How Finance Works

Mihir Desai

出版时间

2019-04-23

ISBN

9781633696709

评分

★★★★★
书籍介绍
Based on a popular class taught by a Harvard Business School professor. If you're not a numbers person, then finance can be intimidating and easy to ignore. But if you want to advance in your career, you'll need to make smart financial decisions and develop the confidence to clearly communicate those decisions to others. In How Finance Works, Mihir Desai--a professor at Harvard Business School and author of The Wisdom of Finance--guides you into the complex but endlessly fascinating world of finance, demystifying it in the process. Through entertaining case studies, interactive exercises, full-color visuals, and a conversational style that belies the topic, Professor Desai tackles a broad range of topics that will give you the knowledge and skills you need to finally understand how finance works. These include: How different financial levers can affect a company's performance The different ways in which companies fund their operations and investments Why finance is more concerned with cash flow than profits How value is created, measured, and maximized The importance of capital markets in helping companies grow Whether you're a student or a manager, an aspiring CFO or an entrepreneur, How Finance Works is the colorful and interactive guide you need to help you start thinking more deeply about the numbers.
精彩摘录
  • "财务与金融紧密相连,人人都需要财务思维,体现为明白经济活动与财务数据的关系及能够用财务的逻辑去思考商业问题。会计解决信息不对称,但通过会计准则及审计,减弱了信息不对称问题。金融市场中,一方面企业吸引投资者融资,投资者需要通过财务报表了解企业的发展情况,是否值得进行投资,投资的回报如何;而在涉及到对企业投资时,则需要通过财务报表中的数据对企业进行估值。"
  • "“数字是枯燥乏味的,隐藏在数字背后的现实及人的行为会让它变得有趣起来。”"
  • "资产负债表中资产通常为历史成本计量及很多资产无法体现在账面上,如:品牌;而利润表中由于被资产摊销影响及未考虑货币时间成本,无法真实表示企业情况,因此现金流量表应运而出。金融关注与未来,资产的价值是多少?如何衡量未来现金流的价值?这就需要考虑货币的时间价值及未来现金流量转化为当前价值的方法即投资估值决策的基础。"
  • "“收入是虚无,业绩是虚无,只有现金最真实。”现金可以为公司运营提供资金,偿付贷款,给股东分配股利。"
  • "创造价值的秘密在于资本有成本即资本提供者要求的回报,衡量企业的价值通过市净率即市场价值/账面价值,市场价值即第二章讲解的估值,账面价值为资产负债表的所有者权益金额,只有当市场价值高于账面价值时,投资才有回报,而市场价值取决于投资收益、折现率、企业经营期、企业再投资比例等,因此要创造价值,企业的产出必须覆盖资本成本、收益覆盖资本成本必须持续很多年,企业的在投资率必须很高且保持足够的资本回报。这样的企业的特点是业务有足够高的门槛,品牌有优势并具有支持保护,将更多的盈利在投资获取增长机会。"
  • "境外收购有一些潜在风险,包括:外币敞口风险。收入是以业务所在地的货币计价的,因此在将当地货币转换为本国货币时,当地货币价值的变动可能会对公司整体现金流产生影响。 交易协议或税收相关的风险。 由于不同文化的消费者口味不同,实际实现的收入可能低于预期的风险。 所在国的政治风险。"
作者简介
Mihir Desai is the Mizuho Financial Group Professor of Finance at Harvard Business School and a Professor of Law at Harvard Law School. An award-winning teacher and a leading scholar of corporate finance and tax policy, Professor Desai has been educating varied student populations for nearly twenty years, including senior executives from around the world, MBA students, undergraduates, and lawyers. Professor Desai has published more than 25 case studies and a casebook, and he has testified before the US Congress on policy issues. He is the author of Wisdom of Finance (2017), which was long-listed for the Financial Times & McKinsey Business Book of the Year Award. Author social media/website info: mihirdesai.org/
用户评论
直觉觉得这本书好,花了两天看下来觉得真不赖。他日若学有所成,必定是这位师父领进的门。
读这本书纯属是因为一直在听Mihir参与的播客After Hours,学过四年金融的我肯定不是这本书的主要受众,但里面ratio那部分的游戏很有意思
太浅入深出了 写得太好了。
醍醐灌顶的好书,工作以来一路这些乱七八糟的名词和ratio整个一知半解能用就行,看完这本书之后终于都通了。QAQ感动
实用的入门书
Excellent work! And i wanna become a financial wizard as well
收藏