ISBN: 10[7300066569] 13[97873000665 1]

Press: Renmin University of China Press

Release date: July 2005-1

Pricing: RMB 46.80.

abstract

"Cultivating influential leaders in the world" is the mission of Harvard Business School. 1908, Harvard Business School was formally established. In order to achieve this mission, Harvard Business School has influenced many different people by implementing various projects. Harvard Business School may be famous for its MBA program, but at the same time, we also pursue our mission through executive education programs (including AMP program and more than 65,438+000 other professional manager training programs) and publications published by Harvard Business School.

Providing advice to excellent institutions is also an important aspect of our mission. In the past 60 years, Harvard Business School has not only provided teaching cases for many institutions in the world, but also helped them and their teachers improve their case teaching ability through various projects. Including: International Teacher Program (ITP), Participant-centered Pedagogy Training Program (CPCL), Case Teaching and Participant-centered Pedagogy Training Program (PCMPCL). Among them, PCMPCL project was started in August 2005. Its purpose is to help major business schools in Chinese mainland, Hongkong, Taiwan Province and Singapore to improve their proficiency in applying case teaching and heuristic teaching in MBA programs, senior management training programs and management practice-oriented research.

Through years of practice, Harvard Business School found that the application of case teaching usually needs to go through three stages. In the first stage, cases are used as examples and explanations of concepts or principles in management classes. The second stage takes case study as the main learning method and case discussion as the support. In the third stage, professors began to apply their achievements in case studies and curriculum development to teaching, so as to better understand and teach how to make decisions.

In order to accomplish our mission, Harvard Business School and Harvard Business School Publishing Company are pleased to join hands with Renmin University of China Press to help China Business School and its professors realize the leap from the second stage to the third stage. Our efforts include: providing 10-day training for professors from Chinese mainland, Hongkong, Taiwan Province and Singapore; Publish a set of case books edited according to the core curriculum of MBA (in Chinese and English); Organize a series of follow-up training courses on case teaching and case writing; Establish China Teachers' Case Service Center.

We do this for two purposes, both of which are closely related to the mission of Harvard Business School. One purpose is to help global educational institutions-as we found in China-develop their own case teaching ability focusing on management practice, thus promoting the promotion of global management education. Another purpose is to help these institutions train teachers who can take the lead in their schools, so that they can write new case studies and teaching materials that can be shared with the world. This case study, which is in line with international standards and related to the specific management practice in China, is urgently needed by management education institutions in China.

We are very glad that Renmin University of China Press and many excellent domestic business schools have joined our team. We hope that the publication of Harvard case books in China will help China's educational institutions, teachers and future professional managers realize their dreams of playing an important role in the global economy.

Editor's recommendation

With the gradual maturity of MBA education, people are no longer unfamiliar with case teaching, and many colleges, especially the first batch of MBA pilot colleges, have generally adopted this model. Case teaching and case writing have also become the important work that the National MBA Teaching Steering Committee attaches great importance to and vigorously promotes. In order to meet the teaching needs, Renmin University of China Press reached an agreement with Harvard Business School Publishing Company to introduce and publish Harvard Business School cases, and selected ten courses around MBA teaching, including: strategic management, human resource management, marketing management, corporate financial management, leadership, organizational behavior, supply chain management, technology and operation management, financial reporting and control, enterprise, government and international economy, which were launched simultaneously in Chinese and English. First, thousands of cases were selected and recommended by professors from Harvard University, and then selected from the list of recommended cases by professors from China, and further adjusted in the process of translation, and finally the current cases were determined.

Over the years, Renmin University of China Press has been making unremitting efforts to build an economic management books brand. In particular, as a market leader in the publication of higher education textbooks, we have been hoping to provide more and better products for management teaching and practice in China. With the expansion of MBA market in China, the increase of students and the improvement and maturity of teachers, we find that the shortage and low quality of case teaching materials have become a big problem. Based on a lot of market research, the case of Harvard Business School has become our first choice to introduce MBA teaching cases. After all, Harvard University was the first to offer MBA education, and its MBA degree program has a history of nearly a hundred years. Harvard case can sell 6 million copies every year, and its case teaching method has gradually been familiar with and used for reference by major universities around the world. As a university press whose mission is to serve higher education, we deeply feel that the introduction of Harvard case is of great significance to the promotion of the theory and practice of business administration education in China. In fact, we introduced and published a set of Harvard business cases in 2002, which were divided into business basic series and practice series, ***2 1, which caused great repercussions at that time, but due to the limitations of conditions, we did not choose cases according to the curriculum.

