具体描述
《财务学基础:财务管理逻辑与实务(第2版)》为世界工商管理名典系列之一。
宏观经济学原理：理解现代经济的脉络 本书聚焦于解释现代经济体系的运行机制、关键驱动力及其相互影响，旨在为读者构建一个全面、深入的宏观经济学分析框架。 第一部分：宏观经济学的核心概念与衡量指标 本部分将奠定读者理解宏观经济现象的基础，详细阐述衡量经济体健康与绩效的关键工具。 第一章：宏观经济学的研究范畴与基本问题 经济周期的波动性： 深入探讨经济增长的长期趋势与短期波动之间的关系。分析经济衰退和繁荣的本质特征，以及这些周期如何影响就业、投资和消费决策。 跨国经济的差异： 对比不同国家和地区的经济结构、发展阶段及面临的独特挑战。探究为什么一些国家能实现持续高速增长，而另一些国家却陷入长期停滞。 政策制定的复杂性： 介绍宏观经济政策（财政和货币政策）制定的目标（如充分就业、物价稳定、可持续增长）及其内在的权衡取舍。 第二章：国民收入核算体系（GDP及其局限性） 国内生产总值（GDP）的精确计算： 详细解析GDP的三种核算方法（生产法、支出法、收入法），强调其在统计实践中的操作细节和数据调整过程。 名义GDP与实际GDP的区分： 深入讲解通货膨胀对GDP衡量的扭曲效应。引入GDP平减指数（Deflator）的构建逻辑，及其在衡量真实经济产出中的重要性。 超越GDP的衡量标准： 批判性地考察GDP作为福利指标的不足。探讨国民幸福总值（GNH）、绿色核算（Green Accounting）以及人力资本投资等替代或补充指标，以更全面地评估社会福祉。 第三章：失业与通货膨胀的动态分析 失业的类型与根源： 精准区分摩擦性失业、结构性失业和周期性失业。分析劳动力市场的供需失衡机制，并讨论如何通过劳动力市场改革来降低自然失业率。 通货膨胀的测量与成本： 详细介绍消费者物价指数（CPI）和生产者物价指数（PPI）的篮子构建方法及适用场景。量化分析通货膨胀对储蓄、投资、收入分配（如“鞋底成本”与“菜单成本”）的具体影响。 菲利普斯曲线的演变： 追溯短期和长期菲利普斯曲线的理论发展，分析预期在通胀形成中的核心作用，以及“自然失业率”概念对政策制定的约束。 第二部分：经济增长与长期均衡 本部分着重于分析经济体实现长期、可持续增长的内在动力和外部条件。 第四章：经济增长的内生与外生决定因素 索洛（Solow）增长模型的精髓： 详细推导资本积累、劳动力增长和技术进步对稳态人均产出的影响。重点分析“收敛性假说”及其在现实中的适用性。 技术进步的核心地位： 将重点转向技术创新作为长期增长的唯一可持续驱动力。探讨知识的外溢效应（Spillovers）和研发（R&D）投资的回报机制。 人力资本与制度环境： 分析教育水平、健康状况对劳动生产率的提升作用。同时，考察产权保护、法治和政府效率等制度性因素如何影响长期投资决策和创新活力。 第五章：储蓄、投资与资本积累的跨期优化 跨期消费决策： 运用拉姆齐（Ramsey）模型或类似框架，分析家庭如何在不同时间点分配收入，以及利率如何影响其代际间的资源配置。 “托宾Q”与投资行为： 解释企业进行新投资的决策标准，即评估现有资产市场价值与其重置成本之间的关系。 储蓄的国民收入恒等式： 阐明在一个封闭经济中，储蓄必须等于投资（S=I）的原理，以及在开放经济中，这种关系如何扩展到净资本流出。 第三部分：货币、金融与宏观经济政策 本部分深入剖析货币体系的功能，中央银行的角色，以及宏观政策如何干预经济波动。 第六章：货币的本质、银行体系与货币乘数 货币的职能与形式： 辨析货币的交易媒介、记账单位和价值储藏功能。考察从实物货币到法定货币的演变历史。 商业银行的运作机制： 详细解释部分准备金制度下，商业银行如何通过信贷扩张创造货币。推导并分析货币乘数的具体计算过程及影响因素（如超额准备金率和现金偏好）。 中央银行的工具箱： 深入分析公开市场操作、法定准备金率调整和贴现率政策的传导机制及其对货币供给量的精确控制能力。 第七章：总需求与总供给模型（AD-AS） 总需求（AD）曲线的推导： 综合考虑流动性偏好、财富效应和汇率效应，解释为什么总需求曲线向下倾斜。分析财政和货币政策如何移动AD曲线。 短期与长期总供给（AS）曲线： 分析短期内供给价格的粘性（工资和价格刚性）如何导致供给曲线向上倾斜。阐述在长期内，经济如何回归到潜在产出水平（自然率）。 政策效果的动态分析： 利用AD-AS框架，模拟和评估在面对需求冲击（如信心危机）和供给冲击（如能源价格上涨）时，不同政策组合（财政/货币扩张或紧缩）的短期和长期效应。 第八章：财政政策与债务的可持续性 财政政策的有效性： 分析乘数效应及其在不同经济情景下的变化。讨论“李嘉图等价”理论对财政刺激效果的挑战。 政府赤字与公共债务： 探讨长期财政赤字积累的后果，包括挤出效应（Crowding Out）对私人投资的抑制。 代际公平与债务负担： 分析政府债务的代际转移效应，并探讨在何种条件下，高额债务不会对未来经济增长构成实质性威胁（如债务/GDP比率的动态稳定）。 第四部分：开放经济的宏观经济学 本部分将理论框架扩展至国际领域，分析全球化背景下的贸易、汇率与资本流动。 第九章：国际收支与汇率决定 国际收支平衡表（BoP）： 详细解析经常账户、资本和金融账户的结构及其恒等关系（CA + K/F = 0）。