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企业融资-欧洲版-Corporate Finance - European Edition文件编号:421

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标题(title):Corporate Finance - European Edition
企业融资-欧洲版
作者(author):David Hillier
出版社(publisher):McGraw-Hill
大小(size):30 MB (31653954 bytes)
格式(extension):pdf
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Corporate Finance, 1st European Edition, is an adaptation of the hugely successful Corporate Finance text by Ross, Westerfield, Jaffe and Jordan aimed specifically at courses outside the United States. Covering the core and emerging topics in an engaging and effective way makes this text a must have for all students studying corporate finance.
Table of contents :
Title......Page 5
Copyright......Page 6
Dedication......Page 8
Brief table of contents......Page 9
Detailed table of contents......Page 11
Preface......Page 26
Guided Tour......Page 27
Connect Page......Page 30
About the Author......Page 36
Acknowledgements......Page 37
Half Title......Page 2
Part 1: Overview......Page 43
1 Introduction to Corporate Finance......Page 45
1.1 What is Corporate Finance?......Page 46
1.2 The Goal of Financial Management......Page 54
1.3 Financial Markets......Page 57
1.4 Corporate Finance in Action: The Case of Google......Page 65
Questions and Problems......Page 69
Practical Case Study......Page 74
Additional Reading......Page 75
Endnote......Page 76
2 Corporate Governance......Page 77
2.1 The Corporate Firm......Page 79
2.2 The Agency Problem and Control of the Corporation......Page 87
2.3 The Governance Structure of Corporations......Page 100
2.4 The OECD Principles of Corporate Governance......Page 104
2.5 International Corporate Governance......Page 111
2.6 Corporate Governance in Action: Starbucks......Page 115
Questions and Problems......Page 117
Mini Case......Page 120
Additional Reading......Page 121
Part 2: Value and Capital Budgeting......Page 131
3 Financial Statement Analysis......Page 132
3.1 The Statement of Financial Position......Page 133
3.2 The Income Statement......Page 136
3.3 Taxes......Page 137
3.5 Cash Flow......Page 140
3.6 Financial Statement Analysis......Page 143
3.7 Ratio Analysis......Page 144
3.8 The Du Pont Identity......Page 154
3.9 Using Financial Statement Information......Page 156
Summary and Conclusions......Page 159
Questions and Problems......Page 160
Exam Question (45 minutes)......Page 166
Mini Case......Page 167
Additional Reading......Page 170
Endnote......Page 171
4 Discounted Cash Flow Valuation......Page 172
4.1 Valuation: The One-period Case......Page 173
4.2 Valuation: The Multi-period Case......Page 177
4.3 Compounding Periods......Page 185
4.4 Simplifications......Page 189
Summary and Conclusions......Page 199
Questions and Problems......Page 201
Exam Question (45 minutes)......Page 205
Mini Case......Page 206
Endnotes......Page 207
5 Bond, Equity and Firm Valuation......Page 208
5.1 Definition and Example of a Bond......Page 209
5.2 How to Value Bonds......Page 211
5.3 Bond Concepts......Page 213
5.4 The Present Value of Equity......Page 215
5.5 Estimates of Parameters in the Dividend Growth Model......Page 220
5.6 Growth Opportunities......Page 225
5.7 The Dividend Growth Model and the NPVGO Model......Page 229
5.8 Stock Market Reporting......Page 231
5.9 Firm Valuation......Page 233
Summary and Conclusions......Page 238
Questions and Problems......Page 239
Mini Case......Page 245
Additional Reading......Page 247
Endnotes......Page 248
6 Net Present Value and Other Investment Rules......Page 249
6.1 Why Use Net Present Value?......Page 250
6.2 The Payback Period Method......Page 252
6.3 The Discounted Payback Period Method......Page 256
6.4 The Average Accounting Return Method......Page 257
6.5 The Internal Rate of Return......Page 260
6.6 Problems with the IRR Approach......Page 262
6.7 The Profitability Index......Page 270
6.8 The Practice of Capital Budgeting......Page 273
Summary and Conclusions......Page 274
Questions and Problems......Page 275
Exam Question (45 minutes)......Page 282
Mini Case......Page 283
Additional Reading......Page 284
Endnotes......Page 285
7 Making Capital Investment Decisions......Page 286
7.1 Incremental Cash Flows......Page 287
7.2 Energy Renewables Ltd: An Example......Page 290
7.3 Inflation and Capital Budgeting......Page 299
7.4 Alternative Definitions of Operating Cash Flow......Page 303
7.5 Investments of Unequal Lives: The Equivalent Annual Cost Method......Page 305
Questions and Problems......Page 310
Mini Case......Page 319
Practical Case Study......Page 320
Additional Reading......Page 322
Endnote......Page 323
8 Risk Analysis, Real Options and Capital Budgeting......Page 324
8.1 Sensitivity Analysis, Scenario Analysis and Break-even Analysis......Page 325
8.2 Monte Carlo Simulation......Page 334
8.3 Real Options......Page 339
8.4 Decision Trees......Page 343
Summary and Conclusions......Page 345
Questions and Problems......Page 346
Exam Question (45 minutes)......Page 355
Mini Case......Page 356
Practical Case Study......Page 357
Relevant Accounting Standards......Page 358
