第1 章　 總論 ······································ 1 1.1　 財(cái)務(wù)管理的對(duì)象和內(nèi)容 ················· 2 1.1.1　 財(cái)務(wù)管理的對(duì)象—資金運(yùn)動(dòng) 及其體現(xiàn)的財(cái)務(wù)關(guān)系 ·············· 2 1.1.2　 財(cái)務(wù)管理的內(nèi)容 ···················· 6 1.2　 財(cái)務(wù)管理目標(biāo)及其社會(huì)責(zé)任 ··········· 7 1.2.1　 財(cái)務(wù)管理目標(biāo) ······················ 7 1.2.2　 財(cái)務(wù)管理目標(biāo)與社會(huì)責(zé)任 ·······11 1.3　 財(cái)務(wù)管理體制 ···························11 1.3.1　 企業(yè)組織形式 ·····················12 1.3.2　 財(cái)務(wù)管理體制 ·····················15 1.4　 財(cái)務(wù)管理的環(huán)節(jié) ························16 1.5　 財(cái)務(wù)管理的環(huán)境 ························17 1.5.1　 政治環(huán)境 ···························17 1.5.2　 法律環(huán)境 ···························17 1.5.3　 經(jīng)濟(jì)環(huán)境 ···························18 1.5.4　 金融市場(chǎng)環(huán)境 ·····················19 1.5.5　 其他外部環(huán)境 ·····················20 習(xí)題 ·············································20 第2 章　 財(cái)務(wù)管理基礎(chǔ) ·························24 2.1　 利 率 ·································25 2.1.1　 利率的概念與分類(lèi) ················25 2.1.2　 決定利率高低的基本因素 ·······27 2.1.3　 未來(lái)利率水平的測(cè)算 ·············28 2.2　 資金時(shí)間價(jià)值 ···························29 2.2.1　 資金時(shí)間價(jià)值的概念 ·············29 2.2.2　 復(fù)利終值和現(xiàn)值的計(jì)算 ··········30 2.3　 風(fēng)險(xiǎn)與風(fēng)險(xiǎn)報(bào)酬 ························38 2.3.1　 風(fēng)險(xiǎn)的定義 ························38 2.3.2　 風(fēng)險(xiǎn)的類(lèi)型 ························39 2.3.3　 風(fēng)險(xiǎn)報(bào)酬的定義 ···················39 2.3.4　 單項(xiàng)投資風(fēng)險(xiǎn)與報(bào)酬的衡量 ····40 2.3.5　 證券投資組合的風(fēng)險(xiǎn)與報(bào)酬 ····44 習(xí)題 ·············································51 第3 章　 財(cái)務(wù)分析 ·······························56 3.1　 財(cái)務(wù)分析概述 ···························57 3.1.1　 財(cái)務(wù)分析的目的 ···················57 3.1.2　 財(cái)務(wù)分析的信息基礎(chǔ) ·············58 3.1.3　 財(cái)務(wù)分析的方法 ···················62 3.2　 企業(yè)償債能力分析 ·····················65 3.2.1　 短期償債能力分析 ················65 3.2.2　 長(zhǎng)期償債能力分析 ················68 3.2.3　 影響企業(yè)償債能力的 其他因素 ···························70 3.3　 企業(yè)營(yíng)運(yùn)能力分析 ·····················71 3.3.1　 流動(dòng)資產(chǎn)營(yíng)運(yùn)能力分析 ··········71 3.3.2　 固定資產(chǎn)營(yíng)運(yùn)能力分析 ··········74 3.3.3　 總資產(chǎn)營(yíng)運(yùn)能力分析 ·············74 3.4　 企業(yè)盈利能力分析 ·····················75 3.4.1　 各類(lèi)企業(yè)盈利能力分析 通用指標(biāo) ···························75 3.4.2　 股份制企業(yè)盈利能力分析 專(zhuān)用指標(biāo) ···························78 3.5　 企業(yè)發(fā)展能力分析 ·····················81 3.5.1 營(yíng)業(yè)收入增長(zhǎng)率 ···················81 3.5.2 利潤(rùn)增長(zhǎng)率 ························81 3.5.3 總資產(chǎn)增長(zhǎng)率 ·····················81 3.5.4 股東權(quán)益增長(zhǎng)率 ···················82 3.5.5 經(jīng)營(yíng)現(xiàn)金凈流量增長(zhǎng)率 ··········82 3.6　 企業(yè)財(cái)務(wù)趨勢(shì)分析 ·····················83 3.6.1　 比較財(cái)務(wù)報(bào)表 ·····················83 3.6.2　 比較結(jié)構(gòu)百分比財(cái)務(wù)報(bào)表 ·······87 3.6.3　 比較財(cái)務(wù)比率 ·····················90 3.7　 企業(yè)財(cái)務(wù)綜合分析與評(píng)價(jià) ·············91 3.7.1　 杜邦分析體系 ·····················91 3.7.2　 帕利普財(cái)務(wù)分析體系—杜邦 財(cái)務(wù)分析體系的變形與發(fā)展 ····95 習(xí)題 ·············································96 第4 章　 籌資方式 ····························· 101 4.1　 籌資概論 ······························· 102 4.1.1　 企業(yè)籌資的目標(biāo) ················· 102 4.1.2　 籌資的種類(lèi) ······················ 102 4.1.3　 企業(yè)籌資的渠道與方式 ········ 104 4.1.4　 資金需要量的預(yù)測(cè) ·············· 106 4.1.5　 企業(yè)籌資組合 ··················· 112 4.2　 股權(quán)性籌資 ···························· 115 4.2.1　 投入資本籌資 ··················· 115 4.2.2　 發(fā)行普通股籌資 ················· 116 4.3　 債權(quán)性籌資 ···························· 123 4.3.1　 發(fā)行債券籌資 ··················· 123 4.3.2　 長(zhǎng)期借款籌資 ··················· 128 4.3.3　 租賃籌資 ························· 130 4.4　 混合性籌資 ···························· 134 4.4.1　 優(yōu)先股籌資 ······················ 134 4.4.2　 發(fā)行可轉(zhuǎn)換債券籌資 ··········· 136 4.4.3　 認(rèn)股權(quán)證籌資 ··················· 138 習(xí)題 ··········································· 139 第5 章　 籌資決策 ····························· 143 5.1　 資本成本 ······························· 144 5.1.1　 資本成本概述 ··················· 144 5.1.2　 資本成本的測(cè)算 ················· 146 5.2　 杠桿原理 ······························· 153 5.2.1　 成本習(xí)性、邊際貢獻(xiàn)和 息稅前利潤(rùn) ······················ 153 5.2.2　 經(jīng)營(yíng)杠桿 ························· 155 5.2.3　 財(cái)務(wù)杠桿 ························· 158 5.2.4　 復(fù)合杠桿 ························· 162 5.3　 資本結(jié)構(gòu) ······························· 163 5.3.1　 資本結(jié)構(gòu)的含義 ················· 163 5.3.2　 資本結(jié)構(gòu)理論 ··················· 163 5.3.3　 資本結(jié)構(gòu)的影響因素 ··········· 165 5.3.4　 資本結(jié)構(gòu)決策方法 ·············· 166 習(xí)題 ··········································· 169 第6 章　 投資管理 ····························· 173 6.1　 企業(yè)投資概述 ························· 173 6.1.1　 企業(yè)投資的意義 ················· 173 6.1.2　 企業(yè)投資的分類(lèi) ················· 174 6.1.3　 投資活動(dòng)的業(yè)務(wù)流程 ··········· 175 6.2　 項(xiàng)目投資 ······························· 176 6.2.1　 項(xiàng)目投資的特點(diǎn) ················· 177 6.2.2　 現(xiàn)金流量估算 ··················· 177 6.2.3　 項(xiàng)目投資決策指標(biāo) ·············· 182 6.2.4　 項(xiàng)目投資決策指標(biāo)的應(yīng)用 ····· 190 6.3　 證券投資管理 ························· 196 6.3.1　 證券投資概述 ··················· 196 6.3.2　 債券投資 ························· 197 6.3.3　 股票投資 ························· 202 習(xí)題 ··········································· 204 第7 章　 營(yíng)運(yùn)資金管理 ······················· 209 7.1　 營(yíng)運(yùn)資金概述 ························· 210 7.1.1　 營(yíng)運(yùn)資金的概念和特點(diǎn) ········ 210 7.1.2　 企業(yè)資產(chǎn)組合 ··················· 211 7.2　 現(xiàn)金管理 ······························· 212 7.2.1　 現(xiàn)金的持有動(dòng)機(jī)與成本 ········ 212 7.2.2　 最佳現(xiàn)金持有量的確定 ········ 213 7.2.3　 現(xiàn)金日常管理 ··················· 217 7.3　 應(yīng)收款項(xiàng)管理 ························· 218 7.3.1　 應(yīng)收款項(xiàng)的功能與成本 ········ 218 7.3.2　 信用政策 ························· 219 7.3.3　 應(yīng)收款項(xiàng)的日常管理 ··········· 221 7.4　 存貨管理 ······························· 222 7.4.1　 存貨管理目標(biāo) ··················· 222 7.4.2　 存貨成本 ························· 223 7.4.3　 存貨經(jīng)濟(jì)批量模型 ·············· 224 7.4.4　 存貨日�？