Fundamentals of Corporate Finance, 5/e (IE-Paperback)

本書序言

New and Updated In-Chapter Features: 

• The Learning Objectives at the beginning of each chapter have been revised to more fully reflect the important content in the associated sections of the chapters. 
• All the Chapter Opener Vignettes have been replaced with updated examples, typically from events in 2020 and 2021. 
• New Building Intuition boxes have been added where appropriate, and existing Building Intuition boxes have been edited to ensure clarity. 
• All Learning by Doing Applications have been reviewed and, where appropriate, updated or replaced. 
• All Decision-Making Examples have been reviewed and updated where necessary. 
• The Summary of Learning Objectives and Key Equations at the end of each chapter have been updated to reflect changes in the chapter text and to improve the pedagogical value of these features. 
• A new feature called Corporate Finance at Work has been includedinselect chapterswhich provides a broader perspective of the content covered in the associated chapter. 

 
Chapter Content Changes: 

• Chapter 3: addition of a new section on international accounting issues which illustrates the differences in the way financial statements are reported between countries. 
• Chapter 6: new case on aggressive marketing of credit cards to college students.    
• Chapter 7: addition of a new section on arithmetic versus geometric returns. New case addressing the controversial rise in executive compensation. 
• Chapter 8: streamlining of some of bond calculation discussions. 
• Chapter 9: new case on insider trading. 
• Chapter 10: new case on sustainability highlighting the increasing focus of automakers on the production of electric vehicles. 
• Chapter 15: new case on company-owned life insurance (COLI) policy—a policy taken out by a company on the life of an employee.    
• Chapter 20: addition of sections on other ways in which firms can manage their risks using forwards, futures, and swaps.   
• Chapter 21: addition of a new section on Islamic finance. 

本書特色

●Chapter Opener Vignettes: Each chapter begins with a vignette that describes a real company or personal application. The vignettes illustrate concepts that will be presented in the chapter and are meant to heighten student interest, motivate learning, and demonstrate the real-life relevance of the material in the chapter. 
●Learning Objectives: The opening vignette is accompanied by learning objectives that identify the most important material for students to understand while reading the chapter. At the end of the chapter, the Summary of Learning Objectives summarizes the chapter content in the context of the learning objectives. 
●Learning by Doing Applications: These applications contain quantitative problems with step-by-step solutions to help students better understand how to apply their intuition and analytical skills to solve important problems. 
●Building Intuition Boxes: These boxes cover the most important concepts in corporate finance along with an intuitive example or explanation to help students "get" the concept and develop financial intuition. 
●Decision-Making Examples: These examples, which emphasize the decision-making process rather than computation, provide students with experience in financial decision making by outlining a scenario and asking the student to make a decision based on the information presented. 
●End-of-Chapter Questions and Problems: Self-Study Problems with solutions, Discussion Questions, Questions and Problems, Excel Problems, CFA Problems, and Sample Test Problems allow students to think through their understanding of key concepts and develop their problem-solving skills.

本書序言

新的和更新的章節內容特點：
- 每個章節開始的學習目標已經修訂，以更全面地反映相關章節中的重要內容。
- 所有章節開頭的短篇故事已被更新的例子取代，通常是來自2020年和2021年的事件。
- 在適當的地方新增了新的直覺建模方塊，並編輯現有的直覺建模方塊以確保清晰度。
- 所有的實踐應用案例已經被審查，並在適當的情況下進行更新或替換。
- 所有的決策案例已經被審查並在必要時進行更新。
- 每個章節結束時的學習目標摘要和關鍵方程已經更新，以反映章節文本的變化，並提高這些特點的教學價值。
- 新增了一個名為“企業財務實踐”的功能，該功能在某些章節中提供了與相關章節中涵蓋的內容更廣泛的視角。

