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재무관리 (이재하 외)(개정3판)
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재무관리 (이재하 외)(개정3판)

  • 이재하
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  • 박영사
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  • 2025-03-20 출간
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  • 404페이지
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  • 173 X 245 X 25mm / 753g
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  • ISBN 9791130321769
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PART 01 재무관리 개요
Chapter 01 재무관리의 개요 ···················································································· 4
section 1 기업 ······································································································· 4
1. 개요 ······································································································ 4
2. 이해상충과 기업지배구조 ····································································· 6
3. 환경 ㆍ 사회 ㆍ 지배구조(ESG) 요인 ·························································· 7
section 2 재무경영자 및 재무관리의 목표 ······················································ 12
1. 재무경영자 ·························································································· 12
2. 재무관리의 목표 ················································································· 13
연습 문제 ············································································································ 16
연습문제 해답 ······································································································· 17
Chapter 02 재무제표 분석 ····················································································· 18
section 1 재무제표 ······························································································ 18
section 2 재무비율 분석 ···················································································· 23
1. 수익성 분석 ························································································ 24
(1) 총자산이익률 _ 24 (2) 자기자본순이익률 _ 25
(3) 매출액순이익률 _ 27
2. 성장성 분석 ························································································ 28
(1) 매출액증가율 _ 28 (2) 총자산증가율 _ 28
(3) 순이익증가율 _ 29
3. 활동성 분석 ························································································ 29
(1) 매출채권회전율 _ 29 (2) 재고자산회전율 _ 30
(3) 유형자산회전율 _ 31 (4) 총자산회전율 _ 32
4. 유동성 분석 ························································································ 33
(1) 유동비율 _ 33 (2) 당좌비율 _ 33
(3) 순운전자본구성비율 _ 34
section 2 주식가치평가 ······················································································ 78
1. 배당할인모형 ······················································································· 78
(1) 항상성장모형 _ 80 (2) 제로성장모형 _ 82
(3) 2단계배당할인모형 _ 83 (4) 주가와 성장기회 _ 84
2. EVA모형 ····························································································· 86
연습문제 ············································································································ 90
연습문제 해답 ······································································································· 92
PART 03 투자의사결정
Chapter 05 자본예산: 투자결정기준 ······································································ 96
section 1 자본예산의 개요 ················································································ 96
section 2 투자결정기준 ······················································································ 97
1. 순현가(NPV)법 ···················································································· 97
(1) 순현가(NPV)법의 개념 _ 97
(2) 순현가(NPV)법의 평가기준 _ 100
(3) 순현가(NPV)법의 특징 _ 101
2. 내부수익률(IRR)법 ············································································· 101
(1) 내부수익률(IRR)법의 개념 _ 101
(2) 내부수익률(IRR)법의 평가기준 _ 102
(3) 내부수익률(IRR)법의 장점 _ 104
(4) 내부수익률(IRR)법의 문제점 _ 104
3. 수익성지수(PI)법 ················································································ 109
(1) 수익성지수(PI)법의 개념 _ 109
(2) 수익성지수(PI)법의 평가기준 _ 109
(3) 수익성지수(PI)법의 장점 _ 110
(4) 수익성지수(PI)법의 문제점 _ 110
4. 회수기간법 ························································································ 112
(1) 회수기간법의 개념 _ 112 (2) 회수기간법의 평가기준 _ 112
(3) 회수기간법의 장점 및 문제점 _ 113
5. 평균회계이익률(AAR)법 ···································································· 113
(1) 평균회계이익률(AAR)법의 개념 _ 113
(2) 평균회계이익률(AAR)법의 평가기준 _ 114
(3) 평균회계이익률(AAR)법의 장점 및 문제점 _ 115
연습문제 ·········································································································· 117
연습문제 해답 ····································································································· 120
Chapter 06 자본예산: 투자의사결정 ···································································· 122
1. 현금흐름 추정 시 고려사항 ····························································· 122
(1) 감가상각비 _ 122
(2) 이자비용과 배당금 등 금융비용 _ 123
(3) 매몰비용 _ 123 (4) 기회비용 _ 123
(5) 잠식비용 _ 124 (6) 자본적 지출 _ 124
(7) 법인세 절세효과 _ 124 (8) 순운전자본 _ 125
2. 현금흐름의 추정 ··············································································· 125
(1) 최초 투자 시의 현금흐름 _ 126
(2) 투자기간 중의 현금흐름 _ 126
(3) 투자종료 시점의 현금흐름 _ 127
section 2 투자기간이 다른 경우의 자본예산 ················································· 129
1. 반복투자가 불가능한 투자안 ···························································· 129
2. 반복투자가 가능한 투자안 ······························································· 130
(1) 최소공배수 접근법 _ 130
(2) 연간등가가치 접근법 _ 132
section 3 자본제약하의 자본예산 ···································································· 134
연습문제 ·········································································································· 137
연습문제 해답 ····································································································· 140
Chapter 07 불확실성하의 투자결정 ······································································ 142
section 1 기대수익률과 위험 ··········································································· 142
1. 개별자산의 기대수익률과 위험 ························································ 142
(1) 개별자산의 기대수익률 _ 142 (2) 개별자산의 위험 _ 143
2. 포트폴리오의 기대수익률과 위험 ····················································· 144
(1) 포트폴리오의 기대수익률 _ 144(2) 포트폴리오의 위험 _ 145
(3) 위험자산의 투자기회집합 _ 148
3. 체계적 위험의 측정 ·········································································· 153
(1) 개별자산의 체계적 위험 _ 153
(2) 포트폴리오의 체계적 위험 _ 154
section 2 자본자산가격결정모형(CAPM) ························································ 154
section 3 위험투자안 평가 ··············································································· 159
1. 균형기대수익률 ················································································· 159
