课后翻译-财务管理专业英语-刘媛媛-1、2、3、5、6
课程翻译参考
课程翻译参考财务学专业课程汉英对照表货币银行学Money and Banking 证券投资学Security Analysis and Investment财务报告分析Analysis of Financial Statement 国际金融International Finance保险学Insurance 财务案例分析Case Analysis of Finance Management国际财务管理International Financial Management 资产评估Assets Appraisal项目评估Projects Appraisal 宏观经济学Macroeconomics财务管理Financial Management 管理信息系统Systems of Management Information运筹学Operational Research 策略管理Strategic Management管理会计Managerial Accounting 微观经济学Microeconomics管理学Principles of Management 微积分Calculus统计学Principles of Statistics市场营销学专业课程汉英对照表营销管理Marketing Management 公共关系Public Relationship国际贸易International Trade 消费者行为Consumer Behavior管理信息系统Systems of Management Information 营销调研Marketing Research推销学Sales Strategies 国际金融International Finance营销预测与规划Marketing Forecasting and Planning 销售渠道管理ales Channels Management 国际市场营销International Marketing 商业谈判Business Negotiation广告管理Advertising Management 营销案例分析Case Studies of Marketing国际贸易实务Practice of International Trade 服务业营销Service Industry Marketing企业伦理Enterprise Ethics 新产品开发New Products Development管理学Principles of Management会计专业课程汉英对照表会计学Accounting Principles 成本会计Cost Accounting管理会计Managerial Accounting 审计学Auditing Principles会计信息系统Accounting Information Systems 投资学Investment Principles财务管理Financial Management 货币银行学Money and Banking财务报告分析Analysis of Financial Statement 国际金融International Finance国际会计International Accounting财税法规与税务会计Laws and Regulations of Finance and Taxes预算会计Budget Accounting内部审计与政府审计Internal Auditing and Government Auditing会计审计实务Accounting and Auditing Practice 经济计量学Economic Metrology会计职业道德与责任Accounting Ethics and Responsibilities会计研究方法Accounting Research Methods国际会计专题International Accounting Special Subject 微观经济学Microeconomics微积分Calculus 统计学Principle of Statistics企业管理专业课程汉英对照表管理学Principles of Management 微观经济学Microeconomics宏观经济学Macroeconomics 管理信息系统Systems of Management Information产业经济学Industrial Economics 财务管理Financial Management项目评估Projects Appraisal 战略管理Strategic Management管理沟通Management Negotiation 国际商务谈判Negotiation on Business Affairs跨国公司专题研究Special Research of multinational corporation国际贸易International Trade公司组织与管理Organization and Management of Corporate国际营销研究International Marketing Research战略管理Strategic Management 生产管理研究Operation Management企业伦理Enterprise Ethics 组织行为学Organizational Behavior运筹学Operational Research 人力资源管理Human Resource Management货币银行学专业课程汉英对照表货币银行学Money and Banking 宏观经济学Macroeconomics运筹学Operational Research策略管理Strategic Management 保险学Insurance银行会计Bank Accounting 管理会计Managerial Accounting运筹学Operational Research 国际贸易International Trade财务管理Financial Management 国际金融International Finance租赁与信托Hiring and Affiancing 证券投资学Security Analysis and Investment商业银行实务Practice of Business Bank 国际结算International Balance项目评估Projects Appraisal 金融市场学Financial Marketing人力资源管理Human Resource Management财务报告分析Analysis of Financial Statement财务案例分析Case Analysis of Financial Management力学专业课程汉英对照表数学分析Mathematical Analysis 高等代数与几何Advanced Algebra and Geometry常微分方程Ordinary Differential Equation 数学物理方法Methods in Mathematical Physics 计算方法Numerical Methods 理论力学Theoretical Mechanics材料力学Mechanics of Materials 弹性力学Elasticity流体力学Fluid Mechanics 力学实验Experiments in Solid Mechanics机械制图Machining Drawing 力学概论Introduction to Mechanics气体力学Gas Dynamics 计算流体力学Computational Fluid Mechanics弹性板理论Theory of Elastic Plates 粘性流体力学Viscous Fluid Flow弹性力学变分原理Variational Principles in Elasticity 有限元法Finite Element Method塑性力学Introduction of Plasticity经典力学中的数学方法Mathematical Methods of Classical Mechanics机器人动力学Dynamics of Robots 自动控制原理Principles of Automatic Control优化计算与最化控制Optimization and OptimalControl计算机图象处理Image Processing计算机图形学Computer Graphics 概率与统计Probability and Statistics专业英语English for Mechanics 振动理论Theory of Vibration程序设计方法(C和FORTRAN) Programming in C & FORTRAN 水动力学Hydrodynamics 光测力学Photo Mechanics 断裂力学Fracture Mechanics高等动力学Advanced Dynamics 摄动方法Perturbation Methods机械设计与Auto CAD Machinery Designing and AutoCAD 信息显示(可视化) Visualization微机原理Principles of Personal Computer 复变函数Complex Function物理专业课程汉英对照表热学Thermodynamics 力学Mechanics光学Optics 电磁学Electromagnetism计算概论Computing Generality 固体磁性及应用基础Magnetism of the Solid State and its Application 衍射物理(固体结构分析)Diffraction Physics (Structure of Solid Analysis) 科研实用软件Utility Software for Scientific Research计算机模拟方法Computer Simulation Methods 激光原理、技术与应用The Principle, Technique and Application of Laser材料物理Materials Physics 近代光学和光电子学Modern Optics and Opto electronics现代固体物理Modern Solid State Physics 粒子物理Particle Physics物理宇宙学基础Elements of Cosmology Physics 固体物理Solid State Physics原子物理Atomic Physics 量子力学Quantum Mechanics理论力学Theoretical Mechanics 电动力学Electrodynamics普通物理综合实验Synthetical Experiments of General Physics 普通物理实验General Physics Laboratory生物及医学专业课程汉英对照表应用生物学Applied Biology 医学技术Medical Technology细胞生物学Cell Biology 医学Medicine生物学Biology 护理麻醉学Nurse Anesthesia进化生物学Evolutionary Biology 口腔外科学Oral Surgery海洋生物学Marine Biology 口腔/牙科科学Oral/Dental Sciences微生物学Microbiology 骨科医学Osteopathic Medicine分子生物学Molecular Biology 耳科学Otology医学微生物学Medical Microbiology 理疗学Physical Therapy口腔生物学Oral Biology 足病医学Podiatric Medicine寄生物学Parasutology 眼科学Ophthalmology植物生物学Plant Physiology 预防医学Preventive Medicine心理生物学Psychobiology 放射学Radiology放射生物学Radiation Biology 康复咨询学Rehabilitation Counseling理论生物学Theoretical Biology 康复护理学Rehabilitation Nursing野生生物学Wildlife Biology 外科护理学Surgical Nursing环境生物学Environmental Biology 治疗学Therapeutics运动生物学Exercise Physiology 畸形学Teratology有机体生物学Organismal Biology 兽医学Veterinary Sciences生物统计学Biometrics 牙科卫生学Dental Sciences生物物理学Biophysics 牙科科学Dentistry生物心理学Biopsychology 皮肤学Dermatology生物统计学Biostatistics 内分泌学Endocrinology生物工艺学Biotechnology 遗传学Genetics生物化学Biological Chemistry 解剖学Anatomy生物工程学Biological Engineering 麻醉学Anesthesia生物数学Biomathematics 临床科学Clinical Science生物医学科学Biomedical Science 临床心理学Clinical Psychology细胞生物学和分子生物学Celluar and Molecular Biology 精神病护理学Psychiatric Nursing信息管理专业课程汉英对照表高等数学Higher Mathematics 信息存储与检索Information Retrieval and Storage数据库系统Database 信息服务与用户information Service and User Study信息管理概论Introduction to Information Management 信息经济学Information Economics社会实践Practical Work 信息分析与决策Information Analysis and Policy Making管理学原理Principles of Management 信息政策与法规Information Policy and Law信息组织Information Organization 计算机网络Computer Networks管理信息系统Management Information System 线性代数Linear Algebra决策分析Policy Making 离散数学Discrete Mathematics概率统计Statistics and Probability Theory 生产与运作管理Production Management电子商务Electronic Commerce 信息系统安全与保密Information System Security政府信息化工程Government Information alization 企业信息化工程Enterprise Information alization 广告实务Practice of Advertisement 多媒体技术Multimedia操作系统Operating System 信息科学基础Foundations of InformationScience经济信息管理Economic Information Management 微机基础Principles of Microcomputers电子出版技术Electronic Publishing 广告概论Introduction to Advertisement信息环境论Information Environments 传播学原理Principles of CommunicationTheory知识产权法学Law of Intelligence Property 组织行为学Studies of Organization专业英语Specialty English 文献计量学BibliometricsA UsefulGlossary for Educational Background(教育程度常用词汇)education 学历educational history 学历educational background 教育程度curriculum 课程major 主修minor 副修educational highlights 课程重点部分curriculum included 课程包括specialized courses 专门课程courses taken 所学课程special training 特别训练social practice 社会实践part-time jobs 业余工作summer jobs 暑期工作vacation jobs 假期工作refresher course 进修课程extracurricularactivities 课外活动physical activities 体育活动recreational activities 娱乐活动academic activities 学术活动social activities 社会活动rewards 奖励scholarship 奖学金excellent League member 优秀团员excellent leader 优秀干部student council 学生会off-job training 脱产培训in-job training 在职培训educational system 学制academic year 学年semester 学期(美)term 学期(英)supervisor 论文导师pass 及格fail 不及格marks 分数examination 考试degree 学位post doctorate 博士后doctor(Ph.D) 博士master 硕士bachelor 学士graduate student 研究生abroad student 留学生abroad student 留学生undergraduate 大学肆业生government-supportedstudent 公费生commoner 自费生extern 走读生intern 实习生prize fellow 奖学金生boarder 寄宿生graduate 毕业生guest student 旁听生(英)auditor 旁听生(美)day-student 走读生<教育程度>中英文词汇对照A Useful Glossary for Educational Backgroundeducation 学历educational background 教育程度educational history 学历currculum 课程major 主修minor 副修educational highlights 课程重点部分curriculum included 课程包括specialized courses 专门课程courses taken 所学课程courses completed 所学课程special training 特别训练social practice 社会实践part-time jobs 业余工作summer jobs 暑期工作vacation jobs 假期工作refresher course 进修课程extracurricular activies 体育活动recreational activities娱乐活动academic activities 学术活动social activities 社会活动rewards 奖励scholarship 奖学金"Three Goods" student "三好"学生excellent League member 优秀团员excellent leader 优秀干部student council 学生会off-job training 脱产培训in-job training 在职培训educational sustem 学制academic year 学年semester 学期(美)term 学期(英)president 校长vice-president 副校长acdemic dean 教务员department chairman 系主任professor 教授associate professor 副教授guest professor 客座教授lecturer 讲师teching assistant 助教research fellow 研究员rearch assistant 助理研究员supervisor 论文导师principal 中学校长(美)headmaster 中小学校长(英)master 小学校长(美)dean of students 教务长dean of students 教导主任teacher 教师probation teacher 代课教师tutor 家庭教师governess 女家庭教师intelligence quotient 智商pass 及格fial 不及格marks 分数grades 分数scores 分数ecamination 考试grade 年级class 班级monitor 班长vice-monitor 副班长commissary in charge of studies 学习委员commissary in charge of entertaainment 文娱委员commissary in charge of sports 体育委员commissary in charge of physical labour 劳动委员Party branch secretary 党支部书记League branch secretary 团支部书记commissary in charge of organization组织委员commessary in charge of publicity 宣传委员degree 学位post doctorate 博士后doctor (Ph..D) 博士master 硕士bachelor 学士student 学生graduate student 研究生abroad student 留学生returned student 回国留学生foreign student 外国留学生undergraduate 大学肄业生;(尚未取得学位的)大学生senior 大学四年级学生;高中三年级学生Junior 大学三年级学生;高中二年级学生sophomore 大学二年级学生;高中一年级学生freshman大学一年级学生guest student 旁听生(英)auditor 旁听生(美)government-supported student 公费生commoner 自费生extern 走读生day-student 走读生intern 实习生prize fellow 奖学金生boarder 寄宿生classmate 同班同学schoolmate 同校同学graduate 毕业生政治经济学Political Economics 1西方经济学流派Schools of Western Economics 2微观经济学Microeconomics 3宏观经济学Macroeconomics 4政治经济学(资本主义部分) Political Economics,in regard With Capitalism 5 发展经济学Developing Economics 6政治经济学(社会主义部分) Political Economics, in regard With Socialism 7 经济学说史History of Economic Theories 8农村经济学Rural Economics 9国际经济学International Economics 10股份经济学Stock Economics 11投资经济学Investment Economics 12国际经济学International Economics 13西方经济学概论Introduction to Western Economics 14数理经济学Econometrics 15动态经济学Dynamic Economics 16增长经济学Theory of Economic Growth 17经济学原理Principles of Economics 18建筑经济学Architectural Economics 19城市经济学Urban Economics 20资源经济学Resource Economics 21环境经济学Environmental Economics 22房地产经济学Real Estate Economics 23保险经济学Insurance Economics 24管理经济学Management Economics 25经济学理论与经济分析Economic Theory and Analysis 26信息经济学Information Economics 27商务经济学Business Economics 28水资源经济学Economics of Water Resources 29外国经济学讲座Lectures on Foreign Economics 30交通运输经济学Economics of Communications and Transportation 31经济学原理与经济统计Economic Principles and Economic Statistics 32技术经济学Technical