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公司财务原理与资本运作(公司金融) 部分课后答案(原书第10版)

公司金融作业题说明：公司财务原理（原书第10版）+第22章（原书第12版）第4章24．DCF 和自由现金流混合肥料科学公司（CSI ）从事的是将波士顿的城市污水转化为肥料的任务。

业务本身盈利不高，但是为了把CSI 留在这个行业中，城市委员会（MDC ）同意支付任何必要的补贴，是CSI 的账面股权收益率能够达到10%。

预期年末CSI 将支付每股4美元的股利，再投资比例为40%，增长率为4%。

a ．假设CSI 继续保持目前的增长趋势，以100美元的价格购买公司股票，预期长期收益率是多少？100美元中有多少是增长机会的现值的贡献？b ．现在MDC 宣布了一项计划，需要CSI 处理剑桥市的城市污水。

因此，CSI 要在未来五年中逐步扩建工厂。

这就意味着在未来的五年中，CSI 必须要将80%的盈利进行再投资。

从第六年开始，它将能够恢复60%的股利支付率。

MDC 的计划一宣布，以及随后对CSI 的影响公布后，CSI 的股价将是多少？24.a. Here we can apply the standard growing perpetuity formula with DIV 1 = $4, g = 0.04 and P 0 = $100:8.0%.080.040$100$4g P DIV r 01==+=+=The $4 dividend is 60 percent of earnings. Thus:EPS 1 = 4/0.6 = $6.67Also:PVGO rEPS P 10+=PVGO 0.08$6.67$100+=PVGO = $16.63b.DIV 1 will decrease to: 0.20 ⨯ 6.67 = $1.33However, by plowing back 80 percent of earnings, CSI will grow by 8 percent per year for five years. Thus:Year 1 2 3 4 5 6 7, 8 . . . DIV t 1.33 1.44 1.55 1.68 1.81 5.88 Continued growth at EPS t6.677.207.788.409.079.804 percentNote that DIV 6 increases sharply as the firm switches back to a 60 percent payout policy. Forecasted stock price in year 5 is:$147.0400.085.88g r DIV P 65=-=-=Therefore, CSI’s stock price will increase to:$106.211.081471.811.081.681.081.551.081.441.081.33P 54320=+++++=第9章6．可分散风险很多投资项目都有可分散风险。

