CH14CapitalStructureandLeverage(财务管理,英文版)
财务管理常用术语(英汉对照)
Business cycle (of a firm) (1) 经营周期 从权益资本，筹集新债务，和 通过资产收购来增长业务的一系列事件，这 样，又开始一个新的周期。
Business risk (1,5,10,11) 经营风险 经济风险 和营业风险的累积影响，来源于公司不可能 知道目前投资和营业活动 /决策的确定结果。
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公经理人员财务管理—创造价值的过程
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作为发行证券公司的代理人尽最大努力销售 证券的一种证券分销方式。 Beta (coefficient) (10) ß系数 基于一种私人股 票的回报率变化相对于股票市场指数回报率 变化的敏感性的风险测量工具。与系统风 险，市场风险，不可分散风险，和相对风险 同义。 Bid-ask spread (13) 买卖价差 买价与卖价之间 的差额。 Bid price (13) 买价 市场交易者愿意购买的价 格。 Bidder (12) 投标商 在收购中，想购买另一家 公司全部或部分股份的公司。 Bond (9) 债券 说明债权人与发行公司之间关系和 规定资金借入和偿还的条件和条款的一种负 债证券。 Bond market (9) 债券市场 发行和交易债券的 市场。 Bond rating (9) 债券等级评定 由代理机构 (例 如标准普尔和莫迪投资服务公司 )评定的等 级以提供一种债券信用风险的估计。 Bond value (9) 债券价值 债券预期现金流序列 以与现金流序列的风险相联系的贴现率折 现的现值。 Bond value of a convertible bond (9)可转换债 券的债券价值 如果可转换债券没有转换选择权 的价值。 Bonding costs (11) 债券发行成本 贷款人对管 理灵活性设置限制性条款导致的成本 (由股 东承担 )。 Book value of asset (2) 资产的账面价值 资产 在公司资产负债表中列示的价值。 Book value of equity (1,2) 所有者权益的账面价 值 Book value multiple (12) 账面价值乘数 股价 除以每股权益账面价值。与 price-to-book ratio同义。用于公司价值估计。 Bookrunner (9) 发起人 Bottom line (2) 净收益 Brokers (9) 经纪人 不拥有证券，代表第三方 进行证券交易的个人或机构。 Business assets (5) 营业资产 营运资本需求 加净固定资产。
财务管理中英对照表
TS
Total Sales
销售收入
TC
Total Cost
总成本
VC
Variable Cost
单位变动成本
TFC
Total Fixed Cost
总固定成本
NPV
Net Present Value
净现值
IRR
Internal Rate of Return
内含报酬率
PBP
Pay-back Period
总负债比率
Working Capital / Total Asset
营运资本与总资产比率
Current Ratio
流动比率
附：Ke=Ks——权益资本的成本；Kp——优先股资本的成本；Kd——债务资本的成本；Ka=WACC。
脱险回收期
NCI
Net Credit Interval
（现金+可流通证券+应收款-流动负债）/投入资本）=净信用区间
Net Cash-flow / Total Asset
经营性现金净流入与总资产比率
Net Income / Total Asset
总资产净利润比率
Total Debt / Total Asset
投入资本收益率
EPS
Earning Per Share
每股净利润（每股收益）
DPS
Dividend Per Share
每股股利
P/E
Price - Earning Ratio
市盈率
BVEPS
Book Value of Equity Per Share
每股净资产（每股权益资本）
EVA
Economic Value Added
CH14CapitalStructureandLeverage财务管理,英文版.ppt
Avg. Good
0.50 0.25
$3,000 $4,000
0
0
$3,000 $4,000
1,200 1,600
$1,800 $2,400
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Firm L: Leveraged
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Economy Bad Avg. Good
The target capital structure is the mix of debt, preferred stock, and common equity with which the firm intends to raise capital.
Copyright © 2001 by Harcourt, Inc.
Uncertainty about demand (sales). Uncertainty about output prices. Uncertainty about costs. Product, other types of liability. Operating leverage.
Copyright © 2001 by Harcourt, Inc.
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CHAPTER 14
Capital Structure and Leverage
Business vs. financial risk Optimal capital structure Operating leverage Capital structure theory
Copyright © 2001 by Harcourt, Inc.
Copyright © 2001 by Harcourt, Inc.
ch13 Capital Structure and Leverage 财务管理基础课件
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Determining EPS and TIE at different levels of debt. (D = $250,000 and kd = 8%)
Shares repurchase d $250,000 10,000 $25
EPS ( EBIT - k dD )( 1 - T ) Shares outstandin g
As debt increases, TIE decreases because EBIT is unaffected by debt, and interest expense increases (Int Exp = kdD).
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Conclusions
Basic earning power (BEP) is unaffected by financial leverage.
Expected Values:
E(BEP) E(ROE) E(TIE)
Firm U 15.0% 9.0%
∞
Firm L 15.0% 10.8%
2.5x
Risk Measures:
σROE CVROE
Firm U 2.12% 0.24
Firm L 4.24% 0.39
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The effect of leverage on profitability and debt coverage
Campus Deli announces the recapitalization.
New debt is issued. Proceeds are used to repurchase
stock.
The number of shares repurchased is equal to the amount of debt issued divided by price per share.
