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公司理财（精要版）（英文版·原书第12版） 
定 价：119 元 本教材已被 1 所学校申请过！ 丛书名：
适用读者:商学院MBA、财务管理、会计学、金融学专业本科生，财务和投资专业人士和研究人员
9 7 6 8 5 7 6 1 7 1 8 1 4 
这是一本风靡全球的公司理财学教科书。它以独特的视角、完整而有力的观念重新构建了公司理财学的基本框架。全书围绕以NPV分析为主干的价值评估这条主线，紧密结合理财实践的需要，精选了公司理财的基本概念与观念、财务报表与长期财务计划、未来现金流量估价、资本预算、风险与报酬、资本成本与长期财务政策、短期财务计划与管理、国际公司理财等方面的核心内容。作者以平实的语言，配以丰富的案例、举例，系统、扼要、有效地传达了公司理财的基本观念、基本方法和实务技能。
出版说明
前言 第一部分 公司理财导论 第1章 公司理财概论 / 1 1.1 公司理财与财务经理 / 2 1.2 企业组织形态 / 4 1.3 财务管理的目标 / 7 1.4 代理问题与公司控制 / 10 1.5 金融市场与公司 / 13 概要与总结 / 16 概念复习和重要思考题 / 16 章末案例：McGee Cake公司 / 18 第2章 财务报表、税与现金流量 / 17 2.1 资产负债表 / 18 2.2 利润表 / 22 2.3 税 / 25 2.4 现金流量 / 28 概要与总结 / 34 章节复习和自测题 / 35 概念复习和重要思考题 / 35 思考和练习题 / 35 章末案例：Sunset Boards公司现金流量和财务报表 / 36 第二部分 财务报表与长期 财务计划 第3章 运用财务报表 / 37 3.1 现金流量和财务报表：进一步观察 / 38 3.2 标准财务报表 / 42 3.3 比率分析 / 45 3.4 杜邦恒等式 / 57 3.5 利用财务报表信息 / 61 概要与总结 / 67 章节复习和自测题 / 68 概念复习和重要思考题 / 69 思考和练习题 / 69 章末案例：在S&S飞机公司的比率分析 / 71 第4章 长期财务计划与增长 / 72 4.1 什么是财务计划 / 74 4.2 财务计划制订模型：初步探讨 / 76 4.3 销售收入百分比法 / 79 4.4 外部融资与增长 / 85 4.5 关于财务计划制订模型的一些 警示 / 92 概要与总结 / 93 章节复习和自测题 / 93 概念复习和重要思考题 / 94 思考和练习题 / 94 章末案例：S&S飞机公司的增长计划 / 98 第三部分 未来现金流量估价 第5章 估值导言：货币时间价值 / 99 5.1 终值和复利 / 100 5.2 现值和贴现 / 107 5.3 终值和现值的进一步讲解 / 111 概要与总结 / 118 章节复习和自测题 / 119 概念复习和重要思考题 / 119 思考和练习题 / 119 第6章 贴现现金流量估价 / 123 6.1 多期现金流量的现值和终值 / 124 6.2 评估均衡现金流量：年金和永续年金 / 131 6.3 比较利率：复利的影响 / 141 6.4 贷款种类和分期偿还贷款 / 146 概要与总结 / 151 章节复习和自测题 / 151 概念复习和重要思考题 / 152 思考和练习题 / 152 章末案例：MBA的决策 / 155 第7章 利率和债券估值 / 156 7.1 债券和债券估值 / 157 7.2 债券的其他特征 / 167 7.3 债券评级 / 172 7.4 一些不同类型的债券 / 173 7.5 债券市场 / 179 7.6 通货膨胀和利率 / 183 7.7 债券收益率的决定因素 / 186 概要与总结 / 190 章节复习和自测题 / 191 概念复习和重要思考题 / 191 思考和练习题 / 191 章末案例：S&S飞机公司的债券发行扩张计划 / 193 第8章 股票估价 / 194 8.1 普通股估价 / 195 8.2 普通股和优先股的一些特点 / 206 8.3 股票市场 / 210 概要与总结 / 215 章节复习和自测题 / 216 概念复习和重要思考题 / 216 思考和练习题 / 216 章末案例：Ragan公司的股票估值 / 217 第四部分 资本预算 第9章 净现值和其他投资准则 / 218 9.1 净现值 / 219 9.2 回收期法则 / 223 9.3 贴现回收期 / 227 9.4 平均会计报酬率 / 229 9.5 内部报酬率 / 231 9.6 获利能力指数 / 242 9.7 资本预算实务 / 243 概要与总结 / 246 章节复习和自测题 / 246 概念复习和重要思考题 / 247 思考和练习题 / 248 章末案例：布洛克黄金矿业 / 252 第10章 资本投资决策 / 253 10.1 项目现金流量：初步考察 / 254 10.2 增量现金流量 / 255 10.3 预计财务报表与项目现金流量 / 257 10.4 项目现金流量的深入讲解 / 260 10.5 经营现金流量的其他定义 / 270 10.6 贴现现金流量分析的一些特殊情况 / 272 概要与总结 / 278 章节复习和自测题 / 279 概念复习和重要思考题 / 279 思考和练习题 / 280 章末案例：贝壳共和电子公司（一） / 283 第11章 项目分析与评估 / 284 11.1 评估NPV估计值 / 285 11.2 情境分析与其他假设性分析 / 287 11.3 盈亏平衡分析 / 292 11.4 经营现金流量、销售量和盈亏平衡 / 298 11.5 经营杠杆 / 303 11.6 资本限额 / 306 概要与总结 / 307 章节复习和自测题 / 308 概念复习和重要思考题 / 308 思考和练习题 / 308 章末案例：贝壳共和电子公司（二） / 310 第五部分 风险与报酬 第12章 资本市场历史的一些启示 / 311 12.1 报酬 / 312 12.2 历史纪录 / 316 12.3 平均报酬率：第一个启示 / 322 12.4 报酬率的变动性：第二个启示 / 324 12.5 平均报酬率的进一步讲述 / 332 12.6 资本市场效率 / 336 概要与总结 / 340 章节复习和自测题 / 341 概念复习和重要思考题 / 341 思考和练习题 / 341 章末案例：S&S飞机公司的职位 / 343 第13章 报酬、风险与证券市场线 / 344 13.1 期望报酬率和方差 / 345 13.2 投资组合 / 348 13.3 宣告、意外事项和期望报酬率 / 352 13.4 风险：系统的和非系统的 / 354 13.5 分散化与投资组合风险 / 355 13.6 系统风险与贝塔系数 / 358 13.7 证券市场线 / 361 13.8 证券市场线与资本成本：预习 / 369 概要与总结 / 370 章节复习和自测题 / 370 概念复习和重要思考题 / 371 思考和练习题 / 372 章末案例：高露洁棕榄公司的贝塔值 / 374 第六部分 资本成本与长期财务政策 第14章 资本成本 / 375 14.1 资本成本：一些预备知识 / 376 14.2 权益成本 / 377 14.3 债务成本和优先股成本 / 381 14.4 加权平均资本成本 / 382 14.5 部门和项目资本成本 / 392 14.6 加权平均资本成本与企业价值估值 / 395 14.7 发行成本和加权平均资本成本 / 398 概要与总结 / 401 章节复习和自测题 / 401 概念复习和重要思考题 / 402 思考和练习题 / 402 章末案例：Swan Motors公司的资本成本 / 406 第15章 筹集资本 / 407 15.1 企业的筹资生命周期：早期融资和风险投资 / 408 15.2 公开发售证券：基本程序 / 410 15.3 其他发行方法 / 413 15.4 承销商 / 414 15.5 IPO和抑价 / 417 15.6 新权益发售和公司价值 / 424 15.7 发行证券的成本 / 425 15.8 认股权 / 430 15.9 稀释 / 436 15.10 发行长期债务 / 438 15.11 暂搁注册 / 439 概要与总结 / 440 章节复习和自测题 / 440 概念复习和重要思考题 / 440 思考和练习题 / 441 章末案例：S&S飞机公司上市 / 443 第16章 财务杠杆和资本结构政策 / 444 16.1 资本结构问题 / 445 16.2 财务杠杆效应 / 447 16.3 资本结构和权益资本成本 / 451 16.4 考虑公司税的MM第一定理和MM第二定理 / 455 16.5 破产成本 / 460 16.6 最优资本结构 / 462 16.7 重谈饼图 / 466 16.8 啄食顺序理论 / 468 16.9 观察到的资本结构 / 470 16.10 破产程序概览 / 471 概要与总结 / 475 章节复习和自测题 / 475 概念复习和重要思考题 / 476 思考和练习题 / 476 章末案例：斯蒂芬森房地产公司的资产重组 / 479 第17章 股利和股利派发政策 / 480 17.1 现金股利和股利派发 / 481 17.2 股利政策有影响吗 / 484 17.3 偏爱低股利的真实世界因素 / 487 17.4 偏爱高股利的真实世界因素 / 488 17.5 真实世界因素的一个解答 / 489 17.6 股票回购：现金股利的替代方案 / 491 17.7 股利与股利派发政策：已知的与未知的 / 495 17.8 股票股利和股票分拆 / 502 概要与总结 / 505 概念复习和重要思考题 / 506 思考和练习题 / 506 章末案例：Electronic Timing，Inc.公司 / 509 第七部分 短期财务计划与管理 第18章 短期财务与计划 / 510 18.1 现金和净营运资本的追溯 / 511 18.2 经营周期和现金周期 / 512 18.3 短期财务政策的某些方面 / 518 18.4 现金预算 / 525 18.5 短期借款 / 527 18.6 短期财务计划 / 531 概要与总结 / 532 章节复习和自测题 / 532 概念复习和重要思考题 / 534 思考和练习题 / 534 章末案例：Piepkorn制造厂的营运资本管理 / 538 第19章 现金和流动性管理 / 539 19.1 持有现金的原因 / 540 19.2 了解浮游量 / 541 19.3 现金收账和集中 / 548 19.4 现金支付管理 / 552 19.5 闲置现金投资 / 554 概要与总结 / 557 章节复习和自测题 / 557 概念复习和重要思考题 / 557 思考和练习题 / 558 章末案例：韦布公司的现金管理 / 560 附录19A：确定目标现金余额 / 560 第20章 信用和存货管理 / 561 20.1 信用和应收账款 / 562 20.2 销售条件 / 563 20.3 分析信用政策 / 567 20.4 最优信用政策 / 570 20.5 信用分析 / 572 20.6 收账政策 / 575 20.7 存货管理 / 576 20.8 存货管理技术 / 578 概要与总结 / 585 章节复习和自测题 / 586 概念复习和重要思考题 / 587 思考和练习题 / 587 章末案例：Howlett公司的信用政策 / 589 附录20A：再谈信用政策分析 / 590 第八部分 公司理财专题 第21章 国际公司理财 / 591 21.1 术语 / 592 21.2 外汇市场和汇率 / 593 21.3 购买力平价 / 598 21.4 利率平价、无偏远期汇率和国际费雪效应 / 602 21.5 国际资本预算 / 606 21.6 汇率风险 / 608 21.7 政治风险 / 611 概要与总结 / 613 章节复习和自测题 / 614 概念复习和重要思考题 / 614 思考和练习题 / 614 章末案例：S&S 飞机公司的国际化 / 617 第22章 行为财务：对财务管理的启示 / 618 22.1 行为财务学导论 / 619 22.2 偏见 / 619 22.3 框架效应 / 621 22.4 启发法 / 624 22.5 行为财务学与市场有效性 / 627 22.6 市场有效性与专业基金经理的表现 / 635 概要与总结 / 638 概念复习和重要思考题 / 639 章末案例：你在S&S飞机公司的401（k）账户 / 640 第23章 期权与公司理财 / 641 23.1 期权：基本原理 / 642 23.2 期权估值基础 / 646 23.3 看涨期权的价值 / 651 23.4 员工股票期权 / 654 23.5 股权是公司资产的看涨期权 / 657 23.6 期权和资本预算 / 659 23.7 期权与公司证券 / 664 概要与总结 / 670 章节复习和自测题 / 670 概念复习和重要思考题 / 671 思考和练习题 / 671 章末案例：S&S飞机公司的可转换债券 / 674 第24章 期权定价 / 675 24.1 买卖平价理论 / 676 24.2 布莱克-斯科尔斯期权定价模型 / 681 24.3 进一步探讨：布莱克-斯科尔斯期权定价模型 / 686 24.4 杠杆公司的股权和负债估值 / 693 24.5 期权和公司决策：一些应用 / 695 概要与总结 / 699 概念复习和重要思考题 / 700 思考和练习题 / 700 章末案例：Exotic Cuisines的员工股票期权 / 701 第25章 兼并和收购 / 702 25.1 收购的法律形式 / 703 25.2 税收与收购 / 706 25.3 收购的会计处理 / 707 25.4 收购的收益 / 709 25.5 收购的一些财务副作用 / 715 25.6 收购的成本 / 716 25.7 防御性策略 / 719 25.8 关于收购的一些证据：并购可以创造价值吗 / 722 25.9 资产剥离和重组 / 723 概要与总结 / 724 章节复习和自测题 / 726 概念复习和重要思考题 / 726 思考和练习题 / 727 章末案例：Birdie Golf和Hybrid Golf并购案 / 729 附录A 数学用表 / 730 附录B 部分思考和练习题答案 / 730 附录C HP 10B金融计算器和TI BA II PLUS金融计算器的使用 / 730 Contents PART 1 Overview of Corporate Finance CHAPTER 1 INTRODUCTION TO CORPORATE FINANCE 1 1.1 Corporate Finance and the Financial Manager 2 What Is Corporate Finance? 2 The Financial Manager 2 Financial Management Decisions 2 1.2 Forms of Business Organization 4 Sole Proprietorship 4 Partnership 5 Corporation 5 A Corporation by Another Name . . . 7 1.3 The Goal of Financial Management 7 Possible Goals 8 The Goal of Financial Management 8 A More General Goal 9 Sarbanes-Oxley 9 1.4 The Agency Problem and Control of the Corporation 10 Agency Relationships 10 Management Goals 10 Do Managers Act in the Stockholders’ Interests? 