Finance(国际金融)关键术语名词解释

Chapter 1《American EconomicReview》《美国经济评论》《Journal of Finance》《金融学报》《The Wealth of Nations》《国富论》acquisition 收购adjust risk 调整风险aggressive target 激进（性）的目标asset 资产asset allocation 资产配置bidder 出价者，竞标者Black-Scholes optionspricing formulaB-S期权定价公式business finance 企业财务（金融）capital budgeting 资本预算capital expenditure 资本支出capital structure 资本结构cash flow 现金流chief executive officer（CEO）首席执行官chief financial officer（CFO）首席财务官（财务总监）claims 权益（证）、索取权利classical economics 古典经济学common stock 普通股competitive stock market 竞争性的股票市场conflict of interest 利益冲突consumption and savingdecisions消费和储蓄决策consumption preference 消费偏好controller 审计员convertible securities 可转换证券corporation （有限责任）公司corporation finance 公司财务（金融）debt outstanding 未清偿贷款（债务）derivative securities 衍生证券diversify risk 分散风险dividend and financialpolicies红利（股利）和财务政策economic value 经济价值entertainment industry 娱乐行业（产业）entity 实体equity权益（与Liability（负债对应）evaluation of cost 成本估算（评价）exclusive goal 唯一目标executive compensationprogram管理者补偿（薪酬）计划extended family 大家庭finance 金融, 财政, 金融学finance system 金融系统financial advisory firm 金融咨询公司financial capital 金融资本financial contracting 订立金融合约（合同）Financial Executive Institute 财务执行官组织financing 筹措资金（融资）financing decision 融资决策general partner 一般合伙人going concern 关注效应infrastructure 基础设施、架构initial outlay 初始投入integrated financial program 完整的财务计划investment decision 投资决策ITT corporation 国际电报电话公司learning curve 学习曲线liability 负债、债务、责任limited liability 有限责任limited partner 有限责任合伙人long-lived asset 长期资产long-range incentivesystem长期激励系统market discipline 市场规则market interest rate 市场利率market risk premium 市场风险价格market value of shares 股票市场价值（简称市值）marketing 营销maximize the wealth （使）财富最大化merger 兼并，合并mortgage loan 抵押贷款multinational conglomerate 跨国企业集团mutual fund 共同基金net worth 净资产operating margin 营业利润option 期权original core business 原始的核心业务partnership 合伙企业pension liabilities 养老金负债personal investing 个人投资physical capital 实物资本pool联营；集中使用的（资金，物）portfolio 投资组合portfolio of asset 资产组合preferred stock 优先股president 总裁primary commitment 首要（基本）任务private corporation 私人（非公众）公司professional managers 职业经理人profit 利润profit-maximizationcriterion利润最大化标准proposition 命题public corporation 公众公司quantitative model 定量模型regulatory body 监管机构resource allocationdecision资源配置决策retail outlet 零售摊点return 回报，收益risk-averse 风险厌恶（规避）security price 证券价格share price appreciation 股价上涨（增值）shareholder-wealth-maximization股东财富最大化sole proprietorship 个体（业主制）企业spin-off 配股spread out over time 跨时间分布stake 资助，资金stock option 股票期权strategic planning 战略规划supplier 供货商takeover 接管the exchange of assetsand risks资产和风险的交换the set of markets andother institutions市场及其它机构的集合trade off 权衡uncertain benefit 不确定性收益unlimited （limited）liability无（有）限责任vice-president forfinancial财务副总裁voting right （股东）投票权welfare 福利well-functioning capitalmarket高效的资本市场working capitalmanagement营运资本管理Chapter 2accounting procedure 会计程序adverse selection 逆向选择American Express 美国运通信用卡arithmetic mean 算术平均数asymmetry 不对称average risk premium 平均风险升水（溢价）Bank for InternationalSettlement（BIS）国际清算银行banking panic 银行危机bartern. 易货贸易；v. 讨价还价board of directors 董事会by-product 副产品call option 买入期权（看涨期权）capital gain（loss）资本收益（损失）Capital market资本市场（即长期资金市场）cash dividend 现金股利（红利）central bank 中央银行charge price 要价clearing and settlingpayment清算和结算支付closed-end 封闭式的collateral 担保品collateralization 以…担保commercial loan 商业贷款commercial loan rate 商业贷款利率credit card 信用卡default 违约、托债、弃权default risk 违约风险deficit unit 赤字部门defined-benefit pensionplan规定收益型养恤金制defined-contributionpension plan规定缴费型养恤金制depository savingsinstitution存款储蓄机构（系统）derivative 衍生（证券）Deutsche Bank 德意志银行dissemination 推广、传播dividend reinvestment 红利（股利）再投资dollar-denominated asset 以美元计价的资产double-entry-bookkeeping 复式记账法equity 权益equity-kickers 权益条件expected rates of return 期望（预期）收益率Federal Reserve System 联邦储备系统Finance AccountingStandardsBoard财务会计标准委员会financial instrument 金融工具financial intermediary 金融中介financial market parameters 金融市场参数financial variable 金融（财务）变量fixed-income-instruments 固定收益证券flow of fund 资金流flow of fund 资金流foreign exchange 外汇formation extraction 信息提取forward contract 远期合约functional perspective （从）功能（的角度或观点）future 期货German marks 德国马克go public 上市incentive problem 激励问题index fund 指数（化）基金index-linked bonds（与物价）指数联系的债券information service 信息咨讯（服务）insurance company 保险公司interest rate 利息率（简称利率）interest rate arbitrage 利率套利interest rate equalization 利率平价intermediary 中介International BankforReconstruction andDevelopment国际复兴开发银行International Monetary Fund（IMF）国际货币基金组织International Swap DealersAssociation国际掉期交易商协会intertemporal 跨期的（多阶段的）IOUI owe you的简称，喻指“借条”issuing stock 发行股票Japanese yen 日元life annuity 人寿年金limited liability 有限责任liquidity 流动性maturity （票据）到期日；期限money market货币市场（即短期资金市场）moral-hazard 道德风险mortgage 抵押mortgage rate 抵押利率mutual fund 共同基金New York Stock Exchange 纽约股票交易所nominal interest rate 名义利率offset 弥补、抵消open-end 开放式的option 期权Osaka Options and FuturesExchange大阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场parties to contract 合约的参与者pool or aggregate 联营；集中使用的（资金或物品）；premium 升水、溢价price appreciation 增值principal-agent problem 委托－代理问题pro rata 按比例的put option 卖出期权（看跌期权）qusai- 准、半rate of exchange 汇率rates of return 收益（回报）率rating agency 评级机构real interest rate 实际利率real rate of return 实际收益率redeem 赎回、偿还residual claim 剩余索取（求偿）权risk aversion 风险厌恶（规避）risk premium 风险升水（溢价）security dealer 证券交易商shed specific risk 规避（分散）特定（或私有）风险standard deviation 标准差standardized option contract （经）标准化的期权合约surplus unit 盈余部门trade-off 权衡trust company 信托公司U.S Treasury Bills 美国国库券underwrite 认购、包销unit of account 计值单位universal bank全能银行（指兼做中央银行和商业银行业务的银行）volatility 波动性well-information 信息充分的yen rate of return（以）日元（记值）的收益率yield curve 收益（率）曲线yield spread 收益价差Chapter 3accounting earnings 会计收入accounting rule 会计规则accrual 应计的accrual accounting 应计制（权责发生制）accumulated depreciation 累计折旧amortize 摊销、分期偿还apocryphal 伪经的、假冒的asset turnover（ATO）资产周转率（销售收入/总资产）audit 查账、审计balance sheet 资产负债表benchmark （比较）基准bond-rating 债券评级book value 账面价值capital structure 资本结构capital-incentive utility 资本密集型的公用事业（公司）cash and equivalents 现金及其等价物cash budget 现金预算cash cycle time 现金循环周期cash inflow 现金流入cash outflow 现金流出common stock outstanding 流通在外的普通股contingent liability 或有负债（如：可能发生的诉讼赔偿等）current asset 流动资产current liability 流动负债current ratio 流动比率depreciation 折旧、贬值disclose 披露dividend payout rate 股利支付率earnings before interest and tax （EBIT）息税前利润（=毛利- GS&A）earnings per share 每股盈余（收益）earnings retention rate （收益）留存比率expiration date 到期日external financing 外部融资（比如，发行股票和债券）financial distress 财务危机（困境）financial leverage 财务杠杆（率）financial ratio 财务比率financial statement 财务报表general, selling, andadministrative expenses（GS&A）管理及销售费用goodwill 商誉gross margin 毛利（润）（=销售收入-产品销售成本）income statement 损益表income tax 所得税intangible asset 无形资产inventory 库存、存货inventory turnover 存货周转率liquidity 流动性long-term debt 长期负债market to book 市值价值/账面价值marking to market 盯住市场net income（or net profit）净利润（即税后利润=EBIT-利息-所得税）net working capital 净营运资本（=流动资产-流动负债）net worth 净资产（即权益，=资产-负债）off-balance-sheet 表外项目operation income 营运收益（营业利润）opportunity cost 机会成本owner’s equity所有者权益paid-in capital 实收资本payable 应付账款percent-of-sales method 销售（收入）百分比法planning horizon 计划（时间）跨度price to earnings 市盈率（价格/盈余）profitability 盈利能力、盈利性property 土地、地产、所有权quick ratio 速动比率receivable 应收账款receivables turnover 应收账款周转率retained earnings 留存收益ROA（return on asset）资产收益率（EBIT/资产）ROE（return on equity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（return on sales）销售利润率（EBIT/销售收入）short-term debt 短期负债specify performance target 设定业绩目标statements of cash flow 现金流量表sustainable growth rate 持续增长率taxable income 应税收益（即税前利润=EBIT-利息）times interest earned 利息保障倍数Tobin’s Q托宾Q值（=资产市值/重置成本）total shareholder returns 总的股东收益（率）Chapter 4after-tax interest rate 税后利率amortization 分期偿还、摊销annual percentage rate（APR）年度百分比（利率）annuity 年金before-tax interest rate 税前利率compound interest 复利compounding 复和（与discounting 相反的概念）discount rate 折现率、贴现率discounted cash flow（DCF）折现现金流discounting 折现、折扣effective annual rate（EFF）有效年利率exchange rate 汇率future value 终值future value factor 终值系数（即由现值计算终值的换算因子）growth annuity 增长年金immediate annuity 即付年金implied interest rate 隐含利率installment 分期付款internal rate of return（IRR）内部报酬率market capitalizationrate市场资本化利率（简称市场利率）net present value（NPV）净现值opportunity cost ofcapital资本的机会成本ordinary annuity 普通年金（即后付年金）original principal （初始）本金outstanding balance 未平头寸payback period 回收期perpetual annuity（orperpetuity）永续年金present value 现值present value factor （终值）现值系数（终值系数的倒数）reinvest 再投资simple interest 单利tax-exempt 免税的time value of money （TVM）货币（或资金）的时间价值yield to maturity 到期收益率Chapter 5bequest 遗赠、遗赠物break-even 得失相当的，盈亏平衡的deductible 可扣除（或抵扣）的explicit cost 显性成本feasible plan 可行（的）计划human capital 人力资本implicit cost 隐性成本incremental 增量的、增值的intertemporal budgetconstraint跨期预算约束optimization model 优化模型permanent income 永久性收入provision 条文、条款tax deferred 税收（可）延缓的tax exempt 免税的trial-and-error 试错Chapter 6after-tax cash flow 税后现金流all-equity-financed