FINANCIAL MANAGEMENT FOR DECISION MAKERS 6TH EDITION PETER ATRILL PDF

Financial Management for Decision Makers provides you with an introduction into the world of financial management. Assuming no previous knowledge of financial management, this book gradually builds your knowledge of the subject and how to apply these theories into practice. Alongside the book, you can visit the new Financial Management for Decision Makers companion website at www. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App.

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At Pearson, we have a simple mission: to help people make more of their lives through learning. From classroom to boardroom, our curriculum materials, digital learning tools and testing programmes help to educate millions of people worldwide — more than any other private enterprise. To learn more, please visit us at www.

The print publication is protected by copyright. The ePublication is protected by copyright and must not be copied, reproduced, transferred, distributed, leased, licensed or publicly performed or used in any way except as specifically permitted in writing by the publishers, as allowed under the terms and conditions under which it was purchased, or as strictly permitted by applicable copyright law.

All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affiliation with or endorsement of this book by such owners. The Financial Times. With a worldwide network of highly respected journalists, The Financial Times provides global business news, insightful opinion and expert analysis of business, finance and politics.

With over journalists reporting from 50 countries worldwide, our in-depth coverage of international news is objectively reported and analysed from an independent, global perspective. To find out more, visit www. Contents Preface xiii Acknowledgements xiv 1 The world of financial management 1 Introduction 1 Learning outcomes 1 The finance function 2 Structure of the book 4 Modern financial management 4 Why do businesses exist?

Long-term versus short-term borrowing Internal sources of finance Internal sources of long-term finance Internal sources of short-term finance Summary Key terms Further reading Review questions Exercises 7 Financing a business 2: raising long-term finance Introduction Learning outcomes The Stock Exchange Stock market efficiency Are the stock markets really efficient?

It is aimed pri- marily at students who are studying financial management as part of their course in business, management, accounting, economics, computing, or some other area.

The book should also be suitable for those who are not following a particular course but nevertheless need an understanding of financial management to help them manage their business. As there are several excellent books on financial management already published, you may wonder why another book is needed in this area. Many of the books available books are too detailed and demanding to provide a suitable introduction to the subject. They are often around a thousand pages in length and contain mathematical formulae that many find daunt- ing.

This book assumes no previous knowledge of financial management although a basic understanding of financial statements is required and is written in an accessible style. Each topic is introduced carefully and there is a gradual building of knowledge. In addition, math- ematical formulae have been kept to a minimum. The book rests on a solid foundation of theory but the main focus throughout is its practi- cal value. It is assumed that readers are primarily concerned with understanding financial management in order to make better financial decisions.

The title of the book reflects this decision-making focus. That is, it tries to involve you in a way not traditionally found in textbooks.

Throughout each chapter there are activities and self-assess- ment questions for you to attempt. The purpose of these is to help check understanding of the points that are being made and to encourage you to think around particular topics. Irrespective of whether you are using the book as part of a taught course or for independent study, the interactive approach employed makes it easier for you to learn. As it is likely that most of you will not have studied financial management before, the use of technical jargon has been kept to a minimum.

Where technical terminology is unavoidable, I try to provide clear explanations. To help you further, all the key terms are highlighted in the book and then listed at the end of each chapter with a page reference to help you rapidly revise the main concepts.

All these key terms are listed alphabetically with a short definition in the glossary, which can be found towards the end of the book. In writing the eighth edition, I have taken account of helpful comments and suggestions made by lecturers, students and other readers.

I have introduced new topics such as operating gearing, performance share plans and enterprise resource planning systems and I have also expanded certain areas such as the financing of small businesses.

Finally, I have introduced more activities throughout to enhance the interactive nature of the text. I do hope that you will find the book readable and helpful. Peter Atrill April Preface xiii. Acknowledgements We are grateful to the following for permission to reproduce copyright material: Figures Figure 1.

Consulting p. Consult- ing. Consulting is a registered trademark of L. Consulting, LLC. All other products and brands mentioned in this document are properties of their respective owners. All rights reserved; Figures 4. Figure 3, p. All rights reserved. Tables Table in Real World 5. Arnold, G.

Multinational Finance Journal, Vol. All Rights Reserved; Real World 1. For further infor- mation, please visit www.

For further informa- tion, please visit www. All Rights Reserved; Real World 2. They do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice; Real World 3. All Rights Reserved; Real World 3.

All Rights Reserved. Pear- son Education Ltd. All Rights Reserved; Real World 5. Buffett p. Pearson Education Ltd. All Rights Reserved; Real World 6. All Rights Reserved; Real World 7. Buffet ; Real World 9. All Rights Reserved; Real World 9. All Rights Reserved; Real World Reprinted by permission. Buffett, W. Goedhart, M.

Chapter 1 The World of Financial Management Introduction In this first chapter, we shall look at the role of the finance function within a business and the context within which financial decisions are made.

This should help to set the scene for subsequent chapters. We begin by identifying the tasks of the finance function and how they relate to the tasks of managers.

We then go on to consider the objectives that a business may pursue. Modern financial management theory assumes that the primary objective of a business is to maximise the wealth of its shareholders. We shall examine this and other possible objectives for a business to understand why shareholder wealth maximisation is considered the most appropriate. However, there is always a danger that businesses will adopt too narrow a focus in pursuit of this objective.

We shall see that, for a business to survive and prosper over the long term, it must be pursued in a way that takes account of the business environment.

This means that managers should act in an ethical manner and should be sensitive to the interests of other groups with a stake in the business. We end the chapter by considering how this problem may be managed through regulation and through the active involvement of shareholders.

The finance function Put simply, the finance function within a business exists to help managers to manage. To understand how the finance function can achieve this, we must first be clear about what managers do.

This involves developing aims and objectives for a business and then formulating a strategy long-term plan to achieve them. Deciding on an appropriate strategy will involve identifying and evaluating the various options available. The option chosen should be the one that offers the greatest potential for achieving the aims and objectives developed. To ensure that things go according to plan, managers must exert day-to-day control over the various business functions.

Where events do not conform to earlier plans, appropriate decisions and actions must be taken. The risks faced by a business must be identified and properly managed.

These risks, which are many and varied, arise from the nature of business operations and from the way in which the business is financed. They are interrelated, and overlaps arise between them.

When considering a particular strategy, for example, managers must also make a careful assessment of the risks involved and how these risks may be managed. Similarly, when making operational decisions, manag- ers must try to ensure they fit within the strategic long-term plan that has been formulated.

The figure shows the three overlapping roles of management. Figure 1. It is vital for managers to assess the potential impact of proposals on future financial performance and position. Investment in new long-term projects can have a profound effect on the future prospects of a business. Financial appraisals can also help to prioritise those investment projects that have been accepted.

Investment projects and other business activities have to be financed. The various sources of finance available need to be identified and evaluated. Each has its own characteristics and costs. When carrying out an evaluation, consideration must be given to the overall financial structure of a business.

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At Pearson, we have a simple mission: to help people make more of their lives through learning. From classroom to boardroom, our curriculum materials, digital learning tools and testing programmes help to educate millions of people worldwide — more than any other private enterprise. To learn more, please visit us at www. The print publication is protected by copyright. The ePublication is protected by copyright and must not be copied, reproduced, transferred, distributed, leased, licensed or publicly performed or used in any way except as specifically permitted in writing by the publishers, as allowed under the terms and conditions under which it was purchased, or as strictly permitted by applicable copyright law. All trademarks used herein are the property of their respective owners.

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Financial Management for Decision Makers, 6th edition

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