公司理财(英文版)

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《公司理财(英文版)》是2009年8月中国人民大学出版社出版的图书,作者是乔纳森·伯克,彼得·德马佐
作    者
乔纳森·伯克 / 彼得·德马佐
译    者
姜英兵
ISBN
9787300110417
页    数
521
定    价
52.00元
出版社
中国人民大学出版社
出版时间
2009-8
装    帧
平装
原作名
Corporate Finance

公司理财(英文版)内容介绍

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《公司理财》根据乔纳森·伯克和彼得·德玛佐合著的Corporate Finance改编而成。全书以“一价定律”为主线贯穿始终,涵盖了公司理财的脉络、主题和进展,内容涉及套利与财务决策、财务工具、资本预算和证券估价、风险和回报模型、资本结构、投资项目和公司的估值、期权、长期和短期融资、并购、公司治理、风险管理以及国际公司理财等专题。
《公司理财》既注重理论阐释,又强调教与学的方法,全面反映了现代公司理财研究与实践的进展,易于读者的学习和把握。《公司理财》通过一价定律和估值原理,将所有理财决策极其紧密地串连起来,形成内在一致的逻辑链条。内容安排次第铺开、共生互动,每一篇章的中心清晰而稳固。
《公司理财》适合作为财务、金融或相关专业本科生、研究生,以及MBA、MPAcc的公司理财课程教材,它涵盖的财务论题和深度也足以作为更高层次课程的参考书。《公司理财》还适合财务、金融相关领域的从业者阅读。
《公司理财》同时配有中文翻译版。

公司理财(英文版)作者介绍

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乔纳森·伯克(Jonathan Berk)加利福尼亚大学伯克利分校哈斯商学院财务学教授、美国国家经济研究局(NBER)研究员、Joumal of Finance副主编,曾任高盛公司助理合伙人。他对财务金融的研究兴趣涉及公司估值、资本结构、共同基金、资产定价、实验经济学和劳动经济学。曾获多个奖项,包括。The Review of Financial Studies的年度最佳论文、FAME研究奖等。
彼得·德玛佐(Peter De Marzo)斯坦福商学院瑞穗金融集团财务学教授、NBER研究员。曾执教于哈斯商学院和凯洛格管理学院,还曾担任The Review of Financial studies. Financial of Management. B.E. Joumals in Economic Analysis and Policy等期刊的副主编,西部金融协会理事、胡佛研究所(Hoover Institution)国家会员。两度荣获斯坦福斯隆卓越教学奖,1998年获得加利福尼亚大学伯克利分校Earl F. Cheit杰出教学成就奖。研究领域涉及公司财务、资产证券化、合约以及市场结构和管制。

