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Jingdong book

公司理财精要(第7版)

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1.《公司理财精要》是一本受到广泛好评的公司理财课程的基础教材。
2.清晰简单、通俗易懂是《公司理财精要》的一大特色,读者几乎不需要任何财务和会计背景知识,都能顺利步入财务管理的知识殿堂。
3.《公司理财精要》中丰富多样的学习辅助材料将是您教学和学习的有力工具。

Content Description

《公司理财精要》是美国金融协会前主席、著名金融/财务学者斯蒂芬·罗斯及其团队的一部财务管理名著,内容清晰简洁、通俗易懂,深受广大读者的好评。《公司理财精要》共分为九编18章,精选了财务管理入门、财务报表和现金流、未来现金流量的价值确定、股票与债券定价、资本预算、风险与收益、长期融资、短期理财等方面的核心内容;围绕公司理财的整体框架,运用现代财务管理的核心概念,系统且有效地传达了公司理财的基本理论、基本方法和实务技能。
Author Description

斯蒂芬·罗斯,当今世界上非常具有影响力的金融学家,因其创立了套利定价理论而举世闻名。斯蒂芬·罗斯先生是麻省理工学院斯隆管理学院财务经济学教授,在财务和经济领域著述颇为丰富。罗斯教授以他在发展套利价格理论上所做的工作,以及通过研究信息折射理论,斯权定价,利率期限结构理论和其他诸多领域所做出的大理贡献,成为备受称道的著名学者。罗斯曾任美国金融协会主席,现在担任数学术期利和实务杂志的副主编。他还是CalTech的受托人,大学退休股权基金和GenRe公司的董事。此外,还在兼任RollandRoss资产管理公司的联席主席。

张建平博士,1966年生。1995年破格晋升为副教授,1999年破格晋升为教授。曾任对外经济贸易大学国际商学院副院长,中国商业联合会专家委员会委员,北京市会计学会理事等。现为对外经济贸易大学资本市场研究中心主任。担任上海交通大学、浙江大学、武汉大学和东北财经大学等10个大学的EMBA“高级财务管理”客座教授。曾先后担任十多家公司财务与战略顾问、某市人民政府财务顾问小组首席顾问以及11家公司的董事、独立董事或独立监事。已出版的专著、译著、主编、合编共计14本,并发表了三十余篇学术论文。
Comments

本书主要作者是美国的著名财务学家,写作态度极其认真,因此能够高屋建瓴、深入浅出,用通俗易懂的语言,直入问题的核心。对于财务专业的初学者和非财务人员来说,本书将帮助你开启财务管理的大门,引领你登堂入奥。
——张建平,对外经济贸易大学教授、资本市场研究中心主任
Catalogue

第一编财务管理概览1
第1 章财务管理入门1
第二编理解财务报表和现金流23
第2 章财务报表、税收和现金流23
第3 章与财务报表相关的工作51
第三编未来现金流量的价值确定95
第4 章价值确定入门:货币的时间价值95
第5 章折现现金流量的价值评估121
第四编股票与债券定价163
第6 章利率与债券定价163
第7 章股票市场与股票定价204
第五编资本预算233
第8 章净现值及其他投资决策标准233
第9 章投资决策的制定269
第六编风险与收益304
第10 章从资本市场历史得到的启示304
第11 章风险与收益343
第七编长期融资382
第12 章资本成本382
第13 章财务杠杆与资本结构413
第14 章股利和股利政策446
第15 章融资476
第八编短期理财506
第16 章短期财务规划506
第17 章营运资本管理537
第九编公司财务专题探讨573
第18 章财务管理的国际方面573
附录A :数学用表598
附录B :关键公式606
附录C :部分章节后习题答案609
附录D :关键公式614
专业词汇表617
Book Abstract

在美国,高管的薪酬一直是个热点问题,人们普遍认为CEO 的薪酬已经增长到过高的水平了(至少在某些情况下是这样)。作为回应,美国众议院于2007 年4 月通过了一项“股东决定薪酬”(say on pay)的立法草案,要求公司允许股东对高管薪酬进行投票表决,但并非强制性的。(请注意,该法案只适用于公司,不适用于针对美国众议院议员的“选民决定薪酬”。)
具体来说,这项措施使股东有权决定是否通过公司的高管薪酬方案。由于该法案不具有强制约束力,因此股东不具有否决薪酬方案的权力,该法案也没有对高管薪酬加以限制。事实上,在国会介入该法案之前,有些公司就已经开始允许股东决定高管的薪酬了。例如,2008 年5 月5 日,以人们所熟知的鸭子形象(spokesduck)深入人心的美国家庭人寿保险公司(Aflac)进行了美国首例股东对高管薪酬的投票表决。
……
Introduction

