Fundamentals of Financial Management (Fundamentals of Financial Management) (13TH)

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Fundamentals of Financial Management (Fundamentals of Financial Management) (13TH)

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  • 製本 Paperback:紙装版/ペーパーバック版/ページ数 719 p.
  • 言語 ENG,ENG
  • 商品コード 9780273713630
  • DDC分類 658.15

Full Description


A practical introduction to understanding the Financial Management of companies in today's rapidly changing business world. This book is particularly well-suited to introductory courses in financial management, for a professional qualification and as a reference for practitioners.

Table of Contents

Acknowledgements                                   xix
Preface xxi
Part 1 Introduction to Financial Management
The Role of Financial Management 1 (16)
Objectives 1 (1)
Introduction 2 (1)
What Is Financial Management? 2 (1)
The Goal of the Firm 3 (5)
Corporate Governance 8 (1)
Organization of the Financial Management 8 (2)
Function
Organization of the Book 10 (3)
Key Learning Points 13 (1)
Questions 14 (1)
Selected References 14 (3)
The Business, Tax, and Financial 17 (24)
Environments
Objectives 17 (1)
The Business Environment 18 (2)
The Tax Environment 20 (7)
The Financial Environment 27 (8)
Key Learning Points 35 (1)
Questions 36 (1)
Self-Correction Problems 37 (1)
Problems 37 (1)
Solutions to Self-Correction Problems 38 (1)
Selected References 39 (2)
Part 2 Valuation
The Time Value of Money 41 (32)
Objectives 41 (1)
The Interest Rate 42 (1)
Simple Interest 43 (1)
Compound Interest 43 (16)
Compounding More Than Once a Year 59 (3)
Amortizing a Loan 62 (1)
Summary Table of Key Compound Interest 63 (1)
Formulas
Key Learning Points 63 (1)
Questions 64 (1)
Self-Correction Problems 64 (1)
Problems 65 (4)
Solutions to Self-Correction Problems 69 (2)
Selected References 71 (2)
The Valuation of Long-Term Securities 73 (24)
Objectives 73 (1)
Distinctions Among Valuation Concepts 74 (1)
Bond Valuation 75 (3)
Preferred Stock Valuation 78 (1)
Common Stock Valuation 79 (4)
Rates of Return (or Yields) 83 (5)
Summary Table of Key Present Value 88 (1)
Formulas for Valuing Long-Term Securities
Key Learning Points 88 (1)
Questions 89 (1)
Self-Correction Problems 90 (1)
Problems 91 (2)
Solutions to Self-Correction Problems 93 (2)
Selected References 95 (2)
Risk and Return 97 (30)
Objectives 97 (1)
Defining Risk and Return 98 (1)
Using Probability Distributions to 99 (2)
Measure Risk
Attitudes Toward Risk 101(2)
Risk and Return in a Portfolio Context 103(1)
Diversification 104(2)
The Capital-Asset Pricing Model (CAPM) 106(8)
Efficient Financial Markets 114(2)
Key Learning Points 116(1)
Appendix A: Measuring Portfolio Risk 117(2)
Appendix B: Arbitrage Pricing Theory 119(2)
Questions 121(1)
Self-Correction Problems 122(1)
Problems 122(3)
Solutions to Self-Correction Problems 125(1)
Selected References 126(1)
Part 3 Tools of Financial Analysis and
Planning
Financial Statement Analysis 127(42)
Objectives 127(1)
Financial Statements 128(6)
A Possible Framework for Analysis 134(4)
Balance Sheet Ratios 138(3)
Income Statement and Income 141(11)
Statement/Balance Sheet Ratios
Trend Analysis 152(1)
Common-Size and Index Analysis 153(3)
Key Learning Points 156(1)
Summary of Key Ratios 156(2)
Appendix: Deferred Taxes and Financial 158(1)
Analysis
Questions 159(1)
Self-Correction Problems 160(1)
Problems 161(4)
Solutions to Self-Correction Problems 165(2)
Selected References 167(2)
Funds Analysis, Cash-Flow Analysis, and 169(36)
Financial Planning
Objectives 169(1)
Flow of Funds (Sources and Uses) Statement 170(6)
Accounting Statement of Cash Flows 176(4)
Cash-Flow Forecasting 180(4)
Range of Cash-Flow Estimates 184(2)
Forecasting Financial Statements 186(4)
Key Learning Points 190(1)
Appendix: Sustainable Growth Modeling 190(4)
Questions 194(1)
Self-Correction Problems 195(2)
Problems 197(3)
Solutions to Self-Correction Problems 200(3)
Selected References 203(2)
Part 4 Working Capital Management