Economics 33产权经济学Economics of Property Right 34旅游经济学Tourism Economics 35土地经济学Land Economics 36不动产经济学Real Estate Economics 37微积分Calculus 3大学数学(含微积分) College Mathematics(Calculus) 4大学英语一级College English Band 1 1 专业英语Specialized English 2 旅游英语Tourism English 3 历史专业英语Special English for History 4 英语五级精读Intensive Reading in English (Ⅴ) 5英语语言学入门Introduction to English Linguistics 6经贸英语Business English 7 新闻英语English of Journalism 8英语社会语言学Social Linguistics of English 9英语语法学English Grammar 10 英语视听English Through Video 12英语写作English Writing 13 英语听说English Listening & Speaking 14国际金融英语International Financial English 15外贸英语谈判 Foreign Trade Negotiation in English 16外贸英语选读Selected Readings on Foreign Trade English 17科技英语Science and Technique English 19专业英语(含文献检索) English Course of Environmental Biology 21英语阅读English Reading 22英语泛读English Extensive Reading 23全国四级英语统测National College English Test (Ⅳ) 24全国六级英语统测National College English Test (Ⅵ) 25英语快速阅读Fast Reading of English 26英语视听English Through Video 27英语听力English Listening Course 28研究生英语English for Master 29综合英语Comprehensive English 30英语函电English Correspondence 31外贸英语谈判与函电Business Correspondence and Negotiation in English 32英语翻译English Translation 33英语词汇English Vocabulary 34 英语提高English Enhancement 35 英语精读English Intensive Reading 36一年英语精读Freshman English Intensive Reading 39二年英语精读Sophomore English Intensive Reading 40三年英语精读Junior English Intensive Reading 41四年英语精读Senior English Intensive Reading 42六级英语English Band 6 43 涉外英语Foreign English 44 英语口语Oral English 45高级英语听力Advanced English Listening 46暑期英语Summer English Course 47空中英语On-line English 52高级英语口语Advanced Oral English 54英语结构English Structure 55英语口译技巧Oral Interpretation Skill of English 56商务英语函电Business English Correspondence 57二级英语English Band 2 58英语会话English Conversation 59四级英语English Band 4 60五级英语English Band 5 61六级英语精读English Intensive Reading Band 6 62经贸英语函电Business English Correspondence 63旅游英语口语Oral Tourism English 64赛珍珠网上英语Pearl.S.Buck and On-Line 65商品学Commodity Science 1逻辑学Logic 1情报检索语言Information Retrieval Languages 1计算机情报检索Computer Information Retrieval 2情报检索与利用Information Retrieval and Utilize 3情报检索算法研究Algorithmic Research of Information Retrieval 4马克思主义哲学发展史History of Marxism Philosophy Development 1马克思主义哲学和当代哲学思潮Marxist Philosophy and Modern Philosophical Thought 2马克思主义哲学原理(认识论) Principle of Marxist Philosophy(Epistemology) 3马克思主义哲学原理Principles of Marxist Philosophy 4欧洲哲学史(西方哲学史) The History of European Philosophy 5中国哲学史The History of Chinese Philosophy 6十九世纪马克思主义哲学Marxist Philosophy in 19th Century 7二十世纪马克思主义哲学Marxist Philosophy in 20th Century 8现代西方科学哲学Modern Western Scientific Philosophy 9哲学价值论The Theory of Philosophic Value 10中国现代哲学史The History of Modern Chinese Philosophy 11现代西方人文哲学Modern Western Human Philosophy 12马克思主义哲学认识论Marxist Philosophical Epistemology 13哲学Philosophy 14哲学概论Introduction to Philosophy 15人生哲学Philosophy of Life 16列宁哲学笔记研究Research of Lenin's Philosophy Note 17中国哲学名著选读Selected Readings in Famous Works of Chinese Philosophy 18西方哲学史History of Western Philosophy 19现代西方哲学Modern Western Philosophy 20列宁哲学笔记研究Research of Lenin's Philosophy Note 21毛泽东哲学思想研究Research of Mao Zedong's Philosophy Thought 22哲学原理Principle of Philosophy 23近代西方哲学流派School of Modern Western Philosophy 24马克思主义哲学原理Principles of Marxist Philosophy 25管理哲学Management Philosophy 26中国近现代哲学史History of Modern Chinese Philosophy 27当代马克思主义哲学专题Special Topic on Modern Marxist Philosophy 28马克思主义哲学导论Introduction to Marxist Philosophy 29西方哲学史History of Western Philosophy 30科学哲学Philosophy of Science 31马列哲学著作选读Selected Readings in Works of Marx's and Lenin's Philosophy 32中国哲学史资料Material of Chinese Philosophy History 33列宁哲学思想Lenin's Philosophy Thought 34西方现代人文哲学Human Philosophy of Modern West 35西方哲学流派Schools of the Western Philosophy 36经济哲学Economic Philosophy 37马列主义哲学Philosophy of Marxism-Leninism 38高等数学Advanced Mathematics 1数学分析Mathematical Analysis 2数学物理方法Mathematical Methods of Physics 3计算数学Computational Mathematics Ⅰ 4组合数学Combinatorial Mathematics 5系统最佳控制与滤波的数学方法Mathematical Methods of System Optimal Control & Filtering 6 数学规划在统计中的应用Applications of Mathematical Programming in Statistics 7大学数学College Mathematics 8离散数学Discrete Mathematics 9高等数学含现性代数Advanced Mathematics (Including Linear Algebra) 10 图书馆应用数学Applied Mathematics 11保险数学Insurance Mathematics 12线性代数与近代数学Linear Algebra and Modern Mathematics 13应用数学Applied Mathematics 14计算数学实习Practice of Computational Mathematics 15计算机数学Computer Mathematics 16大学数学教程Course in College Mathematics 17近代应用数学Modern Applied Mathematics 18模糊数学Fuzzy Mathematics 19大学数学教程A Course in College Mathematics 20经济数学方法Mathematical Method of Economics 21数学建模Mathematical Modeling 22大气科学中的数学方法Mathematical Methods of Atmospheric Science 23 大学数学I College Mathematics (Ⅰ) 24大学数学II College Mathematics (Ⅱ)25经济应用数学Economic Applied Mathematics 26现代数学Modern Mathematics 27大学数学(含微积分) College Mathematics(Calculus) 28大学数学(含线性代数) College Mathematics(Linear Algebra) 29数学思想方法Methods of Mathematical Thoughts 30文艺心理学Psychology of Literature and Arts 1社会心理学Social Psychology 2社会心理学十大流派Ten Schools of Social Psychology 3普通心理学General Psychology 4犯罪心理学Criminal Psychology 5管理心理学Psychology of Management 6教育心理学Educational Psychology 7医学心理学Medical Psychology 8青年心理学Youthful Psychology 9公共关系心理学Public Relations Psychology 10心理学概论Introduction to Psychology 11国际会计International Accounting 1银行会计Bank Accounting 2中外合资企业会计Accounting in Joint Ventures in China 3工业会计学Industrial Accounting 4中外合资(经营)企业会计Accounting in Joint Ventures in China 5计算机与会计Computer and Accounting 6中外合资经营企业会计Accounting of Joint-Venture in China 7管理会计Managerial Accounting 8保险会计学Insurance Accounting 9国际会计International Accounting 10财务会计Financial Accounting 11西方财务会计Financial Accounting in Western Countries 12成本会计Cost Accounting 13会计电算化Computer Application in Accounting 14金融企业会计Accounting of Financial Enterprises 15注册会计师实务Practice of Chartered Public Accountants 16基础会计学Basic Accounting 17会计学Accounting 18会计学与投资会计Accounting and Investment Accounting 19外汇银行会计Foreign Exchange Bank Accounting 20会计学原理Principles of Accounting 21税务会计Tax Accounting 22社会统计学Social Statistics 1统计学Statistics 2商务统计学Business Statistics 3医学统计学Medical Statistics 4统计学原理与经济统计Principles of Statistics and Economic Statistics 5 统计学原理Principles of Statistics 6生物统计学Biostatistics 7统计学与投资统计Statistics and Investment Statistics 8C程序设计语言C Programming Language 1经济管理程序设计Programming of Economic Management 2JA V A程序设计语言JA V A Programming Languages 3汇编语言程序设计Assembly Language Programming 4程序设计语言Principles of Programming Languages 5程序设计实习Practice of Programming 6人工智能程序设计Artificial Intelligence Programming 7程序设计语言Programming Languages 8系统程序设计语言System Programming Language 9程序设计Programming 10程序设计及实验Programming and Experiments 11算法语言与程序设计Algorithmic Language and Programming 12面向对象程序设计Object-oriented Programming 13程序设计方法学引论Introduction to Programming Methodology 14程序设计语言概论Introduction to Programming Languages 15中国革命史History of Chinese Revolution 1敦煌民俗学The Study of Folklore of Dun Huang 1中国民俗学Study of Chinese Folklore 2新闻事业管理Journalism Management 1文艺管理学The science of Management of Literature and Art 2社会管理学Social Management 3管理心理学Psychology of Management 4人事管理学Personnel Management 5图书馆管理Library Management 6情报机构管理Management of Information Agencies 7档案管理学Science of Archives Management 8科技档案管理学Science of Sci-Tech Archives Management 9外国档案管理Archives Management in Foreign Countries 10管理学Management 11资产管理学Asset Management 12国民经济管理概论Introduction to National Economy Management 13产业经济管理学Management Theories of Industrial Economy 14管理学原理Principles of Management Science 15银行经营管理学Banking Management 16管理信息系统Management Information Systems 17工业经济管理Industrial Economy Management 18投资管理学Investment Management 19地区计划管理学Management of Regional Planning 20中外合资企业管理Enterprise Management of Joint Ventures in China 21经济管理程序设计Programming of Economic Management 22中国宏观经济管理Chinese Macroeconomic Models 23管理决策Policy-making Management 24管理会计Managerial Accounting 25中外合资经营企业财务管理Financial Management of Joint-Venture in China 26 环境管理地貌学Geomorphology in Environmental Management 27水资源管理Water Resources Management 28资源系统分析与信息管理Resources System Analysis and Information 29环境管理Environmental Management 30企业管理导论Introduction to Enterprises Management 31房地产管理学Real Estate Management Science 32风险管理Management of Risk 33信息机构管理Information Organization Management 34城市规划与房地产管理Urban Planning and Real Estate Management 35城市经济与城市管理Urban Economy and Management 36经济管理应用程序Applied Programming of Economic Management 37国民经济管理学Management Theories of National Economy 38企业生产管理Enterprise Production Management 39营销管理Marketing Management 40管理科学Management Science 41比较管理学Comparative Management Science 42国际企业管理International Enterprise Management 43管理思想史History of Management Thought 44经济管理专题Special Subject of Economic Management 45土地管理学Land Management 46房地产管理学Real Estate Management Science 47房地产信息管理Information Management of Real Estate 48信息管理系统Information Management Systems 49企业风险管理Enterprise Risk Management 50企业管理学原理Principles of Enterprise Management 51管理经济学Management Economics 52工业企业管理Industrial Enterprise Management 53现代管理软件开发工具Developing Tool of Modern Managemant Software 54行政管理学Administrative Management 55外贸实务管理Practice Management of Foreign Trade 56管理哲学Management Philosophy 57国际企业财务管理Financial Management of International Enterprises 58地名管理Management of Place Names 59经济管理专题Special Subject of Economic Management 60人力资源管理Human Resources Management 61财务管理Financial Management 62数据库管理系统Management System of Database 63工业企业经营管理学Marketing Management of Industrial Enterprises 64工业企业生产管理学Production Management of Industrial Enterprises 65管理理论与方法Theories and Methods of Management 66自然资源系统分析与信息管理System Analysis & Information Management of Physical Resources 67 自然资源信息管理Information Management of Natural Resources 68土地管理房地产开发专题讲座Special Subject of Land Management ane Real Estate Developing 69 投资基金管理Investment Funds Management 70国有资产管理Management of National Property 71管理原理Principle of Management 72管理学Management Science 73文书档案管理学Science of Documents Archives Management 74商业银行经营管理Business Banks Management 75中外合资经营企业管理Management of Joint-Venture in China 76日本经济与企业管理Japanese Economy & Enterprise Management 77国际金融管理International Financial Management 78土地管理与房地产开发Land Management & Real Estate Development 79旅游饭店管理Management of Tourism Hotel 80风景名胜区管理Management of Scenic Spot 81旅行社经营与管理Management of Travel Service 82生产管理Productive Management 83管理沟通Managerial Communication 84社会组织管理Management of Social Organizations 85土地资源规划与管理Land Resources Planning and Management 86市场营销学Marketing 1金融市场学Financial Market 2国际市场行情Quotations in International Market 3国际市场营销International Marketing 4市场营销(研究)学Marketing 5市场营销研究Research of Marketing 6市场信息资源Resources of Market Information 7社会主义市场经济Market Economy of Socialism 8市场调研Market Investigation and Study 9市场政策文件阅读Documents Reading of Market Policy 10旅游市场营销学Tourism Marketing 11市场信息与经营决策Market Information and Management Decision 12。
ORID笔记之刘媛媛第二课:如何提高学习的效率以及放大努力效果?