重点分析贸易逆差的含义和可持续性。 汇率制度的比较： 比较固定汇率制、浮动汇率制和有管理的浮动汇率制的优缺点，及其对国内货币政策独立性的影响。 汇率决定的理论： 深入讲解购买力平价（PPP）和利率平价（IP）理论，分析长期和短期的决定因素。 第十章：开放经济下的宏观政策协调 蒙代尔-弗莱明（Mundell-Fleming）模型： 使用这一核心模型，分析在不同资本流动性水平下（资本完全流动或不流动），以及不同汇率制度下，货币政策和财政政策对产出和汇率的影响。 国际套利与政策约束： 阐述在全球资本自由流动的环境下，各国央行在维持汇率稳定和独立实施货币政策之间所面临的“三元悖论”。 全球失衡与政策应对： 探讨全球储蓄过剩（或投资不足）如何导致某些国家出现长期贸易顺差，并分析国际合作在解决全球失衡问题中的作用。 本书结构严谨，论证详实，理论深度与政策相关性并重，适合经济学专业学生、金融从业人员以及所有希望系统掌握现代经济分析工具的读者研读。
作者简介
目录信息
Preface
Chapter 1
An Introduction to the. Foundations of
Financial Management-The Ties That Bind
Goal of the Firm
Legal Forms of Business Organization
Federal Income Taxation
Ten Axioms That Form fhe Foundations of Financial Management
Axiom 1: The Risk-Return Trade-off-We Won't Take On
Additional Risk Unless We Expect to Be Compensated with
Additional Return
Axiom 2: The Time Value of Money--A Dollar Received Today
Is Worth More Than a Dollar Received in the Future
Axiom 3: Cash-Not Profits-Is King
Axiom 4: Incremental Cash Flows--It's Only What Changes
That Counts
Axiom 5: The Curse of Competitive Markets-Why It's Hard to Find
Exceptionaliy Profitable Projects
Axiom 6: Efficient Capital Markets-The Markets Are Quick and the
Prices Are Right
Axiom 7: The Agency Problem--Managers Won't Work for the
Owners Unless It's in Their Best Interest
Axiom 8: Taxes Bias Business Decisions
Axiom 9: All Risk Is Not Equal--Some Risk Can Be Diversified Away,
and Some Cannot
Axiom 10: Ethical Behavior Is Doing the Right Thing, and Ethical
Dilemmas Are Everywhere in Finance
Overview of the Text
Chapter 2
The Financial Markets and Interest Rates
The Mix of Corporate Securities Sold m the Capital Market
Why Financial Markets Exist
Financmg of Business: The Movement of Funds through the
Economy
Components of the U.S. Financial Market System
The Investment Banker
Private Placements
Flotation Costs
Regulation
More Recent Regulatory Developments
Rates of Retum in the Financial Markets
Interest Rate Determinants in a Nutshell
The Term Structure of Interest Rates
Chapter 3
Evaluating a Firm's Financial Performance
and Measuring Cash Flow
Basic Financial Statements
Financial Ratio Analysis
The DuPont Analysis: An Integrative Approach to Ratio Analysis
Chapter 4:
Financial Forecasting, Planning, and Budgeting