In the process of operating this set of cases, we have widely listened to the opinions and suggestions of teachers. We find that the introduction and publication of some cases alone cannot meet the actual needs of teaching. For many teachers, how to teach the Harvard case well is a difficult point. At the same time, in the preliminary investigation and preparation work, we also deeply feel that the promotion of the case is no longer limited to the traditional book promotion work. It has surpassed the traditional concept of simply publishing books, and has become an improvement of teaching philosophy and teaching methods, which requires us to provide more and longer-term follow-up services and change the traditional publishing mode.

Just as we are planning to publish this set of case books, the training project on case law and participant-centered learning, which has been brewing for a long time in Harvard Business School, is officially launched. In order to cooperate with PCMPCL project, Harvard Business School Publishing Company invited some professors from 16 universities including Chinese mainland, Hongkong, Taiwan Province Province and Singapore to attend the training of Harvard case teaching in Harvard Business School. The first training is scheduled for August 2005, and the second case teaching and writing training will be held in China from June 5 to February 2005.

At the same time, in order to help teachers make better use of the Harvard case, Renmin University of China Press will also launch auxiliary materials such as teachers' books and teaching videos (for authorization restrictions, only teachers who use the case are provided). After the case is published, we will also provide teaching support to help teachers in China use the case better and more conveniently.

The process of publishing the operation case is arduous, but the result is beautiful and unforgettable. In the cooperation with Harvard Business School Publishing Company, we heard them talk about their mission again and again: improving management practices. In the process of case release, many people have made painstaking efforts. Thank you to Mr. Steve C. Willett, Senior Vice President of Harvard Business School and Professor of Baker Foundation, for writing the preface for our case publication. He played a decisive role in the choice of 10 course in this case book. Without his efforts, the book would not have been published. Thank you to Professor John Quelch, Michael Tushman, Debora Spar, Pankaj Ghemawat, David Hawkins and David Upton for their advice and guidance in the process of our primary selection. Thanks to the following personnel of Harvard Business School and Harvard Business School Publishing Company, who have done a lot of work for the selection of cases: Paul Andrews, Tim Cannon, Ted Dearden, Mike Derocco, Pat Hathaway, Amy Iacovou and Carol Sweet; ; Thanks to Mr. Chen, General Manager of the International Department of Harvard Business School Publishing Company, for facilitating the signing and implementation of the final publishing agreement of this case and completing the whole process of coordination. Finally, I would like to thank all the professors who participated in the translation of the Chinese version of this case. They all have their own heavy teaching tasks. Under the tight publishing time, all professors completed the translation work on time and with good quality.

We hope that the publication of this case book and the subsequent training will affect hundreds, thousands or even tens of thousands of MBA；; We hope that they can adapt to the general trend of internationalization with a brand-new perspective, understand the management methods of modern enterprises, rationally accept the concept of credit business, and promote the greater development of China's economy; We hope to guide the management practice in China through our publications. If this can be done, then all the hard work in the meantime is worth it.

catalogue

NetFlixcom

Whirlpool Europe ltd

Ford Motor Company's Value Enhancement Plan

Dividend Policy of FPL Group Company

Investment analysis and Lockheed Samsung

The value of trees

Merck: Assessing the value of drug licensing opportunities

Notes on commodity futures

The cost of capital of American trading companies

Long-term capital management limited partnership

Financial leverage, capital asset pricing model and cost of equity capital

Coordination of employee pension savings plan in BP Amoco Company

Avon products company

Diageo Corp.

Sampa video

General property trust

Cox communications Corp.

Financing scheme of PPL company's development strategy

Cephalon company

GetConnected company

Risk management of Apache company

Xianfeng group company

Working Capital Management of Dell Company

Compilation and use of cash flow statement

Radio one company

order

Case teaching is the soul of MBA education. Case teaching began in Harvard Business School in the early 20th century. At that time, the dean felt that the cultivation of business talents needed a set of teaching contents and methods that were in line with the actual operation of the enterprise, so he arranged a large number of business executives to teach business experience and exchange discussions with students. This has aroused students' great interest in learning. The college hopes to develop valuable business experience into teaching materials for classroom discussion and analysis, so as to improve students' business analysis and decision-making ability. After decades of development and the promotion of teaching experience, Harvard management case teaching method has finally taken shape. Since 65438-0980 case teaching was introduced into China, case teaching has been widely promoted and applied in MBA education in various schools. Xiamen University, as one of the first nine MBA pilot institutions in China, has cooperated with Canada to offer MBA teaching since 1987. ..

foreword

"Cultivating influential leaders in the world" is the mission of Harvard Business School. 1908, Harvard Business School was formally established. In order to achieve this mission, Harvard Business School has influenced many different people by implementing various projects. Harvard Business School may be famous for its MBA program, but at the same time, we also pursue our mission through executive education programs (including AMP program and more than 65,438+000 other professional manager training programs) and publications published by Harvard Business School. Our publications include Harvard Business Review, Harvard Business School books, online courses and Harvard Business School case studies. Providing advice to excellent institutions is also an important aspect of our mission. In the past 60 years, Harvard Business School has not only provided teaching cases for many institutions in the world, but also helped him through various projects ... Title: Enterprise Financial Management Author: Wu Lifan.

Press: Machinery Industry Press

Release date: 20 10 September 1.

ISBN:9787 1 1 13 14684

Format: 16

Pricing: 48.00 yuan

brief Introduction of the content

Chapter *** 12 of Corporate Financial Management analyzes the main decision-making problems of corporate financial management in a simple way, and emphasizes the goal of creating financial management value in combination with the financial management reality of Chinese enterprises and companies, so that students can systematically master the basic theories, concepts and analysis methods of financial management and become financial management talents who meet the requirements of the company and society.

Enterprise Financial Management is suitable for undergraduates, mba students and enterprise managers who are engaged in practical work. It can be used as a basic teaching material for financial specialty and a supplementary teaching material for financial theory course.

Library catalogue

order

Teaching suggestion

Chapter 1 Introduction to Financial Management 1

1. 1 financial content 2

1. 1. 1 financing 2

1. 1.2 investment 3

1. 1.3 Asset Management 3

1.2 organizational structure of financial management and responsibilities of CFO 3

