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دانلود کتاب Corporate Financial Management
دانلود کتاب مدیریت مالی شرکت
مشخصات کتاب
Corporate Financial Management
ویرایش: [6th New ed.]
نویسندگان: Glen Arnold / Deborah Lewis
سری:
ISBN (شابک) : 1292140445, 9781292140445
ناشر: PEARSON
سال نشر: 2019
تعداد صفحات: [1127]
زبان: English
فرمت فایل : PDF (درصورت درخواست کاربر به PDF، EPUB یا AZW3 تبدیل می شود)
حجم فایل: 36 Mb
قیمت کتاب (تومان) : 41,000
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توجه داشته باشید کتاب مدیریت مالی شرکت نسخه زبان اصلی می باشد و کتاب ترجمه شده به فارسی نمی باشد. وبسایت اینترنشنال لایبرری ارائه دهنده کتاب های زبان اصلی می باشد و هیچ گونه کتاب ترجمه شده یا نوشته شده به فارسی را ارائه نمی دهد.
توضیحاتی در مورد کتاب مدیریت مالی شرکت
"این کتاب دقت آکادمیک (در توضیح نظریه) را با کاربرد عملی ترکیب می کند (توضیح می دهد که چگونه شرکت ها نظریه را در زندگی واقعی به کار می برند). مثال های عددی زیادی برای کمک به درک مفاهیم تحت پوشش وجود دارد." دکتر راب جونز، نیوکاسل دانشکده بازرگانی دانشگاه ویرایش ششم این متن بسیار معتبر، جامع و در عین حال قابل دسترسی است، با مطالعات موردی در دنیای واقعی که شما را در کاربرد مفاهیم مهم راهنمایی می‌کند. این کتاب که با اقتدار توسط نویسندگان غرق در دنیای مالی نوشته شده است، یک بررسی جامع از تئوری و عمل مالی شرکت‌ها را برای هر کسی که این موضوع را به تنهایی یا در دوره‌های تجاری، حسابداری، مالی، بانکداری یا اقتصاد مطالعه می‌کند، ارائه می‌دهد و به شما می‌آموزد که چگونه تصمیمات مالی آگاهانه و موفقی که برای یک حرفه در تجارت بسیار مهم است. موضوعاتی مانند ارزیابی سرمایه گذاری، ریسک و بازده، منابع مالی، و مدیریت ریسک، از جمله مشتقات را بررسی می کند و رفتار منحصر به فردی از ارزش شرکت ارائه می دهد. ویژگی های کلیدی تکنیک های مالی به صورت عملی و با استفاده از زبانی واضح و قابل دسترس نشان داده شده اند. مقاله‌های فایننشال تایمز به شما کمک می‌کنند تا ارتباط این نظریه را با دنیای واقعی ببینید. امور مالی به‌عنوان موضوعی پویا ارائه می‌شود که برای ارزیابی مجدد نظری باز است طیف گسترده‌ای از مثال‌ها و مطالعات موردی، با آمار و داده‌های مختلف از تعداد ادغام‌های شرکت‌ها به نرخ‌های پیش‌فرض در اوراق قرضه شرکتی توضیحات ریاضی ساده برای پیگیری گلن آرنولد یک صندوق سرمایه‌گذاری را اداره می‌کند و قبلاً سمت‌هایی به‌عنوان استاد امور مالی و پروفسور سرمایه‌گذاری داشته است. او علاوه بر کتاب درسی بازارها و مؤسسات مالی مدرن، کتاب‌های پیشرو سرمایه‌گذاری و بانکداری از جمله «راهنمای سرمایه‌گذاری فایننشال تایمز»، «راهنمای بانکداری FT» و «راهنمای سرمایه‌گذاری ارزشی» را نیز تالیف کرده است. دبورا لوئیس عضو ارشد تدریس در دانشگاه باث است. او به‌عنوان مدیر مطالعات برنامه MBA Bath، که در 100 رتبه برتر رتبه‌بندی جهانی MBA FT 2018 قرار دارد، اطمینان می‌دهد که مطالب هم برای دانشجو و هم برای پزشک مفید است. تجربه تجاری قبلی دب به او اجازه می دهد تا نظریه دانشگاهی را با کاربرد حرفه ای ترکیب کند. MyLab Finance گنجانده نشده است. دانشجویان، اگر MyLab Finance جزء توصیه شده/اجباری دوره است، لطفاً از استاد خود ISBN و شناسه دوره صحیح را بخواهید. MyLab Finance فقط باید در صورت نیاز توسط یک مربی خریداری شود. مربیان، برای اطلاعات بیشتر با نماینده پیرسون خود تماس بگیرید.
توضیحاتی درمورد کتاب به خارجی
"The book combines academic rigour (in the explanation of theory) with practical application (explaining how companies apply theory in real life). There are lots of numerical examples to help with understanding of the concepts covered." Dr Rob Jones, Newcastle University Business School The sixth edition of this highly respected text is comprehensive yet accessible, with real-world case studies to ground you in the application of important concepts. Written with authority by authors steeped in the financial world, the book offers a comprehensive survey of the theory and practice of corporate finance for anyone studying the topic by itself or within business, accounting, finance, banking or economics courses, teaching you how to make informed, successful financial decisions that are crucial for a career in business. It explores topics such as investment appraisal, risk and return, sources of finance, and risk management, including derivatives, and gives a unique treatment of corporate value. Key features Financial techniques are illustrated in practical terms, using clear accessible language. New Financial Times articles help you see the relevance of the theory to the real world Finance is presented as a dynamic subject that is open to theoretical re-evaluation Extensive range of examples and case studies, with statistics and data ranging from the number of corporate mergers to the default rates on corporate bonds Easy-to-follow mathematical explanationsGlen Arnold runs an investment fund and previously held positions as professor of finance and professor of investing. In addition to the textbook Modern Financial Markets and Institutions he has authored leading investment and banking books including The Financial Times Guide to Investment, The FT Guide to Banking and The FT Guide to Value Investing. Deborah Lewis is a Senior Teaching Fellow at the University of Bath. As Director of Studies for the Bath MBA programme, which features in the top 100 of the FT Global MBA 2018 Ranking, she ensures the material is useful for both the student and the practitioner. Deb’s previous commercial experience allows her to blend academic theory with professional application. MyLab Finance is not included. Students, if MyLab Finance is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Finance should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.
فهرست مطالب
Front Cover Half Title Page Title Page Copyright Page Brief contents Contents Topics covered in the book Introduction to the book Acknowledgements PART 1 Introduction Chapter 1 The financial world LEARNING OUTCOMES Introduction The objective of the firm Case study 1.1 Experian Some possible objectives Corporate governance Primitive and modern economies The role of the financial manager The flow of funds and financial intermediation Growth in the financial services sector The financial system Concluding comments Key points and concepts References and further reading Case study recommendations Websites Self-review questions Questions and problems Assignments PART 2 The investment decision Chapter 2 Project appraisal: net present value and internal rate of return LEARNING OUTCOMES Introduction Value creation and corporate investment Net present value and internal rate of return Modified internal rate of return Concluding comments Key points and concepts Appendix 2.1 Mathematical tools for finance References and further reading Case study recommendations Websites Self-review questions Questions and problems Assignments Chapter 3 Project appraisal: cash flow and applications LEARNING OUTCOMES Introduction Case study 3.1 Toyota invests £240m to upgrade car plant in boost for Brexit Britain Quality of information Are profit calculations useful for estimating project viability? The replacement decision Replacement cycles When to introduce a new machine Drawbacks of the annual equivalent annuity method Timing of projects The make or buy decision Fluctuating output Concluding comments Key points and concepts References and further reading Case study recommendations Self-review questions Questions and problems Assignments Chapter 4 The decision-making process for investment appraisal LEARNING OUTCOMES Introduction Evidence on the employment of appraisal techniques Payback Accounting rate of return Internal rate of return: reasons for continued popularity The managerial ‘art’ of investment appraisal The investment process Concluding comments Key points and concepts References and further reading Case study recommendations Self-review questions Questions and problems Assignment Chapter 5 Project appraisal: capital rationing, taxation and inflation LEARNING OUTCOMES Introduction Capital rationing Taxation and investment appraisal Inflation Concluding comments Key points and concepts References and further reading Case study recommendations Self-review questions Questions and problems Assignments PART 3 Risk and return Chapter 6 Risk and project appraisal LEARNING OUTCOMES Case study 6.1 Camelot Introduction What is risk? Adjusting for risk through the discount rate Sensitivity analysis Scenario analysis The risk of insolvency Probability analysis Problems of using probability analysis Evidence of risk analysis in practice Real