本书旨在介绍公司财务的理论和实务知识。全书共35章，可分为11个部分，主要内容包括：价值；风险；资本预算的实务问题；融资决策与市场有效性；红利政策与资本结构；期权；负债融资；风险管理；财务计划与短期财务管理；兼并；公司控制与治理；总结。
　　本书理论阐述严谨，结构简洁清晰，语言诙谐生动，既可作为高校财务、会计、金融等专业的学生教材，亦可供金融从业人员、企业财务经理们案头实际经营时参考备用，实在是一本不可多得的引人入胜的权威著作。

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This book describes the theory and practice of corpo-rate finance. We hardly need to explain why financial managers should master the practical aspects of their job, but we should spell out why down-to-earth, red- blooded managers need to bother with theory.
　Managers learn from experience how to cope with routine problems. But the best managers are also able to respond to change. To do this you need more than time-honored rules of thumb; you must understand why companies and financial markets behave the way they do. In other words, you need a theory of finance.
　Does that sound intimidating It shouldn't. Good theory helps you grasp what is going on in the world around you. It helps you to ask the right questions when times change and new problems must be analyzed. It also tells you what things you do not need to worry about. Throughout this book we show how managers Use financial theory to solve practical problems.
　Of course, the theory presented in this book is not perfect and complete--no theory is. There are some famous controversies in which financial economists cannot agree on what firms ought to do. We have not glossed over these controversies. We set out the main arguments for each side and tell you where we stand.
　Once understood, good theory is common sense. Therefore we have tried to present it at a common- sense level, and we have avoided proofs and heavy mathematics. There are no ironclad prerequisites for reading this book except algebra and the English lan- guage. An elementary knowledge of accounting, sta- tistics, and microeconomics is helpful, however.
CHANGES IN THE SEVENTH EDITION
This book is written for students of financial man- agement. For many readers, it is their first look at the world of finance. Therefore in each edition we strive to make the book simpler, clearer, and more fun to read. But the book is also used as a reference and guide by practicing managers around the world. Therefore we also strive to make each new edition more comprehensive and authoritative.
　We believe this edition is better for both the stu-dent and the practicing manager. Here are some of the major changes:
　We have streamlined and simplified the exposi-tion of major concepts, with special attention to Chapters 1 through 12, where the fundamental con- cepts of valuation, risk and return, and capital bud- geting are introduced. In these chapters we cover only the most basic institutional material. At the same time we have rewritten Chapter 14 as a free- standing introduction to the nature of the corpora- tion, to the major sources of corporate financing, and to financial markets and institutions. Some readers will turn first to Chapter 14 to see the contexts in which financial decisions are made.
　We have also expanded coverage of important topics. For example, real options are now introduced in Chapter 10--you don't have to master option- pricing theory in order to grasp what real options are and why they are important. Later in the book, after Chapter 20 (Understanding Options) and Chapter 21 (Valuing Options), there is a brand-new Chapter 22 on real options, which covers valuation methods and a range of practical applications.
　Other examples of expanded coverage include be-havioral finance (Chapter 13) and new international evidence on the market-risk premium (Chapter 7). We have also reorganized the chapters on financial plan- ning and working capital management. In fact we have revised and updated every chapter in the book.
　This edition's international coverage is ex-panded and woven into the rest of the text. For ex-ample, international investment decisions are now introduced in Chapter 6, right alongside domestic investment decisions. Likewise the cost of capital for international investments is discussed in Chap- ter 9, and international differences in security issue procedures are reviewed in Chapter 15. Chapter 34 looks at some of the international differences in fi- nancial architecture and ownership. There is, how- ever, a separate chapter on international risk man- agement, which covers foreign exchange rates and markets, political risk, and the valuation of capital investments in different currencies. There is also a new international index.
　The seventh edition is much more Web-friendly than the sixth. Web references are highlighted in the text, and an annotated list of useful websites has been added to each part of the book.
　Of course, as every first-grader knows, it is easier to add than to subtract, but we have pruned judi- ciously. Some readers of the sixth edition may miss a favorite example or special topic. But new readers should find that the main themes of corporate fi- nance come through with less clutter.
MAKING LEARNING EASIER
Each chapter of the book includes an introductory preview, a summary, and an annotated list of sug- gestions for further reading. There is a quick and easy quiz, a number of practice questions, and a few challenge questions. Many questions use financial data on actual companies accessible by the reader through Standard & Poor's Educational Version of Market Insight. In total there are now over a thou- sand end-of-chapter questions. All the questions re- fer to material in the same order as it occurs in the chapter. Answers to the quiz questions may be found at the end of the book, along with a glossary and tables for calculating present values and pric- ing options.
　We have expanded and revised the mini-cases and added specific questions for each mini-case to guide the case analysis. Answers to the mini-cases are available to instructors on this book's website (www. mhhe.com/bm7e).
　Parts 1 to 3 of the book are concerned with valua- tion and the investment decision, Parts 4 to 8 with long-term financing and risk management. Part 9 fo- cuses on financial planning and short-term financial decisions. Part 10 looks at mergers and corporate control and Part 11 concludes. We realize that many teachers will prefer a different sequence of topics. Therefore, we have ensured that the text is modular, so that topics can be introduced in a variety of orders. For example, there will be no difficulty in reading the material on financial statement analysis and short- term decisions before the chapters on valuation and capital investment.
