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书名 财务管理基础/高等学校金融学类英文版教材
分类 经济金融-经济-企业经济
作者
出版社 高等教育出版社
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沈洪涛改编的《财务管理基础》是面向本科生的财务学入门教材,自25年前第1版面世以来,不断再版和更新,成为一本深受欢迎的教科书,同时也是cFA考试的指定教材。

本书的体系代表了财务管理学教科书的典范,全书紧紧围绕企业的目标来解释管理者可用以实现企业目标的财务管理工具和技术。作为一门专业基础课的教材,对财务学基本的概念和原理作了完整和明确的阐述。书中所引述的理论都是国外财务理论中较成熟的观点,同时也兼顾国外财务理论的最新发展。例如,对代理理论进行了深入探讨,介绍了以信息不对称理论为基础的资本结构理论和股利政策思想,在市场有效性理论之后又增加了行为财务学的内容。

作者在书中引用了大量生动的实例来说明复杂的专业知识同时在每章的习题中都有一个综合案例,有助于学生结合实际掌握书本知识,又使得充满数字和公式的教科书变得引人入胜。另外,本书还坚持采用电子表格程序来解决财务问题,虽然增加了一定的难度,但有利于提高学生的实际应用能力。

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沈洪涛改编的《财务管理基础》是一本在美国深受欢迎的教科书,同时也是CFA考试的指定教材。本书的体系代表了财务管理学教科书的典范,全书紧紧围绕企业的目标来解释管理者可用以实现企业目标的财务管理工具和技术,对财务学基本的概念和原理作了完整和明确的阐述,所引述的理论都是国外财务理论中较成熟的观点,同时也兼顾国外财务理论的最新发展。

全书用大量生动的实例来说明复杂的专业知识,同时在每章的习题中都有一个综合案例,有助于学生结合实际掌握书本知识,又使得充满数字和公式的教科书变得引人入胜。

《财务管理基础》是面向本科生的财务管理教材,同时适合MBA等专业公司理财课程。

目录

PART 1

INTRODUCTION TO FINANCIAL MANAGEMENT 1

Chapter 1 An Overview of Financial Management 2

Putting Things in Perspective 4

Career Opportunities in Finance 4

Financial Management in the New Millennium 6

Alternative Forms of Business Organization 9

Finance in the Organizational Structure of the Firm 12

The Financial Staff's Responsibilities 13

The Goals of the Corporation 14

Industry Practice Investing in Socially Responsible Funds 16

Business Ethics 17

Agency Relationships 19

Industry Practice Are CEOs Overpaid? 20

Managerial Actions to Maximize Shareholder Wealth 23

Does It Make Sense to Try to Maximize Earnings per Share? 24

The Financial Markets 25

Financial Institutions 28

The Stock Market 31

Modifying Accounting Data for Managerial Decisions 33

MVAAND EVA 35

Tying It Art Together 37

PART 2

FUNDAMENTAL CONCEPTS IN FINANCIAL MANAGEMENT 47

Chapter 2 Risk and Rates of Return 48

Putting Things in Perspective 50

Investment Returns 51

Stand-Alone Risk 52

Industry Practice The Trade-Off between Risk and Return 60

Riskin a Portfolio Context 61

The Relationship between Risk and Rates of Return 74

Physical Assets versus Securities 79

Tying It Art Together 81

Chapter 3 Time Value of Money 92

Putting Things in Perspective 94

Time Lines 94

Future Value 95

Present Value 100

Industry Practice The Power of Compound Interest 101

Solving for Interest Rate and Time 103

Future Value of an Annuity 105

Present Value of an Annuity 107

Perpetuities 109

Uneven Cash Flow Streams 110

Semiannual and Other Compounding Periods 114

Comparison of Different Types of Interest Rates 118

Fractional Time Periods 120

Amortized Loans t21

Tying It Alt Together 123

Web Appendix 6A Using Interest Factor Tables

Web Appendix 6B Continuous Compounding and Discounting

PART 3

FINANCIAL ASSETS 137

Chapter 4 Bonds and Their VaLuation 138

Putting Things In Perspective 140

Who Issues Bonds? 140

Key Characteristics of Bonds 141

Bond Valuation 145

Bond Yields 148

Bonds with Semiannual Coupons 150

Assessing the Riskiness of a Bond 152

Default Risk 155

Bond Markets 163

Tying It All Together 165

Web Appendix 7A Zero Coupon Bonds

Chapter 5 Stocks and Their VaLuation 172

Putting Things in Perspective 174

Legal Rights and Privileges of Common Stockholders 174

The Market for Common Stock 176

Common Stock Valuation 179

Constant Growth Stocks 182

Expected Rate of Return on a Constant Growth Stock 185

Industry Practice Other Approaches to Valuing Common Stocks 186

Valuing Stocks That Have a Nonconstant Growth Rate 188

Valuing the Entire Corporation 191

Stock Market Equilibrium 196

Industry Practice Evaluating Stocks That Don't Pay Dividends 197

Preferred Stock 205

Tying It All Together 206

PART /4

INVESTING IN LONG-TERH ASSETS:

CAPITAL BUDGETING 217

Chapter 6 The Cost of Capital 218

Putting Things in Perspective 220

The Logic of the Weighted Average Cost of Capital 221

Basic Definitions 221

Cost of Debt, kd(1-T) 222

Cost of Preferred Stock, kp 223

Cost of Retained Earnings, ks 224

CostofNew Common Stock, ke 228

Composite, or Weighted Average, Cost of Capital, WACC 231

Industry Practice WACC Estimates for Some Large U.S. Corporations 232

Factors That Affect the Composite Cost of Capital 233

Adjusting the Cost of Capital for Risk 235

Estimating Project Risk 238

Tying It At|Together 239

Web Appendix 9A Using the CAPM to Estimate the Risk-Adjusted Cost of Capital

Chapter 7 The Basics of Capital Budgeting 248

PutfingThlngs in Perspective 250

Importance of Capital Budgeting 250

Generating Ideas for Capital Projects 251

Project Classifications 252

Sintilarities between Capital Budgeting and Security Valuation 253

Capital Budgeting Decision Rules 254

Comparison of the NPV and IRR Methods 261

Conclusions on Capital Budgeting Methods 265

The Post-Audit 266

Industry Practice Techniques Firms Use to Evaluate Corporate Projects 267

Using Capital Budgeting Techniques in Other Contexts 268

Tying It At[ Together 268

Chapter 8 Cash Ftow Estimation and Risk AnaLysis 276

Putting Things in Perspective 278

Estimating Cash Flows 278

Identifying the Relevant Cash Flows 279

Evaluating Capital Budgeting Proiects 283

Introduction to Project Risk Analysis 289

Techniques for Measuring Stand-Alone Risk 290

Project Risk Conclusions 294

Incorporating Project Risk and Capital Structure into Capital Budgeting 295

Tying It All Together 296

Web ADoendix llB Reolacement Project Analysis

PART 5

CAPITAL STRUCTURE AND DIVIDEND POLICY 307

Chapter 9 CapitaL Structure and Leverage 308

Putting Things in Perspective 310

The Target Capital Structure 310

Business and Financial Risk 311

Determining the Optimal Capital Structure 324

Capital Structure Theory 330

Checklist for Capital Structure Decisions 336

Variations in Capital Structures 338

Tying It AU Together 339

Web Appendix 13A Degree of Leverage

Chapter 10 Distributions to SharehoLders: Dividends and Share Repurchases 350

Putting Things in Perspective 352

Dividends versus Capital Gains: What Do Investors Prefer? 352

Other Dividend Policy Issues 356

Dividend Stability 357

Establishing the Dividend Policy in Practice 359

Summary of Factors Influencing Dividend PoIicy 368

Overview of the Dividend Policy Decision 370

Stock Dividends and Stock Splits 371

Stock Repurchases 373

Industry Practice Buybacks Have Lowered Dividend Yields 374

Tying It All Together 378

PART 6

WORKING CAPITAL MANAGEMENT 387

Chapter 11 Managing Current Assets 388

Putting Things in Perspective 390

Working Capital Terminology 391

The Cash Conversion Cycle 392

The Concept of Zero Working Capital 396

Alternative Current Asset Investment Policies 397

Industry Practice Free Cash Flow, EVA, and Working Capital 399

Cash Management 400

The Cash Budget 402

Marketable Securities 406

Inventory 407

Inventory Costs 408

Receivables Management 409

Credit Policy 414

Setting the Credit Period and Standards 414

Setting the Collection Policy 415

Cash Discounts 416

Other Factors Influencing Credit Policy 416

Tying It AtITogether 417

Chapter 12 Financing Current Assets 426

Putting Things in Perspective 428

Alternative Current Asset Financing Policies 428

Advantages and Disadvantages of Short-Term Financing 431

Sources of Short-Term Financing 432

Accrued Liabilities 432

Accounts Payable (Trade Credit) 433

Short-Term BankLoans 438

Commercial Paper 440

Use of Security in Short-Term Financing 441

Tying It AU Together 442

Web Appendix 16A Secured Short-Term Financing

Appendixes

Appendix A Mathematical Tables A-I

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更新时间:2025/4/6 14:11:55