger
29.10 defensive tactics
29.11 some evidence on acquisitions
29.12 the japanese keiretsu
29.13 summary and conclusions
30 financial distress
30.1 what is financial distress?
30.2 what happens in financisl
30.3 bankruptcy liquidation and reorganization
30.4 private workout or bankruptcy: which is best?
30.5 prepackaged bankruptcy
30.6 the decision to file for bankruptey: the case of revco
30.7 summary and conclusions
31 international corporate finance
31.1 terminology
31.2 foreign exchange markets and exchange rates
31.3 the law of one price and purchasing-power parity
31.4 interest rates and exchange rates: interest-rate parity
31.5 international capital budgeting foreign exchange
31.6 international financial decisions
31.7 international bond markets
31.8 reporting foreign operations
31.9 summary and conclusions
appendix a mathematical tables
appendix b selected answers to end-of - chapter problems
1 introduction to corporate finance
1.1 what is corporate finance?
1.2 corporate securities as contingent claims on total firm value
1.3 the corporate firm
1.4 goals of the corporate firm
1.5 financial markets
1.6 outline of the text
2 accounting statements and cash flow
2.1 the balance sheet
2.2 the income statement
2.3 net working capital
2.4 financial cash flow
2.5 summary and conclusions
part ii value and capital budgeting
3 financial markets and net present value: first principles of finance
3.1 the financial market economy
3.2 making consumption choices
3.3 the competitive market
3.4 the basic principle
.3.5 practicing the principle
3.6 illustrating the investment decision
3.7 corporate investment decisionmaking
3.8 summary and conclusions
4 net present value
4.1 the one-period case
4.2 the multiperiod case
4.3 compounding periods
4.4 simplifications
4.5 what is a firm worth?
4.6 summary and conclusions
5 how to value bonds and stocks
5.1 definition and example of a bond
5.2 how to value bonds
5.3 bond concepts
5.4 the present value of common stocks
5.5 estimates of parameters in the dividend-discount model
5.6 growth opportunities
5.7 the dividend-growth model and the npvgo model
5.8 price-earnings ratio
5.9 summary and conclusions
6 some alternative investment rules
6.1 why use net present value?
6.2 the payback period rule
6.3 the discounted payback period rule
6.4 the average accounting return
6.5 the internal rate of return
6.6 problems with the irr approach
6.7 the profitability index
6.8 the practice of capital budgeting
6.9 summary and conclusions
7 net present value and capital budgeting
7.1 incremental cash flows
7.2 the baldwin company: an example
7.3 inflation and capital budgeting
7.4 a capital budgeting
7.5 investments of unequal lives: the equivalent annual cost method
7.6 summary and conclusions
8 strategy and analysis in using net present value
8.1 corporate strategy and positive npv
8.2 decision trees
8.3 sensitivity analysis, scenario analysis, and break-even analysis
8.4 options
8.5 summary and cjonclusions
part iii risk
9 capital market theory: an overview
9.1 returns
9.2 holding-period returns
9.3 return statistics
9.4 average stock returns and risk-free returns
9.5 risk statistics
9.6 the discount rate for risky projects
9.7 risk and beta
9.8 summary and conclusions
10 return and risk: the capital-asset-pricing model
10.1 individual securities
10.2 expected return, variance, and covariance
10.3 the return and risk for portfolios
10.4 the efficient set for two
10.5 the efficient set for many
10.6 diversification: an example
10.7 riskless borrowing and lending
10.8 market equilibrium
10.9 relationship between risk and and expected return
10.10 summary and conclusions
11 an alternative view of risk and return: the arbitrage pricing theory
11.1 factor models: announcements, surprises, and expected returns
11.2 risk: systematic and unsystematic
11.3 systematic risk and betas
11.4 portfolios and factor models
11.5 betas and expected returns
11.6 the capital-asset-pricing model and the arbitrage pricing
11.7 parametric approaches to asset pricing
11.8 summary and conclusions
12 risk, return, and capital budgeting
12.1 the cost of equity capital
12.2 determinants of beta
12.3 extensions of the basic model
12.4 summary and conclusions
part iv capital structure and dividend policy
13. corporate-financing decisions and efficient capital markets
13.1 can financing decisions create balue?
13.2 a description of efficient capital markets
13.3 the different types of efficiency
13.4 the evidence
13.5 implications for corporate finance
13.6 summary and conclusions
14 long-term financing: an introduction
14.1 common stock
14.2 corporate long-term debt: the basics
14.3 priferred stock
14.4 patterns of financing
14.5 recent trends in capital structure
14.6 summary and conclusions
15 capital structure: basic concepts
15.1 the capital-structure quession and the pie theory
15.2 maximizing firm value versus maximizing stockholder interests
15.3 can an optimal capital structure be determined?
15.4 financial leverage and firm value: an example
15.5 modigliani and miller: proposition ii
15.6 taxes
15.7 summary and conclusions
16 capital structure: limits to the use of debt
16.1 costs of financial distress
16.2 description of costs
16.3 can costs of debt be rduced?
