财务管理分析 英文版 第5版PDF|Epub|txt|kindle电子书版本网盘下载

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PARTⅠ3

PARTⅠ3

Chapter 13

Interpreting Financial Statements3

The Cash Flow Cycle3

ASSESSING THE FINANCIAL HEALTH OF THE FIRM3

ASSESSING THE FINANCIAL HEALTH OF THE FIRM3

1 Interpreting Financial Statements3

The Balance Sheet6

Current Assets and Liabilities7

Shareholders'Equity7

The Income Statement9

Cash Budgets10

Measured Earnings10

Sources and Uses Statements14

The Two-Finger Approach16

The Cash Flow Statement16

Financial Statements and the Value Problem21

Market Value versus Book Value21

Economic Income versus Accounting Income24

Inflation and Company Profits28

Appendix:Inflation and the Assessment of Company Performance28

Inflation Accounting31

Inflation and Company Balance Sheets31

Chapter Summary32

Chapter Problems33

Additional Reading33

The Levers of Financial Performance37

Evaluating Financial Performance37

Chapter237

2 Evaluating Financial Performance37

The Three Determinants of ROE38

Return on Equity38

The Profit Margin40

Asset Turnover42

Financial Leverage46

Is ROE a Reliable Financial Yardstick?52

The Risk Problem53

The Timing Problem53

The Value Problem55

ROE or Market Price?57

Ratio Analysis58

Using Ratios Effectively61

Ratio Analysis of Analog Devices,Inc.62

Appendix:International Differences in Financial Structure75

Percentage Balance Sheets76

Comparisons Among Large,Publicly Traded Companies78

International Accounting Differences80

Chapter Summary82

Additional Reading and Recommended Web Sites83

Chapter Problems84

Chapter 391

Pro Forma Statements91

Financial Forecasting91

PARTⅡ91

PLANNING FUTURE FINANCIAL PERFORMANCE91

PARTⅡ91

3 Financial Forecasting91

PLANNING FUTURE FINANCIAL PERFORMANCE91

Percent-of-Sales Forecasting92

Pro Forma Statements and Financial Planning98

Sensitivity Analysis100

Scenario Analysis100

Simulation101

Interest Expense102

Seasonality103

Forecasting with Computer Spreadsheets104

Cash Flow Forecasts106

The Techniques Compared108

Planning in Large Companies111

Chapter Summary112

Additional Reading113

Chapter Problems114

4 Managing Growth119

Managing Growth119

Chapter 4119

Sustainable Growth120

The Sustainable Growth Equation121

Balanced Growth124

Too Much Growth124

Analog Devices'Sustainable Growth Rate126

"Wgat If"Questions127

What to do When Actual Growth Exceeds Sustainable Growth128

Sell New Equity129

Increase Leverage134

Reduce the Payout Ratio134

Profitable Pruning134

Sourcing135

Pricing136

Is Merger the Answer?136

Too Little Growth136

What to do When Sustainable Growth Exceeds Actual Growth138

Ignore the Problem139

Return the Money to Shareholders139

Buy Growth140

Sustainable Growth and Inflation141

Sustainable Growth and Pro Forma Forecasts142

Chapter Summary143

Chapter Problems144

Additional Reading144

PARTⅢ149

FINANCING OPERATIONS149

Chapter 5149

Financial Instruments and Markets149

5 Financial Instruments and Markets149

FINANCING OPERATIONS149

PARTⅢ149

Financial Instruments150

Bonds151

Common Stock156

Preferred Stock161

Financial Markets163

Private Placement or Public Issue?163

Exchanges and Over-the-Counter Markets165

International Financial Markets165

Investment Banking168

Issue Costs170

Regulatory Changes171

Efficient Markets172

What Is an Efficient Market?173

Implications of Efficiency174

Forward Markets178

Appendix:Using Financial Markets to Manage Corporate Risks178

Hedging in Money and Capital Markets183

Limitations of Financial Market Hedging185

Chapter Summary187

Additional Reading and Recommended Web Sites188