11 Stakeholders 13 1.5 Financial Markets and the Corporation 13 Cash Flows to and from the Firm 13 Primary versus Secondary Markets 13 1.6 Summary and Conclusions 16 CHAPTER 2 FINANCIAL STATEMENTS, TAXES, AND CASH FLOW 17 2.1 The Balance Sheet 18 Assets: The Left Side 18 Liabilities and Owners’ Equity: The Right Side 18 Net Working Capital 19 Liquidity 20 Debt versus Equity 21 Market Value versus Book Value 21 2.2 The Income Statement 22 GAAP and the Income Statement 23 Noncash Items 24 Time and Costs 24 2.3 Taxes 25Corporate Tax Rates 25 Average versus Marginal Tax Rates 26 2.4 Cash Flow 28 Cash Flow from Assets 28 Cash Flow to Creditors and Stockholders 31 An Example: Cash Flows for Dole Cola 31 2.5 Summary and Conclusions 34 PART 2 Financial Statements and Long-Term Financial Planning CHAPTER 3 WORKING WITH FINANCIAL STATEMENTS 37 3.1 Cash Flow and Financial Statements: A Closer Look 38 Sources and Uses of Cash 38 The Statement of Cash Flows 40 3.2 Standardized Financial Statements 42 Common-Size Statements 42 Common-Base Year Financial Statements: Trend Analysis 44 Combined Common-Size and Base Year Analysis 44 3.3 Ratio Analysis 45 Short-Term Solvency, or Liquidity, Measures 46 Long-Term Solvency Measures 48 Asset Management, or Turnover, Measures 50 Profitability Measures 52 Market Value Measures 54 Conclusion 56 3.4 The DuPont Identity 57 A Closer Look at ROE 57 An Expanded DuPont Analysis 59 3.5 Using Financial Statement Information 61 Why Evaluate Financial Statements? 61 Choosing a Benchmark 62 Problems with Financial Statement Analysis 66 3.6 Summary and Conclusions 67 CHAPTER 4LONG-TERM FINANCIAL PLANNING AND GROWTH 72 4.1 What Is Financial Planning? 74 Growth as a Financial Management Goal 74 Dimensions of Financial Planning 74 What Can Planning Accomplish? 75 4.2 Financial Planning Models: A First Look 76 A Financial Planning Model: The Ingredients 76 A Simple Financial Planning Model 78 4.3 The Percentage of Sales Approach 79 The Income Statement 79 The Balance Sheet 80 A Particular Scenario 82 An Alternative Scenario 83 4.4 External Financing and Growth 85 EFN and Growth 85 Financial Policy and Growth 87 A Note about Sustainable Growth Rate Calculations 91 4.5 Some Caveats Regarding Financial Planning Models 92 4.6 Summary and Conclusions 93 PART 3 Valuation of Future Cash Flows CHAPTER 5INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY 99 5.1 Future Value and Compounding 100 Investing for a Single Period 100 Investing for More Than One Period 100 A Note about Compound Growth 106 5.2 Present Value and Discounting 107 The Single-Period Case 107 Present Values for Multiple Periods 108 5.3 More about Present and Future Values 111 Present versus Future Value 111 Determining the Discount Rate 112 Finding the Number of Periods 115 5.4 Summary and Conclusions 118 CHAPTER 6DISCOUNTED CASH FLOW VALUATION 123 6.1 Future and Present Values of Multiple Cash Flows 124 Future Value with Multiple Cash Flows 124 Present Value with Multiple Cash Flows 127 A Note about Cash Flow Timing 130 6.2 Valuing Level Cash Flows: Annuities and Perpetuities 131 Present Value for Annuity Cash Flows 131 Future Value for Annuities 137 A Note about Annuities Due 138 Perpetuities 139 Growing Annuities and Perpetuities 140 6.3 Comparing Rates: The Effect of Compounding 141 Effective Annual Rates and Compounding 141 Calculating and Comparing Effective Annual Rates 141 EARs and APRs 143 Taking It to the Limit: A Note about Continuous Compounding 145 6.4 Loan Types and Loan Amortization 146 Pure Discount Loans 146 Interest-Only Loans 147 Amortized Loans 147 6.5 Summary and Conclusions 151 CHAPTER 7INTEREST RATES AND BOND VALUATION 156 7.1 Bonds and Bond Valuation 157 Bond Features and Prices 157 Bond Values and Yields 157 Interest Rate Risk 161 Finding the Yield to Maturity: More Trial and Error 162 7.2 More about Bond Features 167 Is It Debt or Equity? 