最权威和基础的公司财务书籍。
SECTION 1 1
The Firm and the Financial
Manager3
Organizing a Business4
Sole Proprietorships4
Partnerships5
Corporations5
Hybrid Forms of Business Organization6
The Role of the Financial Manager7
The Capital Budgeting Decision8
The Financing Decision9
Financial Institutions and Markets10
Financial Institutions10
Financial Markets11
Other Functions of Financial Markets and
Institutions12
Who Is the Financial Manager?13
Careers in Finance15
Goals of the Corporation17
Shareholders Want Managers to Maximize
Market Value17
Ethics and Management Objectives19
Do Managers Really Maximize Firm Value?21
Snippets of History25
Summary25
Related Web Links28
Key Terms28
Quiz28
Practice Problems29
Solutions to Self-Test Questions31
The Time Value of Money33
Future Values and Compound Interest34
Present Values38
Finding the Interest Rate44
Multiple Cash Flows46
Future Value of Multiple Cash Flows46
Present Value of Multiple Cash Flows49
Level Cash Flows: Perpetuities and Annuities50
How to Value Perpetuities50
How to Value Annuities51
Annuities Due54
Future Value of an Annuity57
Inflation and the Time Value of Money61
Real versus Nominal Cash Flows61
Inflation and Interest Rates63
Valuing Real Cash Payments65
Real or Nominal?67
Effective Annual Interest Rates67
Summary69
Related Web Links69
Key Terms70
Quiz70
Practice Problems72
Challenge Problems75
Solutions to Self-Test Questions77
Minicase79
Financial Planning81
What Is Financial Planning?82
Financial Planning Focuses on the Big Picture83
Financial Planning Is Not Just Forecasting84
Three Requirements for Effective Planning84
Financial Planning Models86
Components of a Financial Planning Model87
An Example of a Planning Model88
An Improved Model89
Planners Beware93
Pitfalls in Model Design93
The Assumption in Percentage of Sales Models94
The Role of Financial Planning Models95
External Financing and Growth96
Summary100
Related Web Links101
Key Terms101
Quiz101
Practice Problems102
Challenge Problems106
Solutions to Self-Test Questions106
Accounting and Finance111
The Balance Sheet112
Book Values and Market Values115
The Income Statement117
Profits versus Cash Flow118
The Statement of Cash Flows119
Accounting for Differences121
Taxes123
Corporate Tax123
Personal Tax125
Summary126
Related Web Links127
Key Terms127
Quiz127
Practice Problems128
Challenge Problem131
Solutions to Self-Test Questions131
Financial Statement Analysis133
Financial Ratios134
Leverage Ratios138
Liquidity Ratios139
Efficiency Ratios141
Profitability Ratios143
The Du Pont System145
Other Financial Ratios146
Using Financial Ratios147
Choosing a Benchmark147
Measuring Company Performance150
The Role of Financial Ratios151
Summary153
Related Web Links155
Key Terms155
Quiz155
Practice Problems157
Challenge Problem158
Solutions to Self-Test Questions159
Minicase160
Working Capital Management and
Short-Term Planning165
Working Capital167
The Components of Working Capital167
Working Capital and the Cash Conversion Cycle168
The Working Capital Trade-Off171
Links between Long-Term and Short-Term
Financing172
Tracing Changes in Cash and Working Capital175
Cash Budgeting177
Forecast Sources of Cash177
Forecast Uses of Cash179
The Cash Balance179
A Short-Term Financing Plan180
Options for Short-Term Financing180
Evaluating the Plan184
Sources of Short-Term Financing185
Bank Loans185
Commercial Paper186
Secured Loans186
The Cost of Bank Loans187
Simple Interest187
Discount Interest188
Interest with Compensating Balances189
Summary190
Related Web Links191
Key Terms191
Quiz191
Practice Problems192
Challenge Problem194
Solutions to Self-Test Questions195
Minicase197
Cash and Inventory Management201
Cash Collection, Disbursement, and Float202
Float203
Valuing Float204
Managing Float205
Speeding Up Collections206
Controlling Disbursements209
Electronic Funds Transfer210
Inventories and Cash Balances211
Managing Inventories212
Managing Inventories of Cash215
Uncertain Cash Flows216
Cash Management in the Largest Corporations217
Investing Idle Cash: The Money Market218
Summary219
Related Web Links220
Key Terms220
Quiz220
Practice Problems221
Challenge Problem224
Solutions to Self-Test Questions224
Credit Management and Collection227
Terms of Sale229
Credit Agreements231
Credit Analysis232
Financial Ratio Analysis233
Numerical Credit Scoring233
When to Stop Looking for Clues234
The Credit Decision236
Credit Decisions with Repeat Orders 237
Some General Principles 238
Collection Policy239
Bankruptcy240
Bankruptcy Procedures 241
The Choice between Liquidation and
Reorganization 242
Summary244
Related Web Links 245
Key Terms 245
Quiz 245
Practice Problems 246
Challenge Problems 248
Solutions to Self-Test Questions 249
Minicase250