سرمایه‌گذاری و تأمین مالی: راهنمای عملی برای ارزیابی مالی

The requirement to maximise value for shareholders is at the core of any corporate investment or financing decision. The intrinsic value of proposed investments should be assessed before deciding how much capital to allocate; the benefits and risks associated with each available source of finance should be considered when capital is being raised; and capital, and any associated financial risks, should be managed in a way that continues to maximise value. At every stage, an analysis should be carried out to ensure the decision is optimal for shareholders and other capital providers. This book provides practical guidance on the application of financial evaluation techniques and methods (mainly covered in Appendices), as well as comprehensive coverage of traditional corporate finance topics, discussed in the context of capital investment, raising and management and financial risk management (using derivatives). Models, formulae and other quantitative techniques are illustrated in over 100 examples (using only basic mathematics). Topics discussed include the following: * business appraisal using financial ratios * corporate valuation (mainly discounted cash flow and real options) *investment appraisal techniques * acquisition structuring and evaluation * the nature of loans and loan agreements * features and pricing of bonds (straight and convertible) * leasing (including leveraged leasing) * equity raising (Initial Public Offerings) * long and short term capital management * basic pricing of derivatives (forwards, futures, options, swaps) * interest rate and currency risk management using derivatives Capital Investment & Financing provides a comprehensive, in-depth coverage of concepts, methods and techniques involved when evaluating acquisitions and other investments, assessing financing opportunities, and managing capital. The core chapters provide practical guidance on key corporate finance topics; the Appendices contain more quantitative material, focusing on pricing techniques. Examples are used throughout, and an integrated case study (fictional) in the final Appendix uses many of the techniques discussed. *Discusses all key areas of corporate investing and financing, focusing on key financial issues *Concise, thorough and technical, it enables to reader to acquire knowledge effectively *Can be used in everyday analysis and decision making Cover......Page 1 Contents......Page 8 List of Equations, Examples and Exhibits......Page 12 Preface......Page 20 Examples......Page 0 Capital Expenditure on Tangible Assets......Page 25 Introduction......Page 26 1.1 Transaction Process for Majority Acquisition – Key Stages......Page 27 1.2 Financial Due Diligence – Key Questions......Page 29 Financial Evaluation......Page 32 Corporate Valuation......Page 34 Valuing Real Options......Page 49 1.4 Main valuation multiples......Page 52 Purchase Price......Page 54 1.5 Purchase Consideration - Issues......Page 57 Introduction......Page 65 Loans......Page 67 Corporate Bonds......Page 82 Initial Public Offerings......Page 89 Rights Issues......Page 91 Warrants......Page 93 Debt......Page 95 Equity......Page 97 Working Capital......Page 103 Measuring Interest Rate Risk......Page 113 Forward Interest Rate Contracts......Page 114 Nature of Currency Risk......Page 155 Debt Ratios......Page 174 Pricing Techniques......Page 176 The Discount Rate for International Investment......Page 205 Valuation Approaches......Page 208 B2.12 Bond Price Volatility: Coupon and Maturity effect......Page 239 Binomial Model......Page 265 Probability Distributions - Towards Black-Scholes......Page 283 Binomial Model Revisited – Setting the Parameters......Page 300 Convertible Bonds......Page 318 B5.8 Warrant Pricing......Page 329 Lease Classification......Page 337 C1 The Lessor’s NPV and IRR (Pre-tax)......Page 338 Leveraged Leasing......Page 347 Examples......Page 364 Bibliography......Page 430 Index......Page 434 1.2 Weighted Average Cost of Capital......Page 37 1.5 International DCF Valuation with Parity Conditions......Page 47 2.3 Rights Issue......Page 92 3.1 Bond Refinancing......Page 96 3.2 Share Buyback Impact......Page 98 3.3 Trade Receivables Securitisation......Page 106 4.4 Hedging with Short Term Interest Rate Futures – Two Interest Periods......Page 124 4.5 Basis Risk for Short Term Interest Rate Futures......Page 129 4.11 Hedging with Bond Futures II......Page 145 4.13 Basic Pricing of an Interest Rate Swap......Page 151 4.16 Basic Pricing of a Currency Swap......Page 160 A1 Constant, Sustainable Growth Ratio......Page 172 B1.6 Pre- and Post-tax IRR......Page 182 B1.10 IRRs and Reinvestment Rates......Page 184 B1.11 NPV and Return On Invested Capital (ROIC)......Page 185 B1.13 Certainty Equivalents......Page 188 B2.2 Simple Interest, paid semi-annually......Page 227 B2.9 Semi-Annual Coupon Bond Price during Coupon Period......Page 234 B2.11 Valuing a Bond with Zero Coupon Discount Rates......Page 238 B2.15 Convexity: Coupon and Maturity effect......Page 245 B4.3 American Call Option – No dividends – Binomial Tree – 5 periods......Page 271 B4.6 American Put Option / Call Option – Dividends – Binomial Tree – 12 periods......Page 278 B4.10 European Call Option – No dividends – Black – Scholes Model......Page 295 B4.12 European Call Option – Convergence of Black – Scholes to Binomial......Page 298 B5.1 Real Options Valuation – Binomial Tree......Page 311 C2 Lessor’s IRR and Residual Values......Page 339 C3 Lessor's Lease vs Purchase decision......Page 340 C4 Lease Yield / Profit measures......Page 344 C5 UK Accounting - 90% Finance Lease Test......Page 351 C6 UK Lessee - Finance Lease Accounting......Page 352 C9 UK Lessor - Finance Lease Taxation......Page 355 C10 Leveraged Lease......Page 356 1.3 Accounting Measures used in Valuation......Page 35 4.1 LIFFE June 2004 Long Gilt Contract......Page 134 C1 UK Accounting and Tax for Leases......Page 350