firm 全权益融资公司annualized capital cost 年金化资本成本appropriation 拨款、占用break-even point 盈亏平衡点capital budgeting 资本预算cost of capital 资本成本coupon bond 息票债券cumulative present value 累计现值full-fledged 完备的、正式的horizontal axis 横轴（或横坐标）labor-intensive 劳动密集型的liquidate 清算、清偿market-related risk 市场相关（或者承认予以补偿）的风险，即系统风险（systematic risk）prototype 模型、原型residual value 残值risk premium 风险溢价risk-adjusted discountrate（经）风险调整的折现率sensitivity analysis 敏感性分析vertical axis 纵轴（或纵坐标）zero-inflation 零通涨（率）Chapter 7Arbitrage 套利arbitrageurs 套利（交易）者beverage 饮料bona fide 真正的bond 债券default risk 违约风险default-free 无违约（风险）的earnings per share 每股盈余efficient marketshypothesis（EMH）有效市场假说fetch 售得…fixed-income securities 固定收益证券foreign exchangemarket外汇市场fundamental value 基础价值information set 信息集interest-rate arbitrage 利率套利intrinsic value 内在价值laundry 洗衣店Law of One Price 一价定律price/earnings multiple 市盈率（倍数）real estate 房地产、不动产sibling 兄弟、同胞、氏族成员tautologically 同意反复地transaction costs 交易成本triangular arbitrage 三角套利vending 售货well-informed 信息充分的Chapter 8abscissa 横坐标ask price 卖价、要价（报价）bid price 买价、出价（询价）callable bond 可赎回债券convertible bond 可转换债券coupon bond 带息债券、息票债券current yield 即期收益（率）discount bond 折价债券face value/ par value 面值maturity 到期日ordinate 纵坐标par bond 平价债券premium bond 溢价债券pure discount bond 纯折现债券quote 牌价redeem 赎回、偿还risk-free interest rate 无风险利率yield curve 收益（率）曲线yield to maturity 到期收益（率）zero-coupon bond 零息（票）债券Chapter 9New York StockExchange纽约股票交易所cash dividend 现金股利（或红利、分红）closing price 收盘价Constant-Growth-RateDDM不变增长率股利折现模型current/existingstockholders现有股东、老股东discounted-dividendmodel（DDM）股利折现模型dividend policy 股利政策dividend yield 分利收益率ex-dividend price 除息（即股息）价格expected rate of return 期望收益率（或报酬率）infinite 无穷（或无限）的internal equity financing 内部权益融资Investment opportunity 投资机会market capitalization rate 市场资本化利率odd lots 零星（交易量）per se 亲自、亲身perpetual 永久的price/earnings ratio 市盈率Reinvested earnings 再投资收益required rate of return 必要报酬率（或收益率）risk-adjusted discountrate（经）风险调整折现率round lots 整批（交易量）share repurchase 股票回购skeptical 怀疑的stock dividend 股票股利stock splits 股票分割Chapter 10actuary 精算师caterer 酒席承办人colossal 巨大的、异常的confidence intervals 置信区间consortium 社团、合伙continuous probability distribution 连续概率分布diversification 分散化（投资）diversifying 分散化、多样化dunce 笨蛋、书呆子ex ante 事先的ex post 事后的expected rate of return 期望收益率（报酬率）flexibility 灵活性、柔性forward contract 远期合约hedger （套期）保值者、对冲者hedging 保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring 投保、给…保险jurisdiction 司法、权力、权限layoff 解雇、失业materialize 实现mean 均值normal distribution 正态分布overview 概述perverse 故意作对的、任性的portfolio 投资组合precautionary saving 预防性储蓄probability distribution 概率分布quadruple adj. 四倍的；v. 使…（增加）四倍recrimination 反责refund 退还risk assessment 风险评估risk aversion 风险规避risk avoidance 风险避免risk exposure 风险暴露risk identification 风险识别risk management 风险管理risk retention 风险保留risk transfer 风险转移sinful 有罪的、过错的、不道德的speculator 投机者square root 平方根stakeholder 利益相关者standard deviation 标准差swap 互换volatility 波动率Chapter 11American-type option 美式期权call option 买入期权（简称“买权”）cap （利率）上限condominium 公寓私有的共有方式co-payment 共同支付counterparty 交易对手credit guarantee 信用担保credit risk 信用风险deductible/deduction 免赔额delivery 交割delivery date 交割日derivative 衍生工具diversifiable risk 可分散的风险diversification principle 分散化（或多元化）原则European-type option 欧式期权exclusion 除外责任expiration date 到期日expire 到期face value 面值fictitious 虚构的firm-specific risk （公司）私有（或特有）风险forward contract 远期合约forward price 远期价格future contract 期货合约guarantee 保证、保证人、担保、担保品loan guarantee 债务保单long position 多头market risk 市场风险non-diversifiable risk 不可分散的风险premium 保险费、附加费、溢价proceed n. 盈利put option 卖出期权（简称“卖权”）rolling over 滚动（式）的short position 空头shortfall 不足之数、赤字spot price 即期价格standardized （经）标准化的strike price/ exerciseprice执行价格、行权价swap contract 互换合约、调期合约Chapter 12decision horizon 决策（修正）期限efficient portfolio 有效组合efficient portfolio frontier 有效组合前沿expected return 期望收益率mean-variance model 均值－方差模型minimum-varianceportfolio最小方差组合mutual fund 共同基金optimal combination ofrisky assets风险资产最优组合planning horizon 计划期、规划期point of tangency 切点portfolio selection （投资）组合选择risk premium 风险溢价risk tolerance 风险容忍（度）riskless asset 无风险资产risky-asset portfolio 风险资产组合set of……的集合tangency portfolio 切线组合target expected return 目标期望收益率trade-off 权衡、平衡trading horizon 交易（间隔）期限Chapter 13active investmentstrategies积极投资策略active portfolio selectionstrategy积极的组合选择策略Arbitrage Pricing Theory （APT）套利（定价）理论beat the market 打败市场benchmark 基准benchmark portfolio 基准组合Capital Asset PricingModel（CAPM）资本资产定价模型capital market line（CML）资本市场线consensus 一致、一致同意cost of capital 资本成本covariance 协方差equilibrium asset price 均衡（的）资产价格equilibrium expectedreturn均衡（的）期望收益率equilibrium price 均衡价格equilibrium risk premium 均衡风险溢价indexing 指数化irreducible 不能减少的、难复位的marginal contribution 边际贡献market portfolio 市场组合market-related risk 市场相关的（或承认的）风险multifactor IntertemporalCapital Asset PricingModel（ICAPM）多因子、跨期资本资产定价模型mutual fund 共同基金non-market risk 非市场风险passive investing 消极投资passive portfolio selectionstrategy消极的组合选择策略pension fund 养老基金regression coefficient 回归系数reward-to-risk ratio 风险补偿比率security market line（SML）证券市场线short-sale 卖空systematic risk 系统风险unsystematic risk 非系统风险Chapter 14arbitrageur 套利者bountiful 慷慨的、充足的casino 卡西诺赌场、小别墅closing out（one’s/a）position平仓continuouscompounding连续复利cost of carry 持有成本daily marking to market 逐日盯市（即每日无负债清算制度）delivery 交割delivery date 交割日delivery price 交割价格expectationshypothesis期望假说financial future 金融期货（即标的物为金融产品的期货合约）foreign-exchangeparity relation汇率平价关系forward contract 远期合约forward price 远期价格forward-spotprice-parity relation 远期-即期价格间的平价关系future contract 期货合约future price 期货价格future spot price 将来的现货价格hedger 套期保值者intrinsic value 内在价值margin 保证金open interest 未平仓合约数、头寸开放权益数position 头寸posting of margin （对）保证金（进行）过帐quasi-arbitrage 准套利（机会）replicate 复制speculator 投机者spoilage 损坏spot price 即期价格、现货价格spread 价差、差额the wall street journal 《华尔街日报》Chapter 15American-typeoption美式期权arrear 应付欠款、储备物at the money option 两平期权Black-Scholes model 布莱克-斯科尔斯期权定价模型boom 繁荣的bullish 乐观的call （option）买入期权（简称买权）、看涨期权capital-gain 资本（性）收益cash settlement 现金结算Chicago BoardOptions Exchange（CBOE）芝加哥期权交易所commission 佣金Contingent Claims 或有权益（简称或有权、或然权）credit guarantee 信用保证（或承诺）de facto 实际的、实际上decision tree 决策树delinquency 失职、违法行为dividend yield 股利收益率dividend-adjusted option formula 股利调整期权（定价）公式embedded option 嵌入式期权European put option 欧式卖权European-typeoption欧式期权evasion 逃避、躲避Exchange-traded option 场内（即在交易所交易的）期权exercise price/strikeprice执行价格/敲定价格expirationdate/maturity date到期日explicit 外生的flexibility 灵活性、柔性FutureOptions/Option onFutures期货期权growth option 增长期权guarantor 保证人hedge ratio 对冲比率、套期比率implicit 内生的implied volatility 隐含波动率in the money option 虚值期权incremental 增量的、增加的index option 指数期权intrinsicvalue/tangible value内在价值、执行价值junk bond 垃圾债券litigation 诉讼、争论mainline 主流的、传统的natural logarithm 自然对数normal distribution 正态分布Option 期权out of the moneyoption实值期权Over-the-counteroption场外（交易的）期权payoff diagrams 支付图plaintiff 起诉人provision 条文、条款put （option）卖出期权（简称卖权）、看跌期权put-call parityrelation买（权）与卖（权）间的平价关系real option 实物期权recession 衰退self-financinginvestment strategy自融资投资策略sequel 续篇、后果shortfall 不足之数、赤字stochastic 随机的 swap 互换 time value 时间价值 truncate截断two-state （binomial ）option pricing model 两状态（二项式）期权定价模型 underlying asset 标的资产、基础资产Chapter 16account payable 应付账款accrued wage应计工资adjusted present value （APV ）（经）调整的现值 after-tax incremental cash flow 税后增量现金流agency cost 代理成本 allegiance 忠诚、忠贞 all-equtiy financing 全权益融资 bankruptcy cost破产成本bankruptcy proceeding 破产程序、破产诉讼 Capital Structure资本结构capital structure irrelevance proposition 资本结构无关性定理 circumvent 绕过、智胜 collateral 担保品 common stock 普通股 corporate income tax公司所得税cost of financial distress 财务危机（危难）成本 debt financing 债务融资 entity实体、本质、存在 equity financing 权益融资 external financing外部融资（筹资） fiduciary受信托的 financial distress财务危机（危难） financing instrument 金融工具 franchise 特许权 free cash flow自由现金流 frictionless 无摩擦的gourmet供美食家的享用的、美食家imminent 临近的、迫在眉睫的 interest tax shield （债务）利息税盾 internal financing 内部融资（筹资） issuing new stock 发行新股leveraged investment 杠杆投资（即投资额中有部分债务融资） long-term lease 长期租赁 M & M proposition MM 定理market debt-to-equity ratio（用）市场（价值表示的）债务-权益比率market-value/economic balance sheet （用）市场价值（表示的）资产负债表 Modigliani & Miller （M 莫迪里阿尼和米勒& M ）optimal capital structure 最优资本结构 pension liability 养老金（形式的）债务 perk额外补贴 personal income tax 个人所得税 preferred stock优先股学习必备欢迎下载prestige 威信、声望pro rata 按比例的realized capital gains 已实现资本收益redeploy 重新部署（布置、调派）repurchase stock 回购股票residual claim 剩余索取权（求偿权）retained earning 留存收益scrutiny 细致检查secured debt 安全债务stock option 股票期权subsidy 津贴、财政援助、特别津贴voting right 投票权warrant 认股权证、认股权weighted average costof capital（WACC）加权资本成本Chapter 17acquisition 收购bargain v. 讲价、讨价还价；n. 便宜货、交易、协定breakup 分散、中止、崩溃consolidation 合并、联合、巩固consummate 完成、使…完美contest 竞争、争夺corroborate 加强证实、巩固、支持discretion 决定权、谨慎、判断力divest 使…脱去information set 信息集loss carry-forward 亏损递延malevolence 恶意、坏影响merger 兼并opaqueness 不透明real option 实物期权spin-off 派生出、让产易股、抽资脱离synergy 协同增效takeover 接管。

