《公司理財精要》是美國金融協(xié)會前主席、著名金融/財務(wù)學(xué)者斯蒂芬·羅斯及其團隊的一部財務(wù)管理名著,內(nèi)容清晰簡潔、通俗易懂,深受廣大讀者的好評。全書共分為九編18章,精選了財務(wù)管理入門、財務(wù)報表和現(xiàn)金流、未來現(xiàn)金流量的價值確定、股票與債券定價、資本預(yù)算、風(fēng)險與收益、長期融資、短期理財?shù)确矫娴暮诵膬?nèi)容;圍繞公司理財?shù)恼w框架,運用現(xiàn)代財務(wù)管理的核心概念,系統(tǒng)且有效地傳達(dá)了公司理財?shù)幕纠碚、基本方法和實?wù)技能!豆纠碡斁冯p語教學(xué)版作為雙語教材,對英文版的重點內(nèi)容、生詞術(shù)語等進行了翻譯和注釋。
適讀人群 :公司理財精要》雙語教學(xué)版可作為財務(wù)管理雙語課程教材,也可作為市場營銷、運營管理、會計專業(yè)以及MBA學(xué)生的雙語參考教材,又可為財務(wù)專業(yè)的初學(xué)者和非財務(wù)人員提供參考。
1.《公司理財精要》是一本受到廣泛好評的公司理財課程的基礎(chǔ)教材。2.清晰簡單、通俗易懂是《公司理財精要》的一大特色,讀者幾乎不需要任何財務(wù)和會計背景知識,都能順利步入財務(wù)管理的知識殿堂。3.《公司理財精要》中豐富多樣的學(xué)習(xí)輔助材料將是您教學(xué)和學(xué)習(xí)的有力工具。
when we first wrote Essentials of Corporate Finance, we thought there might be a small niche for a briefer book that really focused on what students with widely varying backgrounds and interests needed to carry away from an introductory finance course. We were wrong. There was a huge niche! What we learned is that our text closely matches the needs of instructors and faculty at hundreds of schools across the country. As a result, the growth we have experienced through the first six editions of Essentials has far exceeded anything we thought possible.
Wwith the seventh edition of Essentials of Corporate Finance, we have continued to refine our focus on our target audience, which is the undergraduate student taking a core course in business or corporate finance. This can be a tough course to teach. One reason is that the class is usually required of all business students, so it is not uncommon for a majority of the students to be nonfi -nance majors. In fact, this may be the only finance course many of them will ever have. With this in mind, our goal in Essentials is to convey the most important concepts and principles at a level that is approachable for the widest possible audience.
To achieve our goal, we have worked to distill the subject down to its bare essentials(hence, the name of this book), while retaining a decidedly modern approach to finance. We have always maintained that the subject of corporate finance can be viewed as the working of a few very powerful intuitions. We also think that understanding the “why” is just as important, if not more so, than understanding the “how,” especially in an introductory course. Based on the gratifying market feedback we have received from our previous editions, as well as from our other text, Fundamentals of Corporate Finance (now in its ninth edition), many of you agree.
B
By design, this book is not encyclopedic. As the table of contents indicates, we have a total of 18 chapters. Chapter length is about 30 pages, so the text is aimed squarely at a single-term course, and most of the book can be realistically covered in a typical semester or quarter. Writing a book for a one-term course necessarily means some picking and choosing, with regard to both topics and depth of coverage. Throughout, we strike a balance by introducing and covering the essentials (there’s that word again!) while leaving some more specialized topics to follow-up courses.
TThe other things we have always stressed, and have continued to improve with this edition, are readability and pedagogy. Essentials is written in a relaxed, conversational style that invites the students to join in the learning process rather than being a passive information absorber. We have found that this approach dramatically increases students’ willingness to read and learn on their own. Between larger and larger class sizes and the ever-growing demands on faculty time, we think this is an essential (!) feature for a text in an introductory course.
