재무관리원론

CHAPTER 1 재무관리의 목표 및 금융시장에 대한 이해
1.1 재무관리의 의의 ······························································ 14
1.2 재무관리는 왜 필요한가 ················································· 15
1.3 재무관리의 목표 ······························································ 17
1.4 개인의 재무의사결정 ······················································ 20
1.5 금융시장에서 이루어지는 일 ········································· 21
1.6 금융시장의 분류 ······························································ 22
1.7 금융시장은 ‘효율적 시장’인가 ······································· 27
❏ 연습문제 ··············································································· 33

CHAPTER 2 재무의사결정을 위한 기본지식： 재무비율분석
2.1 재무제표의 역할 ······························································ 36
2.2 재무상태표에 대한 이해 ················································· 37
2.3 포괄손익계산서에 대한 이해 ········································· 42
2.4 현금흐름표에 대한 이해 ················································· 44
2.5 재무비율분석의 의의 ······················································ 46
2.6 재무비율분석의 평가기준과 한계점 ······························ 47
2.7 주요 재무비율 ·································································· 49
2.8 손익분기점과 레버리지 ··················································· 64
❏ 연습문제 ··············································································· 68

CHAPTER 3 재무의사결정을 위한 기본지식： 화폐의 시간가치
3.1 화폐의 시간가치와 유동성 선호 ··································· 70
3.2 현재가치와 미래가치 ······················································ 71
3.3 현재가치의 특수한 경우 ················································· 81
❏ 연습문제 ··············································································· 87

CHAPTER 4 채권 및 주식의 가치평가
4.1 가치평가의 의의 ······························································ 90
4.2 채권의 가치평가 ······························································ 91
4.3 주식의 가치평가 ···························································· 103
❏ 연습문제 ············································································ 111

CHAPTER 5 자본예산편성과 투자의사결정
5.1 자본예산편성의 의의 ···················································· 114
5.2 자본예산편성의 주요 절차 ··········································· 115
5.3 현금흐름추정 ································································· 117
5.4 투자안에 대한 평가 ······················································ 121
5.5 재무예측방안 ································································· 134
❏ 연습문제 ············································································ 135

CHAPTER 6 포트폴리오 이론
6.1 포트폴리오의 기본 개념：위험과 기대수익률 ··········· 138
6.2 포트폴리오란 무엇인가 ················································ 145
❏ 연습문제 ············································································ 156

CHAPTER 7 CAPM(자본자산가격결정모형)
7.1 CAPM의 이론적 배경 ·················································· 160
7.2 CAPM의 의의 ······························································· 162
7.3 CML(자본시장선) ·························································· 163
7.4 SCL(증권특성선) ··························································· 169
7.5 SML(증권시장선) ··························································· 175
❏ 연습문제 ············································································ 182

CHAPTER 8 자본비용 및 자본구조이론
8.1 자본비용의 의의 ···························································· 186
8.2 자본비용의 종류 ···························································· 189
8.3 여러 유형의 자본비용이 존재할 경우 ························ 195
8.4 신용평가기관 ································································· 200
8.5 자본구조란 무엇인가 ···················································· 202
8.6 전통적인 자본구조이론 ················································ 203
8.7 MM의 자본구조이론 ····················································· 207
8.8 MM의 수정이론 ···························································· 211
8.9 MM이론의 한계 ···························································· 214
8.10 기타 추가적 고려사항 ················································ 215
❏ 연습문제 ············································································ 219

CHAPTER 9 주주에 대한 배당정책
9.1 배당정책의 의의 ···························································· 222
9.2 완전시장에서의 배당정책 ············································· 226
10 차 례
9.3 불완전시장에서의 배당정책 ········································· 229
9.4 배당정책에 대한 관리방안 ··········································· 232
❏ 연습문제 ············································································ 238

CHAPTER 10 자본조달 의사결정
10.1 장기자본조달의 주요 개념 ········································ 240
10.2 장기자본조달과 증권시장 ·········································· 241
10.3 자기자본에 의한 장기자본조달 ································· 247
10.4 타인자본에 의한 장기자본조달 ································· 251
10.5 리스를 통한 자본조달 ················································ 258
❏ 연습문제 ············································································ 261

CHAPTER 11 운전자본관리
11.1 운전자본관리의 주요 개념 ········································ 264
11.2 운전자본을 통한 자금조달 ········································ 265
11.3 운전자본조달정책 ······················································· 268
11.4 현금의 관리방안 ························································· 271
11.5 매출채권에 대한 관리방안 ········································ 276
11.6 재고자산에 대한 관리방안 ········································ 277
❏ 연습문제 ············································································ 279

CHAPTER 12 인수합병(M&A)
12.1 인수합병(M&A)이란 무엇인가 ·································· 282
12.2 적대적 M&A의 유형 및 전략 ·································· 285
12.3 M&A의 주요 단계 ····················································· 291
12.4 M&A 대상기업에 대한 평가 ···································· 295
❏ 연습문제 ············································································ 299

CHAPTER 13 파생상품을 이용한 재무관리
13.1 파생상품을 이용한 재무관리 ···································· 302
13.2 선 물 ············································································ 303
13.3 옵 션 ············································································ 310
❏ 연습문제 ············································································ 320

연습문제 해답 ····································································· 325
찾아보기 ·············································································· 345