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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Foundations of financial management / Stanley B. Block, Geoffrey A. Hirt |
| 개인저자 | Block, Stanley B. Hirt, Geoffrey A. |
| 판사항 | 9th ed. |
| 발행사항 | Chicago : Irwin, 2000 |
| 형태사항 | xxx, 682 p. : ill. ; 26 cm + CD ROM 1 sheet |
| 총서사항 | The Irwin series in finance, insurance, and real estate |
| ISBN | 007228336X |
| 서지주기 | Includes index |
| 비통제주제어 | 재무회계/,재무경영/,Finance |
| 분류기호 | 325.8 |
| 언어 | 영어 |
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CONTENTS
Part 1 INTRODUCTION ... 2
1 The Goals and Functions of Financial Management ... 5
The Field of Finance ... 6
Evolution of the Field of Finance ... 7
Recent Issues in Fi...
목차 전체
CONTENTS
Part 1 INTRODUCTION ... 2
1 The Goals and Functions of Financial Management ... 5
The Field of Finance ... 6
Evolution of the Field of Finance ... 7
Recent Issues in Finance ... 7
Functions of Financial Management ... 8
Forms of Organization ... 8
Sole Proprietorship ... 8
Partnership ... 9
Corporation ... 9
Goals of Financial Management ... 10
A Valuation Approach ... 11
Maximizing Shareholder Wealth ... 12
Social Responsibility and Ethical Behavior ... 13
The Role of the Financial Markets ... 14
Structure and Functions of the Financial Markets ... 15
Allocation of Capital ... 15
Institutional Pressure on Public Companies to Restructure ... 16
Internationalization of the Financial Markets ... 17
Format of the Text ... 17
Parts ... 18
1. Introduction ... 18
2. Financial Analysis and Planning ... 18
3. Working Capital Management ... 18
4. The Capital Budgeting Process ... 18
5. Long-Term Financing ... 19
6. Expanding the Perspective of Corporate Finance ... 19
List of Terms ... 19
Discussion Questions ... 19
Selected References ... 20
Part 2 FINANCIAL ANALYSIS AND PLANNING ... 22
2 Review of Accounting ... 25
Income Statement ... 26
Return to Capital ... 27
Price-Earnings Ratio Applied to Earnings per Share ... 27
Limitations of the Income Statement ... 28
Balance Sheet ... 29
Interpretation of Balance Sheet Items ... 29
Concept of Net Worth ... 31
Limitations of the Balance Sheet ... 32
Statement of Cash Flows ... 32
Developing an Actual Statement ... 33
Determining Cash Flows from Operating Activities ... 34
Determining Cash Flows from Investing Activities ... 37
Determining Cash Flows from Financing Activities ... 37
Combining the Three Sections of the Statement ... 38
Depreciation and Funds Flow ... 39
Free Cash Flow ... 41
Income Tax Considerations ... 41
Corporate Tax Rates ... 41
Cost of a Tax-Deductible Expense ... 42
Depreciation as a Tax Shield ... 42
Summary ... 43
List of Terms ... 44
Discussion Questions ... 44
Problems ... 44
Selected References ... 51
3 Financial Analysis ... 52
Ratio Analysis ... 53
Classification System ... 54
The Analysis ... 55
A. Profitability Ratios ... 56
B. Asset Utilization Ratios ... 58
C. Liquidity Ratios ... 60
D. Debt Utilization Ratios ... 61
Trend Analysis ... 62
Impact of Inflation on Financial Analysis ... 64
An Illustration ... 65
Disinflation Effect ... 66
Deflation ... 67
Other Elements of Distortion in Reported Income ... 67
Explanation of Discrepancies ... 67
Sales ... 67
Cost of Goods Sold ... 68
Extraordinary Gains／Losses ... 68
Net Income ... 69
Summary ... 69
List of Terms ... 70
Discussion Questions ... 70
Problems ... 70
Comprehensive Problems ... 80
Selected References ... 86
4 Financial Forecasting ... 87
Constructing Pro Forma Statements ... 88
Pro Forma Income Statement ... 88
Establish a Sales Projection ... 88
Determine a Production Schedule and the Gross Profit ... 89
Cost of Goods Sold ... 91
Other Expense Items ... 92
Actual Pro Forma Income Statement ... 93
Cash Budget ... 93
Cash Receipts ... 93
Cash Payments ... 94
Actual Budget ... 96
Pro Forma Balance Sheet ... 97
Explanation of Pro Forma Balance Sheet ... 99
Analysis of Pro Forma Statement ... 99
Percent-of-Sales Method ... 100
Summary ... 102
List of Terms ... 102
Discussion Questions ... 102
Problems ... 103
Comprehensive Problems ... 110