章節內容的變化：
- 第3章：新增了一個關於國際會計問題的新節，說明了不同國家之間財務報表報告方式的差異。
- 第6章：新增了一個關於向大學生積極推銷信用卡的案例。
- 第7章：新增了一個關於算術回報與幾何回報的新節。新增了一個關於爭議性高管薪酬上升的案例。
- 第8章：簡化了一些債券計算討論。
- 第9章：新增了一個關於內線交易的案例。
- 第10章：新增了一個關於可持續性的案例，突顯了汽車製造商對生產電動車的日益關注。
- 第15章：新增了一個關於公司擁有的人壽保險（COLI）政策的案例-這是公司對員工的人壽保險。
- 第20章：新增了關於公司如何使用遠期、期貨和掉期等方式管理風險的部分。
- 第21章：新增了一個關於伊斯蘭金融的新節。

本書特色：
- 章節開頭的短篇故事：每個章節以描述一個真實的公司或個人應用的短篇故事開始。這些故事展示了將在該章節中介紹的概念，旨在提高學生的興趣，激發學習動機，並展示該章節中材料的現實相關性。
- 學習目標：開頭的短篇故事伴隨著學習目標，確定學生在閱讀章節時需要理解的最重要材料。在章節結束時，學習目標摘要將章節內容總結在學習目標的背景下。
- 實踐應用案例：這些應用案例包含定量問題和逐步解決方案，以幫助學生更好地理解如何應用他們的直覺和分析能力來解決重要問題。
- 直覺建模方塊：這些方塊涵蓋了公司財務中最重要的概念，並提供直觀的例子或解釋，以幫助學生理解概念並發展財務直覺。
- 決策案例：這些案例強調決策過程而不是計算，通過描述一個情境並要求學生做出決策，為學生提供了在財務決策中的經驗。

Robert Parrino - Lamar Savings Centennial Professor of Finance, University of Taxas at Austin
Thomas W. Bates - Dean's Council Scholar and Associate Professor of Finance, Arizona State University
Stuart L. Gillan - G. Brint Ryan Chaired Professor of Finance, University of North Texas
David S. Kidwell - Professor of Finance and Dean Emeritus, University of Minnesota

Robert Parrino - 德克薩斯大學奧斯汀分校Lamar Savings百年級金融教授
Thomas W. Bates - 亞利桑那州立大學財務學副教授和院長委員會學者
Stuart L. Gillan - 北德克薩斯大學G. Brint Ryan金融講座教授
David S. Kidwell - 明尼蘇達大學金融學教授和名譽院長

1 The Financial Manager and the Firm
2 The Financial System and the Level of Interest Rates
3 Financial Statements, Cash Flows, and Taxes
4 Analyzing Financial Statements
5 The Time Value of Money
6 Discounted Cash Flows and Valuation
7 Risk and Return
8 Bond Valuation and the Structure of Interest Rates
9 Stock Valuation
10 The Fundamentals of Capital Budgeting
11 Cash Flows and Capital Budgeting
12 Evaluating Project Economics
13 The Cost of Capital
14 Working Capital Management
15 How Firms Raise Capital
16 Capital Structure Policy
17 Dividends, Stock Repurchases, and Payout Policy
18 Business Formation, Growth, and Valuation 
19 Financial Planning and Managing Growth
20 Corporate Risk Management
21 International Financial Management
APPENDIX A Future Value and Present Value Tables
APPENDIX B The 2017 Tax Cuts and Jobs Act: Implications for Cash Flow to Investors, the Cost of Capital, and Capital Structure

1. 財務經理與公司
2. 財務體系與利率水平
3. 財務報表、現金流量和稅收
4. 分析財務報表
5. 時間價值
6. 折現現金流量和估值
7. 風險與回報
8. 債券估值和利率結構
9. 股票估值
10. 資本預算的基礎知識
11. 現金流量和資本預算
12. 評估項目經濟效益
13. 資本成本
14. 營運資本管理
15. 公司如何籌集資金
16. 資本結構政策
17. 股息、股票回購和派息政策
18. 企業組建、成長和估值
19. 財務規劃和管理成長
20. 企業風險管理
21. 國際財務管理
附錄A 未來價值和現值表
附錄B 2017年稅收削減和就業法案：對投資者現金流量、資本成本和資本結構的影響