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Mastering Financial Management


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Table of Contents

ForewordPublisher's acknowledgements 1 Overview of financial management and its relationship with corporate strategy and the markets A definition of financial managementFinancial management and corporate strategyThe role of the financial marketsSummary 2 Financial accounting and ratio analysis IntroductionThe origins of accounting and the double-entry systemThe basic principles of double entryTrial balanceProfit and loss account Balance sheetClassification of assets Classification of liabilitiesFundamental accounting concepts and principlesRatio analysisSummary 3 Company taxation interface with financial management OverviewOutline of corporation taxValue added tax VATPAYE and NIGlobal tax planning Overseas activitiesDouble taxation reliefForeign companies trading in the UKTransfer pricingTax and decision makingTax strategy interface with business strategy and financeCommitting to a tax strategy 4 Inflation and the changing value of money over timeOverviewInflation, deflation, disinflation, stagflation, hyperinflationOfficial sources of inflation statisticsTime value of money and discounted cash flowSummary 5 Budgeting Budgetary control and the budget processBudgets and variance analysisBudget methods and types of budgeting and relationship with planning; Types of budgetsChoices, priorities and capital rationingSummary 6 Marginal costing and pricing OverviewFixed costs Variable costsSemi variable costs or semi fixed costsTotal costContributionBreak even pointThe use of marginal costing in pricing decisions The advantages and disadvantages of marginal costing 7 Absorption costing, standard costing and activity based costing Absorption costingThe fully integrated standard costing system The principal advantages of standard costing systemsSetting standardsActivity based costing (ABC)The use of marginal costing in conjunction with standard costing 8 Pricing and costs Setting selling pricesSocial and legal issues in pricingSales mixUsing linear programming techniques to solve problems of sales mix when there are resource constraintsUsing cost information in pricingMarketing strategiesSummary 9 Encouraging performance through goal alignment and congruence Goal alignmentReward schemes Broader incentivesSummary 10 Working capital management The need for working capital, the working capital ratio and cycle OvertradingStock turnover and optimal stock levelsDebtorsCash control and managementWhat to do with short term surplus cashWorking capital funding strategies Summary 11 Business finance, long term versus short term finance, gearing and capital structure The uses of long term and short term financeShort term financeTerm and long term finance and fundsGearing and capital structureExport financeBank relationship strategy 12 The cost of capital Definition of the cost of capital and discussion Cost of debtWeighted average cost of capital (WACC)Dividend growth modelCapital asset pricing model (CAPM)Summary 13 Capital structure BackgroundThe MM view Traditional view of the cost of capitalPecking Order theoryCapital structure, cost of capital and investmentsPragmatic summaryA theoretical view the perfect market versus the real world 14 Business valuations BackgroundBusiness valuers and the information they require Asset based valuationsIncome/earnings based valuationsCash flow valuationsDebt valuationSummary 15 Foreign currency and exchange risk management The nature of foreign currency riskReasons for exchange rate movementsCurrency risk management Currency derivatives 16 Interest rate risk Introduction The causes of interest rate fluctuationsTypes of interest rateInterest rate risk managementFRAs (forward rate agreements)Interest rate derivatives 17 Investment decisions Investment and the capital budgeting processRelevant cash flowPayback period method of evaluationReturn on capital employed (ROCE)Accounting rate of return (ARR)Discounted cash flow, net present value and internal rate of returnCapital rationingThe effect of taxation on investment appraisal and DCF 18 Mergers and acquisitions (M&A) Background and definitionsConsiderations on acquisitionDefensive tacticsCompetition CommissionAcquisition considerationThe market value of shares during a takeover The effect of takeovers on PE ratios, EPS and creating paper valueEffect of mergers and takeovers on dividend coverReverse takeoversDemergersThe City Code on Takeovers and Mergers Documents in a takeover bidSummary of order of events in a takeoverCross border M&AHow will the 2009 recession effect the M&A market? 19 Outsourcing and shared services BackgroundWhat is outsourcing?The outsourcing decisionOutsourcing groups, associations and information sourcesShared servicesFurther reading 20 Financial markets Types of financial intermediariesBank prudential supervisionThe money marketThe capital market 21 International money and capital markets BackgroundThe Eurocurrency marketInternational capital marketsEurobondsEuronotesEurocommercial paper (ECP)Using the Eurocurrency market to hedge against foreign exchange riskInternational Capital Markets Association (ICMA) 22 Strategic financial management DefinitionCreating value through finance whilst still supporting overall business strategy The strategic financial management processThe strategic financial management interface with corporate strategyFinancial management in a recessionConclusion 23 Professionalism and ethics what happens if it all goes wrong? BackgroundWhat is good ethical behaviour?Ethical issues Handling ethical issuesSummary Chapter 24 Sustainability and financial management BackgroundSustainability reporting and accountingFinancial management and sustainabilityAn example of excellence in sustainable reporting and sustainable business strategies Appendix 1 Compound interest tables Discounted cash flow tables Appendix 2Useful financial formulae Appendix 3Mastering Financial Management chapters relevant to professional examination syllabi Further reading Index

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A definitive practical guide to the strategies, applications and skills needed to understand the basics and the advanced practices of strategic financial management.

About the Author

Clive Marsh runs HeathMarsh, a research and development, and training organisation. He's a chartered banker and a Fellow of the Charted Institute of Management. He has a MA in Strategic Financial Management and has worked for a range of organisations including Shell, IBM, Gap Gemini and Nat West.


''A good read. Sure to prove useful to students and members ...'' Chartered Banker, August/September "This is an essential reference guide for entrepreneurs and finance specialists and invaluable study material for students"Accounting Technician, January 2010

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