财务管理英汉对照
1.1、the financial manager plays a dynamic role in a modern company's development. this has not always been the case. until around the first half of the 1900s financial managers primarily raised funds and managed their firms' cash positions-and that was pretty much it. in the 1950s, the increasing acceptance of present value concepts encouraged financial managers to expand their responsibilities and to become concerned with the selection of capital investment projects.财务经理的能动作用，在现代公司的发展。
这并非总是如此。
直到1900财务经理上半年各地主要募集资金和管理他们公司的现金头寸，这是差不多了。
在20世纪50年代，目前的价值观念越来越多地接受,鼓励财务经理去扩大自己的责任,并涉及资本投资项目的选择。
1.2、T oday, external factors have an increasing impact on the financial manager. Heightened corporate competition, technological change, volatility in inflation and interest rates, worldwide economic uncertainty, fluctuating exchange rates, tax law changes, and ethical concerns over certain financial dealings must be dealt with almost daily. As a result, finance is required to play an ever more vital strategic role within the corporation. The financial manager has emerged as a team player in the overall effort of a company to create value. The “old ways of doing things” simply are not good enough in the world where old ways quickly become obsolete. Thus, today’s financial mana ger must have the flexibility to adapt to the changing external environment if his or her firm is to survive.如今，外部因素对财务经理的影响越来越大。
中级《财务管理》公式大全
中级《财务管理》公式大全1. 资产回报率（Return on Assets，ROA）：ROA=(净利润/平均总资产)×100%2. 股东权益回报率（Return on Equity，ROE）：ROE=(净利润/平均股东权益)×100%3. 总资本回报率（Return on Total Capital，ROTC）：ROTC=(净利润/平均总资本)×100%4. 息税前利润（Earnings Before Interest and Taxes，EBIT）：EBIT=净利润+利息费用+税收5. 息税前息前利润（Earnings Before Interest, Taxes, Depreciation and Amortization，EBITDA）：EBITDA=EBIT+折旧费用+摊销费用6. 资本结构（Capital Structure）：资本结构=长期负债/(长期负债+股东权益)7. 权益乘数（Equity Multiplier）：权益乘数=总资产/股东权益8. 高低杠杆比率（Leverage Ratio）：高低杠杆比率=(资产总额-长期负债)/股东权益9. 流动比率（Current Ratio）：流动比率=流动资产/流动负债10. 速动比率（Quick Ratio）：速动比率=(流动资产-存货)/流动负债11. 现金比率（Cash Ratio）：现金比率=现金及现金等价物/流动负债12. 应收账款周转率（Accounts Receivable Turnover）：应收账款周转率=净收入/平均应收账款13. 应收账款平均收回期（Days Sales Outstanding，DSO）：DSO=(平均应收账款/净收入)×36514. 存货周转率（Inventory Turnover）：存货周转率=成本销售/平均存货15. 存货平均持有期（Days Sales Of Inventory，DSI）：DSI=(平均存货/成本销售)×36516. 固定资产周转率（Fixed Assets Turnover）：固定资产周转率=净收入/平均固定资产17. 总资产周转率（Total Asset Turnover）：总资产周转率=净收入/平均总资产18. 盈余市值比（Earnings Per Share，EPS）：EPS=净利润/发行股份19. 本益比（Price Earnings Ratio，PER）：PER=股价/每股收益20. 股息支付比率（Dividend Payout Ratio）：股息支付比率=股息/净利润这些公式可以用于评估企业的财务状况、经营绩效和盈利能力，帮助管理者做出正确的财务决策。
Capital Structure and Leverage
Business Risk vs. Financial Risk
• Business risk depends on business factors such as
competition, product obsolescence, and operating leverage.
• Financial risk depends only on the types of
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in wial leverage? Financial risk?
• Financial leverage is the use of debt and preferred
stock.
• Financial risk is the additional risk concentrated on
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ROICL ROICH
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财务管理专业英语句子及单词翻译
财务管理专业英语句子及单词翻译Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。
Decisions involving a firm’s short-term assets and liabilities refer to working capital management.决断涉及一个公司的短期的资产和负债提到营运资金管理The firm’s long-term financing decisions concern the right-hand side of the balance sheet.该公司的长期融资决断股份资产负债表的右边。
This is an important decision as the legal structure affects the financial risk faced by the owners of the company.这是一个重要的决定作为法律结构影响金融风险面对附近的的业主的公司。
The board includes some members of top management(executive directors), but should also include individuals from outside the company(non-executive directors).董事会包括有些隶属于高层管理人员(执行董事)，但将也包括个体从外公司(非执行董事)。
Capital Structure and Financial Leverage 资本结构和财务杠杆
The Board of Directors of Corner Lot Inc. has instructed the Vice President to analyze the option of increasing the leverage of the firm. What is the current cost of equity for Corner 1. 1.What Lot Inc.? If the firm borrows long-term funds and buys 2. 2.If back shares to end up with 30% debt: What will its cost of equity be? a) a)What What will its WACC be? b) b)What If the firm ends up with 50% debt: 3. 3.If What will its cost of equity be? a) a)What What will its WACC be? b) b)What EXAMPLE #2: WACC WITH TAXES Veggie Ltd. has developed a small but growing market for vegiburgers. The CEO expects to have an EBIT of $75,000 in 2001, and expects that number to grow by 5% each year thereafter.