167 Long-Term Debt: The Basics 167 The Indenture 169 7.3 Bond Ratings 172 7.4 Some Different Types of Bonds 173 Government Bonds 173 Zero Coupon Bonds 174 Floating-Rate Bonds 175 Other Types of Bonds 176 Sukuk 177 7.5 Bond Markets 179 How Bonds Are Bought and Sold 180 Bond Price Reporting 180 A Note about Bond Price Quotes 183 7.6 Inflation and Interest Rates 183 Real versus Nominal Rates 183 The Fisher Effect 184 Inflation and Present Values 185 7.7 Determinants of Bond Yields 186 The Term Structure of Interest Rates 186 Bond Yields and the Yield Curve: Putting It All Together 189 Conclusion 190 7.8 Summary and Conclusions 190 CHAPTER 8 STOCK VALUATION 194 8.1 Common Stock Valuation 195 Cash Flows 195 Some Special Cases 197 Components of the Required Return 203 Stock Valuation Using Multiples 204 8.2 Some Features of Common and Preferred Stocks 206 Common Stock Features 206 Preferred Stock Features 209 8.3 The Stock Markets 210 Dealers and Brokers 210 Organization of the NYSE 211 NASDAQ Operations 213 Stock Market Reporting 214 8.4 Summary and Conclusions 215 PART 4 Capital Budgeting CHAPTER 9NET PRESENT VALUE AND OTHER INVESTMENT CRITERIA 218 9.1 Net Present Value 219 The Basic Idea 219 Estimating Net Present Value 220 9.2 The Payback Rule 223 Defining the Rule 223 Analyzing the Rule 225 Redeeming Qualities of the Rule 225 Summary of the Rule 226 9.3 The Discounted Payback 227 9.4 The Average Accounting Return 229 9.5 The Internal Rate of Return 231 Problems with the IRR 235 Redeeming Qualities of the IRR 240 The Modified Internal Rate of Return (MIRR) 241 9.6 The Profitability Index 242 9.7 The Practice of Capital Budgeting 243 9.8 Summary and Conclusions 246 CHAPTER 10MAKING CAPITAL INVESTMENT DECISIONS 253 10.1 Project Cash Flows: A First Look 254 Relevant Cash Flows 254 The Stand-Alone Principle 254 10.2 Incremental Cash Flows 255 Sunk Costs 255 Opportunity Costs 255 Side Effects 256 Net Working Capital 256 Financing Costs 256 Other Issues 257 10.3 Pro Forma Financial Statements and Project Cash Flows 257 Getting Started: Pro Forma Financial Statements 257 Project Cash Flows 258 Projected Total Cash Flow and Value 259 10.4 More about Project Cash Flow 260 A Closer Look at Net Working Capital 260 Depreciation 263 An Example: The Majestic Mulch and Compost Company (MMCC) 266 10.5 Alternative Definitions of Operating Cash Flow 270 The Bottom-Up Approach 271 The Top-Down Approach 271 The Tax Shield Approach 271 Conclusion 272 10.6 Some Special Cases of Discounted Cash Flow Analysis 272 Evaluating Cost-Cutting Proposals 272 Setting the Bid Price 274 Evaluating Equipment Options with Difierent Lives 276 10.7 Summary and Conclusions 278 CHAPTER 11PROJECT ANALYSIS AND EVALUATION 284 11.1 Evaluating NPV Estimates 285 The Basic Problem 285 Projected versus Actual Cash Flows 285 Forecasting Risk 285 Sources of Value 286 11.2 Scenario and Other What-If Analyses 287 Getting Started 287 Scenario Analysis 288 Sensitivity Analysis 290 Simulation Analysis 291 11.3 Break-Even Analysis 292 Fixed and Variable Costs 292 Accounting Break-Even 295 Accounting Break-Even: A Closer Look 297 Uses for the Accounting Break-Even 297 11.4 Operating Cash Flow, Sales Volume, and Break-Even 298 Accounting Break-Even and Cash Flow 298 Sales Volume and Operating Cash Flow 300 Cash Flow, Accounting, and Financial Break-Even Points 300 11.5 Operating Leverage 303 The Basic Idea 303 Implications of Operating Leverage 303 Measuring Operating Leverage 303 Operating Leverage and Break-Even 305 11.6 Capital Rationing 306 Soft Rationing 306 Hard Rationing 306 11.7 Summary and Conclusions 307 PART 5 Risk and Return HAPTER 12SOME LESSONS FROM CAPITAL MARKET HISTORY 311 12.1 Returns 312 Dollar Returns 312 Percentage Returns 314 12.2 The Historical Record 316 A First Look 316 A Closer Look 318 12.3 Average