Chapter Problems188

6 The Financing Decision191

Chapter 6191

The Financing Decision191

Financial Leverage192

Techniques for Evaluating Financing Alternatives195

Range of Earnings Chart196

Coverage Ratios201

Selecting the Appropriate Financing Instrument203

Financial Flexibility204

Market Signaling205

The Financing Decision and Sustainable Growth208

FRICTO212

Selecting a Maturity Structure213

Inflation and Financing Strategy214

Appendix:The Financing Decision and Firm Value215

No Taxes or Bankruptcy215

Corporate Taxes but Still No Bankruptcy218

Taxes and Bankruptcy220

Concluding Comments223

Chapter Summary225

Additional Reading226

Chapter Problems226

PARTⅣ231

EVALUATING INVESTMENT OPPORTUNITIES231

7 Discounted Cash Flow Techniques231

EVALUATING INVESTMENT OPPORTUNITIES231

Chapter 7231

Discounted Cash Flow Techniques231

PARTⅣ231

Figures of Merit232

The Payback Period and the Accounting Rate of Return234

The Time Value of Money235

Equivalence238

The Net Present Value239

The Benefit-Cost Ratio241

The Internal Rate of Return241

Calculating NPVs,IRRs,and BCRs with a Computer Spreadsheet245

Bond Valuation:An Example of NPV and IRR Calculations247

Mutually Exclusive Alternatives and Capital Rationing248

Determining the Relevant Cash Flows250

Depreciation251

Working Capital and Spontaneous Sources253

Allocated Costs254

Sunk Costs254

Excess Capacity255

Financing Costs256

Appendix:Mutually Exclusive Alternatives and Capital Rationing258

What Happened to the Other $578,000?259

Unequal Lives260

Capital Rationing261

The Problem of Future Opportunities263

A Decision Tree263

Chapter Summary264

Additional Reading265

Chapter Problems266

Chapter 8269

Risk Analysis in Investment Decisions269

8 Risk Analysis in Investment Decisions269

Risk Defined271

Estimating Investment Risk273

Three Techniques for Estimating Investment Risk274

Including Risk in Investment Evaluation275

Risk-Adjusted Discount Rates275

The Cost of Capital277

The Cost of Capital Defined277

Analog Devices'Cost of Capital279

The Cost of Capital in Investment Appraisal286

Multiple Hurdle Rates288

Four Pitfalls in the Use of Discounted Cash Flow Techniques289

The Entity Perspective versus the Equity Perspective290

Inflation292

Real Options293

Excessive Risk Adjustment296

Economic Value Added298

EVA and Investment Analysis299

EVA's Apeal300

A Cautionary Note302

Appendix:Diversification and B-Risk303

Diversification305

Measuring Beta308

Using Beta in Investment Evaluation309

Beta Risk and Conglomerate Diversification309

Chapter Summary310

Additional Reading311

Chapter Problems312

9 Business Valuation and Corporate Restructuring315

Business Valuation and Corporate Restructuring315

Chapter 9315

Valuing a Business317

Assets or Equity?317

Dead or Alive?318

Minority Interest or Control?320

Equity Valuation321

Firm Valuation321

Discounted Cash Flow Valuation321

Free Cash Flow322

The Terminal Value323

A Numerical Example326

Problems with Present Value Approaches to Valuation328

Valuation Based on Comparable Trades329

Lack of Marketability335

The Market for Control335

The Premium for Control336

Financial Reasons for Restructuring339

The Empirical Evidence345

The AT T-McCaw Merger347

Chapter Summary349

Additional Reading350

Chapter Problems351

APPENDLX A:PRESENT VALUE OF$1 IN YEAN N,DISCOUNTED AT DISCOUNT RATE K355

APPENDIX A355

APPENDIX B357

APPENDLX B:PRESENT VALUE OF AN ANNUITY OF$1 FOR N YEARS,DISCOUNTED AT RATE K357

GLOSSARY359

GLOSSARY359

SUGGESTED ANSWERS TO END-OF-CHAPTER PROBLEMS371

SUGGESTED ANSWERS TO END-OF-CHAPTER PROBLEMS371

INDEX399

INDEX399