ORID笔记之刘媛媛第二课:如何提高学习的效率以及放大努力效果?刘媛媛,北大才女,《超级演说家》第二季冠军。
本笔记是记录自她的千聊课程的第二课所作的ORID笔记。
阅读前思考:为什么同样的努力,效果会相差几千倍?为什么同样上培训班,同样的学习和记忆方法,有些人学得快?有些学得慢?怎么样选择合适的范围学习?为什么你会认为自己对一些科目没有兴趣?真实原因是什么?为什么你必须利用别人的经历和头脑来学习?全文字数:3000字。
阅读时长:4分钟。
今天讲2个问题:1,如何提高学习效率?2,如何放大自己的努力成果?1,如何提高自己的学习效率呢?/1,有目的地学习。
/2,借用别人的经历和思维/3,理解背景知识怎么进行有目的地学习?学习碰到最主要的问题是:-1,学习的范围太大-2,没有足够学习的时间。
-3,追求完美的学习计划和方法,结果导致不开始。
哪些范围学习呢?上节课列出来三个方面:思维方式、系统知识、执行知识。
但还是范围太大了。
大部分都是在工作,还有家庭生活,而且很累。
谨慎使用学习时长。
购买书籍、课程,买的时候有兴趣,但是效果不好。
因为没有时间学习。
因为追求学习理论与计划完美结合,而不开始。
对应的办法:1,带着有用的目的去学习。
利用急迫感。
学习的两个目的:-1,好奇心,-2,急迫感好奇心是很薄弱的。
学习的过程是很枯燥的,所以,需要变得务实,急迫感才能让你坚持下去。
如果能够两者结合,既有兴趣又有急迫感的,当然最好。
但如果只有一个目的,选择:'急迫感'。
学大部分的过程很无趣,需要带着强烈的目的。
从急用出发。
更高效率地学会东西。
不要从兴趣出发。
急用的好处:-1,会立即使用所学,会去用。
学校读书时,抽象的概念理解起来,很吃力。
从急迫感出发学习,可以用的过程来理解。
-2,会在用的过程中总结。
-3,坚持起来比较容易。
问题一直出现,会提醒他坚持下去,练习。
具体执行步骤:学什么范围更有效率?六个步骤/1,急于解决什么问题?列清单。
财务管理专业英语unit6
Words study
12.Allocationally efficient markets 配置有效市场
operationally efficient markets 运营有效市场
informationally efficient markets 信息有效市场
When prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers, the market is said to be allocationally efficient.
Words study
14.Anomaly 异常 15.Underpricing 价格低估 16.Monday effect 星期一效应 January effect 元月效应
On average, stocks have lower (negative) returns on Monday, compared to (positive) returns on other days of the week.
place, nor is my whole estate upon the fortune of this present years; Therefore, my merchandise makes me not sad.
——Shakespear, Merchant of Venice
我的买卖的成败并不完全寄托在一艘船上,更不是倚赖着一处地方;我 的全部财产,也不会因为这一年的盈亏而受到影响,所以我的货物并不 能使我忧愁。
Words study
最新大学英语五手打正确课文翻译
英语翻译Unit2 SectionA大学生理财小贴士对学生而言,个人理财可以很容易,即使你刚刚涉足,你只需知道是如何运行的。
我希望在我进入大学前就已了解以下所有的概念。
资金管理如今你独立生活了,你可能蠢蠢欲动,想购买所有你父母以前不允许买的东西。
悠着点,如果你聪明一些,就能避免困扰许多年轻人的经济问题。
加入一个信用社。
不要因为某家银行在柜台送T恤就签署协议,要调查了解城镇信用社或网上银行的情况。
不要办理信用卡,除非你确实需要,那些坐在柜台后面的家伙并非想帮你。
他们是坐等收钱。
组织与规划一些最起码的组织将使你的财务井井有条。
追踪你的开支。
良好的记录将防止你银行透支或超信用额度刷卡,此习惯还有助你发现自己的消费模式。
做预算。
预算不必花哨。
在月初,估计你的收入,并决定如何开支。
记住,你无须花完所有的钱。
保存你的收据,如果必须的话,把它们放在床底下的鞋盒里。
你需要将它们与月底的账单进行比较,有些收据你需要保存数年。
准时支付账单。
这是基本建议,但是令人惊讶的是有那么多人把它抛之脑后。
如果收到账单立即支付,你就不必担心忘记它们。
保管好你的重要数据。
除了已知和可信赖来源外,不要透露你的社会安全号码或信用卡信息。
校园生活似乎有100件事情在争夺你的钱,让你无所适从。
这里介绍一些如何在校园里省钱的妙招。
跳过春假,忘记长途旅行。
在校园附近你可以找到很多乐趣,你可能会很惊讶,留在校园里竟也会如此有趣。
无车生活。
汽车是昂贵的:汽油、维修、保险、注册、停车。
住在学校附近。
学会乘坐公共交通。
找一位拥有汽车的朋友。
不要与挥金如土的土豪厮混。
一些孩子有财大气粗的父母,另一些孩子濒临财务困境。
与土豪厮混会导致你入不敷出。
利用校园活动。
校园里总有各种各样的活动。
参与免费电影节,花几块钱每个月欣赏当地的交响乐。
支持运动队。
参加系列讲座。
充分利用你的学生证!个人生活多多保重。
没有妈妈在身边提醒你去刷牙,没有人责备你吃了三大碗嘎嘣脆船长麦片。
财经专业英语(第二版)unit1译文、课后答案、课件
Unit 1Passage: What Does It Take to Become a Successful Manager?[Para 1]Successful managers come from a wide variety of backgrounds and possess an equally wide variety of traits and skills. No sure–fire formula exists for getting to the top of the managerial ladder, but there are at least three general preconditions for achieving lasting success as a manager: ability (A), motivation to manage (M), and opportunity (O).Together, they constitute a basic formula for managerial success (S): S=A×M×O. Notice that success depends on a balanced combination of ability, motivation to manage, and opportunity. A total absence of one factor can cancel out strength in the other two. (Hence, the use of multiplication rather than addition signs.) For example, high ability and motivation are useless without opportunity.1. Ability[Para 2] As used here, the term managerial ability is the demonstrated capacity to achieve organizational objectives both effectively and efficiently. Actually, today's successful manager needs a whole package of conceptual, technical, and interpersonal abilities. According to recent work by the American Assembly of Collegiate Schools of Business (AACSB), an accrediting agency, business school graduates should be able to demonstrate certain skills and personal characteristics. AACSB's package of skills and characteristics can help everyone better understand the term ability to manage. They include1.Leadership.2.Oral communication and presentation skills.3.Written communication.4.Planning and organizing.rmation gathering and problem analysis.6.Decision making.7.Delegation and control.8.Self-objectivity (being aware of one's strengths and limitations).9.Disposition to lead (a willingness and desire to lead others in new directions).2. Motivation to Manage[Para 3] Uplifting stories about disabled persons and adventurers who succeed despite seemingly insurmountable odds are often summed up in one word: desire. The same force drives successful managers. All the ability in the world will not help a future manager succeed if he or she does not possess a persistent desire to move ahead. Linda Wachner, the only woman chief executiveofficer of a Fortune 500 company (garment maker Warnaco), is an inspiring case in point. Fortune magazine calls her America's most successful businesswoman:From the time she was 11 and growing up in Forest Hills, New York, Wachner knew she wanted to run something. That was the year she lay flat on her back, encased in a plaster cast from her head to her knees, the first step in a surgical procedure to correct severe scoliosis.Hardly able to move and facing the possibility that she would never walk again, Linda became determined that whatever she did in life, she would call the shots–––not doctors, or parents, or physical therapists. "The focus I have today comes from when I was sick," she says. "When you want to walk again, you learn how to focus on that with all your might, and you don't stop until you do it."That brand of determination was evident from the first day Wachner hit the job market in 1966.After graduating at age 20 from the University of Buffalo with a bachelor's degree in business administration, she landed at Associated Merchandising Corp, the New York City buying arm of Federated and other department stores. Her pay: $ 90 a week....A former boss remembers her: “Linda used to come flying through my door every morning hitting me with ideas on how we could run the business better. She wanted to tell our manufacturers how they could do more business with the stores.”[Para 4] Until the mid-1960s, this kind of desire was an intangible trait that could be measured only subjectively. Then a management researcher named John B. Miner developed a psychometric instrument to measure objectively an individual's motivation to manage. Miner's test, in effect, measures one's desire to be a manager.[Para 5] The Seven Dimensions of Motivation to Manage. Miner's measure of motivation to manage is anchored to the following seven dimensions:1.Favorable attitude toward those in positions of authority, such as superiors.2.Desire to engage in games or sports competition with peers.3.Desire to engage in occupational or work–related competition with peers,4.Desire to assert oneself and take charge.5.Desire to exercise power and authority over others.6.Desire to behave in a distinctive way, which includes standing out from the crowd.7.Sense of responsibility in carrying out the routine duties associated with managerial work. The higher the individual scores on each trait, the greater is the motivation to manage. (Although the complete instrument is not given here, you can readily gauge your own motivation to manage as low, moderate, or high.) Miner's research indicates that this concept can accurately predict how fast and how far one will move up the hierarchy.[Para 6] Motivation to Manage among Business Students. Miner and his colleagues wenton to track motivation–to–manage scores for business students at two major U.S. universities over a twenty–year period and came to some interesting conclusions. First, although the steady decline of motivation to manage during the 1960s and early 1970s had stopped, students' motivation to manage still was very low. Generally speaking, students continued to show a distaste for authority, competitiveness, assertiveness, and routine managerial duties. Miner believed this situation foreshadowed a shortage of managerial talent over the coming years. A second conclusion was that female students no longer lagged behind their male counterparts in motivation to manage.[Para 7] More recently, Miner's research has focused on international differences in motivation to manage. His student samples from Mexico, Japan, China, Korea, and Taiwan all scored consistently higher than did his samples from the United States. Miner perceives this pattern as a potential threat to America's global competitiveness.3. Opportunity to Manage[Para 8] Judging from headlines in recent years about corporate downsizings, middle manager layoffs, and the dramatic scaling back of the U. S. defense industry, students might be tempted to throw up their hands in frustration over the prospect of ever landing a management position. Indeed, from the perspective of large American companies, the market for managers has tightened considerably since the 1980s. But the broader picture presented by Business Week, seemingly gloomy at first glance, offers hope for future managers:In the U.S. some 13.5 million workers in private industry are classified as executives, administrators, and managers, and most are employed in the service sector --the focus of intensive restructuring in recent years. The upshot is that managerial jobs, which surged at a5.6% annual rate from 1984 through 1989, have shown no net growth at all sincethen––eliminating about 2.25 million jobs that would have been created if the earlier growth trend had been maintained.Even though the growth rate for the managerial slice of the U. S. labor pie slowed and even shifted into reverse during the early 1990s, it still is a huge slice: 13.5 million managers! Normal turnover–––through deaths, retirements, and career changes–––will open millions of managerial positions in the years ahead. Anticipated economic growth will create additional managerial opportunities.