财务管理：理论与实务

Preface
vii
Part One Introduction to Financial Management
1
1 An Overview of Financial Management
3
2 Financial Statements, Cash Flow, and Taxes
30
3 Analysis of Financial Statements
74
4 Financial Planning and Forecasting Financial Statements
113
5 The Financial Environment: Markets, Institutions, and Interest Rates
153
Part Two Fundamental Concepts in Financial Management
197
6 Risk and Return: The Basics
199
7 Risk and Return: Portfolio Theory and Asset Pricing Models
247
8 Time Value of Money
285
Part Three Securities and Their Valuation
337
9 Bonds and Their Valuation
339
10 Stocks and Their Valuation
379
Part Four Corporate Valuation
417
11 The Cost of Capital
419
12 Putting the Pieces Together: Corporate Valuation and Value-Based Management 461
Part Five Strategic Investment Decisions
499
13 The Basics of Capital Budgeting: Evaluating Cash Flows
501
14 Cash Flow Estimation and Risk Analysis
546
15 Option Pricing with Applications to Real Options
583
Part Six Strategic Financing Decisions
617
16 Capital Structure Decisions: The Basics
619
17 Capital Structure Decisions: Extensions
662
18 Distributions to Shareholders: Dividends and Repurchases
698
Part Seven Tactical Financing Decisions
735
19 Initial Public Offerings, Investment Banking, and Financial Restructuring
737
20 Lease Financing
784
21 Hybrid Financing: Preferred Stock, Warrants, and Convertibles
809
Part Eight Working Capital Management
835
22 Current Asset Management
837
23 Short-Term Financing
883
Part Nine Special Topics
913
24 Derivatives and Risk Management
915
25 Bankruptcy, Reorganization, and Liquidation
941
26 Mergers, LBOs, Divestitures, and Holding Companies
969
27 Multinational Financial Management
1015
Appendixes
A Solutions to Self-Test Problems
A-1
B Answers to End-of-Chapter Problems
A-31
C Selected Equations and Data
A-38
D Mathematical Table
A-47
Index
I- 1
Web/CD Chapters
http://www. harcourtcollege.com/finance/theory10e/
28 Working Capital Management: Extensions
29 Pension Plan Management
30 Financial Management in Not-for-Profit Businesses
Web/CD Extensions
http://www. harcourtcoilege.com/finance/theory10e/
6 Continuous Probability Distributions
8 The Tabular Approach and Continuous Compounding and Discounting
13 The Marginal Cost of Capital and the Optimal Capital Budget
14 Replacement Project Analysis
15 Illustration of Valuation for Various Real Options
16 Degree of Leverage
20 Percentage Cost Analysis, Feedback Effect on Capital Budgeting, and Leveraged Leases
21 Calling Convertible Issues
23 Secured Short-Term Financing
24 Risk Management with Insurance and Bond Portfolio Immunization
25 Case Histories and Multiple Discriminant Analysis type of spreadsheet problem is called What If Analysis. Here students start with a spreadsheet containing data, instructions, and a completed model, plus a series of questions that asks them to change certain inputs and to observe changes in the key outputs, which helps them become more aware of the risks inherent in most financial decisions. The What If Analysis spreadsheet and the partial spread-sheets for the Build a Model problems are on the Student CD-ROM. The solu-tions to the spreadsheet problems are in files on the Instructor''s Resource CD-ROM and web site.
8. End-of-chapter Cyberproblems. Most chapters contain Cyberproblems that require students to go to specific web sites and answer a series of questions. The problems are located on the text''s web site, and they are updated as needed to re-main current. Answers are available to Instructors on the web site.
9. Student CD-ROM. The textbook comes with a CD-ROM that contains Power- Point shows, Excel Tool Kits, Excel models for the end-of-chapter Mini Cases, Word files for the Web Safaris, Excel models for the end-of-chapter What If Analysis spreadsheet problems, partial Excel models for the end-of-chapter Build a Model spreadsheet problems, and chapter extension reference material.
10. Instructor''s Resource CD-ROM. This CD contains all of the information on the student version with the exception of the Web/CD Chapters and Extensions plus Word files for the Instructor''s Manual and the Test Bank and Excel files with the solutions to the Build a Model problems. This material is also available on the Instructor''s portion of the web site.
11. Transparencies. About 250 lecture transparency acetates are available from South-Western.
12. Digital Finance Case Library. More than 100 cases written by Eugene E Brigham and Linda Klein are now available via the Web, and new cases are added every year. These cases are in a customized case database that allows instructors to select cases and create their own customized casebooks. Most of the cases have ac- companying spreadsheet models that, while not essential for working the case, do reduce number crunching and thus leave more time for students to consider con-ceptual issues. The models also show students how computers can be used to make better financial decisions. Cases that we have found particularly useful for the different chapters are listed in the end-of-chapter references.
All of the cases, case solutions, and spreadsheet models can be previewed by professors from the Finance Case web site at http://www.harcourtcollege.com/ finance/fincase with proper access. For professorial access contact your sales rep- resentative.
13. Technology Supplement. This ancillary contains tutorials for five commonly used financial calculators and for Microsoft Excel, Lotus 1-2-3, and PowerPoint. The cal- culator tutorials cover everything a student needs to know about calculators to work the problems in the text, and we provide the tutorials for selected calculators as a part of our course pack. The rather large manuals that accompany most cal-culators intimidate some students, and they find our 12-page, course-specific tutorials far easier to use. The spreadsheet tutorials teach students the basics plus some advanced spreadsheet features, and they prepare students to work with the specific finance models provided in the Tool Kits. Finally, the PowerPoint tutorial is useful to students who must make presentations or to instructors who want to make slides for use in their lectures.
14. Finance NewsW''tre. A problem inherent in printed textbooks is keeping them current in a constantly changing world. When Orange County goes bankrupt, or the Nasdaq crashes, it would be useful to relate these events to the textbook.However, the World Wide Web can help us keep up to date. Adopters of Financial