财务会计专业论文――浅谈企业财务分析及评价外文文献

河南理工大学2010届本科生毕业论文1FINANCIALMANAGEMENTANDANALYSISOFFINANCIALSTATEMENTSAuthor(s):C.O.HardyandS.P.MeechFinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andapplicationsoffinance.Thepurposeofthistextbookistocommunicatethefundamentalsoffinancialmanagementandfinancialanalysis.Thistextbookiswritteninawaythatwillenablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdecision-makinganditsroleinthedecision-makingprocessoftheentirefirm.Throughoutthetextbook,you’llseehowweviewfinance.Weseefinancialdecision-makingasanintegralpartofthefirm’sdecision-making,notasaseparatefunction.Financialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccounting,marketing,andproductionaspectsofthefirm.Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessenterprises,notonlytolargecorporations.Justastherearespecialproblemsandopportunitiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),therearespecialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthatarisewhenmanagementofthefirmisseparatedfromthefirm’sowners).Butonlyfundamentalsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.Forexample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouaremakingdecisionsforasoleproprietorshiporalargecorporation.Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,theprinciples,theories,andtoolsoffinancialmanagementdonot.Forexample,inevaluatingwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstothefirm’sfuturecashflows(Howmuchwilltheybe?Whenwilltheyoccur?Howuncertainarethey?)whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelatedmathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancing河南理工大学2010届本科生毕业论文2decisionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetrytohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingintuition,insteadofwithproofsandtheorems.Forexample,wewalkyouthroughtheintuitionofcapitalstructuretheorywithnumericalandrealworldexamples,notequationsandproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,step-by-stepexamplesandnumerousgraphs.FinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(PartsOneandTwo)coverthebasics,includingtheobjectiveoffinancialmanagement,valuationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingiscoveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagement(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsourcesoffunds,andworkingcapitalmanagement.PartSixcoversfinancialstatementanalysiswhichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastpart(PartSeven)coversseveralspecializedtopics:internationalfinancialmanagement,borrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanningandstrategy.Logicalstructure,Thetextbeginswiththebasicprinciplesandtools,followedbylong-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThreethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe“rightside”ofthebalancesheet(theliabilitiesandequity).Workingcapitaldecisions,whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFive.PartSixprovidesthetoolsforanalyzingafirm’sfinancialstatements.Inthelastchapterofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:themaximizationofowners’wealth.Graphicalillustrations,Graphsandillustrationshavebeencarefullyanddeliberatelydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.Forexample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways:mathematically,inatime-line,andwithabargraph.Applications,Asmuchaspossible,wedevelopconceptsandmathematicsusingexamplesofactualpractice.Forexample,wefirstpresentfinancialanalysisusinga河南理工大学2010届本科生毕业论文3simplifiedsetoffinancialstatementsforafictitiouscompany.Afteryou’velearnedthebasicsusingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.Actualexampleshelpyoubettergraspandretainmajorconceptsandtools.Weintegrateover100actualcompanyexamplesthroughoutthetext,soyou’renotapttomissthem.Consideringboththeexamplesthroughoutthetextandtheresearchquestionsandproblems,youareexposedtohundredsofactualcompanies.Extensivecoverageoffinancialstatementanalysis.Whilemosttextbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmoredetailinPartSixofthetextbook.Chapter6andthethreechaptersinPartSixallowaninstructortofocusonfinancialstatementanalysis.Extensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsinthedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InChapter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemostpopularalternativetoco