14 - Cash Flow Estimation and Risk
财务风险外文文献（学习资料）
外文文献The Important Of Financial RiskSohnke M. Bartram Gregory W. Brown and Murat AtamerAbstract:This paper examines the determinants of equity price risk for a largesample of non-financial corporations in the United States from 1964 to 2008. Weestimate both structural and reduced form models to examine the endogenous natureof corporate financial characteristics such as total debt debt maturity cash holdingsand dividend policy. We find that the observed levels of equity price risk areexplained primarily by operating and asset characteristics such as firm age size assettangibility as well as operating cash flow levels and volatility. In contrast impliedmeasures of financial risk are generally low and more stable than debt-to-equity ratios.Our measures of financial risk have declined over the last 30 years even as measuresof equity volatility e.g. idiosyncratic risk have tended to increase. Consequentlydocumented trends in equity price risk are more than fully accounted for by trends inthe riskiness of firms’assets. Taken together the results suggest that the typical U.S.firm substantially reduces financial risk by carefully managing financial policies. As aresult residual financial risk now appears negligible relative to underlying economicrisk for a typical non-financial firm.Keywords：Capital structure；financial risk；risk management；corporate finance1 1.IntroductionThe financial crisis of 2008 has brought significant attention to the effects offinancial leverage. There is no doubt that the high levels o f debt financing by financialinstitutions and households significantly contributed to the crisis. Indeed evidenceindicates that excessive leverage orchestrated by major global banks e.g. through themortgage lending and collateralized debt obligations and the so-called “shadowbanking system”may be the underlying cause of the recent economic and financialdislocation. Less obvious is the role of financial leverage among nonfinancial firms.To date problems in the U.S. non-financial sector have been minor compared to thedistress in the financial sector despite the seizing of capital markets during the crisis.For example non-financial bankruptcies have been limited given that the economicdecline is the largest since the great depression of the 1930s. In fact bankruptcyfilings of non-financial firms have occurred mostly in U.S. industries e.g.automotive manufacturing newspapers and real estate that faced fundamentaleconomic pressures prior to the financial crisis. This surprising fact begs the question“How important is financial risk for non-financial firms”At the heart of this issue isthe uncertainty about the determinants of total firm risk as well as components of firmrisk.Recent academic research in both asset pricing and corporate finance hasrekindled an interest in analyzing equity price risk. A current strand of the assetpricing literature examines the finding of Campbell et al. 2001 thatfirm-specificidiosyncratic risk has tended to increase over the last 40 years. Other work suggeststhat idiosyncratic risk may be a priced risk factor see Goyal and Santa-Clara 2003among others. Also related to these studies is work by Pástor and V eronesi 2003showing how investor uncertainty about firm profitability is an important determinantof idiosyncratic risk and firm value. Other research has examined the role of equityvolatility in bond pricing e.g. Dichev 1998 Campbell Hilscher and Szilagyi2008.However much of the empirical work examining equity price risk takes the riskof assets as given or tries to explain the trend in idiosyncratic risk. In contrast thispaper takes a different tack in the investigation of equity price risk. First we seek tounderstand the determinants of equity price risk at the firm level by considering totalrisk as the product of risks inherent in the firms operations i.e. economic or businessrisks and risks associated with financing the firms operations i.e. financial risks.Second we attempt to assess the relative importance of economic and financial risksand the implications for financial policy.Early research by Modigliani and Miller 1958 suggests that financial policymay be largely irrelevant for firm value because investors can replicate manyfinancial decisions by the firm at a low cost i.e. via homemade leverage andwell-functioning capital markets should be able to distinguish between financial andeconomic distress. Nonetheless financial policies such as adding debt to the capitalstructure can magnify the risk of equity. In contrast recent research on corporate riskmanagement suggests that firms may also be able to reduce risks and increase valuewith financial policies such as hedging with financial derivatives. However thisresearch is often motivated by substantial deadweight costs associated with financialdistress or other market imperfections associated with financial leverage. Empiricalresearch provides conflicting accounts of how costly financial distress can be for atypical publicly traded firm.We attempt to directly address the roles of economic and financial risk byexamining determinants of total firm risk. In our analysis we utilize a large sample ofnon-financial firms in the United States.Our goal of identifying the most importantdeterminants of equity price risk volatility relies on viewing financial policy astransforming asset volatility into equity volatility via financial leverage. Thusthroughout the paper we consider financial leverage as the wedge between assetvolatility and equity volatility. For example in a static setting debt provides financialleverage that magnifies operating cash flow volatility. Because financial policy isdetermined by owners and managers we are careful to examine the effects of firms’asset and operating characteristics on financial policy. Specifically we examine avariety of characteristics suggested by previous research and as clearly as possibledistinguish between those associated of the company(i.e. factors determining economic risk) and those associated with financing the firm(i.e. factors determining financial risk).We then allow economic risk to be a determinant of financial policy in the structural framework of Leland and Toft(1996),or alternatively, in a reduced form model of financial leverage.An advantage of the structural model approach is that we are able to account for both the possibility of financial and operating implciations ofsome factors(e.g .dividends),as well as the endogenous nature of the bankruptcy decision and financial policy in general.Our proxy for firm risk is the volantility if common stock returns derived from calculating the standard deviation of daliy equity returns.Our proxies for econmic risk are designed to capture the essential charactersitics of the firm’s operations and assets that determine the cash flow generating process for the firm.For example,firm size and age provide measures of line of –business maturity; tangible assets(plant,property,and equipment)serve as a proxy for the ‘hardness’of a firm’s assets;capital expenditures measure captial intensity as well as growth potential.Operating profitability and operating profit volatility serve as measures of the timeliness and riskiness of cash flows.To understand how financial factors affect firm risk,we examine total debt,debt maturity,dividend payouts,and holdings of cash and short-term investments.The primary resuit or our analysis is surpriing:factors determining economic risk for a typical company exlain the vast majority of the varation in equity volatility.Correspondingly,measures of implied financial leverage are much lower than observed debt ratios. Specifically, in our sample covering 1964-2008 average actual net financial (market) leverage is 1.50 compared to our estimates of between 1.03 and 1.11 (depending on model specification and estimation technique).This suggests that firms may undertake other financial policise to manage financial risk and thus lower effective leverage to nearly negligible levels.These policies might include dynamically adjusting financial variables such as debt levels,debt maturity,or cash holdings (see,for example , Acharya,Almeida,and Campello,2007).In addition,many firms also utilize explicit financial risk management techniques such as the use of financial dervatives,contractual arrangements with investors (e.g. lines of credit,call provisions in debt contracts ,or contingencies in supplier contracts ),spcial purpose vehicles (SPVs),or other alternative risk transfer techniques.The effects of our ecnomic risk factors on equity volatility are generally highly statiscally significant, with predicted size and age of the firm.This is intuitive since large and mature firms typically have more stable lines of business,which shoule be reflected in the volatility. This suggests that companties with higher and more stable operating cash flows are less likely to go bankrupt, and therefore are potentially less risky .Among economic risk variables,the effects of firm size ,prfit volatility,and dividend policy on equity volatility stand out. Unlike some previous studies,our careful treatment of the endogeneity of financial policy co nfirms that leveage increases total firm risk. Otherwise,fiancial risk factors are not reliably to total risk.Given the large literature on financial policy , it is no surprise that financial variables are , at least in part , determined by the econmic risks frims take.However, some of the specific findings are unexpected. For example , in a simple model of capital structure ,dividend payouts should increase financial leverage since they represent an outflow of cash from the firm(i.e.,increase net debt ).We find that dividends are associated with lower risk. This suggests that paying dividends is not as much a product of financial policy as a characteristic of a firm’s operations(e.g.,a mature company with limited growth opportunities). We also estimate howsensitivities to different risk factors have changed over time.Our result indicate that most relations are fairly stable. One exception is firm age which prior to 1983 tends to be positively related to risk and has since been consisitently negatively related to risk.This is related to findings by Brown and Kapadoa (2007) that recent trends in idiosyncratic risk are related to stock listings by younger and riskier firms.。
工程管理专业英语词汇
1、Construction industry 建筑业2、High-rise apartments 高层公寓3、Institution and commercial building construction 办公和商业用房建设4、Oligopoly 垄断，供过于求5、Specialized industrial construction 专业化工业项目建设6、Infrastructure and heavy construction 重大基础项目建设7、Residential housing construction 住宅类房屋建设8、Take charge 负责9、Single-family house 独户住宅10、Professional consultant 专业征询人士11、General contractor 总承包商12、Mission-oriented 以目的（任务）为导向的13、Continuity 连续性14、Indispensable 不可或缺的15、Common-place 常见的16、Schedule 进度17、Maximization 最大化18、Communication 沟通19、Certification 认证20、Distinguish 区别，区分21、Predetermined 预定的22、Ingredient 组成部分，成分23、Linear programming 线性规划24、Trade off 均衡，权衡25、Delineation 叙述，说明26、Utilization 使用27、Integration 综合，整合28、Shop drawings 施工图，安装图29、Simultaneously 同时的30、Prebid site 投标前现场31、Nominated subcontractor 指定分包商32、Prequalified 预审合格33、An manual of professional practice 专业人员从业手册34、Risk-reward 风险和回报35、Structural design 结构设计36、Specialized subcontractor 专业分包商37、Work package 工作包38、Construction planning 施工计划39、Technical feasibility 技术可行性40、Construction operations 施工作业41、Structural or foundation details 结构或基础的具体情况42、Ingenuity and creativity 灵活性和发明性43、Construction constractors 施工承包商44、Monitoring and control 监督和控制45、Facility design 设施设计46、Estimate stage 估算阶段47、Evaluation stage 评估阶段48、equity partners 股权伙伴49. 、specifications and drawings 技术规范和图纸50.、Placing concrete on site 现场浇混凝土1、Job-site productivity 工地生产率2、Contractual agreements 协议3、Safety consciousness 安全意识4、Labor productivity 劳动生产率5、Foreign operations 国外施工6、Labor efficiency 劳动效率7、Infrastructure 基础设施8、Linear interpolation 线性内插9、Labor jurisdictions 劳动仲裁10、Non-productive activities 非生产性活动11、On-site 现场12、Labor characteristics 劳动力的特性13、Security sensitivity 安全敏感性14、Recognized strength 公认的实力15、Processing plant 加工厂16、Logistic problems 后勤问题17、Drilling platform 钻井平台18、Building construction 建筑施工19、Material procurement and delivery 材料采购和运送20、Bulk materials 大宗材料21、Overlapping and rehandling 搭接和再解决22、Semi-processed 半加工的，半成品的23、Concrete mix 混凝土拌和物24、Steel beams and columns 钢梁和柱25、. bills of quantity 工程量清单26、. minutes of the conference 会议纪要27、the lowest evaluated cost 经评审的最低造价28、reimbursable expenses 可补偿费用29、.Hierarchical structure 层级结构30、Critical path scheduling 关键线路进度控制程序31、.bonus and penalty clauses 奖励和处罚条款32、lump-sum agreement 总价协议33、.written authorization 书面授权34、unit-price agreement 单价协议35、Bids and quotations 投标和报价36、Off-the-shelf material 现货材料37、Earthwork to be excavated 土方开挖38 .general procurement notice 通用采购公告39、. conditions of contract 协议条件40、Construction supervision 施工监督41、Freight delivery 货品运送44、Slippage or contraction 延误或提前45、.Marginal efficiency of capital 边际资本收益46、.Equivalent uniform annunual net value 等额净年值47、changes clause 变更条款49、prequalification 资格预审49、limited international bidd ing 有限国际招标50、Unit Cost of Estimetion 单位估价1、Cost estimation 成本估算2、Cost engineering 工程估价3、Profitability 赢利4、Production function 生产函数5、Statistical inference 记录推断6、Construction equipment 施工机具7、General office overhead 总部管理费8、The cost engineer or estimator 估算师9、Cost control 成本控制10、Empirical cost inference 经验成本推论法11、Allocation of joint costs 综合成本的分摊12、Bill of quantities 工程量清单2、Cooling system 冷却系统3、Heat exchanger 热互换器4、Slabs and beams 楼板和梁5、Furnaces 锅炉6、Plus ancillary items 辅助设备7、Formwork 模板8、Detailed Estimates 具体估算9、Preliminary Estimates 具体估算10、Subcontractor Quotations 分包报价11、Construction Procedures 施工方法12、Factored Estimate Formula 系数估算公式13、Reinforcing bars 钢筋14、Building foundation 建筑物基础1、Economic evaluation 经济评价2、Sensitivity 灵敏度3、Planning horizon 规划周期4、Project alternative 备择项目5、Opportunity cost 机会成本6、Financial investment 金融投资7、Minium attractive rate of return 最低收益率8、Social rate discount 社会折现率9、Investment consideration 投资分析10、Decision maker 决策者11、Cash flow profile 钞票流分布形态12、Net annual cash flow 年净钞票流13、Capital project 资本项目14、Socially desirable programs 社会公益项目15、The Office of Management and Budget 财政部门16、Government agency 政府部门17、linear programming线性规划18、network analysis 网络分析19、Under ordinary circumstances, 在通常情况下20、best price/performance characteristics最优性价比特性21、an acceptable quality levelallowable可接受的质量水平22、a allowable fraction of defective items.可接受的缺陷比例23、ill structured棘手的24、critical ingredients关键因素25、identified as被看作为26、the rate of return资本回收率 cash flow 净钞票流量28.financing options 融资方式29.project finance 项目融资30.negative cash balance 负钞票结余31.profit measure 利润指标值32.private corporations 私营股份制公司33.Public agencies 公告机构34 instructions to bidders 投标人须知35 . conditions of contract协议条件36.Equivalent uniform annunual net value 等额净年值37.Capital recovory factor 资金回收因子38.Benefit cost ratio 收益费用比39.Profitability index 赚钱指数40. prequalification 资格预审41. bidding documents 招标文献42. domestic contractor 国内承包商43.Marginal efficiency of capital 边际资本收益44.Adjusted internal rate of capital 调整后的内部收益率45.Return on investment 投资收益46. international competitive bidd ing 竞争性国际招标47limited international bidd ing 有限国际招标48.national competitive bidd ing 国内竞争性招标49 .general procurement notice 通用采购公告50 substantially responsive 实质性响应1. changes 工程变更2. contract awards 协议授予3.changes clause 变更条款4.publicly financed priject 公共项目融资5.extra work 附加工作6.the prime contractor 主承包商7. pre-construction sercices 施工前服务8.reimbursable expenses 可补偿费用9. overhead and profit 管理费和利润10.Construction planning 施工计划11. chioce of technology 施工技术的选择12.The definition of work tasks 工作任务的定义13.Normative problem 规范性问题14.Cost control 成本控制15.Schedule control 进度控制16.Critical path scheduling procedure关键线路进度控制程序17.Job shop scheduling procedure 工作现场进度控制程序18.Datebases and information systes m 数据库和信息系统19.The duration of the activity 工作活动的连续时间20.Placing concrete on site 现场浇筑混凝土21 Placing forms 支设模版22. Installing reinforcing steel 绑扎钢筋23. Pouring concrete 浇筑混凝土24.Finishing the concrete 混凝土养护25. Removing forms 模版拆除26.Position forms on the cleanning station 在清理场合码放模版27. Hierarchical structure 层级结构28.fixed fee 固定费用29.overhead and profit 管理费和利润30.job shop scheduling procedure 现场进度控制程序31.change order 变更单32.cost –plus-fee agreement成本加费用协议33.quantity takeoff 工程量清单34. prequalification 资格预审35、decomposed into 分解为36.From the viewpoint of从某个角度看37.responsible for 对某事负责38.superior to 优于。
财金英语教程参考答案
财金英语教程参考答案Chapter 1: Introduction to Finance1. What is finance?- Finance is the management of money and includesactivities such as investing, borrowing, lending, budgeting, saving, and forecasting.2. What are the three main functions of finance?- The three main functions of finance are planning, acquiring, and managing financial resources.3. What is the time value of money?- The time value of money is the concept that a sum of money is worth more now than the same sum in the future dueto its potential earning capacity.4. How does inflation affect the value of money?- Inflation erodes the purchasing power of money over time, meaning that the same amount of money will buy fewer goodsand services in the future.5. What is the difference between a bond and a stock?- A bond is a debt instrument where an investor lends money to an entity in exchange for interest payments, while a stock represents ownership in a company and offers thepotential for capital gains and dividends.Chapter 2: Financial Statements1. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, cash flow statement, and statement of changes in equity.2. What is the purpose of a balance sheet?- The balance sheet provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity.3. How is net income calculated?- Net income is calculated by subtracting all expensesfrom the total revenue of a company during a specific period.4. What does the cash flow statement show?- The cash flow statement shows the inflow and outflow of cash within a business over a period of time, categorizedinto operating, investing, and financing activities.5. What is the statement of changes in equity?- The statement of changes in equity shows the changes in the equity accounts of a company over a period of time, including retained earnings, capital contributions, and other comprehensive income.Chapter 3: Financial Analysis1. What are the main types of financial analysis?- The main types of financial analysis are ratio analysis,horizontal analysis, vertical analysis, and trend analysis.2. What is the purpose of ratio analysis?- Ratio analysis is used to evaluate a company's financial health by comparing various financial ratios such asliquidity, profitability, and leverage ratios.3. What is horizontal analysis?- Horizontal analysis involves comparing financial statement items over multiple periods to identify trends and changes in performance.4. What is vertical analysis?- Vertical analysis, also known as common-size analysis,is a method of financial statement analysis where each itemis expressed as a percentage of a base figure, typicallytotal assets or total revenue.5. What is trend analysis?- Trend analysis involves examining the historical data of financial metrics over time to predict future trends and performance.Chapter 4: Risk Management1. What is risk management?- Risk management is the process of identifying, assessing, and prioritizing potential risks to an investment or project, and taking steps to mitigate or avoid these risks.2. What are the types of risks in finance?- The types of risks in finance include market risk,credit risk, liquidity risk, operational risk, and legal risk.3. What is diversification?- Diversification is a risk management strategy that involves spreading investments across various financial instruments, industries, or geographic regions to reduce overall risk.4. What is hedging?- Hedging is a risk management technique used to reducethe risk of price fluctuations in an asset by taking an offsetting position in a related security.5. What is the role of insurance in risk management?- Insurance is a risk management tool that providesfinancial protection against potential losses or damages by transferring the risk to an insurance company in exchange for a premium.Chapter 5: Investment Strategies1. What are the different types of investment strategies?- Types of investment strategies include passive investing, active investing, value investing, growth investing, and income investing.2. What is the difference between passive and active investing?- Passive investing involves a "set it and forget it" approach, typically using index funds, while active investingrequires regular buying and selling of individual securities based on market research and analysis.3. What is value investing?- Value investing is an investment strategy that involves buying stocks that are considered undervalued by the market, with the expectation that their true value will eventually be recognized.4. What is growth investing?- Growth investing focuses on companies that are expected to grow at an above-average rate compared to the market, often investing in companies with strong competitive advantages and high growth potential.5. What is income investing?- Income investing is an investment strategy aimed at generating a steady stream of income from investments, typically through dividends or interest payments.Chapter 6: International Finance1. What is international。
estimation 用法
estimation 用法Estimation is a widely used concept in various fields, such as business, finance, engineering, and statistics. It refers to the process of approximating or calculating values or quantities based on the available information and data. Estimation helps in making informed decisions, planning, forecasting, and designing experiments.In business and finance, estimation plays a crucial role. Financial managers estimate future cash flows and profits to evaluate investment opportunities or make decisions regarding financing options. They use various methods and techniques to estimate future performance, such as discounted cash flow analysis, which involves estimating future cash inflows and outflows and then discounting them to their present value.Similarly, in project management, estimation is critical for planning and resource allocation. Project managers estimate the duration, cost, and effort required for completing tasks and projects. This estimation is done using various techniques, such as expert judgment, historical data analysis, and parametric estimation models. Accurate estimation helps in setting realistic deadlines, allocating resources effectively, and managing stakeholder expectations.In the field of engineering, estimation is used in various aspects, including cost estimation, time estimation, and material estimation. Before starting a construction project, engineers estimate the costs involved in terms of labor, materials, equipment, and overheads. They use historical data, industry standards, and market rates tomake accurate estimations. Similarly, engineers estimate the time required to complete a project, taking into account various factors such as project complexity, resource availability, and potential risks. Material estimation involves calculating the quantity of materials required, such as concrete, steel, or wood, to complete a project.In statistical analysis, estimation is used to infer population parameters based on a sample of data. Estimators are used to estimate the values of unknown parameters, such as mean, variance, or correlation coefficient. Various estimation methods are used, such as maximum likelihood estimation, least squares estimation, and Bayesian estimation. These methods help in making statistically valid inferences about the population based on the sample data.In addition to the above-mentioned fields, estimation is also used in research and development, quality assurance, and market research. Researchers estimate the sample size required for a study to achieve the desired statistical power. Quality assurance professionals estimate the defect rates and failure probabilities of products to ensure product reliability. Market researchers estimate the demand for new products or services to determine potential market opportunities.In conclusion, estimation is a fundamental concept used in various fields to calculate values or quantities based on available information and data. It helps in decision-making, planning, forecasting, and designing experiments. Whether it is estimating project costs, predicting financial performance, inferringpopulation parameters, or determining market demand, accurate estimation is vital for informed decision-making and successful outcomes.。
供应链管理及业务管理知识分析模式(英文版)
供应链管理及业务管理知识分析模式(英文版) Supply Chain Management and Business Management Knowledge Analysis ModelIntroduction:Supply chain management (SCM) and business management are two crucial aspects of a company's success and growth. SCM involves the coordination and management of all activities involved in buying, producing, and delivering products or services to customers. On the other hand, business management encompasses the planning, organizing, and controlling of all business operations to achieve organizational goals. This article aims to analyze the key knowledge areas within SCM and business management, highlighting their importance and interdependence.1. Supply Chain Management Knowledge Areas:1.1 Logistics Management:Logistics management focuses on the movement of goods and materials from suppliers to customers. It involves the transportation, warehousing, inventory control, and order fulfillment processes. Efficient logistics management ensures timely delivery, reduces costs, and enhances customer satisfaction.1.2 Procurement and Supplier Management:This knowledge area involves the selection, evaluation, and management of suppliers to ensure the reliable and cost-effective supply of materials or services. It includes activities such as sourcing, negotiation, contract management, and supplierperformance measurement.1.3 Demand Planning and Forecasting:Demand planning and forecasting involve the estimation of future customer demand for products or services. It helps in the optimization of inventory levels, production planning, and resource allocation. Accurate forecasting reduces stockouts, minimizes inventory carrying costs, and improves customer service.1.4 Inventory Management:Inventory management encompasses the control and optimization of inventory levels to meet customer demands while minimizing holding costs. It includes inventory classification, safety stock determination, replenishment strategies, and utilization of advanced inventory management techniques like just-in-time (JIT) and economic order quantity (EOQ).1.5 Risk Management:Supply chain risk management involves identifying, assessing, and mitigating risks associated with supply chain operations. It includes evaluating risks related to supplier reliability, demand volatility, transportation disruptions, natural disasters, and geopolitical factors. Effective risk management helps in minimizing potential disruptions and ensuring business continuity.2. Business Management Knowledge Areas:2.1 Strategic Planning:Strategic planning involves setting the long-term goals and direction of the company. It includes analyzing internal andexternal factors, conducting market research, defining the company's mission and vision, and formulating strategies to achieve competitive advantage. Strategic planning provides a roadmap for decision-making and resource allocation.2.2 Financial Management:Financial management focuses on the efficient utilization and allocation of financial resources within the company. It includes budgeting, financial analysis, cash flow management, and capital investment decisions. Effective financial management ensures profitability, liquidity, and sustainability of the business.2.3 Organizational Behavior:Organizational behavior refers to understanding individual and group dynamics within the company. It includes topics like motivation, leadership, communication, team dynamics, and organizational culture. Understanding and managing organizational behavior promotes employee engagement, productivity, and effective teamwork.2.4 Marketing and Sales Management:Marketing and sales management involves the identification of target markets, development of marketing strategies, and implementation of promotional activities to achieve sales objectives. It includes market research, product development, pricing, distribution, and customer relationship management. Effective marketing and sales management drive customer acquisition, retention, and revenue generation.2.5 Operations Management:Operations management focuses on the design, control, and improvement of production processes to deliver products or services efficiently. It includes capacity planning, production scheduling, quality management, and continuous process improvement. Effective operations management increases productivity, reduces costs, and ensures customer satisfaction.Conclusion:Supply chain management and business management are interconnected and essential for the success of any company. A comprehensive knowledge analysis model helps to identify and prioritize key knowledge areas within these domains. Companies that effectively manage their supply chains and employ sound business management principles gain a competitive edge, achieve operational excellence, and sustain long-term growth and profitability.3. Interdependence between Supply Chain Management and Business Management:The interdependence between supply chain management and business management is crucial for the overall success and growth of a company. While supply chain management focuses on the operational aspects of sourcing, production, and delivery, business management provides the strategic framework and direction for these activities. The knowledge areas within both domains are interconnected and rely on each other for effective decision-making and implementation.For example, strategic planning plays a significant role in both supply chain management and business management. A company'sstrategic objectives and goals influence its supply chain strategy, such as sourcing strategies, selection of suppliers, and distribution network design. On the other hand, the company's supply chain capabilities and constraints impact its overall strategic decisions, such as market entry strategies, product differentiation, and pricing.Similarly, financial management is essential for both supply chain management and business management. Efficient financial management helps in allocating resources effectively within the supply chain, such as optimizing inventory levels, implementing cost-saving measures, and improving cash flow. It also enables the company to make informed business decisions, such as investing in new technologies or expanding into new markets.Organizational behavior plays a critical role in both domains as well. Effective communication, teamwork, and leadership within the supply chain contribute to smooth coordination and collaboration among various stakeholders. In business management, understanding organizational behavior helps in creating a positive work culture, motivating employees, and fostering innovation, thereby leading to better business performance and customer satisfaction.Marketing and sales management are interconnected with supply chain management as well. Market research and customer insights are crucial in demand planning and forecasting, which informs supply chain decisions, such as production levels, inventory management, and transportation requirements. Conversely, supply chain capabilities influence marketing and sales strategies, such as product availability, delivery speed, and customer service levels.Integration between these knowledge areas ensures alignment between supply and demand, resulting in customer satisfaction and competitive advantage.Furthermore, operations management plays a key role in both supply chain management and business management. Efficient operations management techniques, such as lean manufacturing, Six Sigma, and total quality management, improve productivity, reduce waste, and enhance product/service quality. These improvements, in turn, enhance the company's overall performance and competitiveness. Additionally, operations management principles help in optimizing supply chain processes, such as production scheduling, inventory management, and order fulfillment, leading to cost savings, shorter lead times, and improved customer satisfaction.4. Importance of Supply Chain Management and Business Management Knowledge:The knowledge areas within supply chain management and business management are crucial for companies to remain competitive, adapt to changing market dynamics, and drive overall business success. Below are the key reasons why companies should prioritize and invest in these knowledge areas:4.1 Optimal Resource Utilization:Efficient supply chain management ensures optimal utilization of resources, such as raw materials, production capacity, and transportation, resulting in cost savings and improved profitability. Likewise, effective business management helps in allocatingfinancial, human, and technological resources to their best possible use, maximizing the value generated by the company.4.2 Enhanced Customer Satisfaction:Supply chain management focuses on meeting customer demands by ensuring the availability of products/services, on-time delivery, and quick response to customer queries. This improves customer satisfaction and loyalty. Business management, meanwhile, helps in developing effective marketing and sales strategies, understanding customer preferences, and delivering superior customer service, further enhancing customer satisfaction and building long-term relationships.4.3 Risk Mitigation and Resilience:Supply chain management knowledge areas, such as risk management and procurement, help in identifying and mitigating potential risks to the supply chain, including disruptions from suppliers, transportation issues, or natural disasters. Business management complements these efforts by implementing suitable risk management strategies at the organizational level, such as diversifying revenue streams, implementing robust financial controls, and building strong relationships with key stakeholders. This ensures business continuity and resilience.4.4 Competitive Advantage:Companies that excel in supply chain management gain a competitive advantage by offering better value to customers through lower costs, higher product quality, and faster delivery. Similarly, effective business management, through strategic planning, marketing, and operations, helps companies differentiatethemselves from competitors and create unique value propositions that attract and retain customers.4.5 Innovation and Agility:Both supply chain management and business management knowledge areas foster innovation and agility within organizations. Supply chain innovation, such as implementing advanced technologies like automation, AI, and IoT, improves operational efficiency, reduces costs, and enables faster response to market changes. Business management knowledge areas, such as strategic planning and organizational behavior, help in creating a culture of innovation, driving continuous improvement, and fostering agile decision-making.Conclusion:Effective supply chain management and business management are critical for the success of any company. The knowledge areas within these domains are interconnected and mutually dependent. Companies that prioritize and invest in these knowledge areas gain a competitive edge, achieve operational excellence, and sustain long-term growth and profitability. Understanding and implementing the key principles and practices within supply chain management and business management enable companies to optimize resources, enhance customer satisfaction, mitigate risks, and leverage opportunities for innovation and competitive advantage.。
Intermediate Financial Management
《中级财务管理》Intermediate Financial Management教学大纲Part ⅠTeaching Requirements1. Course TypeRequiredFor Third-year undergraduates majoring in Financial Management2. Pre-coursesFundamental Financial Management, Accounting, Business Management, Economics3. Class hours/Credits54 /3Part Ⅱ: Course ContentsCourse OverviewThis course is continued with fundamental financial management. Ihe same textbook are used in this semester. The course covers four parts of textbook. Part Ⅲcovers the valuation of stocks and bonds. Part IV applies the concepts covered in earlier chapters to decisions related to fixed asset investments. Part Ⅴdiscusses how firms should finance their long-term assets. In part Ⅵ, the focus shifts from long-term, strategic decisions to short-term, day-to-day operating decisions. Specific contentsⅠ. Financial AssetsThis part covers the valuation of stocks and bonds. Chapter 8 focuses on bonds, and Chapter 9 considers stocks. Both chapters describe the relevant institutional details, then explain how risk and time value jointly determine stock and bond prices.Chapter 8 Bonds and their valuationThis chapter is to describe the different types of bonds governments and corporations issue, explain how bond prices are established, and to discuss how investors estimate the rates of return they can expect to earn. We will also discuss the various types of risks that investors face when they buy bonds.Contents:1.Who issues bonds?2.Key characteristics of bonds3.Bond valuation4.Bond yields5.Bonds with semiannual coupons6.Assessing the riskiness of bond7.Default risk8.Bond marketsChapter 9 Stocks and their valuationThis chapter shows how stock value are determined, and also how investors go about estimating the rates of return they expect to earn.Contents:1.Legal rights and privileges of common stockholders2.Types of common stock3.The market for common stockmon stock valuation5.Constant growth stocks6.Expected rate of return on a constant growth stock7.Valuing stocks that have a nonconstant growth rate8.Valuate the entire corporation9.Stock market equilibrium10.Actual stock prices and returns11.Preferred stockⅡ. Investing in Long-Term AssetsChapter 10 The Cost of CapitalChapter 10 uses the rate of return concepts covered in previous chapters, along with the concept of the weighted average cost of capital (WACC), to develop a corporate cost of capital for use in capital budgeting.Contents:1. E xplain what is meant by a firm’s weighted average cost of capital.2. Define and calculate the component costs of debt and preferred stock.3. Explain why retained earnings are not free and use three approaches to estimate the component cost of retained earnings.4. Briefly explain why the cost of new common equity is higher than the cost of retained earnings, calculate the cost of new common equity, and calculate the retained earnings breakpoint--which is the point where new common equity would have to be issued.5. Briefly explain the two alternative approaches that can be used to account for flotation costs.6. Calculate the firm’s composite, or weighted average, cost of capital.7. Identify some of the factors that affect the overall, composite cost of capital.8. Briefly explain how firms should evaluate projects with different risks, and the problems encountered when divisions within the same firm all use the firm’s composite WACC when considering capital budgeting projects.9. List and briefly explain the three separate and distinct types of risk that can be identified, and explain the procedure many firms use when developing subjective risk-adjusted costs of capital.10. List some problem areas in estimating the cost of capital.Chapter 11 The basics of capital budgetingContents:1. Discuss difficulties and relevant considerations in estimating net cash flows, and explain the four major ways that project cash flow differs from accounting income.2. Define the following terms: relevant cash flow, incremental cash flow, sunk cost, opportunity cost, externalities, and cannibalization.3. Identify the three categories to which incremental cash flows can be classified.4. Analyze an expansion project and make a decision whether the project should be accepted on the basis of standard capital budgeting techniques.5. Explain three reasons why corporate risk is important even if a firm’s stockholders are well diversified.6. Identify two reasons why stand-alone risk is important.7. Demonstrate sensitivity and scenario analyses and explain Monte Carlo simulation.8. Discuss the two methods used to incorporate risk into capital budgeting decisions.Chapter 12 Cash flow estimation and risk analysisContents:1. Use the replacement chain method to compare projects with unequal lives.2. Explain why conventional NPV analysis may not capture a project’s impact on the firm’s opportunities.3. Define the term option value, and identify four different types of embedded real options.4. Explain what an abandonment option is, and give an example of a project that includes one.5. Explain what a decision tree is and provide an example of one.6. Explain what an investment timing option is, and give an example of a project that includes one.7. Explain what a growth option is, and give an example of a project that includes one.8. Explain what a flexibility option is, and give an example of a project that includes one.9. List the steps a firm goes through when establishing its optimal capital budget in practice.Chapter 13 Other topics in capital budgetingContents:1. Explain why capital structure policy involves a trade-off between risk and return, and list the four primary factors that influence capital structure decisions.2. Distinguish between a firm’s business risk and its financial risk.3. Explain how operating leverage contributes to a firm’s business risk and conduct a breakeven analysis, complete with a breakeven chart.4. Define financial leverage and explain its effect on expected ROE, expected EPS, and the risk borne by stockholders.5. Briefly explain what is meant by a firm’s optimal capital structure.6. Specify the effect of financial leverage on beta using the Hamada equation, and transform this equation to calculate a firm’s unlevered beta, bU.7. Illustrate through a graph the premiums for financial risk and business risk at diffe rent debt levels.8. List the assumptions under which Modigliani and Miller proved that a firm’s value is unaffected by its capital structure, then explain trade-off theory, signaling theory, and the effect of taxes and bankruptcy costs on capital structure.9. List a number of factors or practical considerations firms generally consider when making capital structure decisions.10. Briefly explain the extent that capital structure varies across industries, individual firms in each industry, and different countries.Ⅲ. CAPITAL STRUCTURE AND DIVIDEND POLICYChapter 14 Capital stucture and leverageContents:1. Define target payout ratio and optimal dividend policy.2. Discuss the three theories of investors’ dividend preference: (1) the dividend irrelevan ce theory, (2) the “bird-in-the-hand” theory, and (3) the tax preference theory; and whether empirical evidence has determined which theory is best.3. Explain the information content, or signaling, hypothesis and the clientele effect.4. Identify the two components of dividend stability, and briefly explain what a “stable dividend policy” means.5. Explain the logic of the residual dividend policy, and state why firms are more likely to use this policy in setting a long-run target than as a strict determination of dividends in a given year.6. Explain the use of dividend reinvestment plans, distinguish between the two types of plans, and discuss why the plans are popular with certain investors.7. List a number of factors that influence dividend policy in practice.8. Discuss why the dividend decision is made jointly with capital structure and capital budgeting decisions.9. Specify why a firm might split its stock or pay a stock dividend.10. Discuss stock repurchases, including advantages and disadvantages, and effects on EPS, stock price, and the firm’s capital structure.Chapter 15 Distributions to shareholders dividends and share repurchasesContents:1. Define basic working capital terminology.2. Calculate the inventory conversion period, the receivables collection period, and the payables deferral period to determine the cash conversion cycle.3. Briefly explain the basic idea of zero working capital.4. Briefly explain how a negative cash conversion cycle works.5. Distinguish among relaxed, restricted, and moderate current asset investment policies, and explain the effect of each on risk and expected return.6. Explain how EVA methodology provides a useful way of thinking about working capital.7. List the reasons for holding cash.8. Construct a cash budget, and explain its purpose.9. Briefly explain useful tools and procedures for effectively managing cash inflows and outflows.10. Explain why firms are likely to hold marketable securities.11. State the goal of inventory management and identify the three categories of inventory costs.12. Identify and briefly explain the use of several inventory control systems.13. Monitor a firm’s receivables position by calculating its DSO and reviewing aging schedules.14. List and explain the four elements o f a firm’s credit policy, and identify other factors influencing credit policy.ⅣWORKING CAPITAL MANAGEMENTChapter 16 Mananging current assetsContents:1. Identify and distinguish among the three different current asset financing policies.2. Briefly explain the advantages and disadvantages of short-term financing.3. List the four major types of short-term funds.4. Distinguish between free and costly trade credit, calculate both the nominal and effective annual percentage costs of not taking discounts, given specific credit terms, and explain what stretching accounts payable is and how it reduces the cost of trade credit.5. Describe the importance of short-term bank loans as a source of short-term financing and discuss some of the key features of bank loans.6. Calculate the effective interest rate for (1) simple interest, (2) discount interest, (3) add-on interest loans; and explain the effect of compensating balances on the effective cost of a loan.7. List some factors that should be considered when choosing a bank.8. Explain why large, financially strong corporations issue commercial paper, and why this source of short-term credit is typically less reliable than bank loans if the firm gets into financial difficulties.9. Define what a “secured” loan is and what type of collateral can be used to secure a loan.Chapter 17 Financing current assetsContents:1. Briefly explain the following terms: mission statement, corporate scope, corporate purpose, corporate objectives, and corporate strategies.2. Briefly explain what operating plans are.3. Identify the six steps in the financial planning process.4. List the advantages of computerized financial planning models over “pencil-and-paper” calculations.5. Discuss the importance of sales forecasts in the financial planning process, and why managers construct pro forma financial statements.6. Briefly explain the steps involved in the percent of sales method.7. Calculate additional funds needed (AFN), using both the projected financial statement approach and the formula method.8. Identify other techniques for forecasting financial statements discussed in the text and explain when they should be used.Part Ⅲ：Teaching MethodBased on the integrative problems of each chapter to lecture and discussPart ⅣGradingHomework assignments are due at the beginning of class following the class in which they are assigned, unless otherwise indicated. There will be a final exam and a project due at the end of the course. Class participation is expected and students will be called upon in class. Final grades are determined by the following formula:Grade =0.10(attendance)+0.10(homework) +0.10(quizzes) + 0.70(final)Part ⅤTextbook and Reference BooksTextbookEugene F. Brigham, and Joel F. Houston, Fundamentals of financial management9th edition by CITIC Publishing HouseReference BooksKeown, Martin, Petty, and Scott, Financial Management: Principles and Applications, Ninth Edition, Pearson Education, Inc., 2002Stephen A. Ross, Randolph W. Westerfield, and Bradford D. Jordan, Fundamentals of corporate finance (six edition) 2002 by China Machine Press.《公司理财精要》，斯蒂芬·罗斯等著，张建平译，人民邮电出版社，2003年1月《财务管理原理》，(英)理查德·布雷利（Richard A·Brealey）(美)斯图尔特·C·迈尔斯（Stewart C·Myers）机械工业出版社英文版原书第6版。
罗斯公司理财题库全集
Chapter 18 Valuation and Capital Budgeting for the Levered FirmMultiple Choice Questions1. The flow-to-equity (FTE) approach in capital budgeting is defined to be the:A. discounting all cash flows from a project at the overall cost of capital.B. scale enhancing discount process.C. discounting of the levered cash flows to the equity holders for a project at the required return on equity.D. dividends and capital gains that may flow to a shareholders of any firm.E. discounting of the unlevered cash flows of a project from a levered firm at the WACC.2. The acronym APV stands for:A. applied present value.B. all purpose variable.C. accepted project verified.D. adjusted present value.E. applied projected value.3. A leveraged buyout (LBO) is when a firm is acquired by:A. a small group of management with equity financing.B. a small group of equity investors financing the majority of the price by debt.C. any group of equity investors when the majority is financed with preferred stock.D. any group of investors for the assets of the corporation.E. None of the above.4. Discounting the unlevered after tax cash flows by the _____ minus the ______ yields the ________.A. cost of capital for the unlevered firm; initial investment; adjusted present value.B. cost of equity capital; initial investment; project NPV.C. weighted cost of capital; fractional equity investment; project NPV.D. cost of capital for the unlevered firm; initial investment; all-equity net present value.E. None of the above.5. The acceptance of a capital budgeting project is usually evaluated on its own merits. That is, capital budgeting decisions are treated separately from capital structure decisions. In reality, these decisions may be highly interwoven. This may result in:A. firms rejecting positive NPV, all equity projects because changing to a capital structure with debt will always create negative NPV.B. never considering capital budgeting projects on their own merits.C. corporate financial managers first checking with their investment bankers to determine the best type of capital to raise before valuing the project.D. firms accepting some negative NPV all equity projects because changing the capital structure adds enough positive leverage tax shield value to create a positive NPV.E. firms never changing the capital structure because all capital budgeting decisions will be subsumed by capital structure decisions.6. The APV method is comprised of the all equity NPV of a project and the NPV of financing effects. The four side effects are:A. tax subsidy of dividends, cost of issuing new securities, subsidy of financial distress and cost of debt financing.B. cost of issuing new securities, cost of financial distress, tax subsidy of debt and other subsidies to debt financing.C. cost of issuing new securities, cost of financial distress, tax subsidy of dividends and cost of debt financing.D. subsidy of financial distress, tax subsidy of debt, cost of other debt financing and cost of issuing new securities.E. None of the above.7. In calculating the NPV using the flow-to-equity approach the discount rate is the:A. all equity cost of capital.B. cost of equity for the levered firm.C. all equity cost of capital minus the weighted average cost of debt.D. weighted average cost of capital.E. all equity cost of capital plus the weighted average cost of debt.8. The appropriate cost of debt to the firm is:A. the weighted cost of debt after tax.B. the levered equity rate.C. the market borrowing rate after tax.D. the coupon rate pre-tax.E. None of the above.9. Although the three capital budgeting methods are equivalent, they all can have difficulties making computation impossible at times. The most useful methods or tools from a practical standpoint are:A. APV because debt levels are unknown in future years.B. WACC because projects have constant risk and target debt to value ratios.C. Flow-to-equity because of constant risk and that managers think in terms of optimal debt to equity ratios.D. Both A and B.E. Both B and C.10. The APV method to value a project should be used when the:A. project's level of debt is known over the life of the project.B. project's target debt to value ratio is constant over the life of the project.C. project's debt financing is unknown over the life of the project.D. Both A and B.E. Both B and C.11. In order to value a project which is not scale enhancing you need to:A. typically calculate the equity cost of capital using the risk adjusted beta of another firm in the industry before calculating the WACC.B. typically increase the beta of another firm in the same line of business and then calculate the discount rate using the SML.C. typically you can simply apply your current cost of capital.D. discount at the market rate of return since the project will diversify the firm to the market.E. typically calculate the equity cost of capital using the risk adjusted beta of another firm in another industry before calculating the WACC.12. Which capital budgeting tools, if properly used, will yield the same answerA. WACC, IRR, and APVB. NPV, IRR, and APVC. NPV, APV and Flow to DebtD. NPV, APV and WACCE. APV, WACC, and Flow to Equity13. The flow-to-equity approach to capital budgeting is a three step process of:A. calculating the levered cash flow, the cost of equity capital for a levered firm, then adding the interest expense when the cash flows are discounted.B. calculating the unlevered cash flow, the cost of equity capital for a levered firm, and then discounting the unlevered cash flows.C. calculating the levered cash flow after interest expense and taxes, the cost of equity capital for a levered firm, and then discounting the levered cash flows by the cost of equity capital.D. calculating the levered cash flow after interest expense and taxes, the cost of equity capital for a levered firm, and then discounting the levered cash flows at the risk free rate.E. None of the above.14. The term (B x rb) gives the:A. cost of debt interest payments per year.B. cost of equity dividend payments per year.C. unit cost of debt.D. unit cost of equity.E. weighted average cost of capital.15. The weighted average cost of capital is determined by:A. multiplying the weighted average