Endnotes......Page 359
Part 3: Risk......Page 360
9 Risk and Return: Lessons from Market History......Page 362
9.1 Returns......Page 363
9.2 Holding Period Returns......Page 367
9.3 Return Statistics......Page 369
9.4 Average Stock Returns and Risk-free Returns......Page 372
9.5 Risk Statistics......Page 373
9.6 More on Average Returns......Page 377
Summary and Conclusions......Page 380
Questions and Problems......Page 381
Mini Case......Page 385
Practical Case Study......Page 387
Additional Reading......Page 388
Endnotes......Page 389
10 Risk and Return: The Capital Asset Pricing Model......Page 390
10.1 Individual Securities......Page 391
10.2 Expected Return, Variance and Covariance......Page 392
10.3 The Return and Risk for Portfolios......Page 399
10.4 The Efficient Set for Two Assets......Page 404
10.5 The Efficient Set for Many Securities......Page 408
10.6 Diversification: An Example......Page 411
10.7 Riskless Borrowing and Lending......Page 414
10.8 Market Equilibrium......Page 418
10.9 The Capital Asset Pricing Model......Page 423
10.10 Criticisms of the CAPM......Page 427
10.11 Variations of the CAPM......Page 429
Summary and Conclusions......Page 430
Questions and Problems......Page 431
Exam Question (45 minutes)......Page 438
Mini Case......Page 439
References......Page 440
Additional Reading......Page 441
Endnotes......Page 442
11 Factor Models and the Arbitrage Pricing Theory......Page 444
11.1 Factor Models: Announcements, Surprises and Expected Returns......Page 445
11.2 Risk: Systematic and Unsystematic......Page 447
11.3 Systematic Risk and Betas......Page 448
11.4 Portfolios and Factor Models......Page 452
11.5 Betas and Expected Returns......Page 456
11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory......Page 459
Summary and Conclusions......Page 460
Questions and Problems......Page 461
Mini Case......Page 469
Additional Reading......Page 470
Endnotes......Page 471
12 Risk, Cost of Capital and Capital Budgeting......Page 472
12.1 The Cost of Equity Capital......Page 473
12.2 Estimation of Beta......Page 476
12.3 Determinants of Beta......Page 480
12.4 Extensions of the Basic Model......Page 483
12.5 Estimating Carrefour Group’s Cost of Capital......Page 487
12.6 Reducing the Cost of Capital......Page 490
12.7 How Do Corporations Estimate Cost of Capital in Practice?......Page 495
12.8 Economic Value Added and the Measurement of Financial Performance......Page 496
Summary and Conclusions......Page 499
Questions and Problems......Page 500
Mini Case......Page 506
References......Page 507
Additional Reading......Page 508
Endnotes......Page 509
13 Efficient Capital Markets and Behavioural Finance......Page 510
13.1 Can Financing Decisions Create Value?......Page 511
13.2 A Description of Efficient Capital Markets......Page 513
13.3 The Different Types of Efficiency......Page 516
13.4 The Evidence......Page 520
13.5 The Behavioural Challenge to Market Efficiency......Page 527
13.6 Empirical Challenges to Market Efficiency......Page 529
13.7 Reviewing the Differences......Page 533
13.8 Implications for Corporate Finance......Page 535
Summary and Conclusions......Page 541
Questions and Problems......Page 542
Mini Case......Page 548
Practical Case Study......Page 549
References......Page 550
Additional Reading......Page 552
Endnotes......Page 553
14.1 Ordinary Shares......Page 555
14.2 Corporate Long-term Debt: The Basics......Page 560
14.3 Preference Shares......Page 564
14.4 Patterns of Financing......Page 566
14.5 Hierarchies in Long-term Financing......Page 569
14.6 Long-term Islamic Financing......Page 571
Questions and Problems......Page 575
Mini Case......Page 579
Additional Reading......Page 580
Endnote......Page 581
Part 4: Capital Structure and Dividend Policy......Page 582
15 Capital Structure: Basic Concepts......Page 583
15.1 The Capital Structure Question and the Pie Theory......Page 584
15.2 Maximizing Firm Value versus Maximizing Shareholder Interests......Page 585
15.3 Financial Leverage and Firm Value: An Example......Page 587
15.4 Modigliani and Miller: Proposition II (No Taxes)......Page 592
15.5 Corporate Taxes......Page 602
15.6 Personal Taxes......Page 609
Questions and Problems......Page 613
Exam Question (45 minutes)......Page 620
Mini Case......Page 621
Additional Reading......Page 622
Endnotes......Page 623
16 Capital Structure: Limits to the Use of Debt......Page 627
16.2 Description of Financial Distress Costs......Page 628
16.3 Can Costs of Debt Be Reduced?......Page 635
16.4 Integration of Tax Effects and Financial Distress Costs......Page 637
16.5 Signalling......Page 640
16.6 Shirking, Perquisites and Bad Investments: A Note on Agency Cost of Equity......Page 642
16.7 The Pecking Order Theory......Page 645
16.8 Growth and the Debt–Equity Ratio......Page 648
16.9 Market Timing Theory......Page 650
16.10 How Firms Establish Capital Structure......Page 651
Summary and Conclusions......Page 655
Questions and Problems......Page 657
Exam Question (45 minutes)......Page 661
Mini Case......Page 662
References...
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