16.4 integration of tax effects and financial distress costs
16.5 shirking and perquisites: a note on agency or equity costs
16.6 growth and the debt-equity ratio
16.7 personal taxes
16.8 how firms establish capital structure
16.9 the decision to use more debt: the case of goodyear tire and rubber
16.10 summary and conclusions
17 valuation and capital budgeting for the levered firm
17.1 adjusted-present-value approach
17.2 flow-to-equity approach
17.3 weighted-average-cost-of-capital method
17.4 a comparison of apv, fte, and wacc approaches
17.5 capital budgeting for projects that are not scale-enhancing
17.6 apv example
17.7 beta and leverage
17.8 summary and conclusions
18 dividend policy: why does it matter?
18.1 different types of dividends
18.2 standard method of cash dividend payment
18.3 the benchmark case: an illustration of the irrelevance of dividend policy
18.4 taxes, issuance costs, and dividends
18.5 repurchase of stock
18.6 expected return, dividends, and personal taxs
18.7 real- world factors favoring a high-dividend policy
18.8 a resolution of real-world factors?
18.9 what we know and do not know about dividend policy
18.10 how firms make the decision
18.11 summary and conclusions
part v long-term financing
19 issuing equity securities to the public
19.1 the public issue
19.2 alternative issue methods
19.3 the cash offer
19.4 the announcement of new equity and the value of the firm
19.5 the cost of new issues
19.6 rights
19.7 the new-issues
19.8 shelf registration
19.9 venture capital
19.10 the decision to do an initial public offering(ipo): the case of medstone international, inc
19.11 summary and conclusions
20 long-term debt
20.1 long-term debt: a review
20.2 the public issue of bonds
20.3 bond refunding
20.4 bond ratings
20.5 some different types of bonds
20.6 direct placement compared to public issues
20.7 summary and conclusions
21 options and corporate finance
21.1 options
21.2 call options
21.3 put options
21.4 selling zoptions
21.5 reading the wall street journal
21.6 combinations of options
21.7 valuing options
21.8 an option-prcing formula
21.9 stock and bonds as options
21.10 capital-structure policy and options
21.11 investment in real projects and options
21.12 summary and conclusions
22 warrants and convertibles
22.1 warrants
22.2 the difference between warrants and call options
22.3 warrant pricing and the blackscholes model
22.4 convertible bonds
22.5 the value of convertible bonds
22.6 reasons for issuing warrants and convertibles
22.7 why are warrants and convertibles issued
22.8 conversion policy
22.9 summary and conclusions
23 leasing
23.1 types of leases
23.2 accounting and leasing
23.3 taxes, the irs, and leases
23.4 the cash flows of leasing
23.5 a detour on discounting and debt capacity with corporate taxes
23.6 npv analysis of the lease-versusbuy decision
23.7 debt displacement and lease valuation
23.8 does leasing ever pay: the base case
23.9 reasons for leasing
23.10 some unanswered questions
23.11 summary and conclusions
24 derivatives and hedging risk
24.1 forward contracts
24.2 futures contracts
24.3 hedging
24.4 interest-rate futures contracts
24.5 duration hedging
24.6 swaps contracts
24.7 summary and conclusions
part vi financial planning and short-term finance
25 corporate financial models and longterm planning
26 short-term finance and planning
26.1 tracing cash and net working
26.2 defining cash in terms of other elements
26.3 the operating cycle and the cash cycle
26.4 some aspects of short-term financial policy
26.5 cash budgeting
26.6 the short-term financial plan unsecured loans
26.7 summary and conclusions
27 cash management
27.1 reasons for holding cash
27.2 determining the target cash balance
27.3 managing the collection and disbursement of cash
27.4 investing idle cash
27.5 summary and conclusions
28 credit management
28.1 terms of the sale
28.2 the decision to grant credit: risk and information
28.3 optimal credit apolicy
28.4 credit analysis
28.5 collection policy
28.6 how to finance trade credit
28.7 summary and conclusions
part vii special topics
29 mergers and acquisitions
29.1 the basic forms of
29.2 the tax forms of acquisitions
29.3 accounting for acquisitions
29.4 determining the synergy from an acquisition
29.5 source of synergy from acquisitions
29.6 calculating the value of the firm after an acquisition
29.7 a cost to stockholders from reduction in risk
29.8 two "bad"reasons for merger
29.9 the npv of a merger
29.10 defensive tactics
29.11 some evidence on acquisitions
29.12 the japanese keiretsu
29.13 summary and conclusions
30 financial distress
30.1 what is financial distress?
30.2 what happens in financisl
30.3 bankruptcy liquidation and reorganization
30.4 private workout or bankruptcy: which is best?
30.5 prepackaged bankruptcy
30.6 the decision to file for bankruptey: the case of revco
30.7 summary and conclusions
31 international corporate finance
31.1 terminology
31.2 foreign exchange markets and exchange rates
31.3 the law of one price and purchasing-power parity
31.4 interest rates and exchange rates: interest-rate parity
31.5 international capital budgeting foreign exchange
31.6 international financial decisions
31.7 international bond markets
31.8 reporting foreign operations
31.9 summary and conclusions
appendix a mathematical tables
appendix b selected answers to end-of - chapter problems
Corporate finance
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