《公司财务》学习的英文资料cha(1)
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《公司财务》学习的英文资料cha
▪ Liquid assets frequently have lower rates of
return than fixed assets.
.
7
Debt versus Equity
▪ Creditors generally receive the first claim on the firm’s cash flow.
Chapter 2
Financial Statements, Taxes, and Cash Flow
.
0
Chapter Outline
▪ The Balance Sheet ▪ The Income Statement ▪ Taxes ▪ Cash Flow
.
1
Key Concepts and Skills
▪ Market value is the price at which the assets, liabilities, or equity can actually be bought or sold , which is a completely different concept from historical cost.
▪ Shareholder’s equity is the residual difference between assets and liabilities.
.
8
Market vs. Book Value
▪ The balance sheet provides the book value of the assets, liabilities, and equity.
▪ Know the difference between book value and market value
企业财务知识培训资料(ppt 24页)(英文版)
4
-100,000 33,500 33,500 33,500 33,500
NPVL = $6,190 (already to Year 4)
S: 0 10% 1
2
3
4
-100,000 59,000 59,000 -100,000 -41,000
59,000 59,000
NPVS = $4,377 (on extended basis)
13 - 3
CF0 CF1 Nj I
NPV
S -100,000
59,000 2 10
2,397
L -100,000
33,500 4 10
6,190
Q. NPVL > NPVS. Is L better? A. Can’t say. Need replacement chain
analysis.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
13 - 9
Investment Timing (Continued)
If we wait, there is a 50% chance the subsequent CFs will be $43,500 a year, and a 50% chance the subsequent CFs will be $23,500 a year.
Waiting may allow you to take advantage of changing conditions.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
13 - 14
企业财务知识资料(英文版)
in the World, 1999
Bank Name
Country
Total assets
Deutsche Bank AG Germany
$735 billion
UBS Group
Switzerland $687 billion
Citigroup
United States $669 billion
Required Dividend Capital
return
yield =
gain +
What four factors affect the cost of money?
❖ Production opportunities ❖ Time preferences for consumption ❖ Risk ❖ Expected inflation
“Real” Versus “Nominal” Rates
k*
= Real risk-free rate.
T-bond rate if no inflation;
1% to 4%.
k
= Any nominal rate.
kRF = Rate on Treasury securities.
k = k* + IP + DRP + LP
❖ A graph of the term structure is called the yield curve.
Treasury Yield Curve
Interest Rate (%)
15
10
1 yr 5 yr 10 yr 30 yr
5.2% 5.8% 5.9% 6.0%
5
Yield Curve (August 1999)
Bank Name
Country
Total assets
Deutsche Bank AG Germany
$735 billion
UBS Group
Switzerland $687 billion
Citigroup
United States $669 billion
Required Dividend Capital
return
yield =
gain +
What four factors affect the cost of money?
❖ Production opportunities ❖ Time preferences for consumption ❖ Risk ❖ Expected inflation
“Real” Versus “Nominal” Rates
k*
= Real risk-free rate.
T-bond rate if no inflation;
1% to 4%.
k
= Any nominal rate.
kRF = Rate on Treasury securities.
k = k* + IP + DRP + LP
❖ A graph of the term structure is called the yield curve.
