金融管理与政策 英文版【2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载】

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第一部分 金融基础1

Vignette:Problems at Gillette1

FOUNDATIONS OF FINANCE1

PARTⅠ1

Creation of Value3

1 Goals and Functions of Finance3

第一章 金融目标和功能3

Investment Decision6

Financing Decision7

Dividend/Share Repurchase Decision7

Bringing It All Together8

Questions8

Selected References9

第二章 评估的概念11

2 Concepts in Valuation11

The Time Value of Money11

Present Values16

Preface19

前言19

Internal Rate of Return or Yield21

Bond Returns23

Return from a Stock Investment27

Dividend Discount Models30

Measuring Risk:Standard Deviation37

Summary39

Self-Correction Problems41

Problems42

Solutions to Self-Correction Problems45

Selected References48

3 Market Risk and Returns49

Efficient Financial Markets49

第三章 市场风险和回馈49

Security Portfolios51

Multiple Security Portfolio Analysis and Selection57

Capital Asset Pricing Model62

Expected Return for Individual Security68

Certain Issues with the CAPM72

Summary75

Self-Correction Problems76

Problems77

Solutions to Self-Correction Problems81

Selected References82

4 Multivariable and Factor Valuation85

Extended CAPM85

第四章 综合变量和因素评估85

Factor Models in General90

Arbitrage Pricing Theory93

Summary96

Self-Correction Problems97

Problems98

Solutions to Self-Correction Problems100

Selected References100

第五章 期权评估103

5 Option Valuation103

Expiration Date Value of an Option103

Valuation with One Period to Expiration:General Consideration104

Binomial Option Pricing of a Hedged Position109

The Black-Scholes Option Model112

American Options118

Summary121

Debt and Other Options121

Appendix:Put-Call Parity122

Self-Correction Problems123

Problems124

Solutions to Self-Correction Problems126

Selected References128

PARTⅡ129

INVESTMENT IN ASSETS AND REQUIRED RETURNS129

Case:Fazio Pump Corporation129

第二部分 资产投资和必需的回报129

Administrative Framework133

第六章 资本投资理论133

6 Principles of Capital Investment133

Methods for Evaluation138

NPV versus IRR143

Depreciation and Other Refinements in Cash-Flow Information146

What Happens When Capital Is Rationed?148

Inflation and Capital Budgeting150

Information to Analyze an Acquisition152

Summary154

Appendix:Multiple Internal Rates of Return155

Self-Correction Problerns157

Problems158

Solutions to Self-Correction Problems161

Selected References163

第七章 资本预算中的风险与实际期权165

7 Risk and Real Options in Capital Budgeting165

Quantifying Risk and its Appraisal165

Total Risk for Multiple Investments174

Real Options in Capital Investments177

Self-Correction Problems188

Summary188

Problems190

Solutions to Self-Correction Problems195

Selected References197

8 Creating Value through Required Returns199

Foundations of Value Creation199

第八章 通过必需的回报创造价值199

Required Market-Based Return for a Single Project202

Modification for Leverage206

Weighted Average Required Return208

Adjusted Present Value214

Divisional Required Returns217

Company s Overall Cost of Capital221

Diversification of Assets and Total Risk Analysis223

Evaluation of Acquisitions227

Summary229

Self-Correction Problems230

Problems232

Solutions to Self-Correction Problems237

Selected References240

Case:National Foods Corporation241

FINANCING AND DIVIDEND POLICIES249

Case:Restructuring the Capital Structure at Marriott249

第三部分 融资与红利政策249

PARTⅢ249

9 Theory of Capital Structure253

Introduction to the Theory253

第九章 资本结构理论253

Modigliani-Miller Position257

Taxes and Capital Structure261

Effect of Bankruptcy Costs268

Effect on Security Rating268

Other Inperfections270

Incentive Issues and Agency Costs271

Financial Signaling278

Summary279

Self-Correction Problems279

Problems280

Solutions to Self-Correction Problems284

Selected References286

10 Making Capital Structure Decisions289

EBTT-EPS Analysis289

第十章 制定资本结构决策289

Cash-Flow Ability to Service Debt292

Effect on Debt Ratios296

Timing and Flexibility297

A Pecking Order of Financing?298

Checklist when it Comes to Financing299

Summary300

Self-Correction Problems301

Problems302

Solutions to Self-Correction Problems306

Selected References307

Procedural Aspects of Paying Dividends309

第十一章 红利与股份回购：理论与实践309

11 Dividends and Share Repurchase:Theory and Practice309

Dividend Payout Irrelevance310

Arguments for Dividens Payout Mattering313

Financial Signaling316

Empirical Testing and Implications for Payout317

Share Repurchase320

Stock Dividends and Stock Splits324

Managerial Considerations as to Dividend/Share-Repurchase Policy328

Summary332

Self-Correction Problems333

Problems334

Solutions to Self-Correction Problems338

Selected References341

PARTⅣ343

TOOLS OF FINANCIAL ANALYSIS AND CONTROL343

Case:Morley Industries,Inc.343

第四部分 金融分析与控制的工具343

12 Financial Ratio Analysis349

Introduction to Financial Analysis349

第十二章 金融利率分析349

Liquidity Ratios351

Debt Ratios357

Coverage Ratios358

Profitability Ratios360

Market-Value Ratios363

Predective Power of Financial Ratios365

Common Size and Index Analysis367

Summary371

Self-Correction Problems372

Problems374

Solutions to Self-Correction Problems380

Case:Financial Ratios and Industries383

Selected References383

Methods of Analysis387

13 Financial Planning387

第十三章 财政计划387

Source and Use of Funds388

Cash Budgeting393

Pro Forma Statements398

Sustainable Growth Modeling403

Summary410

Self-Correction Problems411

Problems412

Solutions to Self-Correction Problems417

Selected References419

第五部分 流动资本与运营资本的管理421

PARTⅤ421

LIQUIDITY AND WORKENG CAPTTAL MANAGEMENT421

Case:Caceres Semilla S.A.de C.V.421

第十四章 流动资本、现金与可销售有价证券429

14 Liquidity,Cash,and Marketable Securities429

Liquidity and its Role429

Cash Management and Collections431

Control of Disbursements434

Investment in Marketable Securities436

Summary442

Self-Correction Problems442

Problems444

Solutions to Self-Correction Problems445

Selected References446

第十五章 应收帐款与存货的管理449

15 Management of Accounts Receivable and Inventories449

Credit Policies449

Collection Policy455

Evaluating the Credit Applicant459

Inventory Management and Control463

Uncertainty and Safety Stock467

Inventory and the Financial Manager470

Summary471

Appendix:Application of Discriminant Analysis to the Selection of Accounts472

Self-Correction Problems475

Problems476

Solutions to Self-Correction Problems479

Selected References481

第十六章 负债管理与中长期融资483

16 Liability Management and Short/Medium-Term Financing483

Liability Structure of a Company483

Trade Credit Financing488

Accrual Accounts as Spontaneous Financing492

Unsecured Short-Term Loans493

Secured Lending Arrangements496

Intermediate-Term Debt503

Protective Covenants and Loan Agreements506

Summary511

Self-Correction Problems511

Problems512

Solutions to Self-Correction Problems516

Selected References518

第六部分 资本市场融资与风险管理521

PARTⅥ521

CAPITAL MARKET FINANCING AND RISK MANAGEMENT521

Case:Douglas Gilligan Global Agency521

第十七章 长期融资基础529

17 Foundations for Longer-Term Financing529

Purpose and Function of Financial Markets529

Yield Curves and Their Use533

Pricing Default Risk Off Treasuries537

Summary540

Self-Correction Problems540

Problems541

Solutions to Self-Correction Problems542

Selected References542

第十八章 租赁融资543

18 Lease Financing543

Features of a Lease543

Accounting and Tax Treatments of Leases545

Return to the Lessor548

After-Tax Analysis of Lease Versus Bur/Borrow549

Sources of Value in Leasing556

Self-Correction Problems559

Summary559

Problems560

Solutions to Self-Correction Problems562

Selected References564

第十九章 发行有价证券565

19 Issuing Securities565

Public Offering of Securities565

Government Regulations568

Selling Common Stock through a Rights Issue570

Financing a Fledgling575

Information Effects580

Summary582

Self-Correction Problems583

Problems583

Solutions to Self-Correction Problems585

Selected References586

20 Fixed-Income Financing and Pension Liability589

Features of Debt589

第二十章 固定收益融资与年金负债589

Types of Debt Financing593

Call Feature and Refunding595

Private Placements601

Preferred Stock602

Pension Fund Liability605

Summary608

Self-Correction Problems609

Problems610

Solutions to Self-Correction Problems612

Selected References613

第二十一章 通过有价证券的收益环节进行混合融资615

21 Hybrid Financing through Equity-Linked Securities615

Use of Warrants615

Convertible Securities619

Valuation of Convertible Securities623

Exchangeable Debt627

Other Hybrid Securities629

Summary633

Appendix:Valuing Convertible Bonds in the Face of Firm Volatility,Default Risks,and Fluctuating Interest Rates634

Self-Correction Problems637

Problems638

Solutions to Self-Correction Problems640

Selected References641

第二十二章 金融风险管理645

22 Managing Financial Risk645

Derivative Securities645

Hedging Risk646

Futures Markets648

Forward Contracts652

Option Contracts654

Interest-Rate Swaps659

Credit Derivatives664

Commodity Contracts666

Summary667

Self-Correction Problems668

Problems669

Solutions to Self-Correction Problems670

Selected References671

PART Ⅶ673

EXPANSION AND CONTRACTION673

Case:Rayovac Corporation673

第七部分 扩张与收缩673

第二十三章 兼并与共同控制市场687

23 Mergers and the Market for Corporate Control687

What Is Control Worth?687

Features of a Merger688

Strategic Acquisitions Involving Stock690

Sources or Rearrangements of Value695

Corporate Voting and Control699

Tender Offers and Company Resistance701

Empirical Evidence on Mergers and Takeovers705

Summary708

Self-Correction Problems709

Problems711

Solutions to Self-Correction Problems714

Selected References716

24 Corporate and Distress Restructuring719

Divestitures in General719

第二十四章 公司整改与危难重组719

Voluntary Liquidation and Sell-Offs721

Spin-Offs721

Equity Carve-Outs723

Going Private and Leveraged Buyouts724

Leveraged Recapitalizations729

Distress Restructuring730

Gaming with the Rule of Absolute Priority735

Summary737

Self-Correction Problems738

Problems740

Solutions to Self-Correction Problems743

Selected References744

25 International Financial Management747

Some Background747

第二十五章 国际金融管理747

Types of Exposure752

Economic Exposure753

Exposure of Expected Future Cash Flows756

Currency Market Hedges761

Should Exposure Be Managed?766

Macro Factors Governing Exchange-Rate Behavior767

Structuring International Trade Transactions773

Summary776

Appendix:Translation Exposure778

Self-Correction Problems780

Problems782

Solutions to Self-Correction Problems784

Selected References786

Apprndix:Present-Value Tables and Normal Probatility Distribution Table787

附录：提示价格表和标准概率分布表787

Index797