财务学基础

内容简介

本书主要提供了公司在进行财务决策过程中应用财务管理的基本理论和方法。内容涉及公司的财务环境，如金融市场及利率对财务决 策的影响，公司财务决策所需的方法，固定资产的资本预算方法和实际操作，资本结构管理的基本工具以及公司的股利政策和内部融资等。 本书还介绍了公司对财务状况分析的方法、企业价值的确定、风险与收益的分析、财务预测及财务计划和预算以及对营运资本的管理。此外，还简要介绍了企业财务管理的基本内容，财务管理目前所面临的新的变化及发展趋势。 该书在原有财务管理的理论基础上，增加了近年来新的研究成果、内容和案例。适用于大学本科教材，并可供企业管理人员和对财务管理有兴趣的读者学习参考。

目录

Preface
Chapter1
AnIntroductiontothe.FoundationsofFinancialManagement--TheTiesThatBind
GoaloftheFirm
LegalFormsofBusinessOrganization
FederalIncometaxation
TenAxiomsThatFormtheFoundationsofFinancialManagement
Axiom1:TheRisk-ReturnTrade-off--WeWon''tTakeOnAdditionalRiskUnlessWeExpecttoBeCompensatedwith
AdditionalReturn
Axiom2:TheTimevalueofMoney--ADollarReceivedTodayIsWorthMoreThanaDollarReceivedintheFuture
Axiom3:Cash--NotProfits--IsKing
Axiom4:IncrementalCashFlows--It''sOnlyWhatChangesThatCounts
Axiom5:TheCurseofCompetitiveMarkets-WhyIt''sHardtoFindExceptionallyProfitableProjects
Axiom6:EfficientCapitalMarkets--TheMarketsAreQuickandthePricesAreRight
Axiom7:TheAgencyProblem--ManagersWon''tWorkfortheOwnersUnlessIt''sinTheirBestInterest
Axiom8:TaxesBiasBusinessDecisions
Axiom9:AllRiskIsNotEqual--SomeRiskCanBeDiversifiedAway,andSomeCannot
Axiom10:EthicalBehaviorIsDoingtheRightThing,andEthicalDilemmasAreEverywhereinFinance
OverviewoftheText20
Chapter2
TheFinancialMarketsandInterestRates
TheMixofCorporateSecuritiesSoldintheCapitalMarket
WhyFinancialMarketsExist
FinancingofBusiness:TheMovementofFundsthroughthe
Economy
ComponentsoftheU.S.FinancialMarketSystem
TheInvestmentBanker
PrivatePlacements
FlotationCosts
Regulation
MoreRecentRegulatoryDevelopments
RatesofReturnintheFinancialMarkets
InterestRateDeterminantsinaNutshell
TheTermStructureofInterestRates
Chapter3
evaluatingaFirm''sFinancialPerformance
andMeasuringCashFlow
BasicFinancialStatements
FinancialRatioAnalysis
TheDuPontAnalysis:AnIntegrativeApproachtoRatioAnalysis
Chapter4
FinancialForecasting,Planning,andBudgeting
FinancialForecasting
FinancialPlanningandBudgeting
ComputerizedFinancialPlanning
chapter5
TheTimevalueofMoney
CompoundInterest
PresentValue
Annuities
AnnuitiesDue
CompoundInterestwithNonannualPeriods
PresentValueofanUnevenStream
Perpetuities
Chapter6
ValuationandCharacteristicsofBonds
TypesofBonds
TerminologyandCharacteristicsofBonds
DefinitionsofValue
Valuation:AnOverview
Valuation:TheBasicProcess
BondValuation
TheBondholder''sExpectedRateofReturn YieldtoMaturity
BondValuation:ThreeimportantRelationships
Chapter7
ValuationandCharacteristicsofStock
PreferredStock
CommonStock
TheStockholder''sExpectedRateofReturn
Chapter8
TheMeaningandMeasurement
ofRiskandReturn
ExpectedReturnDefinedandMeasured
RiskDefinedandMeasured
RatesofReturn:TheInvestor''sExperience
RiskandDiversification
TheInvestor''sRequiredRateofReturn
TheFamaandFrenchAttackontheCAPM
Chapter9
Capital-BudgetingTechniquesandPractice
FindingProfitableProjects
Capital-BudgetingDecisionCriteria
CapitalRationing
ProblemsinProjectRanking--CapitalRationing,Mutually
ExclusiveProjects,andProblemswiththeIRR
EthicsinCapitalBudgeting

摘要与插图

插图：


Porecasting is an integral part of the planning process, yet there arecountless examples where our ability to predict the future is simplyawful. Declining birthrates during the seventies was widely attributed to thewomen's liberation movement. Believing that the lower birthrates were permanent, school administrators began closing elementary schools. Then inthe eighties birthrates and consequently school enrollments increased againas a result of the fact that childless couples had simply deferred having children until later in life. Still another example of poor forecasting relates toprojections of oil prices that were prevalent during the mideighties. Oilprices were roughly $30 a barrel and many firms were developing new reserves that would cost well over this amount to produce. Why？ Oil priceswere projected to continue to rise and many thought the price might eventually reach $50 a barrel by the end of the decade. Then in January 1986the collapse of the oil producers' c