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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Financial management : principles and practice / Timothy J. Gallagher, Joseph D. Andrew |
| 개인저자 | Gallagher, Timothy J. Andrew, Joseph D. |
| 판사항 | 2nd ed. |
| 발행사항 | UpperSaddlel River : Prentice Hall, 2000 |
| 형태사항 | v. p. : ill. ; 26 cm + CD-ROM 1 sheet |
| ISBN | 0130126969 |
| 서지주기 | includes bibliographical references and index |
| 비통제주제어 | 재무관리 |
| 분류기호 | 325.8 |
| 언어 | 영어 |
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CONTENTS
Preface ... xvii
About the Authors ... xxvi
PART ONE THE WORLD OF FINANCE
CHAPTER 1 FINANCE AND THE FIRM ... 1
The Field of Finance ... 2
Finance Career Paths ... 3
Fin...
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CONTENTS
Preface ... xvii
About the Authors ... xxvi
PART ONE THE WORLD OF FINANCE
CHAPTER 1 FINANCE AND THE FIRM ... 1
The Field of Finance ... 2
Finance Career Paths ... 3
Financial Management ... 3
The Role of the Financial Manager ... 3
The Basic Financial Goal of the Firm ... 5
In Search of Value ... 5
Legal and Ethical Challenges in Financial Management ... 8
Agency Issues ... 8
Finance at Work : Melanie Rosen, Electronic Media, The New York Times ... 9
The Interests of Other Groups ... 10
The Interests of Society as a Whole ... 11
Forms of Business Organization ... 11
The Proprietoship ... 10
The Partnership ... 12
The Corporation ... 13
What's Next ... 14
Summary ... 15
Self-Test ... 16
Review Questions ... 16
Build Your Communication Skills ... 17
Answers to Self-Test ... 17
CHAPTER 2 FINANCIAL MARKETS AND INTEREST RATES ... 19
The Financial System ... 21
Securities ... 21
Financial Intermediaries ... 21
Financial Markets ... 22
The Primary Market ... 23
The Secondary Market ... 23
The Money Market ... 23
The Capital Market ... 23
Security Exchanges ... 23
The Over-the-Counter(OTC) Market ... 24
Market Efficiency ... 24
Securities in the Financial Marketplace ... 25
Securities in the Money Market ... 25
Ethical Connections : The Dog Ate My Investment ... 26
Securities in the Capital Market ... 27
Financial Management and You : How to Buy Treasury Securities without Using a Broker ... 30
Interest ... 31
Determinants of Interest Rates ... 31
The Yield Curve ... 34
What's Next ... 35
Summary ... 35
Self-Test ... 36
Review Questions ... 37
Build Your Communication Skills ... 37
Problems ... 38
Answers to Self-Test ... 38
CHAPTER 3 FINANCIAL INSTITUTIONS ... 41
Financial Intermediation ... 42
Denomination Matching ... 42
Absorbing Credit Risk ... 43
Commercial Banks ... 44
Bank Regulation ... 44
Commercial Bank Operations ... 44
Ethical Connections : How Ethical Is Your Financial Institution? ... 46
The Federal Reserve System ... 47
Organization of the Fed ... 47
Controlling the Money Supply ... 47
The Discount Window ... 49
Savings and Loan Associations ... 49
Legislation Affecting S&Ls ... 49
Regulation of S&Ls ... 50
Mutual Companies versus Stockholder-Owned Companies ... 50
The Problem of Matching Loan and Deposit Maturities ... 51
S&Ls' Real Assets ... 52
Credit Unions ... 52
The Common Bond Requirement ... 52
Members as Shareholders ... 52
Credit Unions Compared to Banks ... 52
Credit Union Regulation ... 53
Finance Companies1 Insurance Companies, and Pension Funds ... 53
Types of Finance Companies ... 53
Insurance Companies ... 54
Financial Management and You : The Social Security System ... 56
What's Next ... 56
Summary ... 56
Self-Test ... 57
Review Questions ... 58
Build Your Communication Skills ... 58
Answers to Self-Test ... 58
PART TWO ESSENTIAL CONCEPTS IN FINANCE
CHAPTER 4 REVIEW OF ACCOUNTING ... 59
Review of Accounting Fundamentals ... 61
Basic Accounting Financial Statements ... 61
The Income Statement ... 61
Financial Management and You : A Special Earnings Category : EBITDA ... 63
Ethical Connections : Box Office Hits Who Profits? ... 64
The Balance Sheet ... 66
The Statement of Cash Flows ... 68
Depreciation ... 71