公司金融智慧树知到答案章节测试2023年首都经济贸易大学

第一章测试1.The Bluebird Company has a $10,000 liability it must pay three years fromtoday. The company is opening a savings account so that the entire amountwill be available when this debt needs to be paid. The plan is to make aninitial deposit today and then deposit an additional $2,500 a year for the next three years, starting one year from today. The account pays a 3% rate ofreturn. How much does the Bluebird Company need to deposit today? （）A:$1,867.74B:$2,079.89C:$4,276.34D:$3,108.09答案:B2.Suzette is going to receive $10,000 today as the result of an insurancesettlement. In addition, she will receive $15,000 one year from today and$25,000 two years from today. She plans on saving all of this money andinvesting it for her retirement. If Suzette can earn an average of 11% on herinvestments, how much will she have in her account if she retires 25 yearsfrom today? （）A:$536,124.93B:$541,414.14C:$595,098.67D:$546,072.91答案:C3.You are investing $100 today in a savings account at your local bank. Whichone of the following terms refers to the value of this investment one yearfrom now? （）A:discounted valueB:present valueC:principal amountsD:future value答案:D4.Sara invested $500 six years ago at 5 percent interest. She spends herearnings as soon as she earns any interest so she only receives interest onher initial $500 investment. Which type of interest is Sara earning?A:interest on interestB:free interestC:simple interestD:complex interest答案:C5.Shelley won a lottery and will receive $1,000 a year for the next ten years.The value of her winnings today discounted at her discount rate is calledwhich one of the following? （）A:simple amountB:future valueC:single amountD:present value答案:D6.Which one of the following will produce the highest present value interestfactor? （）A:8 percent interest for five yearsB:6 percent interest for eight yearsC:6 percent interest for ten yearsD:6 percent interest for five years答案:D7.Which one of the following terms is defined as a conflict of interest betweenthe corporate shareholders and the corporate managers? （）A:agency problemB:corporate breakdownC:bylawsD:articles of incorporation答案:A8.Which one of the following is a capital budgeting decision? （）A:deciding whether or not to purchase a new machine for the production line B:determining how many shares of stock to issueC:deciding how to refinance a debt issue that is maturingD:determining how much inventory to keep on hand答案:A9.Which of the following questions are addressed by financial managers? （）A:Should customers be given 30 or 45 days to pay for their credit purchases?B:How should a product be marketed?C:Should the firm acquire new equipment?D:Should the firm borrow more money?答案:ACD10.Which of the following should a financial manager consider when analyzing acapital budgeting project? ( )A:dollar amount of each projected cash flowB:dependability of future cash flowsC:project start up costsD:timing of all projected cash flows答案:ABCD第二章测试1.The formula which breaks down the return on equity into three componentparts is referred to as which one of the following? ( )A:SIC formulaB:profitability determinantC:Du Pont identityD:equity equation答案:C2. A firm uses 2008 as the base year for its financial statements. The common-size, base-year statement for 2009 has an inventory value of 1.08. This isinterpreted to mean that the 2009 inventory is equal to 108 percent of which one of the following? ( )A:2008 inventoryB:2008 total assetsC:2009 total assetsD:2008 inventory expressed as a percent of 2008 total assets答案:D3.If a firm has a debt-equity ratio of 1.0, then its total debt ratio must be whichone of the following? ( )A:0.5B:1.0C:1.5D:0.0答案:A4.Which one of the following will decrease if a firm can decrease its operatingcosts, all else constant? ( )A:return on equityB:return on assetsC:profit marginD:price-earnings ratio答案:D5.During the year, Kitchen Supply increased its accounts receivable by $130,decreased its inventory by $75, and decreased its accounts payable by $40.How did these three accounts affect the firm’s cash flows for the year? ( )A:$165 use of cashB:$95 use of cashC:$95 source of cashD:$245 use of cash答案:B6. A firm generated net income of $878. The depreciation expense was $47 anddividends were paid in the amount of $25. Accounts payables decreased by $13, accounts receivables increased by $22, inventory decreased by $14, and net fixed assets decreased by $8. There was no interest expense. What was the net cash flow from operating activity? ( )A:$876B:$922C:$902D:$904答案:D7.The Bike Shop paid $2,310 in interest and $1,850 in dividends last year. Thetimes interest earned ratio is 2.2 and the depreciation expense is $460. What is the value of the cash coverage ratio? ( )A:1.80B:2.21C:1.67D:2.40答案:D8.Canine Supply has sales of $2,200, total assets of $1,400, and a debt-equityratio of 0.3. Its return on equity is 15 percent. What is the net income? ( )A:$152.09B:$138.16C:$156.67D:$141.41E:$161.54答案:E9.Which one of the following terms is applied to the financial planning methodwhich uses the projected sales level as the basis for determining changes in balance sheet and income statement account values? ( )A:percentage of sales methodB:common-size methodC:sales dilution methodD:sales reconciliation method答案:A10.Financial planning: ( )答案:B11. A firm is currently operating at full capacity. Net working capital, costs, andall assets vary directly with sales. The firm does not wish to obtain anyadditional equity financing. The dividend payout ratio is constant at 40percent. If the firm has a positive external financing need, that need will be met by: ( )A:accounts payable.B:long-term debt.C:fixed assets.D:retained earnings.答案:B12.Which one of the following will cause the sustainable growth rate to equal tointernal growth rate? ( )A:equity multiplier of 1.0B:dividend payout ratio greater than 1.0C:retention ratio between 0.0 and 1.0D:debt-equity ratio of 1.0答案:A13. A firm has a retention ratio of 45 percent and a sustainable growth rate of 6.2percent. The capital intensity ratio is 1.2 and the debt-equity ratio is 0.64.What is the profit margin? ( )A:6.28 percentB:7.67 percentC:9.47 percentD:14.63 percent答案:D14.The Soccer Shoppe has a 7 percent return on assets and a 25 percent payoutratio. What is its internal growth rate? ( )A:4.49 percentB:3.72 percentC:5.54 percentD:4.08 percent答案:C15.An increase in which of the following will increase the return on equity, allelse constant?( )A:depreciationB:salesC:net incomeD:total equity答案:BC第三章测试1.Accepting positive NPV projects benefits the stockholders because: （）。

lecture09 Payout Policy

Transaction Costs
• If there is a cost of raising new equity issues, then a $1 increase in dividends funded by a $1 increase in new equity issues leaves shareholders worse off.
• Managers believe that shareholders prefer a steady progression in dividends.
The Dividend Decision
• Thus the firm’s dividend payments depend on both the current earnings and the previous dividends, which depend on previous earnings. • Dividend policy attempts to establish longrun growth path and avoid dividend reductions.
Dividend Payments
• Stock Dividend - Distribution of additional shares to a firm’s stockholders. Transfer from retained earnings to equity capital. • Stock Splits - Issue of additional shares to firm’s stockholders. Reduction in the par value of each share. Not really a dividend, but usually followed by increases in dividends.

金融术语英语词汇

金融术语英语词汇minimum paid-up share capital 最低实缴股本reciprocity 互惠corresponding bank 代理行liaison office 联络办公室moratorium 延期偿付权legislation 法规innovation 改革underwriting 包销merge 合并portfolio 资产组合unit trust 单位投资信托arbitrage 套汇capital adequacy ratio 资本充足率derivative 金融衍生工具maturity 到期日deregulation 放松管制redemption 兑现certificates of indebtedness 债务证书linked exchange rate 联系汇率accounting arrangements 会计安排resumption of sovereign 收回主权holding company 控股公司privileges 特权legal tender 法币medium of exchange 交换媒介deferred payment 延期支付face value 面值mintage 铸币homogeneity 同质权fiat money 不兑换纸币，名义纸币negotiable certificates of deposits 大额转让存单narrowly-defined 狭义定义的broadly-defined 广义定义的required reserve 法定准备金excess reserve 超额准备金monetary base 货币｛流通｝基础open market operations 公开市场操作auction 拍卖non-intervention 不干涉主义net balance 净差｛余｝额advance 贷款retained earnings 留存收益risk-weighted assets 风险加权资产off-balance sheet items 表外业务项目collateral 抵押claims 债权denominate 面值residual maturity 剩余期限mortgage 住房抵押arrears 拖欠尾数default 违约on-balance sheet items 表业务contingency 意外开支repurchase agreement 回购协议recourse 追索权irrevocable 不可撤消rediscounting 在贴现market risk exposure市场风险position 头寸debt-to-equity ratio 资产负债比率treasure bond 国库券leasing 租赁money laundering 洗钱treasure bill 国库券bankruptcy 破产credit securitization 信用证券化real time gross settlement 实时全额清算off-shore 离岸clearing bank清算行discount house 贴现行privileged position 最优惠头寸building society 建房协会Japanese Big Bang 日本金融改革dual banking system 双轨银行制度wire transfer 电子转帐laissez-faire 自由放任主义negotiable 可流通的installment 分期付款benchmark 基准利率turnover 成交额outstanding 未付的in favour of 以^为受益人promissory note 本票unsecured 无担保的prime rate 最优惠利率preference share 优先股ordinary share 普通股warrant 认股权current market value 当期市值option contract 期权合同hedging 套期保值Provident Fund 福利基金beneficiary 受益人collecting bank 代收行code 代号，代码，密码uncleared cheque 未清偿支票invoice 发票credit transfer 信用转帐endorsement 背书bearer 持票人defective title 有瑕疵的所有权down payment 首付款traveller's cheque 旅行支票bearer bonds 不记名债券crossed cheque划线支票countersign 联署paying bank 付款行transferable 可转让holder in due course 正当持票人holder in value 有代价持票人overdue 过期dishonoured cheque 拒付支票repo repurchase agreement 回购协议countermand 取消garnishee order 向第三债务人下达的资产扣押令winding-up 停业清理secured loan 担保贷款overdraft 透支real estate mortgage 房地产抵押chattel mortgage 动产抵押in presence of 提示reimbursement 偿还withholding interest tax 预扣税custodian 保管access 准入automatic teller machine 自动取款机personal identity number 密码.个人识别号passbook 存折insurance broker 保险经纪人hire purchase 租购working capital loan 周转资金start-up loan 创业贷款syndicated loan 辛迪加贷款project financing 项目融资foreign trade financing 对外贸易融资current assets 流动资产accounts receivable 应收帐款agent bank 代理行drawdown period 支用期grace period 宽限期principle 本金tombstone 证券发行公告factoring facilities 保理业务open credit 无担保贷款factor 保理人lessee 承租人lessor 出租人non-resourse 无追索权financial lease 金融租赁operating lease 经营租赁full payout lease 支付租赁true lease 真实租赁conditional lease 条件租赁leverage lease 杠杆租赁electronic date interchange services 电子数据交换服务retail bank 商业零售银行private bank 私人银行merchant bank 商人银行risk preference 风险偏好risk taking investor 甘冒风险的投资者risk aversion investor 逃避风险的投资者macroeconomic oriented 以宏观经济为导向的equities origination 股票发行venture capital financing 风险资本融资the spread 价差interest rate swap 利率互换leverage buyout 杠杆收购junk bond 垃圾债券red chips 红筹股"h" shares H股trustee 受托人collection 托收production combination 生产联合production cost 生产成本comparative advantage 相对优势middle agent 中间代理eliminate exchange risk 消除外汇风险shipping insurance 海险guarantee 担保performance bond 履约保证import credit 进口信贷dividends 分红money transfer 转帐bank draft 银行汇票mail transfer 信汇telegraphic transfer 电汇test key测试密钥telex 电报Society for World Inter-bank Financial Telecommunications 环球银行间金融电讯协会standardized format 标准格式clearing house 结算所computer code 电脑代码additional cost 附加成本foreign exchange rate 外汇汇率swing 浮动spot rate 现汇汇率market rate 市场汇率cross rate 交叉汇率forward exchange contract 远期外汇合同currency future contract 货币期货合同quotation 报价单rolling forex 展期外汇option on foreign exchange 外汇期权strike price 执行价格expiry date 到期日call option 多头期头put option 空头期权foreign exchange hedge 外汇套期保值foreign exchange swap 外汇掉期superannuation 养老基金pension funds 退休基金brokerage fee 经纪人佣金optimum profit 最高收益canon 标准illegal activities 非法行为speculative purpose 投机目的repayment schedule 还款安排balance sheet 资产负债表income statement 利润表long-term loan 长期贷款country-risk 国别风险quantitative yardstick 定量的评判标准credit risk 信用风险risk assessment 风险评估margin 保证金legal authority 法定权力memorandum and articles of association 公司章程cushion of assets 资产缓冲safe title 所有权credit reference agency 信用查询机构credit standing 信用状况consumer loan 消费信贷bonus 奖金gratuity 退休金track record 工作履历minor's account 未成年人sole proprietors 独资企业private limited company 私人public limited company 公共inter-bank lending /borrowing 同业拆借the inter-bank money market 同业拆借市场local currency 本国货币marginal cost 边际成本inter-bank rate 同业拆借利率contingency payout 意外支出natural disaster 自然灾害legal status 法定地位documentary credit 跟单信用证documentary collection 跟单托收export credit insurance 出口信贷保险shipment policy 装运保险单issuing bank 开证行advising bank 通知行confirming bank 保兑行applicant 开证申请人irrevocable documentary letter of credit 不可撤消信用证reimbursing bank 偿付行negotiating bank 议付行verification 证实confirmed credit 保兑信用证payment in advance 预付贷款remitting bank 托收行collecting bank 代收行sight bill 即期汇票term bill 远期汇票clean collection 光票托收bill of lading 提单certificate of origin 原产地证明airway bill 航空联运certificate of inspection 检验证明insurance policy certificate 保单证明open account 赊销premium 保险费stockbroking 股票经纪going concern 持续经营net profit 净收益audited accounts 经过审计的registration certificate 注册证明inheritance 遗产tangible security 有形担保intangible personal guarantee 无形个人担保deed 契约dormant partner 不参与经营的合伙人limited partner 有限责任合伙人aggressive management 扩性管理defensive management 保守性管理gearing 举债经营prior charge 优先偿付债券charges on assets 以资产抵押fixed charge 固定抵押floating charge 浮动抵押overtrading 超资力经营life policy 人寿保险depreciation 折旧indemnity 赔偿legal mortgage 法定抵押leasehold mortgage 衡平法抵押surrender value 租赁财产抵押stocks and shares 股票和证券unquoted shares 非挂牌｛上市｝股票cross-guarantee 交叉担保under influence 不正当影响misrepresentation 与事实不符合的述debenture 债券run down 削减acknowledgement 确认tangible assets 有形资产intangible assets 无形资产copy rightgoodwill 商誉net worth 资产净值cash flow 现金流量current ratio 流动比率quick ratio 速动比率quality of assets 资产质量investment strategy 投资策略trend analysis 趋势分析debt to equity ratio 债务产权率debt service ratio 还本付息比；偿债比率amortization 摊销receivable turnover 应收帐款inventory turnover存货周转write off 注销recession （经济）衰退social unrest 社会动荡uncleared funds 未清算资金credit limit 信贷限额bad debt 坏帐loan restructuring 贷款重新安排recovery 追陪offsetting 补偿legal proceeding 诉讼litigation solicitor诉讼律师。