Financial Forecasting
Fmancial Planning and Budgeting
Computerized Financial Planning
Chapter 5
The Time Value of Money
Compound Interest
Present Value
Annuities
Annuities Due
Compound Interest with Nonannual Periods
Present Value of an Uneven Stream
Perpetuities
Chapter 6
Valuation and Characteristics of Bonds
Types of Bonds
Terminology and Characteristics of Bonds
Definitions of Value
Valuation: An Overview
Valuation: The Basic Process
Bond Valuation
The Bondholder's Expected Rate of Retum (Yield to Maturity)
Bond Valuation: Three Important Relationships
Chapter 7
Valuation and Characteristics of Stock
Preferred Stock
Common Stock
The Stockholder's Expected Rate of Retum
Chapter 8
The Meaning and Measurement
of Risk and Return
Expected Retum Defmed and Measured
Risk Defined and Measured
Rates of Retum: The Investor's Experience
Risk and Diversification
The Investor's Required Rate of Retum
The Fama and French Attack on the CAPM
Chapter 9
Capital-Budgeting Technlques and Practice
Finding Profitable Projects
Capital-Budgeting Decision Criteria
Capital Rationing
Problems in Project Ranking-Capital Rationing, Mutually
Exclusive Projects, and Problems with the IRR
Ethics in Capital Budgeting
A Glance at Actual Capital-Budgetmg Practices
Chapter 10
Cash Flows and Other Topics in Capital Budge
Guidelines for Capital Budgeting
Measuring a Project's Benefits and Costs
Risk and the Investment Decision
Incorporating Risk into Capital Budgeting
Exammmg a Project's Risk through Simulation
Chapter 11
Cost of Capital
The Cost of Capital: Key Definitions and Concepts
Detennining Individual Costs of Capital
The Weighted Average Cost of Capital
Calculating Divisional Costs of Capital: PepsiCo, Inc.
Using a Firm's Cost of Capital to Evaluate
New Capital Investments
Chapter 12
Determining the Financing Mix
Business and Financial Risk
Breakeven Analysis
Operating Leverage
Financial Leverage
Combination of Operating and Financial Leverage
Planning the Financing Mix
A Quick Look at Capital Structure Theory
Basic Tools of Capital Structure Management
A Glance at Actual Capital Structure Management
Chapter 13
Dividend Policy and Internal Financing
Key Terms
Does Dividend Policy Affect Stock Price?