Treasury Yield Curve
Interest Rate (%)
15
10
1 yr 5 yr 10 yr 30 yr
5.2% 5.8% 5.9% 6.0%
5
Yield Curve (August 1999)
《公司财务》学习的英文资料chap138页PPT文档
Corporation ▪ Financial Markets and the Corporation
0
Key Concepts and Skills
▪ Know the basic types of financial management decisions and the role of the financial manager
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
0
Key Concepts and Skills
▪ Know the basic types of financial management decisions and the role of the financial manager
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
企业财务基资料新础知识培训教材(英文版)
➢ Monitor tax issues related to acquisitions or CIP
➢ Ensure BU responsibility for assets in their use and for disposal losses
➢ Depreciate at point of asset use ➢ Revalue key assets on a regular
verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telco’s do
➢ Links asset depreciation to production and product costs/development
PwC175
3
Fixed Assets - Best Practice Features
Maintain fixed asset register
Control acquisitions and disposals
Manage periodic asset depreciation
Verify and value asset base
not verify network assets: the fact that the network works is verification enough)
➢ Verify non capitalised assets
System Features
➢ On line asset register holding key data and current cost allocation
➢ Ensure BU responsibility for assets in their use and for disposal losses
➢ Depreciate at point of asset use ➢ Revalue key assets on a regular
verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telco’s do
➢ Links asset depreciation to production and product costs/development
PwC175
3
Fixed Assets - Best Practice Features
Maintain fixed asset register
Control acquisitions and disposals
Manage periodic asset depreciation
Verify and value asset base
not verify network assets: the fact that the network works is verification enough)
➢ Verify non capitalised assets
System Features
➢ On line asset register holding key data and current cost allocation
《公司财务》学习的英文资料chap1共38页文档
6
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
can arise between owners and managers
1
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD B CC
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
can arise between owners and managers
1
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD B CC
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
《公司财务》学习的英文资料cha
▪ Shareholder’s equity is the residual difference between assets and liabilities.
ppt课件
8
Market vs. Book Value
▪ The balance sheet provides the book value of the assets, liabilities, and equity.
1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
ppt课件
6
Accounting Liquidity
▪ Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
▪ Current assets are the most liquid.
▪ Some fixed assets are intangible.
▪ The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
ppt课件
9
Value versus Cost
▪ Market value and book value are often very different. Why?
▪ Which is more important to the decisionmaking process?
ppt课件
8
Market vs. Book Value
▪ The balance sheet provides the book value of the assets, liabilities, and equity.
1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
ppt课件
6
Accounting Liquidity
▪ Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
▪ Current assets are the most liquid.
▪ Some fixed assets are intangible.
▪ The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
ppt课件
9
Value versus Cost
▪ Market value and book value are often very different. Why?
▪ Which is more important to the decisionmaking process?
《公司财务》学习的英文资料cha(1)
▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
ppt课件
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
➢ Insurance companies ➢ Brokerage firms
ppt课件
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
➢ How will we manage the everyday financial activities of the firm?
ppt课件
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
ppt课件
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
ppt课件
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
➢ Insurance companies ➢ Brokerage firms
ppt课件
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
➢ How will we manage the everyday financial activities of the firm?
ppt课件
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
ppt课件
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
《公司财务》学习的英文资料chap244页PPT
1
The Balance Sheet
▪ The balance sheet is a snapshot of the firm’s assets and liabilities at a given point in time
▪ Assets are listed in order of decreasing liquidity
5
Accounting Liquidity
▪ Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
▪ Current assets are the most liquid. ▪ Some fixed assets are intangible. ▪ The more liquid a firm’s assets, the less likely
the firm is to experience problems meeting short-term obligations. ▪ Liquid assets frequently have lower rates of return than fixed assets.
6
Debt versus Equity
▪ Creditors generally receive the first claim on the firm’s cash flow.
▪ Shareholder’s equity is the residual difference between assets and liabilities.
The Balance Sheet
▪ The balance sheet is a snapshot of the firm’s assets and liabilities at a given point in time
▪ Assets are listed in order of decreasing liquidity
5
Accounting Liquidity
▪ Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
▪ Current assets are the most liquid. ▪ Some fixed assets are intangible. ▪ The more liquid a firm’s assets, the less likely
the firm is to experience problems meeting short-term obligations. ▪ Liquid assets frequently have lower rates of return than fixed assets.
6
Debt versus Equity
▪ Creditors generally receive the first claim on the firm’s cash flow.
▪ Shareholder’s equity is the residual difference between assets and liabilities.
公司财务讲义(英文版)
Equilibrium Spot Exchange Rate
E ( RMB / $1 ) S
E0 D
Q0
Q of $
When D for $ = S of $, Q0 = the equilibrium quantity of $, E0 = the equilibrium spot exchange rate.
(investment income (investment income
and fees earned,
paid out, China
foreign tourism in tourism abroad,
China, etc.)
etc.)
g: Net unilateral
transfers ( gifts )
Eliminate the impact of exchange rate fluctuations on inflation at home.