常见银行英语词汇金融术语

常见银行英语词汇金融术语account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to counter sign 双签to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本order cheque 记名支票bearer cheque 不记名支票crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler's cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票Bandar's note 庄票，银票banker 银行家president 行长savings bank 储蓄银行Chase Bank 大通银行National City Bank of New York 花旗银行Hongkong Shanghai Banking Corporation 汇丰银行Chartered Bank of India, Australia and China 麦加利银行Banque de I'IndoChine 东方汇理银行central bank, national bank, banker's bank 中央银行bank of issue, bank of circulation 发行币银行commercial bank 商业银行，储蓄信贷银行member bank, credit bank 储蓄信贷银行discount bank 贴现银行exchange bank 汇兑银行requesting bank 委托开证银行issuing bank, opening bank 开证银行advising bank, notifying bank 通知银行negotiation bank 议付银行confirming bank 保兑银行paying bank 付款银行associate banker of collection 代收银行consigned banker of collection 委托银行clearing bank 清算银行local bank 本地银行domestic bank 国内银行overseas bank 国外银行unincorporated bank 钱庄branch bank 银行分行trustee savings bank 信托储蓄银行trust company 信托公司financial trust 金融信托公司unit trust 信托投资公司trust institution 银行的信托部credit department 银行的信用部commercial credit company(discount company) 商业信贷公司（贴现公司）neighborhood savings bank, bank of deposit 街道储蓄所credit union 合作银行credit bureau 商业兴信所self-service bank 无人银行land bank 土地银行construction bank 建设银行industrial and commercial bank 工商银行bank of communications 交通银行mutual savings bank 互助储蓄银行post office savings bank 邮局储蓄银行mortgage bank, building society 抵押银行industrial bank 实业银行home loan bank 家宅贷款银行reserve bank 准备银行chartered bank 特许银行corresponding bank 往来银行merchant bank, accepting bank 承兑银行investment bank 投资银行import and export bank (EXIMBANK) 进出口银行joint venture bank 合资银行money shop, native bank 钱庄credit cooperatives 信用社clearing house 票据交换所public accounting 公共会计business accounting 商业会计cost accounting 成本会计depreciation accounting 折旧会计computerized accounting 电脑化会计general ledger 总帐subsidiary ledger 分户帐cash book 现金出纳帐cash account 现金帐journal, day-book 日记帐，流水帐bad debts 坏帐investment 投资surplus 结余idle capital 游资economic cycle 经济周期economic boom 经济繁荣economic recession 经济衰退economic depression 经济萧条economic crisis 经济危机economic recovery 经济复苏inflation 通货膨胀deflation 通货收缩devaluation 货币贬值revaluation 货币增值international balance of payment 国际收支favourable balance 顺差adverse balance 逆差hard currency 硬通货soft currency 软通货international monetary system 国际货币制度the purchasing power of money 货币购买力money in circulation 货币流通量note issue 纸币发行量national budget 国家预算national gross product 国民生产总值public bond 公债stock, share 股票debenture 债券treasury bill 国库券debt chain 债务链direct exchange 直接（对角）套汇indirect exchange 间接（三角）套汇cross rate, arbitrage rate 套汇汇率foreign currency (exchange) reserve 外汇储备foreign exchange fluctuation 外汇波动foreign exchange crisis 外汇危机discount 贴现discount rate, bank rate 贴现率gold reserve 黄金储备money (financial) market 金融市场stock exchange 股票交易所broker 经纪人commission 佣金bookkeeping 簿记bookkeeper 簿记员an application form 申请单bank statement 对帐单letter of credit 信用证strong room, vault 保险库equitable tax system 等价税则specimen signature 签字式样banking hours, business hours 营业时间minimum paid-up share capital 最低实缴股本reciprocity 互惠corresponding bank 代理行liaison office 联络办公室moratorium 延期偿付权legislation 法规innovation 改革underwriting 包销merge 合并portfolio 资产组合unit trust 单位投资信托arbitrage 套汇capital adequacy ratio 资本充足率derivative 金融衍生工具maturity 到期日deregulation 放松管制redemption 兑现certificates of indebtedness 债务证书linked exchange rate 联系汇率accounting arrangements 会计安排resumption of sovereign 收回主权holding company 控股公司privileges 特权legal tender 法币medium of exchange 交换媒介deferred payment 延期支付face value 面值mintage 铸币homogeneity 同质权fiat money 不兑换纸币，名义纸币negotiable certificates of deposits?? 大额转让存单narrowly-defined 狭义定义的broadly-defined??? 广义定义的required reserve 法定准备金excess reserve 超额准备金monetary base 货币｛流通｝基础open market operations 公开市场操作auction 拍卖non-intervention 不干涉主义net balance 净差｛余｝额advance 贷款retained earnings 留存收益risk-weighted assets 风险加权资产off-balance sheet items 表外业务项目collateral 抵押claims 债权denominate 面值residual maturity 剩余期限mortgage 住房抵押arrears 拖欠尾数default 违约on-balance sheet items 表内业务contingency 意外开支repurchase agreement 回购协议recourse 追索权irrevocable 不可撤消rediscounting 在贴现market risk exposure市场风险position 头寸debt-to-equity ratio 资产负债比率treasure bond 国库券leasing 租赁money laundering 洗钱treasure bill 国库券bankruptcy 破产credit securitization 信用证券化real time gross settlement 实时全额清算off-shore 离岸clearing bank清算行discount house 贴现行privileged position 最优惠头寸building society 建房协会Japanese Big Bang 日本金融改革dual banking system 双轨银行制度wire transfer 电子转帐laissez-faire 自由放任主义negotiable 可流通的installment 分期付款benchmark 基准利率turnover 成交额outstanding 未付的in favour of 以^为受益人promissory note 本票unsecured 无担保的prime rate 最优惠利率preference share 优先股ordinary share 普通股warrant 认股权current market value 当期市值option contract 期权合同hedging 套期保值Provident Fund 福利基金beneficiary 受益人collecting bank 代收行code 代号，代码，密码uncleared cheque 未清偿支票invoice 发票credit transfer 信用转帐endorsement 背书bearer 持票人defective title 有瑕疵的所有权down payment 首付款traveller's cheque 旅行支票bearer bonds 不记名债券crossed cheque划线支票countersign 联署paying bank 付款行transferable 可转让holder in due course 正当持票人holder in value 有代价持票人overdue 过期dishonoured cheque 拒付支票repo repurchase agreement 回购协议countermand?? 取消garnishee order 向第三债务人下达的资产扣押令winding-up 停业清理secured loan 担保贷款overdraft 透支real estate mortgage 房地产抵押chattel mortgage 动产抵押in presence of 提示reimbursement 偿还withholding interest tax 预扣税custodian 保管access 准入automatic teller machine 自动取款机personal identity number?? 密码.个人识别号passbook 存折insurance broker 保险经纪人hire purchase 租购working capital loan 周转资金start-up loan 创业贷款syndicated loan 辛迪加贷款project financing 项目融资foreign trade financing 对外贸易融资current assets 流动资产accounts receivable 应收帐款agent bank 代理行drawdown period 支用期grace period 宽限期principle 本金tombstone 证券发行公告factoring facilities 保理业务open credit 无担保贷款factor 保理人lessee 承租人lessor 出租人non-resourse 无追索权financial lease 金融租赁operating lease 经营租赁full payout lease 支付租赁true lease 真实租赁conditional lease 条件租赁leverage lease 杠杆租赁electronic date interchange services 电子数据交换服务retail bank??? 商业零售银行private bank 私人银行merchant bank 商人银行risk preference 风险偏好risk taking investor 甘冒风险的投资者risk aversion investor 逃避风险的投资者macroeconomic oriented 以宏观经济为导向的equities origination 股票发行venture capital financing 风险资本融资the spread 价差interest rate swap 利率互换leverage buyout 杠杆收购junk bond 垃圾债券red chips 红筹股"h" shares H股trustee 受托人collection 托收production combination 生产联合production cost 生产成本comparative advantage 相对优势middle agent 中间代理eliminate exchange risk 消除外汇风险shipping insurance 海险guarantee 担保performance bond 履约保证import credit 进口信贷dividends 分红money transfer 转帐bank draft 银行汇票mail transfer 信汇telegraphic transfer 电汇test key测试密钥telex 电报Society for World Inter-bank Financial Telecommunications 环球银行间金融电讯协会standardized format 标准格式clearing house 结算所computer code 电脑代码additional cost 附加成本foreign exchange rate 外汇汇率swing 浮动spot rate 现汇汇率market rate 市场汇率cross rate 交叉汇率forward exchange contract 远期外汇合同currency future contract 货币期货合同quotation 报价单rolling forex 展期外汇option on foreign exchange 外汇期权strike price?? 