after tax cost of debt by the weighted average cost of equity.B. adding the weighted average before tax cost of debt to the weighted average cost of equity.C. adding the weighted average after tax cost of debt to the weighted average cost of equity.D. dividing the weighted average before tax cost of debt by the weighted average cost of equity.E. dividing the weighted average after tax cost of debt by the weighted average cost of equity.16. A key difference between the APV, WACC, and FTE approaches to valuation is:A. how the unlevered cash flows are calculated.B. how the ratio of equity to debt is determined.C. how the initial investment is treated.D. whether terminal values are included or not.E. how debt effects are considered; . the target debt to value ratio and the level of debt.17. Using APV, the analysis can be tricky in examples of:A. tax subsidy to debt.B. interest subsidy.C. flotation costs.D. All of the above.E. Both A and C.18. To calculate the adjusted present value, one will:A. multiply the additional effects by the all equity project value.B. add the additional effects of financing to the all equity project value.C. divide the project's cash flow by the risk-free rate.D. divide the project's cash flow by the risk-adjusted rate.E. add the risk-free rate to the market portfolio when B equals 1.19. Flotation costs are incorporated into the APV framework by:A. adding them into the all equity value of the project.B. subtracting them from the all equity value of the project.C. incorporating them into the WACC.D. disregarding them.E. None of the above.20. Non-market or subsidized financing ________ the APV ___________.A. has no impact on; as the lower interest rate is offset by the lower discount rateB. decreases; by decreasing the NPV of the loanC. increases; by increasing the NPV of the loanD. has no impact on; as the tax deduction is not allowed with any government supported financingE. None of the above21. What are the three standard approaches to valuation under leverageA. CAPM, SML, and CMLB. APR, FTE, and CAPMC. APT, WACC, and CAPMD. APV, FTE, and WACCE. NPV, IRR, Payback22. The non-market rate financing impact on the APV is:A. calculated by Tc B because the tax shield depends only on the amount of financing.B. calculated by subtracting the all equity NPV from the FTE NPV.C. irrelevant because it is always less than the market financing rate.D. calculated by the NPV of the loan using both debt rates.E. None of the above.23. Which of the following are guidelines for the three methods of capital budgeting with leverageA. Use APV if project's level of debt is known over the life of the project.B. Use APV if project's level of debt is unknown over the life of the project.C. Use FTE or WACC if the firm's target debt-to-value ratio applies to the project over its life.D. Both A and C.E. Both B and C.24. An appropriate guideline to adopt when determining the valuation formula to use is:A. never use the APV approach.B. use APV if the project is far different from scale enhancing.C. use WACC if the project is close to being scale enhancing.D. Both A and C.E. Both B and C.25. In a leveraged buyout, the equity holders expect a successful buyout if:A. the firm generates enough cash to serve the debt in early years.B. the company can be taken public or sold in 3 to 7 years.C. the company is attractive to buyers as the buyout matures.D. All of the above.E. None of the above.26. The WACC approach to valuation is not as useful as the APV approach in leveraged buyouts because:A. there is greater risk with a LBO.B. the capital structure is changing.C. there is no tax shield with the WACC.D. the value of the levered and unlevered firms are equal.E. the unlevered and levered cash flows are separated which cannot be used with the WACC approach.27. The value of a corporation in a levered buyout is composed of which following four parts:A. unlevered cash flows and interest tax shields during the debt paydown period, unlevered terminal value, and asset sales.B. unlevered cash flows and interest tax shields during the debt paydown period, unlevered terminal value and interest tax shields after the paydown period.C. levered cash flows and interest tax shields during the debt paydown period, levered terminal value and interest tax shields after the paydown period.D. levered cash flows and interest tax shields during the debt paydown period, unlevered terminal value and interest tax shields after the paydown period.E. asset sales, unlevered cash flows during the paydown period, interest tax shields and unlevered terminal value.28. If the WACC is used in valuing a leveraged buyout, the:A. WACC remains constant because of the final target debt ratio desired.B. flotation costs must be added to the total UCF.C. WACC must be recalculated as the debt is repaid and the cost of capital changes.D. tax shields of debt are not available because the corporation is no longer publicly traded.E. None of the above.29. The flow-to-equity approach has been used by the firm to value their capital budgeting projects. The total investment cost at time 0 is $640,000. The company uses the flow-to-equity approach because they maintain a target debt to value ratio over project lives. The company has a debt to equity ratio of . The present value of the project including debt financing is $810,994. What is the relevant initial investment cost to use in determining the value of the projectA. $170,994B. $267,628C. $372,372D. $543,366E. $640,00030. A firm has a total value of $500,000 and debt valued at $300,000. What is the weighted average cost of capital if the after tax cost of debt is 9% and the cost of equity is 14%A. %B. %C. %D. %E. It is impossible to determine WACC without debt and equity betas.31. The Felix Filter Corp. maintains a debt-equity ratio of .6. The cost of equity for Richardson Corp. is 16%, the cost of debt is 11% and the marginal tax rate is 30%. What is the weighted average cost of capitalA. %B. %C. %D. %E. %32. The Webster Corp. is planning construction of a new shipping depot for its single manufacturing plant. The initial cost of the investment is $1 million. Efficiencies from the new depot are expected to reduce costs by $100,000 forever. The corporation has a total value of $60 million and has outstanding debt of $40 million. What is the NPV of the project if the firm has an after tax cost of debt of 6% and a cost equity of 9%A. $428,571B. $444,459C. $565,547D. $1,000,000E. None of the above is the correct NPV.33. The Tip-Top Paving Co. has an equity cost of capital of %. The debt to value ratio is .6, the tax rate is 34%, and the cost of debt is 11%. What is the cost of equity if Tip-Top was unleveredA. %B. %C. %D. %E. None of the above.34. The Tip-Top Paving Co. wants to be levered at a debt to value ratio of .6. The cost of debt is 11%, the tax rate is 34%, and the cost of equity for an all equity firm is 14%. What will be Tip-Top's cost of equityA. %B. %C. %D. %E. None of the above.35. The Tip-Top Paving Co. has a beta of , a cost of debt of 11% and a debt to value ratio of .6. The current risk free rate is 9% and the market rate of return is %. What is the company's cost of equity capitalA. %B. %C. %D. %E. %36. The Telescoping Tube Company is planning to raise $2,500,000 in perpetual debt at 11% to finance part of their expansion. They have just received an offer from the Albanic County Board of Commissioners to raise the financing for them at 8% if they build in Albanic County. What is the total added value of debt financing to Telescoping Tube if their tax rate is 34% and Albanic raises it for themA. $850,000B. $1,200,000C. $1,300,000D. $1,650,000E. There is no value to the scheme; Albanic is just conning Telescoping Tube into moving.37. The BIM Corporation has decided to build a new facility for its R&D department. The cost of the facility is estimated to be $125 million. BIM wishes to finance this project using its traditional debt-equity ratio of . The issue cost of equity is 6% and the issue cost of debt is 1%. What is the total flotation costA. $ millionB. $ millionC. $ millionD. $ millionE. $ million38. A very large firm has a debt beta of zero. If the cost of equity is 11%, and the risk-free rate is 5%, the cost of debt is:A. 5%B. 6%C. 11%D. 15%E. It is impossible to tell without the expected market return.39. The Free-Float Company, a company in the 36% tax bracket, has riskless debt in its capital structure which makes up 40% of the total capital structure, and equity is the other 60%. The beta of the assets for this business is .8 and the equity beta is:A.B.C.D.E.40. The Delta Company has a capital structure of 20% risky debt with a of .9 and 80% equity with a of . Their current tax rate is 34%. What is the for Delta CompanyA.B.C.D.E.41. A firm is valued at $6 million and has debt of $2 million outstanding. The firm has an equity beta of and a debt beta of .42. The beta of the overall firm is:A.B.C.D.E. It is impossible to determine with the information given.42. Brad's Boat Company, a company in the 40% tax bracket, has riskless debt in its capital structure which makes up 30% of the total capital structure, and equity is the other 70%. The beta of the assets for this business is .9 and the equity beta is:A.B.C.D.E.43. The Delta Company has a capital structure of 30% risky debt with a of and 70% equity with a of . Their current tax rate is 30%. What is the for Delta CompanyA.B.C.D.E.44. A firm is valued at $8 million and has debt of $2 million outstanding. The firm has an equity beta of and a debt beta of .60. The beta of the overall firm is:A.B.C.D.E. None of the above.Essay Questions45. A loan of $10,000 is issued at 15% interest. Interest on the loan is to be repaid annually for 5 years, and the non-amortized principal is due at the end of the fifth year. Calculate the NPV of the loan if the company's tax rate is 34%.46. The Azzon Oil Company is considering a project that will cost $50 million and have a year-end after-tax cost savings of $7 million in perpetuity. Azzon's before tax cost of debt is 10% and its cost of equity is 16%. The project has risk similar to that of the operation of the firm, and the target debt-equity ratio is . What is the NPV for the project if the tax rate is 34%47. Quick-Link has debt outstanding with a market value of $200 million, and equity outstanding with a market value of $800 million. Quick-Link is in the 34% tax bracket, and its debt is considered risk free. Merrill Lynch has provided an equity beta of . Given a risk free rate of 3% and an expected market return of 12%, calculate the discount rate for a scale enhancing project in the hypothetical case that Quick-Link is all equity financed.48. A project has a NPV, assuming all equity financing, of $ million. To finance the project, debt is issued with associated flotation costs of $60,000. The flotation costs can be amortized over the project's 5 year life. The debt of $10 million is issued at 10% interest, with principal repaid in a lump sum at the end of the fifth year. If the firm's tax rate is 34%, calculate the project's APV.49. The all equity cost of capital for flat Rock Grinding is 15% and the company has set a target debt to value ratio of 50%. The current cost of debt for a firm of this risk is 10% and the corporate tax rate is 34%. Calculate the WACC for the Flat Rock Grinding Corporation.50. Kelly Industries is given the opportunity to raise $5 million in debt through a local government subsidized program. While Kelly would be required to pay 12% on its debt issues, the Hampton County program sets the rate at 9%. If the debt issue expires in 4 years, calculate the NPV of this financing decision.51. Discuss the adjusted present value, the flow to equity and the weighted average cost of capital methods of capital budgeting with leverage and the guidelines for using each method.Chapter 18 Valuation and Capital Budgeting for the Levered Firm Answer KeyMultiple Choice Questions1. The flow-to-equity (FTE) approach in capital budgeting is defined to be the:A.discounting all cash flows from a project at the overall cost of capital.B.scale enhancing discount process.C.discounting of the levered cash flows to the equity holders for a project at the required return on equity.D.dividends and capital gains that may flow to a shareholders of any firm.E.discounting of the unlevered cash flows of a project from a levered firm at the WACC.Difficulty level: ChallengeTopic: FLOW-TO-EQUITY APPROACHType: DEFINITIONS2. The acronym APV stands for:A.applied present value.B.all purpose variable.C.accepted project verified.D.adjusted present value.E.applied projected value.Difficulty level: EasyTopic: APVType: DEFINITIONS3. A leveraged buyout (LBO) is when a firm is acquired by:A. a small group of management with equity financing.B. a small group of equity investors financing the majority of the price by debt.C.any group of equity investors when the majority is financed with preferred stock.D.any group of investors for the assets of the corporation.E.None of the above.Difficulty level: EasyTopic: LEVERAGED BUYOUTType: DEFINITIONS4. Discounting the unlevered after tax cash flows by the _____ minus the ______ yields the ________.A.cost of capital for the unlevered firm; initial investment; adjusted present value.B.cost of equity capital; initial investment; project NPV.C.weighted cost of capital; fractional equity investment; project NPV.D.cost of capital for the unlevered firm; initial investment; all-equity net present value.E.None of the above.Difficulty level: MediumTopic: ALL EQUITY NET PRESENT VALUEType: CONCEPTS5. The acceptance of a capital budgeting project is usually evaluated on its own merits. That is, capital budgeting decisions are treated separately from capital structure decisions. In reality, these decisions may be highly interwoven. This may result in:A.firms rejecting positive NPV, all equity projects because changing to a capital structure with debt will always create negative NPV.B.never considering capital budgeting projects on their own merits.C.corporate financial managers first checking with their investment bankers to determine the best type of capital to raise before valuing the project.D.firms accepting some negative NPV all equity projects because changing the capital structure adds enough positive leverage tax shield value to create a positive NPV.E.firms never changing the capital structure because all capital budgeting decisions will be subsumed by capital structure decisions.Difficulty level: EasyTopic: CAPITAL BUDGETING AND CAPITAL STRUCTUREType: CONCEPTS6. The APV method is comprised of the all equity NPV of a project and the NPV of financing effects. The four side effects are:A.tax subsidy of dividends, cost of issuing new securities, subsidy of financial distress and cost of debt financing.B.cost of issuing new securities, cost of financial distress, tax subsidy of debt and other subsidies to debt financing.C.cost of issuing new securities, cost of financial distress, tax subsidy of dividends and cost of debt financing.D.subsidy of financial distress, tax subsidy of debt, cost of other debt financing and cost of issuing new securities.E.None of the above.Difficulty level: MediumTopic: SIDE EFFECTS OF APVType: CONCEPTS7. In calculating the NPV using the flow-to-equity approach the discount rate is the:A.all equity cost of capital.B.cost of equity for the levered firm.C.all equity cost of capital minus the weighted average cost of debt.D.weighted average cost of capital.E.all equity cost of capital plus the weighted average cost of debt.Difficulty level: MediumTopic: FLOW-TO-EQUITY APPROACHType: CONCEPTS8. The appropriate cost of debt to the firm is:A.the weighted cost of debt after tax.B.the levered equity rate.C.the market borrowing rate after tax.D.the coupon rate pre-tax.E.None of the above.Difficulty level: EasyTopic: COST OF DEBTType: CONCEPTS9. Although the three capital budgeting methods are equivalent, they all can have difficulties making computation impossible at times. The most useful methods or tools from a practical standpoint are:A.APV because debt levels are unknown in future years.B.WACC because projects have constant risk and target debt to value ratios.C.Flow-to-equity because of constant risk and that managers think in terms of optimal debt to equity ratios.D.Both A and B.E.Both B and C.Difficulty level: ChallengeTopic: CAPITAL BUDGETING METHODSType: CONCEPTS10. The APV method to value a project should be used when the:A.project's level of debt is known over the life of the project.B.project's target debt to value ratio is constant over the life of the project.C.project's debt financing is unknown over the life of the project.D.Both A and B.E.Both B and C.Difficulty level: ChallengeTopic: APVType: CONCEPTS11. In order to value a project which is not scale enhancing you need to:A.typically calculate the equity cost of capital using the risk adjusted beta of another firm in the industry before calculating the WACC.B.typically increase the beta of another firm in the same line of business and then calculate the discount rate using the SML.C.typically you can simply apply your current cost of capital.D.discount at the market rate of return since the project will diversify the firm to the market.E.typically calculate the equity cost of capital using the risk adjusted beta of another firm in another industry before calculating the WACC.Difficulty level: ChallengeTopic: PROJECT VALUATIONType: CONCEPTS12. Which capital budgeting tools, if properly used, will yield the same answerA.WACC, IRR, and APVB.NPV, IRR, and APVC.NPV, APV and Flow to DebtD.NPV, APV and WACCE.APV, WACC, and Flow to EquityDifficulty level: MediumTopic: CAPITAL BUDGETING TOOLSType: CONCEPTS13. The flow-to-equity approach to capital budgeting is a three step process of:A.calculating the levered cash flow, the cost of equity capital for a levered firm, then adding the interest expense when the cash flows are discounted.B.calculating the unlevered cash flow, the cost of equity capital for a levered firm, and then discounting the unlevered cash flows.C.calculating the levered cash flow after interest expense and taxes, the cost of equity capital for a levered firm, and then discounting the levered cash flows by the cost of equity capital.D.calculating the levered cash flow after interest expense and taxes, the cost of equity capital for a levered firm, and then discounting the levered cash flows at the risk free rate.E.None of the above.Difficulty level: MediumTopic: FLOW-TO-EQUITY APPROACHType: CONCEPTS。
