Financial management:
Gespeichert in:
| Vorheriger Titel: | Knott, Geoffrey Understanding financial management |
|---|---|
| 1. Verfasser: | |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Basingstoke [u.a.]
MacMillan
1991
|
| Ausgabe: | Fully rev. and updated ed. |
| Schriftenreihe: | MacMillan professional masters
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Früher u.d.T.: Knott, Geoffrey: Understanding financial management |
| Beschreibung: | XI, 341 S. graph. Darst. |
| ISBN: | 0333524233 |
Internformat
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| 264 | 1 | |a Basingstoke [u.a.] |b MacMillan |c 1991 | |
| 300 | |a XI, 341 S. |b graph. Darst. | ||
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| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a MacMillan professional masters | |
| 500 | |a Früher u.d.T.: Knott, Geoffrey: Understanding financial management | ||
| 650 | 4 | |a Corporations |x Finance |v Problems, exercises, etc | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
List of Figures x
Introduction xi
Part I INTRODUCING FINANCIAL MANAGEMENT 1 The business objective and financial management 3
1.1 The business objective 3
1.2 The role of financial management 7
2 Financial analysis 14
2.1 The need for financial analysis 14
2.2 Indroducing Pike and Newton 15
2.3 How profitable is the business? 17
2.4 Are all resources being effectively employed? 21
2.5 Can the business pay its way? 22
2.6 Has the business overborrowed? 26
2.7 Limitations of ratio analysis 28
Part II INVESTMENT DECISIONS 3 Investment appraisal 33
3.1 The importance of effective investment decisions 33
3.2 The nature of investment decisions 33
3.3 Types of business investment 35
3.4 Methods of appraisal 36
3.5 £1 is worth more now than in a year s time 39
3.6 Working capital 48
3.7 The effect of taxation on cash flows 48
3.8 Investment appraisal and inflation 50
4 Problems with discounted cash flow 55
4.1 NPV or yield rate which should we use? 55
4.2 Mutually exclusive investments with equal
capital outlays 55
4.3 Mutually exclusive investments with different
capital outlays 58
vi Contents
4.4 Projects having more than one yield rate 60
4.5 Projects with unequal lives 60
4.6 How often should assets be replaced? 62
5 Dealing with risk in investment decisions 67
5.1 Introduction 67
5.2 Utility the essence of risk 68
5.3 Probability and risk 70
5.4 Sensitivity analysis 75
5.5 Payback as a risk screening device 79
5.6 Selecting an optimal portfolio 85
5.7 Capial asset pricing model 89
5.8 How best to deal with risk? 90
6 Capital budgeting 93
6.1 Introduction 93
6.2 Investment guidelines and authorisation 94
6.3 Preparing the investment proposal 95
6.4 Ranking projects when capital is rationed 98
6.5 Monitoring the installation of project facilities 100
6.6 Post audit of capital expenditure 101
Part III FINANCIAL PLANNING 7 Establishing the need for finance 105
7.1 Introduction 105
7.2 Business organisations requiring finance 106
7.3 Purpose for which finance is required 107
7.4 How much finance is required? 108
8 Types and sources of finance: an overview H^
8.1 Introduction 113
8.2 Financing by owners or borrowed funds 113
8.3 Loan finance 115
8.4 Trade credit on goods and services 116
8.5 Hire purchasing and leasing 1 7
8.6 Central and local government grants and incentives 117
8.7 Who are the main suppliers of finance? 118
9 Medium term Finance 123
9.1 Introduction I23
9.2 Term loans 123
9.3 Eurocurrency loans 125
9.4 Hire purchase 126
9.5 Leasing 127
Contents vii
10 Finance for small and developing businesses 13S
10.1 The financial problems of being small 135
10.2 Three stages in business development 136
10.3 Financing management buyouts 142
11 Matching the need to the sources of finance 144
11.1 Introduction 144
11.2 Gearing 144
11.3 Further factors influencing the choice of finance 150
11.4 The financing decision 153
Part IV LONG TERM FINANCE 12 Going public and the securities market 159
12.1 Introduction 159
12.2 Going public 159
12.3 Types of shares 161
12.4 The Stock Exchange and the capital market 163
12.5 New issues of securities 165
12.6 Procedure for an issue of securities 168
12.7 Share options 168
12.8 Who are the investors in shares? 170
13 Long term finance for expansion 171
13.1 Introduction 171
13.2 Rights issues of shares 171
13.3 The characteristics of long term debt capital 175
13.4 Convertible securities 180
13.5 Warrants 182
13.6 Sale and leaseback 182
Part V SHARE VALUATION, DIVIDENDS AND COST OF
CAPITAL 14 The investor and share valuation 187
14.1 Introduction 187
14.2 How investors evaluate the performance of their shares 187
14.3 Theoretical share valuation 192
14.4 Efficient stock markets 194
14.5 Why value shares? 195
14.6 Methods of share valuation 196
14.7 General considerations affecting share valuation 200
viii Contents
15 Dividend policy and share valuation 202
15.1 Introduction 202
15.2 Dividends as a residual profit decision 202
15.3 Costs associated with dividend policy 205
15.4 Other arguments supporting the relevance of dividend
policy 206
15.5 Practical factors affecting dividend policy 207
16 Cost of capital 210
16.1 Minimum acceptable rate of return 210
16.2 The effect of gearing on cost of capital 211
16.3 Ascertaining the cost of each type of finance 215
Part VI WORKING CAPITAL MANAGEMENT 17 Financing working capital 227
17.1 What is working capital? 227
17.2 Working capital investment a risk/return trade off 227
17.3 Financing working capital 229
18 Controlling liquidity 237
18.1 What are liquid assets? 237
18.2 Why do we need liquidity? 237
18.3 Efficient cash management a prerequisite 238
18.4 What volume of liquid funds should be held? 239
18.5 Cash forecasting 240
18.6 The range of short term investments available 242
18.7 Keeping the cash balance to a minimum 243
19 Controlling stocks 245
19.1 The need for stock control 245
19.2 What factors influence stock levels? 245
19.3 Optimum stock levels 246
19.4 Minimising the stock control effort 247
19.5 How much to order? 248
19.6 When to order 250
20 Controlling debtors 252
20.1 Justifying investment in debtors 252
20.2 What factors govern investment in debtors? 252
20.3 Assessing the credit status of customers 254
20.4 Establishing credit terms 255
20.5 Changing credit terms 257
Contents ix
Part VII FOREIGN TRADE AND FINANCE 21 Managing foreign currency and investment 265
21.1 Trading overseas 265
21.2 Receiving payment for exports 266
21.3 Insurance against the risk of non payment 268
21.4 Finance for exports 268
21.5 Managing foreign currency why exchange rates
fluctuate 271
21.6 Managing overseas assets and finance 276
Part VIII EXTERNAL EXPANSION 22 Business mergers 281
22.1 Why merge? 281
22.2 Assessing the benefits of merging 282
22.3 Valuation of merging companies 283
22.4 Financial evaluation of an offer to buy shares 285
22.5 Merger, acquisition or takeover? 288
22.6 The offer terms cash or securities? 290
22.7 The regulation of mergers 292
22.8 Defensive action against a merger 293
Appendix A : Present value of£1 297
Appendix B : Cumulative present value of £1 per annum 300
Appendix C : Answers to exercises 303
Index 337
X
List of Figures 1.1 Financial management in the business planning and control
cycle 1
2.1 Information needed for financial management 15
3.1 Graph of NPVs at increasing rates of return 44
4.1 Mutually exclusive projects 57
4.2 Multiple yield rates 61
5.1 Utility function of a risk averter 69
5.2 Histograms of project cash flows 71
5.3 Probability distributions of cash flows 72
5.4 Probability and the normal curve 73
5.5 The risk/return relationship 80
5.6 Positively correlated investment cash flows 84
5.7 Negatively correlated investment cash flows 84
5.8 The efficient frontier 86
5.9 An investor s optimal portfolio 86
5.10 The capital market line 87
6.1 The capital budgeting process 93
6.2 Capital expenditure proposal 97
11.1 EBIT/EPS analysis chart 147
11.2 The financing decision 154
16.1 Excess returns of a share related to those on the market
portfolio 221
17.1 Financing working capital balancing risk with cost 230
19.1 Reorder level when demand and delivery time are known 250
|
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| discipline | Wirtschaftswissenschaften |
| edition | Fully rev. and updated ed. |
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| id | DE-604.BV008844779 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:25:57Z |
| institution | BVB |
| isbn | 0333524233 |
| language | English |
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| physical | XI, 341 S. graph. Darst. |
| publishDate | 1991 |
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| publisher | MacMillan |
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| series2 | MacMillan professional masters |
| spelling | Knott, Geoffrey Verfasser aut Financial management Fully rev. and updated ed. Basingstoke [u.a.] MacMillan 1991 XI, 341 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier MacMillan professional masters Früher u.d.T.: Knott, Geoffrey: Understanding financial management Corporations Finance Problems, exercises, etc Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 s DE-604 Finanzierung (DE-588)4017182-6 s DE-188 Früher u.d.T. Knott, Geoffrey Understanding financial management HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005848700&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Knott, Geoffrey Financial management Corporations Finance Problems, exercises, etc Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4017182-6 |
| title | Financial management |
| title_auth | Financial management |
| title_exact_search | Financial management |
| title_full | Financial management |
| title_fullStr | Financial management |
| title_full_unstemmed | Financial management |
| title_old | Knott, Geoffrey Understanding financial management |
| title_short | Financial management |
| title_sort | financial management |
| topic | Corporations Finance Problems, exercises, etc Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Corporations Finance Problems, exercises, etc Finanzmanagement Finanzierung |
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