《公司金融基礎》是2015年9月對外經濟貿易大學出版社出版的書籍，作者是孫冬。
基本介紹
- 書名：公司金融基礎
- 作者：孫 冬
- ISBN：9787566314352
- 定價：35.00元
- 出版社：對外經濟貿易大學出版社
- 出版時間：2015年9月
- 開本：185mm×260mm
- 版次/印次：1/1
- 字數：323千字
內容簡介,目錄,
內容簡介
公司金融學是金融學專業的核心課程之一，目前大多數本科雙語教學都使用國際著名學者羅斯編寫的Corporation Finance作為專業教材。該教材體系完善、深入淺出，附有大量習題，堪稱是該領域的最佳教材。但在教學過程中，筆者發現以下問題：一是閱讀和理解上的障礙。英文教材基於英文思維編寫，其邏輯編排與漢語教材有顯著不同，且信息量極大，學生第一次接觸公司金融理論和概念，大部分人在閱讀時會感覺不適應，以致無法抓住概念和理論重點，無法深入、全面地掌握課程內容。二是體系框架上的銜接問題。我國金融學專業的培養方案和專業課程有系統安排，而現行教材與課程教學大綱之間存在一定程度的不匹配，特別是現有教材內容幾乎包含了公司金融學的所有問題，其中一些內容與其它課程有重複。三是背景和文化差異。教材中的案例均來自美國或其它發達市場經濟國家，由於制度、法律和文化因素不同，可能導致學生理解偏差。為此，筆者編寫了《公司金融基礎》這本教材
目錄
CHAPTER 1 Introduction1
1.1 The Form of Business Organization2
1.2 The Goal of the Corporate Finance5
1.3 Financial Markets9
Questions and Problems11
CHAPTER 2 Accounting Statements and Cash Flow13
2.1 The Balance Sheet13
2.2 The Income Statement15
2.3 Net Working Capital17
2.4 Financial Cash Flows17
2.5 The Statement of Cash Flows18
2.6 Financial Reporting in Practice20
Questions and Problems21
CHAPTER 3 Net Present Value: First Principles of Finance23
3.1 Making Consumption Choices over Time23
3.2 The Basic Principle of Investment Decision Making25
3.3 Illustrating the Investment Decision26
Questions and Problems27
CHAPTER 4 Net Present Value29
4.1 The One-period Case29
4.2 The Multi-period Case33
4.3 Compounding Periods37
4.4 Simplifications40
4.5 Enterprise Value45
Questions and Problems46
CHAPTER 5 Some Alternative Investment Rules49
5.1 Why Use Net Present Value?49
5.2 The Payback Period Rule50
5.3 The Discounted Payback Period Rule52
5.4 The Internal Rate of Return53
5.5 The Profitability Index59
5.6 The Practice of Capital Budgeting60
Questions and Problems61
CHAPTER 6 Net Present Value and Capital Budgeting67
6.1 Incremental Cash Flows67
6.2 The Baldwin Company: An Example72
6.3 Inflation and Capital Budgeting75
6.4 The Equivalent Annual Cost Method77
Questions and Problems79
CHAPTER 7 Risk Analysis and Project Evaluation83
7.1 Decision Trees83
7.2 Real Options86
7.3 Sensitivity Analysis93
7.4 Scenario Analysis96
7.5 Monte Carlo Simulation98
7.6 Break-even Analysis100
Questions and Problems103
CHAPTER 8 Capital Market Theory: An Overview105
8.1 Return Basics106
8.2 Return Statistics109
8.3 Risk110
8.4 Capital Market Theory111
Questions and Problems115
CHAPTER 9 Corporate-financing Decisions and Efficient Capital Markets117
9.1 Can Financing Decisions Create Value?117
9.2 A Description of Efficient Capital Markets118
9.3 The Different Types of Efficiency121
9.4 The Evidence of Efficient Market Hypothesis123
9.5 Criticism and Behavior Finance127
9.6 Empirical Challenges to Market Efficiency128
9.7 Implications for Corporate Finance130
Questions and Problems130
CHAPTER 10 Long-term Financing: An Introduction133
10.1 Common Stock133
10.2 The Basics of Corporate Long-term Debt139
10.3 Preferred Stock143
10.4 Patterns of Financing144
10.5 Recent Trends in Capital Structure145
Questions and Problems146
CHAPTER 11 Capital Structure: Basic Concepts147
11.1 The Capital-structure Question and the Pie Theory147
11.2 Firm Value versus Stockholder Interests148
11.3 Financial Leverage and Firm Value149
11.4 Modigliani and Miller: PropositionⅠand?Ⅱ(No Taxes)153
11.5 Modigliani and Miller: PropositionⅠand?Ⅱ(Taxes)155
Questions and Problems158
CHAPTER 12 Capital Structure: Limits to the Use of Debt159
12.1 Costs of Financial Distress159
12.2 Can Costs of Debt Be Reduced?163
12.3 Optimal Capital Structure: The Trade-off Theory163
12.4 The Agency Benefits of Leverage165
12.5 Asymmetric Information and Capital Structure166
12.6 The Pecking-order Theory168
12.7 Growth and the Debt-equity Ratio169
12.8 The Miller Model with Personal Taxes170
12.9 How Firms Establish Capital Structure172
Questions and Problems173
CHAPTER 13 Valuation and Capital Budgeting for the Levered Firm175
13.1 Adjusted present value Approach175
13.2 Flows-to-equity Approach178
13.3 Weighted-average-cost-of-capital Method179
13.4 A Comparison of the APV, FTE, and WACC Approaches181
13.5 Project-based Costs of Capital182
13.6 Beta and Leverage183
Questions and Problems186