财务报表参考翻译
RMB 140,000,000.00 6,800,000.00 104,682,406.00 6,649,110.56 — 9,832,743.40 5,135,547.70 (21,331,654.46 ) — 32,116,375.97 3,000,000.00 — 200,000,000.00 — 486,884,529.17 — — — 3,561,500.00 3,561,500.00 — 490,446,029.17
RMB 140,000,000.00 6,800,000.00 110,077,846.60 6,794,110.56 — 9,832,743.40 5,135,547.70 (22,029,554.22 ) — 32,499,211.31 3,000,000.00 — 200,000,000.00 — 492,109,905.35 — — — 3,561,500.00 3,561,500.00 — 495,671,405.35
457,312,830.00 558,919,077.15 148,905,850.41 24,188,172.04 232,785,155.10 27,438,769.80 — 1,397,922,912.66 1,896,270,508.63
457,312,830.00 558,919,077.15 159,216,915.99 26,222,650.66 237,111,617.03 18,292,513.20 — 1,412,560,440.17 2,075,428,686.22
CURRENT LIABILITES Short-term loans Notes payable Accounts payable Deposits from customers Accrued payroll Long term liabilities Welfare & benefit payable Dividends payable Taxes payable Other payments Other payables Accrued expenses Estimated liabilities Long term liabilities due wihtin one year Other current liabilities Total current liabilities LONG-TERM LIABILITIES Long-term borrowings Bonds payable Long-term payable Other long-term liabilities Total long term liabilities DEFERED TAX Defered tax credit Total liabilities MINORITY SHAREHOLDERS’ EQUITY Minority Shareholders’ Equity SHARE CAPITAL EQUITY Share capital Capital surplus Surplus reserve Including: welfare fund Undistributed profit Including: Dividend in cash to be distributed Foreign currency statement translation difference Total share capital equity Total liabilities & stockholders equity
WACC
16
4:
WACC with Taxes
It is crucial to use market values when assessing the weights of the funds' sources
17
An adjustment is required to the WACC to reflect the effect of taxes
2
Stock Volatility Studies and Techniques
Volatility is not constant through time. Improved modeling techniques should improve results of tests of the risk-return relationship. riskARCH and GARCH models incorporate time varying volatility. If don not incorporate this the apparent excess return may not be. May even be not enough return!!!
15
WACC (No Taxes)
ko = ke(E/V) + kd(D/V)
Ensures meet minimum requirements of the return to providers of funds
why interest and dividends excluded from cash flows
Time-Varying Volatility
Stock prices change primarily in reaction to information. New information arrival is time varying. Volatility is therefore not constant through time.
工商管理专业专业术语汇总
工商管理专业英语术语汇总专业简介: 工商管理主要研究管理学、经济学和现代企业管理等方面的基本知识和技能，包括企业的经营战略制定和内部行为管理等，运用现代管理的方法和手段进行有效的企业管理和经营决策，制定企业的战略性目标，以保证企业的生存和发展。
开设课程: 管理学原理、微观经济学、宏观经济学、技术经济学、管理信息系统、统计学、会计学、中级会计实务、财务管理、运筹学、市场营销、经济法、现代公司制概论、经营管理、公司金融、人力资源管理、企业战略管理等。
一、管理学原理术语术语术语术语术语管理 (Management)经营管理 (BusinessManagement)管理过程 (ManagementProcess)管理功能 (ManagementFunctions)管理层次 (ManagementLevels)管理者 (Manager)领导者 (Leader)领导风格 (LeadershipStyle)领导理论 (LeadershipTheory)领导技能 (LeadershipSkills)决策 (Decision Making)决策类型 (DecisionTypes)决策模型 (DecisionModels)决策方法 (DecisionMethods)决策过程 (DecisionProcess)规划 (Planning)规划类型 (PlanningTypes)规划原则 (PlanningPrinciples)规划工具 (PlanningTools)规划控制 (PlanningControl)组织 (Organization)组织结构(OrganizationalStructure)组织设计(Organizational Design)组织文化(OrganizationalCulture)组织变革(OrganizationalChange)激励 (Motivation)激励理论 (MotivationTheory)激励方法 (MotivationMethods)激励因素 (MotivationFactors)激励效果 (MotivationEffects)控制 (Control)控制类型 (ControlTypes)控制原则 (ControlPrinciples)控制方法 (ControlMethods)控制过程 (ControlProcess)沟通 (Communication)沟通模型(Communication Model)沟通方式(Communication Mode)沟通技巧(Communication Skills)沟通障碍(CommunicationBarriers)协调 (Coordination)协调机制 (CoordinationMechanism)协调原则 (CoordinationPrinciples)协调方法 (CoordinationMethods)协调效果(CoordinationEffects)管理环境(Management Environment)管理伦理(ManagementEthics)管理创新(ManagementInnovation)管理战略(ManagementStrategy)管理评价(ManagementEvaluation)二、微观经济学术语术语术语术语术语微观经济学(Microeconomics)市场(Market)需求(Demand)供给(Supply)市场均衡(MarketEquilibrium)弹性(Elasticity)消费者行为(ConsumerBehavior)效用(Utility)边际效用(MarginalUtility)预算约束(BudgetConstraint)消费者选择(ConsumerChoice)无差异曲线(IndifferenceCurve)边际替代率(Marginal Rateof Substitution)消费者剩余(Consumer Surplus)需求曲线(DemandCurve)生产者行为(ProducerBehavior)生产函数(ProductionFunction)边际产品(MarginalProduct)规模报酬(Returns toScale)成本(Cost)短期成本(Short-runCost)长期成本(Long-runCost)边际成本(Marginal Cost)平均成本(AverageCost)供给曲线(Supply Curve)市场结构(Market Structure)完全竞争(PerfectCompetition)垄断(Monopoly)寡头(Oligopoly)垄断竞争(MonopolisticCompetition)价格歧视(Price Discrimination)博弈论(Game Theory)纳什均衡(NashEquilibrium)策略(Strategy)支配策略(DominantStrategy)外部性(Externality)公共品(Public Good)信息不对称(AsymmetricInformation)逆向选择(AdverseSelection)道德风险(Moral Hazard)市场失灵(MarketFailure)政府干预(GovernmentIntervention)税收(Taxation)补贴(Subsidy)福利经济学(WelfareEconomics)三、宏观经济学术语术语术语术语术语宏观经济学(Macroeconomics)国民收入(NationalIncome)国内生产总值(GrossDomestic Product)国民生产总值(GrossNational Product)消费者物价指数(Consumer PriceIndex)通货膨胀(Inflation)失业(Unemployment)菲利普斯曲线(Phillips Curve)经济增长(EconomicGrowth)经济周期(EconomicCycle)经济波动(Economic Fluctuation)经济危机(EconomicCrisis)经济衰退(EconomicRecession)经济萧条(EconomicDepression)经济恢复(EconomicRecovery)总需求(Total Demand)总供给(Total Supply)总需求总供给模型(Aggregate Demand andAggregate Supply Model)短期均衡(Short-runEquilibrium)长期均衡(Long-runEquilibrium)消费(Consumption)投资(Investment)政府支出(GovernmentSpending)净出口(Net Exports)国民收入恒等式(National IncomeIdentity)消费函数(Consumption Function)边际消费倾向(MarginalPropensity to Consume)投资函数(InvestmentFunction)边际效率投资(MarginalEfficiency ofInvestment)多重效应(MultiplierEffect)货币(Money)货币供应量(MoneySupply)货币需求量(Money Demand)货币市场平衡(MoneyMarket Equilibrium)利率(Rate ofInterest)货币政策(MonetaryPolicy)中央银行(Central Bank)开放市场操作(Open MarketOperations)存款准备金率(ReserveRequirement Ratio)贴现率(DiscountRate)财政政策(FiscalPolicy)政府预算(GovernmentBudget)财政赤字(Fiscal Deficit)公共债务(Public Debt)自动稳定器(AutomaticStabilizer)国际贸易(InternationalTrade)国际收支(Balance ofPayments)汇率(Exchange Rate)贸易政策(Trade Policy)汇率制度(ExchangeRate Regime)四、技术经济学术语术语术语术语术语技术经济学(Technical Economics)技术(Technology)技术创新(TechnologicalInnovation)技术进步(TechnologicalProgress)技术水平(TechnologicalLevel)技术选择(Technological Choice)技术评价(TechnologicalEvaluation)技术效益(TechnologicalBenefit)技术风险(TechnologicalRisk)技术转让(TechnologicalTransfer)技术方案(TechnicalScheme)技术参数(TechnicalParameter)技术指标(TechnicalIndicator)技术标准(TechnicalStandard)技术规范(TechnicalSpecification)工程项目(EngineeringProject)工程设计(EngineeringDesign)工程造价(EngineeringCost)工程投资(EngineeringInvestment)工程回收期(EngineeringPayback Period)工程效益分析(Engineering BenefitAnalysis)工程经济效益(Engineering EconomicBenefit)工程社会效益(Engineering SocialBenefit)工程环境效益(EngineeringEnvironmental Benefit)工程综合效益(EngineeringComprehensive Benefit)资金(Fund)资金需求(FundDemand)资金来源(FundSource)资金成本(Fund Cost)资金利润率(Fund ProfitRate)现金流量(Cash Flow)现金流量表(Cash FlowStatement)现金流量分析(CashFlow Analysis)现金流量折现(Discounted Cash Flow)现值净值(Net PresentValue)内部收益率(Internal Rate of Return)敏感性分析(SensitivityAnalysis)变动成本(MarginalCost)变动收益(MarginalRevenue)边际分析(MarginalAnalysis)五、管理信息系统术语术语术语术语术语管理信息系统(Management Information System)信息系统(InformationSystem)信息技术(InformationTechnology)信息资源管理(InformationResource Management)信息系统规划(Information SystemPlanning)信息需求分析(Information Requirement Analysis)信息系统设计(Information SystemDesign)信息系统开发(Information SystemDevelopment)信息系统实施(InformationSystem Implementation)信息系统维护(Information SystemMaintenance)数据(Data)数据库(Database)数据库管理系统(DatabaseManagement System)数据模型(Data Model)数据字典(DataDictionary)数据仓库(Data Warehouse)数据挖掘(DataMining)数据分析(DataAnalysis)数据可视化(DataVisualization)数据安全(Data Security)网络(Network)计算机网络(Computer Network)网络拓扑(NetworkTopology)网络协议(NetworkProtocol)网络架构(NetworkArchitecture)局域网(Local AreaNetwork)广域网(Wide AreaNetwork)因特网(Internet)互联网(Internet of Things)网络安全(NetworkSecurity)系统(System)计算机系统(Computer System)操作系统(OperationSystem)系统分析(SystemAnalysis)系统设计(SystemDesign)软件(Software)软件工程(SoftwareEngineering)软件生命周期(SoftwareLife Cycle)软件开发方法(SoftwareDevelopment Method)软件质量(SoftwareQuality)硬件(Hardware)计算机硬件(ComputerHardware)输入设备(Input Device)输出设备(Output Device)存储设备(StorageDevice)处理器(Processor)内存(Memory)总线(Bus)接口(Interface)外设(Peripheral)人工智能(Artificial Intelligence)机器学习(MachineLearning)深度学习(DeepLearning)神经网络(Neural Network)自然语言处理(NaturalLanguage Processing)专家系统(Expert System)智能代理(IntelligentAgent)模糊逻辑(Fuzzy Logic)遗传算法(GeneticAlgorithm)人工神经网络(ArtificialNeural Network)电子商务(E-commerce)电子商务模式(E-commerce Model)电子商务平台(E-commerce Platform)电子支付(ElectronicPayment)电子商务安全(E-commerce Security)电子政务(E-government)电子政务模式(E-government Model)电子政务平台(E-government Platform)电子政务服务(E-government Service)电子政务安全(E-government Security)知识管理(Knowledge Management)知识(Knowledge)知识类型(KnowledgeType)知识获取(KnowledgeAcquisition)知识表示(KnowledgeRepresentation)知识组织(Knowledge Organization)知识共享(KnowledgeSharing)知识创新(KnowledgeInnovation)知识库(Knowledge Base)知识系统(KnowledgeSystem)六、统计学术语术语术语术语术语统计学(Statistics)统计方法(StatisticalMethod)统计推断(StatisticalInference)统计分析(StatisticalAnalysis)统计软件(StatisticalSoftware)数据(Data)数据类型(Data Type)数据来源(Data Source)数据收集(DataCollection)数据清洗(Data Cleaning)数据描述(Data Description)数据展示(DataPresentation)数据摘要(DataSummary)数据分布(DataDistribution)数据变换(DataTransformation)变量(Variable)变量类型(Variable Type)自变量(IndependentVariable)因变量(DependentVariable)控制变量(Control Variable)单变量分析(UnivariateAnalysis)双变量分析(BivariateAnalysis)多变量分析(MultivariateAnalysis)相关分析(CorrelationAnalysis)回归分析(RegressionAnalysis)随机变量(RandomVariable)概率(Probability)概率分布(ProbabilityDistribution)期望值(ExpectedValue)方差(Variance)标准差(StandardDeviation)均值(Mean)中位数(Median)众数(Mode)四分位数(Quartile)极差(Range)变异系数(Coefficient ofVariation)偏度(Skewness)峰度(Kurtosis)正态分布(NormalDistribution)抽样(Sampling)抽样方法(SamplingMethod)抽样误差(SamplingError)抽样分布(SamplingDistribution)中心极限定理(Central LimitTheorem)点估计(Point Estimation)区间估计(IntervalEstimation)置信区间(ConfidenceInterval)置信水平(ConfidenceLevel)标准误差(Standard Error)假设检验(HypothesisTesting)原假设(Null Hypothesis)备择假设(AlternativeHypothesis)显著性水平(Significance Level)拒绝域(Rejection Region)检验统计量(Test Statistic)P值(P-value)类型一错误(Type IError)类型二错误(Type IIError)功效(Power)参数检验(ParametricTest)非参数检验(Nonparametric Test)单样本检验(One-sample Test)双样本检验(Two-sample Test)配对样本检验(Paired-sample Test)Z检验(Z-test)T检验(T-test)F检验(F-test)卡方检验(Chi-squareTest)方差分析(Analysis ofVariance)七、会计学术语术语术语术语术语会计学(Accounting)会计对象(AccountingObject)会计要素(AccountingElement)会计科目(Accounting Subject)会计方程(AccountingEquation)会计核算(Accounting Calculation)会计原则(AccountingPrinciple)会计假设(AccountingAssumption)会计政策(Accounting Policy)会计准则(AccountingStandard)会计期间(AccountingPeriod)会计年度(AccountingYear)会计报告期(AccountingReporting Period)会计循环(Accounting Cycle)会计业务(AccountingBusiness)记账(Bookkeeping)记账方法(BookkeepingMethod)记账凭证(BookkeepingVoucher)记账账簿(Bookkeeping Book)记账账户(BookkeepingAccount)记账分录(Bookkeeping Entry)借贷记账法(Double-entryBookkeeping Method)借方(Debit Side)贷方(Credit Side)借贷平衡(Balance of Debitand Credit)会计报表(Accounting Statement)资产负债表(BalanceSheet)利润表(IncomeStatement)现金流量表(CashFlow Statement)所有者权益变动表(Statementof Changes in Owner'sEquity)会计科学(AccountingScience)会计理论(AccountingTheory)会计方法(AccountingMethod)会计技术(AccountingTechnique)会计创新(AccountingInnovation)财务会计(Financial Accounting)管理会计(ManagementAccounting)成本会计(CostAccounting)审计会计(AuditingAccounting)税务会计(Tax Accounting)资产(Asset)负债(Liability)所有者权益(Owner'sEquity)收入(Income)费用(Expense)收益(Revenue)损失(Loss)利润(Profit)毛利(Gross Profit)净利(Net Profit)存货(Inventory)应收账款(AccountsReceivable)预付账款(PrepaidExpenses)固定资产(FixedAssets)无形资产(Intangible Assets)应付账款(AccountsPayable)预收账款(UnearnedRevenue)长期负债(Long-termLiabilities)资本(Capital)留存收益(Retained Earnings)折旧(Depreciation)摊销(Amortization)减值(Impairment)计提(Accrual)结转(Carryover)对冲(Hedging)杠杆(Leverage)财务比率(FinancialRatio)资本结构(CapitalStructure)资本预算(Capital Budgeting)八、中级会计实务术语术语术语术语术语会计 (Accounting)资产 (Asset)负债 (Liability)所有者权益 (Owner'sEquity)收入 (Revenue)费用 (Expense)损益 (Profit or Loss)现金流量 (Cash Flow)资产负债表 (BalanceSheet)利润表 (IncomeStatement)现金流量表 (Cash FlowStatement)所有者权益变动表(Statement of Changesin Owner's Equity)附注 (Notes)记账凭证 (Voucher)记账方法 (AccountingMethod)原始凭证 (Original Document)记账分录 (Journal Entry)总分类账 (GeneralLedger)明细分类账 (SubsidiaryLedger)总账科目 (GeneralAccount)明细科目 (SubsidiaryAccount)借方 (Debit)贷方 (Credit)借贷平衡原则 (Double-entry Principle)记账方向 (AccountingDirection)试算平衡表 (Trial Balance)调整分录 (AdjustingEntry)调整后试算平衡表(Adjusted TrialBalance)结转分录 (ClosingEntry)结转后试算平衡表(Post-closing TrialBalance)存货制度 (InventorySystem)存货核算方法 (InventoryAccounting Method)先进先出法 (FIFOMethod)后进先出法 (LIFOMethod)加权平均法 (WeightedAverage Method)科学成本法（Specific Identification Method）存货跌价准备（Allowance forInventory Decline）存货盘点（InventoryCounting）存货盈亏（InventoryProfit or Loss）固定资产（FixedAsset）折旧（Depreciation）折旧方法（DepreciationMethod）直线法（Straight-lineMethod）双倍余额递减法（Double-decliningBalance Method）年数总和法（Sum-of-the-years'-digitsMethod）残值（Residual Value）折旧年限（Useful Life）净残值率（SalvageRate）固定资产清理（Disposal of FixedAsset）无形资产（IntangibleAsset）商誉（Goodwill）知识产权（IntellectualProperty）专利权（Patent）商标权（Trademark）著作权（Copyright）长期股权投资（Long-term Equity Investment）成本法（Cost Method）权益法（EquityMethod）投资收益（InvestmentIncome）投资性房地产（InvestmentProperty）资产减值（Asset Impairment）减值损失（ImpairmentLoss）可回收金额（RecoverableAmount）可变现净值（NetRealizable Value）使用价值（Value inUse）金融资产（FinancialAsset）金融负债（FinancialLiability）公允价值（FairValue）利息收入（InterestIncome）利息支出（InterestExpense）汇兑收益（ExchangeGain）汇兑损失（ExchangeLoss）应收账款（AccountsReceivable）坏账损失（Bad DebtLoss）坏账准备（Allowancefor Bad Debt）应付账款（Accounts Payable）预收账款（UnearnedRevenue）预付账款（PrepaidExpense）应计收入（AccruedRevenue）应计费用（AccruedExpense）职工薪酬（Employee Compensation）工资与奖金（Wages andBonuses）社会保险费用（SocialInsurance Expense）住房公积金费用（Housing ProvidentFund Expense）职工福利费用（Employee WelfareExpense）借款费用 (BorrowingCost)资本化 (Capitalization)资本化利率(Capitalization Rate)资本化期间(Capitalization Period)资本化暂停(CapitalizationSuspension)现金等价物 (Cash Equivalent)现金流量表附表(Supplemental Scheduleof Cash Flow Statement)经营活动现金流量(Cash Flow fromOperating Activities)投资活动现金流量(Cash Flow fromInvesting Activities)筹资活动现金流量(Cash Flow fromFinancing Activities)直接法 (Direct Method)间接法 (Indirect Method)现金流量净额 (NetCash Flow)现金流量增减表(Statement of Changesin Cash Flow)现金流量比率 (CashFlow Ratio)利润表 (Income Statement)收入确认原则 (RevenueRecognition Principle)营业收入 (OperatingRevenue)营业成本 (OperatingCost)营业税金及附加(Business Tax andSurcharges)销售费用 (Selling Expense)管理费用 (AdministrativeExpense)财务费用 (FinancialExpense)营业利润 (OperatingProfit)营业外收入 (Non-operating Income)营业外支出 (Non-operating Expense)利润总额 (Total Profit)所得税费用 (IncomeTax Expense)净利润 (Net Profit)每股收益 (EarningsPer Share)所有者权益变动表(Statement of Changes in Owner's Equity)股本 (Capital Stock)资本公积 (CapitalReserve)盈余公积 (SurplusReserve)未分配利润 (RetainedEarnings)九、财务管理术语术语术语术语术语财务管理 (Financial Management)财务目标 (FinancialObjective)财务决策 (FinancialDecision)财务计划 (FinancialPlan)财务控制 (FinancialControl)资金 (Fund)资金需求 (FundDemand)资金供给 (FundSupply)资金流动 (Fund Flow)资金结构 (FundStructure)资本 (Capital)资本成本 (CapitalCost)资本结构 (CapitalStructure)资本预算 (CapitalBudget)资本收益率 (CapitalReturn Rate)投资 (Investment)投资项目 (InvestmentProject)投资评价 (InvestmentEvaluation)投资回收期 (PaybackPeriod)净现值 (Net PresentValue)内部收益率 (Internal Rate of Return)敏感性分析 (SensitivityAnalysis)风险分析 (RiskAnalysis)投资组合理论 (PortfolioTheory)资本资产定价模型(Capital Asset PricingModel)现金管理 (Cash Management)现金预测 (CashForecasting)现金流量预算表 (CashBudget)现金流量周期 (CashCycle)现金余额 (Cash Balance)应收账款管理 (AccountsReceivableManagement)应收账款周转率(Accounts ReceivableTurnover Ratio)坏账率 (Bad DebtRatio)应收账款账龄分析法(Aging Method ofAccounts Receivable)应收账款折现法（Discount Method ofAccounts Receivable）存货管理（Inventory Management）存货周转率（InventoryTurnover Ratio）经济订货量（Economic OrderQuantity）安全存量（SafetyStock）订货点（Reorder Point）短期融资（Short-term Financing）银行贷款（BankLoan）商业票据（CommercialPaper）应付账款融资（Accounts PayableFinancing）保兑仓融资（WarehouseReceipt Financing）长期融资（Long-term Financing）债券（Bond）债券价格（BondPrice）债券收益率（BondYield）债券评级（BondRating）股票（Stock）股票价格（StockPrice）股票收益率（StockReturn Rate）股息政策（DividendPolicy）股权融资（EquityFinancing）杠杆效应（LeverageEffect）操作杠杆系数（Operating LeverageCoefficient）财务杠杆系数（Financial LeverageCoefficient）综合杠杆系数（Combined LeverageCoefficient）杠杆调整原则（LeverageAdjustment Principle）十、运筹学术语术语术语术语术语运筹学 (Operations Research)决策 (Decision)决策变量 (DecisionVariable)目标函数 (ObjectiveFunction)约束条件 (Constraint)线性规划 (Linear Programming)图形法 (GraphicalMethod)单纯形法 (SimplexMethod)对偶理论 (DualityTheory)敏感性分析 (SensitivityAnalysis)整数规划 (Integer Programming)分支定界法 (Branch andBound Method)割平面法 (CuttingPlane Method)隐枚举法 (ImplicitEnumeration Method)0-1规划 (0-1Programming)非线性规划 (Nonlinear Programming)拉格朗日乘子法(Lagrange MultiplierMethod)KKT条件 (KKTCondition)梯度法 (GradientMethod)牛顿法 (Newton Method)动态规划 (Dynamic Programming)阶段 (Stage)状态 (State)决策 (Decision)最优值函数 (OptimalValue Function)贝尔曼方程 (BellmanEquation)网络优化 (NetworkOptimization)关键路径法 (CriticalPath Method)最短路问题 (ShortestPath Problem)最小生成树问题(Minimum Spanning TreeProblem)最大流问题 (Maximum Flow Problem)最小费用流问题(Minimum Cost FlowProblem)匹配问题 (MatchingProblem)背包问题 (KnapsackProblem)指派问题 (AssignmentProblem)非线性整数规划（Nonlinear Integer Programming）分数规划（FractionalProgramming）凸规划（ConvexProgramming）目标规划（GoalProgramming）多目标规划（Multi-objective Programming）随机规划（Stochastic Programming）鲁棒优化（RobustOptimization）参数规划（ParametricProgramming）可行方向法（FeasibleDirection Method）序列二次规划（Sequential QuadraticProgramming）队列论（QueueingTheory）到达过程（ArrivalProcess）服务过程（ServiceProcess）排队系统（QueueingSystem）排队模型（QueueingModel）M/M/1模型（M/M/1Model）M/M/c模型（M/M/cModel）M/G/1模型（M/G/1Model）G/M/1模型（G/M/1Model）排队长度（QueueLength）平均排队时间（Average Queueing Time）平均服务时间（AverageService Time）到达率（ArrivalRate）服务率（ServiceRate）利用率（UtilizationRate）十一、市场营销术语术语术语术语术语市场营销 (Marketing)市场营销管理(MarketingManagement)市场营销环境(MarketingEnvironment)市场营销计划(Marketing Plan)市场营销组合 (MarketingMix)市场 (Market)市场需求 (MarketDemand)市场细分 (MarketSegmentation)市场定位 (MarketPositioning)市场目标 (MarketTargeting)消费者行为 (ConsumerBehavior)消费者需求 (ConsumerNeed)消费者动机 (ConsumerMotivation)消费者态度(Consumer Attitude)消费者满意度 (ConsumerSatisfaction)产品 (Product)产品生命周期 (ProductLife Cycle)产品创新 (ProductInnovation)产品差异化 (ProductDifferentiation)产品定价 (Product Pricing)价格 (Price)价格策略 (PricingStrategy)价格弹性 (PriceElasticity)价格歧视 (PriceDiscrimination)价格竞争 (PriceCompetition)促销 (Promotion)促销策略 (PromotionStrategy)促销组合 (PromotionMix)广告 (Advertising)公关 (Public Relations)销售促进（Sales Promotion）个人销售（PersonalSelling）直接营销（DirectMarketing）网络营销（InternetMarketing）社会媒体营销（SocialMedia Marketing）分销（Distribution）分销渠道（DistributionChannel）分销策略（DistributionStrategy）物流（Logistics）运输（Transportation）库存管理（Inventory