[经济学][金融] 公司财务基础

FinanceMcGraw−HillPrimisISBN:0−390−32001−3Text:FundamentalsofCorporateFinance,ThirdEditionBrealey−Myers−MarcusCourse:FundamentalsofCorporateFianceDavidWhitehurstUMISTMcGraw-Hill/Irwin
Finance©2003byTheMcGraw−HillCompanies,Inc.Allrightsreserved.PrintedintheUnitedStatesofAmerica.ExceptaspermittedundertheUnitedStatesCopyrightActof1976,nopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutpriorwrittenpermissionofthepublisher.ThisMcGraw−HillPrimistextmayincludematerialssubmittedtoMcGraw−Hillforpublicationbytheinstructorofthiscourse.Theinstructorissolelyresponsiblefortheeditorialcontentofsuchmaterials.111FINAISBN:0−390−32001−3Thisbookwasprintedonrecycledpaper.FinanceContentsBrealey−Myers−MarcusFundamentalsofCorporateFinance,ThirdEditionFrontMatter1Preface1CrossReferenceSystem6SomeUsefulFactsandFormulas7I.Introduction101.TheFirmandtheFinancialManager102.AccountingandFinance39II.Value613.TheTimeValueofMoney614.ValuingBonds1086.NetPresentValueandOtherInvestmentCriteria1325.ValuingStocks1677.UsingDiscountedCash−FlowAnalysistoMakeInvestmentDecisions1988.ProjectAnalysis227III.Risk2549.IntroductiontoRisk,Return,andtheOpportunityCostofCapital25410.Risk,Return,andCapitalBudgeting28211.TheCostofCapital309IV.Financing33612.CorporateFinancingandtheLessonsofMarketEfficiency33613.AnOverviewofCorporateFinancing35714.HowCorporationsIssueSecurities380V.CapitalStructureandDividendPolicy40715.TheCapitalStructureDecision40716.DividendPolicy441VI.FinancialPlanning46517.FinancialStatementAnalysis46518.FinancialPlanning49619.WorkingCapitalManagementandShort−TermPlanning523iiiVII.Short−TermFinancialDecisions55720.CashandInventoryManagement55721.CreditManagementandCollection582VIII.SpecialTopics60722.Mergers,Acquisitions,andCorporateControl60723.InternationalFinancialManagement63724.Options66425.RiskManagement689IX.Conclusion71126.WhatWeDoandDoNotKnowAboutFinance711BackMatter725AppendixA:PresentValueTables725AppendixB:SolutionstoSelectedEnd−of−ChapterProblems734Glossary748Index753ivBrealey−Myers:FundamentalsofCorporateFinance,ThirdEditionFrontMatterPreface1©TheMcGraw−HillCompanies,20011PrefaceThisbookisaboutcorporatefinance.Itfocusesonhowcompaniesinvestinrealassetsandhowtheyraisethemoneytopayfortheseinvestments.Financialmanagementisimportant,interesting,andchallenging.Itisimportantbe-causetoday’scapitalinvestmentdecisionsmaydeterminethebusinessesthatthefirmisin10,20,ormoreyearsahead.Also,afirm’ssuccessorfailuredependsinlargepartonitsabilitytofindthecapitalthatitneeds.Financeisinterestingforseveralreasons.Financialdecisionsofteninvolvehugesumsofmoney.Largeinvestmentprojectsoracquisitionsmayinvolvebillionsofdol-lars.Also,thefinancialcommunityisinternationalandfastmoving,withcolorfulhe-roesandasprinklingofunpleasantvillains.Financeischallenging.Financialdecisionsarerarelycutanddried,andthefinancialmarketsinwhichcompaniesoperatearechangingrapidly.Goodmanagerscancopewithroutineproblems,butonlythebestmanagerscanrespondtochange.Tohandlenewproblems,youneedmorethanrulesofthumb;youneedtounderstandwhycom-paniesandfinancialmarketsbehaveastheydoandwhencommonpracticemaynotbebestpractice.Onceyouhaveaconsistentframeworkformakingfinancialdecisions,complexproblemsbecomemoremanageable.Thisbookprovidesthatframework.Itisnotanencyclopediaoffinance.Itfocusesinsteadonsettingoutthebasicprinciplesoffinancialmanagementandapplyingthemtothemaindecisionsfacedbythefinancialmanager.Itexplainswhythefirm’sownerswouldlikethemanagertoincreasefirmvalueandshowshowmanagersvalueinvest-mentsthatmaypayoffatdifferentpointsoftimeorhavedifferentdegreesofrisk.Italsodescribesthemainfeaturesoffinancialmarketsanddiscusseswhycompaniesmaypreferaparticularsourceoffinance.Sometextsshyawayfrommodernfinance,stickinginsteadwithmoretraditional,procedural,orinstitutionalapproaches.Thesearesupposedtobeeasierormoreprac-tical.Wedisagreeemphatically.Theconceptsofmodernfinance,properlyexplained,makethesubjectsimpler,notmoredifficult.Theyarealsomorepractical.Thetoolsoffinancialmanagementareeasiertograspanduseeffectivelywhenpresentedinacon-sistentconceptualframework.Modernfinanceprovidesthatframework.Modernfinancialmanagementisnot“rocketscience.”Itisasetofideasthatcanbemadeclearbywords,graphs,andnumericalexamples.Theideasprovidethe“why”behindthetoolsthatgoodfinancialmanagersusetomakeinvestmentandfinancingdecisions.Wewrotethisbooktomakefinancialmanagementclear,useful,interestingandfunforthebeginningstudent.Wesetouttoshowthatmodernfinanceandgoodfinancialpracticegotogether,evenforthefinancialnovice.Brealey−Myers:FundamentalsofCorporateFinance,ThirdEditionFrontMatterPreface2©TheMcGraw−HillCompanies,20012PREFACEFundamentalsandPrinciplesofCorporateFinanceThisbookisderivedinpartfromitssistertextPrinciplesofCorporateFinance.Thespiritofthetwobooksissimilar.Bothapplymodernfinancetogivestudentsawork-ingabilitytomakefinancialdecisions.However,therearealsosubstantialdifferencesbetweenthetwobooks.First,wepro