The teaching and the practice 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 21st century, we still see announcements in the financial press about takeovers, junk bonds, financial restructuring, initial public offerings, bankruptcies, and derivatives. In addition, there are the new recognitions of “real” options, private equity and venture capital, subprime mortgages, bailouts, and credit spreads. As we have learned in the recent global credit crisis and stock market collapse, 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.

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.

公司财务的教学和实践比以往任何时候都更具挑战性和刺激性。过去十年，金融市场和金融工具发生了根本性变化。在21世纪初，我们仍然可以在金融媒体上看到有关收购、垃圾债券、金融重组、首次公开发行（ipo）、破产和衍生品的公告。此外，人们对“实物”期权、私募股权和风险资本、次级抵押贷款、救助和信贷利差有了新的认识。正如我们在最近的全球信贷危机和股市暴跌中了解到的那样，世界金融市场比以往任何时候都更加一体化。公司财务的理论和实践都以惊人的速度向前发展，我们的教学必须跟上。

这本书是为工商管理硕士水平的企业金融入门课程和许多本科课程的中级课程而编写的。一些教师会发现我们的文本适合本科生的入门课程。