Название: Fundamentals of Corporate Finance, 11th Edition
Автор: Richard A. Brealey, Stewart C. Myers, Alan J. Marcus
Издательство: McGraw Hill
Год: 2023
Страниц: 801
Язык: английский
Формат: pdf (true)
Размер: 31.7 MB

Brealey, Fundamentals of Corporate Finance, 11e, is an introduction to corporate finance focusing on how companies invest in real assets, how they raise the money to pay for the investments, and how those assets ultimately affect the firm's value. It also provides a broad overview of the financial landscape. The book offers a framework for systematically thinking about most of the important financial problems that both firms and individuals are likely to confront: financial management is important, interesting, and challenging.

Financial management is important, interesting, and challenging. It is important because today’s capital investment decisions may determine the businesses that the firm is in 10, 20, or more years ahead. Needless to say, a firm’s success or failure also depends, in large part, on its ability to find the capital that it requires.

Finance is interesting for several reasons. Financial decisions often involve huge sums of money. Large investment projects or acquisitions may involve billions of dollars. Also, the financial community is international and fast-moving, with colorful heroes and a sprinkling of unpleasant villains.

Finance is challenging. Financial decisions are rarely cut and dried, and the financial markets in which companies operate are changing rapidly. Good managers can cope with routine problems, but only the best managers can respond to change. To handle new problems, you need more than rules of thumb; you need to understand why companies and financial markets behave as they do and when common practice may not be best practice. Once you have a consistent framework for making financial decisions, complex problems become more manageable.

This book provides that framework. It is not an encyclopedia of finance. It focuses instead on setting out the basic principles of financial management and applying them to the main decisions faced by the financial manager. It explains how managers can make choices between investments that may pay off at different points of time or have different degrees of risk. It also describes the main features of financial markets and discusses why companies may prefer a particular source of finance.

Fundamentals focuses on setting out the basic principles of financial management and applying them to the main decisions faced by the financial manager. The text is also organized around the key concepts of modern finance. These concepts, properly explained, simplify the subject. They are also practical. Financial management tools are easier to grasp and use effectively when presented in a consistent conceptual framework.