刂� ··················· 226 7.5　 流動(dòng)負(fù)債管理 ························· 229 7.5.1　 短期借款管理 ··················· 229 7.5.2 短期融資券管理 ················· 231 7.5.3　 商業(yè)信用籌資管理 ·············· 232 習(xí)題 ··········································· 235 第8 章　 財(cái)務(wù)預(yù)算 ····························· 239 8.1　 全面預(yù)算 ······························· 240 8.1.1　 預(yù)算的本質(zhì) ······················ 240 8.1.2　 全面預(yù)算的內(nèi)容 ················· 240 8.1.3　 全面預(yù)算的分類(lèi) ················· 240 8.1.4　 全面預(yù)算的作用 ················· 241 8.2　 財(cái)務(wù)預(yù)算的內(nèi)容和地位 ·············· 242 8.2.1　 財(cái)務(wù)預(yù)算的內(nèi)容 ················· 242 8.2.2　 財(cái)務(wù)預(yù)算在全面預(yù)算體系中的 地位 ······························· 242 8.3　 財(cái)務(wù)預(yù)算的編制方法 ················ 242 8.3.1　 固定預(yù)算與彈性預(yù)算 ··········· 242 8.3.2　 增量預(yù)算與零基預(yù)算 ··········· 245 8.3.3　 定期預(yù)算與滾動(dòng)預(yù)算 ··········· 247 8.4　 財(cái)務(wù)預(yù)算的編制程序 ················ 248 8.4.1　 業(yè)務(wù)預(yù)算的編制 ················· 249 8.4.2　 專(zhuān)門(mén)決策預(yù)算的編制 ··········· 254 8.4.3　 財(cái)務(wù)預(yù)算的編制 ················· 255 習(xí)題 ··········································· 259 第9 章　 財(cái)務(wù)控制 ····························· 267 9.1　 財(cái)務(wù)控制概述 ························· 268 9.1.1　 財(cái)務(wù)控制的含義和特征 ········ 268 9.1.2　 財(cái)務(wù)控制的基本內(nèi)容 ··········· 268 9.1.3　 財(cái)務(wù)控制的方式 ················· 269 9.2　 責(zé)任中心財(cái)務(wù)控制 ··················· 270 9.2.1　 成本中心 ························· 271 9.2.2　 利潤(rùn)中心 ························· 272 9.2.3　 投資中心 ························· 273 9.3　 責(zé)任預(yù)算、責(zé)任報(bào)告與 業(yè)績(jī)考核 ······························· 273 9.3.1　 責(zé)任預(yù)算 ························· 273 9.3.2　 責(zé)任報(bào)告 ························· 276 9.3.3　 業(yè)績(jī)考核 ························· 278 9.4　 責(zé)任結(jié)算 ······························· 280 9.4.1　 內(nèi)部轉(zhuǎn)移價(jià)格的作用 ··········· 280 9.4.2　 內(nèi)部轉(zhuǎn)移價(jià)格的類(lèi)型 ··········· 281 習(xí)題 ··········································· 282 第10 章　 利潤(rùn)分配管理 ······················ 288 10.1　 利潤(rùn)分配概述 ························ 288 10.1.1　 利潤(rùn)的構(gòu)成 ····················· 288 10.1.2　 利潤(rùn)分配的順序 ··············· 289 10.1.3　 利潤(rùn)分配的原則 ··············· 290 10.1.4　 利潤(rùn)分配的影響因素 ········· 291 10.2　 股利政策 ····························· 293 10.2.1 股利政策的基本理論 ········· 293 10.2.2 股利政策的類(lèi)型 ··············· 294 10.2.3 股利的支付方式 ··············· 295 10.2.4 股利的發(fā)放程序 ··············· 296 10.3　 股票分割與股票回購(gòu) ··············· 297 10.3.1 股票分割 ························ 297 10.3.2 股票回購(gòu) ························ 298 習(xí)題 ··········································· 300 附錄 資金時(shí)間價(jià)值系數(shù)表 ·················· 306 參考文獻(xiàn) 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