Returns: The First Lesson 322 Calculating Average Returns 322 Average Returns: The Historical Record 322 Risk Premiums 323 The First Lesson 323 12.4 The Variability of Returns: The Second Lesson 324 Frequency Distributions and Variability 324 The Historical Variance and Standard Deviation 325 The Historical Record 326 Normal Distribution 327 The Second Lesson 328 2008: A Year to Remember 328 Using Capital Market History 330 More on the Stock Market Risk Premium 330 12.5 More about Average Returns 332 Arithmetic versus Geometric Averages 332 Calculating Geometric Average Returns 332 Arithmetic Average Return or Geometric Average Return? 335 12.6 Capital Market Effciency 336 Price Behavior in an Effcient Market 336 The Effcient Markets Hypothesis 337 Some Common Misconceptions about the EMH 338 The Forms of Market Effciency 339 12.7 Summary and Conclusions 340 CHAPTER 13RETURN, RISK, AND THE SECURITY MARKET LINE 344 13.1 Expected Returns and Variances 345 Expected Return 345 Calculating the Variance 347 13.2 Portfolios 348Portfolio Weights 349 Portfolio Expected Returns 349 Portfolio Variance 350 13.3 Announcements, Surprises, and Expected Returns 352 Expected and Unexpected Returns 352 Announcements and News 352 13.4 Risk: Systematic and Unsystematic 354 Systematic and Unsystematic Risk 354 Systematic and Unsystematic Components of Return 354 13.5 Diversification and Portfolio Risk 355 The Effect of Diversification: Another Lesson from Market History 355 The Principle of Diversification 356 Diversification and Unsystematic Risk 357 Diversification and Systematic Risk 358 13.6 Systematic Risk and Beta 358 The Systematic Risk Principle 359 Measuring Systematic Risk 359 Portfolio Betas 360 13.7 The Security Market Line 361 Beta and the Risk Premium 361 The Security Market Line 366 13.8 The SML and the Cost of Capital: A Preview 369 The Basic Idea 369 The Cost of Capital 369 13.9 Summary and Conclusions 370 PART 6 Cost of Capital and Long-Term Financial Policy CHAPTER 14COST OF CAPITAL 375 14.1 The Cost of Capital: Some Preliminaries 376 Required Return versus Cost of Capital 376 Financial Policy and Cost of Capital 377 14.2 The Cost of Equity 377 The Dividend Growth Model Approach 377 The SML Approach 379 14.3 The Costs of Debt and Preferred Stock 381 The Cost of Debt 381 The Cost of Preferred Stock 381 14.4 The Weighted Average Cost of Capital 382 The Capital Structure Weights 382 Taxes and the Weighted Average Cost of Capital 383 Calculating the WACC for Eastman Chemical 384 Solving the Warehouse Problem and Similar Capital Budgeting Problems 389 Performance Evaluation: Another Use of the WACC 391 14.5 Divisional and Project Costs of Capital 392 The SML and the WACC 392 Divisional Cost of Capital 393 The Pure Play Approach 393 The Subjective Approach 394 14.6 Company Valuation with the WACC 395 14.7 Flotation Costs and the Average Cost of Capital 398 The Basic Approach 398 Flotation Costs and NPV 399 Internal Equity and Flotation Costs 401 14.8 Summary and Conclusions 401 CHAPTER 15RAISING CAPITAL 407 15.1 The Financing Life Cycle of a Firm: Early-Stage Financing and Venture Capital 408 Venture Capital 408 Some Venture Capital Realities 409 Choosing a Venture Capitalist 409 Conclusion 409 15.2 Selling Securities to the Public: The Basic Procedure 410 Crowdfunding 411 Initial Coin Offerings (ICOs) 412 15.3 Alternative Issue Methods 413 15.4 Underwriters 414 Choosing an Underwriter 414 Types of Underwriting 414 The Aftermarket 416 The Green Shoe Provision 416 Lockup Agreements 416 The Quiet Period 416 Direct Listing 417 15.5 IPOs and Underpricing 417 IPO Underpricing: The 1999–2000 Experience 417 Evidence on Underpricing 420 The Partial Adjustment Phenomenon 422 Why Does Underpricing Exist? 