执行价格expiry date 到期日call option 多头期头put option 空头期权foreign exchange hedge 外汇套期保值foreign exchange swap 外汇掉期superannuation 养老基金pension funds 退休基金brokerage fee 经纪人佣金optimum profit 最高收益canon 标准illegal activities 非法行为speculative purpose 投机目的repayment schedule 还款安排balance sheet 资产负债表income statement 利润表long-term loan 长期贷款country-risk 国别风险quantitative yardstick 定量的评判标准credit risk 信用风险risk assessment 风险评估margin 保证金legal authority 法定权力memorandum and articles of association 公司章程cushion of assets 资产缓冲safe title 所有权credit reference agency 信用查询机构credit standing 信用状况consumer loan 消费信贷bonus 奖金gratuity 退休金track record 工作履历minor's account 未成年人帐户sole proprietors 独资企业private limited company 私人有限公司public limited company 公共有限公司inter-bank lending /borrowing 同业拆借the inter-bank money market 同业拆借市场local currency 本国货币marginal cost 边际成本inter-bank rate 同业拆借利率contingency payout 意外支出natural disaster 自然灾害legal status 法定地位documentary credit 跟单信用证documentary collection 跟单托收export credit insurance 出口信贷保险shipment policy 装运保险单issuing bank 开证行advising bank 通知行confirming bank 保兑行applicant 开证申请人irrevocable documentary letter of credit 不可撤消信用证reimbursing bank 偿付行negotiating bank 议付行verification 证实confirmed credit 保兑信用证payment in advance 预付贷款remitting bank 托收行collecting bank 代收行sight bill 即期汇票term bill 远期汇票clean collection 光票托收bill of lading 提单certificate of originairway bill 航空联运certificate of inspection 检验证明insurance policy certificate 保单证明open account 赊销premium 保险费第十六章特殊类型的借款者-商业部门stockbroking 股票经纪going concern 持续经营net profit 净收益audited accounts 经过审计的帐户registration certificate 注册证明inheritance 遗产tangible security 有形担保intangible personal guarantee 无形个人担保deed 契约dormant partner 不参与经营的合伙人limited partner 有限责任合伙人aggressive management 扩张性管理defensive management 保守性管理gearing 举债经营prior charge 优先偿付债券charges on assets 以资产抵押fixed charge 固定抵押floating charge 浮动抵押overtrading 超资力经营life policy 人寿保险depreciation 折旧indemnity 赔偿legal mortgage 法定抵押leasehold mortgage 衡平法抵押surrender value 租赁财产抵押stocks and shares 股票和证券unquoted shares 非挂牌｛上市｝股票cross-guarantee 交叉担保under influence 不正当影响misrepresentation 与事实不符合的陈述debenture 债券run down 削减acknowledgement 确认tangible assets 有形资产intangible assets 无形资产copy right 版权goodwill 商誉net worth 资产净值cash flow 现金流量current ratio 流动比率quick ratio 速动比率quality of assets 资产质量investment strategy 投资策略trend analysis 趋势分析debt to equity ratio 债务产权率debt service ratio 还本付息比；偿债比率amortization 摊销receivable turnover 应收帐款inventory turnover存货周转write off 注销recession （经济）衰退social unrest 社会动荡uncleared funds 未清算资金credit limit 信贷限额bad debt 坏帐loan restructuring 贷款重新安排recovery 追陪offsetting 补偿legal proceeding 诉讼litigation solicitor诉讼律师Baby bond 小额股票Background 背景background investigation 背景调查background material 背景材料Bad 坏的bad account 坏帐，呆帐bad debt loss 坏帐损失bad debt recovey 呆坏帐收回bad title 失效产权Balance 余额，结余，差额，平衡adverse balance 收支逆差balance budget 平衡预算balance of international trade 国际贸易差额balance of payment 国际收支balance sheet 资产负债表balance sheet audit 资产负债表审计balance sheet classification 资产负债表分类balance sheet evaluation 资产负债表评价closing balance 期末差额credit balance 贷方余额foreign currency balance 外汇余额keep balance 保持平衡loss balance 失去平衡negative balance 逆差retained balance from foreign exchange revenue 外汇收入留成余额summary balance sheet 资产负债汇总表Bank 银行all-purpose bank 通用银行bank account balance 银行存款余额bank balance sheet 银行财务状况表bank credit 银行信贷bank debt 银行债务bank discount rate 银行贴现率bank holding company 银行控股公司bank interest 银行利息bank line 银行信用额度bank loan 银行借款bank rate 银行贴现率bank reserve 银行准备金bank’s buying rate 银行买价bank’s call loan 银行同行拆借bank’s selling rate 银行卖价clearing bank 清算银行commercial bank 商业银行cooperative bank 合作银行mortgage bank 抵押银行Banking 金融，银行业banking institution 金融机构Banking Law 银行法banking sector 银行部门Bankrupt 破产ba nkrupt’s assets 破产者的财产Bankruptcy 破产act of bankruptcy 破产法案arrangement in bankruptcy court 迫产法庭调解bankruptcy administrator 破产管理人bankruptcy amendment act 破产修正案bankruptcy code chapter 7--- liquidation 破产法第7 章（清算）bankruptcy code chapter 11--- reorganization 破产法第11章 (重组）bankruptcy court 破产法院bankruptcy debtor 破产债务人bankruptcy judge 破产判决bankruptcy law 破产法bankruptcy notice 破产公告bankruptcy ordinance 破产条例bankruptcy petition 要求宣布破产bankruptcy proceedings 破产程序bankruptcy rules 破产规定bankruptcy trustee 破产受托人declaration of bankruptcy 宣布破产Bargain 议价，讨价还价Basic 基本的，基础basic account 基本帐户basic accounting unit 基本核算单位Bear 空头，卖空bear account 空头帐户bear market 熊市，淡市bear transaction 空头交易Beat 还价，杀价Below par 低于票面价值Benchmark 基准Benefit 利益，受益，福利，津贴benefit country 受惠国benefit fund for employees 职工福利基金benefit program 福利计划Benefited 受益的benefited party 受益方Benevolent fund 慈善基金Beta 贝塔（与股票相关的）系数beta risk measurement 贝塔风险系数测定Bid 投标，报价，出价bid bond 投标押金bid opening date 开标日期bid price 买方出价call for bid 招标invite bid 招标Bidder 投标人，投标商Bidding 投标，出价bidding documents 标书Big Board 指美国纽约股票交易所Big Six 指美国六大会计事务所Big Three 指美国三大汽车公司Bilateral 双边的bilateral agreement 双边协议bilateral loans 双边贷款bilateral trade 双边贸易Bill 票据，帐单，发票，钞票bill receivable account 应收票据帐户treasury bill 国库债券Black 黑色的，黑市的blank market price 黑市价格black market transaction 黑市交易Blank 空白的blank check 空白支票Blanket 一揽子的blanket insurance 统括保险blanket mortgage 一揽子抵押Blue chip 兰筹股Blue-chip share 头等股票Blue-chip stock 热门股票Blue-collar worker 兰领工人Blue-sky law 兰天法（防欺诈凭空发行股票的法律）Board 董事会，委员会，理事会board chairman 董事长board meeting 董事会议board of administration 董事会，理事会board of arbitration 仲裁委员会board of audit 审计委员会board of directors 董事会，理事会board of executive director 执行董事会，执行委员会board of manager’s 理事，董事board of supervisors 监事会board of trustees 受托委员会Bond 债券，证券，公债bond broker 债券经纪人bond creditor 债券债权人bond discount 债券折价bond issue 债券发行bond market 债券市场bond premium 债券溢价bond rating agency 债券评级机构bond yield 债券收益callable bond 通知偿还债券convertible bond 可转换债券government bond 政府债券junk bond 拉圾债券listed bond 挂牌债券，上市证券mortgage bond 抵押债券municipal bond 市政债券preference bond 优先债券，优先股registered bond 记名债券treasury bond 国库债券unlisted bond 未挂牌债券，未上市证券Bonded 保税的，有抵押的bonded area 保税区bonded factory 保税工厂bonded goods 保税货物bonded warehouse 保税仓库Bonus 奖金，红利，津贴bonus issue 发放红利股bonus-percentage of profit 利润率分红bonus share 分红股，红利股Book 书籍，帐簿，记帐，定票，订货book depreciation 帐面折旧book-entry securities 记帐证券book inventory 帐面库存book of account 帐簿book profit 帐面利润book value per share 每股帐面价值Boom 繁荣，景气Borrow 借入borrow money on credit 信用借款Borrowed 借入的borrowed capital 借入资本borrowed funds 借入资金borrowed reserve 借入准备金Borrowing 借款，借用。