options (managerial options) Concluding comments Key points and concepts References and further reading Case study recommendations Self-review questions Questions and problems Assignments Chapter 7 Portfolio theory LEARNING OUTCOMES Introduction Holding period returns Expected return and standard deviation for shares Combinations of investments Portfolio expected return and standard deviation Dominance and the efficient frontier Indifference curves Choosing the optimal portfolio The boundaries of diversification Extension to a large number of securities Evidence on the benefits of diversification The capital market line Problems with portfolio theory Concluding comments Key points and concepts References and further reading Case study recommendations Self-review questions Questions and problems Assignments Chapter 8 The Capital Asset PricingModel and multi-factor models LEARNING OUTCOMES Introduction Some fundamental ideas and problems A short history of shares, bonds and bills The Capital Asset Pricing Model Factor models The arbitrage pricing theory The three-factor model The five-factor model Fundamental beta Project appraisal and systematic risk Sceptics’ views – alternative perspectives on risk Concluding comments Key points and concepts Appendix 8.1: Note on arithmetic and geometric means Appendix 8.2: Why professors do or do not use CAPM-beta Comments from professors who use calculated betas Comments from professors who use ‘common sense’12 betas Comments from professors who do not use betas References and further reading Case study recommendations Self-review questions Questions and problems Assignments PART 4 Sources of finance Chapter 9 Stock markets LEARNING OUTCOMES Case study 9.1 Using the stock market both to create wealth and to treat disease Introduction Stock exchanges around the world Globalisation of financial flows Why do companies list their shares on more than one exchange? The importance of a well-run stock exchange The London Stock Exchange The UK equity markets available to companies Tasks for stock exchanges How stock exchanges work The ownership of UK shares Regulation Understanding the figures in the financial pages Taxation and corporate finance Concluding comments Key points and concepts References and further reading Case study recommendations Websites Video presentations Self-review questions Questions and problems Assignments Chapter 10 Raising equity capital LEARNING OUTCOMES Case study 10.1 To float or not to float? Introduction What is equity capital? Preference shares Some unusual types of shares Floating on the Main Market (Official List) The new issue process Other methods of floating How does an AIM flotation differ from one on the Official List? The costs of new issues Rights issues Other equity issues Warrants Equity finance for unquoted firms Crowdfunding How an independent private equity fund is establishedand managed Disillusionment and dissatisfaction with quotation Concluding comments Key points and concepts Appendix 10.1: Reasons for and against floating References and further reading Case study recommendations Websites Video presentations Self-review questions Questions and problems Assignment Chapter 11 Long-term debt finance LEARNING OUTCOMES Introduction Some fundamental features of debt finance Bonds Bank borrowing Syndicated loans Credit rating Mezzanine finance and high-yield ( junk) bonds Case study 11.1 The junk bond wizard: Michael Milken Convertible bonds Valuing bonds International sources of debt finance Project finance Sale and leaseback Securitisation Islamic banking Peer-to-peer lending The term structure of interest rates Concluding comments Key points and concepts References and further reading Case study recommendations Websites Video presentations Self-review questions Questions and problems Assignments Chapter 12 Short- and medium-term finance,treasury and working capitalmanagement LEARNING OUTCOMES Introduction Short- and medium-term bank finance Trade credit Factoring Case study 12.1 LG Steelworks Hire purchase Leasing Bills of exchange Bankers’ acceptances (banks bills, acceptance credits) Treasury management Financing Risk management Working capital management Investment of temporary surplus funds Concluding comments Key points and concepts References and further reading Case study recommendations Websites Self-review questions Questions and problems Assignments Chapter 13 Stock market efficiency LEARNING OUTCOMES Introduction What is meant by efficiency? Random walks The three levels of efficiency Weak-form tests Semi-strong form tests Strong-form tests Behavioural finance Misconceptions about the efficient market hypothesis Implications of the EMH for investors Implications of the EMH for companies Concluding comments Key points and concepts References and further reading Case study recommendations Self-review questions Questions and problems Assignment PART 5 Corporate value Chapter 14 Value-based management LEARNING OUTCOMES Introduction The shareholder wealth-maximising goal Three steps of value Traditional measurement techniques Earnings-based management Return on capital employed (ROCE) has failings An overview of the application of value principles Strategic business unit management Corporate strategy