公司理财（英文版）

本书根据乔纳森·伯克（JonathanBerk）与彼得·德玛佐（PeterDeMarzo）合著的CorporateFinance改编而成。全书以“一价定律”为主线贯穿始终，全面涵盖了公司理财的脉络、主题和进展，内容涉及套利与财务决策、财务工具、资本预算和证券估价、风险和回报模型、资本结构、投资项目和公司的估值、期权、长期和短期融资、并购、公司治理、风险管理以及国际公司理财等专题。第二篇至第六篇为核心章节。

本书既注重理论阐释，又强调教与学的方法，从而全面地反映了现代公司理财研究与实践的进展，同时又易于读者的学习和把握。本书通过一价定律和估值原理将所有理财决策极其紧密地串连起来，形成内在一致的逻辑链条。内容安排次第铺开、共生互动，每一篇章的中心又清晰而稳固。

本书适合作为财务、金融或相关专业本科生、研究生，以及MBA、MPAcc的公司理财课程教材，它涵盖的财务论题和深度也足以作为更高层次课程的参考书。本书同样适合财务、金融相关领域的从业者阅读。

本书同时配有中文翻译版。

乔纳森·伯克（JonathanBerk）加利福尼亚大学伯克利分校哈斯商学院财务学教授、美国国家经济研究局（NBER）研究员、JoumalofFinance副主编，曾任高盛公司助理合伙人。他对财务金融的研究兴趣涉及公司估值、资本结构、共同基金、资产定价、实验经济学和劳动经济学。曾获多个奖项，包括。TheReviewofFinancialStudies的年度最佳论文、FAME研究奖等。

彼得·德玛佐（PeterDeMarzo）斯坦福商学院瑞穗金融集团财务学教授、NBER研究员。曾执教于哈斯商学院和凯洛格管理学院，还曾担任TheReviewofFinancialstudies.FinancialofManagement.B.E.JoumalsinEconomicAnalysisandPolicy等期刊的副主编，西部金融协会理事、胡佛研究所（HooverInstitution）国家会员。两度荣获斯坦福斯隆卓越教学奖，1998年获得加利福尼亚大学伯克利分校EarlF.Cheit杰出教学成就奖。研究领域涉及公司财务、资产证券化、合约以及市场结构和管制。

姜英兵管理学（财务学）博士，副教授。东北财经大学会计学院财务系副主任，东北财经大学资产评估研究中心副主任。主要研究方向为财务理论以及财务与会计问题的跨学科研究。入选财政部首期全国会计学术带头人后备人才，论文曾荣获第八届全国财务学科建设研究会优秀论文一等奖等多个奖项。

PARTⅠINTRODUCTION1
Chapter1TheCorporation2
1.1TheFourTypesofFirms3
1.2OwnershipVersusControlofCorporations8
1.3TheStockMarket11
Chapter2ArbitrageandFinancialDecisionMaking15
2.1ValuingCostsandBenefits16
2.2InterestRatesandtheTimeValueofMoney19
2.3PresentValueandtheNPVDecisionRule22
2.4ArbitrageandtheLawofOnePrice27
2.5No-ArbitrageandSecurityPrices29
2.6ThePriceofRisk35
2.7ArbitragewithTransactionsCosts41

PARTⅡTOOLS43
Chapter3TheTimeValueofMoney44
3.1TheTimeline45
3.2TheThreeRulesofTimeTravel46
3.3ThePowerofCompounding:AnApplication51
3.4ValuingaStreamofCashFlows52
3.5TheNetPresentValueofaStreamofCashFlows55
3.6Perpetuities,Annuities,andOtherSpecialCases56
3.7SolvingProblemswithaSpreadsheetProgram67
3.8SolvingforVariablesOtherThanPresentValueorFutureValue69
Chapter4InterestRates79
4.1InterestRateQuotesandAdjustments80
4.2TheDeterminantsofInterestRates85
4.3RiskandTaxes92
4.4TheOpportunityCostofCapital94
Chapter5InvestmentDecisionRules98
5.1NPVandStand-AloneProjects99
5.2AlternativeDecisionRules100
5.3MutuallyExclusiveInvestmentOpportunities110
5.4ProjectSelectionwithResourceConstraints115

