财务管理与政策（英文版 第十一版）

　　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

暂缺《财务管理与政策（英文版 第十一版）》作者简介

     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