我们刚开始写作《公司理财精要》时,以为这是一本小众市场的简明读本——专门针对背景迥异、兴趣不同的学生的需要,在财务入门课上用的教材。我们大错特错了。这本书市场广阔!我们了解到,本书与全美国成百上千所学校教员的需求紧密契合。于是,前面6版的销量增长完全超过了我们的预期。在《公司理财精要》第7版中,我们继续重点关注我们的目标读者——商科或公司理财专业的本科学生。这门课教起来并不那么容易。原因之一是公司理财课程通常是所有商科学生都要学习的,所以大部分学生并非来自财务专业也就不足为奇了。实际上,这也可能是他们当中许多人所学的惟一一门财务课程。有鉴于此,我们编写本书的宗旨是:以能被最广泛读者所接受的方法,传授公司理财中最重要的概念和原理。
为达上述目的,我们在保持用现代思路论述公司理财的同时,努力发掘其核心精要(本书书名也因此而得)。我们一直认为:公司理财的主题由少数几个非常有效的直觉活动构成。同时我们也深信,在一门基础性课程中,理解“为什么”和知道“怎么样”至少同样重要。基于前几版的良好市场反馈,还有从我们的另一本教材《公司理财基础》(现第9版)的反馈来看,大多数人同意这样的观点。显然,本教程不是一本百科全书。正如目录所表明的,它一共有18章。每一章大约有30页1,目的是可以使其内容在一个学期内被均匀讲解。本书的大部分内容实际上可在一个学期或一个季度内授完。写一本供一个学期讲授的教材,意味着必须要在主题的广度和内容的深度上进行取舍。自始至终,我们努力通过介绍和涵盖精要内容(又提到“精要”这个词了)来实现均衡,而将一些更专业的主题留待后续课程探讨。
我们一直强调并且在本版中仍然努力改进的是可读性和教学法。《公司理财精要》的编写采取了一种轻松的、交谈式的风格,以引导学生参与到课程学习中来,而不是把学生仅仅当做一个被动的信息接受者。我们发现这一方式能显著增强学生自主阅读和学习的意愿。在课堂规模越来越大而时间要求越来越紧的今天,我们认为这是入门教材必须具备的一个本质特征。在编写本书的过程中,我们始终关注那些确实相关且有用的内容。因此,我们总是尽力避免单纯的理论探讨,对那些直觉上显而易见的或实际用途有限的内容,我们尽量不做冗长繁复的计算。因此,这本《公司理财精要》集中体现了如下三大特色。
强调直觉在讲解任何具体内容之前,我们总是努力先从常识和直觉的角度,对实践中发挥作用的那些原理进行区分和解释。先用一般术语讨论基本概念,然后以具体的案例说明财务主管在一个特定的情况中会如何决策。统一的价值评估方法我们认为净现值(NPV)这个基本概念是公司理财的基础,许多教材对其仅点到为止,对这一重要原则并不进行持续、系统的探讨。NPV的最基本和最重要的含义是:NPV代表的是(投资的)市场价值超过其成本的部分。在过分强调对NPV进行机械运算而忽略理解其内涵的方式中,这一含义通常会被遗忘。而《公司理财精要》中的每一个主题都深深植根于价值评估,我们自始至终都在努力阐述:每一项特定决策对企业的价值会产生怎样的影响。强调管理视角学生们不应忽略这样一个事实:财务管理涉及管理。我们强调财务主管作为决策者的职责,也强调管理性投入和决断的必要性。我们有意识地回避了财务管理中的“暗箱操作”手法,并对财务分析中常见的似是而非或独断片面之处进行必要的澄清说明,描述了可能存在的陷阱,讨论了其局限性。
今天,当我们准备再次进入市场时,我们的目标是坚持和强化那些使我们延续至今的原理。不论怎样,我们基于从读者那里得到的大量反馈编写了这一版本,并使它的安排比以前的版本更加灵活。我们通过提供大量颇具特色的内容,使本书在内容覆盖和教学法方面更具灵活性,以便帮助学生更好地学习公司理财。我们还广泛搜集所能得到的公司理财教材的授课、学习和技术支持方面的信息,以使我们提供的综合教学资料更具灵活性。我们相信,无论是单独使用这本教材,还是与其他工具一起使用,你都会发现,这一版本的综合效用将会满足你当前以及未来不断变化的需求。
斯蒂芬·罗斯
伦道夫·韦斯特菲尔德
布拉德福德·乔丹

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