Calculating the Amount of Depreciation Expense ... 72
Income Taxes ... 73
Financial Management and You : Your Personal Tax Rates ... 74
Finance at Work : Business Changes in the Taxpayer Relief Act of 1997 ... 75
What's Next ... 76
Summary ... 76
Self-Test ... 77
Review Questions ... 78
Build Your Communication Skills ... 78
Problems ... 79
Answers to Self-Test ... 82
CHAPTER 5 ANALYSIS OF FINANCIAL STATEMENTS ... 83
Assessing Financial Health ... 84
Misleading Numbers ... 84
Financial Ratios ... 85
The Basic Financial Ratios ... 86
Calculating the Ratios ... 87
Finance at Work : Lee Anne Schuster, Kitchell Contractors, Marketing ... 99
Trend Analysis and Industry Comparisons ... 100
Trend Analysis ... 100
Industry Comparisons ... 101
Summary Analysis : Trend and Industry Comparisons Together ... 101
Locating Information about Financial Ratios ... 103
What's Next ... 105
Summary ... 105
Equations Introduced in This Chapter ... 106
Self-Test ... 107
Review Questions ... 108
Build Your Communication Skills ... 108
Problems ... 108
Answers to Self-Test ... 116
CHAPTER 6 FORECASTING FOR FINANCIAL PLANING ... 117
Why Forecasting Is Important ... 119
Forecasting Approaches ... 119
Why Forecasts Are Sometimes Wrong ... 120
Forecasting Sales ... 120
Forecasting Financial Statements ... 122
Budgets ... 122
Producing Pro Forma Financial Statements ... 123
Analyzing Forecasts for Financial Planning ... 131
Finance at Work : Keith Ender, Customer Service Representative, James River Paper Company ... 132
What's Next ... 134
Summary ... 134
Self-Test ... 135
Review Questions ... 135
Build Your Communication Skills ... 135
Problems ... 136
Answers to Self-Test ... 141
CHAPTER 7 RISH AND RETURN ... 143
Risk ... 144
Risk Aversion ... 144
The Risk-Return Relationship ... 144
Measuring Risk ... 145
Using Standard Deviation to Measure Risk ... 145
Using the Coefficient of Variation to Measure Risk ... 149
The Types of Risks Firms Encounter ... 151
Business Risk ... 151
Financial Risk ... 153
Portfolio Risk ... 155
Dealing with Risk ... 161
Risk-Reduction Methods ... 161
Compensating for the Presence of Risk ... 162
Financial Management and You : Mutual Funds and Risk ... 162
What's Next ... 165
Summary ... 16s
Equations Introduced in This Chapter ... 166
Self-Test ... 167
FinCoach Practice Exercises ... 168
Review Questions ... 168
Build Your Communication Skills ... 168
Problems ... 169
Answers to Self-Test ... 172
CHAPTER 8 THE TIME VALUE OF MONEY ... 175
Why Money Has Time Value ... 177
Measuring the Time Value of Money ... 178
The Future Value of a Single Amount ... 178
The Sensitivity of Future Values to Changes in Interest Rates or the Number of Compounding Periods ... 181
The Present Value of a Single Amount ... 181
The Sensitivity of Present Values to Changes in k and n ... 182a
Working with Annuities ... 182c
Future Value of an Ordinary Annuity ... 182c
The Present Value of an Ordinary Annuity ... 183
Ethical Connections : When a Million Isn't a Million. Taking a Chance on the Time Value of Money ... 185
Future and Present Values of Annuities Due ... 185
Perpetuities ... 187
Present Value of an Investment with Uneven Cash Flows ... 187
Special Time Value of Money Problems ... 189
Finding the Interest Rate ... 189
Finding the Number of Periods ... 192
Solving for the Payment ... 193
Compounding More Than Once per Year ... 195
What's Next ... 198
Summary ... 199
Equations Introduced in This Chapter ... 199
Self-Test ... 201
FinCoach Practice Exercises ... 202
Review Questions ... 202
Build Your Communication Skills ... 202
Problems ... 202
Answers to Self-Test ... 205
CHAPTER 9 BOND AND STOCH VALUATION ... 207
The Importance of Bond and Stock Valuation ... 208
A General Valuation Model ... 209
Bond Valuation ... 210
Semiannual Coupon interest Payments ... 212
The Yield to Maturity of a Bond ... 212
The Relationship between Bond YTM and Price ... 215
Preferred Stock Valuation ... 215
