ABOUT THE AUTHOR
作者简介
ACKNOWLEDGMENTS
致谢
AUTHOR''S ACKNOWLEDGMENTS
作者致谢
第二版的更新之处
绪论
1 WHAT IS THE FIRM’S 0BJECTIVE7
什么是企业的目标?
IntrocluctiOn
引言
A comlanon purpose
共同目的
The assurnecl obiective for finance
财务管理中的假定目标
W}mt is sharehOlder value?
什么是股东价值?
Profit maximizatliOn is not The same as s1"lateh01der wealth-maximization
利润最大化不同于股东财富最大化
Corporate govemance
公司治理
What happens if control over directors is weak?
如果对公司董事的控制很弱,会发生什么?
Conclusioil
结论
NOtes
注释
Section I:INVESTING IN PROJECTS
项目投资
2 STATE-0F-THE-ART PROJECT APPRAISAL TECHNIQUES
最新的项目评估技术
Introduction
引言
How do you know whether an investment generates value for
shareholders7
如何判断-项投资是否能增加股东价值
State-of-the-art technique 1:net present value-
最新技术1:净现值
State-of-the-art technique 2:internal rate of return-
最新技术2:内含报酬率
Choosing between NPV and IRR
NPV与IRR之间的选择
Conclusion
结论
APPENDⅨ2 1 Mathematical tools for finance
财务管理中的数学分析工具
Present values
现值
Converging monthly and daily rates to annual rates
把月利率和日利率转化为年利率
3 TRADITI0NAL APPRAISAL TECHNQUES
传统的项目评估技术
Introduction
引言
What appraisal techniques do businesses use?
商业交易中会用到哪些项目评估技术?
Payback
投资回收期
Accounting rate of return
会计报酬率
Internal rate of return-reasons for continued popularity
内含报酬率:普遍使用的原因
Conclusion
结论
4 ALLOWING FOR RISK IN PROJECT APPRAISAL
公司的投资决策
Introduction
引言
The managerial art of investment selection
投资选择中的管理艺术
More tricky issues in real--world project appraisal
现实世界中项目评估的复杂问题
Taxation and investment appraisal
税制与投资评估
The stages of investment decision-making
投资决策的几个阶段
Conclusion
结论
5 ALLOWING FOR RISK IN PRoJECT APPRAISAL
项目评估中的风险考虑
Introduction
引言
What is risk7
什么是风险?
Adjusting for risk through the discount rate
通过折现率对风险的调整
Sensitivity analysis
敏感性分析
Scenario analysis
情境分析
Probability analysis
概率分析
Problems with using probability analysis
运用概率分析的问题
Evidence of risk analysis in practice
实务中风险分析的例子
Section II:SHAREHOLDER VALUE 股东价值
Section IlI:FINANCE RAISING 融资
SectionⅣ:MANAGING RISK 风险管理
Appendix I FUTURE VALUE OF£1 AT COMPOUND INTEREST
附录I 1美元的终值系数
Appendix II PRESENT VALUE OF£1 AT COMPOUND INTEREST
附录lI 1美元的现值系数
Appendix 111 PRESENT VALUE OF AN ANNUITY OF £1 AT COMPOUND INTEREST
附录Ⅲ1美元的年金现值系数
AppendixⅣFUTURE VAI。UE OFf AN ANNUlTY OF AT COMPOI JND INTEREST
附录Ⅳ 1 美元的年金终值系数
GLOSSARY
词汇表