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公司理財（精要版）（英文版·原書第12版） 
定 價：119 元
9 7 6 8 5 7 6 1 7 1 8 1 4 讀者對象:商學(xué)院MBA、財務(wù)管理、會計學(xué)、金融學(xué)專業(yè)本科生，財務(wù)和投資專業(yè)人士和研究人員 
這是一本風(fēng)靡全球的公司理財學(xué)教科書。它以獨特的視角、完整而有力的觀念重新構(gòu)建了公司理財學(xué)的基本框架。全書圍繞以NPV分析為主干的價值評估這條主線，緊密結(jié)合理財實踐的需要，精選了公司理財?shù)幕靖拍钆c觀念、財務(wù)報表與長期財務(wù)計劃、未來現(xiàn)金流量估價、資本預(yù)算、風(fēng)險與報酬、資本成本與長期財務(wù)政策、短期財務(wù)計劃與管理、國際公司理財?shù)确矫娴暮诵膬?nèi)容。作者以平實的語言，配以豐富的案例、舉例，系統(tǒng)、扼要、有效地傳達了公司理財?shù)幕居^念、基本方法和實務(wù)技能。
出版說明
前言 第一部分 公司理財導(dǎo)論 第1章 公司理財概論 / 1 1.1 公司理財與財務(wù)經(jīng)理 / 2 1.2 企業(yè)組織形態(tài) / 4 1.3 財務(wù)管理的目標(biāo) / 7 1.4 代理問題與公司控制 / 10 1.5 金融市場與公司 / 13 概要與總結(jié) / 16 概念復(fù)習(xí)和重要思考題 / 16 章末案例：McGee Cake公司 / 18 第2章 財務(wù)報表、稅與現(xiàn)金流量 / 17 2.1 資產(chǎn)負(fù)債表 / 18 2.2 利潤表 / 22 2.3 稅 / 25 2.4 現(xiàn)金流量 / 28 概要與總結(jié) / 34 章節(jié)復(fù)習(xí)和自測題 / 35 概念復(fù)習(xí)和重要思考題 / 35 思考和練習(xí)題 / 35 章末案例：Sunset Boards公司現(xiàn)金流量和財務(wù)報表 / 36 第二部分 財務(wù)報表與長期 財務(wù)計劃 第3章 運用財務(wù)報表 / 37 3.1 現(xiàn)金流量和財務(wù)報表：進一步觀察 / 38 3.2 標(biāo)準(zhǔn)財務(wù)報表 / 42 3.3 比率分析 / 45 3.4 杜邦恒等式 / 57 3.5 利用財務(wù)報表信息 / 61 概要與總結(jié) / 67 章節(jié)復(fù)習(xí)和自測題 / 68 概念復(fù)習(xí)和重要思考題 / 69 思考和練習(xí)題 / 69 章末案例：在S&S飛機公司的比率分析 / 71 第4章 長期財務(wù)計劃與增長 / 72 4.1 什么是財務(wù)計劃 / 74 4.2 財務(wù)計劃制訂模型：初步探討 / 76 4.3 銷售收入百分比法 / 79 4.4 外部融資與增長 / 85 4.5 關(guān)于財務(wù)計劃制訂模型的一些 警示 / 92 概要與總結(jié) / 93 章節(jié)復(fù)習(xí)和自測題 / 93 概念復(fù)習(xí)和重要思考題 / 94 思考和練習(xí)題 / 94 章末案例：S&S飛機公司的增長計劃 / 98 第三部分 未來現(xiàn)金流量估價 第5章 估值導(dǎo)言：貨幣時間價值 / 99 5.1 終值和復(fù)利 / 100 5.2 現(xiàn)值和貼現(xiàn) / 107 5.3 終值和現(xiàn)值的進一步講解 / 111 概要與總結(jié) / 118 章節(jié)復(fù)習(xí)和自測題 / 119 概念復(fù)習(xí)和重要思考題 / 119 思考和練習(xí)題 / 119 第6章 貼現(xiàn)現(xiàn)金流量估價 / 123 6.1 多期現(xiàn)金流量的現(xiàn)值和終值 / 124 6.2 評估均衡現(xiàn)金流量：年金和永續(xù)年金 / 131 6.3 比較利率：復(fù)利的影響 / 141 6.4 貸款種類和分期償還貸款 / 146 概要與總結(jié) / 151 章節(jié)復(fù)習(xí)和自測題 / 151 概念復(fù)習(xí)和重要思考題 / 152 思考和練習(xí)題 / 152 章末案例：MBA的決策 / 155 第7章 利率和債券估值 / 156 7.1 債券和債券估值 / 157 7.2 債券的其他特征 / 167 7.3 債券評級 / 172 7.4 一些不同類型的債券 / 173 7.5 債券市場 / 179 7.6 通貨膨脹和利率 / 183 7.7 債券收益率的決定因素 / 186 概要與總結(jié) / 190 章節(jié)復(fù)習(xí)和自測題 / 191 概念復(fù)習(xí)和重要思考題 / 191 思考和練習(xí)題 / 191 章末案例：S&S飛機公司的債券發(fā)行擴張計劃 / 193 第8章 股票估價 / 194 8.1 普通股估價 / 195 8.2 普通股和優(yōu)先股的一些特點 / 206 8.3 股票市場 / 210 概要與總結(jié) / 215 章節(jié)復(fù)習(xí)和自測題 / 216 概念復(fù)習(xí)和重要思考題 / 216 思考和練習(xí)題 / 216 章末案例：Ragan公司的股票估值 / 217 第四部分 資本預(yù)算 第9章 凈現(xiàn)值和其他投資準(zhǔn)則 / 218 9.1 凈現(xiàn)值 / 219 9.2 回收期法則 / 223 9.3 貼現(xiàn)回收期 / 227 9.4 平均會計報酬率 / 229 9.5 內(nèi)部報酬率 / 231 9.6 獲利能力指數(shù) / 242 9.7 資本預(yù)算實務(wù) / 243 概要與總結(jié) / 246 章節(jié)復(fù)習(xí)和自測題 / 246 概念復(fù)習(xí)和重要思考題 / 247 思考和練習(xí)題 / 248 章末案例：布洛克黃金礦業(yè) / 252 第10章 資本投資決策 / 253 10.1 項目現(xiàn)金流量：初步考察 / 254 10.2 增量現(xiàn)金流量 / 255 10.3 預(yù)計財務(wù)報表與項目現(xiàn)金流量 / 257 10.4 項目現(xiàn)金流量的深入講解 / 260 10.5 經(jīng)營現(xiàn)金流量的其他定義 / 270 10.6 貼現(xiàn)現(xiàn)金流量分析的一些特殊情況 / 272 概要與總結(jié) / 278 章節(jié)復(fù)習(xí)和自測題 / 279 概念復(fù)習(xí)和重要思考題 / 279 思考和練習(xí)題 / 280 章末案例：貝殼共和電子公司（一） / 283 第11章 項目分析與評估 / 284 11.1 評估NPV估計值 / 285 11.2 情境分析與其他假設(shè)性分析 / 287 11.3 盈虧平衡分析 / 292 11.4 經(jīng)營現(xiàn)金流量、銷售量和盈虧平衡 / 298 11.5 經(jīng)營杠桿 / 303 11.6 資本限額 / 306 概要與總結(jié) / 307 章節(jié)復(fù)習(xí)和自測題 / 308 概念復(fù)習(xí)和重要思考題 / 308 思考和練習(xí)題 / 308 章末案例：貝殼共和電子公司（二） / 310 第五部分 風(fēng)險與報酬 第12章 資本市場歷史的一些啟示 / 311 12.1 報酬 / 312 12.2 歷史紀(jì)錄 / 316 12.3 平均報酬率：第一個啟示 / 322 12.4 報酬率的變動性：第二個啟示 / 324 12.5 平均報酬率的進一步講述 / 332 12.6 資本市場效率 / 336 概要與總結(jié) / 340 章節(jié)復(fù)習(xí)和自測題 / 341 概念復(fù)習(xí)和重要思考題 / 341 思考和練習(xí)題 / 341 章末案例：S&S飛機公司的職位 / 343 第13章 報酬、風(fēng)險與證券市場線 / 344 13.1 期望報酬率和方差 / 345 13.2 投資組合 / 348 13.3 宣告、意外事項和期望報酬率 / 352 13.4 風(fēng)險：系統(tǒng)的和非系統(tǒng)的 / 354 13.5 分散化與投資組合風(fēng)險 / 355 13.6 系統(tǒng)風(fēng)險與貝塔系數(shù) / 358 13.7 證券市場線 / 361 13.8 證券市場線與資本成本：預(yù)習(xí) / 369 概要與總結(jié) / 370 章節(jié)復(fù)習(xí)和自測題 / 370 概念復(fù)習(xí)和重要思考題 / 371 思考和練習(xí)題 / 372 章末案例：高露潔棕欖公司的貝塔值 / 374 第六部分 資本成本與長期財務(wù)政策 第14章 資本成本 / 375 14.1 資本成本：一些預(yù)備知識 / 376 14.2 權(quán)益成本 / 377 14.3 債務(wù)成本和優(yōu)先股成本 / 381 