Finding the Present Value of Preferred Stock Dividends ... 216
The Yield on Preferred Stock ... 217
Common Stock Valuation ... 218
Common Stock Going Concern Valuation Models ... 218
Balance Sheet Valuation Approaches ... 221
Deciding Which Stock Valuation Approach to Use ... 222
The Yield on Common Stock ... 222
What's Next ... 222
Summary ... 223
Equations Introduced in This Chapter ... 224
Self-Test ... 226
Fin Coach Practice Exercises ... 226
Review Questions ... 226
Build Your Communication Skills ... 227
Problems ... 227
Answers to Self-Test ... 230
Appendix 9A Common Stock Valuation : Supernormal Growth ... 232
PART THREE LONG-TERM FINANCIAL MANAGEMENT DECISIONS
CHAPTER 10 CAPITAL BUDGETING DECISION METHODS ... 235
The Capital Budgeting Process ... 236
Decision Practices ... 236
Types of Projects ... 237
Capital Budgeting Cash Flows ... 237
Stages in the Capital Budgeting Process ... 237
Capital Budgeting Decision Methods ... 238
The Payback Method ... 238
The Net Present Value(NPV) Method ... 239
The Internal Rate of Return(IRR) Method ... 245
Conflicting Rankings between the NPV and IRR Methods ... 248
Capital Rationing ... 249
Risk and Capital Budgeting ... 251
Measuring Risk in Capital Budgeting ... 251
Finance at Work : Jim Bruner, Former Maricopa County Supervisor, State of Arizona ... 252
Adjusting for Risk ... 255
What's Next ... 255
Summary ... 256
Equations Introduced in This Chapter ... 257
Self-Test ... 257
Fin Couch Practice Exercises ... 258
Review Questions ... 258
Build Your Communication Skills ... 258
Problems ... 259
Answers to Self-Test ... 265
Appendix 10A : Wrinkles in Capital Budgeting ... 267
Nonsimple Projects ... 267
Multiple IRRs ... 268
Mutually Exclusive Projects with Unequal Project Lives ... 270
Comparing Projects with Unequal Lives ... 271
Equations Introduced in This Appendix ... 272
CHAPTER 11 ESTIMATING INCREMENTAL CASH FLOWS ... 273
Incremental Cash Flows ... 274
Types of Incremental Cash Flows ... 274
Initial Investment Cash Flows ... 275
Operating Cash Flows ... 276
Cash Flows at the End of a Project's Life ... 279
Incremental Cash Flows of an Expansion Project ... 280
Financial Management and You : The incremental Costs of Studying Abroad ... 281
An Asset Replacement Decision ... 285
Financing Cash Flows ... 286
What's Next ... 287
Summary ... 287
Self-Test ... 288
FinCoach Practice Exercises ... 289
Review Questions ... 289
Build Your Communication Skills ... 289
Problems ... 289
Answers to Self-Test ... 293
CHAPTER 12 THE COST OF CAPITAL ... 295
The Cost of Capital ... 296
Sources of Capital ... 297
The Cost of Debt ... 297
The Cost of Preferred and Common Stock Funds ... 298
The Weighted Average Cost of Capital(WACC) ... 303
The Marginal Cost of Capital(MCC) ... 306
Finance at Work : Interview with Fred Higgins : Minit Mart Foods, Inc., CEO ... 307
The Firm's MCC Schedule ... 307
The MCC Schedule and Capital Budgeting Decisions ... 311
The Optimal Capital Budget ... 313
The Importance of MCC to Capital Budgeting Decisions ... 314
What's Next ... 314
Summary ... 314
Equations Introduced in This Chapter ... 315
Self-Test ... 317
Fin Coach Practice Exercises ... 317
Review Questions ... 317
Build Your Communication Skills ... 318
Problems ... 318
Answers to Self-Test ... 322
CHAPTER 13 CAPITAL STRUCTURE BASICS ... 323
Breakeven Analysis and Leverage ... 324
Constructing a Sales Breakeven Chart ... 324
Applying Breakeven Analysis ... 327
Leverage ... 330
Operating Leverage ... 330
Financial Leverage ... 333
Combined Leverage ... 335
LBOs ... 336
Ethical Connections : Let's Rip off the Bondholders? ... 337
Capital Structure Theory ... 338
Tax Deductibility of Interest ... 338
Modigliani and Miller ... 339
Toward an Optimal Capital Structure ... 339
What's Next ... 341
Summary ... 341
Equations Introduced in This Chapter ... 343
Self-Test ... 344
Review Questions ... 345
Build Your Communication Skills ... 345
Problems ... 345
Answer to Self-Test ... 349
