《公司理财》一书是美国三位著名财务学和金融学教授Stephen A.Ross，Randolph W．Westerfield和Jeffrey F.Jaffe三人的杰作。他们不仅是世界著名的学者，而且都曾经在大型企业、金融。证券机构和政府部门担任顾问和领导职务。
　　本书体系严谨，结构合理，层次分明，条理清晰，理论与应用并重，方法与原理并重，叙述与证明并重，通俗之中见学问，深奥之中现真实，深受北美、亚洲、澳洲、欧洲等世界各地商学院师生的欢迎。我们曾经翻译该书的第5版和第6版，中译本同样深受中国大陆和港。澳、台各大商学院师生的欢迎，并经常被国外商学院中文MBA班选定为教材。我相信，本书第7版(英文版)将带给我们更多的惊喜。

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The teaching and the practicing of corporate finance are more challenging and exciting than ever before. The last decade has seen fundamental changes in financial markets and financial instruments. In the early years of the 21 st century, we still see announcements in the financial press about such matters as takeovers, junk bonds, financial restructuring, initial public offerings, bankruptcy, and derivatives. In addition, there is the new recognition of "real" options (Chapters 20 and 21), private equity and venture capital (Chapter 18), and the disappearing dividend (Chapter 17). The world's financial markets are more integrated than ever before. Both the theory and practice of corporate finance have been moving ahead with uncommon speed, and our teaching must keep pace.
　These developments place new burdens on the teaching of corporate finance. On one hand, the changing world of finance makes it more difficult to keep materials up to date. On the other hand, the teacher must distinguish the permanent from the temporary and avoid the temptation to follow fads. Our solution to this problem is to emphasize the modern fundamentals of the theory of finance and make the theory come to life with contemporary examples. Increasingly, many of these examples are outside the United States. All too often,the beginning student views corporate finance as a collection of unrelated topics that are unified largely because they are bound together between the covers of one book. As in the previous editions, our aim is to present corporate finance as the working of a small number of integrated and powerful institutions.
Tile Intended Audience of This Book
　This book has been written for the introductory courses in corporate finance at the MBA
level, and for the intermediate courses in many undergraduate programs. Some instructors
will find our text appropriate for the introductory course at the undergraduate level as well.
　We assume that most students either will have taken, or will be concurrently enrolled in,
courses in accounting, statistics, and economics. This exposure will help students understand
some of the more difficult material. However, the book is self-contained, and a prior knowl-
edge of these areas is not essential. The only mathematics prerequisite is basic algebra.
New to the Seventh Edition
Following are key revisions and updates to this edition:
·　Significant reorganization and expanded content of financial accounting, cash flows,and growth. Material on corporate financial models and long-term planning is now included with the early chapters to provide earlier, more foundational coverage of cash flow (Chapter 2) and sustainable growth (Chapter 3) to bridge accounting and valuation concepts.
·　New material on alternatives to NPV such as modified Internal Rate of Return (IRR) and better treatment of the profitability index is presented in Chapter 6. There is also new material on capital budgeting "best practices," where the authors relate what companies actually do to theoretical models, showcasing the latest research and scholarship.
·　New material on risk analysis and real options (Chapter 8) is reflected in the new chapter title, Risk Analysis, Real Options, and Capital Budgeting. This reinforces the capital budgeting material from the previous chapter. New coverage of real options is now earlier in the book, as is coverage of Monte Carlo simulation techniques.
·　Chapter 13 includes new material on efficient markets behavioral finance. This con-tent covers a new way of thinking about financial markets and behavioral users versus efficient markets theory.
·　Incorporates the latest theoretical developments in capital budgeting, capital struc-ture, and dividends throughout Chapters 7, 15, 16, and 18. The recent tax code is also included, which covers the new marginal individual tax rates and the lower taxes on dividends and capital gains.
·　New problems added in most chapters.
For a complete look at the new and updated seventh edition features, please see pages (xviii)-(xxi).

StephenA．ROSS Rand01ph W.WeSterneld Jeffrev F.Jaffe：StephenA．ROSS:斯蒂芬 A.罗斯 (StephenA．ROSS) MIT斯隆管理学院教授，在信号理论、代理理论、期权定价、利率的期限结构等领域做出重要贡献，并因提出套利定价理论而闻名于世。 伦道夫 W.威斯特菲尔德
Rand01ph W.WeSterneld:伦道夫 W.威斯特菲尔德 (Rand01ph W.WeSterneld) 南加利福尼亚大学马歇尔商学院教授，是在公司财务政策、投资管理与分析、收购兼并、股票市场价格行为等研究领域享有盛誉的专家。
Jeffrev F.Jaffe:杰弗利 F.杰富 (Jeffrev F.Jaffe) 宾夕法尼亚大学沃顿商学院教授，对内幕交易方面的研究很有建树，并在IPO、投资机构管理、做市商行为、金价变动、通货膨胀和利率作用的理论和实证研究等方面做出重要贡献。

Part　I
Overview
1 Introduction to Corporate Finance
2 Accounting Statements and Cash Flow
Appendix 2A Financial Statement Analysis
Appendix 2B U.S. Federal Tax Rates
3 Financial Planning and Growth
Part　II
Value and Capital Budgeting
4 Net PresentValue
Appendix 4A Net PresentValue: First Principles of Finance
5 How toValue Bonds and Stocks
Appendix 5A The Term Structure of Interest Rates, Spot Rates, and Yield to Maturity
6 SomeAIternative Investment Rules
7 Net Present Value and Capital Budgeting
Appendix 7A Depreciation
8 Risk Analysis, Real Options, and Capital Budgeting
Part III
Risk
9 Capital Market Theory: An Overview
Appendix 9A The Historical Market Risk Premium: The Very Long Run
10 Return and Risk: The Capital-Asset-Pricing Model (CAPM)
Appendix 10A Is Beta Dead
11 An AlternativeView of Risk and Return:The Arbitrage Pricing Theory
12 Risk, Cost of Capital, and Capital Budgeting
Appendix 12A Economic Value Added and the Measurement of Financial Performances
Part　IV
Capital Structure and Dividend Policy
13 Corporate-Financing Decisions and Efficient Capital Markets
14 Long-Term Financing: An Introduction
15 Capital Structure: Basic Concepts
16 Capital Structure: Limits to the Use of Debt
Appendix 16A Some Useful Formulas of Financial Structure
Appendix 16B The Miller Model and the Graduated Income Tax
17 Valuation and Capital Budgeting for the Levered Firm
Appendix 17A The Adjusted-Present-Value Approach to Valuing Leveraged Buyouts
18 Dividends and Other Payouts
Appendix 18A Stock Dividends and Stock Splits
Part V
Long-Term Financing
19 Issuing Securities to the Public
20 Long-Term Debt
21 Leasing
Appendix 21A APV Approach to Leasing
Part VI
Options, Futures, and Corporate Finance
22 Options and Corporate Finance: Basic Concepts
23 Options and Corporate Finance: Extensions and Applications
24 Warrants and Convertibles
25 Derivatives and Hedging Risk
Part VII
Short-Term Finance
26 Short-Term Finance and Planning
27 Cash Management
Appendix 27A Adjustable-Rate Preferred Stock, Auction-Rate Preferred Stock, and Floating-Rate Certificates of Deposit
28 Credit Management
Part VIII
Special Topics
29 Mergers and Acquisitions
30 Financial Distress
Appendix 30A Predicting Corporate Bankruptcy: The Z-Score Model
31 International Corporate Finance
Appendix A Mathematical Tables
Appendix B Solutions to Selected End-of-Chapter Problems
Glossary
Name Index
Subject Index