[Para 9] Significantly, the statistics in the preceding quote tell only part of the story for managerial job seekers. Not counted among the 13.5 million are the millions of administrators and managers in military, government, and nonprofit organizations. Also, there is the mushrooming small-business sector. One quick way to become a manager is to start your own business.[Para 10] Despite periodic ups and downs in job markets, there will continue to be a worldwide need for those with the right combination of ability and motivation to manage. The timeto start working out your own S= A×M×O formula is now.New Words*** accredit [☯❒♏♎♓♦]vt. 委派出任* anchor [ ✌☠☯] n.vt. 锚抛锚;依靠* anticipate [✌⏹♦♓♦♓☐♏♓♦] vt. 预见* assembly [☯♦♏❍♌●] n. 集会* assertiveness [☯♦♏♦♓⏹♓♦] n. 断定* brand [br✌⏹♎] n. 商标;烙印;印记* cast [k ♦♦] n. 浇铸*** collegiate [k☯●♓ ♎✞♓♦] adj. 专科学校的;学院的;大学的* conceptual [k☯⏹♦♏☐♦☞◆☯●] adj. 思维的,抽象的;概念的* counterpart [ ♋◆⏹♦☯☐ ♦] n. 对应的人(或物)* delegation [ ♎♏●♓ ♑♏♓☞☯⏹] n. 派遣** dimension [di ❍♏⏹☞☯⏹] n. 度量方法* disposition [disp☯♓☞☯⏹] n. 倾向** downsize [ ♎♋◆⏹ ♦♋♓] v. 减小;减少* encase [in ♏♓♦] vt. 包围;包裹* favorable [ ♐♏♓☯❒☯♌●] adj. 赞同的** foreshadow [f ☞✌♎☯◆] vt. 预示* frustration [fr✈♦♦❒♏♓☞☯⏹] n. 灰心* garment [ ♑❍☯⏹♦] n. 服装*** gauge [♑♏♎✞] vt. 估计,判断n. 方法,手段;标准* gloomy [ ♑●◆❍♓] adj. 黑暗的,昏暗的* headline [ ♒♏♎●♋♓⏹] n. 标题* hierarchy [ ♒♋♓☯❒♓] n. 等级制度;领导层*** insurmountable[ ♓⏹♦☯ ❍♋◆⏹♦☯♌●]adj. 不能克服的* intangible [in ♦✌⏹♎✞☯♌●] adj. 无形的,无法接触的* interpersonal[ ♓⏹♦☯ ☐☯♦☯⏹●]adj. 人际的;交际的** layoff [ ●♏♓ ♐] n. 下岗,失业期间** merchandise[ ❍☯♦☞☯⏹♎♋♓] n.vt.商品;货品劝人购物* motivation[ ❍☯◆♦♓♏♓☞☯⏹]n. 动机;动力* multiplication[ ❍✈●♦♓☐●♓♏♓☞☯⏹]n. 乘法** mushroom [ ❍✈☞❒◆❍] vi. 迅速生长* objectivity n. 客观[ ♌♎✞♏ ♦♓♓♦♓]* odds [ ♎] n. 有可能出现的麻烦事* peer [pi☯] n. 同龄人;同等地位的人* perspective [p☯ ♦☐♏♦♓] n. 观点,看法;视角;* plaster [ ☐● ♦♦☯] n. 灰泥;石膏* presentationn. 赠送;引见;介绍;呈现[ ☐❒♏♏⏹ ♦♏♓☞☯⏹]adj. 心理测量的* psychometric[ ♦♋♓☯◆ ❍♏♦❒♓]*** restructuring [ri ♦♦❒✈♦☞☯] n. 重新组建*** scoliosis [ ♦ ●♓☯◆♦♓♦] n. 脊柱侧凸* superior [sju ☐♓☯❒♓☯] n. 上级,长官*** surefire [ ☞◆☯♐♋♓☯] adj. 确定的* surge [s☯♎✞] vi. 上升* surgical [ ♦☯♎✞♓☯●] adj. 外科的* therapist [ ♏❒☯☐♓♦♦] n. 治疗者* trait [treit] n. 特性,特征* turnover [ ♦☯⏹☯◆☯] n. 移交* uplifting [✈☐●♓♐♦] adj. 使人振奋的* upshot [ ✈☐☞ ♦] n. 结局注: *为基础词汇**为常用的财经专业词汇***为非常用的基础和财经词汇,以下各课同Special Termsaccrediting agency 授权机构assert oneself 坚持自己的权利,显示自己的权威business administration 企业管理career changes 跳槽chief executive officer 董事长corporate downsizing 公司滑坡defense industry 国防工业dimensions of motivation to manage 管理动机的度量方法disposition to lead 有领导倾向favorable attitude 赞同态度Fortune 500 company 500强企业job market 劳务市场job seeker 求职者managerial position 管理岗位motivation to manage 管理动机nonprofit organization 非赢利组织oral (written) communication 口头(书面)交流organizational objective 管理目标presentation skill 交际技巧private industry 私人企业self-objectivity 自知之明sense of responsibility 责任感show a distaste for 表现不喜欢…A w hole package of…全面的…Abbreviation(s)AACSB the American Assembly of Collegiate Schools of Business 美国盎瑟贝财经学院Notes to the Passage1.[Para 1] A total absence of one factor can cancel out strength in the other two.管理成功的公式里共三个要素,如果其中的一个是零的话(即a total absence),那就会取消(cancel out)另外的两个要素的力量之和(strength in the other two)。
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1)Account、Accounting & Accountant
Accountant:会计师、会计人员 Certified Public Accountant 注册会计师(CPA)
2020/2/21
山东轻工业学院商学院
10
2)Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目;账户
2020/2/21
山东轻工业学院商学院
8
1)Account、Accounting & Accountant
Accounting:会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
研究生英语应用教程(第二册)完整版课后翻译unit 1-8单元
Translation第一单元A.Western teachers working at Chinese preschools express shock at the levels of strictness imposed ,and the ways in which the most difficult children are chastised.While this high degree of discipline has the negative effect of making children reluctant to initiate play , it does succeed in teaching self-control and respect for authority-precisely those qualities that are seen to be lacking in U.S school.Friends and family in North America often tell me that between piano ,art and sports lessons , their kids are already overscheduled and subject to pressures beyond their years.Yet , regardless of the number of extracurricular activities, the lives of western children are leisurely when compared to Chinese.对于校纪实施的严格程度和对最难管教学生的处罚方式,在中国幼儿园工作的西方教师表示震惊。
如此高度的纪律性虽然会产生令孩子们不愿意玩耍的消极影响,但也会教会他们自控和尊重权威,而这些品质恰恰是美国学生所缺少的。
财务管理专业英语一和三章全部翻译
第一单元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.另一种说法是财务管理包括管理财务、公司理财、和和商业理财.做财务决策对于所有形式和规模的商业组织,无论是小型私人公司还是大型股份公开交易的公司来说,都是不可分割的一部分.和财务管理工作打交道的人一般是公司的高层例如财务副总裁或首席财务官.他们一般直接向董事长或首席执行官报告,在今天快速变化的大环境中,财务管理者必须有去适应外界诸如经济的不确定性、全球竞争、技术变更、利率和汇率变动、法律制度的变动以及道德方面的考虑等因素.作为一个公司功能领域的的首要部分,财务管理者在实现公司目标的过程中扮演着一个关键的领导人角色.财务管理者的职责和责任是难以达到的.在广义上,财务管理者两个最主要的功能是在公司的活动中获得和配置资源.这些功能也就是制定政策的职责.财务管理者是联系财务部的人员和其他管理部门的人员重要纽带.财务管理包含了三个主要方面的决策:长期投资决策,长期融资决策和营运资金管理决策.这三个决定意味着如何在公司多样化的活动中获得和分配资源.前两个决策本质上是长期决策,第三个是短期决策.管理者从不单独考虑这些决策而是作为一个整体来看待,因为他们每一个从不独立于另外一个.投资决策总是影响着融资决策反之亦然.例如,建立一个新厂房或者购买新设备需要考虑其他的决策如怎样获得项目融资和管理已获得资产所需要的资金.长期投资决策涉及到决定公司想持有的资产的类型和数量.那儿就是包含了资金的配置和使用.财务管理者必须对各种类型的资产作出决策——资产负债表中的左边项目.这些决策经常包含购买,持有,减少,替换,出售、和管理资产.这个计划和管理一个公司长期投资项目的过程就称为资产预算.作出投资决策要求运用财务管理的重要规那么.投资原那么是公司应该投资在回报率高过最低报酬率的资产和项目.门坎利率是将资源投资在一个项目中所要求的最低可接受程度额回报.财务管理者设置一个门坎利率表现风险程度的高低,风险越高的项目门坎利率那么越高.长期融资决策涉及到支持长期投资项目所需要资金的获得,包括资产结构的确定,也就是公司用来资助她的运营的负债和股票的结合.这些财务信息咋看资产负债表的右边表现出来.在选择资本结构上公司有着很大的灵活性.财务管理者可以从外部或内部获得公司投资和运营所需要的资金.内部资金的获得代表着公司决定支付现金股利给股东之后的留存部分.股利政策和一个公司的投资或融资决策都是紧密相连的因为股利支付率决定着利润留存的数量.根据股利分配的原那么,一个公司应该返还现金股利给股东如果没有足够的超过门坎利率的投资项目.对于上市公司而言,公司可以选择发放现金股利的形式或者通过股票回购的形式回馈股东.回报的方式很大程度上由公司股东的特点所决定.如果公司打算从外部筹集资金,那么公司可以通过银行贷款,发行债券和通过股票发行销售所有者权益.融资方式的选择包涵了多方面的权衡.例如,企业必须在某个特定的时期内偿还债务利息却不需要和债权人分享所有权.发行普通股,公司会稀释现有的股东的权益但不得不从股票销售取得的资金补偿他们.当做财务决策的时候,管理者应该将融资原那么牢记于心间.管理者必须选择使投资价值最大化和和被融资的资产所需资金相匹配的融资组合.将被融资资产的现金流出和现金流入做匹配常常用来降低潜在风险.到目前为止,我们主要集中在长期投资和融资决策,现在我们转到公司日常的投资和筹资决策.决定一个公司的短期资产和流动负债的差额是指营运资金的管理,营运资金的净额下定义为流动资产于流动负债的差额.财务管理在流动资产和负债方面有着不同程度的操作责任.大多数财务决策的核心必须考虑到两个具体的因素:风险与报酬.财务上得基本假设是投资者必须为承担的风险作出补偿,尽管在用精确计算模型来评估风险和回报上存在着很大的争议,但在风险和报酬平衡上却很少有所争论,管理者必须将潜在的风险和回报联系在一起.实际上,股东价值最大化这一理论正是建立在风险报酬平衡的基础上的第二单元一个企业的建立,就法律条款而言以怎样的形式组织是十分重要的.这是一个重要的决定因为法律架构会影响法人所面临的财务风险.私人业主制企业这是最简单的企业形式结构.独资企业是由一个人拥有的.独资经营的小服务包括个体经营的,零售店和专业的培训.这种结构的优点是易于形成且不存在双重征税.缺点是,它不可以背书转让,具有一定的限制性和有限的资金,且业主负有无限责任,从而导致损失超过他或她投资于该公司的钱〔债权人甚至可以夺取任何一个业主的房屋或其他个人财产〕. Partnership合伙制企业合伙制企业是由两个或两个以上的个人〔称为合伙人〕所拥有.合伙制企业可以根据不同的手续形式,从非正式、口头协议到正式文件合同的形成,之后合伙公司成立.伙伴关系的协议,不论是正式或非正式的,都定义了合作伙伴之间共享的利益和亏损.合伙人有无限的连带责任和他们合作中的所有权不得转让.合伙关系的一个有限的时间就是其中一个合伙人死亡或者是离开时合伙结构就解散.Corporation##公司是一个所有者独立的法人实体.这意味着公司可以拥有自有资产,签订合同,起诉和被起诉〔的权利〕.作为一个独立的法人实体,也意味着企业的收入是应纳税的,因而形成双重征税,等等.即对企业利润税加上个人所得税后,公司税后利润分配给股东〔例外是一个完整的归集系统〕.有一个所有权〔股东〕和控制〔经理〕的分离.股东持有的公司股份的公司.股份代表了对企业利润的索取〔要求〕,这是在对股息,股票回购,或收购支付的形式的分布,〔例如,管理层收购和要约收购〕.股东负有限责任第三章P30年报和财务报表的基本要素知道如何解释财务报表对公司的利益相关者来说是极其重要的.债权人仔细阅览年报是为了估计公司在债务结束时能支付本金和利息的可能性.投资者分析财务报表是未来评定公司的长期盈利能力.供应商用这些报表是为了估计公司是否能按时足额偿还债务.消费者那么关系公司的持续经营能力,包括维持现在已被购买的商品和提供新产品.雇员们可以利用他们公司的财务报表去估计公司的未来发展,因为,他们的工作依赖于公司的直接偿付能力,长期偿债能力,以及未来长期可获利润.雇员们也关心公司是否可以支付未来的养老金P30-31但我们已经离开了也许是最重要的财务报表的使用者——该公司的管理.管理仔细评估这些财务报表的数据在做重要的投资、融资和营运资本的政策决定.财务报表的数据可能被用来决定激励和奖励一个公司的经理.这些经理可能会使用金融数据在这些语句来分配资本投资在一个公司或部门的各种领域.部门经理们使用财务报表数据实现变化来提高性能的各自的分歧P31Financial statements财务报表可能是这些不同的利益相关者〔除管理〕可以评估一个企业财务的财务状况最重要的信息来源.但是,应该清晰地明白一家公司的真实财务状况是不容易评估的.资产负债表上显示的数字一般代表评估的历史成本.然而,库存有可能是损坏的,过时的,甚至丢失的; 固定资产如机械和建筑的价值可能高于或低于其历史成本价值,还有,应收账款可能无法收回.此外,一些负债如义务支付退休人员的医疗费用可能甚至都没有表述在资产负债表.同样,利润表报告出的一些成本可能被低估,一个拥有十年寿命的设备在使用四十年以后会贬值,这可能是真实的.当你检查了一套财务报表,你应该记住,真实的东西是隐藏在数字背后的,你也应该意识到,实物资产转化成"正确的"数字是很难做到精确的3.1.1 Corporate Annual Reports各种各样的公司报表对于股东而言,年度报告时最重要.在美国大多数公司准备两份年度报告,包含年度报告的是给美国证劵交易委员和股东年度报告,给美国证劵交易委员会的年度报告提供了一个公司全部财务和非财务信息,包含公司商业的综合评论,未来运营的前景,这个报告是比年度报告更综合的对于股东而言.股东年度报告是最普通的年度报告.它包含了对上述讨论的各种财务报表使用者很重要的财务和非财务信息.这些信息的提供包括了会计的财务信息,销售和市场信息.股东年度报告代表性地包括了一X对公司使命和战略的说明,一个主管信息’,商业信息,一个有关财务成果的讨论,对比的财务信息,一份审计报告和可供选择的投资者信息.证劵交易委员会和股东年度报告都包括了聚集以上内容的公司财务报表.P31美国公司是根据GAAP〔公认会计原那么〕来准备财务报表的.GAAP中的公约,规那么和程序规定了公司如何保存档案和准备财务报表.美国根据专业的规那么制定组织,美国会计准那么委员会,规定了这些规那么和程序的指导方针.美国会计准那么委员会也整合了一些概念帮助理解财务报表提供的信息.会计信息的质量特征包括相关性,及时性,可靠性,一致性和可比性.上市公司在美国和许多其他国家需要准备和披露以下财务报表给公众定期:资产负债表损益表现金流量表留存收益表两者合计,这些报表给会计描绘公司的经营和财务状况.定量和语言材料是同样重要的,财务报表的报告,实际发生了什么资产收益和股息,在过去几年中,而口头声明,试图解释为什么事情变成这样,包含的信息在年度报告是用来帮助投资者预期未来收益和股息的形式.公司通常按季度准备这些声明,但是,大多数分析者和财务报表使用者集中于公司的年中报表.公司准备的年度报表包括证券交易委员会和股东的年度报表.P32<NEW US P33 insurance premiums>新美国立法要求公司的年终和季度报告在季度结束后 35 天后 60 天内提交年度报表.作为公司的年终年度报告取代的第四季度报告需要,只有三个季度报告.在下面几节中,我们看看这些财务报表通过使用那些为SunFood产品.资产负债表资产负债表虽然公司站在一个瞬间,资产负债表是会计的快照,反映该公司会计在一个特定的日期的价值.资产负债表报告一个公司的资产、负债、业主<股东>股权作为一个给定的日期,通常在报告期内的结束.一个公司的资产代表其投资<它拥有>,和负债<的情况下>,而所有者权益代表公司如何资助这些投资<资产>.会计定义构成资产负债表的平衡,并描述为:资产=负债+所有者权益表3 - 1所示为SunFood产品的资产负债表在2001和2002年的财政年度.在以下的章节中,我们简要讨论主要地区的资产负债表和SunFood产品的资产负债表.让我们看看的资产方SunFood产品的资产负债表.这些资产,"事情",公司拥有的顺序列出减少流动性,或长时间通常需要将他们的现金在公平市场价值,开始与公司的流动资产.SunFood产品的流动资产包括现金和现金等价物,应收账款,库存和其他流动资产如待摊费用.