14.4 加權(quán)平均資本成本 / 382 14.5 部門和項目資本成本 / 392 14.6 加權(quán)平均資本成本與企業(yè)價值估值 / 395 14.7 發(fā)行成本和加權(quán)平均資本成本 / 398 概要與總結(jié) / 401 章節(jié)復(fù)習(xí)和自測題 / 401 概念復(fù)習(xí)和重要思考題 / 402 思考和練習(xí)題 / 402 章末案例：Swan Motors公司的資本成本 / 406 第15章 籌集資本 / 407 15.1 企業(yè)的籌資生命周期：早期融資和風(fēng)險投資 / 408 15.2 公開發(fā)售證券：基本程序 / 410 15.3 其他發(fā)行方法 / 413 15.4 承銷商 / 414 15.5 IPO和抑價 / 417 15.6 新權(quán)益發(fā)售和公司價值 / 424 15.7 發(fā)行證券的成本 / 425 15.8 認(rèn)股權(quán) / 430 15.9 稀釋 / 436 15.10 發(fā)行長期債務(wù) / 438 15.11 暫擱注冊 / 439 概要與總結(jié) / 440 章節(jié)復(fù)習(xí)和自測題 / 440 概念復(fù)習(xí)和重要思考題 / 440 思考和練習(xí)題 / 441 章末案例：S&S飛機公司上市 / 443 第16章 財務(wù)杠桿和資本結(jié)構(gòu)政策 / 444 16.1 資本結(jié)構(gòu)問題 / 445 16.2 財務(wù)杠桿效應(yīng) / 447 16.3 資本結(jié)構(gòu)和權(quán)益資本成本 / 451 16.4 考慮公司稅的MM第一定理和MM第二定理 / 455 16.5 破產(chǎn)成本 / 460 16.6 最優(yōu)資本結(jié)構(gòu) / 462 16.7 重談餅圖 / 466 16.8 啄食順序理論 / 468 16.9 觀察到的資本結(jié)構(gòu) / 470 16.10 破產(chǎn)程序概覽 / 471 概要與總結(jié) / 475 章節(jié)復(fù)習(xí)和自測題 / 475 概念復(fù)習(xí)和重要思考題 / 476 思考和練習(xí)題 / 476 章末案例：斯蒂芬森房地產(chǎn)公司的資產(chǎn)重組 / 479 第17章 股利和股利派發(fā)政策 / 480 17.1 現(xiàn)金股利和股利派發(fā) / 481 17.2 股利政策有影響嗎 / 484 17.3 偏愛低股利的真實世界因素 / 487 17.4 偏愛高股利的真實世界因素 / 488 17.5 真實世界因素的一個解答 / 489 17.6 股票回購：現(xiàn)金股利的替代方案 / 491 17.7 股利與股利派發(fā)政策：已知的與未知的 / 495 17.8 股票股利和股票分拆 / 502 概要與總結(jié) / 505 概念復(fù)習(xí)和重要思考題 / 506 思考和練習(xí)題 / 506 章末案例：Electronic Timing，Inc.公司 / 509 第七部分 短期財務(wù)計劃與管理 第18章 短期財務(wù)與計劃 / 510 18.1 現(xiàn)金和凈營運資本的追溯 / 511 18.2 經(jīng)營周期和現(xiàn)金周期 / 512 18.3 短期財務(wù)政策的某些方面 / 518 18.4 現(xiàn)金預(yù)算 / 525 18.5 短期借款 / 527 18.6 短期財務(wù)計劃 / 531 概要與總結(jié) / 532 章節(jié)復(fù)習(xí)和自測題 / 532 概念復(fù)習(xí)和重要思考題 / 534 思考和練習(xí)題 / 534 章末案例：Piepkorn制造廠的營運資本管理 / 538 第19章 現(xiàn)金和流動性管理 / 539 19.1 持有現(xiàn)金的原因 / 540 19.2 了解浮游量 / 541 19.3 現(xiàn)金收賬和集中 / 548 19.4 現(xiàn)金支付管理 / 552 19.5 閑置現(xiàn)金投資 / 554 概要與總結(jié) / 557 章節(jié)復(fù)習(xí)和自測題 / 557 概念復(fù)習(xí)和重要思考題 / 557 思考和練習(xí)題 / 558 章末案例：韋布公司的現(xiàn)金管理 / 560 附錄19A：確定目標(biāo)現(xiàn)金余額 / 560 第20章 信用和存貨管理 / 561 20.1 