财务管理分析 CFA影印系列教材2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载

财务管理分析 CFA影印系列教材PDF格式电子书版下载

注意：本站所有压缩包均有解压码： 点击下载压缩包解压工具

PARTⅠ ASSESSING THE FINANCIAL HEALTH OF THE FIRM3

Chapter 1 Interpreting Financial Statements3

The Cash Flow Cycle3

The Balance Sheet6

Current Assets and Liabilities7

Shareholders’Equity7

The Income Statement9

Measuring Earnings10

Sources and Uses Statements13

The Two-Finger Approach14

The Cash Flow Statement16

Financial Statements and the Value Problem20

Market Value versus Book Value20

Economic Income versus Accounting Income23

Chapter Summary26

Additional Resources27

Chapter Problems28

Chapter 2 Evaluating Financial Performance33

The Levers of Financial Performance33

Return on Equity34

The Three Determinants of ROE34

The Profit Margin36

Asset Turnover38

Financial Leverage43

Is ROE a Reliable Financial Yardstick?49

The Timing Problem50

The Risk Problem50

The Value Problem52

ROE or Market Price?53

Ratio Analysis55

Using Ratios Effectively57

Ratio Analysis of The Timberland Company58

Appendix: International Differences in Financial Structure69

Percentage Balance Sheets69

Comparisons among Publicly Traded Companies72

International Accounting Differences76

Chapter Summary78

Additional Resources78

Chapter Problems80

PART Ⅱ PLANNING FUTURE FINCIAL PERFORMANCE85

Chapter 3 Financial Forecasting85

Pro Forma Statements85

Percent-of-Sales Forecasting86

Pro Forma Statements and Financial Planning92

Sensitivity Analysis94

Scenario Analysis94

Interest Expense95

Seasonality96

Forecasting with Computer Spreadsheets96

Simulation99

Cash Flow Forecasts101

Cash Budgets102

The Techniques Compared104

Planning in Large Companies105

Chapter Summary107

Additional Resources108

Chapter Problems108

Chapter 4 Managing Growth115

Sustainable Growth116

The Sustainable Growth Equation117

Too Much Growth119

Balanced Growth120

Triad Guarantee’s Sustainable Growth Rate122

“What If” Questions122

What to do When Actual Growth Exceeds Sustainable Growth124

Sell New Equity124

Increase Leverage130

Profitable Pruning130

Sourcing131

Pricing132

Is Merger the Answer?132

Too Little Growth132

What to do When Sustainable Growth Exceeds Actual Growth133

Ignore the Problem135

Return the Money to Shareholders135

Buy Growth136

Sustainable Growth and Inflation137

Sustainable Growth and Pro Forma Forecasts138

Chapter Summary139

Additional Resources140

Chapter Problems141

PART Ⅲ FINANCING OPERATIONS145

Chapter 5 Financial Instruments and Markets145

Financial Instrumsents146

Bonds147

Common Stock153

Preferred Stock157

Financial Markets160

Private Placement or Public Issue?160

Exchanges and Over-the-Counter Markets161

International Financial Markets161

Investment Banking164

Issue Costs166

Regulatory Changes167

Efficient Markets168

What Is an Efficient Market?168

Implications of Efficiency171

Appendix: Forward Contracts, Options, and the Management of Corporate Risk173

Forward Markets174

Hedging in Money and Capital Markets178

Hedging with Options178

Limitations of Financial Market Hedging180

Valuing Options182

Chapter Summary185

Additional Resources186

Chapter Problems187

Chapter 6 The Financing Decision191

Financial Leverage193

Techniques for Analyzing Financing Alternatives195

Leverage and Risk198

Leverage and Earnings200

How Much to Borrow204

Tax Benefits and Distress Costs204

Flexibility and Market Signaling210

The Financing Decision and Sustainable Growth214

Selecting a Maturity Structure217

Inflation and Financing Strategy218

Appendix: The Irrelevance Proposition219

No Taxes or Distress Costs219

Taxes but Still No Distress Costs222

Chapter Summary223

Additional Resources224

Chapter Problems225

PART Ⅳ EVALUATING INVESTMENT OPPORTUNITIES231

Chapter 7 Discounted Cash Flow Techniques231

Figures of Merit232

The Payback Period and the Accounting Rate of Return233

The Time Value of Money234

Equivalence238

The Net Present Value239

The Benefit-Cost Ratio241

The Internal Rate of Return241

Calculating NPVs, IRRs, and BCRs with a Computer Spreadsheet244

Bond Valuation: An Example of NPV and IRR Calculations246

Mutually Exclusive Alternatives and Capital Rationing248

Determining the Relevant Cash Flows249

Depreciation250

Working Capital and Spontaneous Sources252

Sunk Costs254

Allocated Costs255

Excess Capacity256

Financing Costs258

Appendix: Mutually Exclusive Alternatives and Capital Rationing261

What Happened to the Other $578,000?262

Unequal Lives263

Capital Rationing264

The Problem of Future Opportunities266

A Decision Tree266

Chapter Summary267

Additional Resources268

Chapter Problems269

Chapter 8 Risk Analysis in Investment Decisions273

Risk Defined275

Estimating Investment Risk277

Three Techniques for Estimating Investment Risk278

Including Risk in Investment Evaluation278

Risk-Adjusted Discount Rates278

The Cost of Capital280

The Cost of Capital Defined281

Timberland Company’s Cost of Capital283

The Cost of Capital in Investment Appraisal290

Multiple Hurdle Rates290

Four Pitfalls in the Use of Discounted Cash Flow Techniques292

The Entity Perspective versus the Equity Perspective293

Inflation295

Real Options297

Excessive Risk Adjustment300

Economic Value Added301

EVA and Investment Analysis302

EVA’s Appeal304

A Cautionary Note305

Appendix: Diversification and B-Risk307

Diversification309

Measuring Beta312

Using Beta in Investment Evaluation313

Beta Risk and Conglomerate Diversification313

Chapter Summary314

Additional Resources315

Chapter Problems316

Chapter 9 Business Valuation and Corporate Restructuring319

Valuing a Business321

Assets or Equity?321

Dead or Alive?322

Minority Interest or Control?324

Discounted Cash Flow Valuation325

Free Cash Flow326

The Terminal Value327

A Numerical Example330

Problems with Present Value Approaches to Valuation332

Valuation Based on Comparable Trades332

Lack of Marketability337

The Market for Control338

The Premium for Control338

Financial Reasons for Restructuring341

The Empirical Evidence347

The AT&T-McCaw Merger349

Chapter Summary352

Additional Resources353

Chapter Problems353

APPENDLX A: PRESENT VALUE OF $1 IN YEAR N, DISCOUNTED AT DISCOUNT RATE K359

APPENDLX B: PRESENT VALUE OF AN ANNUITY OF $1 FOR N YEARS,DISCOUNTED AT RATE K361

GLOSSARY363

SUGGESTED ANSWERS TO END-OF-CHAPTER PROBLEMS375

INDEX399