423 15.6 New Equity Sales and the Value of the Firm 424 15.7 The Costs of Issuing Securities 425 The Costs of Selling Stock to the Public 425 The Costs of Going Public: A Case Study 428 15.8 Rights 430 The Mechanics of a Rights Offering 430 Number of Rights Needed to Purchase a Share 431 The Value of a Right 432 Ex Rights 433 The Underwriting Arrangements 435 Effects on Shareholders 435 15.9 Dilution 436 Dilution of Proportionate Ownership 436 Dilution of Value: Book versus Market Values 436 15.10 Issuing Long-Term Debt 438 15.11 Shelf Registration 439 15.12 Summary and Conclusions 440 CHAPTER 16FINANCIAL LEVERAGE AND CAPITAL STRUCTURE POLICY 444 16.1 The Capital Structure Question 445 Firm Value and Stock Value: An Example 445 Capital Structure and the Cost of Capital 446 16.2 The Effect of Financial Leverage 447 The Basics of Financial Leverage 447 Corporate Borrowing and Homemade Leverage 450 16.3 Capital Structure and the Cost of Equity Capital 451 M&M Proposition I: The Pie Model 451 The Cost of Equity and Financial Leverage: M&M Proposition II 452 Business and Financial Risk 454 16.4 M&M Propositions I and II with Corporate Taxes 455 The Interest Tax Shield 456 Taxes and M&M Proposition I 456 Taxes, the WACC, and Proposition II 457 Conclusion 458 16.5 Bankruptcy Costs 460 Direct Bankruptcy Costs 461 Indirect Bankruptcy Costs 461 16.6 Optimal Capital Structure 462 The Static Theory of Capital Structure 462 Optimal Capital Structure and the Cost of Capital 463 Optimal Capital Structure: A Recap 464 Capital Structure: Some Managerial Recommendations 466 16.7 The Pie Again 466 The Extended Pie Model 467 Marketed Claims versus Nonmarketed Claims 468 16.8 The Pecking-Order Theory 468 Internal Financing and the Pecking Order 468 Implications of the Pecking Order 469 16.9 Observed Capital Structures 470 16.10 A Quick Look at the Bankruptcy Process 471 Liquidation and Reorganization 471 Financial Management and the Bankruptcy Process 474 Agreements to Avoid Bankruptcy 474 16.11 Summary and Conclusions 475 CHAPTER 17DIVIDENDS AND PAYOUT POLICY 480 17.1 Cash Dividends and Dividend Payment 481 Cash Dividends 481 Standard Method of Cash Dividend Payment 481 Dividend Payment: A Chronology 482 More about the Ex-Dividend Date 482 17.2 Does Dividend Policy Matter? 484 An Illustration of the Irrelevance of Dividend Policy 484 Homemade Dividends 485 A Test 486 17.3 Real-World Factors Favoring a Low Dividend Payout 487 Taxes 487 Flotation Costs 487 Dividend Restrictions 487 17.4 Real-World Factors Favoring a High Dividend Payout 488 Desire for Current Income 488 Tax and Other Benefits from High Dividends 489 Conclusion 489 17.5 A Resolution of Real-World Factors? 489 Information Content of Dividends 490 The Clientele Effect 491 17.6 Stock Repurchases: An Alternative to Cash Dividends 491 Cash Dividends versus Repurchase 492 Real-World Considerations in a Repurchase 494 Share Repurchase and EPS 494 17.7 What We Know and Do Not Know about Dividend and Payout Policies 495 Dividends and Dividend Payers 495 Corporations Smooth Dividends 497 Putting It All Together 498 Some Survey Evidence on Dividends 500 17.8 Stock Dividends and Stock Splits 502 Some Details about Stock Splits and Stock Dividends 502 Value of Stock Splits and Stock Dividends 503 Reverse Splits 504 17.9 Summary and Conclusions 505 PART 7 Short-Term Financial Planning and Management CHAPTER 18SHORT-TERM FINANCE AND PLANNING 510 18.1 Tracing Cash and Net Working Capital 511 18.2 The Operating Cycle and