Targets and motivation Case study 14.1 Strategy, planning and budgeting at Lloyds TSB Concluding comments Key points and concepts References and further reading Video presentations Case study recommendations Self-review questions Questions and problems Assignments Chapter 15 Value-creation metrics LEARNING OUTCOMES Introduction Using cash flow to measure value Shareholder value analysis Economic profit Economic value added (EVA®) Total shareholder return (TSR) Wealth Added Index (WAI) Case study 15.1 Vone’s wealth added index Market Value Added (MVA) Excess return (ER) Market to book ratio (MBR) Concluding comments Key points and concepts References and further reading Case study recommendations Websites Self-review questions Questions and problems Assignments Appendix 15.1: Further consideration of the entity and equity EP Chapter 16 The cost of capital LEARNING OUTCOMES Introduction A word of warning The required rate of return The weighted average cost of capital (WACC) The cost of equity capital The cost of retained earnings The cost of debt capital Traded debt The cost of preference share capital Calculating the weights Applying the WACC to projects and SBUs Empirical evidence of corporate practice How large is the equity risk premium? Some thoughts on the cost of capital Concluding comments Key points and concepts References and further reading Case study recommendations Websites Video presentations Self-review questions Questions and problems Assignment Chapter 17 Valuing shares LEARNING OUTCOMES Introduction Case study 17.1 Amazon.com Valuation using net asset value (NAV) Valuation using income-flow methods Dividend valuation models The price-earnings ratio (PER) model Valuation using cash flow Valuation using owner earnings Case study 17.2 N Brown – owner earnings analysis EBITDA Valuing unquoted shares Unusual companies Managerial control and valuation Allowing for real option values Concluding comments Key points and concepts References and further reading Case study recommendations Websites Self-review questions Questions and problems Assignments Chapter 18 Capital structure LEARNING OUTCOMES Introduction Other ideas What do we mean by ‘gearing’? The effect of gearing The value of the firm and the cost of capital Does the cost of capital (WACC) decrease with higher debt levels? Modigliani and Miller’s argument in a world with no taxes The capital structure decision in a world with tax Additional considerations Some further thoughts on debt finance Concluding comments Key points and concepts Appendix 18.1: Asset beta Appendix 18.2: Adjusted present value (APV) References and further reading Case study recommendations Video presentations Self-review questions Questions and problems Assignments Chapter 19 Dividend policy LEARNING OUTCOMES Introduction Defining the problem Miller and Modigliani’s dividend irrelevancy proposition Dividends as a residual Clientele effects Taxation Dividends as conveyors of information Resolution of uncertainty Owner control (agency theory) Scrip dividends Share buy-backs and special dividends A round-up of the arguments Concluding comments Key points and concepts References and further reading Case study recommendations Video presentations Self-review questions Questions and problems Assignments Chapter 20 Mergers LEARNING OUTCOMES Introduction The merger decision Merger statistics Merger motives Financing mergers The merger process The impact of mergers Managing mergers Concluding comments Key points and concepts References and further reading Case study recommendations Websites Video presentations Self-review questions Questions and problems Assignment PART 6 Managing risk Chapter 21 Derivatives LEARNING OUTCOMES Introduction A long history Options Forwards Futures Case study 21.1 Protecting a portfolio against a major market fall Forward rate agreements (FRAs) A comparison of options, futures, forwards and FRAs Caps Swaps Derivatives users Over-the-counter (OTC) and exchange-traded derivatives Concluding comments Key points and concepts Appendix 21.1: Option pricing Appendix 21.2: The relationship between FRAs and swaps References and further reading Case study recommendations Websites Self-review questions Questions and problems Assignments Chapter 22 Managing exchange-rate risk LEARNING OUTCOMES Introduction Case study 22.1 What a difference a few percentage point moves on the exchange rate make The effects of exchange-rate changes Volatility in foreign exchange The foreign exchange markets Exchange rates Types of foreign-exchange risk Transaction risk strategies Managing translation risk Managing economic risk Exchange-rate determination Concluding comments Key points and concepts References and further reading Case study recommendations Websites Video presentations Self-review questions Questions and problems Assignments Appendices Appendix I Future value of £1 at compound interest Appendix II Present value of £1 at compound interest Appendix III Present value of an annuity of £1 at compound interest Appendix IV Future value of an annuity of £1 at compound interest Appendix V Areas under the standardised normal distribution Appendix VI Answers to the mathematical tools exercises inChapter 2, Appendix 2.1 Glossary Bibliography Index Back Cover