金融合同理论

《金融合同理论》教学提纲Financial Contract Theory适用课程：《金融理论前沿》、《公司金融理论》、《银行经济学》适用对象：经济学和金融学的二年级以上硕士生和博士生Instructor: 洪正工作单位：西南财经大学中国金融研究中心Email: xchill@Reference Textbook1、激励理论（合同理论）：（1）（BD）《合同理论》（Contract theory），Bolton and Dewatripont（2005）著，格致出版社2008（2）（LM）《激励理论：委托—代理模型》，拉丰和马赫蒂摩（Laffont and Martimort，1999）著，中国人民大学出版社（3）《契约经济学》，科斯、哈特、斯蒂格利茨等著，经济科学出版社（4）（张维迎）《博弈论与信息经济学》，张维迎著，上海三联出版社1996 2、公司金融（1）（Tirole）《公司金融理论》《The Theory of Corporate finance》，Tirole（2006），Princeton University Press（2）（张春）《公司金融学》，张春，中国人民大学出版社2008（3）（RWJ）《公司理财》，Ross，Westerfield and Jaffe，机械工业出版社2000（4）（Hart）《企业、合同与财务结构》，哈特（Hart，1995），上海三联书店。

3、银行经济学（FR）Microeconomics of Banking（第2版）（《微观银行学》），弗雷克斯和罗歇（Freixas and Rochet，2008）著，西南财经大学出版社2000（第1版）Course Description and Objective本课程以博弈论和信息经济学为基本工具，以激励理论（或合同理论）为理论基础，建立完整的金融合同理论分析框架，并利用此框架来研究公司金融理论和微观银行学。

金融英语常用词汇以及实际应用

金融英语常用词汇以及实际应用1.Division of labor (劳动分工)In modern economies, the division of labor increasesproductivity by allowing workers to specialize in tasks they excel at.在现代经济中，劳动分工通过让工人专注于他们擅长的任务，从而提高了生产力。

modity money (商品货币)Gold and silver have historically been used as commodity money due to their intrinsic value.黄金和白银由于其内在价值，历史上一直被用作商品货币。

3.Legal tender (法定货币)In most countries, the national currency is considered legal tender for settling debts.在大多数国家，国家货币被视为偿还债务的法定货币。

4.Fiat money (法定通货)Unlike commodity money, fiat money has no intrinsic value and derives its worth from government regulation.与商品货币不同，法定通货没有内在价值，其价值来源于政府的规定。

5. A medium of exchange (交换媒介)Money serves as a medium of exchange, facilitating tradebetween individuals.货币作为一种交换媒介，促进了个人之间的贸易。

6.Legal sanction (法律制裁)Violations of financial regulations may result in severe legal sanctions.违反金融法规可能会导致严厉的法律制裁。

公司金融简答

4.4.3 annuity年金a level stream of regular payments that lasts for a fixed number of periods.7 企业业绩5个方面2.6 financial statement analysisthe objective of the analysis is to show how to rearrange information from financial statements into financial ratios that provide information about five areas of financial performance:1.shout-term solvency2.activity3.financial leverage(财务杠杆)4.profitability5.value2.6.1 short-term solvencyratios of short-term solvency measure the ability of the firm to meet recurring financial obligations.accounting liquidity measures short-term solvency and is often associated with net working capital.1.current ratio(流动比率): total current assets/total current liabilities2.quick ratio（速动比率）: quick assets/total current liabilitiesquick assets=current assets-inventories2.6.2activitythese ratios measure how effectively the firm’s assets are being managed. one logical starting point is to compare assets with sales for the year to arrive at turnover.1.total asset turnover（总资产周转率）= total operating revenues/total assets(average)total assets(average)=(beginning assets +final assets)/2 2.receivables turnover（应收账款周转率）= total operating revenues/receivables(average)average receivables = (beginning receivables + finalreceivables)/2average collection period(应收账款周转天数or 平均收账期)=365/ receivables turnover 3．inventory turnover(存货周转率)=cost of goods sold/inventory(average)inventory(average) = (beginning inventory + finalinventory)/2days in inventory(存货周转天数)=days inperiod/inventory turnover 2.6.3financial leverage(long-term solvency)which is related to the extent to which a firm relies on debt financing rather than equity.too much debt can lead to a higher probability of insolvency and financial distress.another hand, debt is an important form of financing ,and provides a significant tax advantage because interest payments are tax deductible.1.debt ratio(负债比率or资产负债率)=total debt/total assets2.debt-to-equity ratio（负债权益比）=total debt/total equity3.equity multiplier(权益乘数)=total assets/total equity 4．interest coverage(利息保障倍数)=EBIT/interest expensethe ratio is directly connected to the ability of the firm to pay interest. it would probably make sense to add depreciation to income in computing this ratio and toinclude other financing expenses, such as payments of principal and lease payments.2.6.4profitabilitythere are two problems in understanding profitability: (1)many business opportunities involve sacrificingcurrent profits for future profits.(2)accounting-based measures of profitability is thatthey ignore risk.>in general, a firm is profitable in the economic sense only if its profitability is greater than investors can achieve on their own in the capital markets. profit margin(销售净利润率)=net income/total operating revenuegross profit margin（销售毛利率）=EBIT/total operating revenues2．net return on assets(资产净收益率)=net income/average total assetsgross return on assets（资产总收益率）=EBIT/average total assets>dupont system of financial controlROA=profit margin*asset turnoverROA(net)=net income /total operating revenue *total operating revenue/average total assetsROA(gross)=EBIT/ total operating revenue *total operating revenue / average total assetsso increase ROA by tow ways: increasing profit margins or asset turnover.3.return on equity(净资产收益率)=net income/average stockholders’ equityROE=profit margin*asset turnover*equity multiplier =net income/total operating revenue * total operating revenue/average total assets * total assets/average stockholders’ equity4.payout ratio(股利支付率)=cash dividends/net income5.retention ratio(留存比率)=retained earnings/net incomeretained earnings=net income-dividends2.6.5 market value ratios1.market price of the common equity=market price of a share of common stock*number of shares outstandingin an efficient stock market, market prices reflect all relevant facts about firms, thus market prices reveal the true value of the firm’s underlying assets.2．price-to-earnings ratio(市盈率)=current marketprice/earnings per share of common stock3.dividend yield(股利收益率)=dividend per share/market price per share4.market-to-book value（市场与账面价值比）=market price per share/book value per share(市值与面值比)5.Tobin’s Q ratio=the market value of all of the firm’s debt plus equity/the replacement value of the firm’s assets15.1 the capital-structure question and the pie theoryV=B+SV-the value of the firmB-market value of the debtS- market value of the equity。

上市公司股利政策外文文献翻译

上市公司股利政策外文文献翻译XXX。

The study found that 72% of these companies have a specified dividend policy。

with larger and XXX。

The study also found a positive XXX and the presence of large long-term private or industrial owners with the XXX.Corporate finance is an essential aspect of any business。

and dividend policy XXX to have a defined dividend policy in place。

The XXX.The study also found a positive XXX and the presence of large long-term private or industrial owners with the XXX。

the results of this study support the use of defined XXX.In n。

this XXX firms have a specified dividend policy。

with larger and XXX。

The study also found a positive XXX and the presence of large long-term private or industrial owners with the XXX.XXX (1956) and Fama and Babiak (1968)。

numerous papers have XXX research has focused on the choice een dividends and share repurchases。

