By Richard Pike, Bill Neale
This article has a realistic orientation with a wealth of examples and case experiences. This renowned textual content takes a pragmatic method of company finance, using key options and methods to a huge variety of up to date matters in finance. analyzing monetary concerns from a managerial stand element, the authors exhibit the position finance has to play in explaining and shaping company improvement instead of targeting quantitative features. This publication is appropriate for moment and 3rd 12 months undergraduate scholars of industrial reviews, accounting, finance and economics. it's relatively worthy for these learning an MBA or MSc in enterprise. it's a thorough and good written booklet with sturdy examples Hugh Metcalf, college of Newcastle upon Tyne, united kingdom I instantly beloved it Ivar Bredesen, Oslo collage collage, Norway it is a excellent, trustworthy, effortless to learn textual content publication Anne Butchers, collage of Warwick, united kingdom
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Additional info for Corporate Finance and Investment: Decisions and Strategies
ACCA) Practical assignment Examine the annual report for a well-known company, particularly the chairman’s statement. Are the corporate goals clearly specified? What specific references are made to financial management? What does it say about corporate governance and risk management? Now retake your diagnostic test for Chapter 1 to check your progress and update your study plan. QXD 10/27/08 12:30 PM Page 23 2 The financial environment A rock solid investment? In July 2007 Northern Rock, one of the UK’s largest mortgage lenders, issued an upbeat set of trading results, saying the outlook for the business is ‘very positive’.
2 Borrowing levels. For example, ‘long-term borrowing should not exceed 50 per cent of total capital employed’. 3 Profitability. For example, ‘return on capital employed should be at least 18 per cent’. 4 Non-financial goals. These take a variety of forms but basically recognise that shareholders are not the only group interested in the company’s success. Other stakeholders include trade creditors, banks, employees, the government and management. Each stakeholder group will measure corporate performance in a slightly different way.
The way was open to finance the mounting capital needs of the new railways and factories that were to transform the world. Source: Based on The Economist, 31 December 1999. Once these issues have been addressed, an important further question is: how will such plans be funded? However sympathetic his bank manager, Brown will probably need to find other investors to carry a large part of the business risk. Eventually, these operating plans must be translated into financial plans, giving a clear indication of the investment required and the intended sources of finance.
Corporate Finance and Investment: Decisions and Strategies by Richard Pike, Bill Neale