Approach to Government Intervention
E ( RMB / $1 )
S’
E1
S
E0
D’
D
Q2 Q1 Q3 Q of $
To maintain E0 in the face of E1, either the American government or the Chinese government or both must sell ( Q3 - Q2 ) dollars to purchase [ [ ( Q3 - Q2 ) × E0 ]
Official reserves balance
Note: Item h includes net errors and omissions.
英文财务会计知识点
英文财务会计知识点财务会计是一门重要的学科，它涵盖了许多基本概念和技巧。
掌握可以帮助我们更好地理解和运用财务信息。
在本篇文章中，将就一些关键的进行讨论。
1. Financial Statements（财务报表）财务报表是公司向利益相关者提供的重要财务信息。
常见的财务报表包括资产负债表（balance sheet）、利润表（income statement）、现金流量表（cash flow statement）和股东权益变动表（statement of stockholders' equity）。
这些财务报表通常以规定的格式和标准化的方式来呈现。
2. Assets（资产）资产是指公司拥有并具有经济价值的资源。
根据其可转化性和持有期限，资产分为流动资产（current assets）和非流动资产（non-current assets）。
流动资产包括现金、应收账款、存货等，而非流动资产包括长期投资、固定资产等。
3. Liabilities（负债）负债是公司由于过去的交易或事件而形成的具有经济利益承担义务的现时义务。
负债通常分为流动负债（current liabilities）和非流动负债（non-current liabilities）。
流动负债包括应付账款、短期借款等，而非流动负债包括长期借款、长期应付款等。
4. Equity（股东权益）股东权益是指企业所有者对于企业的权益。
它由股本（share capital）和留存收益（retained earnings）组成。
股本指股东投入的资本，而留存收益指企业从过去盈利中留下的部分。
5. Revenue（收入）收入是企业在正常经营活动中获得的经济利益的流入。
收入通常由销售、提供服务、出租资产等活动产生。
在财务报表上，收入会记录在利润表中。
6. Expenses（费用）费用是企业为了开展正常经营活动而发生的支出。
费用包括销售费用、行政费用、财务费用等。
《公司财务》学习的英文资料chap1
➢ Insurance companies ➢ Brokerage firms
▪ Job opportunities
5
International Finance
▪ This is an area of specialization within each of the areas discussed so far
Issued a 7-year bond in July 2004, raising the euro equivalent of $812 m
Finance the research and testing with reinvested cash flow generated by sales of pharmaceutical products Total borrowings increased by $2.9b, mainly due to issuance of short-term debt in US
▪ It may allow you to work in other countries or at least travel on a regular basis
▪ Need to be familiar with exchange rates and political risk
▪ Need to understand the customs of other countries; speaking a foreign language fluently is also helpful
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
▪ Job opportunities
5
International Finance
▪ This is an area of specialization within each of the areas discussed so far
Issued a 7-year bond in July 2004, raising the euro equivalent of $812 m
Finance the research and testing with reinvested cash flow generated by sales of pharmaceutical products Total borrowings increased by $2.9b, mainly due to issuance of short-term debt in US
▪ It may allow you to work in other countries or at least travel on a regular basis
▪ Need to be familiar with exchange rates and political risk
▪ Need to understand the customs of other countries; speaking a foreign language fluently is also helpful
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
公司财务-学习的英文资料chap1 共38页
Issued about 600 million new shares to finance the acquisition
Invested $ 600m to develop oil fields offshore in the Gulf of Mexico
Acquired Glenmorangie PLC, a producer of scotch malt whiskies
Issued a 7-year bond in July 2019, raising the euro equivalent of $812 m
Finance the research and testing with reinvested cash flow generated by sales of pharmaceutical products Total borrowings increased by $2.9b, mainly due to issuance of short-term debt in US
$7.7b on research and testing of new medicines
Building an $800m automobile plant in San Antonio, Texas
Announced plans to return surplus cash flow to shareholders through share repurchase
Plan for 2019 call for up to 530 Issued $1883m long-term debt, maturing in
new retail stores in US and 165 2036 and paying interest at 5.25% per year
Invested $ 600m to develop oil fields offshore in the Gulf of Mexico
Acquired Glenmorangie PLC, a producer of scotch malt whiskies
Issued a 7-year bond in July 2019, raising the euro equivalent of $812 m
Finance the research and testing with reinvested cash flow generated by sales of pharmaceutical products Total borrowings increased by $2.9b, mainly due to issuance of short-term debt in US
$7.7b on research and testing of new medicines
Building an $800m automobile plant in San Antonio, Texas
Announced plans to return surplus cash flow to shareholders through share repurchase
Plan for 2019 call for up to 530 Issued $1883m long-term debt, maturing in
new retail stores in US and 165 2036 and paying interest at 5.25% per year
《公司财务》学习的英文资料cha(1)
.