CAPITAL STRUCTURE AND FINANCIAL LEVERAGE
� Financial leverage and M & M propositions I & II � Leverage and homemade leverage � M & M Propositions I & II with corporate taxes � A pecking order or signaling theory of capital structure FINANCIAL LEVERAGE � No Corporate Tax M & M Proposition I: � The value of a firm is unaffected by its capital structure (the debt irrelevance proposition). M Hale Waihona Puke M Proposition II:
财务管理基础英文大纲
财务管理基础英文大纲 Company Document number：WUUT-WUUY-WBBGB-BWYTT-1982GTFoundation of Financial ManagementModule syllabusTeacher Name: Zhanwei LiuSchool Name: Xuchang University1. Unit descriptionFinancial management is part of the decision-making, planning and control subsystems of an enterprise. It incorporates the treasury function, which includes the management of working capital and the implicationsarising from exchange rate mechanisms due to international competition, evaluation, selection, management and control of new capital investment opportunities, raising and management of the long-term financingof an entity.The management of risk in the different aspects of the financial activities undertaken is also addressed. Studying this course should provide you withan overview of the problems facing a financial manager in the commercial world. It will introduce you to the concepts and theories of corporate finance that underlie the techniques that are offered as aids for the understanding, evaluation and resolution of financial managers’ problems. This subject guideis written to supplement the Essential and Further reading listed for this course, not to replace them. It makes no assumptions about prior knowledge other than that you have completed Principles of accounting.The aim of the course is to provide an understanding and awareness of both the underlying concepts and practical application of the basics offinancial management. The subject guide and the readings should also help to build in your mind the ability to make critical judgments of the strengths and weaknesses of the theories, just as it should be helping to build a critical appreciation of the uses and limitations of the same theories and theirpossible applications.On successful completion of the module, learners will be able to:●describe how different financial markets function and estimate thevalue of different financial instruments (including stocks andbonds)●make capital budgeting decisions under both certainty anduncertainty●apply the capital assets pricing model in practical scenarios●discuss the capital structure theory and dividend policy of a firm●estimate the value of derivatives and advise management how to usederivatives in risk management and capital budgeting●describe and assess how companies manage working capital andshort- term financing2. Pre-requisite units and assumed knowledgeAccounting, Economics3. Learning aims and outcomesLearning Outcome 1Explain the method of financial analysis and planningASSESSMENT CRITERIA:a. Explain the goals and objectives of financial managementb. Demonstrate a reasonable ability to prepare the three basic financialstatementsc. Discuss the method of financial analysisd. Explain the operating leverage, financial leverage. and combinedleverageLearning Outcome 2Explain the manager how to manage working capitalASSESSMENT CRITERIA:a. Explain the context of risk-return analysisb. Explain the financial manager how to choose between liquid, low-returnassets and more profitable, less liquid assetsLearning Outcome 3Explain the process of the capital budgetingASSESSMENT CRITERIA:a. Discuss the time value of moneyb. Explain the valuation of bonds and stocksc. Explain the cost of capital and capital structured. Explain the capital budgeting decision and risk-return analysisLearning Outcome 4Explain the long-term financing in the capital marketsASSESSMENT CRITERIA:a. Explain the long-term debt and lease financingb. Explain the common stock and preferred stock financingc. Explain the dividend policy and retained earningsd. Explain the warrants and convertibles covered, as well as the moreconventional methods of financing4. Weighting of final gradeGrades will be assigned on the basis of the following percentages:5. GradingA 100-95 A- 94-90 B+ 89-87B 86-83 B- 82-80 C+ 79-77C 76-73 C- 72-70 D+ 69-67D 66-63 D- 62-60 F 59 or lower6. PoliciesAttendance PolicyAttendance in class is a very important part of your learning experience. As such, failure to attend class will reduce your grade, and may be grounds for failure in the course. If you are late to class, your attendance score may also be affected. In the event of unavoidable absences, such as serious illness, or deaths in the family, students may be requested to provide documentary evidence of the reason for their absence to their academic coordinator. You should not give these to your instructor. Students are solely responsible for the makeup of any missed classes, and for obtaining any class materials or assignments that they may miss. You are expected to come to class prepared to actively participate in class discussions.Participation PolicyStudents should participate in their chosen classes actively and effectively. The Participation Grade is related to the Attendance Grade. Students’ final attendance grade is the maximum of their participation grade.Participation grade will be based on a variety of factors including, but not limited to taking part in class discussions and activities, completingassignments, being able to answer questions correctly, obeying class rules, and being prepared for class, frequent visiting your instructors and chatting in English during their office hours is highly recommended.Policy on Assignments and QuizzesStudents should finish their assignments completely and punctually. Assignment should be submitted on the date appointed by the instructor. If a student cannot hand in the assignment on time, the reasonable excuse will be needed. Late assignments will receive a maximum grade of 80. An assignment that is late for 3 days will be corrected but receive 0.You are recommended print all your assignment in the