流动资产是这些资产以现金或,预计将在1年转换为现金.现金和有价证券包括现金和其他票据如支票和汇票,银行没有合法权利要求撤军之前通知.应收账款的代表那些信用销售,该公司尚未收集.他们被报道在净额基础上,不包括信贷销售过期和不太可能最终收集.库存的那些条目,代表仍然没有出售的资产负债表报告日期,但很可能会在明年的销售.其他流动资产如待摊费用包括支付福利中接收1年,如支付租金或保险保费.而SunFood产品的资产负债表下一节包含其土地、厂房与设备.会计人员会在资产使用年限内按资产的价值进行摊销,帐目"扩展"的成本超过资产的使用寿命.他们每年收取的金额称为折旧费用.sunfood产品报告,在PPE净额基础上减去的累计折旧和摊销被视为利润表的费用.P34无形资产,它没有物理,包括如:专利、和商标正确的资产的索赔,各种团体已经对公司的价值,列出的顺序必须付费.负债部分资产负债表的包括流动负债和长期负债.流动负债包括公司的短期到期的义务,SunFood产品的流动负债包括其应付帐款、应付费用.SunFood产品预计一年内支付这些债务长期的责任SunFood产品包括公司的长期债务,其他长期负债,递延税.长期的债务只包括债务将超过1年股东权益部分列出的优先股、普通股和资本盈余和积累留存利润.优先股是一个混合,或者介于股票和债务,破产之时,优先股排名低于债务,但高于普通股.同时,优先股息是固定的,所以优先股东不好处如果公司的盈利增长.当一个公司出售股票,这个过程是记录在普通股票##.积累留存收益代表公司的累计净收入一直回流至公司而不是分发给股东的现金股息.财政部股票代表股普通股,SunFood产品从股东回购P34Historical Cost versus Current Market Value历史成本与现行市场价值资产负债表报告的大部分项目的价值依据其会计帐面价值,这是以历史成本或原始价值为基础计算.一项资产的历史成本是当公司获得该资产时所付出的价格.历史成本所涉及的金额就是公司应当承担的责任.财务经理和分析师认为这些历史价值与当前的市场价值大不相同.这一点尤其适用于房地产和股东权益.报告的值可能低估了这些资产的真正市场价值.这种轻描淡写的问题是为了避免在资产负债表上报告长期投资.长期投资报告的其公允市场价值P35利润表收益表,也叫做一个语句的收益或损益表,总结了总收入和总费用来生成这些收入在指定的一段时间.区别总收入和总费用在给定的时期被称为该公司的净利润为这一时期,也通常被称为公司的净收益或利润.会计定义的收入收入-支出=收入如果资产负债表就像一个快照,损益表就像一个录像的人并在两个快照收益表通常分为两部分:操作和非营业.公司报告收入和费用,对应于日常操作部分.减去营业费用从营业收入或收益的营业收入<orloss>的公司.这是一个重要的盈利能力的衡量一个公司的业务操作.inclodes非营业部分收入和费用项目和收益和损失,常规大多数类型的企业,但视为外围到日常业务运作.非经营性项目包括股息和利息收入、利息费用和收益或亏损相关处理资产或消除负债.表3 - 2显示了收入声明SunFood 产品在2002财年和2001分析师和投资者密切关注的每股收益报告一个公司的损益表.演示的每股收益数据取决于公司有一个简单的或复杂的capitial结构.一个简单的资本结构发生在公司资助只有普通股票和其他不可自由兑换高级证券.这是,公司的融资结构不包含任何可能会稀释股价的证券.这个公司将报告基本每股收益,这是除以净利润净收入减少任何优先的股息发放的加权平均数量的已发行股票的普通股P35-P36公司具有复杂的资本结构有可能稀释每股收益证券如可转换证券,期权和认股权证,这有可能稀释每股收益<EPS>.这些公司必须报告两个基本和稀释每股收益数据.稀释后的每股收益图提供了一个更保守的收益估计通过假设总股普通股分母,包括所有股普通股加上未来潜在的股票从可能的未来的转换的杰出的可转换证券,股票期权和认股权证稀释后每股盈利的计算包括未来潜在普通股从未来的杰出的股票期权和转换的认股权证分母的每股收益计算以下是老师上课让我们翻译的:P36Net Income versus Cash Flow 净收益与现金流净收入报道了公司的损益表通常不等于实际产生的净现金流量,公司在特定的时间段.净收益和实际的净现金流量可能不同,因为会计师使用权责发生制过程认识到收入和费用,因为折旧和税收的治疗.我们讨论这些物品在以下部分中P36Accrual accounting权责发生制收入是公认的损益表当收益过程实际上已经完成和交换商品和服务的发生.会计师指认识到收入与费用的时机以这种方式为权责发生制.在权责发生制过程中,对于一个给定的报告期间,现金收入.因此,未实现升值拥有房产也不会被认为是收入,这提供了一个装置通过出售赞赏财产平滑收入在方便的时候随时.例如,如果公司拥有一个林场,翻了一倍,然后,在价值一年利润都来自于其他业务下降了,它可以提高总体收益通过出售一些树.匹配的原那么规定,收入的公认会计准那么应符合费用.因此,收入报告是在收入,或应计,即使没有现金流已必然发生\P37Depreciation利润表通常包括几项非现金消耗,最普遍的就是折旧和不动产的捐赠.当一个公司的资本费用用于长期固定资产,比如说厂房和设备,通常不包括一整年首要花费引起的资本费用.Taxes在税收和账面账户下项目的处理存在很多不同之处.这些不同之处反应了财务报表上所列内容和美国国内税收署所要求支付的项目,举个列子,不同的折旧方法对于税收目标和财务报表目标是相反的.折旧方法的选择影响着利润表和资产表尤其是对资本集中的公司,当比较加速折旧法,直线折旧法.资产早起时候有更低折旧费用,哪个趋向导致高税率并高净利润,在资产负债表所有的资产和权益时更高在直线折旧法下相对于加速折旧法,在资产早期,资产的使用寿命结束时,这些关系式相反的.3.4 Statement of Retained Earnings公司的留存收益表也称为股东股本的变动表,提供所有者权益账户组成的额外信息.在特别报告期,它显示:留存收益平衡的状态的时期公司的收入有多少公司支付多少的股利投资收益率是多少公司股票的回购公司股票的任何新问题留存收益在期末的平衡P383.5 现金流量表一个公司的现金流量表总结了在规定的时间段的现金状态的变化.一个公司的现金状况会因为公司收入的聚集、运营费用的支付,最终生成收入或损失在一年中会变化的.现金会应为公司购买固定资产、增加存货、财政额外的应收账款、减少表外债务义务、支付股利、股份回购而减少.由于生成的净收入、财政额外应付账款、出售资产和存货和发行长期债券和股票,现金状况会提高.现金流量表帮助大家了解到这些各种活动在一年中对公司现金状况的变化.现金流量表由三部分组成:〔1〕经营活动现金流〔2〕投资现金流〔3〕筹资现金流.每个领域的活动带来的现金代表现金来源而活动涉及的现金花费那么是现金运用.现金流操作报告表明现金收入来自于销售而用于生产的过程中.这类项目流通过该公司的收入声明和周转资金项目流.根据美国公认会计准那么,典型的经营活动包括现金收集和销售,现金操作费用,现金利息费,现金税费.有两种方式去计算经营现金流:〔1〕直接的方式〔2〕间接的方式.两种方式的结果是相同的.直接的方式直接的方式,又称为自上而下的,通过考虑项目的损益表和转换现金通过添加或减去相应的资产负债表科目的变化.间接的方法间接地方法,也叫做自下而上的方式,涉及几个步骤.先算该公司某段时期的净利润,然后减去增益或加损失从融资或投资算出现金流.下一步,重新添加任何非现金收费例如折旧和摊销减去他,得到净收入.净收入是进一步调整的任何资金用于该公司增加在流动资产中的现金核算或跌幅流动负债.正如我们预见的,SunFood生产使用直接的方式计算经营现金流.投资活动现金流记录了现金使用的获得和非现金资产的处理.公司获得某些资产期待形成收入.这些项目被发现于资产负债表上的资产部分中的非货币部分.投资活动经常包括购买土地、厂房和设备,投资合资企业和分支机构,商业获得的付款,继续进行资产销售和投资或者销售有价证券.筹资活动现金流记录了资本结构交易.这些项目位于资产负债表的长期资本部分和报表的留存收益部分以及涉及的相关捐献,提款和现金服务的活动来支持公司经济的活动.财政活动包括新的负债发行,偿还或退休,股票销售和回购,和现金股息支付.在净收益中第一部分提供的细节来源于经营活动.为了达到经营活动所提供的净现金,阳光食品产品增加了会计年度2002净收入中拖欠的折旧和分期偿还费用.折旧和分期偿还是非现金费用,阳光食品将其从收入报表中扣除后再决定净收入.因此,为了转换净收入来实现现金流需要另外返还这些非现金费用.太阳食品公司为了进一步调节账目,用了权责发生制,引起净收益偏离现金流,这也就是我们预先讨论的.特别的,流动资产的增加〔减少〕,例如:应收账款和存货,减去〔加上〕净收益;流动负债的增加〔减少〕,例如:应付账款和应交税金,加上〔减去〕净收益.分析人员指出值得注意的是营运现金流对现金流量表的划分,因为金额大,有利的现金流能为公司提供最初健康有质量的营运.第三部分详细说明了太阳食品公司融资活动,包括通过卖掉短期投资项目,发行短期债券,长期债券,股票来筹集资金.也因为股利支付和现金支付回购在外发行的股票和债券,以减少公司现金,这些交易都包括在内.会计信息告诉我们如何为报表准备现金流,报表还可以用来帮助回答以下问题:公司是否能够产生足够的资金购买额外的资产满足发展?公司是否有额外的资金用来偿还债务或是投资新的产品?这些信息对于管理者和投资者都是有用的,所以现金流量表是年报的一个重要组成部分.。
财务管理专业英语-PDF图书下载-刘媛媛-编-在线阅读-PDF免费电子书下载-第一图书网
财务管理专业英语_PDF图书下载_刘媛媛编_在线阅读_PDF免费电子书下载_第一图书网前言 A journey of a thousand miles begins with a single step. ——Chinese proverb The future is not what it used to be. ——Paul Valery 21世纪是一个竞争激烈、国际化的高科技时代,21世纪的高级专门人才要具备扎实的专业知识、较高的信息素养和能在专业领域用外语进行交流沟通的能力。
作为一名财务管理专业教师,近几年来,我一直采用国外原版教材从事财务管理专业和非财务管理专业的财务管理课程的双语教学。
我深切体会到,虽然学生已经系统学习了大学基础英语,但由于缺乏专业英语基础,财务管理双语课程的教学效果并不尽如人意。
因此,很有必要在财务管理专业教学中设置财务管理专业英语课程。
财务管理专业英语教学,作为从基础英语教学向专业课双语教学过渡的桥梁,是财务管理专业学生从基础英语学习向专业领域英语应用过渡的不可或缺的中间环节。
要对学生进行财务管理专业英语素养的培养,一本合适的财务管理专业英语教材就成为至关重要的因素。
本书从财务管理专业培养目标出发,力求成为一本实用的财务管理专业英语教材,并采用有助于提高学生专业知识和实际运用能力的编写形式,以期能使学生成为满足日益激烈的国际竞争和频繁的国际交流需求的高素质财务管理人才。
本书按财务管理专业主干课程的架构分为12个专题,分别介绍财务管理各个方面的专业英语基础知识。
每一专题均先以“名人名言”和“微型案例”开始,以激发学生的兴趣去主动获取知识、开阔视野。
正文尽量体现财务管理专业的基本理念与核心内容,每一专题还设有“知识扩展”、“相关网址”等,进一步丰富了教学内容。
本书为财务管理专业的学生编写,采用的是导读式的教材风格,而非包罗万象的财务辞典。
根据多年教学经验,我建议财务管理专业英语教师在使用本教材时,除了教会学生如何阅读专业英语文献、掌握专业英语术语和翻译的技巧之外,最主要的任务是培养学生把所学到的专业知识转化为财务管理专业英语的实际运用能力。
ACCA财务管理英语中英文对照
ACCA--财务管理英语sole propsietorship 独资企业partnership 合伙企业corporate finance 公司财务corporate 公司closely held 私下公司public company 公众公司Goldman Sachs 高盛银行pension fund 养老基金insurance company 保险公司board of director 董事会separation of ownership and management 所有权与管理权的分离limited liability 有限责任articles of incorporation 公司章程real asset 实物资产financial asset 金融资产security 证券financial market 金融市场capital market 资本市场money market 货币市场investment decision 投资决策capital budgeting decision 资本预算决策financing decision 融资决策financial manager 财务经理treasurer 司库controller 总会计师CFO 首席财务官principal-agent problem 委托代理问题principal 委托人agent 代理人agency cost 代理成本information asymmetry 信息不对称signal 信号efficient markets hypothesis 有效市场假说present value 现值discount factor 贴现因子rate of return 收益率discount rate 贴现率hurdle rate 门坎比率opportunity cost of capital 资本机会成本net present value 净现值cash outflow 现金支出net present value rule 净现值法则rate-of-return rule 收益率法则profit maximization 利润最大化doing well 经营盈利doing good 经营造益collateral 抵押品warrant 认股权证convertible bond 可转换债券primary issue 一级发行prinary market 一级市场secondary tansaction 二级交易secondary market 二级市场over-the-counter (OTC) 场外交易financial intermediary 金融中介zero-stage 启动阶段business plan 创业计划书first-stage financing 第一阶段融资after-the-money valuation 注资后的价值paper gain 账面利润mezzanine financing 引渡融资angel investor 天使投资者venture capital fund 创业投资基金limited private partnership 有限合伙企业general partner 普通合伙人limited partner 有限合伙人small-business investment companies(SBIC)小企业投资公司initial public offering (IPO) 首次公开发行primary offering 首次发行secondary offering 二次发行underwriter 承销商syndicate of underwriter 承销辛迪加registration statement 注册说明书prospectus 招股说明书road show 路演greenshoe option 绿鞋期权spread 差价offering price 发售价格underpricing 抑价winner’s curse 成功者灾难bookbuilding 标书登记fixed price offer 定价发售auction 拍卖discrimination auction 差价拍卖uniform-price auction 一价拍卖general cash offer 一般现款发行right issue 附权发行shelf registration 上架注册prior approval 事前许可bought deal 买方交易seasoned issue 新增发行knowledgeable invertor 成熟的投资者qualified institutional buyer 有资格的机构买者record date 登记日with dividend 附有红利cum dividend 附息ex dividend 除息legal capital 法定资本regular cash dividend 正常现金红利extra 额外的special dividend 特别红利stock dividend 股票红利automatic dividend reinvestment plans (DRIP) 红利自动转投计划transfer of value 价值转移capital structure 资本结构MM’s proposition MM定理weighted-average cost of capital (WACC) 加权平均资本成本margin debt 保证金借款floating-rate note 浮动利率票据money-market fund 货币市场基金interest-rate ceiling 利率上限trade-off theory 权衡理论right to default 违约权leverage buy-out (LBO) 杠杆收购asymmetric information 信息不对称financial slack 银根宽松cost of debt 负债成本cost of equity 权益成本terminal value 清算价值cash flow to equity 权益现金流rebalancing 重整project financing 项目融资adjusted cost of capital 调整资本成本equivalent loan 等值贷款offsetting transaction 反向交易depreciable basis 折旧基数adjusted present value (APV) 调整现值call option 看涨期权exercise price 执行价格strike price 敲定价格exercise date 到期日European call 欧式看涨期权American call 美式看涨期权position diagram 头寸图put option 看跌期权Salomon Brothers 所罗门兄弟公司term stucture of interest rate 利率期限结构annuity 年金perpetuity 永久年金annuity factor 年金因子annuity due 即期年金future value 终值conmpound interest 复利simple interest 单利continuously compounded rate 连续复利率Consumer Price Index (CPI) 消费物价指数current dollar 当期货币nominal dollar 名义货币constant dollar 不变货币real dollar 实际货币real rate of return 实际收益率inflation rate 通货膨胀率principal 本金deflation 滞胀yield to maturity 到期收益率market capitalization rate 市场资本化率dividend yield 红利收益率cost of equity capital 权益资本成本payout ratio 红利发放率earnings per share (EPS) 每股收益return on equity (ROE) 权益收益率discount cash flow 贴现现金流growth stock 成长股income stock 绩优股present value of growth opportunity (PVGO) 成长机会的现值price-earnings ratio (P/E) 市盈率free cash flow (FCF) 自由现金流量book rate of return 账面收益率capital investment 资本投资operating expense 经营费用payback period 回收期discounted-payback rule 贴现回收期法则discounted-cash-flow rate of return 贴现现金流量的收益率internal rate of return (IRR) 内部收益率lending 贷出borrowing 借入profitability measure 盈利指标standard of pfofitability 赢利标准modified internal rate of return 修正内部收益率mutually exclusive projects 互相排斥的项目capital rationing 资本约束profitability index 盈利指标soft rationing 软约束hard rationing 硬约束incremental payoff 增量收入net working capital 净营运资本sunk cost 沉没成本sunk-cost fallacy 沉没成本悖论overhead cost 间接费用salvage value 残值straight-line depreciation 直线法折旧Internal Revenue Service 国内税收署tax