CHAPTER 14 CORPORATE BONDS, PREFERRED STOCH, AND LEASING ... 351
Bond Basics ... 352
Features of Bond Indentures ... 353
Security ... 353
Plans for Paying Off the Bond Issue ... 354
Call Provisions ... 354
Restrictive Covenants ... 355
The Independent Trustee of the Bond Issue ... 357
Types of Bonds ... 357
Secured Bonds ... 357
Unsecured Bonds(Debentures) ... 358
Convertible Bonds ... 358
Variable-Rate Bonds ... 361
Putable Bonds ... 361
Junk Bonds ... 362
Ethical Connections : SEC Charges 50 Municipalities in Bid to Stop Fraud in Muni-Bond Market ... 363
International Bonds ... 363
Super Long-Term Bonds ... 364
Preferred Stock ... 364
Preferred Stock Dividends ... 364
Preferred Stock Investors ... 365
Leasing ... 365
Genuine Leases versus Fakes ... 365
Operating and Financial(Capital) Leases ... 366
Finance At Work : Hybrid Financing - Mezzanine Capital ... 366
Lease or Buy? ... 368
What's Next ... 368
Summary ... 368
Equations Introduced in This Chapter ... 369
Self-Test ... 369
Review Questions ... 370
Build Your Communication Skills ... 370
Problems ... 370
Answers to Self-Test ... 372
Appendix 14A Bond Refunding ... 372
A Sample Bond Refunding Problem ... 373
CHAPTER 15 COMMON STOCH ... 371
The Characteristics of Common Stock ... 378
Stock Issued by Private Corporations ... 379
Stock Issued by Publicly Traded Corporations ... 380
Institutional Ownership of Common Stock ... 380
Finance at Work : Chris Heller, Corporate Communications Consultant ... 381
Voting Rights of Common Stockholders ... 382
Proxies ... 382
Board of Directors Elections ... 382
The Pros and Cons of Equity Financing ... 384
Disadvantages of Equity Financing ... 385
Advantages of Equity Financing ... 385
Issuing Common Stock ... 386
The Function of Investment Bankers ... 387
Pricing New Issues of Stock ... 387
Rights and Warrants ... 389
Preemptive Rights ... 390
Warrants ... 392
What's Next ... 394
Summary ... 394
Equations Introduced in This Chapter ... 395
Self-Test ... 396
Review Questions ... 396
Build Your Communication Skills ... 396
Problems ... 397
Answers to Self-Test ... 399
CHAPTER 16 DIVIDEND POLICY ... 401
Dividends ... 402
Why a Dividend Policy Is Necessary ... 403
Factors Affecting Dividend Policy ... 403
Need for Funds ... 403
Management Expectations and Dividend Policy ... 403
Stockholders' Preferences ... 404
Restrictions on Dividend Payments ... 404
Cash versus Earnings ... 404
Leading Dividend Theories ... 406
The Residual Theory of Dividends ... 406
The Clientele Dividend Theory ... 407
The Signaling Dividend Theory ... 408
The Bird-in-the-Hand Theory ... 408
Modigliani and Miller's Dividend Theory ... 409
The Mechanics of Paying Dividends ... 409
Dividend Reinvestment Plans ... 410
Alternatives to Cash Dividends ... 410
Stock Dividends and Stock Splits ... 410
Financial Management and You : Dividend Reinvestment Records Can Avoid Tax Headaches ... 411
What's Next ... 415
Summary ... 415
Equations Introduced in This Chapter ... 416
Self-Test ... 416
Review Questions ... 417
Build Your Communication Skills ... 417
Problems ... 417
Answers to Self-Test ... 419
PART FOUR SHORT-TERM FINANCIAL MANAGEMENT DECISIONS
CHAPTER 17 WORKING CAPITAL POLICY ... 421
Managing Working Capital ... 422
Why Businesses Accumulate Working Capital ... 423
Fluctuating Current Assets ... 423
Permanent and Temporary Current Assets ... 424
Liquidity versus Profitability ... 425
Establishing the Optimal Level of Current Assets ... 425
Managing Current Liabilities : Risk and Return ... 426
Three Working Capital Financing Approaches ... 426
The Aggressive Approach ... 427
The Conservative Approach ... 428
The Moderate Approach ... 429
Working Capital Financing and Financial Ratios ... 429
What's Next ... 430
Finance at Work : Interview with Michael Coleman, Vice President of Tek Soft ... 431
Summary ... 432
Self-Test ... 433
Review Questions ... 433
Build Your Communication Skills ... 434
Problems ... 434
Answers to Self-Test ... 437
CHAPTER 18 MANAGING CASH ... 439