Overview of Working Capital Management 205(16)
Objectives 205(1)
Introduction 206(2)
Working Capital Issues 208(2)
Financing Current Assets: Short-Term and 210(5)
Long-Term Mix
Combining Liability Structure and Current 215(1)
Asset Decisions
Key Learning Points 216(1)
Questions 216(1)
Self-Correction Problem 217(1)
Problems 217(1)
Solutions to Self-Correction Problem 218(1)
Selected References 219(2)
Cash and Marketable Securities Management 221(28)
Objectives 221(1)
Motives for Holding Cash 222(1)
Speeding Up Cash Receipts 223(5)
S-l-o-w-i-n-g D-o-w-n Cash Payouts 228(3)
Electronic Commerce 231(2)
Outsourcing 233(1)
Cash Balances to Maintain 234(1)
Investment in Marketable Securities 235(9)
Key Learning Points 244(1)
Questions 245(1)
Self-Correction Problems 245(1)
Problems 246(1)
Solutions to Self-Correction Problems 247(1)
Selected References 248(1)
Accounts Receivable and Inventory Management 249(32)
Objectives 249(1)
Credit and Collection Policies 250(8)
Analyzing the Credit Applicant 258(5)
Inventory Management and Control 263(10)
Key Learning Points 273(1)
Questions 274(1)
Self-Correction Problems 274(1)
Problems 275(3)
Solutions to Self-Correction Problems 278(1)
Selected References 279(2)
Short-Term Financing 281(26)
Objectives 281(1)
Spontaneous Financing 282(5)
Negotiated Financing 287(11)
Factoring Accounts Receivable 298(2)
Composition of Short-Term Financing 300(1)
Key Learning Points 301(1)
Questions 302(1)
Self-Correction Problems 302(1)
Problems 303(2)
Solutions to Self-Correction Problems 305(1)
Selected References 306(1)
Part 5 Investment in Capital Assets
Capital Budgeting and Estimating Cash Flows 307(16)
Objectives 307(1)
The Capital Budgeting Process: An Overview 308(1)
Generating Investment Project Proposals 308(1)
Estimating Project ``After-Tax 309(9)
Incremental Operating Cash Flows''
Key Learning Points 318(1)
Questions 318(1)
Self-Correction Problems 319(1)
Problems 319(2)
Solutions to Self-Correction Problems 321(1)
Selected References 322(1)
Capital Budgeting Techniques 323(30)
Objectives 323(1)
Project Evaluation and Selection: 324(6)
Alternative Methods
Potential Difficulties 330(10)
Project Monitoring: Progress Reviews and 340(1)
Post-Completion Audits
Key Learning Points 340(1)
Appendix A: Multiple Internal Rates of 341(2)
Return
Appendix B: Replacement Chain Analysis 343(2)
Questions 345(1)
Self-Correction Problems 346(1)
Problems 347(2)
Solutions to Self-Correction Problems 349(1)
Selected References 350(3)
Risk and Managerial (Real) Options in 353(28)
Capital Budgeting
Objectives 353(1)
The Problem of Project Risk 354(3)
Total Project Risk 357(7)
Contribution to Total Firm Risk: 364(4)
Firm-Portfolio Approach
Managerial (Real) Options 368(5)
Key Learning Points 373(1)
Questions 373(1)
Self-Correction Problems 374(1)
Problems 375(2)
Solutions to Self-Correction Problems 377(2)
Selected References 379(2)
Part 6 The Cost of Capital, Capital
Structure, and Dividend Policy
Required Returns and the Cost of Capital 381(38)
Objectives 381(1)
Creation of Value 382(1)
Overall Cost of Capital of the Firm 383(13)
The CAPM: Project-Specific and 396(5)
Group-Specific Required Rates of Return
Evaluation of Projects on the Basis of 401(5)
Their Total Risk
Key Learning Points 406(1)
Appendix A: Adjusting the Beta for 407(1)
Financial Leverage
Appendix B: Adjusted Present Value 408(2)
Questions 410(1)
Self-Correction Problems 411(1)
Problems 412(3)
Solutions to Self-Correction Problems 415(2)
Selected References 417(2)
Operating and Financial Leverage 419(32)
Objectives 419(1)
Operating Leverage 420(7)
Financial Leverage 427(8)
Total Leverage 435(1)
Cash-Flow Ability to Service Debt 436(3)
Other Methods of Analysis 439(1)
Combination of Methods 440(1)
Key Learning Points 441(1)
Questions 442(1)
Self-Correction Problems 443(1)
Problems 444(2)
Solutions to Self-Correction Problems 446(3)
Selected References 449(2)
Capital Structure Determination 451(24)
Objectives 451(1)
A Conceptual Look 452(4)
The Total-Value Principle 456(2)
Presence of Market Imperfections and 458(3)