the Cash Cycle 512 Defining the Operating and Cash Cycles 513 The Operating Cycle and the Firm’s Organizational Chart 515 Calculating the Operating and Cash Cycles 515 Interpreting the Cash Cycle 518 18.3 Some Aspects of Short-Term Financial Policy 518 The Size of the Firm’s Investment in Current Assets 519 Alternative Financing Policies for Current Assets 520 Which Financing Policy Is Best? 523 Current Assets and Liabilities in Practice 524 18.4 The Cash Budget 525 Sales and Cash Collections 525 Cash Outflows 526 The Cash Balance 526 18.5 Short-Term Borrowing 527 Unsecured Loans 528 Secured Loans 529 Other Sources 530 18.6 A Short-Term Financial Plan 531 18.7 Summary and Conclusions 532 CHAPTER 19CASH AND LIQUIDITY MANAGEMENT 539 9.1 Reasons for Holding Cash 540 The Speculative and Precautionary Motives 540 The Transaction Motive 540 Compensating Balances 540 Costs of Holding Cash 540 Cash Management versus Liquidity Management 541 19.2 Understanding Float 541 Disbursement Float 541 Collection Float and Net Float 542 Float Management 543 Electronic Data Interchange and Check 21: The End of Float? 547 19.3 Cash Collection and Concentration 548 Components of Collection Time 548 Cash Collection 548 Lockboxes 548 Cash Concentration 550 Accelerating Collections: An Example 551 19.4 Managing Cash Disbursements 552 Increasing Disbursement Float 552 Controlling Disbursements 553 19.5 Investing Idle Cash 554 Temporary Cash Surpluses 554 Characteristics of Short-Term Securities 555 Some Difierent Types of Money Market Securities 556 19.6 Summary and Conclusions 557 19A Determining the Target Cash Balance 560 CHAPTER 20CREDIT AND INVENTORY MANAGEMENT 561 20.1 Credit and Receivables 562 Components of Credit Policy 562 The Cash Flows from Granting Credit 562 The Investment in Receivables 563 20.2 Terms of the Sale 563 The Basic Form 564 The Credit Period 564 Cash Discounts 565 Credit Instruments 567 20.3 Analyzing Credit Policy 567 Credit Policy Effects 567 Evaluating a Proposed Credit Policy 568 20.4 Optimal Credit Policy 570 The Total Credit Cost Curve 570 Organizing the Credit Function 571 20.5 Credit Analysis 572 When Should Credit Be Granted? 572 Credit Information 574 Credit Evaluation and Scoring 574 20.6 Collection Policy 575 Monitoring Receivables 575 Collection Effort 576 20.7 Inventory Management 576 The Financial Manager and Inventory Policy 576 Inventory Types 577 Inventory Costs 577 20.8 Inventory Management Techniques 578 The ABC Approach 578 The Economic Order Quantity Model 578 Extensions to the EOQ Model 583 Managing Derived-Demand Inventories 583 20.9 Summary and Conclusions 585 20A More about Credit Policy Analysis 590 PART 8 Topics in Corporate Finance CHAPTER 21INTERNATIONAL CORPORATE FINANCE 591 21.1 Terminology 592 21.2 Foreign Exchange Markets and Exchange Rates 593 Exchange Rates 594 21.3 Purchasing Power Parity 598 Absolute Purchasing Power Parity 598 Relative Purchasing Power Parity 600 21.4 Interest Rate Parity, Unbiased Forward Rates, and the International Fisher Effect 602 Covered Interest Arbitrage 602 Interest Rate Parity 603 Forward Rates and Future Spot Rates 604 Putting It All Together 604 21.5 International Capital Budgeting 606 Method 1: The Home Currency Approach 606 Method 2: The Foreign Currency Approach 607 Unremitted Cash Flows 608 21.6 Exchange Rate Risk 608 Short-Run Exposure 608 Long-Run Exposure 609 Translation Exposure 610 Managing Exchange Rate Risk 611 21.7 Political Risk 611 The Tax Cuts and Jobs Act of 2017 611 Managing Political Risk 612 21.8 Summary and Conclusions 613 CHAPTER 22BEHAVIORAL FINANCE: IMPLICATIONS FOR FINANCIAL