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1、精选优质文档-倾情为你奉上外文翻译原文专业班级 辅修财务管理10级学生姓名 王扬指导教师 李喜云2013年 6 月6 日Financial Management and Analysis is an introduction to the concepts,tools, and applications of finance. The purpose of this textbook is to communicate the fundamentals of financial management and financial analysis.This textbook is written

2、 in a way that will enable students who are just beginning their study of finance to understand financial decision-making and its role in the decision-making process of the entire firm.Throughout the textbook, youll see how we view finance.We see financial decision-making as an integral part of the

3、firms decision-making, not as a separate function. Financial decision-making involves coordination among personnel specializing in accounting, marketing, and production aspects of the firm.The principles and tools of finance are applicable to all forms and sizes of business enterprises, not only to

4、large corporations. Just as there are special problems and opportunities for small family-owned businesses(such as where to obtain financing), there are special problems and opportunities for large corporations (such as agency problems that arise when management of the firm is separated from the fir

5、ms owners). But the fundamentals of financial management are the same regardless of the size or form of the business. For example, a dollar today is worth more than a dollar one year from today, whether you are making decisions for a sole proprietorship or a large corporation.We view the principles

6、and tools of finance as applicable to firms around the globe, not just to U.S. business enterprises. While customs and laws may differ among nations, the principles, theories, and tools of financial management do not. For example, in evaluating whether to buy a particular piece of equipment, you mus

7、t evaluate what happens to the firms future cash flows (How much will they be? When will they occur? How uncertain are they?), whether the firm is located in the United States, Great Britain, or elsewhere.In addition, we believe that a strong foundation in finance principles and the related mathemat

8、ical tools are necessary for you to understand how investing and financing decisions are made. But building that foundation need not be strenuous. One way that we try to help you build that foundation is to present the principles and theories of finance using intuition, instead of with proofs and th

9、eorems. For example, we walk you through the intuition of capital structure theory with numerical and real world examples, not equations and proofs. Another we try to assist you is to approach the tools of finance using careful, step-by-step examples and numerous graphs.ORGANIZATIONFinancial Managem

10、ent and Analysis is presented in seven parts. The first two parts (Parts One and Two) cover the basics, including the objective of financial management, valuation principles, and the relation between risk and return. Financial decision-making is covered in Parts Three, Four, and Five where we presen

11、t long-term investment management (commonly referred to as capital budgeting), the management of long-term sources of funds, and working capital management. Part Six covers financial statement analysis which includes financial ratio analysis, earnings analysis, and cash flow analysis. The last part

12、(Part Seven) covers several specialized topics: international financial management, borrowing via structured financial transactions (i.e., asset securitization), project financing, equipment leasing, and financial planning and strategy.DISTINGUISHING FEATURES OF THE TEXTBOOKLogical structure. The te

13、xt begins with the basic principles and tools, followed by long-term investment and financing decisions. The first two parts lay out the basics; Part Three then focuses on the “left side” of the balance sheet (the assets) and the Part Four is the “right side” of the balance sheet (the liabilities an

14、d equity). Working capital decisions, which are made to support the day-to-day operations of the firm, are discussed in Part Five. Part Six provides the tools for analyzing a firms financial statements. In the last chapter of the book, you are brought back full-circle to the objective of financial m

15、anagement: the maximization of owners wealth.Graphical illustrations. Graphs and illustrations have been carefully and deliberately developed to depict and provide visual reinforcement of mathematical concepts. For example, we show the growth of a bank balance through compound interest several ways:

16、 mathematically, in a time-line,and with a bar graph.Applications. As much as possible, we develop concepts and mathematics using examples of actual practice. For example, we first present financial analysis using a simplified set of financial statements for a fictitious company. After youve learned

17、 the basics using the fictitious company, we demonstrate financial analysis tools using data from Wal-Mart Stores, Inc. Actual examples help you better grasp and retain major concepts and tools. We integrate over 100 actual company examples throughout the text, so youre not apt to miss them. Conside

18、ring both the examples throughout the text and the research questions and problems, you are exposed to hundreds of actual companies.Extensive coverage of financial statement analysis. While most textbooks provide some coverage of financial statement analysis, we have provided you with much more deta

19、il in Part Six of the textbook. Chapter 6 and the three chapters in Part Six allow an instructor to focus on financial statement analysis.Extensive coverage of alternative debt instruments. Because of the innovations in the debt market, alternative forms debt instruments can be issued by a corporati

20、on. In Chapter 15, you are introduced to these instruments. We then devote one chapter to the most popular alternative to corporate bond issuance, the creation and issuance of asset-backed securities.Coverage of leasing and project financing. We provide in-depth coverage of leasing in Chapter 27, de

21、mystifying the claims about the advantages and disadvantages of leasing you too often read about in some textbooks and professional articles. Project financing has grown in importance for not only corporations but for countries seeking to develop infrastructure facilities. Chapter 28 provides the ba

22、sic principles for understanding project financing.Early introduction to derivative instruments. Derivative instruments (futures, swaps, and options) play an important role in finance. You are introduced to these instruments in Chapter 4. While derivative instruments are viewed as complex instrument

23、s, you are provided with an introduction that makes clear their basic investment characteristics. By the early introduction of derivative instruments, you will be able to appreciate the difficulties of evaluating securities that have embedded options (Chapter 9), how there are real options embedded

24、in capital budgeting decisions (Chapter14), and how derivative instruments can be used to reduce or to hedge the cost of borrowing (Chapter 15).Stand-alone nature of the chapters. Each chapter is written so that chapters may easily be rearranged to fit different course structures. Concepts, terminol

