Handbook of corporate finance : a business companion to financial markets, decisions & techniques
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書誌事項
Handbook of corporate finance : a business companion to financial markets, decisions & techniques
Financial Times Prentice Hall, c2010
2nd ed
- : pbk
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Handbook of corporate finance : a business companion to financial markets, decisions and techniques
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注記
Previous ed.: published as Handbook of corporate finance. 2005
Includes bibliographical references and index
内容説明・目次
内容説明
The Financial Times Handbook of Corporate Finance is the authoritative introduction to the principles and practices of corporate finance and the financial markets. Whether you are an experienced manager or finance officer, or you're new to financial decision making, this handbook identifies all those things that you really need to know:
* An explanation of value-based management
* Mergers and the problem of merger failures
* Investment appraisal techniques
* How to enhance shareholder value
* How the finance and money markets really work
* Controlling foreign exchange rate losses
* How to value a company
The second edition of this bestselling companion to finance has been thoroughly updated to ensure that your decisions continue to be informed by sound business principles. New sections include corporate governance, the impact of taxation on investment strategies, using excess return as a new value metric, up-to-date statistics which reflect the latest returns on shares, bonds and merger activities and a jargon-busting glossary to help you understand words, phrases and concepts.
Corporate finance touches every aspect of your business, from deciding which capital expenditure projects are worth backing, through to the immediate and daily challenge of share holder value, raising finance or managing risk.
The Financial Times Handbook of Corporate Finance will help you and your business back the right choices, make the right decisions and deliver improved financial performance. It covers the following areas:
* Evaluating your firm's objectives
* Assessment techniques for investment
* Traditional finance appraisal techniques
* Investment decision-making in companies
* Shareholder value
* Value through strategy
* The cost of capital
* Mergers: failures and success
* Merger processes
* How to value companies
* Pay outs to shareholders
* Debt finance
* Raising equity capital
* Managing risk
* Options
* Futures, forwards and swaps
* Exchange rate risk
目次
Table of Contents
CONTENTS
Introduction
* Some of the financial issues covered
* The scope of corporate finance
Chapter 1. What is the firm's objective?
A common purpose
The assumed objective of finance
Why should we aim for shareholder wealth?
What is shareholder wealth?
Profit maximisation is not the same as shareholder wealth maximisation
Getting manager's objectives aligned with shareholder's objectives
What happens if control over directors is weak?
Conclusion
PART 1 - IINVESTING IN PROJECTS?
Chapter 2. State-of-the-art project assessment techniques
How do you know whether an investment generates value for shareholders?
State-of-the-art technique 1: net present value
State-of-the-art technique 2: internal rate of return
Choosing between NPV and IRR
Appendix 2.1 Mathematical tools for finance
Chapter 3. Traditional appraisal techniques
What appraisal techniques businesses actually use
Payback
Accounting rate of return
Internal rate of return: reason for continued popularity
Chapter 4. Investment decision-making in companies
The managerial art of investment selection
More tricky issues in real world project appraisal
The stages of investment decision making
Chapter 5. Allowing for risk in project appraisal
What is risk?
Adjusting for risk through the discount rate
Sensitivity analysis
Scenario analysis
Probability analysis
Problems with using probability analysis
Evidence of risk analysis in practice
PART 2 SHAREHOLDER VALUE
Chapter 6. Value managed companies versus earnings managed companies
The pervasiveness of the value approach
Case studies: FT100 companies creating value and destroying value
Why shareholder value?
Three steps to value
Earnings-based management's failings
ROCE has failings
Focusing on earnings is not the same as value
How a business creates value
The five actions to create value
Chapter 7. Value through strategy
Value principles touch every corner of the business
Strategic business unit management
The firm's objective
Strategic assessment
Strategic choice
Strategy implementation
What use is the head office?
Targets and motivation
Chapter 8. Value creation within strategic business units
* Using cash flow to measure value
* Shareholder value analysis
* Economic profit
* Economic value added (EVA)
* Cash flow return on investment
Chapter 9. Entire firm value measurement
Total shareholder return
Wealth added index
Market added value
Market to book ratio
Chapter 10. What is the company's cost of capital?
A word of warning
The required rate of return
Two sides of the same coin
The weighted average cost of capital
The cost of equity capital
The cost of retained earnings
Debt capital
The cost of preference share capital
Hybrid secu
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