shield 税盾accelerated cost recovery system 加速成本回收折旧法alternative minimum tax 另类最低税tax preference 税收优惠accelerated depreciation 加速折旧project analysis 项目分析equivalent annual cash flow 等价年度现金流marginal investment 边际投资default risk 违约风险risk premium 风险溢酬standard error 标准误差standard deviation 标准差market portfolio 市场组合market returm (rm) 市场收益率variance 方差the loss of a dgree of freedom 自由度损失Delphic 德尔菲unique risk 独特风险unsystematic risk 非系统风险residual risk 剩余风险specific risk 特定风险diversifiable risk 可分散风险market risk 市场风险systematic risk 系统风险undiversifiable risk 不可分散风险convariance 协方差well-diversified 有效分散value additivity 价值可加性efficient portfolio 有效投资组合quadratic programming 二次规划best efficient portfolio 最佳有效投资组合capital asset pricing model (CAPM) 资本资产定价模型separation theorem 分离定理security market line 证券市场线market capitalization 市场资本总额small-cap stocks 小盘股book-to-market ration 账面-市值比data mining 数据挖掘data snooping 数据侦察consumption beta 消费贝塔consumption CAPM 消费型资本资产定价模型risk aversion 风险厌恶arbitrage pricing theory 套利定价理论sensitivity of each stock to these factors 每种股票对这些因素的敏感度three-factor model 三因素模型company cost of capital 公司资本成本industry beta 行业贝塔firm value 公司价值debt value 负债价值asset value 资产价值blue-chip firm 蓝筹股financial leverage 财务杠杆gearing 举债经营financial risk 财务风险unlever 消除杠杆relative market values of debt (E/V) 负债的相对市场价值taxable income 应税利润after-tax cost 税后成本marginal corporate tax rate 公司边际税率after-tax weighted-average cost of capital 税后加权平均资本成本cyclicality 周期性cyclical firms 周期性公司operating leverage 经营杠杆revenue 收入fixed costs 固定成本variable costs 可变成本rate of output 产出率certainty equivalent 确定性等价值certainty-equivalent cash flow 确定性等价现金流risk-adjusted discount rate 风险相应贴现率underlying variables 基础变量sample 抽样real option 实物期权decision tree 决策树timing qption 安排期权production option 生产性期权option to bail out 清算选择权economic rent 经济租金future market 期货市场capital budget 资本预算strategic planning 战略规划appropriation request 拨款申请postaudit 事后审计stock options 股票期权private benefit 私下利益perks 特权享受perquisite 特权享受overinvestment 过度投资generally accepted accounting principle (GAAP) 公认会计原则qualified doption 保留意见delegated 委托economic value added (EV A) 经济附加值trade loading 贸易超载economic depreciation 经济折旧national income and product accounts 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efficient capital market 有效资本市场random walk 随机游走positive drift 正漂移autocorelation coefficient 自相关系数weak form of efficiency 弱有效性semistrong form of efficiency 半强有效性strong form of efficiency 强有效性market model 市场模型acquiring firm 兼并公司acquired firm 被兼并公司superior profit 超常利润overreaction 反应过度underreaction 反应不足index arbitrageur 指数套利者portfolio insurance scheme 证券组合保险策略superior rates of return 超常收益exchange-rate policy 汇率政策application date 申购日long-term asset 长期资产retained earnings 留存收益financial deficit 资金缺口internal fund 内部资金debt policy 负债政策dividend policy 红利政策long-term financing 长期融资total capitalization 资本总额reserve 准备金issued and outsanding 已发行流通股份issued but not outsanding 已发行未流通股份authorized share capital 法定股本总额financial institution 金融机构cash-flow right 现金流要求权control right 控制劝dominant stockholder 控股股东majority voting system 多数投票制cumulative voting 累计投票制supermajority 绝对多数制proxy contest 投票代理权角逐minority stockholder 小股东reverse stock split 逆股票拆细master limited partnership 业主有限责任合伙企业real estate investment trust (REIT) 房地产信托投资基金preferred stock 优先股cumulative preferred stock 红利累积优先股line of credit 授信额度fixed-rate 固定利率floating-rate 浮动利率coupon 息票London Interbank Offered Rate (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convertible bond 可转换债券primary issue 一级发行prinary market 一级市场secondary tansaction 二级交易secondary market 二级市场over-the-counter (OTC) 场外交易financial intermediary 金融中介zero-stage 启动阶段business plan 创业计划书first-stage financing 第一阶段融资after-the-money valuation 注资后的价值paper gain 账面利润mezzanine financing 引渡融资angel investor 天使投资者venture capital fund 创业投资基金limited private partnership 有限合伙企业general partner 普通合伙人limited partner 有限合伙人small-business investment companies(SBIC)小企业投资公司initial public offering (IPO) 首次公开发行primary offering 首次发行secondary offering 二次发行underwriter 承销商syndicate of underwriter 承销辛迪加registration statement 注册说明书prospectus 招股说明书road show 路演greenshoe option 绿鞋期权spread 差价offering price 发售价格underpricing 抑价winner’s curse 成功者灾难bookbuilding 标书登记fixed price offer 定价发售auction 拍卖discrimination auction 差价拍卖uniform-price auction 一价拍卖general cash offer 一般现款发行right issue 附权发行shelf registration 上架注册prior approval 事前许可bought deal 买方交易seasoned issue 新增发行knowledgeable invertor 成熟的投资者qualified institutional buyer 有资格的机构买者record date 登记日with dividend 附有红利cum dividend 附息ex dividend 除息legal capital 法定资本regular cash dividend 正常现金红利extra 额外的special dividend 特别红利stock dividend 股票红利automatic dividend reinvestment plans (DRIP) 红利自动转投计划transfer of value 价值转移capital structure 资本结构MM’s proposition MM定理weighted-average cost of capital (WACC) 加权平均资本成本margin debt 保证金借款floating-rate note 浮动利率票据money-market fund 货币市场基金interest-rate ceiling 利率上限trade-off theory 权衡理论right to default 违约权leverage buy-out (LBO) 杠杆收购asymmetric information 信息不对称financial slack 银根宽松cost of debt 负债成本cost of equity 权益成本terminal value 清算价值cash flow to equity 权益现金流rebalancing 重整project financing 项目融资adjusted cost of capital 调整资本成本equivalent loan 等值贷款offsetting transaction 反向交易depreciable basis 折旧基数adjusted present value (APV) 调整现值call option 看涨期权exercise price 执行价格strike price 敲定价格exercise date 到期日European call 欧式看涨期权American call 美式看涨期权position diagram 头寸图put option 看跌期权色诺芬在《经济论》中首次提出“经济”一词(1)著作:《居鲁士的教育》、《居鲁士远征记》、《经济论》、《雅典的收入》(2)主要经济思想:a)重农思想。
会计与财务管理专业财经英语翻译3刘胜军主编
负债被财务会计标准委员会定义为:会计是由于过去的交易或事项形成的,履行该义务需要企业转移资产或服务给其他实体,预期将会导致经济利益流出企业的现时义务。
这个定义包含的重要组成部分需要在讨论个人负债账户之前进行解释。
负债是过去的交易或事项形成的。
因此,负债只有当发生时才予以确认。
如果交易双方在将来履行义务,则这一部分的定义不包括交换承诺中的合同义务。
这些合同指的是尚未履行的合同。
确定尚未履行合同何时具有成为负债的资格并不容易。
例如,规定雇主和雇员劳动义合同的签订,既没有在当前会计实践中增加负债,也没有发生购货订单。
然而,在某些情况下,租约的签订被要求确认为一个事项,这个事项要求确认当前负债,即使该租约是未履行合同。
负债必须涉及资产或服务的未来可能转移。
尽管负债产生于过去的交易或事项,负债必须要视将来某一时间另一事项的发生而定。
当将来事项的发生成为可能,该项义务被定义为负债。
尽管大部分负债通过支付现金来偿还,也有一些负债是通过转让其他类型的资产或提供劳务来偿还。
例如,预先收到收入要求确认负债以在未来提供商品或服务。
通常,付款时间由债务票据指定。
例如,票据要求在指定的日期或一系列日期偿还本金和利息。
然而,一些义务要求在一定时期内转让资产或服务,但负债发生的具体时间无法确定,比如保修协议提供零部件或服务的义务。
负债是特定实体的义务。
例如,这个实体有义务转移资产或提供服务。
只要支付或转移具有可能,就没有必要去确认实体所欠的债务。
因此,对经济实体出售的项目来说,即使不确定哪些顾客会从中受益,提供保修是必要的义务。
一般来说,负债以法定的权利和义务为基础。
然而,从特定状况中产生、推断、分析出的义务也可能被确认为负债。
例如,一个公司定期支付带薪假期和年终分红,即使没有法定协议的存在来保证支付,应计这项项目为负债也是有保证的。
尽管财务会计标准委员会的定义很有帮助,但对于负债何时存在的问题也并不容易回答。
该领域存在不断争议的例子包括:与资产负债表外筹资相关的问题、递延所得税、租约、养老金甚至一些权益证券,例如可赎回证券。
研究生学位英语课文全文翻译-unit2
Unit2 家庭企业:下一代的前景美国正处在人类历史上最大的一个财富交接的过程中。
在今后的20年里,估计有150亿美元的资产将会转移到下一代的手中。
大多数的财富交接会以家庭企业的方式进行。
但是很多情况下,财富交接的成功与否令人怀疑。
事实上,多数的交接工作将会失败。
一般来说,只有1/3的企业才能成功地移交到下一代手中。
一个家庭企业能生存到第三代是寥寥无几的。
在下—个十年里,数以千计的家庭企业,其中有些是家喻户晓的企业将会消失。
糟糕的是许多企业只有进行适当的规划才能勉强生存。
然而,很多企业已为时太晚了。
一个家庭企业着手规划交接的适当时机不是提前一年,三年甚至是五年进行的。
确切地说,一个包括复杂的财产规划策略的综合性的交接计划一般至少要在十年的基础上才能适当地完成。
无论规模的大小,技术的高低或名气是否响亮,每一个家庭企业都是不一样的。
但是无论怎样不同,在一个企业顺利地交接到下一代之前,以下四个关键性的因素应计划到位。
计划你的交接管理机构业主/企业创建者不仅进取心强而且精力充沛。
他们往往擅长多种技能。
在很多情况下,他们既是生产专家,又是营销天才或经验丰富的金融家。
要接替他们的工作则需要较多的人。
因此,家庭企业的业主应当通过制定组织机构图来明确规定企业该怎样运作。
参与交接过程的每个主要成员也应制定他们自己的组织机构图。
然后,对它们进行比较。
各机构图之间的不同点将表明管理体制上的差异、存在误会的主要方面及观念上的分歧。
以朱蒂为例。
朱蒂拥有一家软件公司,她共有三个孩子:一个是电脑天才,一个是赛车手,还有一个拿到了商业方面的文凭但对经营公司却毫无兴趣。
另外,朱蒂有一个强有力的管理队伍。
根据她的情况,她应该考虑把公司的所有权移交给她的孩子们,但是依然让她的管理队伍来经营公司。
在家庭内或家庭外物色适当人选担任这些职位是不容易的,或者说不是一夜之间可以敲定的。
因此,提前制定一个行动计划和时间表是非常重要的,以便职责的过渡井然有序地进行。
英语翻译 大学英语
Unit5l 这所大学只提供给普里西拉一小笔贷款,余下的钱得靠她自己去筹划。
The university offered Priscilla only a small loan and she had to come up with the rest of the money herself.2凭着她在餐馆工作的微薄收入,玛丽几乎无法维持生活。
因此,她已在所住的公寓大楼里找了一些清扫大楼的工作做。
With the small income from her restaurant job Mary could barely make (both) ends meet. That’s why she had found some cleaning work to do in the apartment building where she lived.3在头两个学期她经常熬夜学习,因为她知道必须在班上取得最高的平均积点才有资格获得那份奖学金。
In the first two semesters she often stayed up late studying because she knew she had to get the highest GPA in her class to qualify for the scholarship.4任何人想在那家公司找到工作,即使没有博士学位,至少也得有个硕士学位,不然就不会被录用。
Anyone who wants to find employment in/with that company must have at least a mater’s degree if not a Ph. S. Otherwise he or she will not be accepted.5只要你全心全意地投身于学习,你终将会达到你成为一名考古学家的长远目标。
Only if you threw yourself into your studies will you ultimately achieve your long-term goal of becoming an archaeologist.6 在办公室里贝思看上去一直很开心,脸上随时带着微笑。
课后翻译-财务管理专业英语-刘媛媛-1、2、3、5、6