25、ogy, and notation are presented in each chapter so that no chapter is dependent upon another. This means that instructors can tailor the use of this book to fit their particular time frame for the course and their studentspreparation (for example, if students enter the course with sufficient backgro

26、und in accounting and taxation, Chapters 5 and 6 can be skipped). We believe that our approach to the subject matter of financial management and analysis will help you understand the key issues and provide the foundation for developing a skill set necessary to deal with real world financial problems

27、.1 Introduction to Financial Management and AnalysisFinance is the application of economic principles and concepts to business decision-making and problem solving. The field of finance can be considered to comprise three broad categories: financial management,investments, and financial institutions:

28、 Financial management. Sometimes called corporate finance or business finance, this area of finance is concerned primarily with financial decision-making within a business entity. Financial management decisions include maintaining cash balances, extending credit, acquiring other firms, borrowing fro

29、m banks, and issuing stocks and bonds. Investments. This area of finance focuses on the behavior of financial markets and the pricing of securities. An investment managers tasks, for example, may include valuing common stocks, selecting securities for a pension fund, or measuring a portfolios perfor

30、mance. Financial institutions. This area of finance deals with banks and other firms that specialize in bringing the suppliers of funds together with the users of funds. For example, a manager of a bank may make decisions regarding granting loans, managing cash balances, setting interest rates on lo

31、ans, and dealing with government regulations.No matter the particular category of finance, business situations that call for the application of the theories and tools of finance generally involve either investing (using funds) or financing (raising funds).Managers who work in any of these three area

32、s rely on the same basic knowledge of finance. In this book, we introduce you to this common body of knowledge and show how it is used in financial decision- making. Though the emphasis of this book is financial management, the basic principles and tools also apply to the areas of investments and fi

33、nancial institutions. In this introductory chapter, well consider the types of decisions financial managers make, the role of financial analysis, the forms of business ownership, and the objective of managers decisions. Finally, we will describe the relationship between owners and managers.FINANCIAL

34、 MANAGEMENTFinancial management encompasses many different types of decisions. We can classify these decisions into three groups: investment decisions, financing decisions, and decisions that involve both investing and financing. Investment decisions are concerned with the use of funds the buying, h

35、olding, or selling of all types of assets: Should we buy a new die stamping machine? Should we introduce a new product line? Sell the old production facility? Buy an existing company? Build a warehouse? Keep our cash in the bank?Financing decisions are concerned with the acquisition of funds to be u

36、sed for investing and financing day-to-day operations. Should managers use the money raised through the firms revenues? Should they seek money from outside of the business? A companys operations and investment can be financed from outside the business by incurring debts, such as though bank loans an

37、d the sale of bonds, or by selling ownership interests. Because each method of financing obligates the business in different ways, financing decisions are very important.Many business decisions simultaneously involve both investing and financing. For example, a company may wish to acquire another fi

38、rm an investment decision. However, the success of the acquisition may depend on how it is financed: by borrowing cash to meet the purchase price, by selling additional shares of stock, or by exchanging existing shares of stock. If managers decide to borrow money, the borrowed funds must be repaid w

39、ithin a specified period of time. Creditors (those lending the money) generally do not share in the control of profits of the borrowing firm. If, on the other hand, managers decide to raise funds by selling ownership interests, these funds never have to be paid back. However, such a sale dilutes the

40、 control of (and profits accruing to) the current owners.Whether a financial decision involves investing, financing, or both, it also will be concerned with two specific factors: expected return and risk. And throughout your study of finance, you will be concerned with these factors. Expected return

41、 is the difference between potential benefits and potential costs. Risk is the degree of uncertainty associated with these expected returns.Financial AnalysisFinancial analysis is a tool of financial management. It consists of the evaluation of the financial condition and operating performance of a

42、business firm, an industry, or even the economy, and the forecasting of its future condition and performance. It is, in other words, a means for examining risk and expected return. Data for financial analysis may come from other areas within the firm, such as marketing and production departments, fr

43、om the firms own accounting data, or from financial information vendors such as Bloomberg Financial Markets, Moodys Investors Service, Standard & Poors Corporation, Fitch Ratings, and Value Line, as well as from government publications, such as the Federal Reserve Bulletin. Financial publications su

44、ch as Business Week, Forbes, Fortune, and the Wall Street Journal also publish financial data (concerning individual firms) and economic data (concerning industries, markets, and economies), much of which is now also available on the Internet.Within the firm, financial analysis may be used not only

45、to evaluate the performance of the firm, but also its divisions or departments and its product lines. Analyses may be performed both periodically and as needed, not only to ensure informed investing and financing decisions, but also as an aid in implementing personnel policies and rewards systems.Ou

46、tside the firm, financial analysis may be used to determine the creditworthiness of a new customer, to evaluate the ability of a supplier to hold to the conditions of a long-term contract, and to evaluate the market performance of competitors.Firms and investors that do not have the expertise, the t

47、ime, or the resources to perform financial analysis on their own may purchase analyses from companies that specialize in providing this service. Such companies can provide reports ranging from detailed written analyses to simple creditworthiness ratings for businesses. As an example, Dun & Bradstree

48、t, a financial services firm, evaluates the creditworthiness of many firms, from small local businesses to major corporations. As another example, three companiesMoodys Investors Service, Standard & Poors, and Fitchevaluate the credit quality of debt obligations issued by corporations and express th

49、ese views in the form of a rating that is published in the reports available from these three organizations.FORMS OF BUSINESS ENTERPRISEFinancial management is not restricted to large corporations: It is necessary in all forms and sizes of businesses. The three major forms of business organization are the sole proprietorship, the partnership, and the corporation. These three forms differ in a number of factors,