Cash Management Concepts ... 440
Determining the Optimal Cash Balance ... 441
The Minimum Cash Balance ... 441
The Maximum Cash Balance ... 442
Determining the Optimal Cash Balance ... 443
Finance at Work : Karen Noble, Professional Golfer ... 445
Forecasting Cash Needs ... 446
Developing a Cash Budget ... 447
Managing the Cash Flowing In and Out of the Firm ... 451
Increasing Cash Inflows ... 451
Decreasing Cash Outflows ... 454
Speeding Up Cash Inflows ... 454
Slowing Down Cash Outflows ... 455
What's Next ... 456
Summary ... 156
Equations Introduced in This Chapter ... 457
Self-Test ... 457
Review Questions ... 457
Build Your Communication Skills ... 458
Problems ... 458
Answers to Self-Test ... 461
CHAPTER 19 ACCOUNTS RECEIVABLE AND INVENTORY ... 463
Why Firms Accumulate Accounts Receivable and Inventory ... 465
How Accounts Receivable and Inventory Affect Profitability and Liquidity ... 465
Finding Optimal Levels of Accounts Receivable and Inventory ... 467
The Optimal Level of Accounts Receivable ... 467
The Optimal Level of Inventory ... 472
Inventory Management Approaches ... 478
The ABC Inventory Classification System ... 478
Just-in-Time Inventory Control(JIT) ... 478
Making Credit Decisions ... 479
Collection Policies to Handle Bad Debts ... 480
Finance at Work : Joann K. Jones, CEO of Capital Electric Supply ... 482
What's Next ... 483
Summary ... 483
Equations Introduced in This Chapter ... 484
Self-Test ... 485
Review Questions ... 485
Build Your Communication Skills ... 486
Problems ... 486
Answers to Self-Test ... 490
CHAPTER 20 SHORT-TERM FINANCING ... 495
The Need for Short-Term Financing ... 496
Short-Term Financing versus Long-Term Financing ... 497
Short-Term Financing Alternatives ... 497
Short-Term Loans from Banks and Other Institutions ... 497
Trade Credit ... 499
Commercial Paper ... 500
How Loan Terms Affect the Effective Interest Rate of a Loan ... 502
The Effective Interest Rate ... 502
Discount Loans ... 503
Compensating Balances ... 503
Loan Maturities Shorter Than One Year ... 505
A Comprehensive Example ... 506
Computing the Amount to Borrow ... 507
Collateral for Short-Term Loans ... 507
Accounts Receivable as Collateral ... 508
Inventory as Collateral ... 508
Financial Management and You : Easy Come, Easy Go : The Cost of Credit ... 509
What's Next ... 510
Summary ... 510
Equations introduced in This Chapter ... 511
Self-Test ... 512
Review Questions ... 512
Build Your Communication Skills ... 513
Problems ... 513
Answers to Self-Test ... 514
PART FIVE FINANCE IN THE GLOBAL ECONOMY
CHAPTER 21 INTERNATIONAL FINANCE ... 517
Multinational Corporations ... 518
Financial Advantages of Foreign Operations ... 518
Ethical Issues Facing Multinational Corporations ... 519
Comparative Advantage ... 520
Exchange Rates and Their Effects ... 521
Fluctuating Exchange Rates ... 521
Cross Rates ... 522
Exchange Rate Effects on MNCS ... 524
Exchange Rate Effects on Foreign Stock and Bond Investments ... 524
Managing Risk ... 525
Hedging ... 525
Diversification Benefits of Foreign Investments ... 525
American Depository Receipts ... 526
Finance at Work : Interview with Don Burton, International Import-Export Institute ... 527
Exchange Rate Theories ... 528
Purchasing Power Parity Theory ... 528
International Fisher Effect ... 528
Interest Rate Parity Theory ... 529
Other Factors Affecting Exchange Rates ... 529
Government Intervention in Foreign Exchange Markets ... 530
Political and Cultural Risks Facing MNCs ... 530
Political Risk ... 530
Cultural Risk ... 531
International Trade Agreements ... 532
NAFTA ... 532
GATT ... 532
European Union ... 533
Free Trade versus Fair Trade ... 533
Summary ... 534
Equations Introduced in This Chapter ... 535
Self-Test ... 535
Review Questions ... 535
Build Your Communication Skills ... 536
Problems ... 536
Answers to Self-Test ... 537
Appendix ... a-1
Glossary ... g-1
Index ... i-1
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