2. 위험투자안 평가 ··············································································· 161
3. 실물옵션을 이용한 투자안 분석 ······················································ 162
(1) 실물옵션의 개요 _ 162
(2) 실물옵션을 이용한 자본예산 _ 164
APPENDIX 1: 통계공식 ···················································································· 168
APPENDIX 2: 공분산 ························································································ 170
연습문제 ·········································································································· 173
연습문제 해답 ····································································································· 176
Chapter 08 손익분기점 및 레버리지 분석 ··························································· 178
section 1 손익분기점 분석 ··············································································· 178
section 2 레버리지 분석 ·················································································· 181
1. 영업레버리지 ····················································································· 181
2. 재무레버리지 ····················································································· 184
3. 결합레버리지 ····················································································· 185
연습문제 ·········································································································· 190
연습문제 해답 ····································································································· 193
PART 04 자본구조와 배당정책
Chapter 09 자본비용 ···························································································· 198
section 1 자기자본비용 ···················································································· 198
1. 증권시장선 ························································································ 198
2. 배당할인모형 ····················································································· 199
3. 우선주의 자본비용 ············································································ 200
section 2 타인자본비용 ···················································································· 201
section 3 가중평균자본비용 ············································································· 204
1. 가중평균자본비용의 개념 ································································· 204
2. 가중평균자본비용과 투자안의 자본비용 ·········································· 205
section 4 발행비용 ···························································································· 206
1. 자본비용에서 조정하는 방법 ···························································· 206
2. 현금흐름에서 조정하는 방법 ···························································· 207
연습문제 ·········································································································· 211
연습문제 해답 ····································································································· 212
Chapter 10 자본구조이론 ····················································································· 213
section 1 전통적 접근법 ·················································································· 213
section 2 MM(1958)의 자본구조이론: 무관련이론 ······································· 215
1. 명제 Ⅰ ····························································································· 215
2. 명제 Ⅱ ····························································································· 219
3. 명제 Ⅲ ····························································································· 220
section 2 MM(1963)의 자본구조이론: 수정이론 ·········································· 223
1. 명제 Ⅰ ····························································································· 223
2. 명제 Ⅱ ····························································································· 224
3. 명제 Ⅲ ····························································································· 225
section 3 MM(1958, 1963)과 CAPM(1964)의 결합 ···································· 227
section 4 최적자본구조 가능성에 대한 이론 ················································· 233
1. 파산비용과 최적자본구조 ································································· 233
2. 대리인비용과 최적자본구조 ······························································ 234
(1) 자기자본 대리인비용 _ 235 (2) 타인자본 대리인비용 _ 235
(3) 대리인비용과 최적자본구조 _ 236
3. 우선순위이론 ····················································································· 237
연습문제 ·········································································································· 239
연습문제 해답 ····································································································· 242
Chapter 11 배당정책 ···························································································· 245
section 1 배당측정지표와 배당절차 ································································ 245
1. 배당측정지표 ····················································································· 245
2. 배당절차 ···························································································· 246
section 2 배당정책과 기업가치 ······································································· 248
1. 배당정책의 무관련성: MM이론(1961) ············································· 249
2. 고객효과 ···························································································· 251
3. 자가배당 ···························································································· 252
4. 정보효과 ···························································································· 252
5. 고배당정책 선호 요인 ······································································ 253
(1) 현재소득에 대한 선호 _ 253 (2) 대리인 비용의 감소 _ 253
6. 저배당정책 선호 요인 ······································································ 254
(1) 세금 _ 254 (2) 발행비용 _ 255
section 3 유사배당 ···························································································· 257
1. 자사주매입 ························································································ 257
2. 주식배당 ···························································································· 259
3. 주식분할 ···························································································· 260
연습문제 ·········································································································· 263
연습문제 해답 ····································································································· 265
PART 05 재무관리의 기타 주제
Chapter 12 인수합병 ···························································································· 270
section 1 인수합병의 개요 ··············································································· 270