The Dividend Decision in Practice
Dividend Payment Procedures
Stock Dividends and Stock Splits
Stock Repurchases
Chapter 14
Introduction to Working-Capital Management
Managing Current Assets and Liabilities
Appropriate Level of Working Capital
Estimation of the Cost of Short-Term Credit
Sources of Short-Term Credit
Chapter 15
Liquid Asset Management
Why a Company Holds Cash
Cash Management Objectives and Decisions
Collection and Disbursement Procedures
Evaluation of Costs of Cash Management Services
Composition of Marketable-Securities Portfolio
Accounts-Receivable Management
Inventory Management
Chaprter 16
Internatlonal Business Finance
The Globalization of Product and Financial Markets
Exchange Rates
Interest-Rate Parity Theory
Purchasing-Power Parity Theory
Exposure to Exchange Rate Risk
Multinational Working-Capital Management
Intemational Financing and Capital Structure Decisions
Direct Foreign Investment
Chapter 17
Changes and Challenges in Finance
Recent Innovations in Risk Management
Finance m the '90s: The Consequences of Financial Innovation
in Corporate Restructuring
Recent Innovations in Raising Capital: Hybrid Securities
The Agency Problem: Changes and Challenges
The CAPM and Market Efficiency: The Challenges from
Academia
Appendixes
Appendix A: Using a Calculator
Appendix B: Compound Sum of $1
Appendix C: Present Value of $1
Appendix D: Sum of an Annuity of $1 for n Periods
Appendix E: Present Value of an Annuity of $1 for n periods
Appendix F: Check Figures for Selected
End-of-Chapter Study Problems
Glossary
Index
· · · · · · (收起)
Chapter 1
An Introduction to the. Foundations of
Financial Management-The Ties That Bind
Goal of the Firm
Legal Forms of Business Organization
Federal Income Taxation
Ten Axioms That Form fhe Foundations of Financial Management
Axiom 1: The Risk-Return Trade-off-We Won't Take On
Additional Risk Unless We Expect to Be Compensated with
Additional Return
Axiom 2: The Time Value of Money--A Dollar Received Today
Is Worth More Than a Dollar Received in the Future
Axiom 3: Cash-Not Profits-Is King
Axiom 4: Incremental Cash Flows--It's Only What Changes
That Counts
Axiom 5: The Curse of Competitive Markets-Why It's Hard to Find
Exceptionaliy Profitable Projects
Axiom 6: Efficient Capital Markets-The Markets Are Quick and the
Prices Are Right
Axiom 7: The Agency Problem--Managers Won't Work for the
Owners Unless It's in Their Best Interest
Axiom 8: Taxes Bias Business Decisions
Axiom 9: All Risk Is Not Equal--Some Risk Can Be Diversified Away,
and Some Cannot
Axiom 10: Ethical Behavior Is Doing the Right Thing, and Ethical
Dilemmas Are Everywhere in Finance
Overview of the Text
Chapter 2
The Financial Markets and Interest Rates
The Mix of Corporate Securities Sold m the Capital Market
Why Financial Markets Exist
Financmg of Business: The Movement of Funds through the
Economy
Components of the U.S. Financial Market System
The Investment Banker
Private Placements
Flotation Costs
Regulation
More Recent Regulatory Developments
Rates of Retum in the Financial Markets
Interest Rate Determinants in a Nutshell
The Term Structure of Interest Rates
Chapter 3
Evaluating a Firm's Financial Performance
and Measuring Cash Flow
Basic Financial Statements
Financial Ratio Analysis
The DuPont Analysis: An Integrative Approach to Ratio Analysis
Chapter 4:
Financial Forecasting, Planning, and Budgeting
Financial Forecasting
Fmancial Planning and Budgeting
Computerized Financial Planning
Chapter 5
The Time Value of Money
Compound Interest
Present Value
Annuities
Annuities Due
Compound Interest with Nonannual Periods
Present Value of an Uneven Stream
Perpetuities
Chapter 6
Valuation and Characteristics of Bonds
Types of Bonds
Terminology and Characteristics of Bonds
Definitions of Value
Valuation: An Overview
Valuation: The Basic Process
Bond Valuation
The Bondholder's Expected Rate of Retum (Yield to Maturity)
Bond Valuation: Three Important Relationships
Chapter 7
Valuation and Characteristics of Stock
Preferred Stock
Common Stock
The Stockholder's Expected Rate of Retum
Chapter 8
The Meaning and Measurement
of Risk and Return
Expected Retum Defmed and Measured
Risk Defined and Measured
Rates of Retum: The Investor's Experience
Risk and Diversification
The Investor's Required Rate of Retum
The Fama and French Attack on the CAPM
Chapter 9
Capital-Budgeting Technlques and Practice
Finding Profitable Projects
Capital-Budgeting Decision Criteria
Capital Rationing
Problems in Project Ranking-Capital Rationing, Mutually
Exclusive Projects, and Problems with the IRR
Ethics in Capital Budgeting
A Glance at Actual Capital-Budgetmg Practices
Chapter 10
Cash Flows and Other Topics in Capital Budge
Guidelines for Capital Budgeting
Measuring a Project's Benefits and Costs
Risk and the Investment Decision
Incorporating Risk into Capital Budgeting
Exammmg a Project's Risk through Simulation
Chapter 11
Cost of Capital
The Cost of Capital: Key Definitions and Concepts
Detennining Individual Costs of Capital
The Weighted Average Cost of Capital
Calculating Divisional Costs of Capital: PepsiCo, Inc.
