财务分析工具与技术

TEAMFLYTeam-Fly®COMMENTSABOUTERICHA.HELFERTANDTHISBOOK“ErichHelfert’sbookisabonafidetreasuryforexecutives,managers,andentrepreneurswhoneedtounderstandfinancialmanagement.Ihaveusedandrecommendedthisgreatworkinbothcorporateanduniversityprogramsformorethantenyears.ErichHelfertpos-sessesuniqueabilitiestomakeclearthearcanethatfrequentlyenshroudstopicsoffinan-cialmanagement.”AllenB.BarnesPastProvostIBMAdvancedBusinessInstitute(formerlyDirectorofExecutiveEducation,UCLA)“ErichHelfert’sbookisacandidateforeveryconsultant-to-management’sbookshelf.Theunderlyingagendaisfinancialmanagementasitpertainstoeffectiveresourceallocationde-cisions.FramedinadynamicmodeloftheBusinessSystem,thebeautyofHelfert’spresen-tationliesinitstreatmentofsubsystemsthatdifferentiatebetweeninvestment,operationsandfinancingdecisions,butwhicharealsointegratedintotheoverallmanagerialfabric.”StanleyPressCMCBookreviewSeptember2000C2MConsultingtoManagementJournal“ErichHelfertpossessesarareabilitytomakefinancialconceptsunderstandabletoindividu-alswholackafinancialbackground.AsaresultwehadDr.Helfertconductshareholdervaluecreationclassesforallseniormanagersandcreateashareholdervaluecourseforallothersalariedandhourlyemployees.Theresultsoftheseeffortsexceededourhighexpectations.”L.PendletonSiegelChairmanandChiefExecutiveOfficerPotlatchCorporation“ErichHelferthasplayedaninstrumentalroleinteachingHPmanagersofbothfinancialandnon-financialbackgroundsinourlong-standingFunctionalManagementProgram.Hisexcellentfinancialoverviewsandsimplifiedmodelseffectivelybroadenourmanagers’understandingandownershipoftheirfiscalresponsibilitytoHPandourshareholders.”RobertP.WaymanExecutiveVicePresidentandChiefFinancialOfficerHewlett-PackardCompany“Dr.Helfert’sbookandhisteachingsgoalongwaytowardremovingthemysteryfromthefinancialworkingsofanenterprise.Hisapproachallowsmanagersfromallareasofthebusi-nesstounderstandhowtheirdecisionsimpactshareholdervalue.”StephenE.FrankPresidentandChiefOperatingOfficerSouthernCaliforniaEdison“ErichHelferthascontributedtothedevelopmentoffinancialskillsofTRWmanagersthroughhiscasestudypreparationandpresentations,hisbookTechniquesofFinancialAnalysis,andhisinstruction.HecontinuestobeincludedasahighlyratedfacultymemberinTRW’smanagementdevelopmentprograms.”PeterS.HellmanPastPresidentandChiefOperatingOfficerTRWInc.hel78340_FM.qxd9/27/0110:56AMPageiThispageintentionallyleftblank.FINANCIALANALYSIS:TOOLSANDTECHNIQUESAGuideforManagersERICHA.HELFERT,D.B.A.NewYorkChicagoSanFranciscoLisbonLondonMadridMexicoCityMilanNewDelhiSanJuanSeoulSingaporeSydneyTorontoMcGraw-Hillhel78340_FM.qxd9/27/0110:56AMPageiiiCopyright©2001byTheMcGraw-HillCompanies.Allrightsreserved.ManufacturedintheUnitedStatesofAmerica.ExceptaspermittedundertheUnitedStatesCopyrightActof1976,nopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutthepriorwrittenpermissionofthepublisher.0-07-139541-5ThematerialinthiseBookalsoappearsintheprintversionofthistitle:0-07-137834-0.Alltrademarksaretrademarksoftheirrespectiveowners.Ratherthanputatrademarksymbolaftereveryoccurrenceofatrade-markedname,weusenamesinaneditorialfashiononly,andtothebenefitofthetrademarkowner,withnointentionofinfringementofthetrademark.Wheresuchdesignationsappearinthisbook,theyhavebeenprintedwithinitialcaps.McGraw-HilleBooksareavailableatspecialquantitydiscountstouseaspremiumsandsalespromotions,orforuseincorpo-ratetrainingprograms.Formoreinformation,pleasecontactGeorgeHoare,SpecialSales,[e-mail][phone].TERMSOFUSEThisisacopyrightedworkandTheMcGraw-HillCompanies,Inc.(“McGraw-Hill”)anditslicensorsreserveallrightsinandtothework.Useofthisworkissubjecttotheseterms.ExceptaspermittedundertheCopyrightActof1976andtherighttostoreandretrieveonecopyofthework,youmaynotdecompile,disassemble,reverseengineer,reproduce,modify,createderiv-ativeworksbasedupon,transmit,distribute,disseminate,sell,publishorsublicensetheworkoranypartofitwithoutMcGraw-Hill’spriorconsent.Youmayusetheworkforyourownnoncommercialandpersonaluse;anyotheruseoftheworkisstrictlyprohibited.Yourrighttousetheworkmaybeterminatedifyoufailtocomplywiththeseterms.THEWORKISPROVIDED“ASIS”.McGRAW-HILLANDITSLICENSORSMAKENOGUARANTEESORWAR-RANTIESASTOTHEACCURACY,ADEQUACYORCOMPLETENESSOFORRESULTSTOBEOBTAINEDFROMUSINGTHEWORK,INCLUDINGANYINFORMATIONTHATCANBEACCESSEDTHROUGHTHEWORKVIAHYPERLINKOROTHERWISE,ANDEXPRESSLYDISCLAIMANYWARRANTY,EXPRESSORIMPLIED,INCLUD-INGBUTNOTLIMITEDTOIMPLIEDWARRANTIESOFMERCHANTABILITYORFITNESSFORAPARTICULARPURPOSE.McGraw-Hillanditslicensorsdonotwarrantorguaranteethatthefunctionscontainedintheworkwillmeetyourrequirementsorthatitsoperationwillbeuninterruptedorerrorfree.NeitherMcGraw-Hillnoritslicensorsshallbeliabletoyouoranyoneelseforanyinaccuracy,errororomission,regardlessofcause,intheworkorforanydamagesresultingtherefrom.McGraw-Hillhasnoresponsibilityforthecontentofanyinformationaccessedthroughthework.UndernocircumstancesshallMcGraw-Hilland/oritslicensorsbeliableforanyindirect,incidental,sp