Part Ⅰ Basis of Financial Valuation1
Chapter 1 Introduction to Financial Management2
1.1 Financial Management and Financial Manager3
1.1.1 Financial Management3
1.1.2 Financial Manager4
1.2 Objectives and Functions of Financial Management4
1.2.1 Objectives of Financial Management4
1.2.2 Functions of Financial Management6
1.3 Financial Market and Market Efficiency7
1.3.1 Financial Market7
1.3.2 Market Efficiency8
1.3.3 Degrees of Market Efficiency8
1.4 Agency Relationships10
1.4.1 Agency Problems10
1.4.2 Agency Costs10
1.4.3 Practical Solutions to the Agency Problems11
Questions and Problems16
Chapter 2 Introduction to Financial Statements18
2.1 Financial Statements and Annual Reports19
2.1.1 Overview of Financial Statements19
2.1.2 Corporate Annual Reports20
2.2 Analysis of Financial Statements21
2.2.1 The Need for Ratios21
2.2.2 Types of Accounting Ratios22
2.2.3 Users of Ratios22
2.2.4 Categories of Ratio23
Questions and Problems32
Chapter 3 Time Value of Money34
3.1 Value Creation and Corporate Investment35
3.2 Simple and Compound Interest36
3.2.1 Simple Interest36
3.2.2 Compound Interest36
3.3 Future Value and Present Value37
3.3.1 Future Value37
3.3.2 Present Value38
3.3.3 Determining the Rate of Interest39
3.3.4 Annuity39
Questions and Problems46
Part Ⅱ Capital Budgeting47
Chapter 4 Risk and Return48
4.1 Understanding Return49
4.1.1 Return 49
4.1.2 Measuring Return50
4.2 Understanding Risk50
4.2.1 Risk50
4.2.2 Measuring Risk51
4.3 Portfolio Theory52
4.3.1 Basic Assumptions52
4.3.2 Portfolio Return and Risk52
4.3.3 Minimum-Variance and Efficient Frontiers56
4.3.4 The Selection of an Optimal Portfolio57
4.3.5 Systematic Risk and unsystematic Risk60
4.4 Capital Asset Pricing Model CAPM 61
Questions and Problems66
Chapter 5 Categories of Capital Budgeting Projects69
5.1 Capital Budgeting70
Importance of Capital Budgeting70
5.2 Project Appraisal71
5.2.1 Categories of Capital Budgeting Projects71
5.2.2 Are Profit Calculations Useful for Estimating Project Viability?71
5.2.3 Guidelines for Estimating Project Cash Flows72
5.3 Project Appraisal Rules73
5.3.1 Net Present Value NPV73
5.3.2 Internal Rate of Return IRR74
5.3.3 Payback Period and Discounted Payback Period77
5.3.4 Accounting Rate of Return79
5.4 The Investment Process81
Questions and Problems86
Chapter 6 Cost of Capital88
6.1 Introduction to the Cost of Capital89
6.1.1 Source of Finance89
6.1.2 What is the Cost of Capital?90
6.1.3 General Model to Estimate the Cost of Capital90
6.2 Cost of Debt90
6.3 Cost of Equity91
6.3.1 Cost of Preferred Stock91
6.3.2 Cost of Common Equity92
6.4 Weighted Average Cost of Capital95
6.4.1 What is the Weighted Average Cost of Capital?95
6.4.2 Factors Affecting the Weighted Average Cost of Capital95
Questions and Problems98
Part Ⅲ Financing Decision103
Chapter 7 Capital Structure104
7.1 Leverage Analysis105
7.1.1 Operating Leverage105
7.1.2 Financial Leverage106
7.1.3 Total Leverage107
7.1.4 Financial Risk and Financial Leverage108
7.2 Capital Structure and Cost of Capital108
7.3 Capital Structure Theory109
7.4 Factors that Influence a Firms Capital Structure Decision110
7.5 Features of an Optimal Capital Structure110
7.6 Value of a Firm and Cost of Capital111
Questions and Problems115
Chapter 8 Dividend Policy117
8.1 Dividend Payments118
8.1.1 Dividend118
8.1.2 Cash Dividend, Stock Dividend and Stock Split118
8.1.3 Dividends Payment120
8.2 Overview of Dividend Policy120
8.2.1 Factors Affecting Dividend Policy120
8.2.2 Residual Policy121
8.2.3 Constant Dividend Payout Ratio121
8.2.4 Stable Dividend Policy122
8.3 Share Repurchase122
Questions and Problems125
Part Ⅳ Valuation129
Chapter 9 Introduction to Asset Valuation130
9.1 Asset Valuation131
9.1.1 Definition of Asset Valuation131
9.1.2 Characteristics of Asset Valuation132
9.2 Assumptions of Asset Valuation132
9.2.1 Open Market Concepts132
9.2.2 Continue to Use Concepts133
9.2.3 Liquidation Concepts133
9.3 Types of Value133
9.3.1 Market Value133
9.3.2 Replacement Cost133
9.3.3 Present Value133
9.3.4 Liquidation Value133
9.4 Procedures of Asset Valuation134
9.5 Approaches of Asset Valuation134
9.5.1 Market Approach134
9.5.2 Income Approach135
9.5.3 Cost Approach137
Questions and Problems144
Chapter 10 Equity & Corporate Valuation147
10.1 Equity Valuation148
10.1.1 Dividends Discount Model148
10.1.2 Free Cash Flow to Equity Discount Model152
10.2 Corporate Valuation153
10.2.1 Free Cash Flow to the Firm Discount Model153
10.2.2 Price-Earnings Ratio157
Questions and Problems160
Appendix I Future Value of $1 at Compound Interest164
Appendix II Present Value of $1 at Compound Interest166
Appendix III Present Value of an Annuity of $1 at Compound Interest168
Appendix IV Future Value of an Annuity of $1 at Compound Interest 170
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