Financial Management for Decision Makers
Pearson Education Limited (Verlag)
978-1-292-01606-1 (ISBN)
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Peter Atrill is a freelance academic and author working with leading institutions in the UK, Europe and SE Asia. He has previously held posts as Head of Business and Management and Head of Accounting and Law at University of Plymouth Business School.
Preface
Acknowledgements
How to use this book
Guided tour of the book
Guided tour of the companion website
1 The world of financial management
Introduction
Learning outcomes
The finance function
Structure of the book
Modern financial management
Why do businesses exist?
Balancing risk and return
Behaving ethically
Protecting shareholders' interests
Shareholder involvement
Summary
Key terms
References
Further reading
Review questions
2 Financial planning
Introduction
Learning outcomes
Planning for the future
The role of projected financial statements
Preparing projected financial statements
Preparing the projected statements: a worked example
Projected cash flow statement
Projected income statement
Projected statement of financial position (balance sheet)
Projected financial statements and decision making
Per-cent-of-sales method
Long-term cash flow projections
Taking account of risk
Summary
Key terms
Further reading
Review questions
Exercises
3 Analysing and interpreting financial statements
Introduction
Learning outcomes
Financial ratios
Financial ratio classifications
The need for comparison
Calculating the ratios
A brief overview
Profitability
Efficiency
Relationship between profitability and efficiency
Liquidity
Financial gearing
Investment ratios
Financial ratios and the problem of overtrading
Trend analysis
Using ratios to predict financial failure
Limitations of ratio analysis
Summary
Key terms
References
Further reading
Review questions
Exercises
4 Making capital investment decisions
Introduction
Learning outcomes
The nature of investment decisions
Investment appraisal methods
Accounting rate of return (ARR)
Payback period (PP)
Net present value (NPV)
Why NPV is better
Internal rate of return (IRR)
Some practical points
Investment appraisal in practice
Investment appraisal and strategic planning
Summary
Key terms
Further reading
Review questions
Exercises
5 Making capital investment decisions: further issues
Introduction
Learning outcomes
Investment decisions when funds are limited
Comparing projects with unequal lives
The ability to delay
The problem of inflation
The problem of risk
Sensitivity analysis
Scenario analysis
Simulations
Risk preferences of investors
Risk-adjusted discount rate
The standard deviation and the normal distribution
The expected value-standard deviation rule
Measuring probabilities
The limits of probability analysis
Portfolio effects and risk reduction
Summary
Key terms
Further reading
Review questions
Exercises
6 Financing a business 1: sources of finance
Introduction
Learning outcomes
Sources of finance
External sources of finance
External sources of long-term finance
External sources of short-term finance
Long-term versus short-term borrowing
Internal sources of finance
Internal sources of long-term finance
Internal sources of short-term finance
Summary
Key terms
Further reading
Review questions
Exercises
7 Financing a business 2: raising long-term finance
Introduction
Learning outcomes
The Stock Exchange
Stock market efficiency
Are the stock markets really efficient?
Share issues
Long-term finance for the smaller business
Business angels
Government assistance
The Alternative Investment Market (AIM)
Amazon.com: a case history
Summary
Key terms
References
Further reading
Review questions
Exercises
8 The cost of capital and the capital structure decision
Introduction
Learning outcomes
Cost of capital
Weighted average cost of capital (WACC)
Specific or average cost of capital?
Limitations of the WACC approach
Cost of capital - some evidence
Financial gearing
Degree of financial gearing
Gearing and capital structure decisions
Constructing a PBIT-EPS indifference chart
What determines the level of gearing?
The capital structure debate
Summary
Key terms
References
Further reading
Review questions
Exercises
9 Making distributions to shareholders
Introduction
Learning outcomes
Paying dividends
Dividend distributions in practice
Dividend policy and shareholder wealth
The importance of dividends
Factors determining the level of dividends
Dividend policy and management attitudes: some evidence
Dividend smoothing in practice
What should managers do?
Alternatives to cash dividends
Summary
Key terms
References
Further reading
Review questions
Exercises
10 Managing working capital
Introduction
Learning outcomes
What is working capital?
Managing inventories
Inventories management models
Managing trade receivables
Managing cash
Managing trade payables
Summary
Key terms
Further reading
Review questions
Exercises
11 Measuring and managing for shareholder value
Introduction
Learning outcomes
The quest for shareholder value
Creating shareholder value
The need for new forms of measurement
Net present value (NPV) analysis
Managing the business with shareholder value analysis
Implications of SVA
Economic value added (EVA (R))
Eva (R)-based ratios
EVA (R) and SVA compared
EVA (R) or SVA?
Market value added (MVA)
The link between MVA and EVA (R)
Limitations of MVA
Total shareholder return
Criticisms of the shareholder value approach
Measuring the value of future growth
Implementing the shareholder value approach
Directors' share options and shareholder value
Summary
Key terms
References
Further reading
Review questions
Exercises
12 Business mergers and share valuation
Introduction
Learning outcomes
Mergers and takeovers
Merger and takeover activity
The rationale for mergers
Wealth-enhancing motives for mergers
Other motives for mergers
Forms of purchase consideration
Mergers and financial performance
Who benefits?
The merger puzzle
Ingredients for successful mergers
Rejecting a takeover bid
Restructuring a business: divestments and demergers
The valuation of shares
Choosing a valuation model
Summary
Key terms
References
Further reading
Review questions
Exercises
Appendix A Present value table
Appendix B Annual equivalent factor table
Appendix C Solutions to self-assessment questions
Appendix D Solutions to review questions
Appendix E Solutions to selected exercises
Glossary
| Verlagsort | Harlow |
|---|---|
| Sprache | englisch |
| Maße | 196 x 266 mm |
| Gewicht | 1230 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| ISBN-10 | 1-292-01606-X / 129201606X |
| ISBN-13 | 978-1-292-01606-1 / 9781292016061 |
| Zustand | Neuware |
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