Topic 1If you want to establish a leather shoes company, you should make the following four fundamental finance problems clear first.Firstly, what is the goal of the company?Secondly, what's the long-term investment strategy?Thirdly, how to raise funds for investment?Fourthly, how much is the short-term cash flow required for the operation of the company?Topic 2The USA IBM company began to downfall from prosperity in around 1984, it's annual profit declined from $6.6 billion to $4.97 billion in 1992. One of the main reason for the downfall is the disable supervision of board of directors. Generally, the supervision of the board is a main counterweight of the company’s internal governance structure: the board has the right to recall the chairman and plays an important role on operating decisions making. However, three quarters of it's original members are just for decoration though they are prominent because they care little about the operation of the company, therefore the board reduce to formalism.Topic 3Apple of Sodom. Parmalat is the biggest food enterprise in Italia and the fourth in Europe, and it has a 50% dairy product market share in Italy. But abruptly, someone found out that €4 billion circulating fund claimed by Parmalat did not exist, at the same time, €8 million shareholders' equity evaporated. The Parmalat scandal is the biggest bankruptcy case in European history losing approximate 1.5% of Italy's GNP, the proportion is bigger than the loss of both Enron and WorldCom of American GNP.Topic 5Revelation of Buffett's successfulpursuit of time value of investment compoundingAfter forty years, Warren Buffett changes a shake and crumble textile enterprises into a investment company with seventy holding companies while the total assets amounted to $165 billion and makes himself the second rich person in the world. Different from traditional millionaire who become rich by inheritance or production,Buffett has never participate in the actual production or sales,investment for profit is the main business of his company. Buffett regard compound interest as the maximum investment income. Here’s an example, in 1989,Buffett thought Coca-Cola stock price was undervalued, he invested a quarter of Berkshire’s capital into Coca-Cola stock and keep in hold till now which rise from $1 billion to $8 billion.Topic 6If you are an excellent manager with a bright future, now a famous and successful listed company wants to hire you as their chief executive officer,offers you high salary and a quite amount of company stock option. As a rational person,you will accept it without hesitation. But, what if it is about to close down? If you fail to rescue the company, your company stock option become worthless, and worse, your reputation in the manager market will be destroyed. Will you accept it as before? Maybe you won’t, why?。
中英互译-财务管理
外文资料Our knowledge of capital structures has mostly been derived from data from developed economies that have many institutional similarities. The purpose of this paper is to analyze the capital structure choices made by companies from developing countries that have different institutional structures.The prevailing view, for example Mayer (1990) seems to be that financial decisions in developing countries are somehow different. Mayer is the most recent researcher to use aggregate flow of funds data to differentiate between financial systems based on the "Anglo-Saxon" capital markets model and those based on a "Continental-German-Japanese" banking model. However,because Mayer’s data comes from aggregate flow of funds data and not from individual firms there is a problem with this approach. The differences between private, public, and foreign ownership structures have a profound influence on such data, but tell us nothing about how profit-oriented groups make their individual financial decisions.This paper uses a new firm-level database to examine the financial structures of firms in a sample of ten developing countries. Thus, this study helps determine whether the stylized facts we have learned from studies of developed countries are statistical artifacts of these markets, or whether they have more general applicability.Our focus is on answering three questions:(1) Do corporate leverage decisions differ significantly between developing and developed countries?(2) Are the factors that affect cross-sectional variability in individual countries’ capital structures similar between developed and developing countries?(3) Are the predictions of conventional capital structure models improved by knowing the nationality of the company?This last question is particularly important, since different institutional factors, such as tax rates and business risk, can result in different financing patterns, which then show up in firm data as well as the aggregate flow of funds data. Therefore, it is interesting to consider the value-added of company analysis versus a simple country classification.Very few studies have used cross-country comparisons to test theories of financial structure. Rajan and Zingales (1995), use four key independent variables toanalyze the determinants of capital structures across the G-71countries: the tangibility of assets, market-to?book ratio, logarithm of sales as a size proxy, and a measure of profitability.Our data are for ten developing countries: India, Pakistan, Thailand, Malaysia, Turkey,Zimbabwe, Mexico, Brazil, Jordan, and Korea. These ten countries include five former British colonies, two Latin American countries with a common inflationary experience, and three"others." Hence, as well as reflecting theAnglo-Saxon capital markets and the Continental?German-Japanese banking systems, there is a diversity of cultural and economic factors that should severely test whether extant capital structure models are portable.Our findings suggest that although firms in developing countries have lesslong-term debt than do firms in developed countries and the role of specific capital structure determinants therefore may differ, there is little that is “special” about developing countries. Our empirical models show results that would not look out of place in a similar study of firms from developed economies. Although capital structures do differ systematically across countries and country factors are clearly important, the financial factors that are important in developed countries are also important in developing countries. Thus, our work justifies the importance of factors like the tangibility of assets, size, the market-to-book ratio, business risk, and profitability variables in determining capital structure choice across countries.However, our work also emphasizes the importance of country-specific factors. The size and significance of these financial variables differs across countries, where in a “world” capital structure model, country-specific factors are almost equally as important as the financial variables.As a result, there is still more research needed. For example, what exactly is meant by“country factors?” Are these just different eco nomic factors, such as inflation and economic growth, or do they reflect different legal and accounting systems? Or is it something entirely different that reflects different cultural traditions? Perhaps some or all of the above?The paper is as follows: Section I discusses the data set and the principal characteristics of the financing patterns in the ten developing countries. Section II discusses the determinants of capital structure. Section III discusses the estimation of the capital structure model on a countryby-country basis. Section IV analyzes thedata as a single data set to compare country factors with"economic factors." Section V concludes and offers suggestions for further research.Our primary source is data collected by the International Finance Corporation (IFC). The IFC data comprise abbreviated balance sheets and income statements for the largest companies in each country from 1980 to 1990, although all time periods are not available for every country. The criteria used by the IFC for choosing the countries were that quality data were available for areasonably large sample of firms in the period from1980 to 1991, and that developing countries from every continent were represented.The IFC collected annual financial statements and in some cases stock price data, for a maximum of the 100 largest publicly traded firms in each country for which ongoing data were available throughout the sample period. The IFC chose large publicly traded firms in an effort to obtain high quality financial statements. For some of the smaller countries, fewer than 100 firmsare traded or meet the data availability criteria, which resulted in smaller samples. For several countries, high-quality data for the early years of the sample was not available. For these countries, the sample starts after 1980. The IFC database contains stock price data for eight of the ten countries. Unfortunately, stock price data are not available for any of the companies from Brazil or Mexico and are only available for some companies and/or years for several other countries.Another drawback is that there are no data from the sources and uses-of-funds statement, and for most countries there is little useful data going from sales to earnings before tax. The IFC collected the data for other reasons than those of this research. Thus, as a practical matter it is impossible to go back and get data on alternative company variables that other studies have found useful. For example, there is no data on advertising and R&D expenses that are known to give rise to intangible assets that are difficult to borrow against. Similarly, the data on corporate income taxes are rudimentary. Therefore, it is impossible to create sophisticated tax variables to handle the effect of loss carryforwards or other tax incentives. As a result, the analysis cannot be as sophisticated as that contained in the best studies on U.S. data, such as for example, Bradley, Jarrell and Kim (1984), Titman and Wessels (1988) and Kale, Noe, and Ramirez (1992).However, despite these weaknesses, the IFC data set is still the most detailed dataset available on capital structures in developing countries, and it still allows for the calculation of many