TThroughout the development of this book, we have continued to take a hard look at what is truly relevant and useful. In doing so, we have worked to downplay purely theoretical issues and minimize the use of extensive and elaborate calculations to illustrate points that are either intuitively obvious or of limited practical use.
AAs a result of this process, three basic themes emerge as our central focus in writing Essentials of Corporate Finance:
AAn Emphasis on Intuition We always try to separate and explain the principles at work on a commonsense, intuitive level before launching into any specifics. The underlying ideas are discussed first in very general terms and then by way of examples that illustrate in more concrete terms how a financial manager might proceed in a given situation.
A A Unified Valuation Approach We treat net present value (NPV) as the basic concept underlying corporate finance. Many texts stop well short of consistently integrating this important principle. The most basic and important notion, that NPV represents the excess of market value over cost, often is lost in an overly mechanical approach that emphasizes computation at the expense of comprehension. In contrast, every subject we cover is firmly rooted in valuation, and care is taken throughout to explain how particular decisions have valuation effects.
A A Managerial Focus Students shouldn’t lose sight of the fact that financial management concerns management. We emphasize the role of the financial manager as decision maker, and we stress the need for managerial input and judgment. We consciously avoid “black box” approaches to finance, and, where appropriate, the approximate, pragmatic nature of financial analysis is made explicit, possible pitfalls are described, and limitations are discussed.
TToday, as we prepare to once again enter the market, our goal is to stick with and build on the principles that have brought us this far. However, based on an enormous amount of feedback we have received from you and your colleagues, we have made this edition and its package even more flexible than previous editions. We offer flexibility in coverage and pedagogy by providing a wide variety of features in the book to help students to learn about corporate finance. We also provide flexibility in package options by offering the most extensive collection of teaching, learning, and technology aids of any corporate finance text. Whether you use just the textbook, or the book in conjunction with other products, we believe you will find a combination with this edition that will meet your current as well as your changing needs.
Stephen A. Ross
Randolph W. Westerfield
Bradford D. Jordan
斯蒂芬·羅斯,當(dāng)今世界上非常具有影響力的金融學(xué)家,因其創(chuàng)立了套利定價理論而舉世聞名。斯蒂芬·羅斯先生是麻省理工學(xué)院斯隆管理學(xué)院財務(wù)經(jīng)濟學(xué)教授,在財務(wù)和經(jīng)濟領(lǐng)域著述頗為豐富。羅斯教授以他在發(fā)展套利價格理論上所做的工作,以及通過研究信息折射理論,斯權(quán)定價,利率期限結(jié)構(gòu)理論和其他諸多領(lǐng)域所做出的大理貢獻,成為備受稱道的著名學(xué)者。羅斯曾任美國金融協(xié)會主席,現(xiàn)在擔(dān)任數(shù)學(xué)術(shù)期利和實務(wù)雜志的副主編。他還是CalTech的受托人,大學(xué)退休股權(quán)基金和GenRe公司的董事。此外,還在兼任Roll and Ross資產(chǎn)管理公司的聯(lián)席主席。
在美國,高管的薪酬一直是個熱點問題,人們普遍認(rèn)為CEO 的薪酬已經(jīng)增長到過高的水平了(至少在某些情況下是這樣)。作為回應(yīng),美國眾議院于2007 年4 月通過了一項“股東決定薪酬”(say on pay)的立法草案,要求公司允許股東對高管薪酬進行投票表決,但并非強制性的。(請注意,該法案只適用于公司,不適用于針對美國眾議院議員的“選民決定薪酬”。)
具體來說,這項措施使股東有權(quán)決定是否通過公司的高管薪酬方案。由于該法案不具有強制約束力,因此股東不具有否決薪酬方案的權(quán)力,該法案也沒有對高管薪酬加以限制。事實上,在國會介入該法案之前,有些公司就已經(jīng)開始允許股東決定高管的薪酬了。例如,2008 年5 月5 日,以人們所熟知的鴨子形象(spokesduck)深入人心的美國家庭人壽保險公司(Aflac)進行了美國首例股東對高管薪酬的投票表決。
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