1.2. 1 financial management organizational structure 3

1.2.2 Responsibilities of CFO 4

1.3 enterprise organization form 5

1.3. 1 sole proprietorship enterprise 5

1.3.2 Partnership 5

1.3.3 corporate enterprise 5

1.4 enterprise and financial management objective 6

1.4. 1 shareholder wealth maximization 6

1.4.2 social responsibility

1.4.3 Economic added value 8

1.5 company value model 9

1.6 corporate governance and principal-agent issues 9

1.6. 1 corporate governance 9

1.6.2 Corporate Governance and Shareholder Wealth

1.6.3 entrusted agent

1.7 tax environment 1 1

1.7. 1 income tax rate 1 1

1.7.2 Depreciation deductible from income tax 1 1

1.7.3 loss carry-over 12

1.8 financial market and financial environment 13

1.8. 1 financial market function 13

1.8.2 financial market classification 13

1.8.3 financial intermediary 14

1.8.4 interest rate 14

Summary of this chapter 16

Minichassis 16

Exercise 17

Chapter II Financial Statements and Financial Performance Analysis 19

2. 1 financial statements 19

2. 1. 1 income statement 19

2. 1.2 Balance Sheet 2 1

2. 1.3 Statement of Changes in Owners' Equity 24

2. 1.4 cash flow statement 26

2.2 Profitability Assessment 30

2.3 Financial Risk Analysis 32

2.3. 1 liquidity ratio 32

2.3.2 Financial leverage ratio

2.4 Operational Efficiency Assessment 33

2.5 P/E ratio 33

Chapter 34 Overview

Micro-box 35

Exercise 39

Chapter III Investment Value and Valuation Page 42

3. 1 Time value of investment 43

3. 1. 1 interest rate and discount rate 43

3. 1.2 Present value and final value 44

3. 1.3 compound interest final value and present value 46

3. 1.4 Final value and present value of annuity 48

3. 1.5 Application of Time Value of Money 57

3. 1.6 Special Problems of Time Value of Money 59

3.2 Bond Pricing 62

Definition and characteristics of bonds

3.2.2 Valuation of bonds 66

3.2.3 Bond Maturity and Interest Rate Sensitivity 68

3.2.4 Term of bonds 69

Bond trading 74

Bond rating 75

3.2.7 Term Structure of Interest Rate 78

3.3 Stock market and stock valuation 8 1

3.3. 1 dividends and capital gains 8 1

3.3.2 Dividend Discount Pricing Model 82

3.3.3 Growth Opportunities and Stock Valuation 87

3.3.4 P/E ratio and stock pricing 89

3.3.5 Types of stock market

Abstract of this chapter 92

Mini box 3- 1 92

Micro-cases 3-2 93

Minichassis 3-3 95

Chapter IV Investment Standards and Investment Decisions 97

4. 1 net present value investment decision-making method 97

4. 1. 1 calculation of net present value 98

4. 1.2 Decision criteria of NPV method 98

4.2 payback period method 100

4.2. 1 static payback period 10 1

4.2.2 Dynamic payback period 103

4.3 average return on investment method 104

4.4 Internal Rate of Return Method 105

4.4. Calculation steps of1IRR 106

4.4.2 Defects of internal rate of return 108

4.4.3 Revised internal rate of return 1 15

4.4.4 External rate of return 1 16

4.5 Net cash interest rate 1 18

4.6 Capital Constraint Model 120

4.7 Estimated cash flow of the project 12 1

4.7. 1 the concept of cash flow 12 1

4.7.2 Project cash flow 122

4.7.3 Cash flow estimation of the project 125

4.7.4 Nominal cash flow and actual cash flow-the impact of inflation 126

4.7.5 Application of Net Present Value Method 128

Summary of this chapter 133

Minichassis 133

Exercise 136

Chapter V Investment Decision under Uncertainty 140

5. 1 decision analysis under uncertainty 140

5. 1. 1 sensitivity analysis 14 1

5. 1.2 scene analysis 144

5. 1.3 breakeven point analysis 145

5.2 Management Options and Decision Tree Analysis 146

5.2. 1 management options 147

5.2.2 Types of management options 148

5.2.3 decision tree analysis 15 1

5.3 Investment Decision under Market Uncertainty 152

5.3. 1 dcf method adopts market price 153.