variables that are relevant for studies on developed country companies.We find that the variables that are relevant for explaining capital structuresin U.S. and European countries are also relevant in developing countries, despite the profound differences in institutional factors across these developing countries. Knowing these factors help spredict the financial structure of a firm better than knowing only its nationality.A consistent result in both the country and pooled data results is that the more profitable the firm, the lower the debt ratio, regardless of how the debt ratio is defined. This finding is consistent with the Pecking-Order Hypothesis. It also supports the existence of significant information asymmetries. This result suggests that external financing is costly and therefore avoided by firms.However, a more direct explanation is that profitable firms have less demand for external financing, as discussed by Donaldson (1963) and Higgins (1977). This explanation would support the argument that there are agency costs of managerial discretion. Also, this result does not sit well with the static tradeoff model, under which we would expect that highly profitable firms would use more debt to lower their tax bill. We could argue that such firms also have large growth options and high market-to-book ratios, so that the agency costs of debt would imply low debt ratios. However, this possibility relies on an argument that high market-to-book ratios are associated with high levels of current profitability, which is not necessarily true. The importance of profitability also explains why the average-tax-rate variable tends to have a negative effect on debt ratios, since rather than being a proxy for debt tax-shield values, it seems to be an alternative measure of profitability.There is also support for the role of asset tangibility in financing decisions. Clearly, asset tangibility affects total and long-term debt decisions differently. We would expect this from the long-standing argument concerning matching and from the emphasis in bank financing on collateral for shorter-term loans. Generally, the more tangible the asset mix, the higher the long?term debt ratio, but the smaller the total-debt ratio. This indicates that as the tangibility of a firm’s assets increases, by say, 1 percent, although the long-term debt ratio increases, the total debt ratio falls; that is the substitution of long-term for short term debt is less than one.In the individual country data, we also find support for the impact of intangibles and growth options as discussed by Myers (1977) and Scott (1977). Although in the aggregate data it seems that companies reduce their debt financing, as measured by the book-debt ratios, when the market-to-book ratio increases, these effects seem to be proxies for general country factors. These effects do not remain when we include country dummies. Finally, the estimated empirical average tax rate does not seem to affect financing decisions, except as a proxy for corporate profitability.Thus, the answer to the first two questions posed in the introduction is:In general, debt ratios in developing countries seem to be affected in the same way andby the same types of variables that are significant in developed countries. However, thereare systematic differences in the way these ratios are affected by country factors, such asGDP growth rates, inflation rates, and the development of capital markets.Why our skepticism? Because, although some of the independent variables have the expected sign, their overall impact is low and the signs sometimes vary across countries. This latter observation could be due to the differing sample sizes, but it could also imply significant institutional differences that affect the importance of the independent variables. To some extent, we expect this, since the institutional framework governing bankruptcy, the preparation of financial statements, and the availability of different forms of financing is at least as important as the direct variables they measure. Therefore, there is a somewhat negative answer to the third question:Knowing the country of origin is more important than knowing the size of all the independent variables for both the total and long-term book-debt ratios. Only for themarket-debt ratio is this not true.Consequently, there is much that needs to be done, both in terms of empirical research asthe quality of international data bases increases, and in developing theoretical modelsthat provide a more direct link between profitability and capital structure choice.中文译文我们对资本结构的了解大多来自发达经济体的数据,这些数据在体制上有许多相似之处。
财务管理专业英语unite5
7. discount rate 折现率 opportunity cost 机会成本 required rate of return 要求的报酬率 cost of capital 资本成本 The interest rate used to compute the present value is called the discount rate, but also be referred to as the opportunity cost, required rate of return, and the cost of capital. 8. Ordinary annuity 普通年金 Ordinary annuity, in which the first cash flow in the series is one period from today.This is the most common form of annuity. Annuity due 先付年金 Annuity due, in which the first cash flow in the series occurs at the beginning of each period.
Wisdom
The problem in valuation is not that there are not enough models to value an asset.It is that there are too many. Choosing the right model to use in valuation is as critical to arriving at a reasonable value as understanding how to use the model.
财务专业英语
Auditor The border of director Administrator Manager
Financial analyst
Controller
Employee
SAP AG
(2) Management Accounting
(3) Tax Accounting
3. Three Fields of Accounting
Q-2. To understand and use accounting information in making
economic decisions, you must understand: a. The nature of economic activities that accounting information describes. b. The assumptions and measurement techniques revolved in
Q-4. Objectives of financial reporting to external investors and creditors include preparing information about all of the following except: a. Information used to determine which products to produce. b. Information about economic resources, claims to those resources, and changes in both resources and claims. c. Information that is useful in assessing the amount, timing, and uncertainty of future cash flows. d. Information that is useful in making investment and credit decisions.
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Topic 1
If you want to establish a leather shoes company, you should make the following four fundamental finance problems clear first.
Firstly, what is the goal of the company?
Secondly, what's the long-term investment strategy?
Thirdly, how to raise funds for investment?
Fourthly, how much is the short-term cash flow required for the operation of the company?
Topic 2
The USA IBM company began to downfall from prosperity in around 1984, it's annual profit declined from $6.6 billion to $4.97 billion in 1992. One of the main reason for the downfall is the disable supervision of board of directors. Generally, the supervision of the board is a main counterweight of the company’s internal governance structure: the board has the right to recall the chairman and plays an important role on operating decisions making. However, three quarters of it's original members are just for decoration though they are prominent because they care little about the operation of the company, therefore the board reduce to formalism.
Topic 3
Apple of Sodom. Parmalat is the biggest food enterprise in Italia and the fourth in Europe, and it has a 50% dairy product market share in Italy. But abruptly, someone found out that €4 billion circulating fund claimed by Parmalat did not exist, at the same time, €8 million shareholders' equity evaporated. The Parmalat scandal is the biggest bankruptcy case in European history losing approximate 1.5% of Italy's GNP, the proportion is bigger than the loss of both Enron and WorldCom of American GNP.
Topic 5
Revelation of Buffett's successful
pursuit of time value of investment compounding
After forty years, Warren Buffett changes a shake and crumble textile enterprises into a investment company with seventy holding companies while the total assets amounted to $165 billion and makes himself the second rich person in the world. Different from traditional millionaire who become rich by inheritance or production,Buffett has never participate in the actual production or sales,investment for profit is the main business of his company. Buffett regard compound interest as the maximum investment income. Here’s an example, in 1989,Buffett thought Coca-Cola stock price was undervalued, he invested a quarter of Berkshire’s capital into Coca-Cola stock and keep in hold till now which rise from $1 billion to $8 billion.
Topic 6
If you are an excellent manager with a bright future, now a famous and successful listed company wants to hire you as their chief executive officer,offers you high salary and a quite amount of company stock option. As a rational person,you will accept it without hesitation. But, what if it is about to close down? If you fail to rescue the company, your company stock option become worthless, and worse, your reputation in the manager market will be destroyed. Will you accept it as before? Maybe you won’t, why?。