uniform format with the heading of Student’s Pledge of no cheating. Written assignment or printed ones without the uniform heading of pledge will receive a maximum grade of 80.It is mandatory to have weekend assignment every week. Any weekend assignment should be submitted on first class of next week. It is mandatory to have holiday assignment on the public holidays. Any holiday assignment should be submitted on the first day on returning to school. Students are required to do a multitude of presentations during the course.Plagiarism and CopyingPlagiarism is using someone else’s work or ideas as your own without giving them proper credit or copying someone else’s work a nd presenting it as your has a very strict plagiarism policy and will not tolerate academic cheating in any form. Penalties can be as severe as expulsion from the university. At the very least, no one will receive any credit for assignments that appear to be copied from another student. To avoid plagiarism, do your own work, or cite the work of others appropriately. You can refer to the course catalogue for more information about plagiarism policy.If you cheat on the homework, I can guarantee you that you will fail the class. Every exam I give has several problems that require you to submit journal entries, create financial statements in proper form, or to create schedulesshowing certain details that you have to calculate. If you do not practice doing these things by doing the homework yourself and correcting your own work in class, you will lose a significant number of points on the exams.Classroom Policies●No eating, cellular phones, electronic dictionaries, smoking, chatting ordrowsing in class.●Please speak in English rather than Chinese in class.●Students are not allowed to attend class without textbooks.●Stand up when answering questions.●Respect classmates’ ideas, opinions, and questions of your classmates.●You are welcome to visit the instructor’s office in his/her office hours.●Take good care of the laboratory facilities. Do not splash water on thedesktop.●When each class is over, hang the earphone on the hanger. Put the trashinto the trash-bin.●All your classroom involvement, performance and after-classcommunications with instructor will affect your participation score.7. Texts and other recoursesThe primary textbook:Stanley . Foundation of financial management, 14th ed.The supplementary textbook:Richard A. Barealey et al(2011) fundamentals of corporate finance(6th ed.). Renmin university of China pressWEB SITES:Teaching methodsDiscussions and Homework8. Session Plan。
{财务管理财务知识}财务管理英语中英文对照
{财务管理财务知识}财务管理英语中英文对照ACCA--财务管理英语solepropsietorship独资企业partnership合伙企业corporatefinance公司财务corporate公司closelyheld私下公司publicpany公众公司GoldmanSachs高盛银行pensionfund养老基金insurancepany保险公司boardofdirector董事会separationofownershipandmanagement所有权与管理权的分离limitedliability有限责任articlesofincorporation公司章程realasset实物资产financialasset金融资产security证券financialmarket金融市场capitalmarket资本市场moneymarket货币市场investmentdecision投资决策capitalbudgetingdecision资本预算决策financingdecision融资决策financialmanager财务经理treasurer司库controller总会计师CFO首席财务官principal-agentproblem委托代理问题principal委托人agent代理人agencycost代理成本informationasymmetry信息不对称signal信号efficientmarketshypothesis有效市场假说presentvalue现值discountfactor贴现因子rateofreturn收益率discountrate贴现率hurdlerate门坎比率opportunitycostofcapital资本机会成本netpresentvalue净现值cashoutflow现金支出netpresentvaluerule净现值法则rate-of-returnrule收益率法则profitmaximization利润最大化doingwell经营盈利doinggood经营造益collateral抵押品warrant认股权证convertiblebond可转换债券primaryissue一级发行prinarymarket一级市场secondarytansaction二级交易secondarymarket二级市场over-the-counter(OTC)场外交易financialintermediary金融中介zero-stage启动阶段businessplan创业计划书first-stagefinancing第一阶段融资after-the-moneyvaluation注资后的价值papergain账面利润mezzaninefinancing引渡融资angelinvestor天使投资者venturecapitalfund创业投资基金limitedprivatepartnership有限合伙企业generalpartner普通合伙人limitedpartner有限合伙人small-businessinvestmentpanies（SBIC）小企业投资公司initialpublicoffering(IPO)首次公开发行primaryoffering首次发行secondaryoffering二次发行underwriter承销商syndicateofunderwriter承销辛迪加registrationstatement注册说明书prospectus招股说明书roadshow路演greenshoeoption绿鞋期权spread差价offeringprice发售价格underpricing抑价winner’scurse成功者灾难bookbuilding标书登记fixedpriceoffer定价发售auction拍卖discriminationauction差价拍卖uniform-priceauction一价拍卖generalcashoffer一般现款发行rightissue附权发行shelfregistration上架注册priorapproval事前许可boughtdeal买方交易seasonedissue新增发行knowledgeableinvertor成熟的投资者qualifiedinstitutionalbuyer有资格的机构买者recorddate登记日withdividend附有红利cumdividend附息exdividend除息legalcapital法定资本regularcashdividend正常现金红利extra额外的specialdividend特别红利stockdividend股票红利automaticdividendreinvestmentplans(DRIP)红利自动转投计划transferofvalue价值转移capitalstructure资本结构MM’spropositionMM定理weighted-averagecostofcapital(WACC)加权平均资本成本margindebt保证金借款floating-ratenote浮动利率票据money-marketfund货币市场基金interest-rateceiling利率上限trade-offtheory权衡理论righttodefault违约权leveragebuy-out(LBO)杠杆收购asymmetricinformation信息不对称financialslack银根宽松costofdebt负债成本costofequity权益成本terminalvalue清算价值cashflowtoequity权益现金流rebalancing重整projectfinancing项目融资adjustedcostofcapital调整资本成本equivalentloan等值贷款offsettingtransaction反向交易depreciablebasis折旧基数adjustedpresentvalue(APV)调整现值calloption看涨期权exerciseprice执行价格strikeprice敲定价格exercisedate到期日Europeancall欧式看涨期权Americancall美式看涨期权positiondiagram头寸图putoption看跌期权SalomonBrothers所罗门兄弟公司termstuctureofinterestrate利率期限结构annuity年金perpetuity永久年金annuityfactor年金因子annuitydue即期年金futurevalue终值conmpoundinterest复利simpleinterest单利continuouslypoundedrate连续复利率ConsumerPriceIndex(CPI)消费物价指数currentdollar当期货币nominaldollar名义货币constantdollar不变货币realdollar实际货币realrateofreturn实际收益率inflationrate通货膨胀率principal本金deflation滞胀yieldtomaturity到期收益率marketcapitalizationrate市场资本化率dividendyield红利收益率costofequitycapital权益资本成本payoutratio红利发放率earningspershare(EPS)每股收益returnonequity(ROE)权益收益率discountcashflow贴现现金流growthstock成长股inestock绩优股presentvalueofgrowthopportunity(PVGO)成长机会的现值price-earningsratio(P/E)市盈率freecashflow(FCF)自由现金流量bookrateofreturn账面收益率capitalinvestment资本投资operatingexpense经营费用paybackperiod回收期discounted-paybackrule贴现回收期法则discounted-cash-flowrateofreturn贴现现金流量的收益率internalrateofreturn(IRR)内部收益率lending贷出borrowing借入profitabilitymeasure盈利指标standardofpfofitability赢利标准modifiedinternalrateofreturn修正内部收益率mutuallyexclusiveprojects互相排斥的项目capitalrationing资本约束profitabilityindex盈利指标softrationing软约束hardrationing硬约束incrementalpayoff增量收入networkingcapital净营运资本sunkcost沉没成本sunk-costfallacy沉没成本悖论overheadcost间接费用salvagevalue残值straight-linedepreciation直线法折旧InternalRevenueService国内税收署taxshield税盾acceleratedcostrecoverysystem加速成本回收折旧法alternativeminimumtax另类最低税taxpreference税收优惠accelerateddepreciation加速折旧projectanalysis项目分析equivalentannualcashflow等价年度现金流marginalinvestment边际投资defaultrisk违约风险riskpremium风险溢酬standarderror标准误差standarddeviation标准差marketportfolio市场组合marketreturm(rm)市场收益率variance方差thelossofadgreeoffreedom自由度损失Delphic德尔菲uniquerisk独特风险unsystematicrisk非系统风险residualrisk剩余风险specificrisk特定风险diversifiablerisk可分散风险marketrisk市场风险systematicrisk系统风险undiversifiablerisk不可分散风险convariance协方差well-diversified有效分散valueadditivity价值可加性efficientportfolio有效投资组合quadraticprogramming二次规划bestefficientportfolio最佳有效投资组合capitalassetpricingmodel(CAPM)资本资产定价模型separationtheorem分离定理securitymarketline证券市场线marketcapitalization市场资本总额small-capstocks小盘股book-to-marketration账面-市值比datamining数据挖掘datasnooping数据侦察consumptionbeta消费贝塔consumptionCAPM消费型资本资产定价模型riskaversion风险厌恶arbitragepricingtheory套利定价理论sensitivityofeachstocktothesefactors每种股票对这些因素的敏感度three-factormodel三因素模型panycostofcapital公司资本成本industrybeta行业贝塔firmvalue公司价值debtvalue负债价值assetvalue资产价值blue-chipfirm蓝筹股financialleverage财务杠杆gearing举债经营financialrisk财务风险unlever消除杠杆relativemarketvaluesofdebt(E/V)负债的相对市场价值taxableine应税利润after-taxcost税后成本marginalcorporatetaxrate公司边际税率after-taxweighted-averagecostofcapital税后加权平均资本成本cyclicality周期性cyclicalfirms周期性公司operatingleverage经营杠杆revenue收入fixedcosts固定成本variablecosts可变成本rateofoutput产出率certaintyequivalent确定性等价值certainty-equivalentcashflow确定性等价现金流risk-adjusteddiscountrate风险相应贴现率underlyingvariables基础变量sample抽样realoption实物期权decisiontree决策树timingqption安排期权productionoption生产性期权optiontobailout清算选择权economicrent经济租金futuremarket期货市场capitalbudget资本预算strategicplanning战略规划appropriationrequest拨款申请postaudit事后审计stockoptions股票期权privatebenefit私下利益perks特权享受perquisite特权享受overinvestment过度投资generallyacceptedaccountingprinciple(GAAP)公认会计原则qualifieddoption保留意见delegated委托economicvalueadded(EVA)经济附加值tradeloading贸易超载economicdepreciation经济折旧nationalineandproductaccounts国民收入与产出账户cap上限合约strip本息剥离债券swap互换bookrunner股份登记员efficientcapitalmarket有效资本市场randomwalk随机游走positivedrift正漂移autocorelationcoefficient自相关系数weakformofefficiency弱有效性semistrongformofefficiency半强有效性strongformofefficiency强有效性marketmodel市场模型acquiringfirm兼并公司acquiredfirm被兼并公司superiorprofit超常利润overreaction反应过度underreaction反应不足indexarbitrageur指数套利者portfolioinsurancescheme证券组合保险策略superiorratesofreturn超常收益exchange-ratepolicy汇率政策applicationdate申购日long-termasset长期资产retainedearnings留存收益financialdeficit资金缺口internalfund内部资金debtpolicy负债政策dividendpolicy红利政策long-termfinancing长期融资totalcapitalization资本总额reserve准备金issuedandoutsanding已发行流通股份issuedbutnotoutsanding已发行未流通股份authorizedsharecapital法定股本总额financialinstitution金融机构cash-flowright现金流要求权controlright控制劝dominantstockholder控股股东majorityvotingsystem多数投票制cumulativevoting累计投票制supermajority绝对多数制proxycontest投票代理权角逐minoritystockholder小股东reversestocksplit逆股票拆细masterlimitedpartnership业主有限责任合伙企业realestateinvestmenttrust(REIT)房地产信托投资基金preferredstock优先股cumulativepreferredstock红利累积优先股lineofcredit授信额度fixed-rate固定利率floating-rate浮动利率coupon息票LondonInterbankOfferedRate(LIBOR)伦敦银行间拆借利率eurobond欧洲债券eurocurrency欧洲货币euro欧元senior优级junior次级subordinated从属secured有担保的collateral抵押品warrant认股权证convertiblebond可转换债券primaryissue一级发行prinarymarket一级市场secondarytansaction二级交易secondarymarket二级市场over-the-counter(OTC)场外交易financialintermediary金融中介zero-stage启动阶段businessplan创业计划书first-stagefinancing第一阶段融资after-the-moneyvaluation注资后的价值papergain账面利润mezzaninefinancing引渡融资angelinvestor天使投资者venturecapitalfund创业投资基金limitedprivatepartnership有限合伙企业generalpartner普通合伙人limitedpartner有限合伙人small-businessinvestmentpanies（SBIC）小企业投资公司initialpublicoffering(IPO)首次公开发行primaryoffering首次发行secondaryoffering二次发行underwriter承销商syndicateofunderwriter承销辛迪加registrationstatement注册说明书prospectus招股说明书roadshow路演greenshoeoption绿鞋期权spread差价offeringprice发售价格underpricing抑价winner’scurse成功者灾难bookbuilding标书登记fixedpriceoffer定价发售auction拍卖discriminationauction差价拍卖uniform-priceauction一价拍卖generalcashoffer一般现款发行rightissue附权发行shelfregistration上架注册priorapproval事前许可boughtdeal买方交易seasonedissue新增发行knowledgeableinvertor成熟的投资者qualifiedinstitutionalbuyer有资格的机构买者recorddate登记日withdividend附有红利cumdividend附息exdividend除息legalcapital法定资本regularcashdividend正常现金红利extra额外的specialdividend特别红利stockdividend股票红利automaticdividendreinvestmentplans(DRIP)红利自动转投计划transferofvalue价值转移capitalstructure资本结构MM’spropositionMM定理weighted-averagecostofcapital(WACC)加权平均资本成本margindebt保证金借款floating-ratenote浮动利率票据money-marketfund货币市场基金interest-rateceiling利率上限trade-offtheory权衡理论righttodefault违约权leveragebuy-out(LBO)杠杆收购asymmetricinformation信息不对称financialslack银根宽松costofdebt负债成本costofequity权益成本terminalvalue清算价值cashflowtoequity权益现金流rebalancing重整projectfinancing项目融资adjustedcostofcapital调整资本成本equivalentloan等值贷款offsettingtransaction反向交易depreciablebasis折旧基数adjustedpresentvalue(APV)调整现值calloption看涨期权exerciseprice执行价格strikeprice敲定价格exercisedate到期日Europeancall欧式看涨期权Americancall美式看涨期权positiondiagram头寸图putoption看跌期权感谢阅读多年企业管理咨询经验，专注为企业和个人提供精品管理方案，企业诊断方案，制度参考模板等欢迎您下载，均可自由编辑。
财务管理专业英语期末复习