Management）订货量（OrderQuantity）经济批量（EconomicBatch Quantity）订货点（ReorderPoint）安全库存（Safety Stock）市场调研（Market Research）调研目的（ResearchObjective）调研方法（ResearchMethod）调研设计（ResearchDesign）调研样本（ResearchSample）数据收集（Data Collection）数据分析（DataAnalysis）数据呈现（DataPresentation）调研报告（ResearchReport）调研误差（ResearchError）十二、经济法术语术语术语术语术语经济法 (Economic Law)经济活动 (EconomicActivity)经济主体 (EconomicSubject)经济权利 (EconomicRight)经济责任 (EconomicResponsibility)经济法律关系 (Economic Legal Relationship)经济合同 (EconomicContract)经济纠纷 (EconomicDispute)经济诉讼 (EconomicLitigation)经济仲裁 (EconomicArbitration)民商事法律体系 (Civiland Commercial LegalSystem)民法典 (Civil Code)商法典 (CommercialCode)合同法 (Contract Law)物权法 (Property Law)侵权责任法 (Tort LiabilityLaw)民事诉讼法 (CivilProcedure Law)商事诉讼法(CommercialProcedure Law)仲裁法 (Arbitration Law)消费者权益保护法（Consumer Rights andInterests Protection Law）公司法（CompanyLaw）合伙企业法（PartnershipEnterprise Law）独资企业法（SoleProprietorshipEnterprise Law）外商投资企业法（Foreign InvestmentEnterprise Law）公司治理（CorporateGovernance）股东（Shareholder）董事会（Board ofDirectors）监事会（Board ofSupervisors）高级管理人员（SeniorManagement）股东大会（Shareholders'Meeting）股份（Share）股权（StockRight）股票（Stock）股本（Capital Stock）股利（Dividend）债券（Bond）债权（Debt Right）债务（Debt）债务人（Debtor）债权人（Creditor）破产（Bankruptcy）破产程序（BankruptcyProcedure）破产申请（BankruptcyApplication）破产管理人（BankruptcyAdministrator）破产债权人会议（Bankruptcy Creditors'Meeting）十三、现代公司制概论术语术语术语术语术语现代公司制 (Modern Corporation System)公司 (Company)公司法人 (CorporateLegal Person)公司治理 (CorporateGovernance)公司社会责任 (CorporateSocial Responsibility)股份有限公司 (Joint-stock Company)有限责任公司 (LimitedLiability Company)股东 (Shareholder)股份 (Share)股权 (Stock Right)董事会 (Board of Directors)监事会 (Board ofSupervisors)高级管理人员 (SeniorManagement)股东大会(Shareholders'Meeting)公司章程 (Articles ofAssociation)注册资本 (RegisteredCapital)实收资本 (Paid-inCapital)资本公积 (CapitalReserve)盈余公积 (SurplusReserve)未分配利润 (RetainedEarnings)股利 (Dividend)股息率 (DividendRate)现金分红 (CashDividend)股票分红 (StockDividend)分红政策 (Dividend Policy)上市公司（Listed Company）发行股票（IssueStock）募集资金（RaiseFunds）首次公开募股（InitialPublic Offering）再融资（Refinancing）股票市场（Stock Market）证券交易所（StockExchange）证券监管机构（SecuritiesRegulatory Authority）证券法（SecuritiesLaw）证券合同（SecuritiesContract）股票价格（StockPrice）股票指数（StockIndex）市盈率（Price-earningsRatio）市净率（Price-bookRatio）市场效率（MarketEfficiency）投资者保护（Investor Protection）信息披露（InformationDisclosure）内幕交易（InsiderTrading）操纵市场（MarketManipulation）证券欺诈（SecuritiesFraud）十四、经营管理术语术语术语术语术语经营管理 (Business Management)经营目标 (BusinessObjective)经营策略 (BusinessStrategy)经营模式 (BusinessModel)经营效率 (BusinessEfficiency)经营效果 (Business Effectiveness)经营创新 (BusinessInnovation)经营风险 (BusinessRisk)经营伦理 (BusinessEthics)经营文化 (BusinessCulture)组织 (Organization)组织结构(OrganizationalStructure)组织设计(OrganizationalDesign)组织变革 (OrganizationalChange)组织发展 (OrganizationalDevelopment)协调 (Coordination)协调机制 (CoordinationMechanism)协调原则(Coordination协调方法 (CoordinationMethod)协调技巧 (CoordinationSkill)Principle)控制 (Control)控制系统 (ControlSystem)控制过程 (ControlProcess)控制标准 (ControlStandard)控制反馈 (ControlFeedback)激励（Motivation）激励理论（MotivationTheory）激励因素（MotivationFactor）激励方法（MotivationMethod）激励机制（MotivationMechanism）资源（Resource）物质资源（MaterialResource）人力资源（HumanResource）财务资源（FinancialResource）信息资源（InformationResource）活动（Activity）生产活动（ProductionActivity）销售活动（SalesActivity）采购活动（PurchasingActivity）研发活动（Research andDevelopment Activity）目标（Objective）目标管理（ObjectiveManagement）目标设定（ObjectiveSetting）目标分解（ObjectiveDecomposition）目标评价（ObjectiveEvaluation）十五、公司金融术语术语术语术语术语公司金融 (CorporateFinance)投资决策 (InvestmentDecision)融资决策 (FinancingDecision)分红决策 (DividendDecision)资本结构 (CapitalStructure)资本成本 (CapitalCost)资本预算 (Capital Budget)现金流量 (Cash Flow)净现值 (Net PresentValue)内部收益率 (InternalRate of Return)敏感性分析(Sensitivity Analysis)风险分析 (Risk Analysis)投资组合理论 (PortfolioTheory)资本资产定价模型(Capital Asset PricingModel)证券市场线 (SecurityMarket Line)贝塔系数（Beta Coefficient）无风险利率（Risk-freeRate）市场风险溢价（MarketRisk Premium）资本市场线（CapitalMarket Line）有效边界（EfficientFrontier）杠杆效应（LeverageEffect）操作杠杆系数（OperatingLeverage Coefficient）财务杠杆系数（Financial LeverageCoefficient）综合杠杆系数（Combined LeverageCoefficient）杠杆调整原则（Leverage AdjustmentPrinciple）股权融资（Equity Financing）债务融资（DebtFinancing）权益融资（Quasi-equity Financing）混合融资（HybridFinancing）转换债券（ConvertibleBond）可赎回债券（Redeemable Bond）可交换债券（Exchangeable Bond）优先股（PreferredStock）可转换优先股（Convertible PreferredStock）权证（Warrant）十六、人力资源管理术语术语术语术语术语人力资源管理 (Human Resource Management)人力资源规划 (HumanResource Planning)人力资源分析 (HumanResource Analysis)人力资源需求 (HumanResource Demand)人力资源供给 (HumanResource Supply)招聘 (Recruitment)招聘渠道 (RecruitmentChannel)招聘广告 (RecruitmentAdvertisement)招聘成本 (RecruitmentCost)招聘效果 (RecruitmentEffectiveness)选拔 (Selection)选拔方法 (SelectionMethod)选拔标准 (SelectionCriterion)选拔工具 (SelectionTool)选拔过程 (SelectionProcess)培训 (Training)培训需求分析 (TrainingNeeds Analysis)培训目标 (TrainingObjective)培训内容 (TrainingContent)培训方法 (TrainingMethod)培训评估（Training Evaluation）培训效果（TrainingEffectiveness）培训反馈（TrainingFeedback）培训转移（TrainingTransfer）培训成本（TrainingCost）术语术语术语术语术语评估（Performance Appraisal）评估目的（PerformanceAppraisal Purpose）评估标准（PerformanceAppraisal Criterion）评估方法（PerformanceAppraisal Method）评估结果（PerformanceAppraisal Result）激励（Motivation）激励理论（MotivationTheory）激励因素（MotivationFactor）激励方法（MotivationMethod）激励机制（MotivationMechanism）薪酬（Compensation）薪酬结构（CompensationStructure）薪酬水平（CompensationLevel）薪酬调整（CompensationAdjustment）薪酬管理（CompensationManagement）十七、企业战略管理术语术语术语术语术语企业战略管理(Corporate Strategy Management)战略 (Strategy)战略管理过程(Strategy ManagementProcess)战略分析 (StrategyAnalysis)战略制定 (StrategyFormulation)战略实施 (Strategy Implementation)战略评估 (StrategyEvaluation)战略控制 (StrategyControl)战略调整 (StrategyAdjustment)战略创新 (StrategyInnovation)环境分析(Environmental Analysis)宏观环境分析 (Macro-environmentalAnalysis)行业环境分析 (IndustryEnvironmentalAnalysis)微观环境分析 (Micro-environmental Analysis)PEST分析法（PESTAnalysis Method）波特五力模型（Porter's Five Forces Model）SWOT分析法（SWOT AnalysisMethod）VRIO分析法（VRIOAnalysis Method）价值链分析法（ValueChain Analysis Method）核心竞争力分析法（Core CompetenceAnalysis Method）目标管理（Objective Management）SMART原则（SMART Principle）平衡计分卡（BalancedScorecard）关键绩效指标（KeyPerformance Indicator）目标层次结构（ObjectiveHierarchy）战略选择（StrategyChoice）战略类型（StrategyType）成本领先战略（CostLeadership Strategy）差异化战略（DifferentiationStrategy）聚焦战略（FocusStrategy）集团化战略（Diversification Strategy）垂直一体化战略（Vertical IntegrationStrategy）水平一体化战略（HorizontalIntegration Strategy）国际化战略（InternationalizationStrategy）蓝海战略（Blue OceanStrategy）。
2023年中级银行从业资格之中级风险管理综合练习试卷B卷附答案
2023年中级银行从业资格之中级风险管理综合练习试卷B卷附答案单选题（共45题）1、下列关于商业银行内部审计独立性的表述，错误的是（）。
A.独立性要求内部审计人员不能把对其他事物的判断凌驾于对审计事物的判断之上B.独立性是指内部审计活动独立于他们所审查的活动之外C.内部审计部门在一个特定的组织中，享有经费、人事、内部管理、业务开展等方面的相对独立性D.审计人员在审计活动中不受任何来自外界的干扰，独立自主地开展审计工作【答案】 A2、下列（）模型为金融衍生产品定价及广泛应用铺平了道路，开辟了风险管理的全新领域。
A.资本资产定价B.套利定价C.欧式期权定价D.投资组合原理【答案】 C3、下列风险都可能给商业银行造成经营困难，但导致商业银行破产的直接原因通常是（）。
A.操作风险B.信用风险C.战略风险D.流动性风险【答案】 D4、在商业银行经营过程中，决定其风险承担能力的核心要素是（??）。
A.盈利能力和流动性管理水平B.资本充足率水平和流动性管理水平C.盈利能力和风险管理水平D.资本充足水平和风险管理水平【答案】 D5、商业银行在进行操作风险与控制自我评估（RCSA）时，针对经营管理过程中本身所具有的风险，实施了旨在改变风险可能性和影响强度的管理控制活动后，仍然保留的那部分风险是（）A.固有风险B.系统性风险C.剩余风险D.非系统性风险【答案】 C6、下列指标不属于商业银行风险偏好收益类指标的是（）。
A.经风险调整后收益B.收益波动率C.每股收益增长率D.资本充足率【答案】 D7、风险对冲是指通过投资或购买与标的资产收益波动（）的某种资产或衍生产品来冲销标的资产潜在损失的一种策略性选择。
A.正相关B.无关C.负相关D.以上都不对?【答案】 C8、（）能够综合衡量商业银行盈利水平及其所承担的风险水平。
A.经风险调整的资本收益率（RAROC）B.股本收益率（ROE）C.资本充足率（CAR）D.资产收益率（ROA）【答案】 A9、电脑“千年虫”的风险，使世界各地的商业银行为此支付了巨额费用。
消费信贷风险评估外文文献翻译2014年译文3000多字
文献出处：Kruppa J, Schwarz A, Arminger G, et al. C Consumer credit risk assessment [J]. Expert Systems with Applications, 2014，40(13): 25-41原文Consumer credit risk assessmentKruppa J, Schwarz A, ArmingerPORTFOLIO MANAGEMENT AND ANALYTICSIn Bower’s view, consumer credit risk must be understood in terms of a portfolio management strategy that balances capital preservation with capital optimization, that is, “ . . . a continuous process of identifying and capitalizing upon appropriate opportunities while avoiding inappropriate exposure in such a way as to maximize the value of enterprise.” Capturing data across all steps in the customer relationship and integrating information management are the keys to effective portfolio management. While this is a fairly straightforward prescription, executing it is often beyond the scope of many lenders, with the credit card companies generally in the vanguard. Often, the process steps are managed on separate legacy systems, which complicate efforts to integrate information. KPMG consultants find that many firms typically purge specific files before the information is extracted and combined with other data to provide effective portfolio management. The loss of application data, for example, would mean that critical score-card and demographic information would not be available to model behavior in defined customer or risk segments.BEST PRACTICES IN CREDIT-RISK-MANAGEMENTCredit-risk-management practices vary considerably among firms and between segments of the consumer lending industry. To illustrate the variability, Bower described the range of management practices in:Credit decision-making；credit-scoring；loss forecasting；portfolio management.On the front end of the credit process, industry leaders are investing in analytics to improve the credit decision-making process. Building on experience with credits coring technologies, these leaders are employing expert systems that can adopt to changes in the economy or within specific customer segments.The use of credit-scoring varies from those that are using only credit bureaudata, to those that blend bureau data with other information based o n the firm’s own experience, to the most advanced applications using adaptive algorithms. These models, used by some of the leading credit card issuers, are updated regularly to reflect changing characteristics of the applicant population. A significant challenge for even the most sophisticated lenders is how to model probable performance when dealing with new customer segments.Loss forecasting techniques have advanced considerably from their early reliance on historical delinquency rates and charge-off trend analyses. Delinquency flow models and segmented vintage analyses are now commonly used to recognize portfolio dynamics and behavior patterns based on pools with common characteristics. The credit card industry has perhaps gone the furthest with its use of massive segmentation profiles, with the more advanced issuers complementing these profiles with regional economic data and other analytical dynamics.Over all portfolio management employs all of these techniques with most firms tracking current vs. historical performance and establishing concentration limits for particular risk segments. Some lenders employ risk adjusted return on capital (RAROC) models but Bower and his colleagues argue that multi-year net present value cash flow 4 models represent a more effective way to understand optimalrisk/reward relationships. In their experience, at this point, only a few firms appear to be testing these more advanced approaches.Bower concluded this section of the discussion by noting that “the future of consumer credit risk management lies in organizing portfolio performance and account level detail into databases; and then, applying refined analytical models to discern patterns or trends.” In doing so, lenders can more effectively manage loss exposures and apply risk-based credit pricing.ANALYTICAL TECHNIQUESAnalytical techniques are especially applicable to consumer lending. Consumer portfolios, unlike those in commercial lending, tend to be composed of many relatively homogeneous loans. The relatively common behavior characteristics of portfolio segments make statistical modeling techniques especially useful. As Bower noted, “Analytical techniques that forecast, segment, and classify individual loans intohomogeneous pools have provided the competitive advantage to leading-edge consumer lenders.”The discussion then turned to the application of risk management analytics in dealing with the full spectrum of credit management activities:keys to effective application of analytics across these often interrelated activities are collecting data throughout the business process and managing a common information repository, or risk data warehouse.In dealing with response analysis, the risk management challenge is to avoid adverse selection consequences that result in increased concentrations of high-risk borrowers. Predictive modeling techniques address this issue but require rigorous response testing to continually improve understanding of customer behavior. Using a range of inputs from origination files (demographics, transactional data, etc.), customer characteristics are segmented and analyzed to develop identifiers of the desired response. Again, the credit card industry is relatively further along in this area, having learned from the painful experiences of a number of issuers in the mid-1990s. In another market, a select group of small-business lenders were also cited as having successfully applied these segmented response analytics to their marketplace.Pricing strategies for risk remains a challenge for many consumer lenders who tend to “follow the competition.” Furthermore, many lenders fail to effectively test pricing models to explore different segments’ responses to the trade-offs among annual fees, APR introductory periods, and other pricing variables. Industry leaders use profitability and cash flow modeling to provide insights into portfolio segments and better manage mispriced risk segments.Determining the appropriate loan amount directly affects portfolio loss. Judgmental criteria - or, worse, marketing-driven strategies - will generally lead to increased credit exposure. Again, analytical techniques such as cash flow modeling can create outcome scenarios comparing loan amounts relative to risk segments. Statistical methodologies exist that add better control over loan or line setting by determining optimal segments to minimize losses and quantifying probabilities of use.As we have seen in a number of consumer lending businesses over the years, credit loss forecasts or assumptions used to set pricing and loan amount may wellprove inaccurate with the passage of time. Credit card lenders found that historical assumptions for bankruptcy trends proved inadequate during the mid-1990s. In response, most of the industry leaders have greatly enhanced their analytical techniques in this area to better capture portfolio dynamics. Decompositional roll rate modeling, trend and seasonal indexing, and vintage curve techniques to better estimate behavior within individual portfolio cohorts are some of the advanced statistical methodologies currently employed among industry leaders.Portfolio management is a key issue for consumer lenders as they examine repricing practices and retention strategies and deal with credit line management. Repricing portfolio segments based on judgmental criteria, for example, can lead to lower revenues or increased portfolio risk. Industry leaders are integrating behavioral elements with cash flow profitability modeling to more accurately determine the impact of pricing adjustments on specific customer segments.Industry leaders understand that collection strategies can have a significant impact on lessening credit losses. In Bower’s experience, collection efforts that have 7 been augmented with statistical behavior models are demonstrably more effective than those with no behavioral modeling support. He also noted that well-conceived segmentation schemes are leading to targeted collection strategies, decreasing roll rates from one state of delinquency to the next.SUMMARYThe tools for improving management of consumer credit risk have advanced considerably in recent years as industry leaders and their advisors have focused on the development of increasingly sophisticated analytical tools. Advances in data warehousing technology and overall computational efficiencies have greatly facilitated these developments. At the same time, application of these new methodologies varies substantially among firms and between industry segments. Generally speaking, the credit card industry tends to be the furthest along the development path, but even – here, variability exists. A number of lending firms have developed highly refined portfolio segmentation designs and enhanced risk-based score-card schemes, but only a few have reached the level of fully integrated models that employ multi-variable regression analysis. At the same time, Bower concluded bynoting that risk management practices in the consumer lending business are generally much stronger than in the early 1990s and the industry is far better positioned to weather the current economic downturn than it was a decade ago.译文消费信贷风险评估克鲁帕；施瓦兹；阿米格证券投资管理及分析鲍尔斯认为，消费信贷风险，必须被认为是按照证券投资组合管理策略，以资本优化来平衡资本的保护，即“一个基于适当的机会以识别和积累资本的持续的过程，而避免为了使企业价值最大化而用这样一种方法进行不恰当的泄露。
CIIA卷一50题汇编
CIIA 卷一中国5年考题汇编说明：汇编起来是为了考生更好的分专题进行学习，也方便携带、制定学习计划以及记笔记等。
答案没有汇编，因为汇编起来也基本不会提高查找答案的效率。
题型分为四种：经济学、财务会计和财务报表分析、公司财务以及股票估值和分析。
其中公司财务和股票估值既有单独题型，也有混合题型。
目录CIIA 卷一中国5年考题汇编 (1)目录 (1)卷一考分比例 (2)考试大纲 (3)经济学问题 (5)2006.3 (5)2006.9 (5)2007.3 (6)2007.9 (9)2008.3 (10)2008.9 (11)2009.3 (12)2009.9 (14)2010.3 (15)2010.9 (17)财务会计和财务报表分析 (19)2006.3 (19)2006.9 (24)2007.3 (28)2007.9 (32)2008.3 (37)2008.9 (41)2009.3 (45)2009.9 (49)2010.3 (52)2010.9 (57)财务报表分析(无单独) (63)2006.3 (63)2006.9 (63)2007.3 (63)2007.9 (63)2008.3 (63)2008.9 (63)2009.3 (63)2009.9 (63)2010.3 (64)2010.9 (64)公司财务（包括一部分股票估值分析） (64)2006.3 (64)2006.9 (67)2007.3 (69)2007.9 (71)2008.3 (73)2008.9 (78)2009.3 (81)2009.9 (83)2010.3 (85)2010.9 (89)股票估值和分析 (93)2006.3 (93)2006.9 (94)2007.3 (98)2007.9 (98)2008.3 (100)2008.9 (104)2009.3 (104)2009.9 (107)2010.3 (109)2010.9 (112)卷一考分比例Q: CIIA考试涉及的内容及各部分内容参考配分比例是多少？依據ACIIA所公布之測驗內容範圍及參考配分比例如下表所示：卷一分值比例为公司财务及股票估值与分析50% 财务会计和报表分析30% 经济学20%因此卷一考生应该把精力重点放在公司财务及股票估值与分析上！考试大纲经济学问题2006.3问题1：经济学（40分）a)中国的GDP和出口持续呈现高速增长。
企业风险管理(中英文)
风险转移 (Risk Transfer)
总结词
风险转移是通过将风险暴露转移给其他实体 或第三方来降低潜在损失的管理策略。
详细描述
风险转移通常涉及保险、外包或与其他企业 合作等手段。通过将这些风险转移给更能够 应对和管理风险的实体，企业可以降低自身
风险敞口。
风险容忍 (Risk Tolerance)
• Enterprise Risk Management Organization and Processes
目录
• Corporate risk management culture and awareness
• Case Analysis of Enterprise Risk Management
Case Three: Credit Risk Management Practice of a Certain Enterprise
某企业的信用风险管理实践
This case study examines how a certain enterprise manages credit risks through effective credit policies and procedures.
