公司金融基礎

《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
• 出版社：對外經濟貿易大學出版社
• 出版時間：2015年9月
• 定價：35 元
• 開本：185mm×260mm
• ISBN：9787566314352
• 版次/印次：1/1
• 字數：323千字

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 Adjustedpresentvalue 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