财务管理专业英语期末复习Coca-cola standardization office【ZZ5AB-ZZSYT-ZZ2C-ZZ682T-ZZT18】财务管理专业英语期末重点一、单词Topic1财务管理 financial management资本预算 capital budgeting资本结构 capital structure股利政策 dividend policy存货 inventory风险规避 risk aversion股东权益 stockholder s’ equity流动负债 current liabilityTopic2财务风险 financial risk合伙制企业 partnership私人业主制企业 sole proprietorship收入 revenue主计长 controller财务困境 financial distress股票期权 stock option首次公开发行股票(IPO) initial public offeringTopic 3盈利能力 profitability偿付能力 solvency利润表 income statement有价证券 marketable securities提款 withdrawal应收账款 accounts receivable递延税款 deferred taxTopic4流动性比率 liquidity ratio权益乘数 equity multiplier资产收益率(ROA) return on assets毛利 gross profit margin权益报酬率 return on equity市盈率 P/E ratio杠杆比率 leverage ratio息税前盈余(EBIT) earnings before interest and taxes Topic5货币时间价值 time value of money年金 annuity折现率 discount rate机会成本 opportunity cost递延年金 deferred annuity条款 covenant到期收益率 yield to maturity违约风险 default riskTopic6组合 portfolio可分散风险 diversifiable risk概率 probability灵敏度分析 sensitivity analysis有效市场假说 efficient market hypothesis套利定价理论(APT) arbitrage pricing theory资本资产定价模型 capital asset pricing model期望收益 expected returnTopic7资本支出 capital expenditure资本预算 capital budget破产 bankruptcy制造费用 overhead模拟 simulation期后审计 post-audit沉没成本 sunk cost附加效应 side effectTopic8金融市场 financial market回购 repurchase操纵 manipulate承销 underwriting私人控股公司 privately held corporation公开上市 go public公开发行 public offer加权平均资本成本 weighted average cost of capital Topic9混合证券 hybrid security风险资本 venture capital期权交易 option exchange贷款额度 line of credit租赁 lease最优资本结构 optimal capital structure目标资本结构 desired or target capital structure 可转换债券 convertible bondTopic10股票回购 stock repurchase股票股利 stock dividends股票分割 stock split所有权稀释 dilution of ownership剩余股利政策 residual dividend policy清算股利 liquidating dividend现金股利 cash dividends股票股利 stock dividendsTopic11营运资本管理 working capital management商业票据 commercial paper支出 disbursement信用期限 credit period交易动机 transaction motive短期有价证券 marketable security回购协议 repurchase agreement银行承兑汇票 bankers’ acceptanceTopic12国际财务管理 international financial management国际货币基金组织 International Monetary Fund跨国公司 multinational corporation /international corporation汇率 exchange rate间接标价 indirect quotation贬值 depreciate远期交易 forward trade货币互换 currency swap二、计算公式公式资本资产定价模型公式 capital assets pricing modelr i=r RF+(R M- r RF)?i r RF= risk free rate资产无风市场风险系数R M= market rate预期险市回报回报场利率率率公式加权平均资本成本 weighted average cost of capitalWACC=(k e*w e)+［k d*(1-t)*W d］WACC=［equity/(equity+debt)］*cost of equity*(1-corporate tax rate) Wacc=(股权/总资本)*股权成本+（债务/总资本）*债务成本*（1-企业所得税率）三、填空risk of an asset can be considered in two ways (1)on a stand-alone basis. where the asset’s cash flows are analyzed bythemselves ,or(2)a portfolio context, where the asset’s cash flows are combine with those of other asset.a portfolio context ,an asset’s risk can be divided into two components ：在投资组合中资产风险可以分为（1）diversifiable risk ,which can be diversified away and thus is of little concern to diversifiedinvestors , and (2)market risk, which reflect the risk of a general stock market risk decline and cannot be eliminated by diversification.3 .There are three types of financial market efficiency 金融市场的有效性(1)allocationally efficient(2)operationally efficient(3)informationally efficient4. Project Classifications 项目分类（1）expansion project 扩建项目（2）replacement project 更新项目（3）Independent project 独立项目（4）Mutually exclusive project 互不相容项目Rules 投资政策Managers use a variety of rules to evaluate and select capital investments; 管理使用各种各样的规则来评估和选择投资（1）Net Present value (NPV) 净现值（2）Profitability index(PI) 现值系数（3）Internal rate of return (IRR) 内部报酬率（4）Payback period (PP) 回购期 and（5）Discounted payback period (DDP) 折扣回购期6，The post-audit has two main purpose :期后审计的两个虽最重要目的（1）Improve forecasts 提高预测（2）Improve operations 改善经营market serve three important functions in a healthy economy:金融市场在健全经济体系中的三个重要功能（1）Help channel funds from suppliers to demanders 帮助供应商和需求者建立资金渠道（2）Provide a resale market .提供零售市场（3）Set market price and rates of return 设置市场价格和收益率of Financial Markets 金融市场的类型（1）Money Market /Capital Market 货币市场和资本市场（2）Primary Market /Secondary market一级市场和二级市场(3)Private Market / Public Market 私下市场和公开市场banks provide three major services in handing a new security issue :投资银行在持有新证券发行时提供的三个主要服务：（1）Advising 咨询（2）Underwriting 承销（3）Marketing 营销股权融资（1）Owner’s equity所有者权益（2）Venture Capital and private Equity风险投资和私募投资（3）common stock 普通股（4）warrants 认证权证（5）Contingent value right 或有价值权利债务融资（1）bank debt 银行借款（2）bonds 债券（3）leases 租赁generally consider the following factor when making capital structure decisions:公司选择资本结构时一般要考虑下列因素（1）Sale stability 销售稳定性（2）Asset structure 资产结构（3）Operating leverage 经营杠杆（4）Growth 增长率（5）Profitability 盈利能力（6）Taxes 税收（7）Control 控制（8）Management attitudes 管理（9） Lender and rating agency attitudes 贷款人及评级机构的态度（10） Market conditions 市场条件（11） The firm’s internal condition 企业内部条件（12）Financial flexibility 财务灵活性payout procedure 派息程序（1）Declaration date 除息日（2）Ex-dividend date 除息日（3）record date 股权登记日（4）Payment date 股利支付日14. Types of dividends 股利种类（1）Cash dividend 现金股利（2） Stock dividend 股票股利（3）Property dividend 财产股利15. Factors Influencing the dividend decision 影响股利决策因素(1)Shareholder factors 股东因素 (2) Firm factors 公司因素 (3) Other constraints 其他因素16. Cash management involves three major decision areas 现金管理的三个决策（1）Determining appropriate cash balances 确定适当的现金余额（2）Investing idle cash 投资闲置资金（3）Managing collections and disbursements 管理收款和付款17. Credit policy 信贷政策5csOne technique that is useful aid in deciding whether to grant credit is the Five Cs of Credit .Credit analysts generally consider five factors when determining whether to grant credit:(1)character 特征 (2) capacity 能力 (3) capital 资本 (4) collateral 抵押(5)conditions 条件18. Inventory management techniques 存货管理技术Management commonly use four inventory management techniques:管理者通常使用的4个存货管理制度（1）the abc system abc系统（2）the economic order quantity(EOQ) model 经济定价量模型（3）the just-in-time (JII) system 定时采购系统(4) the materials requirement planning (MRP) system 物料需求。
CapitalStructureandCostofEquity高级公司财务资本结构与资金成本英文版
Debt: (0.1)D (0.1)rdD Equity: (0.1)E (0.1)(NOI - rdD) Total: (0.1)(D + E) = (0.1)VL (Initial cost)
(0.1)rdD + (0.1)(NOI - rdD) = (0.1)NOI (Expected Return)
• • • • Homogeneous Expectations Homogeneous Business Risk Classes Perpetual Cash Flows Perfect Capital Markets: – Perfect competition – Firms and investors can borrow/lend at the same rate – Equal access to all relevant information – No transaction costs, no cost of bankruptcy – No taxes
Capital Structure • The Capital-Structure Question and The Pie Theory • Maximizing Firm Value versus Maximizing Stockholder Wealth • Financial Leverage and Firm Value
Arbitrage
All arbitrage opportunities are exploited, when the two securities trade at the same price.
财务管理(公司理财)个人理解(英文版)
