财务管理策略

1 Goals of Financial Management

1.1 Introduction

1.2 Getting More Mileage Out of a Companys Assets

1.2.1 Important Observation

1.3 What Information Do the Financial Statements Conveyto the Manager

1.3.1 A Close-Up of the Financial Statements

1.3.2 An Important Observation about the Balance Sheet and the Income Statement

1.4 Income Statement

1.5 Flow of Funds Statement

1.5.1 Example of a Flow of Funds Statement

2 Financial Statements Analysis

2.1 Five Key Attributes of Performance

2.2 Liquidity

2.2.1 A Useful Analogy

2.3 The Broad Strategy of Managing a Companys Operational Cash Flows

2.4 Analytical Framework for "Speeding up the Dollar Inflow"

2.5 Financial Leverage

2.6 Activity or Productivity of Assets

2.7 The Operating Cycle

2.8 Observations about the Operating Cycle and Payable Cycle

2.8.1 An Example

2.8.2 The Effect of this Strategy

2.8.3 Another Example

2.9 Profitability

2.10 The DuPont Approach to Performance Analysis

3 A Systematic Approach to Financial Performance Appraisal of a Company Based on Trend Analysis

3.1 Introduction

3.2 This Systematic Approach Involves Four Stages and Is Best Explained By Using an Example

3.2.1 Stage One

3.2.2 Stage Two

3.2.3 Stage Three

3.2.4 Stage Four

3.2.5 An Additional Analysis——Liquidity

3.2.6 Valuation Ratios

3.3 An Example of Ratio Calculations

4 Risk & Defensive Strategies

4.1 The Concept of Leverage in Business Finance

4.2 The Safety Ratio and a Companys Break-Even Level

4.3 Defensive Strategies

4.3.1 Example of Defensive Strategy

4.4 An Example of a Systematic 4-stage Analysis of Case Study #10

4.4.1 Stage Ⅰ

4.4.2 Stage Ⅱ

4.4.3 Stage Ⅲ

4.4.4 Stage Ⅳ

4.4.5 Valuation Ratios

4.5 RR Distributors Analysis Continued

5 Liquidity Management and Sales Growth

5.1 Going Broke While Selling More Than Ever

5.1.1 Liquidity and Sales Growth——Is Rapid Growth inSales Good News or Bad News

6 Working Capital Management

6.1 Introduction

6.2 Modem Communication Technology and the Smaller Company

6.3 - Current Assets

6.4 Cash and Liquidity Management

6.4.1 First Current Asset, Operating Cash

6.4.2 Second Current Asset——Receivables

6.4.3 Inventory Management

6.5 Business Intelligence——The Key Asset

6.5.1 Inventory Richness

6.6 Two Approaches in Measuring the Costs of Receivables and Inventories

6.7 Receivables Management——Introduction

6.7.1 Receivables Management

6.7.2 Summary

6.8 Inventory Management

6.8.1 Introduction

6.8.2 Inventory Management

6.9 Operational Cash Management

6.9.1 Introduction

6.9.2 Global Distributing Example

6.10 Fluctuating Short-Term Debt

6.11 Cash Management

6.11.1 Some Useful Questions to Ask

6.11.2 Accounts Payable Management

6.11.3 Summary

6.12 Investment Analysis

6.12.1 Introduction

6.12.2 Investment Analysis

6.12.3 Summary

7 Fixed Assets

7.1 Capital Budgeting

7.1.1 Example of a Typical Capitalization of a Canadian Corporation

7.1.2 An Example of Spreadsheets Used for Capital Budgeting

7.2 The Analysis of "Financial Leasing"

7.2.1 Cash Flow Lease Analysis （Best Performed Using Spreadsheets as a Tool）

7.2.2 General Observation

8 Budgeting

8.1 Introduction

8.2 Less Common Financial Ratios for Use in Budget Design and Performance Appraisal

8.3 A Particular Type of Budgeting: Pro-Forma Statement Building

8.4 Example of Pro-Forma Statement Building Based on the 1998 Financial Statements of Electronic Distributors Case #4

9 Economic Value Added

9.1 Using Economic Value Added （EVA） as a Strategic Evaluation Tool

9.2 A Fresh Look at the Balance Sheet

9.3 What About EVA Levels

9.4 To Calculate EVA We Need to Know the WACC%

9.5 The Debt/Equity Mixs Effect on WACC%

9.6 Strategies to Raise EVA

9.7 Three Measures of Financial Performance

9.8 Financial Goal-Setting Using EVA

9.8.1 Calculating EVA

9.8.2 Conclusion

9.8.3 Approach One

9.8.4 Approach Two

9.8.5 Approach Three

9.8.6 Approach Four

9.9 Summary

9.10 Some Additional Thoughts about EVA-Enhancing Strategies

10 Foreign Exchange and Interest Rate Risk Management

10.1 Introduction

10.2 Foreign Exchange Risk Management Techniques

10.2.1 FX Forward Contracts

10.3 Foreign Currency Futures

10.3.1 FX Futures Contracts

10.4 Important Differences and Similarities Between FX Forward and FX Future Contracts

10.5 FX Options

10.6 Interest Rate Risk Management

11 Mergers, Acquisitions and Private Equity

11.1 Introduction

11.2 Synergy

11.2.1 Acquisition vs. Merger

11.2.2 Paying for the Purchase

11.2.3 Valuation

11.3 Which Companies are Doing Most of the Buying

11.4 Private Equity Firms Obtain Their Funding in Private Markets

11.4.1 Categories of Private Equity Investments Include

11.5 Will the Explosive Growth of Mergers and Acquisitions Activities Continue

11.6 How Long Can This Go On

Appendix A Solutions to Exercises

Appendix B Case Studies1.15 （Solutions to Case Studies1, 4 and14）

Appendix C Glossary

本书专为非财务经理们学习财务理论而准备。内容包括财务管理中的一系列重要问题。包括财务报表分析、系统的财务评估方法、资产流动性管理与销售增长、流动资本管理、预算、外汇与利率风险管理以及一个非常有用但不易理解的工具——经济增值（EVA）。