Using a Firm's Cost of Capital to Evaluate
New Capital Investments
Chapter 12
Determining the Financing Mix
Business and Financial Risk
Breakeven Analysis
Operating Leverage
Financial Leverage
Combination of Operating and Financial Leverage
Planning the Financing Mix
A Quick Look at Capital Structure Theory
Basic Tools of Capital Structure Management
A Glance at Actual Capital Structure Management
Chapter 13
Dividend Policy and Internal Financing
Key Terms
Does Dividend Policy Affect Stock Price?
The Dividend Decision in Practice
Dividend Payment Procedures
Stock Dividends and Stock Splits
Stock Repurchases
Chapter 14
Introduction to Working-Capital Management
Managing Current Assets and Liabilities
Appropriate Level of Working Capital
Estimation of the Cost of Short-Term Credit
Sources of Short-Term Credit
Chapter 15
Liquid Asset Management
Why a Company Holds Cash
Cash Management Objectives and Decisions
Collection and Disbursement Procedures
Evaluation of Costs of Cash Management Services
Composition of Marketable-Securities Portfolio
Accounts-Receivable Management
Inventory Management
Chaprter 16
Internatlonal Business Finance
The Globalization of Product and Financial Markets
Exchange Rates
Interest-Rate Parity Theory
Purchasing-Power Parity Theory
Exposure to Exchange Rate Risk
Multinational Working-Capital Management
Intemational Financing and Capital Structure Decisions
Direct Foreign Investment
Chapter 17
Changes and Challenges in Finance
Recent Innovations in Risk Management
Finance m the '90s: The Consequences of Financial Innovation
in Corporate Restructuring
Recent Innovations in Raising Capital: Hybrid Securities
The Agency Problem: Changes and Challenges
The CAPM and Market Efficiency: The Challenges from
Academia
Appendixes
Appendix A: Using a Calculator
Appendix B: Compound Sum of $1
Appendix C: Present Value of $1
Appendix D: Sum of an Annuity of $1 for n Periods