Selected References ... 113
5 Operating and Financial Leverage ... 114
Leverage in a Business ... 115
Operating Leverage ... 115
Break-Even Analysis ... 115
A More Conservative Approach ... 117
The Risk Factor ... 119
Cash Break-Even Analysis ... 119
Degree of Operating Leverage ... 120
Leveraged Firm ... 121
Conservative Firm ... 121
Limitations of Analysis ... 122
Financial Leverage ... 122
Impact on Earnings ... 123
Degree of Financial Leverage ... 125
Plan A(Leveraged) ... 126
Plan B(Conservative) ... 126
Limitations to Use of Financial Leverage ... 126
Combining Operating and Financial Leverage ... 127
Degree of Combined Leverage ... 128
A Word of Caution ... 130
Summary ... 131
Review of Formulas ... 131
List of Terms ... 132
Discussion Questions ... 132
Problems ... 133
Comprehensive Problem ... 138
Selected References ... 140
Part 3 WORKING CAPITAL MANAGEMENT ... 142
6 Working Capital and the Financing Decision ... 145
The Nature of Asset Growth ... 146
Controlling Assets - Matching Sales and Production ... 147
Temporary Assets under Level Production - an Example ... 150
Patterns of Financing ... 154
Alternative Plans ... 156
Long-Term Financing ... 157
Short-Term Financing(Opposite Approach) ... 157
The Financing Decision ... 158
Term Structure of Interest Rates ... 158
A Decision Process ... 162
Introducing Varying Conditions ... 164
Expected Value ... 164
Shifts in Asset Structure ... 165
Toward an Optimal Policy ... 165
Summary ... 167
List of Terms ... 168
Discussion Questions ... 168
Problems ... 168
Selected References ... 173
7 Current Asset Management ... 174
Cash Management ... 175
Reasons for Holding Cash Balances ... 175
Cash Flow Cycle ... 175
Collections and Disbursements ... 177
Float ... 177
Improving Collections ... 179
Extending Disbursements ... 179
Cost-Benefit Analysis ... 179
Electronic Funds Transfer ... 180
International Cash Management ... 181
Marketable Securities ... 183
Management of Accounts Receivable ... 187
Accounts Receivable as an Investment ... 187
Credit Policy Administration ... 188
Credit Standards ... 188
Terms of Trade ... 191
Collection Policy ... 191
An Actual Credit Decision ... 193
Inventory Management ... 194
Level versus Seasonal Production ... 194
Inventory Policy in Inflation(and Deflation) ... 195
The Inventory Decision Model ... 195
Carrying Costs ... 195
Ordering Costs ... 196
Economic Ordering Quantity ... 196
Safety Stock and Stock Outs ... 198
Just-in-Time Inventory Management ... 199
Cost Savings from Lower Inventory ... 199
Other Benefits ... 199
Summary ... 200
List of Terms ... 201
Discussion Questions ... 201
Problems ... 202
Comprehensive Problem ... 206
Selected References ... 207
8 Sources of Short-Term Financing ... 208
Trade Credit ... 209
Payment Period ... 209
Cash Discount Policy ... 209
Net Credit Position ... 210
Bank Credit ... 210
Prime Rate and LIBOR ... 211
Compensating Balances ... 213
Maturity Provisions ... 214
Cost of Commercial Bank Financing ... 214
Interest Costs with Compensating Balances ... 215
Rate on Installment Loans ... 216
Annual Percentage Rate ... 216
The Credit Crunch Phenomenon ... 217
Financing through Commercial Paper ... 217
Advantages of Commercial Paper ... 219
Limitations on the Issuance of Commercial Paper ... 220
Foreign Borrowing ... 220
Use of Collateral in Short-Term Financing ... 220
Accounts Receivable Financing ... 221
Pledging Accounts Receivable ... 221
Factoring Receivables ... 222
Asset-Backed Public Offerings ... 222
Inventory Financing ... 223
Stages of Production ... 224
Nature of Lender Control ... 224
Blanket Inventory Liens ... 224
Trust Receipts ... 225
Warehousing ... 225
Appraisal of Inventory Control Devices ... 225
Hedging to Reduce Borrowing Risk ... 225
Summary ... 228
List of Terms ... 228
Discussion Questions ... 229
Problems ... 229
Selected References ... 233
Part 4 THE CAPITAL BUDGETING PROCESS ... 234
9 The Time Value of Money ... 237
Relationship to the Capital Outlay Decision ... 238
Future Value - Single Amount ... 238
Present Value - Single Amount ... 239