MANAGEMENT 618 22.1 Introduction to Behavioral Finance 6192 2.2 Biases 619 Overconfidence 619 Overoptimism 620 Confirmation Bias 620 22.3 Framing Effects 621 Loss Aversion 621 House Money 622 22.4 Heuristics 624 The Affect Heuristic 624 The Representativeness Heuristic 625 Representativeness and Randomness 625 The Gambler’s Fallacy 626 22.5 Behavioral Finance and Market Efficiency 627 Limits to Arbitrage628 Bubbles and Crashes 630 22.6 Market Efficiency and the Performance of Professional Money Managers 635 22.7 Summary and Conclusions 638 CHAPTER 23OPTIONS AND CORPORATE FINANCE 641 23.1 Options: The Basics 642 Puts and Calls 642 Stock Option Quotations 643 Option Payoffs 644 23.2 Fundamentals of Option Valuation 646 Value of a Call Option at Expiration 646 The Upper and Lower Bounds on a Call Option’s Value 647 A Simple Model: Part I 649 Four Factors Determining Option Values 650 23.3 Valuing a Call Option 651 A Simple Model: Part II 651 The Fifth Factor 652 A Closer Look 653 23.4 Employee Stock Options 654 ESO Features 655 ESO Repricing 655 ESO Backdating 656 23.5 Equity as a Call Option on the Firm’s Assets 657 Case I: The Debt Is Risk-Free 657 Case II: The Debt Is Risky 658 23.6 Options and Capital Budgeting 659 The Investment Timing Decision 660 Managerial Options 661 23.7 Options and Corporate Securities 664 Warrants665 Convertible Bonds 666 Other Options 668 23.8 Summary and Conclusions 670 CHAPTER 24OPTION VALUATION 675 24.1 Put-Call Parity 676 Protective Puts 676 An Alternative Strategy 676 The Result 677 Continuous Compounding: A Refresher Course 678 24.2 The Black-Scholes Option Pricing Model 681 The Call Option Pricing Formula 681 Put Option Valuation 684 A Cautionary Note 685 24.3 More about Black-Scholes 686 Varying the Stock Price 686 Varying the Time to Expiration 688 Varying the Standard Deviation 690 Varying the Risk-Free Rate 690 Implied Standard Deviations 691 24.4 Valuation of Equity and Debt in a Leveraged Firm 693 Valuing the Equity in a Leveraged Firm 693 Options and the Valuation of Risky Bonds 694 24.5 Options and Corporate Decisions: Some Applications 695 Mergers and Diversification 696 Options and Capital Budgeting 697 24.6 Summary and Conclusions 699 CHAPTER 25MERGERS AND ACQUISITIONS 702 25.1 The Legal Forms of Acquisitions 703 Merger or Consolidation 703 Acquisition of Stock 704 Acquisition of Assets 704 Acquisition Classifications 705 A Note about Takeovers 705 Alternatives to Merger 706 25.2 Taxes and Acquisitions 706 Determinants of Tax Status 706 Taxable versus Tax-Free Acquisitions 707 25.3 Accounting for Acquisitions 707 The Purchase Method 707 More about Goodwill 708 25.4 Gains from Acquisitions 709 Synergy 709 Revenue Enhancement 710 Cost Reductions 711 Lower Taxes 712 Reductions in Capital Needs 713 Avoiding Mistakes 714 A Note about Inefficient Management 714 25.5 Some Financial Side Effiects of Acquisitions 715 EPS Growth 715 Diversification 716 25.6 The Cost of an Acquisition 716 Case I: Cash Acquisition 717 Case II: Stock Acquisition 717 Cash versus Common Stock 718 25.7 Defensive Tactics 719 The Corporate Charter 719 Repurchase and Standstill Agreements 719 Poison Pills and Share Rights Plans 720 Going Private and Leveraged Buyouts 721 Other Devices and Jargon of Corporate Takeovers 721 25.8 Some Evidence on Acquisitions: Does M&A Pay? 722 25.9 Divestitures and Restructurings 723 25.10 Summary and Conclusions 724 APPENDIX A MATHEMATICAL TABLES 730 APPENDIX B ANSWERS TO SELECTED END-OF-CHAPTER PROBLEMS 730 APPENDIX C USING THE HP 10B AND TI BA II PLUS FINANCIAL CALCULATORS 730
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