风险管理信息系统
数据收集
收集内外部数据，包括 财务、市场、行业等数
据。
数据处理
对收集的数据进行清洗、 整合和加工，生成风险
管理所需的信息。
数据分析
运用统计分析、机器学 习等技术，对数据进行 深入分析，发现潜在风
险。
数据展示
将分析结果以图表、报 告等形式展示给管理层 和业务部门，支持决策
制定。
05
制定风险管理政策和流程，明 确各部门在风险管理中的职责 和角色。
cfa考试词汇中英文对照表(附cfa专用英语词典)
cfa考试词汇中英文对照表(附cfa专用英语词典) CFA考试（特许金融分析师考试）是一个全球性的金融投资领域专业考试，对于考生来说，掌握CFA考试特定的专业词汇是非常重要的。
以下是一些常见的CFA考试词汇中英文对照表：1. 资产 Assets2. 负债 Liabilities3. 所有者权益 Owner's Equity4. 股票 Stocks5. 债券 Bonds6. 基金 Funds7. 期货 Futures8. 远期 Forward9. 期权 Options10. 互惠基金 Mutual Funds11. 投资组合 Portfolio12. 资本资产定价模型 Capital Asset Pricing Model (CAPM)13. 有效市场假说 Efficient Market Hypothesis (EMH)14. 风险管理 Risk Management15. 贝塔系数 Beta Coefficient16. 阿尔法系数 Alpha Coefficient17. 夏普比率 Sharpe Ratio18. 詹森指数 Jensen's Index19. 特雷诺指数 Treynor Ratio20. 换手率 Turnover Ratio21. 资本比率 Capital Ratio22. 杠杆比率 Leverage Ratio23. 市盈率 Price-Earnings Ratio (P/E Ratio)24. 市净率 Price-to-Book Ratio (P/B Ratio)25. 市现率 Price-to-Cash Flow Ratio (P/CF Ratio)26. 内在价值Intrinsic Value27. 折现现金流 Discounted Cash Flow (DCF)28. 资本成本 Cost of Capital29. 资本预算 Capital Budgeting30. 现值 Present Value (PV)31. 终值 Future Value (FV)32. 时间价值 Time Value of Money (TVM)33. 贴现率 Discount Rate34. 年金 Annuity35. 收益率 Yield Rate36. 期限 Maturity37. 到期日 Expiration Date38. 利率 Interest Rate39. 本金 Principal40. 再投资 Reinvestment41. 无风险利率 Risk-free Rate of Return42. 无风险资产 Risk-free Asset43. 无套利原则 No-Arbitrage Principle44. 无偏性 Unbiasedness45. 无偏估计 Unbiased Estimation46. 无偏抽样 Unbiased Sampling47. 无偏大数定律 Unbiased Law of Large Numbers (ULLN)48. 无穷大 Infinity49. 无穷小 Infinitesimal50. 无穷大量 Infinitesimally Probable51. 无穷小量 Infinitesimal Amounts52. 无穷序列 Infinitive Sequence53. 无穷级数 Infinitive Series54. 无穷大数定律 Law of Infinitive Numbers (LIN)55. 无穷小概率事件 Infinitesimally Probable Event56. 无穷大概率事件 Infinitively Probable Event57. 无穷小量测度 Measure of Infinitesimals。
工程常用词汇(英文) (1)
工程管理常用词汇目录1.项目建议1.1项目建议概况1.2报价资料1.3合同技术用语1.4估算1.5可行性研究1.6业务范围1.7工厂分类与设计1.8设备1.9相关企业2.投标、合同2.1投标情况2.2合同用语2.3合同形式3.支付、金融、财务3.1支付、金融3.2财务4.采购、运输、保险4.1进出口手续4.2运输4.3保险4.4贸易条件4.5采购4.6包装5.项目执行费用管理5.1项目执行5.2工程5.3费用及工时管理5.4费用分类5.5组织6.标准化、资料管理、法规、规格6.1标准化6.2资料管理6.3法规7.工厂系统图、设备布置图、配管图及材料统计7.1图纸、条件表7.2管道要素8.配管及一般设备设计8.1保温、保冷8.2防腐、涂漆8.3振动解析8.4耐震设计8.5应力分析8.6流体流动8.7噪音8.8设计条件9.塔、槽、换热器、加热炉9.1图面用语9.2容器9.3内件9.4主要附属品9.5换热器9.6加热炉10.转动机械10.1转动机械10.2转动机械性能10.3泵10.4压缩机、风机等10.5透平10.6冷冻机11.其它机器11.1搬运11.2粉碎11.3化学机械12.公用工程12.1锅炉、蒸汽及给水系统12.2蒸汽轮机12.3燃气轮机12.4电厂12.5水处理12.6水质13.化工操作及工厂装置名称13.1反应13.2吸收、吸附、分离13.3热交换13.4其它14.流体名称及流体的性质14.1流体名称14.2流体的性质14.3粉体特性15.操作15.1操作、维护15.2操作状态16.防灾和环保16.1消防设备16.2火灾16.3其它防火设备16.4电气防爆16.5危险场所、火灾、爆炸16.6化学设备、危险物、有害物16.7安全16.8公害17.原子能17.1一般17.2反应堆及核燃烧17.3原子能发电17.4放射性管理17.5原子能单位18.电气(含通信)18.1图面18.2电气一般18.3电源和配电18.4电气设备18.5控制、运行18.6接地18.7照明18.8通信18.9配线材料18.10电气施工18.11测定、试验19.仪表19.1图画19.2仪表控制19.3测试仪器19.4控制阀和安全阀19.5其它20.土建20.1图画、计算、规定20.2调查20.3建筑设计20.4土木设计20.5建筑设备设计20.6工程21.施工21.1一般工程21.2土木机械21.3起吊、搬运21.4试验、检查工具21.5通用工程器材21.6作业机械21.7木工机械21.8制罐、扳金机械21.9各种工程用工具21.10测量工具22.检验22.1检验及处理22.2压力试验22.3焊接、材料试验23.焊接、切割23.1焊接方式和种类23.2焊接设计24.材料及其损伤24.1金属材料24.2表面处理24.3材料性质24.4金相及加工24.5热处理24.6材料组织及缺陷24.7腐蚀及其它材料损伤24.8有机材料24.9无机材料25.分析25.1分析一般25.2分析器具25.3气体分析25.4电气分析25.5光度分析25.6分离分析25.7电磁分析25.8热分析25.9其它分析26.计算系统26.1情报处理26.2计算机语言26.3计算机处理1.项目建议1.1项目建议概况资格qualification预备资格prequalification商务条款与条件commecial terms and condition商务commecial技术technical技术说明technical specification 建议书proposal book资料费information price估价estimated price报价quoted price报价书quotation1.2报价资料工艺说明process description工艺特点process feature经验记载experience record工艺性能process peroformance设备表equipment list说明、规定、规格specification简要说明short specification条件图sketch drawing流程图flow diagram平衡图balance diagram方框图block diagramP&L图P&L diagram单线图single line diagram布置图layout平面布置图plot plan总图general plot plan附件appendix资料、文件documentation1.3合同技术用语保证guarantee性能保证performance时间保证time gaarantee交货保证delivery guarantee建造保证workmanship guarantee生产能力capacity质量quality消耗量consumption原材料feedstock 辅助原料sub-raw material产品product付产品by-product中间产品intermediate公用工程utility燃料fuel化学品chemical界区battery limits(界区)进料incoming(界区)出料outgoing界区条件battery limits condition (配管图)分界线match line工厂、装置plant设备equipment关键设备 critical equipment专利设备 proprietary equipment有位号设备itemized equipment无位号设备non-itemized equipment 散装材料bulk material施工材料 material of construction 仪表instrument备品备件spare parts建筑工具constrution aid(现场)居住设施accommmodation现场派遣espatriate运转率on stream factor运转天数（开工日）stream day系列train日历日calender day日历月calender month机械(试车)完工mechanical completion试车 trial operation初次试车initial oeration开车start up注油oil in投料feed in首次出料first drop保证试运转guarantee test run装置验收plant acceptance移交turnover议定书protocol1.4估算估算estimate概算budgetary estimate推算slide幂指数power term(费用)分类、分项价格breakdown外汇foreign currency当地货币local currency可兑换货币convertible currency 专利费license fee专利权税royalty变动专利权税running royalty专有技术费knowhow fee基础设计费basic engineering fee 代理费agent fee手续费commission不可预见费contingency外汇风险exchange risk易货补偿compensation直接费用direct cost间接费用indirect cost项目管理费project expense现场管理费field expense一般管理费（上级管理费）overhead 利润profit生活费living expense出勤津贴daily allowance(出差)准备费outfit allowance劳务费labour cost基本工资base wage补偿费payroll burden福利费fringe benef i t1.5可行性研究可行性feasibility现场选定site selection(现场)位置location市场marketing可获利润率profitability生产成本production cost经营费operation cost可变成本variable cost不变成本fixed cost总投资total investment cost折旧费depreciation现金流量cash flow折现现金流量discount cash flow 工况研究case study产权资本、自有资金equity建设资本利息interest during construction1.6业务范围现场勘测site survey工艺设计process design基础设计basic engineering基础设计包basie design package详细设计detail engineering采购procurement海运ocean transportation陆运inland transportation安装erection work土建工作civil work施工construction work临时工作temporary work投料试车commissioning培训training(现场)指导supervisory servive顾问advisory servive初步设计preliminary project最终设计final project基础设施infrastruture上部结构superstructure软件software硬件hardware1.7工厂分类与设计处女地工厂grass root plant总厂integral plant分厂single plant成套装置package plant翻版(设计)厂copy plant生产厂commercial plant中试工厂pilot plant试验室规模装置bench scale unit石化总厂petrochemical complex下游(厂)downstream(工业)放大scale-up扩建expansion改建、更改modification镜象布置 mirror image设计余量overdesign降负荷运转turndown消除瓶颈debottlenecking工厂模型plant model1.8设备工艺装置process plant装置区内on site装置区外off site界区内inside battery limit界区外outside battery limit公用工程设施utility facility贮存设施storage facility辅助设施auxiliary facility衔接interconnection主变电所main substation发电设施power generation facility 事故发电设施emergency power generation facility水处理装置water treatment facility冷却塔cooling tower抽水设备water intakefacility海水淡化装置desallination facility仪表空气发生装置instrument air generation facility惰性气体发生装置inert gas generation facility空分装置air separation facility 罐区tank yard散装贮存设备bulk storage facility 包装机械bag making facility制袋设备bag making facility装瓶设备bottling facility装货设施loading facility卸货设施unloading facility铁路侧线railway siding栈桥jetty行政办公室administration building 维修车间maintenance shop中央化验室central laboratory内部通信设施intercommunication facility广播系统public address system 询呼设施paging facility消防设施fire fighting facility 安全器具safety equipment生活设施colony公用设施townshop娱乐设施recreation facility 1.9相关企业承包商contractor主承包商prime contractor分包商subcontractor直接雇用direct hire专利商licenser转专利者sub-licenser专利使用者licenser专利拥有者patent owner竞争者competitor国际财团consortium合作者collaborator买方(1)buyer(2)purchaser卖方seller厂商vendor制造商(1)maker(2)manufacturer业主owner顾问consultant技术顾问technical adviser用户user最终用户end user客户(1)customer(2)client代理商agent挂名人dummy2.1投标概况询价inquiry报价估价书quotation\estimation 投标、投标书bid \tender投标资料bid documents预审pre-qualification意向书letter of intent2.2合同用语协议agreement合同、契约contract注消cancellation约定consideration合同转让assignment of contract不可抗力force majeure仲裁arbitration基本法governing law秘密条款(1)secrect clause(2)non-disclosure clause 预定损坏赔偿费liquidated damages 总赔偿额度total liability连带(债务)joint and several优先债权lien免除waiver保证guaranty担保warranty赔偿indemnity定义definition增额escalation罚款penalty支付条款penalty税金tax and duties侵犯专利patent infringement最高现额ceiling委任书power保证金bond2.3合同形式招标合同competitive bid contract 议付合同negotiating contract FOB合同FOB-type contract成套承包合同(1)turnkey contract （交钥匙工程）(2)chef montage contract总付合同lump sum pri ce contract 单价契约unit price contract正价加附加费合同cost plus fee contract预投标协议pre-bid agreement产品抵债products互购交易counterpurchase transaction3.支付、金融、财务3.1支付、金融支付条款、支付条件 payment terms 延期付款 deferred payment留存款项、保留资金 retention money 定期付款 schedule payment施工分期付款progressive payment 付款交单D/P documents against payment承兑交单调D/A document against acceptaned信贷、信用credit卖方信贷、供应商信贷sup plier’s credit买方信贷buyer’s credit银行信贷bank loan财政、金融finance借款、借贷loan偿还reimburse,reimbursement保证书letter of guarantee信用证、信贷书letter of credit外汇兑换率exchange rate兑换单、汇票单据documentary vill of exchange汇款,汇兑基金remittance3.2财务自然增长基数accrual basis资产负债表,决算表balance sheet损益报表P&Lprotit and loss statement4.采购、运输我、保险4.1进出口手续出口手续export license出口许可证变更E/L amend COCOMcoordinating committee标准结算方法standard payment非标准结算方法non-standard paymentDBC draw-back cargo [DBC]出口申报银行expoet declaration custom出口申报单export declaration custom进口许可证import license进口申报单omport declaration保税区域bonded area关税import duty原产地证明书certificate of origin 发票invoice4.2运输装箱单packing list提单bill of lading [B/L]指示提单order B/L直接提单straight B/L装运提单shipped B/L,on-board B/L 备运提单received B/L船上收货单clean B/L装货通知单shipping order [S/O]交货单delivery order [D/O]空运货单airway bill海上运费同盟ocean freight目的地付费freight payable at destination出港前付费freight prepaid码头工人搬运费stevedorage空载运费dead freight船到港预定时间expected time of arrival[ETA]船离港预定时间expected time of departure[ETD]海关快速发货custom quidk dispatch [ODC]滞船费demurrage码头搬运商stevedore超尺寸运输over-dimension cargo [ODC]4.3保险海上保险marine cargo insurance现场指导失误保险supervisor’s risk insurance4.4贸易条件出厂价(1)EX works(2)EX factory(3)EX mill海上交货FOB-named port of含保险海上交货4.5采购采购procurement厂家vendor厂家一览表vendor list市场价market price黑市价dark price现价up-to-date price level报价quotation偏差表deviation list 到货时间rime of delivery支付方式(1)terms of payment(2)payment conditions(3)payment terms延缓支付deferred payment现金支付cash on delivery分期支付instalment payment预先支付down payment发货前支付advance payment到货后支付progress payment计划支付scheduled payment购买条件terms and conditions of purchase折价discount谈判、交涉negotiation澄清clarification购买意向intent to purchase比较表tabulation评标evaluation价格分析value analysis订购单purchase order支付方式method of payment现金cash支票check期票promissory note催货expediting跟踪系统follow-up system4.6包装包装packing防锈包装rust-proof packing防潮湿包装moisure-proof packing 防水包装moisture-proof packing软包装shrink packing木箱wooden box板条箱crate框架箱framed box滑橇底座skid base码垛盘pallet侧板side plate吊具sling fitting花蓝螺丝turnbuckle钢带steel strapping角保护带edge protecter closure plate防护角corner protecter板board合板plywood缓冲材料cushioning material通气孔盖ventilation cover超载superimposed load开包unpacking船上标志shopping mark注意标志care mark5.项目执行及费用管理5.1项目执行总图会议kick-off meeting项目研究会议project study meeting 开工会议launching meeting项目报告project reporting审查会议screening meeting进展报告progress report协调过程coordination procedure变更指示change order认可approval复阅review5.2工程项目完工报告job close-out report 项目执行报告job performance report完工汇编close-out book反馈系统feed back system项目设计条件project design information会签inter-department check工程设计engineering review工艺条件确认engineering checking 工艺条件校核engineering checking 项目完成指标审核表project performance check sheet施工版approved for construction (AFC)设计变更error report技术文件technical data book管道材料工艺条件process data for piping mateial荷载条件loading data关键路径法critical path method关键路径进度表critical path schedulingPERT program evaluation and review technique5.3费用及工时管理工程预算project control budget工时man-hour (M/H)工日man-day (M/D)人月man-month(M/M)考勤表time sheet工作号work number项目号job number前期项目号proposal number改进工作improvement work闲滞idle工时报告man-hour report项目工时汇总job man-hour report 5.4费用分类费用分类code主帐major account分帐sub-account设备位号item number5.5组织指定assign借调on-loan项目成员project member项目经理project manager (PM)项目经理助理assistant project manager (APM)施工经理construction manger (CM) 开车经理operation manager (OM)现场指挥field manger项目前期经理proposal manager估算员estimator原始购销员originator协调员coordinator项目设计协调员project design coordinator (PDC)6.标准化，资料管理，法规，规格6．1标准化标准化standardization标准，规格standard工程规定engineer specification项目特殊要求specific job requirement工程手册engineering specification 标准图standard drawing工程用表格engineering form法规law and regulation法律law6．2资料管理情报管理information and documentation信息中心information center调研（追述）retrospective searching 信息选择服务selective dissemination of information情报跟踪current awareness检索效率retrieval efficiency资料documents原文献primary sources文献摘抄secondary sources连载刊物serials定期刊物periodieals（学会）纪要memoirs会报transactions会议论文conference paper会议记录proceedings索引期刊index journal文摘期刊abstract journal情报摘要informative abstracts提示文稿indicative abstracts图书目录book catalog标题目录standar总目录union catalog标准目录standard cutalog关键词keyword省略词stopwordKWIC索引keyword-in-context index KWOC索引keyword-out-of context index顺序索引permuted index相关索引coordinate index主题分析subjecft analysis统计分类statistical classification国际十进分类法Universal decimal classification借阅卡片visible card 书卡book card档案系统filing system微缩复制microcopy微缩系统micro-system维缩片夹aperture card维缩卡片fiche film6.3法规高压气体取缔法high pressure gas control law消防法fire service law劳动安全卫生法industrial safety and health law建筑基本法building standard law 单位制system of units国际单位制international system of units7.系统图，设备布置图，配管图及材料统计7．1图纸，条件图工艺流程图process flow diagram (PFD)管道仪表流程图process piping & instrument公用流程图utility flow diagram框图block flow diagram公用工程介质平衡图utility balance diagram (UBD)平面布置图plot plan立面布置图general arrangement总图general plot plan规划图planning drawing管道研究图piping study drawing 管道布置图（配管图）piping arrangement drawing分区图key plan管道走向研究图piping routing study drawing地下管道图underground piping drawing管道特殊管件图piping special parts drawing管架详图piping hanging drawing预制图prefabrication drawing参考图reference drawing通用图typical drawing制造厂图vendor’s drawing管道轴测图isometric piping drawing竣工图as-built drawing模型model管线表line schedule计算书calculation sheet图纸目录drawing schedule发图阶段issue stage版次revision number编号体系numbering system比例scale工厂北向plant north海平面标高over-sea mean level [OSL]标高elevation [EL]已有结构existing structure装货区loading area公用工程站utility station柱号column number净空headroom通道access way小通道cat way钢结构顶部标高top of structure elevation管底标高bottom of piping elevation 主管口径run size顶平偏心异径管eccentric reducer elevation中心到面的距离center to face工作点标高working point elevation 管架标注hanging marking冷拉cold spring管线记号line symbol管线接口line connection物流号stream NO.管线等级号(1)class designation (2)spec designation阀门号valve NO.