Future Value - Annuity ... 240
Present Value - Annuity ... 243
Graphical Presentation of Time Value Relationships ... 244
The Relationship between Present Value and Future Value ... 244
The Relationship between the Present Value of a Single Amount and the Present Value of an Annuity ... 247
Future Value Related to the Future Value of an Annuity ... 248
Determining the Annuity Value ... 250
Annuity Equaling a Future Value ... 250
Annuity Equaling a Present Value ... 250
Determining the Yield on an Investment ... 252
Yield - Present Value of a Single Amount ... 252
Yield - Present Value of an Annuity ... 253
Special Considerations in Time Value Analysis ... 254
Patterns of Payment ... 254
Special Review of the Chapter ... 257
List of Terms ... 259
Discussion Questions ... 259
Problems ... 260
Selected References ... 264
10 Valuation and Rates of Return ... 265
Valuation Concepts ... 266
Valuation of Bonds ... 266
Present Value of Interest Payments ... 267
Present Value of Principal Payment(Par Value) at Maturity ... 268
Concept of Yield to Maturity ... 268
Changing the Yield to Maturity and the Impact on Bond Valuation ... 270
Increase in Inflation Premium ... 270
Decrease in Inflation Premium ... 271
Time to Maturity ... 272
Determining Yield to Maturity from the Bond Price ... 273
A 13 Percent Discount Rate ... 274
A 12 Percent Discount Rate ... 274
Formula for Bond Yield ... 275
Semiannual Interest and Bond Prices ... 276
Valuation and Preferred Stock ... 277
Determining the Required Rate of Return(Yield) from the Market Price ... 279
Valuation of Common Stock ... 279
No Growth in Dividends ... 280
Constant Growth in Dividends ... 280
Stock Valuation Based on Future Stock Value ... 282
Determining the Required Rate of Return from the Market Price ... 283
The Price-Earnings Ratio Concept and Valuation ... 284
Variable Growth in Dividends ... 287
Summary and Review of Formulas ... 288
Bonds ... 288
Preferred Stock ... 289
Common Stock ... 289
List of Terms ... 290
Discussion Questions ... 290
Problems ... 291
Selected References ... 295
Appendix 10A The Bond Yield to Maturity Using Interpolation ... 295
Appendix 10B Valuation of a Supernormal Growth Firm ... 297
Problem ... 299
11 Cost of Capital ... 300
The Overall Concept ... 301
Cost of Debt ... 302
Cost of Preferred Stock ... 304
Cost of Common Equity ... 305
Valuation Approach ... 305
Alternate Calculation of the Required Return on Common Stock ... 306
Cost of Retained Earnings ... 307
Cost of New Common Stock ... 308
Overview of Common Stock Costs ... 309
Optimal Capital Structure - Weighting Costs ... 309
Capital Acquisition and Investment Decision Making ... 312
Cost of Capital in the Capital Budgeting Decision ... 312
The Marginal Cost of Capital ... 314
Summary ... 319
Review of Formulas ... 320
List of Terms ... 321
Discussion Questions ... 321
Problems ... 322
Comprehensive Problems ... 327
Selected References ... 329
Appendix 11A Cost of Capital and the Capital Asset Pricing Model(Optional) ... 330
The Capital Asset Pricing Model ... 330
The Security Market Line ... 332
Cost of Capital Consideration ... 334
List of Terms ... 336
Discussion Questions ... 336
Problems ... 337
Appendix 11B Capital Structure Theory and Modigliani and Miller ... 337
Net Income(NI) Approach ... 337
Net Operating Income(NOI) Approach ... 337
Modigliani and Miller's Initial Approach ... 339
Modigliani and Miller with the Introduction of Corporate Taxes ... 340
Modigliani and Miller with Bankruptcy Considerations ... 341
The Miller Model ... 343
List of Terms ... 343
Discussion Questions ... 343
12 The Capital Budgeting Decision ... 344
Administrative Considerations ... 345
Accounting Flows versus Cash Flows ... 346
Methods of Ranking Investment Proposals ... 348
Payback Method ... 349
Internal Rate of Return ... 350
Net Present Value ... 352
Selection Strategy ... 353
Reinvestment Assumption ... 354
Capital Rationing ... 355
Net Present Value Profile ... 356
Characteristics of Investment C ... 358
Combining Cash Flow Analysis and Selection Strategy ... 360
