财务会计专业论文浅谈企业财务分析及评价外文文献.docx

财务会计专业论文浅谈企业财务分析及评价外文文献.docx

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财务会计专业论文浅谈企业财务分析及评价外文文献

FINANCIALMANAGEMENTANDANALYSISOFFINANCIALSTATEMENTS

Author（s）:

C.O.HardyandS.P.Meech

FinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andapplicationsoffinance.Thepurposeofthistextbookistocommunicatethefundamentalsoffinancialmanagementandfinancialanalysis.Thistextbookiswritteninawaythatwillenablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdecision-makinganditsroleinthedecision-makingprocessoftheentirefirm.

Throughoutthetextbook,you’llseehowweviewfinance.Weseefinancialdecision-makingasanintegralpartofthefirm’sdecision-making,notasaseparatefunction.Financialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccounting,marketing,andproductionaspectsofthefirm.

Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessenterprises,notonlytolargecorporations.Justastherearespecialproblemsandopportunitiesforsmallfamily-ownedbusinesses（suchaswheretoobtainfinancing）,therearespecialproblemsandopportunitiesforlargecorporations（suchasagencyproblemsthatarisewhenmanagementofthefirmisseparatedfromthefirm’sowners）.Butonlyfundamentalsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.Forexample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouaremakingdecisionsforasoleproprietorshiporalargecorporation.

Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,theprinciples,theories,andtoolsoffinancialmanagementdonot.Forexample,inevaluatingwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstothefirm’sfuturecashflows（Howmuchwilltheybe?

Whenwilltheyoccur?

Howuncertainarethey?

）

whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelatedmathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancingdecisionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetrytohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingintuition,insteadofwithproofsandtheorems.Forexample,wewalkyouthroughtheintuitionofcapitalstructuretheorywithnumericalandrealworldexamples,notequationsandproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,step-by-stepexamplesandnumerousgraphs.

FinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts（PartsOneandTwo）coverthebasics,includingtheobjectiveoffinancialmanagement,valuationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingiscoveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagement（commonlyreferredtoascapitalbudgeting）,themanagementoflong-termsourcesoffunds,andworkingcapitalmanagement.PartSixcoversfinancialstatementanalysiswhichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastpart（PartSeven）coversseveralspecializedtopics:

internationalfinancialmanagement,borrowingviastructuredfinancialtransactions（i.e.,assetsecuritization）,projectfinancing,equipmentleasing,andfinancialplanningandstrategy.

Logicalstructure,Thetextbeginswiththebasicprinciplesandtools,followedbylong-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThreethenfocusesonthe“leftside”ofthebalancesheet（theassets）andthePartFouristhe“rightside”ofthebalancesheet（theliabilitiesandequity）.Workingcapitaldecisions,whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFive.PartSixprovidesthetoolsforanalyzingafirm’sfinancialstatements.Inthelastchapterofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:

themaximizationofowners’wealth.

Graphicalillustrations,Graphsandillustrationshavebeencarefullyanddeliberatelydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.Forexample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways:

mathematically,inatime-line,andwithabargraph.

Applications,Asmuchaspossible,wedevelopconceptsandmathematicsusingexamplesofactualpractice.Forexample,wefirstpresentfinancialanalysisusingasimplifiedsetoffinancialstatementsforafictitiouscompany.Afteryou’velearnedthebasicsusingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.Actualexampleshelpyoubettergraspandretainmajorconceptsandtools.Weintegrateover100actualcompanyexamplesthroughoutthetext,soyou’renotapttomissthem.Consideringboththeexamplesthroughoutthetextandtheresearchquestionsandproblems,youareexposedtohundredsofactualcompanies.

Extensivecoverageoffinancialstatementanalysis.Whilemosttextbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmoredetailinPartSixofthetextbook.Chapter6andthethreechaptersinPartSixallowaninstructortofocusonfinancialstatementanalysis.

Extensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsinthedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InChapter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemostpopularalternativetocorporatebondissuance,thecreationandissuanceofasset-backedsecurities.

Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasinginChapter27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasingyoutoooftenreadaboutinsometextbooksandprofessionalarticles.Projectfinancinghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelopinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingprojectfinancing.

Earlyintroductiontoderivativeinstruments.Derivativeinstruments（futures,swaps,andoptions）playanimportantroleinfinance.YouareintroducedtotheseinstrumentsinChapter4.Whilederivativeinstrumentsareviewedascomplexinstruments,youareprovidedwithanintroductionthatmakescleartheirbasicinvestmentcharacteristics.Bytheearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficultiesofevaluatingsecuritiesthathaveembeddedoptions（Chapter9）,howtherearerealoptionsembeddedincapitalbudgetingdecisions（Chapter14）,andhowderivativeinstrumentscanbeusedtoreduceortohedgethecostofborrowing（Chapter15）.Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasilyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansthatinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthecourseandtheirstudents’preparation（forexample,ifstudentsenterthecoursewithsufficientbackgroundinaccountingandtaxation,Chapters5and6canbeskipped）.Webelievethatourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyouunderstandthekeyissuesandprovidethefoundationfordevelopingaskillsetnecessarytodealwithrealworldfinancialproblems.

IntroductiontoFinancialManagementandAnalysis

Financeistheapplicationofeconomicprinciplesandconceptstobusinessdecision-makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebroadcategories:

financialmanagement,investments,andfinancialinstitutions:

Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisareaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessentity.Financialmanagementdecisionsincludemaintainingcashbalances,extendingcredit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.

Investments,Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepricingofsecurities.Aninvestmentmanager’stasks,forexample,mayincludevaluingcommonstocks,selectingsecuritiesforapensionfund,ormeasuringaportfolio’sperformance.

Financialinstitutions,Thisareaoffinancedealswithbanksandotherfirmsthatspecializeinbringingthesuppliersoffundstogetherwiththeusersoffunds.Forexample,amanagerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,settinginterestratesonloans,anddealingwithgovernmentregulations.Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheapplicationofthetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting（usingfunds）orfinancing（raisingfunds）.

Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffinance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowitisusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfinancialmanagement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancialinstitutions.Inthisintroductorychapter,we’llconsiderthetypesofdecisionsfinancialmanagersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheobjectiveofmanagers’decisions.Finally,wewilldescribetherelationshipbetweenownersandmanagers.

FINANCIALMANAGEMENT

Financi