等级分界specification break重要管道critical piping总管header pipe仪表管道instrument piping 排放管道blowdown piping火炬气管道flare piping输送管线transfer line入口管线suction line排水管effluent line旁通管bypass line吹扫系统purge system放空接口vent connection软管接口hose connection双切断阀及排放阀double and bleeder污水沟sewer ditch冷凝液池condensate pit积水坑sump box漏斗drip funnel管段spool piece垫环spacer ring限流孔板restriction orifice流量喷咀flow nozzle液体混合用三通mixing tee喷头spray nozzle粗滤器strainer临时粗滤器temporary strainer疏水阀steam trap爆破膜 rupture disk蒸汽伴热管道steam-traced piping 夹套管道jacketed piping地下管道underground piping7.2管道要素钢管steel pipe螺纹端管threaded pipe法兰端管flanged pipe锻制swage光滑弯管smooth bendU型弯管U-bend弯管bending pipe波纹管膨胀节expansinon bellows柔性管flexible pipe管件接头pipe fitting joint机械连接mechanical joint活套连接lapped joint环形垫连接ring type joint扩口接头flare type joint非扩口连接 flareless type joint承插连接bell and spigotvictaulic接头victaulic joint弯头elbow异径管reducer管接头coupling活接头union短管nipple法兰flange配对法兰companion flange法兰盖blind flange异径法兰reducing flange八字盲板(1)spectactle blind(2)reversible blind平板式法兰plate flange带颈法兰hubbed flange对焊法兰welding neck flange松套法兰lapped flange管端突缘stub end法兰面flange face垫片沟槽gasket groove满平面full face突面raised face大准槽面large tongue and groove face双凹凸面double male & female face 大凹凸面large male &female face金属垫片metallic gasket非金属垫片non-metallic gasket半金属垫片semi-metallie gasketO型环O-ring透镜垫lens ring对焊butt weld承插焊接socket weld滑套焊接slip-on weld焊接支管台weldolet插入环insert ring管帽cap材料表bill of material材料统计take-off管段表line bill of material估算汇总表estimation summary sheet备品备件表spare parts list报价单quotation sheet 订货表purchase order schedule材料汇总表bill of material summary 状态报告status report分布报告distribution report价格、重量一览表cost & weight summary价格、重量汇总表cost & weight total 定货管理表order control管道材料管理表piping material control sheet元件代码item code标记号tag number标准形态standard shape轴测图isometric drawing管线号line reference批号batch reference管子下料表piping cutting list制做件表fabrication parts list组装件表erection part list固定架anchor滑动架resting support导向架guide限位架direction stop减振架dampener支架support管托shoe保冷管托cradle鞍座saddle耳轴turnnion吊架hanger刚性吊架rigid hanger弹簧吊架spring hanger恒力吊架constant hanger阀门valve截止阀globe valve闸阀gate valve针形阀needle valve球阀ball valve止回阀check valve隔膜阀diaphragm valve三通阀three-way valve角阀angle valve碟阀butterfly valve旋塞阀cock伸长杆操作extension stem-operation链操作chain-operated齿轮操作gear-operated扳手操作wrench-operated电动操作motor-operated阀芯trim阀盖bonnet焊接支管weld branch偏置offset焊缝根部间隙weld root gap现场调整后再下料和焊接cut and weld after adjusting坡度slope工作点working point管架说明notes for piping hanging 部门间校核版interdepartmental check print平端plain end坡口端beveled end管道联接图piping hook-up drawing 管道图说明notes for piping drawing 标题栏title block询价单piping requisition sheet8.配管及一般设备设计8.1保温、保冷绝热insulation设备绝热表equipment insulation schedule绝热符号insulation code保温设计design of cold insulation 正常操作所用的保温insulation for stable operating人身防护personnel protection防火层fire-proofing防结露anti-sweat防冻winterizing防音sound protection保温材料hot insulation material 保冷材料cold insulation material 石棉asbesttos硅藻土diatomaceous earth岩棉rock wool玻璃棉glass wool 碳酸镁magnesium carbonate硅酸铝calcium silicate珍珠岩perlite软木板cork boards毛毡hair felt泡沫聚氨酯foam polystyrene硬泡沫氨基甲酸乙酯rigid foam urethane硬泡沫橡胶rigid foam rubber玛碲脂mastic耐磨损材料anti-abrasion coating material管壳lagging cloth铁丝网hexagonal wire netting填缝材料caulking material保护层(1)jacketing sheet(2)cover sheet波纹铝板corrugated galvanized sheet有色镀锌钢板precoated galvanized sheet搭板butt strapZ型接头Z-joint8.2防腐、涂漆色标colour-code孟塞尔色系Munsell notation管道识别色identification of piping system防腐层external coating油漆paint清漆varnish防腐漆(1)anti-corrosive paint (2)rush-proof paint含铝漆aluminum paint底漆primer耐酸漆acid-proof paint耐碱漆acid-proof paint耐热漆alkali-proof paint测温漆thermo-paint表面处理surface preparation涂漆painting阴级保护cathodic protection8.3振动解析机械振动mechanical vibration自由振动free vibration强制振动forced vibration自励振动self-excited vibration固有频率natural frequency固有周期natural period波谷loop波峰node正弦振动sinusoidal oscillation非线性振动non-linear oscillation 阻尼振动damped vibration监界阻尼critical damping衰减系数(1)attenuation constant(2)decay coefficinent(3)decay factor共振resonance扭曲振动torsional vibration挠性振动flexural vibration极限速度critical speed固有值characteristic value临界条件boundary condition弹簧系数spring constant惯性矩moment of inertia回转半径radius of gyration振动吸收装置dynamic vibration absorber液压减振器hydraulic damper弹簧减振器(1)spring dampener (2)spring damper油压锁定oil lock8.4耐震设计固有振动方式natural frequency mode卓越周期predominant period横波transverse wave纵波longitudinal wave相对位移relative displacement质量比mass ratio静解析法static method修正静解析法corrected static method动解析法modal analysis时历响应解析法time history response analysis设计响应谱design response spectrum加速响应光谱acceleration response spectrum地板响应光谱floor response spectrum标准响应光谱standard response spectrum加速响应增幅比acceleration response amplitude ratio刚性结构rigid structure柔性结构flexible structure长周期结构long-period structure 刚性框架Rahmen rigid frame地震波earthquake accelerogram位移量记录displaecment record设计地震design seismic coefficient设计地震design seismic coefficient地震earthquake震源距离distance to centrum震中距离distance to epicenter震吸magnitude地震波显示仪seismoscope地震仪seismograph耐震等级seismic class基岩base rock8.5应力分析外力cxternal force内力internal force反作用力reaction force力偶 couple of force弯矩bending moment扭矩twisting moment应力stress弯曲应力bending stress扭曲应力torsional stress圆周应力hoop stress峰值应力peak stress一次应力primary stress二次应力secondary stress轴向应力axial stress重复应力repeated stress脉动应力pulsating stress交变应力alternating stress主应力理论principal stress theory 最大剪切应力理论maximum shearing stress theory残余应力residual stress热应力thermal stress热破坏thermal shock疲劳fatifue疲劳曲线S-N diagram疲劳极限(1)fatigue limit(2)endurance limit腐蚀疲劳corrosion fatigue蠕变creep蠕变疲劳creep fatigue尺寸效应size effect应力集中系数coefficient of stress concentration形状系数shape coefficient缺口系数notch factor应力强度系数stress intensity factor几何惯性矩geometrical moment of inertia断面极惯性矩polar moment of inertie of area杨氏模量young’s modulus横向弹性系数modulus of transverse elasticity体积弹性系数modulus of volumetric elasticity泊松比poissor’s ratio弹性极限elastic limit屈服点yielf point拉伸强度tensile strength伸长elongation永久变形permanent set弹性flexibility弹性分析elsastic analysis弹性屈服elastic buckling塑性plasticity塑变滞后p;asticity hysteresis极限分析limit anslysis弹塑性分析elastic-plastic analysis 疲劳分析fatigye analysis有限元法finite element method静荷载dead load8.6流体流动水锤water hammer急关rapid closure缓关slow closure冲击波shock液压振动acoustic vibration of liquid flow脉动pulsation flow两相流rwo-phase flow气压振动acoustic vibration卡门涡街karman eddies颤动fluttering气蚀cavitation8.7噪音噪音(1)noise(2)undersired sound听力范围auditory sensation area 掩蔽masking背景噪音background noise声强sound intensity声压sound pressure声压值sound pressure level噪声值(1)noise level(2)sound level噪声计sound level meter听觉校正回路weighting network音平loundness level音能sound power音能值sound power level总体值overall level90%范围90% range中间值medianNR数noise rating number频率分析器frequency analyzer倍频带octave band1/3的倍频带1/3 ocatave band波段值band level音场sound field方向性directivity方向系数directivity factor衍射diffraction声源sound source房间常数room constant吸音率sound absorption coefficient穿透损失transmission loss质量原理mass law8.8设计条件操作压力operating pressure最高操作压力maximum operating pressure操作温度operating temperature最高操作温度maximum operation temperature温度基准base temperature腐蚀裕度corrosion allowance许容应力allowavle stress安全系数safety factor地理条件geolgical conditions 9．塔、槽、换热器、加热炉9.1图画用语设备表 vessel schedule工程图 engineering drawing管口表 (1) nozzle chart(2) nozzle schedule管口方位 nozzle orientation予焊件图 clip schedule切线 tangent line (TL)焊缝线 weld line (WL)参照线 working line (WL)基准线 base line (BL)9.2容器容器 vessel塔 tower自支承塔 self-supported tower板式塔 tray tower填料塔 packed tower喷淋塔 spray tower槽、罐 drum贮罐 tank球罐 (1) spherical tank(2) ball tank浮顶罐 floating roof tank锥顶罐 cone roof tank拱顶罐 dome roof tank 双壁罐 double wall tank湿式气柜 wet gas holder干式气柜 dry gas holder料仓 (1) silo(2) bin料斗9.3 内件内件 internal塔盘 tray泡罩塔盘 bubble cap tray筛板塔盘 perforated tray浮阀塔盘 valve tray单流向式塔盘 uni-flux tray波纹塔盘 ripple tray塔盘板 deck溢流堰 weir降液管 downcomer密封槽 seal pot取液槽 draw-off pot密封盘 seal pan塔盘支承环 tray support ring鲍尔环 pall ring泪孔 weep hole填料 packing拉希环 Rasching ring矩鞍形填料 intalox saddle分布器 distributor除沫器 demister进料挡板 feed deflector防涡流挡板 vortex breaker内筒 cartridge9.4 主要附属品壳体 shell变颈段 reducing section封头 head椭圆形封头 ellipsoidal head蝶形封头 (1) dished head(2) torisphericalhead半球形封头 hemispherical head锥形封头 conical head平封头 flat head加强圈 reinforcing ring夹套 jacket入孔 manhole手孔 hand hole检查孔 inspection hole接管 nozzle凸缘 pad nozzle锻制接管 forged nozzle补强板 reinforcing pad信号孔 tell-tale hole容器支座 vessel support裙座 skirt支腿 leg支耳 support lug底座 base block基础环 base ring筋板 gusset plate压环 compression ring鞍座 saddle模板 template通道 access opening套管 pipe sleeve连接板 lug予焊件 clip接地板 earth lug吊耳 lifting lug平台 platform梯子 ladder保温支承 insulation support吊柱 davit入孔绞链 manhole hinge放空口 vent nozzle呼吸阀 breather valve计量口 gauge hatch9.5 换热器换热器 heat exchanger换热面积 heat transfer area总传热系数overall heattransfer coefficient境膜传热系数 film coefficient对数平均温差logarithmicmean temperature difference(LMD)平均温差mean temperaturedifference (MTD) 污垢系数 fouling factor布管图 tube arrangement三角形排列 triangular arrange 转角三角形排列rotated triangular arrangement正方形排列 square arrangement 转角正方形排列 rotated square arrangement最大布管图outside tube limited管壳式换热器 sheet and tube heat exchanger固定管板换热器fixed tube sheet heat exchanger浮头式换热器floating head type heat exchangerU形管换热器 U-tube type heat exchanger釜式换热器 kettle type heat exchanger套管式换热器 double tube type heat exchanger冲洗式冷却器irrigation cooler蛇管式换热器 coil type heat exchanger插管式换热器bayonet type heat exchanger板式换热器plate type heat exchanger螺旋板式换热器spiral heat exchanger夹套式换热器 jacket type heat exchanger石墨换热器graphite heat exchanger空冷式换热器 air-cooled heat exchanger换热管 tube折流板 baffle plate管箱 channel分程隔板 pass partition plate 浮头 floating head防冲挡板 impingement baffle管束 tube bundle管板 tube sheet管子与管板的连接tube-to-tube sheet joint管接头 ferrule9.6 加热炉加热炉 direct-fired heater热负荷 (1) heat duty(2) heat release热损失 heat loss加热炉效率efficient ofheater热流率 heat flux管壁温度tube skintemperature体积热负荷volumetric heatrelease辐射段 radiant section对流段 convection section屏蔽段 shield section坝墙 bridge wall暴露墙 exposed wall屏蔽墙 shield section管支承 tube support炉管 (1) heater tube(2) furnace tube扩大表面管 extended surfacetube联箱 (1) header(2) header box回弯头 return bend管群间连接管 crossover通风 draft烟道 flue烟道挡板 damper烟囱 stack烧嘴 burner过量空气 excess air风箱 wind box观察孔 (1) observation door(2) peep door检修孔 access door防爆门 explosion door吹灰器 soot blower油漆清车导轨 painter trolley陶瓷纤维 ceramic fiber耐火砖 fire brick保温耐火砖insulation firebrick保温板 insulation board可铸耐火材料 castable衬里支撑 lining anchor炉臂横梁 lintel膨胀节 expansion joint10. 转动机械10.1 转动机械轴 shaft轴承 bearing轴承箱 bearing housing联轴节 shaft coupling滑轮 pulleyV形皮带（三角皮带）V-belt转动设备 turning equipment润滑 lubricating润滑油 (1) lubricating oil(2) lube oil密封 seal轴封 shaft seal填料 packing填料箱 stuffing box油膜密封 oil film seal油封 seal oil机械密封 mechanical seal齿轮 gear曲轴 crankshaft连杆 connecting rod十字头 crosshead气缸 cylinder缸套 cylinder liner汽缸阀 cylinder valve活塞 piston金属填料 metallic packing予埋板soleplate基座baseplate柱塞 plunger箱体（壳体） casing转子 rotor。
earnings
Measuring Earnings
Update - Trailing Earnings - Unofficial numbers
Aswath Damodaran
5
I. Update Earnings
n When valuing companies, we often depend upon financial statements for inputs on earnings and assets. Annual reports are often outdated and can be updated by using-
A Flow to the Firm
EBIT ( 1 - tax rate) - (Capital Expenditures - Depreciation) - Change in Working Capital = Cash flow to the firm
Operating leases - Convert into debt - Adjust operating income
R&D Expenses - Convert into asset - Adjust operating income
Cleanse operating items of - Financial Expenses - Capital Expenses - Non-recurring expenses
• Increasing working capital needs are also investments for future growth
n If looking at cash flows to equity, consider the cash flows from net debt issues (debt issued - debt repaid)
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2. Working Capital Requirements
Expansion often requires additional investment in working capital, primarily in the form of inventory and accounts receivable. Funds invested in these accounts do not provide any return, and are costly to hold. Thus, the opportunity cost (benefits lost due to diversion of funds from uses that do provide a positive return) must be considered in evaluating a new project. We will treat funds invested into working capital accounts as additional cash outflow at the beginning of a project, and will typically assume that this amount of investment is fully recovered at the end of the project’s life. Note that A/R and Inventory balances might be partially financed by an increase in accounts payable, so it is the increase in net working 12-5; CN91 capital (CA – CL) that reflects an incremental cash
Incremental cash flows are those cash flows that are present if a 12-2; company undertakes a (Externalities or Spillovers): Projects May Influence Each Other
3. Incremental Expenses
a.) Erosion (Cannibalism): A company may launch a new product line, and experience robust sales of the new products, but if some of those sales come at the expense of some of the company’s other products, then only the net revenue should be attributed to the new product line. The focus should be on what effect the new product line will have on the organization as a whole. If Ford’s introduction of the Excursion hurt sales of Explorer or 12-3; CN91 Expedition, then only the net increase in
Use Cash Flows Rather Than Accounting Profits
Cash flows can actually be reinvested, whereas profits are merely a product of bookkeeping entries. Use of cash flows reflects timing of benefits and costs, and thus avoids any problems that may arise because of timing differences between cash flows and accounting profits. Incremental Cash Flows are Relevant
b.) Synergistic Benefits: Synergy is present when the whole is greater than the sum of the parts. With respect to capital budgeting projects, the synergistic benefits must be considered. If sales of a new product or service increase sales of existing products and services, then the increase in the existing products and services should be considered as incremental cash flows of the new product. When a car dealer sells a new vehicle, they not only consider the selling price of the vehicle net of their invoice cost, they also consider the benefits to be received from the sale of extended warranties, financing, future 12-4; CN91