The Rules of Depreciation ... 360
The Tax Rate ... 362
Actual Investment Decision ... 362
The Replacement Decision ... 363
Sale of Old Asset ... 364
Incremental Depreciation ... 366
Cost Savings ... 367
Elective Expensing ... 368
Summary ... 369
List of Terms ... 369
Discussion Questions ... 369
Problems ... 370
Comprehensive Problems ... 377
Selected References ... 378
13 Risk and Capital Budgeting ... 379
Definition of Risk in Capital Budgeting ... 380
The Concept of Risk-Averse ... 380
Actual Measurement of Risk ... 382
Risk and the Capital Budgeting Process ... 384
Risk-Adjusted Discount Rate ... 385
Increasing Risk over Time ... 385
Qualitative Measures ... 387
Example - Risk-Adjusted Discount Rate ... 387
Simulation Models ... 389
Decision Trees ... 390
The Portfolio Effect ... 391
Portfolio Risk ... 393
Evaluation of Combinations ... 395
The Share Price Effect ... 396
Summary ... 396
Review of Formulas ... 396
List of Terms ... 397
Discussion Questions ... 397
Problems ... 398
Comprehensive Problems ... 405
Selected References ... 407
Part 5 LONG-TERM FINANCING ... 408
14 Capital Markets ... 411
International Capital Markets ... 412
Competition for Funds in the U.S. Capital Markets ... 414
Government Securities ... 414
U.S. Government Securities ... 414
Federally Sponsored Credit Agencies ... 415
State and Local Issues ... 416
Corporate Securities ... 416
Corporate Bonds ... 416
Preferred Stock ... 417
Common Stock ... 418
Internal versus External Sources of Funds ... 418
The Supply of Capital Funds ... 419
The Role of the Security Markets ... 420
The Organization of the Security Markets ... 421
The Organized Exchanges ... 421
The New York Stock Exchange ... 423
Size and Liquidity ... 423
Listing Requirements ... 423
Foreign Exchanges ... 423
The Over-the-Counter Markets ... 424
Market Efficiency ... 425
Criteria of Efficiency ... 425
Screen-Based Trading versus Floor Trading ... 426
The Efficient Market Hypothesis ... 426
Regulation of the Security Markets ... 428
Securities Act of 1933 ... 428
Securities Exchange Act of 1934 ... 429
Securities Acts Amendments of 1975 ... 430
Current Legislative Issues ... 430
Summary ... 431
List of Terms ... 432
Discussion Questions ... 432
Selected References ... 433
15 Investment Banking : Public and Private Placement ... 434
The Role of Investment Banking ... 435
Enumeration of Functions ... 435
Underwriter ... 436
Market Maker ... 437
Advisor ... 437
Agency Functions ... 437
The Distribution Process ... 437
The Spread ... 438
Pricing the Security ... 439
Dilution ... 440
Market Stabilization ... 440
Aftermarket ... 441
Changes in the Investment Banking Industry ... 441
Shelf Registration ... 443
Public versus Private Financing ... 443
Advantages of Being Public ... 443
Disadvantages of Being Public ... 444
Public Offerings ... 444
A Classic Example of Instant Wealth - EDS Goes Public ... 444
Netscape ... 445
Private Placement ... 447
Going Private and Leveraged Buyouts ... 447
International Investment Banking Deals ... 449
Privatization ... 449
Summary ... 449
List of Terms ... 452
Discussion Questions ... 452
Problems ... 453
Selected References ... 459
16 Long-Term Debt and Lease Financing ... 466
The Expanding Role of Debt ... 461
The Debt Contract ... 462
Par Value ... 462
Coupon Rate ... 462
Maturity Date ... 462
Security Provisions ... 462
Unsecured Debt ... 463
Methods of Repayment ... 463
Serial Payments ... 464
Sinking-Fund Provision ... 464
Conversion ... 464
Call Feature ... 464
An Example : Penney's 8⅛ Percent Bond ... 464
Bond Prices, Yields, and Ratings ... 466
Bond Yields ... 468
Coupon Rate(Nominal Yield) ... 468
Current Yield ... 468
Yield to Maturity ... 468
Bond Ratings ... 469
Examining Actual Bond Ratings ... 469
The Refunding Decision ... 470
A Capital Budgeting Problem ... 470
Step A - Outflow Considerations ... 471
Step B - Inflow Considerations ... 472
Step C - Net Present Value ... 473
Other Forms of Bond Financing ... 474
Advantages and Disadvantages of Debt ... 475
Benefits of Debt ... 476
Drawbacks of Debt ... 476
Eurobond Market ... 476