　We should mention two matters of style now to prevent confusion later. First, the most important fi- nancial terms are set out in boldface type the first time they appear; less important but useful terms are given in italics. Second, most algebraic symbols rep- resenting dollar values are shown as capital letters. Other symbols are generally lowercase letters. Thus the symbol for a dividend payment is "DIV," and the symbol for a percentage rate of return is "r."
SUPPLEMENTS
In this edition, we have gone to great lengths to en-sure that our supplements are equal in quality and authority to the text itself.
Instructor's Manual
ISBN 0072467886
The Instructor's Manual was extensively revised and updated by C. R. Krishnaswamy of Western Michi- gan University. It contains an overview of each chap-ter, teaching tips, learning objectives, challenge ar-eas, key terms, and an annotated outline that provides references to the PowerPoint slides.
Test Bank
ISBN 0072468025
The Test Bank was also updated by C. R. Krish-naswamy, who included well over 1.000 new multiple- choice and short answer/discussion questions based on the revisions of the authors. The level of difficulty is varied throughout, using a label of easy, medium, or difficult.
PowerPoint Presentation System
Matt Will of the University of Indianapolis pre-pared the PowerPoint Presentation System, which contains exhibits, outlines, key points, and sum- maries in a visually stimulating collection of slides. Found on the Student CD-ROM, the Instructor's CD-ROM, and our website, the slides can be edited, printed, or rearranged in any way to fit the needs of your course.
Financial Analysis Spreadsheet Tern plates
(F.A.S.T.)
Mike Griffin of KMT Software created the templates in Excel. They correlate with specific concepts in the text and allow students to work through financial problems and gain experience using spreadsheets. Each template is tied to a specific problem in the text.
Solutions Manual
ISBN 0072468009
The Solutions Manual, prepared by Bruce Swensen, Adelphi University, contains solutions to all practice questions and challenge questions found at the end of each chapter. Thoroughly checked for accuracy, this supplement is available to be purchased by your students.
Study Guide
ISBN 0072468017
The new Study Guide was carefully revised by V. Sivarama Krishnan of Cameron University and contains useful and interesting keys to learning. It in- cludes an introduction to each chapter, key concepts, examples, exercises and solutions, and a complete chapter summary.
Videos
ISBN 0072467967
The McGraw-Hill/Irwin Finance Video Series is a complete video library designed to bring added points of discussion to your class. Within this profes- sionally developed series, you will find examples of how real businesses face today's hottest topics, like mergers and acquisitions, going public, and careers in finance.
Student CD-ROM
Packaged with each text is a CD-ROM for students that contains many features designed to enhance the classroom experience. Three learning modules from the new Finance Tutor Series are included on the CD: Time Value of Money Tutor, Stock and Bond Valuation Tutor, and Capital Budgeting Tutor. In each module, students answer questions and solve problems that not only assess their general understanding of the subject but also their ability to apply that understand- ing in real-world business contexts. In "Practice Mode," students learn as they go by receiving in-depth feedback on each response before proceeding to the next question. Even better, the program antici- pates common misunderstandings, such as incorrect calculations or assumptions, and then provides feed- back only to the student making that specific mistake. Students who want to assess their current knowledge may select "Test Mode," where they read an extensive evaluation report after they have completed the test.
　Also included are the PowerPoint presentation system, Financial Analysis Spreadsheet Templates (F.A.S.T.), video clips from our Finance Video Series, and many useful Web links.
Instructor's CD-ROM
ISBN 0072467959
We have compiled many of our instructor supple- ments in electronic format on a CD-ROM designed to assist with class preparation. The CD-ROM in- cludes the Instructor's Manual, the Solutions Man- ual, a computerized Test Bank, PowerPoint slides, video clips, and Web links.
Online Learning Center
(www. mhhe.com/bm7e)
This site contains information about the book and the authors, as well as teaching and learning materials for the instructor and the student, including:
PageOut: The Course Website Development Center and PageOut Lite
www.pageout.net
This Web page generation software, free to adopters, is designed for professors just beginning to explore website options. In just a few minutes, even the most novice computer user can have a course website.
　Simply type your material into the template pro- vided and PageOut Lite instantly converts it to HTML--a universal Web language. Next, choose your favorite of three easy-to-navigate designs and your Web home page is created, complete with on- line syllabus, lecture notes, and bookmarks. You can even include a separate instructor page and an as- signment page.
　PageOut offers enhanced point-and-click features including a Syllabus Page that applies real-world links to original text material, an automated grade book, and a discussion board where instructors and their students can exchange questions and post an- nouncements.

Richard A．Brealey Stewart C Myers：Richard A．Brealey:理查德A. 布雷利 (Richard A．Brealey) 伦敦商学院财务金融名誉教授，曾任欧洲金融协会主席和美国金融协会理事，英国科学院院士，长期担任英格兰银行总裁的特邀顾问和很多金融机构的董事。布雷利教授还曾著有《普通股的风险与收益引论》(Introduction to Risk and Return from Common Stocks)一书。
Stewart C Myers:斯图尔特C. 迈尔斯 (Stewart C．Myers) MIT斯隆管理学院Gordon Y. Billard财务教授。迈尔斯博士曾任美国金融协会、美国经济研究局研究协会主席，主要研究财务决策、价值评估、资本成本以及政府监管商业经营活动中的金融财务问题。迈尔斯博士现为Brattle Group的董事，并积极投身于财务咨询活动。