CHAPTER 14 Dividend Policy191
14.1 Different Types of Dividends192
14.2 Standard Method of Cash Dividend Payment193
14.3 Dividend Policy and Value of Firm193
14.4 Repurchase of Stock203
14.5 Dividend Policy in Practice207
14.6 Non-cash Distributions209
Questions and Problems211
Reference Resources215
1.1 The Form of Business Organization2
1.2 The Goal of the Corporate Finance5
1.3 Financial Markets9
Questions and Problems11
CHAPTER 2 Accounting Statements and Cash Flow13
2.1 The Balance Sheet13
2.2 The Income Statement15
2.3 Net Working Capital17
2.4 Financial Cash Flows17
2.5 The Statement of Cash Flows18
2.6 Financial Reporting in Practice20
Questions and Problems21
CHAPTER 3 Net Present Value: First Principles of Finance23
3.1 Making Consumption Choices over Time23
3.2 The Basic Principle of Investment Decision Making25
3.3 Illustrating the Investment Decision26
Questions and Problems27
CHAPTER 4 Net Present Value29
4.1 The One-period Case29
4.2 The Multi-period Case33
4.3 Compounding Periods37
4.4 Simplifications40
4.5 Enterprise Value45
Questions and Problems46
CHAPTER 5 Some Alternative Investment Rules49
5.1 Why Use Net Present Value?49
5.2 The Payback Period Rule50
5.3 The Discounted Payback Period Rule52
5.4 The Internal Rate of Return53
5.5 The Profitability Index59
5.6 The Practice of Capital Budgeting60
Questions and Problems61
CHAPTER 6 Net Present Value and Capital Budgeting67
6.1 Incremental Cash Flows67
6.2 The Baldwin Company: An Example72
6.3 Inflation and Capital Budgeting75
6.4 The Equivalent Annual Cost Method77
Questions and Problems79
CHAPTER 7 Risk Analysis and Project Evaluation83
7.1 Decision Trees83
7.2 Real Options86
7.3 Sensitivity Analysis93
7.4 Scenario Analysis96
7.5 Monte Carlo Simulation98
7.6 Break-even Analysis100
Questions and Problems103
CHAPTER 8 Capital Market Theory: An Overview105
8.1 Return Basics106
8.2 Return Statistics109
8.3 Risk110
8.4 Capital Market Theory111
Questions and Problems115
CHAPTER 9 Corporate-financing Decisions and Efficient Capital Markets117
9.1 Can Financing Decisions Create Value?117
9.2 A Description of Efficient Capital Markets118
9.3 The Different Types of Efficiency121
9.4 The Evidence of Efficient Market Hypothesis123
9.5 Criticism and Behavior Finance127
9.6 Empirical Challenges to Market Efficiency128
9.7 Implications for Corporate Finance130
Questions and Problems130
CHAPTER 10 Long-term Financing: An Introduction133
10.1 Common Stock133
10.2 The Basics of Corporate Long-term Debt139
10.3 Preferred Stock143
10.4 Patterns of Financing144
10.5 Recent Trends in Capital Structure145
Questions and Problems146
CHAPTER 11 Capital Structure: Basic Concepts147
11.1 The Capital-structure Question and the Pie Theory147
11.2 Firm Value versus Stockholder Interests148
11.3 Financial Leverage and Firm Value149
11.4 Modigliani and Miller: PropositionⅠand?Ⅱ(No Taxes)153
11.5 Modigliani and Miller: PropositionⅠand?Ⅱ(Taxes)155
Questions and Problems158
CHAPTER 12 Capital Structure: Limits to the Use of Debt159
12.1 Costs of Financial Distress159
12.2 Can Costs of Debt Be Reduced?163
12.3 Optimal Capital Structure: The Trade-off Theory163
12.4 The Agency Benefits of Leverage165
12.5 Asymmetric Information and Capital Structure166
12.6 The Pecking-order Theory168
12.7 Growth and the Debt-equity Ratio169
12.8 The Miller Model with Personal Taxes170
12.9 How Firms Establish Capital Structure172
Questions and Problems173
CHAPTER 13 Valuation and Capital Budgeting for the Levered Firm175
13.1 Adjusted present value Approach175
13.2 Flows-to-equity Approach178
13.3 Weighted-average-cost-of-capital Method179
13.4 A Comparison of the APV, FTE, and WACC Approaches181
13.5 Project-based Costs of Capital182
13.6 Beta and Leverage183
Questions and Problems186
CHAPTER 14 Dividend Policy191
14.1 Different Types of Dividends192
14.2 Standard Method of Cash Dividend Payment193
14.3 Dividend Policy and Value of Firm193
14.4 Repurchase of Stock203
14.5 Dividend Policy in Practice207
14.6 Non-cash Distributions209
Questions and Problems211
Reference Resources215