Leasing as a Form of Debt ... 478
Capital Lease versus Operating Lease ... 479
Income Statement Effect ... 480
Advantages of Leasing ... 480
Summary ... 481
List of Terms ... 482
Discussion Questions ... 482
Problems ... 483
Selected References ... 487
Appendix 16A Financial Alternatives for Distressed Firms ... 487
Out-of-Court Settlement ... 488
In-Court Settlements - Formal Bankruptcy ... 489
Reorganization ... 489
Liquidation ... 489
List of Terms ... 493
Discussion Questions ... 493
Problem ... 493
Appendix 16B Lease versus Purchase Decision ... 494
Problem ... 497
17 Common and Preferred Stock Financing ... 498
Common Stockholders' Claim to Income ... 500
The Voting Right ... 500
Cumulative Voting ... 501
The Right to Purchase New Shares ... 503
The Use of Rights in Financing ... 504
Rights Required ... 504
Monetary Value of a Right ... 504
Effect of Rights on Stockholder's Position ... 506
Desirable Features of Rights Offerings ... 507
Poison Pills ... 508
American Depository Receipts ... 508
Preferred Stock Financing ... 510
Justification for Preferred Stock ... 510
Investor Interest ... 510
Summary of Tax Considerations ... 512
Provisions Associated with Preferred Stock ... 512
1. Cumulative Dividends ... 512
2. Conversion Feature ... 512
3. Call Feature ... 513
4. Participation Provision ... 513
5. Floating Rate ... 513
6. Dutch Auction Preferred Stock ... 513
7. Par Value ... 514
Comparing Features of Common and Preferred Stock and Debt ... 514
Summary ... 515
Review of Formulas ... 516
List of Terms ... 517
Discussion Questions ... 517
Problems ... 518
Comprehensive Problems ... 522
Selected References ... 524
18 Dividend Policy and Retained Earnings ... 525
The Marginal Principle of Retained Earnings ... 526
Life Cycle Growth and Dividends ... 526
Dividends as a Passive Variable ... 527
An Incomplete Theory ... 527
Arguments for the Relevance of Dividends ... 528
Dividend Stability ... 529
Other Factors Influencing Dividend Policy ... 530
Legal Rules ... 530
Cash Position of the Firm ... 532
Access to Capital Markets ... 532
Desire for Control ... 532
Tax Position of Shareholders ... 532
Dividend Payment Procedures ... 533
Stock Dividend ... 534
Accounting Considerations for a Stock Dividend ... 534
Value to the Investor ... 535
Possible Value of Stock Dividends ... 536
Use of Stock Dividends ... 536
Stock Splits ... 536
Repurchase of Stock as an Alternative to Dividends ... 537
Other Reasons for Repurchase ... 539
Dividend Reinvestment Plans ... 541
Summary ... 541
List of Terms ... 542
Discussion Questions ... 542
Problems ... 543
Selected References ... 549
19 Convertibles and Warrants ... 550
Convertible Securities ... 551
Value of the Convertible Bond ... 551
Is This Fool's Gold? ... 554
Advantages and Disadvantages to the Corporation ... 554
Forcing Conversion ... 556
Euro-Convertible Bonds ... 557
Accounting Considerations with Convertibles ... 558
Financing through Warrants ... 560
Valuation of Warrants ... 561
Use of Warrants in Corporate Finance ... 563
Accounting Considerations with Warrants ... 564
Summary ... 564
Review of Formulas ... 565
List of Terms ... 565
Discussion Questions ... 565
Problems ... 566
Comprehensive Problems ... 570
Selected References ... 571
Part 6 EXPANDING THE PERSPECTIVE OF CORPORATE FINANCE ... 572
20 External Growth through Mergers ... 575
Motives for Business Combinations ... 576
Financial Motives ... 577
Nonfinancial Motives ... 580
Motives of Selling Stockholders ... 580
Terms of Exchange ... 580
Cash Purchases ... 581
Stock-for-Stock Exchange ... 582
Portfolio Effect ... 583
Accounting Considerations in Mergers and Acquisitions ... 584
Negotiated versus Tendered Offers ... 585
Premium Offers and Stock Price Movements ... 586
Two-Step Buyout ... 587
Summary ... 588
List of Terms ... 589
Discussion Questions ... 589
Problems ... 590
Selected References ... 593
21 International Financial Management ... 594
The Multinational Corporation : Nature and Environment ... 596
Exporter ... 596
Li
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