Appendix E: Present Value of an Annuity of $1 for n periods
Appendix F: Check Figures for Selected
End-of-Chapter Study Problems
Glossary
Index
· · · · · · (收起)
读后感
用户评价
这本书的封面设计简直是一场视觉盛宴，那种深沉的藏蓝色调，配上烫金的字体，瞬间就给我一种庄重而专业的信赖感。我拿到手的时候，那种厚实的手感就让人觉得内容一定扎实。我原本以为这种入门级的教材会显得比较枯燥乏味，但翻开目录，看到那些章节划分得井井有条，从最基础的会计恒等式开始，一步步引导到复杂的财务报表分析，逻辑性非常强。特别是它在介绍概念时，总能用一些贴近生活的例子来做类比，比如将企业的资产比作家庭的储蓄和投资，把负债想象成需要按时偿还的借款，一下子就让那些晦涩的术语变得生动起来。我特别欣赏作者在讲解复式记账法时的耐心，很多教材这里一笔带过，但这本书却用了大量的图示和具体的业务流程来拆解，仿佛手把手教你做账。对于一个财务小白来说，这种循序渐进的学习路径，极大地降低了我的心理门槛。读完前几章，我感觉自己已经不再是那个对“借贷”两字充满困惑的人了，而是建立了一个初步的、清晰的财务认知框架。
阅读体验方面，这本书的排版设计功不可没。现在的很多教材为了追求信息量，常常把页面塞得满满当当，让人眼花缭乱，但这本书的留白处理得恰到好处，重点突出。那些关键的定义和公式，都被精心设计成醒目的色块或边框，即便是在长时间阅读后，眼睛也不会感到疲劳。我注意到一个非常人性化的设计，那就是在每章的末尾，都会有一个“自测与反思”的板块。它不像传统的习题那样只是考你是否记住了知识点，而是设计了一些开放性的讨论题，比如“在当前高通胀环境下，你认为XYZ行业的最佳现金管理策略是什么？”这类问题迫使读者跳出书本，结合当前的经济环境进行深度思考。这种互动性的设计，极大地激发了我主动探索的欲望，让我不再是被动地接受信息，而是积极地参与到知识的建构过程中去。可以说，这本书在兼顾学术严谨性的同时，也充分考虑了读者的阅读感受，这一点非常值得称赞。
这本书在阐述“价值”这个核心概念时，采取了一种非常辩证和宏观的视角，这让我对财务的理解得到了质的飞跃。它不仅仅局限于企业内部的利润核算，而是将财务活动置于更广阔的经济和法律框架下进行审视。例如，在讲解折旧和摊销时，它不仅解释了直线法和加速折旧法的计算差异，更深入探讨了这些会计政策选择对企业税务负担和股东信心预期的影响。更让我印象深刻的是，书中花了大量篇幅来讨论非财务因素（如公司治理结构、品牌价值、知识产权）如何最终通过财务报表得以体现，或者反过来，财务决策如何反作用于这些无形资产的积累。这种全景式的视野，打破了我以往对财务“只是记账算账”的狭隘认知，让我明白了财务是企业战略落地的关键支撑。对于想要成为真正懂管理的人来说，这种全面的视角至关重要。
这本书的语言风格非常独特，它既有学术著作的严谨逻辑，又不失一种娓娓道来的亲和力，阅读起来毫无压力。作者在行文时，善于运用比喻和类推，使得复杂的金融工具概念也变得触手可及。例如，它将期权和期货的对冲作用，比喻成商业保险，清晰地说明了它们在锁定未来不确定性方面的作用。我特别喜欢它在介绍国际财务报告准则（IFRS）时所体现出的那种全球化视野，它不仅仅介绍了规则本身，更探讨了不同会计体系在文化和法律背景下的差异与融合趋势。这对于我们身处全球化商业环境的读者来说，提供了非常宝贵的跨文化财务沟通基础。总而言之，这本书不仅仅是一本教科书，更像是一位经验丰富的财务导师，用清晰、生动且富有洞察力的方式，为我开启了通往现代财务管理世界的金钥匙。
这本书的深度和广度着实让我吃了一惊，它绝对不是那种走马观花式的介绍，而是对财务核心原理进行了深入的挖掘。我尤其喜欢它在风险管理和资本结构决策部分的处理方式。作者没有停留在理论的陈述，而是引入了大量的案例研究，比如某个知名企业在特定经济周期下是如何调整其融资策略的，他们运用了哪些金融工具来对冲风险。这些实战案例的分析极其透彻，展示了理论是如何在现实的商业战场中发挥作用的。我感觉自己不只是在学习财务知识，更是在学习一种商业决策的思维模式。书中的数据分析部分也处理得非常精妙，它没有堆砌大量复杂的数学公式，而是侧重于如何解读这些数字背后的商业含义——比如，当流动比率和速动比率出现较大偏差时，我们应该警惕哪些潜在的运营问题。这种由“术”到“道”的提升，让这本书的价值远超一般的教科书范畴，更像是一本企业管理者案头必备的工具书。