5.3.2 Competitive Advantage and Economic Rent 154

5.3.3 Economic Rent Forecast 156

Summary of this chapter 159

Mini box 5- 1 159

Minichassis 5-2 16 1

Exercise 162

Chapter VI Expected Benefits and Risks 164

6. 1 expected rate of return and risk 164

6. 1. 1 income and risk of investment 165

6. 1.2 returns and risks of portfolio 169

6. 1.3 risks and Beta 173

6. 1.4 risks and benefits of capital budget portfolio 175

6.2 Estimation of the cost of debt capital and equity capital 176

6.2. 1 long-term borrowing costs 177

6.2.2 Bond cost 178

6.2.3 Cost estimation of equity capital re 180

6.3 Weighted average cost of capital wacc 186

6.3. 1 weighted average cost of capital 187

6.3.2 How do companies use the weighted average cost of capital 188?

6.3.3 Marginal cost of capital 189

6.4 Risk and capital budget 19 1

6.4. 1 leverage coefficient and risk 19 1

6.4.2 Project Risk and Beta Adjustment 195

Summary of this chapter 197

Mini Box 6- 1 197

Minichassis 6-2 200

Exercise 202

Chapter VII Long-term Financing Mode 206

7. 1 Corporate Financing Decision and Capital Market Effectiveness 206

7. 1. 1 investment decision and financing decision 207

7. 1.2 Market Efficiency 208

7. 1.3 Market efficiency and financial manager's decision 2 10

7.2 Equity financing 2 1 1

7.2. 1 private capital financing 2 1 1

Initial public offering 2 16

7.2.3 Stock issuance cost 2 18

7.3 Debt Financing and Bond Financing 2 19

7.3. 1 bond financing characteristics 220

7.3.2 Issuance of bonds

7.3.3 Repayment of bonds 222

Bond rating 226

7.4 Long-term loans 229

7.4. 1 Term Loan 230 Payment Plan

7.4.2 loan agreement terms: 23 1

7.5 Lease Decision 233

7.5. 1 finance lease: rent or borrow 237

7.5.2 Operating lease: rent or buy 240 yuan?

Chapter 246 Summary

The mini-chassis 246

Exercise 247

Chapter 8 Capital Structure and Financing Decision 249

8. 1 capital structure and financial leverage 249

8. 1. 1 financial leverage and its coefficient of 250

8. 1.2 financial leverage and financial risks 252

8.2 Optimal Capital Structure Theory (mm Theorem I and mm Theorem ii) 254

8.2. 1 Purpose of determining capital structure 254

8.2.2 Development of Capital Structure Theory 255

8.2.3 mm theory ii 259

8.3 Taxation, debt financing and financial difficulties 266

8.3. 1 Impact of taxation on capital structure 266

8.3.2 Impact of financial distress on capital structure 267

8.3.3 Balance Theory of Advantages and Disadvantages of Capital Structure 270

8.4 Other theories of capital structure 274

8.4. 1 capital structure dynamic adjustment model 274

8.4.2 Factor Vector Analysis of Dynamic Model 275

8.4.3 Capital structure theory based on signal theory 276

8.4.4 Based on pecking order theory's Capital Structure Theory 277

8.5 Capital Structure and Corporate Competitive Strategy 278

8.5. 1 Growth strategy and capital structure optimization 279

8.5.2 Steady strategy and capital structure optimization 280

8.5.3 Tightening strategy and capital structure optimization 280

Summary of this chapter 28 1

Mini box 8- 1 28 1

Micro-cases 8-2 283

Exercise 284

Chapter IX Combination of Financing Decision and Investment Decision 289

9. 1 adjusted net present value method 290

Basic method of adjusting net present value 290

9. 1.2 Leveraged value of item 293

9. 1.3 tax shield value 293

9.2 Equity cash flow method 294

9.2. 1 Basic method of equity cash flow method 294

9.2.2 fte method full-time equivalent 295

9.3 wacc method 297

9.3. 1 weighted average cost of capital 297

Project evaluation based on wacc 298

9.4 Comparison of three methods 299

9.4. Comparison between1apv method and wacc method 299

9.4.2 Comparison between FTE method and other two methods 300

9.4.3 Application of Three Methods 300

9.5 Beta and Lever Adjustment 302

9.5. Relationship between1beta coefficient and corporate leverage 302

9.5.2 Eliminating leverage effect 303

9.5.3 Determination of β Value of Company Project 305

Chapter 307 Summary

Micro-box 307

Exercise 308

Chapter 10 Dividend Policy 3 1 1

10. 1 dividend policy of the company 3 1 1

10. 1. 1 company dividend policy type 3 1 1

10.10.2 measurement of dividend policy 3 14

10. 1.3 restrictive factors of the company's dividend policy 3 14

Lintner model of dividend distribution 3 16

10.2 types of dividends and payment procedures 3 17

10.2. 1 company dividend type 3 17

10.2.2 dividend payment procedure 320

10.3 western dividend policy theory 32 1

10.3. 1 Perfecting the Capital Market Hypothesis-Dividend Independence Theory 32 1

10.3.2 Imperfect capital market-dividend related theory 323

10.3.3 Perfect Theory-Customer Effect 326

Chapter 328 Summary

Microcapsule 328

Exercise 328

Chapter 1 1 Financial Planning and Short-term Financing 333

1 1. 1 short-term financial planning 333

1 1. 1 business cycle and cash conversion cycle 333

1 1. 1.2 liquidity and short-term financial planning 334

1 1. 1.3 cash budget 340

1 1.2 cash management 342

1 1.2. 1 motivation and cost of cash holding 342

1 1.2.2 Determination of target cash balance 343

1 1.2.3 short-term investment management 349

1 1.3 credit management 349

1 1.3. 1 accounts receivable 349

1 1.3.2 Accounts receivable credit policy 350

1 1.3.3 formulation of the best credit policy 355

1 1.4 inventory management 358

1 1.4. 1 inventory management and its signification.50000.000000000605

1 1.4.2 Reserve inventory cost 359

1 1.4.3 Inventory economic lot size model 360

1 1.4.4 inventory economic lot size model extension 362

Chapter 369 Summary

Mini case /369

Exercise 370

Chapter 12 Company Pricing and Decision No.373

Classification and motivation of 12. 1 M&A 373

Definition of12.1.1m & a373

12. 1.2 M&A classification 374

1.3 M&A motivation 375

12.2 enterprise merger and acquisition theory 378

12.2. 1 efficiency theory 379

Agency problem and managerialism

12.2.3 internalization theory 382

12.2.4 Underestimation Theory

12.3 net present value and cost of company mergers and acquisitions 385

12. 3. 1 target company value appraisal 385

12.3.2 company merger and acquisition payment analysis 390

12.3.3 revenue and cost of company merger and acquisition 395

Financing analysis of 12.4 M&A 399

12.4. 1 internal financing 399

12.4.2 external financing 399

12.5 anti-merger strategy and corporate control

12. 5. 1 pre-defense strategy 40 1

12.5.2 process defense strategy 402

M&A's Trap 402

Chapter 403 Overview

Mini case /403

Exercise 405