Incentive Issues
The Effect of Taxes 461(2)
Taxes and Market Imperfections Combined 463(2)
Financial Signaling 465(1)
Timing and Financial Flexibility 465(1)
Financing Checklist 466(1)
Key Learning Points 467(1)
Questions 468(1)
Self-Correction Problems 468(1)
Problems 469(2)
Solutions to Self-Correction Problems 471(2)
Selected References 473(2)
Dividend Policy 475(30)
Objectives 475(1)
Passive versus Active Dividend Policies 476(5)
Factors Influencing Dividend Policy 481(3)
Dividend Stability 484(2)
Stock Dividends and Stock Splits 486(5)
Stock Repurchase 491(4)
Administrative Considerations 495(1)
Key Learning Points 496(1)
Questions 497(1)
Self-Correction Problems 498(1)
Problems 499(2)
Solutions to Self-Correction Problems 501(1)
Selected References 502(3)
Part 7 Intermediate and Long-Term Financing
The Capital Market 505(22)
Objectives 505(1)
Deja Vu All Over Again 506(1)
Public Issue 507(2)
Privileged Subscription 509(3)
Regulation of Security Offerings 512(4)
Private Placement 516(3)
Initial Financing 519(1)
Signaling Effects 520(2)
The Secondary Market 522(1)
Key Learning Points 522(1)
Questions 523(1)
Self-Correction Problems 524(1)
Problems 524(1)
Solutions to Self-Correction Problems 525(1)
Selected References 526(1)
Long-Term Debt, Preferred Stock, and Common 527(26)
Stock
Objectives 527(1)
Bonds and Their Features 528(1)
Types of Long-Term Debt Instruments 529(3)
Retirement of Bonds 532(2)
Preferred Stock and Its Features 534(4)
Common Stock and Its Features 538(1)
Rights of Common Shareholders 539(3)
Dual-Class Common Stock 542(1)
Key Learning Points 543(1)
Appendix: Refunding a Bond Issue 544(2)
Questions 546(1)
Self-Correction Problems 547(1)
Problems 548(2)
Solutions to Self-Correction Problems 550(1)
Selected References 551(2)
Term Loans and Leases 553(24)
Objectives 553(1)
Term Loans 554(2)
Provisions of Loan Agreements 556(2)
Equipment Financing 558(1)
Lease Financing 559(3)
Evaluating Lease Financing in Relation to 562(5)
Debt Financing
Key Learning Points 567(1)
Appendix: Accounting Treatment of Leases 567(3)
Questions 570(1)
Self-Correction Problems 571(1)
Problems 572(1)
Solutions to Self-Correction Problems 573(2)
Selected References 575(2)
Part 8 Special Areas of Financial Management
Convertibles, Exchangeables, and Warrants 577(26)
Objectives 577(1)
Convertible Securities 578(3)
Value of Convertible Securities 581(3)
Exchangeable Bonds 584(1)
Warrants 585(4)
Key Learning Points 589(1)
Appendix: Option Pricing 589(6)
Questions 595(1)
Self-Correction Problems 596(1)
Problems 597(2)
Solutions to Self-Correction Problems 599(1)
Selected References 600(3)
Mergers and Other Forms of Corporate 603(44)
Restructuring
Objectives 603(1)
Sources of Value 604(4)
Strategic Acquisitions Involving Common 608(7)
Stock
Acquisitions and Capital Budgeting 615(2)
Closing the Deal 617(3)
Takeovers, Tender Offers, and Defenses 620(2)
Strategic Alliances 622(1)
Divestiture 623(3)
Ownership Restructuring 626(1)
Leveraged Buyouts 627(2)
Key Learning Points 629(1)
Appendix: Remedies for a Failing Company 630(5)
Questions 635(1)
Self-Correction Problems 636(2)
Problems 638(3)
Solutions to Self-Correction Problems 641(2)
Selected References 643(4)
International Financial Management 647(32)
Objectives 647(1)
Some Background 648(4)
Types of Exchange-Rate Risk Exposure 652(4)
Management of Exchange-Rate Risk Exposure 656(12)
Structuring International Trade 668(3)
Transactions
Key Learning Points 671(1)
Questions 672(1)
Self-Correction Problems 673(1)
Problems 674(2)
Solutions to Self-Correction Problems 676(1)
Selected References 677(2)
Appendix 679(10)
Table I: Future value interest factor 680(2)
Table II: Present value interest factor 682(2)
Table III: Future value interest factor 684(2)
of an (ordinary) annuity
Table IV: Present value interest factor 686(2)
of an (ordinary) annuity
Table V: Area of normal distribution that 688(1)
is Z standard deviations to the left or
right of the mean
Glossary 689(16)
Commonly Used Symbols 705(2)
Index 707