1. 인수합병의 개념 ··············································································· 270
2. 인수합병의 이득과 비용 ··································································· 271
(1) 인수합병의 이득 _ 271
(2) 현금으로 지불한 인수합병의 비용 _ 271
(3) 주식으로 지불한 인수합병의 비용 _ 272
section 2 인수합병의 공격전략과 방어전략 ··················································· 273
1. 인수합병의 공격전략 ········································································ 273
(1) 주식매집 _ 273 (2) 백지위임장경쟁 _ 274
(3) 주식공개매입 _ 274
2. 인수합병의 방어전략 ········································································ 275
(1) 정관개정을 통한 방어전략 _ 275
(2) 재무구조조정을 통한 방어전략 _ 276
(3) 사업구조조정을 통한 방어전략 _ 276
(4) 기타 인수합병 방어전략 _ 277
연습문제 ·········································································································· 282
연습문제 해답 ····································································································· 284
Chapter 13 파생상품: 선물 ·················································································· 286
section 1 선물의 개요 ······················································································ 286
1. 선물의 개념 ······················································································ 286
2. 선물의 기능 ······················································································ 289
(1) 가격예시 _ 289 (2) 헷징 _ 289
(3) 투기 _ 290
3. 선물의 종류 ······················································································ 290
section 2 KOSPI200선물 ················································································· 292
1. KOSPI200선물의 개요 ······································································ 292
2. 증거금과 일일정산 ············································································ 295
section 3 KOSPI200선물의 가격결정 ····························································· 300
1. KOSPI200선물 이론가격 ·································································· 300
2. KOSPI200선물 차익거래전략 ··························································· 302
(1) 매수차익거래전략 _ 303 (2) 매도차익거래전략 _ 304
section 4 KOSPI200선물 헷지전략 ································································· 307
1. 헷지전략의 개요 ··············································································· 307
2. 헷지계약수 ························································································ 308
3. 매도헷지 ···························································································· 309
4. 매수헷지 ···························································································· 309
연습문제 ·········································································································· 311
연습문제 해답 ····································································································· 313
Chapter 14 파생상품: 옵션 ·················································································· 314
section 1 옵션 ··································································································· 314
1. 옵션의 개념 ······················································································ 314
2. 옵션의 분류 ······················································································ 316
2. KOSPI200옵션의 개요 ······································································ 317
section 2 옵션거래전략 ···················································································· 320
1. 단순거래전략 ····················································································· 321
(1) 콜옵션 매수 _ 322 (2) 콜옵션 매도 _ 323
(3) 풋옵션 매수 _ 325 (4) 풋옵션 매도 _ 326
4. 헷지거래전략 ····················································································· 328
(1) 커버드콜 _ 328 (2) 방어적 풋 _ 330
5. 풋-콜등가정리 ·················································································· 331
section 3 옵션가격결정모형 ············································································· 333
1. 이항옵션가격결정모형(BOPM) ·························································· 333
(1) 콜옵션의 경우 _ 333 (2) 풋옵션의 경우 _ 337
2. 블랙-숄즈옵션가격결정모형(BSOPM) ··············································· 339
APPENDIX: 추적포트폴리오를 이용한 BOPM 도출 ······································ 345
1. 콜옵션 ······························································································· 345
2. 풋옵션 ······························································································· 346
연습문제 ·········································································································· 349
연습문제 해답 ····································································································· 351
Chapter 15 국제재무관리 ····················································································· 353
section 1 환율과 외환시장 ··············································································· 353
1. 환율 ··································································································· 353
2. 현물환시장 ························································································ 354
3. 선물환시장 ························································································ 355
(1) 일반선물환거래 _ 355
(2) 차액결제선물환(NDF)거래 _ 356
section 2 구매력평가이론 ················································································· 357
1. 절대적 구매력평가이론 ····································································· 357
2. 상대적 구매력평가이론 ····································································· 358
section 3 이자율과 환율 ·················································································· 359
1. 피셔효과 ···························································································· 359
2. 국제피셔효과 ····················································································· 360
3. 이자율평가이론 ················································································· 362
section 4 환위험 헷지 ······················································································ 366
1. 선물환시장을 이용한 헷지 ······························································· 366
2. 단기금융시장을 이용한 헷지 ···························································· 366
section 5 환위험과 국제투자결정 ···································································· 368
연습문제 ·········································································································· 371
연습문제 해답 ····································································································· 373
찾아보기 ·········································································································· 375
추천포스트

교환 및 환불안내

도서교환 및 환불
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