The understanding of the financial managementThis team I learnt the Financial Management, which is an important subject and a basic tool of management. The Financial Management is the management of how to deal with Capital Budgeting, Capital Structure and the Working Capital in certain principles as a whole, and financial management is an integral part of the enterprise management, according to the financial legal system, and the principle of financial management, it organizes the enterprise financial activities, deal with financial relationship of an economic management.The goals of Financial ManagementThe enterprise is an organization, which is built for pursuing profit, and its starting point and destination is profit, so Financial Management first should consider the company’s profit, and there are some basic goal s related with the profit.The first goal is to maximize the profit. Its basic point is that profit represented the enterprise’s new wealth, more profit then explaining the wealth of enterprises increases, and the more approximates to corporate goal. But this kind of goal has its drawbacks that it does not consider profit obtained the time value factors, it would be difficult to make right decision with the same amount of money in differen t time point. What’ more it does not consider the relationship between the profit and its invested capital, and finally it doesn’t consider the relationship between the profit and the risk it will take. While, the second goal is to maximize the current value per share of the existing stock. It means that the company's profit should related closely with the shareholder capital, and uses earnings per share to generalize the enterprise financial management goal, thus to avoid defects in the "profit-maximising gaol". But this goal still doesn’t consider earnings per share are obtained the time value of factors, in addition, It still does not consider risks. There’s a third goal that is enterprise wealth (value) maximization, and it means add shareholder’s wealth is the financial management’s goal. But it’s hard to measure. And the final goal is make the stakeholders’ profit maximum. And it means not only considers the creditor, the shareholders and related party interests, but also consider enterprise employees, customers and social responsibility of the enterprise factors, and strive to make the interests of all parties to maximize.Financial Management decisionsSo, when we make some financial decisions we should care all about the parts of the financial goal. And what’s more, we should understand the basictypes of financial management decisions. There are three types of financial management decisions: Capital budgeting, Capital structure, and Working capital management.The first decision concerns the firm’s long-term investments. the process of planning and managing a firm’s long-term investments is called Capital budgeting. In capital budgeting, the manager tries to identify investment opportunities that are worth more to the firm than they cost to acquire, this means that the value of the cash flow generated by an asset exceeds the cost of asset. The types of investment opportunities that would typically be considered depend in part on the nature of the firm’s business. Regardless of the specific nature of an opportunity under consideration, financial managers must be concerned nor only with how much cash they expect to receive, but also with when they expect to receive it and how likely they are to receive it. Evaluating the size, timing, and risk of f uture cash flows is the essence of capital budgeting.While the second decision called Capital Structure refers to the specific mixture of long-term debt and equity the firm uses to finance its operations. There are two main questions when looking at the capital structure - 1) How much $ do we need to borrow to buy this long-term asset? 2) What are the least expensive sources of funds for the firm? For example, since we are thinking of buying this new crusher, we need to decide how we are going to afford this new machine. In this example, we determined that if we cut back a little bit on labor and in other areas, we would be able to afford the new machine. In regards to where the money will come from, we do not take out loans to buy long-term assets. We borrow from our company, and repay overtime.The third decision concerns working capital management. The term working capital refers to a firm’s short-term assets, such as inventory, and its short-term liabilities, such as money owed to suppliers. Managing th e firm’s working capital is a day-to-day activity that ensures that the firm has sufficient resources to continue its operations and avoid costly interruptions. This involves a number of activities related to the firm’s receipt and disbursement of cash.The core element in financial managementThe three areas of corporate financial management are very broad and we should deal these decisions well to make profit for the company. And we should also care about the core element in finance management__ cash flow. Cash flow is the movement of cash into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used for calculating other parameters that give information on the companies' value and situation. Cash flow is very important because it determines a project's rate of return or value. The time of cash flows into and out of projects are used as inputs in financial models such as internal rate of return, and net prese nt value. What’s more it determines problems with a business's liquidity. Being profitable does not necessarily mean being liquid. A company can fail because of a shortage of cash, evenwhile profitable. As an alternate measure of a business's profits when it is believed that accrual accounting concepts do not represent economic realities. For example, a company may be notionally profitable but generating little operational cash (as may be the case for a company that barters its products rather than selling for cash). In such a case, the company may be deriving additional operating cash by issuing shares, or raising additional debt finance. The impressions of the Financial ManagementFirstly, financial management is a comprehensive management work. The development of social economy requires