信用和應(yīng)收賬款 / 562 20.2 銷售條件 / 563 20.3 分析信用政策 / 567 20.4 最優(yōu)信用政策 / 570 20.5 信用分析 / 572 20.6 收賬政策 / 575 20.7 存貨管理 / 576 20.8 存貨管理技術(shù) / 578 概要與總結(jié) / 585 章節(jié)復(fù)習(xí)和自測題 / 586 概念復(fù)習(xí)和重要思考題 / 587 思考和練習(xí)題 / 587 章末案例：Howlett公司的信用政策 / 589 附錄20A：再談信用政策分析 / 590 第八部分 公司理財專題 第21章 國際公司理財 / 591 21.1 術(shù)語 / 592 21.2 外匯市場和匯率 / 593 21.3 購買力平價 / 598 21.4 利率平價、無偏遠期匯率和國際費雪效應(yīng) / 602 21.5 國際資本預(yù)算 / 606 21.6 匯率風(fēng)險 / 608 21.7 政治風(fēng)險 / 611 概要與總結(jié) / 613 章節(jié)復(fù)習(xí)和自測題 / 614 概念復(fù)習(xí)和重要思考題 / 614 思考和練習(xí)題 / 614 章末案例：S&S 飛機公司的國際化 / 617 第22章 行為財務(wù)：對財務(wù)管理的啟示 / 618 22.1 行為財務(wù)學(xué)導(dǎo)論 / 619 22.2 偏見 / 619 22.3 框架效應(yīng) / 621 22.4 啟發(fā)法 / 624 22.5 行為財務(wù)學(xué)與市場有效性 / 627 22.6 市場有效性與專業(yè)基金經(jīng)理的表現(xiàn) / 635 概要與總結(jié) / 638 概念復(fù)習(xí)和重要思考題 / 639 章末案例：你在S&S飛機公司的401（k）賬戶 / 640 第23章 期權(quán)與公司理財 / 641 23.1 期權(quán)：基本原理 / 642 23.2 期權(quán)估值基礎(chǔ) / 646 23.3 看漲期權(quán)的價值 / 651 23.4 員工股票期權(quán) / 654 23.5 股權(quán)是公司資產(chǎn)的看漲期權(quán) / 657 23.6 期權(quán)和資本預(yù)算 / 659 23.7 期權(quán)與公司證券 / 664 概要與總結(jié) / 670 章節(jié)復(fù)習(xí)和自測題 / 670 概念復(fù)習(xí)和重要思考題 / 671 思考和練習(xí)題 / 671 章末案例：S&S飛機公司的可轉(zhuǎn)換債券 / 674 第24章 期權(quán)定價 / 675 24.1 買賣平價理論 / 676 24.2 布萊克-斯科爾斯期權(quán)定價模型 / 681 24.3 進一步探討：布萊克-斯科爾斯期權(quán)定價模型 / 686 24.4 杠桿公司的股權(quán)和負(fù)債估值 / 693 24.5 期權(quán)和公司決策：一些應(yīng)用 / 695 概要與總結(jié) / 699 概念復(fù)習(xí)和重要思考題 / 700 思考和練習(xí)題 / 700 章末案例：Exotic Cuisines的員工股票期權(quán) / 701 第25章 兼并和收購 / 702 25.1 收購的法律形式 / 703 25.2 稅收與收購 / 706 25.3 收購的會計處理 / 707 25.4 收購的收益 / 709 25.5 收購的一些財務(wù)副作用 / 715 25.6 收購的成本 / 716 25.7 防御性策略 / 719 25.8 關(guān)于收購的一些證據(jù)：并購可以創(chuàng)造價值嗎 / 722 25.9 資產(chǎn)剝離和重組 / 723 概要與總結(jié) / 724 章節(jié)復(fù)習(xí)和自測題 / 726 概念復(fù)習(xí)和重要思考題 / 726 思考和練習(xí)題 / 727 章末案例：Birdie Golf和Hybrid Golf并購案 / 729 附錄A 數(shù)學(xué)用表 / 730 附錄B 部分思考和練習(xí)題答案 / 730 附錄C HP 10B金融計算器和TI BA II PLUS金融計算器的使用 / 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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