财务管理理论与实务（第4版）

本书遵循应用型人才培养模式的教育目标，坚持理论与中国实践相结合的原则，以资金运 动及其体现的财务关系为研究对象，覆盖基础理论、筹资管理、投资管理、营运资金管理和利 润分配管理等内容，具有内容完整、理论实用、案例新颖以及练习方式多样等特点，重在培养 学生发现问题、分析问题和解决问题的能力。 本书可以满足以应用型人才培养为目标的经济管理学科各专业财务管理课程的教学需要， 也可以为从事财务管理实际工作的营利与非营利组织管理人员和专业技术人员提供参考。

卞继红 ---------------------------- 盐城工学院经济管理学院，教授。主要讲授《财务管理》《会计学基础》《微观经济学》等课程。研究方向为企业财务管理、企业社会责任等，先后主持国家统计局统计科研计划项目、江苏省社科联项目等项目3项，参与江苏省社科规划项目、国家统计科研规划项目、江苏省高校哲学社会科学基金等项目5项；参与主编《财务管理理论与实务》教材1部。近年来，在《财经问题研究》《经济问题》《统计与决策》等期刊发表论文20余篇。 陈素琴 ---------------------------- 长期从事企业理财与绩效评价相关的教科研工作。主持省部级课题《基于低碳经济的企业绩效评价指标体系研究》，主持江苏省教育厅、社科联等市厅级课题5项，在《管理现代化》《审计与经济研究》等学术期刊发表论文35篇，参编教材2部。 陈爱成 ---------------------------- 主要研究方面为社会组织财务会计及中小企业成长性评价等。主持完成省部级课题2项，发表专业论文20余篇，参编教材1部。

第1 章　 总论 ······································ 1 1.1　 财务管理的对象和内容 ················· 2 1.1.1　 财务管理的对象—资金运动 及其体现的财务关系 ·············· 2 1.1.2　 财务管理的内容 ···················· 6 1.2　 财务管理目标及其社会责任 ··········· 7 1.2.1　 财务管理目标 ······················ 7 1.2.2　 财务管理目标与社会责任 ·······11 1.3　 财务管理体制 ···························11 1.3.1　 企业组织形式 ·····················12 1.3.2　 财务管理体制 ·····················15 1.4　 财务管理的环节 ························16 1.5　 财务管理的环境 ························17 1.5.1　 政治环境 ···························17 1.5.2　 法律环境 ···························17 1.5.3　 经济环境 ···························18 1.5.4　 金融市场环境 ·····················19 1.5.5　 其他外部环境 ·····················20 习题 ·············································20 第2 章　 财务管理基础 ·························24 2.1　 利 率 ·································25 2.1.1　 利率的概念与分类 ················25 2.1.2　 决定利率高低的基本因素 ·······27 2.1.3　 未来利率水平的测算 ·············28 2.2　 资金时间价值 ···························29 2.2.1　 资金时间价值的概念 ·············29 2.2.2　 复利终值和现值的计算 ··········30 2.3　 风险与风险报酬 ························38 2.3.1　 风险的定义 ························38 2.3.2　 风险的类型 ························39 2.3.3　 风险报酬的定义 ···················39 2.3.4　 单项投资风险与报酬的衡量 ····40 2.3.5　 证券投资组合的风险与报酬 ····44 习题 ·············································51 第3 章　 财务分析 ·······························56 3.1　 财务分析概述 ···························57 3.1.1　 财务分析的目的 ···················57 3.1.2　 财务分析的信息基础 ·············58 3.1.3　 财务分析的方法 ···················62 3.2　 企业偿债能力分析 ·····················65 3.2.1　 短期偿债能力分析 ················65 3.2.2　 长期偿债能力分析 ················68 3.2.3　 影响企业偿债能力的 其他因素 ···························70 3.3　 企业营运能力分析 ·····················71 3.3.1　 流动资产营运能力分析 ··········71 3.3.2　 固定资产营运能力分析 ··········74 3.3.3　 总资产营运能力分析 ·············74 3.4　 企业盈利能力分析 ·····················75 3.4.1　 各类企业盈利能力分析 通用指标 ···························75 3.4.2　 股份制企业盈利能力分析 专用指标 ···························78 3.5　 企业发展能力分析 ·····················81 3.5.1 营业收入增长率 ···················81 3.5.2 利润增长率 ························81 3.5.3 总资产增长率 ·····················81 3.5.4 股东权益增长率 ···················82 3.5.5 经营现金净流量增长率 ··········82 3.6　 企业财务趋势分析 ·····················83 3.6.1　 比较财务报表 ·····················83 3.6.2　 比较结构百分比财务报表 ·······87 3.6.3　 比较财务比率 ·····················90 3.7　 企业财务综合分析与评价 ·············91 3.7.1　 杜邦分析体系 ·····················91 3.7.2　 帕利普财务分析体系—杜邦 财务分析体系的变形与发展 ····95 习题 ·············································96 第4 章　 筹资方式 ····························· 101 4.1　 筹资概论 ······························· 102 4.1.1　 企业筹资的目标 ················· 102 4.1.2　 筹资的种类 ······················ 102 4.1.3　 企业筹资的渠道与方式 ········ 104 4.1.4　 资金需要量的预测 ·············· 106 4.1.5　 企业筹资组合 ··················· 112 4.2　 股权性筹资 ···························· 115 4.2.1　 投入资本筹资 ··················· 115 4.2.2　 发行普通股筹资 ················· 116 4.3　 债权性筹资 ···························· 123 4.3.1　 发行债券筹资 ··················· 123 4.3.2　 长期借款筹资 ··················· 128 4.3.3　 租赁筹资 ························· 130 4.4　 混合性筹资 ···························· 134 4.4.1　 优先股筹资 ······················ 134 4.4.2　 发行可转换债券筹资 ··········· 136 4.4.3　 认股权证筹资 ··················· 138 习题 ··········································· 139 第5 章　 筹资决策 ····························· 143 5.1　 资本成本 ······························· 144 5.1.1　 资本成本概述 ··················· 144 5.1.2　 资本成本的测算 ················· 146 5.2　 杠杆原理 ······························· 153 5.2.1　 成本习性、边际贡献和 息税前利润 ······················ 153 5.2.2　 经营杠杆 ························· 155 5.2.3　 财务杠杆 ························· 158 5.2.4　 复合杠杆 ························· 162 5.3　 资本结构 ······························· 163 5.3.1　 资本结构的含义 ················· 163 5.3.2　 资本结构理论 ··················· 163 5.3.3　 资本结构的影响因素 ··········· 165 5.3.4　 资本结构决策方法 ·············· 166 习题 ··········································· 169 第6 章　 投资管理 ····························· 173 6.1　 企业投资概述 ························· 173 6.1.1　 企业投资的意义 ················· 173 6.1.2　 企业投资的分类 ················· 174 6.1.3　 投资活动的业务流程 ··········· 175 6.2　 项目投资 ······························· 176 6.2.1　 项目投资的特点 ················· 177 6.2.2　 现金流量估算 ··················· 177 6.2.3　 项目投资决策指标 ·············· 182 6.2.4　 项目投资决策指标的应用 ····· 190 6.3　 证券投资管理 ························· 196 6.3.1　 证券投资概述 ··················· 196 6.3.2　 债券投资 ························· 197 6.3.3　 股票投资 ························· 202 习题 ··········································· 204 第7 章　 营运资金管理 ······················· 209 7.1　 营运资金概述 ························· 210 7.1.1　 营运资金的概念和特点 ········ 210 7.1.2　 企业资产组合 ··················· 211 7.2　 现金管理 ······························· 212 7.2.1　 现金的持有动机与成本 ········ 212 7.2.2　 最佳现金持有量的确定 ········ 213 7.2.3　 现金日常管理 ··················· 217 7.3　 应收款项管理 ························· 218 7.3.1　 应收款项的功能与成本 ········ 218 7.3.2　 信用政策 ························· 219 7.3.3　 应收款项的日常管理 ··········· 221 7.4　 存货管理 ······························· 222 7.4.1　 存货管理目标 ··················· 222 7.4.2　 存货成本 ························· 223 7.4.3　 存货经济批量模型 ·············· 224 7.4.4　 存货日常控制 ··················· 226 7.5　 流动负债管理 ························· 229 7.5.1　 短期借款管理 ··················· 229 7.5.2 短期融资券管理 ················· 231 7.5.3　 业信用筹资管理 ·············· 232 习题 ··········································· 235 第8 章　 财务预算 ····························· 239 8.1　 全面预算 ······························· 240 8.1.1　 预算的本质 ······················ 240 8.1.2　 全面预算的内容 ················· 240 8.1.3　 全面预算的分类 ················· 240 8.1.4　 全面预算的作用 ················· 241 8.2　 财务预算的内容和地位 ·············· 242 8.2.1　 财务预算的内容 ················· 242 8.2.2　 财务预算在全面预算体系中的 地位 ······························· 242 8.3　 财务预算的编制方法 ················ 242 8.3.1　 固定预算与弹性预算 ··········· 242 8.3.2　 增量预算与零基预算 ··········· 245 8.3.3　 定期预算与滚动预算 ··········· 247 8.4　 财务预算的编制程序 ················ 248 8.4.1　 业务预算的编制 ················· 249 8.4.2　 专门决策预算的编制 ··········· 254 8.4.3　 财务预算的编制 ················· 255 习题 ··········································· 259 第9 章　 财务控制 ····························· 267 9.1　 财务控制概述 ························· 268 9.1.1　 财务控制的含义和特征 ········ 268 9.1.2　 财务控制的基本内容 ··········· 268 9.1.3　 财务控制的方式 ················· 269 9.2　 责任中心财务控制 ··················· 270 9.2.1　 成本中心 ························· 271 9.2.2　 利润中心 ························· 272 9.2.3　 投资中心 ························· 273 9.3　 责任预算、责任报告与 业绩考核 ······························· 273 9.3.1　 责任预算 ························· 273 9.3.2　 责任报告 ························· 276 9.3.3　 业绩考核 ························· 278 9.4　 责任结算 ······························· 280 9.4.1　 内部转移价格的作用 ··········· 280 9.4.2　 内部转移价格的类型 ··········· 281 习题 ··········································· 282 第10 章　 利润分配管理 ······················ 288 10.1　 利润分配概述 ························ 288 10.1.1　 利润的构成 ····················· 288 10.1.2　 利润分配的顺序 ··············· 289 10.1.3　 利润分配的原则 ··············· 290 10.1.4　 利润分配的影响因素 ········· 291 10.2　 股利政策 ······················