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1、PART1FundamentalConceptsofCorporateFinanceChapter1AnOverviewofFinancialManagementandtheFinancialEnvironmentChapter2FinancialStatements,CashFlow,andTaxesChapter3AnalysisofFinancialStatements1ThispageintentionallyleftblankCHAPTER1AnOverviewofFinancialManagementandtheFinancialEnv
2、ironmentInaglobalbeautycontestforcompanies,thewinneris…Apple.OratleastAppleisthemostadmiredcompanyintheworld,accordingWWWtoFortunemagazine’sannualsurvey.TheothersintheglobaltoptenareBerkshireHathaway,Toyota,Google,Johnson&Johnson,Procter&Seehttp://money.cnn.com/Gamble,FedEx,So
3、uthwestAirlines,GeneralElectric,andMicrosoft.Whatmagazines/fortune/forupdatesontheranking.dothesecompanieshavethatseparatesthemfromtherestofthepack?Accordingtoasurveyofexecutives,directors,andsecurityanalysts,thesecompanieshaveveryhighaveragescoresacrossnineattributes:(1)innov
4、ativeness,(2)qualityofmanagement,(3)long-terminvestmentvalue,(4)socialresponsibility,(5)employeetalent,(6)qualityofproductsandservices,(7)financialsoundness,(8)useofcorporateassets,and(9)effectivenessindoingbusinessglobally.Aftercullingweakercompanies,thefinalrankingsarethende
5、terminedbyover3,700expertsfromawidevarietyofindustries.Whatdothesecompanieshaveincommon?First,theyhaveanincrediblefocusonusingtechnologytounderstandtheircustomers,reducecosts,reduceinventory,andspeedupproductdelivery.Second,theycontinuallyinnovateandinvestinwaystodifferentiate
6、theirproducts.Someareknownforgame-changingproducts,suchasApple’stouchscreeniPhoneorToyota’shybridPrius.Otherscontinuallyintroducesmallimprovements,suchasSouthwestAirline’sstreamlinedboardingprocedures.Inadditiontotheiracumenwithtechnologyandcustomers,theyarealsoontheleadingedg
7、ewhenitcomestotrainingemployeesandprovidingaworkplaceinwhichpeoplecanthrive.Inanutshell,thesecompaniesreducecostsbyhavinginnovativeproductionprocesses,theycreatevalueforcustomersbyprovidinghigh-qualityproductsandservices,andtheycreatevalueforemployeesbytrainingandfosteringanen
8、vironmentthatallowsemployeestoutilizealloftheirskillsandtalen