financial management making use of business activities value form implementation management. Control all the material conditions to achieve enterprise efficiency enhances unceasingly, wealth increasing purpose. Therefore, financial management is an independent enterprise management, and is a kind of comprehensive management work.Secondly, Financial management haves a large connection with various aspects in the Enterprise. In the enterprise, the capital of all involved with payment activities related to financial management. In fact, it is very rare that the departments in the internal enterprise do not deal with money. Therefore, financial management, often reaches each corners of the enterprise management. Each department would have relationship with the financial department through using the money. Each department will also in the proper use of the money, and economize on expenditure by accepting the financial department guidance, and subject to the control of the financial system to ensure that improve the economic benefits of the enterprises.Finally, financial management can reflect the production and the operation condition of the enterprise quickly. In enterprise management, the financial index can reflect rapidly about whether or not the decision is proper, the business is reasonable, production technology is advanced or not. For example, if the production of enterprise is marketable and the good quality reliable, it can drive the production development and realize the production and marketing of two flourishing, thus the capital turnover will be accelerated, and the profit ability will be strengthened, so all these can be reflected by financial index quickly.In the end, the financial management is very important, and it is not only a science, but also an art, only we grasp the knowledge of this subject can we have the ability to manage the company well.。
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Conclusions
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Basic earning power = BEP = EBIT/Total assets is unaffected by financial leverage.
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Consider 2 Hypothetical Firms
Firm U No debt $20,000 in assets 40% tax rate
Firm L $10,000 of 12% debt $20,000 in assets 40% tax rate
Prob.*
0.25
EBIT*
$2,000
Interest
1,200
EBT
$ 800
Taxes (40%) 320
NI
$ 480
0.50 $3,000
1,200 $1,800
720 $1,080
0.25 $4,000
1,200 $2,800
1,120 $1,680
*Same as for Firm U.
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14 - 18
Describe the sequence of events in a recapitalization.
Campus Deli announces the recapitalization.
New debt is issued.
Proceeds are used to repurchase
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14 - 17
Optimal Capital Structure
That capital structure (mix of debt, preferred, and common equity) at which P0 is maximized. Trades off higher E(ROE) and EPS against higher risk. The tax-related benefits of leverage are exactly offset by the debt’s risk-related costs.
kd -8% 9% 11.5% 14%
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14 - 20
Why does the bond rating and cost of debt depend upon the amount borrowed?
As the firm borrows more money, the firm increases its risk causing the firm’s bond rating to decrease, and its cost of debt to increase.
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14 - 21
What would the earnings per share be if Campus Deli recapitalized and used these amounts of debt: $0, $250,000, $500,000, $750,000? Assume EBIT = $400,000, T = 40%, and shares can be
Avg. Good
0.50 0.25
$3,000 $4,000
0
0
$3,000 $4,000
1,200 1,600
$1,800 $2,400
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Firm L: Leveraged
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Economy Bad Avg. Good
stock.
Shares
bought
=
Debt issued Price per share
.
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14 - 19
Cost of debt at different debt levels after recapitalization
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Firm U: Unleveraged
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Bad
Prob.
0.25
EBIT
$2,000
Interest
0
EBT
$2,000
Taxes (40%) 800
NI
$1,200
Economy
Both firms have same operating leverage, business risk, and probability distribution of EBIT. Differ only with respect to use of debt (capital structure).
14 - 1
CH14CapitalStructure andLeverage(财务管
理,英文版)
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14 - 2
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14 - 3
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14 - 4
What is operating leverage, and how does it affect a firm’s business risk?
Operating leverage is the use of fixed costs rather than variable costs.
L has higher expected ROE because BEP > kd.
L has much wider ROE (and EPS) swings because of fixed interest charges. Its higher expected return is accompanied by higher risk.
For leverage to raise expected ROE, must have BEP > kd.
Why? If kd > BEP, then the interest expense will be higher than the operating income produced by debt-financed assets, so leverage will depress income.
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More operating leverage leads to
more business risk, for then a small
sales decline causes a big profit
decline.
$
Rev. $
Rev.
TC
} Profit
TC
FC FC
QBE
Sales
The target capital structure is the mix of debt, preferred stock, and common equity with which the firm intends to raise capital.
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14 - 8
Business Risk vs. Financial Risk
Business risk depends on business factors such as competition, product liability, and operating leverage.
Financial risk depends only on the types of securities issued: More debt, more financial risk. Concentrates business risk on stockholders.
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ROE
4.8% 10.8%
TIE
1.67x
2.5x
*BEP same for Firms U and L.
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Good 20.0% 16.8%
3.3x
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14 - 13
Expected Values:
Amount D/A
borrowed ratio
$0
0
250 0.125
500 0.250
750 0.375
1,000 0.500
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