公司理财(英文版)作品目录

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PART Ⅰ INTRODUCTION 1
Chapter 1 The Corporation 2
1.1 The Four Types of Firms 3
1.2 Ownership Versus Control of Corporations 8
1.3 The Stock Market 11
Chapter 2 Arbitrage and Financial Decision Making 15
2.1 Valuing Costs and Benefits 16
2.2 Interest Rates and the Time Value of Money 19
2.3 Present Value and the NPV Decision Rule 22
2.4 Arbitrage and the Law of One Price 27
2.5 No-Arbitrage and Security Prices 29
2.6 The Price of Risk 35
2.7 Arbitrage with Transactions Costs 41
PART Ⅱ TOOLS 43
Chapter 3 The Time Value of Money 44
3.1 The Timeline 45
3.2 The Three Rules of Time Travel 46
3.3 The Power of Compounding:An Application 51
3.4 Valuing a Stream of Cash Flows 52
3.5 The Net Present Value of a Stream of Cash Flows 55
3.6 Perpetuities, Annuities,and Other Special Cases 56
3.7 Solving Problems with a Spreadsheet Program 67
3.8 Solving for Variables Other Than Present Value or Future Value 69
Chapter 4 Interest Rates 79
4.1 Interest Rate Quotes and Adjustments 80
4.2 The Determinants of Interest' Rates 85
4.3 Risk and Taxes 92
4.4 The Opportunity Cost of Capital 94
Chapter 5 Investment Decision Rules 98
5.1 NPV and Stand-Alone Projects 99
5.2 Alternative Decision Rules 100
5.3 Mutually Exclusive Investment Opportunities 110
5.4 Project Selection with Resource Constraints 115
PART Ⅲ BASIC VALUATION 119
Chapter 6 Fundamentals of Capital Budgeting 120
6.1 Forecasting Earnings 121
6.2 Determining Free Cash Flow and NPV 129
6.3 Analyzing the ProJect 139
Chapter 7 Valuing Bonds 143
7.1 Bond Cash Flows,Prices, and Yields 144
7.2 Dynamic Behavior of Bond Prices 149
7.3 The Yield Curve and Bond Arbitrage 156
7.4 Corporate Bonds 160
Chapter 8 Valuing Stocks 169
8.1 Stock Prices, Returns,and the Investment Horizon 170
8.2 The Dividend-Discount Model 173
8.3 Total Payout and Free Cash Flow Valuation Models 180
8.4 Valuation Based on Comparable Firms 185
8.5 Information, Competition,and Stock Prices 190
PART Ⅳ RISKAND RETURN 197
Chapter 9 Capital Markets and the Pricing of Risk 198
9.1 A First Look at Risk and Return 199
9.2 Common Measures of Risk and Return 201
9.3 Historical Returns of Stocks and Bonds 204
9.4 The Historical Tradeoff Between Risk and Return 212
9.5 Common Versus Independent Risk 214
9.6 Diversification in Stock Portfolios 218
9.7 Estimating the Expected Return 222
9.8 Risk and the Cost of Capital 226
9.9 Capital Market Efficiency 228
PART Ⅴ CAPITAL STRUCTURE 231
Chapter 10 Capital Structure in a Perfect Market 232
10.1 Equity Versus Debt Financing 233
10.2 Modigliani-Miller I: Leverage,Arbitrage, and Firm Value 237
10.3 Modigliani-Millerli: Leverage,Risk, and the Cost of Capital 242
10.4 Capital Structure Fallacies 250
10.5 MM: Beyond the Propositions 254
Chapter 11 Debt and Taxes 256
11.1 The Interest Tax Deduction 257
11.2 Valuing the Interest Tax Shield 259
11.3 Recapitalizing to Capture the Tax Shield 265
11.4 Optimal Capital Structure with Taxes 268
Chapter 12 Payout Policy 277
12.1 Distributions to Shareholders 278
12.2 Comparison of Dividends and Share Repurchases .. 281
12.3 The Tax Disadvantage of Dividends 287
12.4 Dividend Capture and Tax Clienteles 291
12.5 Payout Versus Retention of Cash 295
12.6 Signaling with Payout Policy 301
12.7 Stock Dividends, Splits,and Spin-offs 306
PART Ⅵ VALUATION 311
Chapter 13 Capital Budgeting and Valuation with Leverage 312
13.1 Overview 313
13.2 The Weighted Average Cost of Capital Method 314
13.3 The Adjusted Present Value Method 318
13.4 The Flow-to-Equity Method 322
13.5 Project-Based Costs of Capital 326
13.6 APV with Other Leverage Policies 330
13.7 Other Effects of Financing 334
Chapter 14 Valuation and Financial Modeling: A Case Study 342
14.1 Valuation Using Comparables 343
14.2 The Business Plan 345
14.3 Building the Financial Model 348
14.4 Estimating the Cost of Capital 355
14.5 Valuing the Investment 358
14.6 Sensitivity Analysis 366
PART Ⅶ OPTIONS 369
Chapter 15 Financial Options 370
15.1 Option Basics 371
15.2 Option Payoffs at Expiration 374
15.3 Put-Call Parity 383
15.4 Factors Affecting Option Prices 384
15.5 Exercising Options Early 386
15.6 Options and Corporate Finance 391
Chapter 16 Option Valuation 395
16.1 The Binomial Option Pricing Model 396
16.2 The Black-Scholes Option Pricing Model 404
16.3 Risk-Neutral Probabilities 414
16.4 Risk and Return of an Option 417
16.5 Beta of Risky Debt 420
PART Ⅷ LONG-TERM FINANCING 423
Chapter 17 The Mechanics of Raising Equity Capital 424
17.1 Equity Financing for Private Companies 425
17.2 The Initial Public Offering 430
17.3 The Seasoned Equity Offering 443
Chapter 18 Debt Financing 448
18.1 Corporate Debt 449
18.2 Other Types of Debt 455
18.3 Bond Covenants 458
18.4 Repayment Provisions 458
Chapter 19 Leasing 466
19.1 The Basics of Leasing 467
19.2 Accounting, Tax, and Legal Consequences of Leasing 473
19.3 The Leasing Decision 478
19.4 Reasons for Leasing 484
PART IX SHORT-TERM FINANCING 489
Chapter 20 Working Capital Management 490
20.1 Overview of Working Capital 491
20.2 Trade Credit 493
20.3 Receivables Management 496
20.4 Payables Management 499
20.5 Inventory Management 501
20.6 Cash Management 502
Chapter 21 Short-Term Financial Planning 506
21.1 Forecasting Short-Term Financing Needs 507
21.2 The Matching Principle 512
21.3 Short-Term Financing with Bank Loans 514
21.4 Short-Term Financing with Commercial Paper 517
21.5 Short-Term Financing with Secured Financing 518
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