财务管理策略

出版时间:2009-12  出版社:清华大学出版社  作者:王锦程,(加)普莱斯特 著  页数:215  

内容概要

  《财务管理策略》专为非财务经理们学习财务理论而准备:内容包括财务管理中的一系列重要问题。包括财务报表分析、系统的财务评估方法、资产流动性管理与销售增长、流动资本管理、预算、外汇与利率风险管理以及一个非常有用但不易理解的工具——经济增值(EVA)。

书籍目录

1 Goals of Financial Management1.1 Introduction1.2 Getting More Mileage Out of a Companys Assets1.2.1 Important Observation1.3 What Information Do the Financial Statements Conveyto the Manager1.3.1 A Close-Up of the Financial Statements1.3.2 An Important Observation about the Balance Sheet and the Income Statement1.4 Income Statement1.5 Flow of Funds Statement1.5.1 Example of a Flow of Funds Statement2 Financial Statements Analysis2.1 Five Key Attributes of Performance2.2 Liquidity2.2.1 A Useful Analogy2.3 The Broad Strategy of Managing a Companys Operational Cash Flows2.4 Analytical Framework for "Speeding up the Dollar Inflow"2.5 Financial Leverage2.6 Activity or Productivity of Assets2.7 The Operating Cycle2.8 Observations about the Operating Cycle and Payable Cycle2.8.1 An Example2.8.2 The Effect of this Strategy2.8.3 Another Example2.9 Profitability2.10 The DuPont Approach to Performance Analysis3 A Systematic Approach to Financial Performance Appraisal of a Company Based on Trend Analysis3.1 Introduction3.2 This Systematic Approach Involves Four Stages and Is Best Explained By Using an Example3.2.1 Stage One3.2.2 Stage Two3.2.3 Stage Three3.2.4 Stage Four3.2.5 An Additional Analysis——Liquidity3.2.6 Valuation Ratios3.3 An Example of Ratio Calculations4 Risk & Defensive Strategies4.1 The Concept of Leverage in Business Finance4.2 The Safety Ratio and a Companys Break-Even Level4.3 Defensive Strategies4.3.1 Example of Defensive Strategy4.4 An Example of a Systematic 4-stage Analysis of Case Study #10 4.4.1 Stage Ⅰ4.4.2 Stage Ⅱ4.4.3 Stage Ⅲ4.4.4 Stage Ⅳ4.4.5 Valuation Ratios4.5 RR Distributors Analysis Continued5 Liquidity Management and Sales Growth5.1 Going Broke While Selling More Than Ever5.1.1 Liquidity and Sales Growth——Is Rapid Growth inSales Good News or Bad News6 Working Capital Management6.1 Introduction6.2 Modem Communication Technology and the Smaller Company6.3 - Current Assets6.4 Cash and Liquidity Management6.4.1 First Current Asset, Operating Cash6.4.2 Second Current Asset——Receivables6.4.3 Inventory Management6.5 Business Intelligence——The Key Asset6.5.1 Inventory Richness6.6 Two Approaches in Measuring the Costs of Receivables and Inventories6.7 Receivables Management——Introduction6.7.1 Receivables Management6.7.2 Summary6.8 Inventory Management6.8.1 Introduction6.8.2 Inventory Management6.9 Operational Cash Management6.9.1 Introduction6.9.2 Global Distributing Example6.10 Fluctuating Short-Term Debt6.11 Cash Management6.11.1 Some Useful Questions to Ask6.11.2 Accounts Payable Management6.11.3 Summary6.12 Investment Analysis6.12.1 Introduction6.12.2 Investment Analysis6.12.3 Summary7 Fixed Assets7.1 Capital Budgeting7.1.1 Example of a Typical Capitalization of a Canadian Corporation7.1.2 An Example of Spreadsheets Used for Capital Budgeting7.2 The Analysis of "Financial Leasing"7.2.1 Cash Flow Lease Analysis (Best Performed Using Spreadsheets as a Tool)7.2.2 General Observation8 Budgeting8.1 Introduction8.2 Less Common Financial Ratios for Use in Budget Design and Performance Appraisal8.3 A Particular Type of Budgeting: Pro-Forma Statement Building8.4 Example of Pro-Forma Statement Building Based on the 1998 Financial Statements of Electronic Distributors Case #49 Economic Value Added9.1 Using Economic Value Added (EVA) as a Strategic Evaluation Tool9.2 A Fresh Look at the Balance Sheet9.3 What About EVA Levels9.4 To Calculate EVA We Need to Know the WACC%9.5 The Debt/Equity Mixs Effect on WACC%9.6 Strategies to Raise EVA9.7 Three Measures of Financial Performance9.8 Financial Goal-Setting Using EVA9.8.1 Calculating EVA9.8.2 Conclusion9.8.3 Approach One9.8.4 Approach Two9.8.5 Approach Three9.8.6 Approach Four9.9 Summary9.10 Some Additional Thoughts about EVA-Enhancing Strategies10 Foreign Exchange and Interest Rate Risk Management10.1 Introduction10.2 Foreign Exchange Risk Management Techniques10.2.1 FX Forward Contracts10.3 Foreign Currency Futures10.3.1 FX Futures Contracts10.4 Important Differences and Similarities Between FX Forward and FX Future Contracts10.5 FX Options10.6 Interest Rate Risk Management11 Mergers, Acquisitions and Private Equity11.1 Introduction11.2 Synergy11.2.1 Acquisition vs. Merger11.2.2 Paying for the Purchase11.2.3 Valuation11.3 Which Companies are Doing Most of the Buying11.4 Private Equity Firms Obtain Their Funding in Private Markets11.4.1 Categories of Private Equity Investments Include11.5 Will the Explosive Growth of Mergers and Acquisitions Activities Continue11.6 How Long Can This Go OnAppendix A Solutions to ExercisesAppendix B Case Studies1.15 (Solutions to Case Studies1, 4 and14)Appendix C Glossary

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