This is a generally recognized and valued textbook by experts on the theory and practice of finance in modern economics: for more than ten years, from edition to edition, it remains an unsurpassed educational and practical guide to financial management in the USA, and for some time now in the united Europe . In our country this is the 2nd edition (translation from the 7th international edition). Compared to the previous one, the new edition has been radically changed and updated both in content and in the structure of the presentation of material. The textbook contains a complete conceptual framework of finance, including such fundamental concepts as cash flow, present value, costs of raising capital, risk (with a description of the semantic and quantitative relationships between them, methods for calculating relevant indicators, and valuation models). In addition, it describes in detail the principles and mechanism of the functioning of financial markets (domestic and international), and also presents various types of investment instruments, including derivatives (options, warrants, convertible securities). One of the main advantages of the textbook is the consistent and visual application of modern theories to everyday financial practice: assessing current activities, analyzing investment projects, choosing sources of financing, budget planning, risk management, determining short-term needs for money, making financial decisions in the face of change. The material is structured in such a way that a practicing financial manager can use the book as a reference tool for solving specific problems. The book allows a person with a lack of practical experience to acquire the basics of financial management skills thanks to the abundance of supporting illustrative examples and the presence of tasks for self-testing. The book is intended for students and teachers of financial disciplines, for financial managers in any field and at any level of business, as well as for all those involved in finance in government institutions.