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
Corporation ▪ Financial Markets and the Corporation
.
1
Key Concepts and Skills
▪ Know the basic types of financial
management decisions and the role of
the financial manager
Plan for 2005 call for up to 530 Issued $1883m long-term debt, maturing in
new retail stores in US and 165 2036 and paying interest at 5.25% per year
stores in other countries .
Shareholders’ Equity
.
11
The Capital Budgeting Decision
Total Value of Assets: Current Assets
Total Firm Value to Investors:
Current Liabilities
Long-Term Debt
▪ Know the financial implications of the
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▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
➢ How will we manage the everyday financial activities of the firm?
.
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
.
3
Investments
▪ Work with financial assets such as stocks and bonds
▪ Value of financial assets, risk versus return, and asset allocation
▪ Job opportunities
▪ It may allow you to work in other countries or at least travel on a regular basis
▪ Need to be familiar with exchange rates and political risk
▪ Need to understand the customs of other countries; speaking a foreign language fluently is also helpful
.
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
Bank of America ($48.9b) BP ($285b)
LVMH ($17.1b)
.
7
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
➢ Insurance companies ➢ Brokerities
.
5
International Finance
▪ This is an area of specialization within each of the areas discussed so far
Corporation ▪ Financial Markets and the Corporation
.
1
Key Concepts and Skills
▪ Know the basic types of financial
management decisions and the role of
the financial manager
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
.
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
Chapter 1
Introduction to Financial Management
.
0
Chapter Outline
▪ Finance: A Quick Look ▪ Business Finance and The Financial Manager ▪ Forms of Business Organization ▪ The Goal of Financial Management ▪ The Agency Problem and Control of the
▪ Capital structure
➢ How should we pay for our assets? ➢ Should we use debt or equity?
▪ Working capital management
➢ How do we manage the day-to-day finances of the firm?
▪ Know the financial implications of the
different forms of business organization
▪ Know the goal of financial management
▪ Understand the conflicts of interest that
.
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
can arise between owners and
managers
.
2
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD
B CC
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
➢ How will we manage the everyday financial activities of the firm?
.
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
.
3
Investments
▪ Work with financial assets such as stocks and bonds
▪ Value of financial assets, risk versus return, and asset allocation
▪ Job opportunities
▪ It may allow you to work in other countries or at least travel on a regular basis
▪ Need to be familiar with exchange rates and political risk
▪ Need to understand the customs of other countries; speaking a foreign language fluently is also helpful
.
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
Bank of America ($48.9b) BP ($285b)
LVMH ($17.1b)
.
7
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
➢ Insurance companies ➢ Brokerities
.
5
International Finance
▪ This is an area of specialization within each of the areas discussed so far
Corporation ▪ Financial Markets and the Corporation
.
1
Key Concepts and Skills
▪ Know the basic types of financial
management decisions and the role of
the financial manager
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
.
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
Chapter 1
Introduction to Financial Management
.
0
Chapter Outline
▪ Finance: A Quick Look ▪ Business Finance and The Financial Manager ▪ Forms of Business Organization ▪ The Goal of Financial Management ▪ The Agency Problem and Control of the
▪ Capital structure
➢ How should we pay for our assets? ➢ Should we use debt or equity?
▪ Working capital management
➢ How do we manage the day-to-day finances of the firm?
▪ Know the financial implications of the
different forms of business organization
▪ Know the goal of financial management
▪ Understand the conflicts of interest that
.
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
can arise between owners and
managers
.
2
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD
B CC