公司理财（英文版·第5版）

本书以“一价定律”主线贯穿全书，促使学生思考每个概念与整体知识框架的联系。
全书共分为10篇31章。第1~2篇为基础篇，主要介绍公司理财的基础概念、核心原理（一价定律）和基本工具，为后续学习打下坚实的基础；第3~9篇为投融资及估值篇，涵盖资本预算与公司估值、风险与回报以及长/短期融资实践和资本结构选择理论；第10篇为公司理财专题篇，讲解兼并与收购、公司治理、风险管理等重要理财专题。
本书突出公司理财的“道”，关注全球金融危机，注重公司理财的教学法，融合公司理财研究与实践，简化数学表述；适合作为财务管理、金融、会计、投资或相关专业本科生、研究生以及MPAcc、MBA学员的公司理财（公司金融）或财务管理课程教材，也适合财务管理、会计、金融、投资和资本市场相关领域的从业者阅读。

乔纳森？伯克（Jonathan Berk） 斯坦福大学商学院金融学教授，美国国家经济研究局（NBER）助理研究员。曾任加州大学伯克利分校哈斯商学院金融学教授、高盛公司助理合伙人、美国金融协会主任。曾获Stephen A. Ross金融经济学奖、The Review of Financial Studies年度最佳论文奖、FAME研究奖等。研究兴趣涉及公司估值、资本结构、共同基金、资产定价等。
彼得？德马佐（Peter DeMarzo）斯坦福大学商学院金融学教授，NBER助理研究员，美国计量经济学会和金融协会会员。曾获斯坦福大学卓越教学奖、加州大学伯克利分校杰出教学奖，曾担任The Review of Financial Studies，Financial Management副主编。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。

IT IS HARD TO BELIEVE HOW MUCH TIME HAS PASSED since we first sat down
together and conceived of this book. We have now published 5 editions and reached well
over a million students. We were originally motivated to write this textbook by a central
insight: The core concepts in finance are simple and intuitive. What makes the subject challenging
is that it is often difficult for a novice to distinguish between these core ideas and
other intuitively appealing approaches that, if used in financial decision making, will lead
to incorrect decisions. Nothing has changed in the intervening years. De-emphasizing the
core concepts that underlie finance strips students of the essential intellectual tools they
need to differentiate between good and bad decision making. The book’s continued success
is a testament to the value of this approach.
We present corporate finance as an application of a set of simple, powerful ideas. At the
heart is the principal of the absence of arbitrage opportunities, or Law of One Price—in
life, you don’t get something for nothing. This simple concept is a powerful and important tool
in financial decision making. By relying on it, and the other core principles in this book,
financial decision makers can avoid the bad decisions brought to light by the financial crisis
and still ongoing every day. We use the Law of One Price as a compass; it keeps financial
decision makers on the right track and is the backbone of the entire book.

New to This Edition
We have updated all text discussions and figures, tables, data cases, and facts to accurately
reflect developments in the field in the last few years. Specific highlights include the
following:
■Updates made throughout the text to reflect the Tax Cuts and Jobs Act of 2017.
Extensive updates made to Chapter 8 (Fundamentals of Capital Budgeting), Chapter 15
(Debt and Taxes), and Chapter 31 (International Corporate Finance).
■Added discussion of Finance and Technology (Fintech) in Chapter 1 (The Corporation
and Financial Markets).
■Added three new interviews with practitioners: Janet L. Yellen in Chapter 5 (Interest
Rates), Susan Athey in Chapter 9 (Valuing Stocks), and Anne Martin in Chapter 11
(Optimal Portfolio Choice and the Capital Asset Pricing Model).
■Added discussion of cryptocurrency valuation in Chapter 9 (Valuing Stocks).
■ Added discussion of “Smart Beta” in Chapter 13 (Investor Behavior and Capital Market
Efficiency)
■ Incorporated new and/or revised features throughout, including Common Mistakes,
Global Financial Crisis, Nobel Prize, and General Interest boxes, as well as Examples.
■ Added two new Data Cases (on bitcoin in Ch. 3, corporate yield curves in Ch. 6)
and extensively revised many others; added new and revised problems, once again
personally writing and solving each one.
■ Updated tables and figures to reflect current data.

The Law of One Price as a Unifying Principle of Valuation
This book presents corporate finance as an application of a small set of simple core ideas.
Modern finance theory and practice is grounded in the idea of the absence of arbitrage—
or the Law of One Price—as the unifying concept in valuation. We introduce the Law
of One Price concept as the basis for NPV and the time value of money in Chapter 3,
Financial Decision Making and the Law of One Price. In the opening of each part and as
pertinent throughout the remaining chapters, we relate major concepts to the Law of One
Price, creating a framework to ground the student reader and connect theory to practice.

Table of Contents Overview
Corporate Finance offers coverage of the major topical areas for introductory-level MBA
students as well as the depth required in a reference textbook for upper-division courses.
Most professors customize their classes by selecting a subset of chapters reflecting the
subject matter they consider most important. We designed this book from the outset with
this need for flexibility in mind. Parts 2 through 6 are the core chapters in the book. We
envision that most MBA programs will cover this material—yet even within these core
chapters instructors can pick and choose.
Single quarter course: Cover Chapters 3–15; if time allows, or students are previously familiar
with the time value of money, add on Chapters 16–19.
Semester-long course: Incorporate options (Chapters 20–22) and Part 10, Special Topics, chapters as desired.
Single mini-semester: Assign Chapters 3–10, 14, and 15 if time allows.

简明目录（上册）
第1篇 导论
第1章　股份有限公司与金融市场
第2章　财务报表分析介绍
第3章　财务决策与一价定律
第2篇　时间、货币和利率
第4章　货币时间价值
第5章　利率
第6章　债券估值
第3篇　项目和公司估值
第7章　投资决策法则
第8章　资本预算的基本原理
第9章　股票估值
第4篇　风险与回报
第10章　资本市场与风险的定价
第11章　最优投资组合选择与资本资产定价模型
第12章　估算资本成本
第13章　投资者行为与资本市场效率
第5篇　资本结构
第14章　完美市场中的资本结构
第15章　债务和税收
第16章　财务困境、管理者激励与信息
第17章　股利分配政策

简明目录（下册）
第 6 篇 高级估值
第 18 章　有杠杆时的资本预算与估值
第 19 章　估值与财务建模：案例分析
第 7 篇　期权
第 20 章　金融期权
第 21 章　期权定价
第 22 章　实物期权
第 8 篇　长期融资
第 23 章 筹集股权资本
第 24 章 债务融资
第 25 章 租赁
第 9 篇　短期融资
第 26 章 营运资本管理
第27章 短期财务计划
第 10 篇 公司理财专题
第 28 章 兼并与收购
第 29 章 公司治理
第 30 章 风险管理
第 31 章 国际公司理财