Financial management for decision makers:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
2014
|
| Ausgabe: | 7. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XXI, 630 S. graph. Darst. 27 cm |
| ISBN: | 129201606X 9781292016061 9781292016078 |
Internformat
MARC
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| 250 | |a 7. ed. | ||
| 264 | 1 | |c 2014 | |
| 300 | |a XXI, 630 S. |b graph. Darst. |c 27 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Accounting | |
| 650 | 4 | |a Decision making | |
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Datensatz im Suchindex
| _version_ | 1804152507784495104 |
|---|---|
| adam_text | Titel: Financial management for decision makers
Autor: Atrill, Peter
Jahr: 2014
Preface xiii
Acknowledgements xiv
How to use this book xvii
Guided tour of the book xx
1 The world of financial management i
Introduction 1
Learning outcomes 1
The finance function 2
Structure of the book 4
Modern financial management 4
Why do businesses exist? 5
Balancing risk and return 12
Behaving ethically 14
Protecting shareholders interests 17
Shareholder involvement 20
Summary 27
Key terms 28
References 28
Further reading 29
Review questions 29
2 Financial planning 31
Introduction 31
Learning outcomes 31
Planning for the future 32
The role of projected financial statements 33
Preparing projected financial statements 34
Preparing the projected statements: a worked example 35
Projected cash flow statement 36
Projected income statement 40
Projected statement of financial position (balance sheet) 42
Projected financial statements and decision making 43
Per-cent-of-sales method 45
Long-term cash flow projections 49
Taking account of risk 54
Summary 59
Key terms 61
Further reading 61
Review questions 61
Exercises 61
3 Analysing and interpreting financial statements 69
Introduction 69
Learning outcomes 69
Financial ratios 70
Financial ratio classifications 70
The need for comparison 72
Calculating the ratios 73
A brief overview 75
Profitability 76
Efficiency 83
Relationship between profitability and efficiency 88
Liquidity 90
Financial gearing 92
Investment ratios 95
Financial ratios and the problem of overtrading 101
Trend analysis 103
Using ratios to predict financial failure 104
Limitations of ratio analysis 109
Summary 115
Key terms 116
References 116
Further reading 117
Review questions 117
Exercises 117
4 Making capital investment decisions 125
Introduction 126
Learning outcomes 125
The nature of investment decisions 126
Investment appraisal methods 127
Accounting rate of return (ARR) 126
Payback period (PP) 133
Net present value (NPV) 136
Why NPV is better 144
Internal rate of return (IRR) 146
Some practical points 136
Investment appraisal in practice 134
Investment appraisal and strategic planning 136
The investment appraisal process 137
Investment decisions and human behaviour 162
Summary 163
Key terms 165
Further reading 165
Review questions 166
Exercises 166
5 Making capital investment decisions: further issues 173
Introduction 173
Learning outcomes 173
Investment decisions when funds are limited 174
Comparing projects with unequal lives 177
The ability to delay 180
The problem of inflation 181
The problem of risk 182
Sensitivity analysis 184
Scenario analysis 191
Simulations 191
Risk preferences of investors 193
Risk-adjusted discount rate 196
Expected net present value 197
Event tree diagrams 201
Risk and the standard deviation 204
The standard deviation and the normal distribution 208
The expected value-standard deviation rule 209
Measuring probabilities 209
The limits of probability analysis 210
Portfolio effects and risk reduction 211
Summary 219
Key terms 221
Further reading 221
Review questions 221
Exercises 222
6 Financing a business 1 : sources of finance 227
Introduction 227
Learning outcomes 227
Sources of finance 228
External sources of finance 228
External sources of long-term finance 229
External sources of short-term finance 249
Long-term versus short-term borrowing 253
Internal sources of finance 255
Internal sources of long-term finance 255
Internal sources of short-term finance 257
Summary 261
Key terms 263
Further reading 263
Review questions
Exercises
264
264
7 Financing a business 2: raising long-term finance 269
Introduction 269
Learning outcomes 269
The Stock Exchange 270
Stock market efficiency 275
Are the stock markets really efficient? 280
Share issues 284
Long-term finance for the smaller business 292
Business angels 301
Government assistance 304
The Alternative Investment Market (AIM) 305
Amazon.com: a case history 307
Summary 308
Key terms 309
References 309
Further reading 310
Review questions 310
Exercises 310
8 The cost of capital and the capital structure decision 315
Introduction 315
Learning outcomes 315
Cost of capital 316
Weighted average cost of capital (WACC) 330
Specific or average cost of capital? 333
Limitations of the WACC approach 334
Cost of capital - some evidence 334
Financial gearing 336
Degree of financial gearing 339
Gearing and capital structure decisions 341
Constructing a PBIT-EPS indifference chart 344
What determines the level of gearing? 346
The capital structure debate 348
Summary 360
Key terms 361
References 361
Further reading 361
Review questions 362
Exercises 362
9 Making distributions to shareholders 371
Introduction 371
Learning outcomes 371
Paying dividends 372
Dividend distributions in practice 373
Dividend policy and shareholder wealth 376
The importance of dividends 382
Factors determining the level of dividends 386
Dividend policy and management attitudes: some evidence 390
Dividend smoothing in practice 392
What should managers do? 393
Alternatives to cash dividends 394
Summary 401
Key terms 403
References 403
Further reading 403
Review questions 403
Exercises 404
10 Managing working capital 407
Introduction 407
Learning outcomes 407
What is working capital? 408
The scale of working capital 409
Managing inventories 412
inventories management models 418
Managing trade receivables 423
Managing cash 433
Managing trade payables 441
Summary 445
Key terms 447
Further reading 447
Review questions 448
Exercises 448
11 Measuring and managing for shareholder value 455
Introduction 455
Learning outcomes 455
The quest for shareholder value 456
Creating shareholder value 456
The need for new forms of measurement 457
Net present value (NPV) analysis 459
Managing the business with shareholder value analysis 466
Implications of SVA 467
Economic value added (EVA®) 467
Eva®-based ratios 472
EVA® in practice 473
EVA® and SVA compared 476
EVA® or SVA? 477
Market value added (MVA) 479
The link between MVA and EVA® 480
Limitations of MVA 481
Total shareholder return 483
Criticisms of the shareholder value approach 487
Measuring the value of future growth 488
Implementing the shareholder value approach 489
Directors share options and shareholder value 490
Summary 494
Key terms 496
References 496
Further reading 496
Review questions 496
Exercises 497
12 Business mergers and share valuation soi
introduction 501
Learning outcomes 501
Mergers and takeovers 502
Merger and takeover activity 503
The rationale for mergers 503
Wealth-enhancing motives for mergers 504
Other motives for mergers 509
Forms of purchase consideration 513
Mergers and financial performance 516
Who benefits? 519
The merger puzzle 522
Ingredients for successful mergers 523
Rejecting a takeover bid 524
Restructuring a business: divestments and demergers 526
The valuation of shares 529
Choosing a valuation model 542
Summary 542
Key terms 544
References 545
Further reading 545
Review questions 545
Exercises 546
Appendix A Present value table 555
Appendix B Annual equivalent factor table 557
Appendix C Solutions to self-assessment questions 559
Appendix D Solutions to review questions 571
Appendix E Solutions to selected exercises 581
Glossary 605
Index 515
|
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| institution | BVB |
| isbn | 129201606X 9781292016061 9781292016078 |
| language | English |
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| physical | XXI, 630 S. graph. Darst. 27 cm |
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