PARTⅢBASICVALUATION119
Chapter6FundamentalsofCapitalBudgeting120
6.1ForecastingEarnings121
6.2DeterminingFreeCashFlowandNPV129
6.3AnalyzingtheProJect139
Chapter7ValuingBonds143
7.1BondCashFlows,Prices,andYields144
7.2DynamicBehaviorofBondPrices149
7.3TheYieldCurveandBondArbitrage156
7.4CorporateBonds160
Chapter8ValuingStocks169
8.1StockPrices,Returns,andtheInvestmentHorizon170
8.2TheDividend-DiscountModel173
8.3TotalPayoutandFreeCashFlowValuationModels180
8.4ValuationBasedonComparableFirms185
8.5Information,Competition,andStockPrices190

PARTⅣRISKANDRETURN197
Chapter9CapitalMarketsandthePricingofRisk198
9.1AFirstLookatRiskandReturn199
9.2CommonMeasuresofRiskandReturn201
9.3HistoricalReturnsofStocksandBonds204
9.4TheHistoricalTradeoffBetweenRiskandReturn212
9.5CommonVersusIndependentRisk214
9.6DiversificationinStockPortfolios218
9.7EstimatingtheExpectedReturn222
9.8RiskandtheCostofCapital226
9.9CapitalMarketEfficiency228

PARTⅤCAPITALSTRUCTURE231
Chapter10CapitalStructureinaPerfectMarket232
10.1EquityVersusDebtFinancing233
10.2Modigliani-MillerI:Leverage,Arbitrage,andFirmValue237
10.3Modigliani-Millerli:Leverage,Risk,andtheCostofCapital242
10.4CapitalStructureFallacies250
10.5MM:BeyondthePropositions254

Chapter11DebtandTaxes256
11.1TheInterestTaxDeduction257
11.2ValuingtheInterestTaxShield259
11.3RecapitalizingtoCapturetheTaxShield265
11.4OptimalCapitalStructurewithTaxes268
Chapter12PayoutPolicy277
12.1DistributionstoShareholders278
12.2ComparisonofDividendsandShareRepurchases..281
12.3TheTaxDisadvantageofDividends287
12.4DividendCaptureandTaxClienteles291
12.5PayoutVersusRetentionofCash295
12.6SignalingwithPayoutPolicy301
12.7StockDividends,Splits,andSpin-offs306

PARTⅥVALUATION311
Chapter13CapitalBudgetingandValuationwithLeverage312
13.1Overview313
13.2TheWeightedAverageCostofCapitalMethod314
13.3TheAdjustedPresentValueMethod318
13.4TheFlow-to-EquityMethod322
13.5Project-BasedCostsofCapital326
13.6APVwithOtherLeveragePolicies330
13.7OtherEffectsofFinancing334

Chapter14ValuationandFinancialModeling:ACaseStudy342
14.1ValuationUsingComparables343
14.2TheBusinessPlan345
14.3BuildingtheFinancialModel348
14.4EstimatingtheCostofCapital355
14.5ValuingtheInvestment358
14.6SensitivityAnalysis366

PARTⅦOPTIONS369
Chapter15FinancialOptions370
15.1OptionBasics371
15.2OptionPayoffsatExpiration374
15.3Put-CallParity383
15.4FactorsAffectingOptionPrices384
15.5ExercisingOptionsEarly386
15.6OptionsandCorporateFinance391
Chapter16OptionValuation395
16.1TheBinomialOptionPricingModel396
16.2TheBlack-ScholesOptionPricingModel404
16.3Risk-NeutralProbabilities414
16.4RiskandReturnofanOption417
16.5BetaofRiskyDebt420

PARTⅧLONG-TERMFINANCING423
Chapter17TheMechanicsofRaisingEquityCapital424
17.1EquityFinancingforPrivateCompanies425
17.2TheInitialPublicOffering430
17.3TheSeasonedEquityOffering443
Chapter18DebtFinancing448
18.1CorporateDebt449
18.2OtherTypesofDebt455
18.3BondCovenants458
18.4RepaymentProvisions458
Chapter19Leasing466
19.1TheBasicsofLeasing467
19.2Accounting,Tax,andLegalConsequencesofLeasing473
19.3TheLeasingDecision478
19.4ReasonsforLeasing484

PARTIXSHORT-TERMFINANCING489
Chapter20WorkingCapitalManagement490
20.1OverviewofWorkingCapital491
20.2TradeCredit493
20.3ReceivablesManagement496
20.4PayablesManagement499
20.5InventoryManagement501
20.6CashManagement502
Chapter21Short-TermFinancialPlanning506
21.1ForecastingShort-TermFinancingNeeds507
21.2TheMatchingPrinciple512
21.3Short-TermFinancingwithBankLoans514
21.4Short-TermFinancingwithCommercialPaper517
21.5Short-TermFinancingwithSecuredFinancing518