外汇管理制度(场景版)

外汇管理制度（场景版）一、引言随着全球经济的不断发展，国际间的贸易、投资、旅游等活动日益频繁，外汇管理显得尤为重要。

外汇管理制度是国家对跨境资金流动进行有效监管的重要手段，旨在维护国家经济安全、促进经济发展。

本文以外汇管理制度为核心，结合实际场景，对外汇管理进行详细阐述。

二、外汇管理制度概述外汇管理制度主要包括以下几个方面：1.外汇管制：国家通过制定相关政策，对跨境资金流动进行限制或禁止，以维护国家经济安全。

2.外汇管理政策：国家根据经济发展需要，制定一系列外汇管理政策，包括汇率政策、外汇储备政策等。

3.外汇市场监管：国家对金融机构的外汇业务进行监管，确保市场秩序稳定。

4.国际收支管理：国家通过调整外汇管理政策，保持国际收支平衡。

三、外汇管理制度在实际场景中的应用1.进口企业购汇场景：某国内企业A需要从国外进口原材料，按照合同约定，企业A需支付一定金额的外币。

操作流程：（1）企业A向银行提交购汇申请，提供相关证明材料，如进口合同、发票等。

（2）银行审核企业A的购汇资格，确保其购汇行为符合国家外汇管理政策。

（3）银行按照国家规定的汇率，为企业A购买相应金额的外币。

（4）企业A将购得的外币汇至国外供应商账户，完成支付。

2.出口企业结汇场景：某国内企业B出口商品至国外，收到国外客户支付的外币货款。

操作流程：（1）企业B向银行提交结汇申请，提供相关证明材料，如出口合同、发票等。

（2）银行审核企业B的结汇资格，确保其结汇行为符合国家外汇管理政策。

（3）银行按照国家规定的汇率，为企业B兑换相应金额的国内货币。

（4）企业B收到兑换后的国内货币，完成结汇。

3.个人购汇场景：某居民C计划出国旅游，需要购买一定金额的外币。

操作流程：（1）居民C向银行提交购汇申请，提供相关证明材料，如护照、签证、行程单等。

（2）银行审核居民C的购汇资格，确保其购汇行为符合国家外汇管理政策。

（3）银行按照国家规定的汇率，为居民C购买相应金额的外币。

公司理财(双语)10payout policy

18-10
Test
17- 11
True or false: dividends are irrelevant
True or false: d来自vidends policy are irrelevant
Low Payout Please
Why might a low payout be desirable?
18-16
Stock Repurchase
Company buys back its own shares of stock
– Tender offer – company states a purchase price and a desired number of shares – Open market – buys stock in the open market
17- 15
18-15
Example – Residual Dividend Policy
Given
– Need $5 million for new investments – Target capital structure: D/E = 2/3 – Net Income = $4 million
17- 2
17-2
Figure 17.1 Uses of Free Cash Flow
17- 3
A firm can retain its free cash flow, either investing or accumulating it, or pay out its free cash flow through a dividend or share repurchase. The choice between these options is determined by the firm’s payout policy.

Payout policy in 21st century

• 股票回购也遵循类似的流程。不同之处在于董事会通常会每年或毎年赋予进行股票回购的上限，此后何时进行，回购额多少，何部门参与都可以较为灵活的调整和决定，因此股票回购更灵活
股利政策的逻辑推理与实践
• 股利政策的重要性问题
• 股利无关论认为企业价值只与企业经营和投资有关，而本文在对财务主管们的代言访谈中发现，这种关于重要性的认识并没有明显变化。财务主管的首要目标是提供充足的资本和流动性以便寻找良好的投资机会和投资策略。同时结合自有盈余资金和外部资本来支持投资，在这些投资和外部融资决策制定之后，还需要保留充足的现金流来应对突发事件。然后当由剩余的现金流时通过分红派息或者股票回购讲资本返还给投资者，这表明股利政策是的重要性时位于第二、三位的。
Lintner股利研究以及当前的对比
• 第一，现实生活中，公司通常设定一个长期的股利支付率目标。当公司的现金不足且拥有很多净现值为正的投资项目时，可能设定较低的股利支付率;当公司的现金充分但净现值大于零的投资项目有限时，设定的股利支付率会较高。
• 第二，公司经理知道利润变化中只有部分是永久的。由于经理需要一定的时间来评估利润增加的持久性，因而股利变化通常要滞后于利润变化一定的时间。
• 2.每股股利可以用路径依赖理论来解释，即给定公司在给定时间下的股利水平很大程度上受公司的发展所影响。即使相似的公司其股利水平也不尽相同，因为其当前的相似不代表过去也相似
• 3.很多公司其实也想削减股利，但受限于历史政策的影响，一旦改变可能面临较大影响
• 4.削减股利的唯一可接受理由就是，公司面临严重的财务状况而别无选择
影响股利政策的因素
• 信息、信号和股价、
（2）信号一方面，通过股利政策传递的信息不能发出自己强于

公司金融知识点总结罗斯版

第一章公司金融概述1.公司的组织形式〔Forms of business organization〕3种〔1〕个人所有制〔proprietorship〕——无限责任〔Unlimited liability〕由个人所有的非公司制企业，对企业债务负有无限的个人责任〔2〕合伙制企业〔partnership〕——无限责任〔Unlimited liability〕由两个或两个以上的个人或法人联合组建的，以盈利为目的非公司制企业，每位合伙人对公司负有无限责任，为防止这一点，可以通过建立有限合伙公司〔limited partnership〕，在这种合伙制下，*些特定的合伙人被指定为一般合伙人〔general partners〕，其他合伙人则为有限合伙人〔limited partners〕，在有限责任合伙制中，有限合伙人的责任仅以其在企业的投资额为限〔Limited liability〕，而一般合伙人则承当无限债务责任。

〔Unlimited liability〕〔3〕公司制〔corporation〕——有限责任〔Limited liability〕众多所有者，按照法律建立的法律实体，公司所有者与管理者不同并相互独立。

〔即所有权与经营权别离〕好处：无限存续期、所有者权益易于转让、有限责任。

弊端：代理人本钱〔agenda cost〕造成了所有者、债权人、社会各利益体与经理人的利益冲突。

〔a conflict of interest〕和对股东双重课税〔对股东的股利收入征税外，还对公司收入征税〕注：代理人问题(The Agency Problem):如何防止公司的管理者〔managers〕或代理人〔agents〕将自己的利益置于股东〔Stockholders〕或所有者〔principal〕的权益之上？因为管理者是被雇来代表公司所有者权益行事的代理人。

代理人问题可以通过公司治理来解决，公司治理指的是控制公司行为的一套规则，对象包括公司董事、管理者、员工、股东、债权人等。

金融公司预算管理制度

金融公司预算管理制度一、前言随着金融行业的快速发展，金融公司在经营过程中需面对不断变化的市场环境和风险挑战。

预算管理作为金融公司企业管理的重要组成部分，对于公司的经营决策、资源配置和业务发展具有重要的作用。

为此，金融公司需要建立完善的预算管理制度，不断优化预算管理流程，提升公司的经营决策能力和风险管理水平。

本文将围绕金融公司预算管理制度展开讨论，包括预算管理的概念、意义、原则、流程、方法以及制度建设等内容，旨在为金融公司的预算管理提供参考和借鉴。

二、预算管理的概念与意义1. 预算管理的概念预算管理是指企业为了实现经营目标，通过编制、执行和监控预算计划，合理分配资源，优化资源配置，提高资源利用效率，达到企业经营目标的管理活动。

预算管理是企业管理中的一个重要环节，是企业实现目标管理和绩效评价的重要手段。

2. 预算管理的意义（1）优化资源配置。

通过预算管理，企业可以合理分配和利用资源，降低成本，提高效益，实现资源优化配置。

（2）实现目标管理。

预算作为企业的经营计划和目标，可以有效指导企业的经营活动，帮助企业实现长期发展目标。

（3）提高决策效率。

通过预算管理，企业可以对经营活动进行全面规划和控制，帮助企业领导层进行科学决策，提高决策效率和准确性。

（4）提升企业竞争力。

预算管理可以帮助企业加强内部管理，提升企业的综合竞争力，适应市场变化，增强抗风险能力。

三、预算管理的原则预算管理具有一定的原则性，金融公司在制定预算管理制度时需要遵循以下原则：（1）目标一致原则。

预算管理的制定应当与企业的经营目标和发展战略相一致，确保公司的各项预算计划和业务活动能够有助于实现公司长期发展目标。

（2）科学性原则。

预算管理应当以客观、科学的方法制定，充分考虑市场环境和企业内部的经营情况，保障预算的合理性和可操作性。

（3）全面性原则。

预算管理需要全面覆盖企业的各项经营活动，包括资金、成本、收入等各个方面，确保企业各项预算计划能够协调一致、有机结合。

公司金融名词解释之欧阳科创编

公司金融名词解释1.2.外部融资：指公司通过举债或者发行新股筹集资金。

3.内部融资：指公司从当年税后利润中划出一部分留存收益，作为公司未来发展的资金。

4.净现值原则：无资本约束时，公司应该接受所有净现值大于等于零的项目而拒绝所有净现值小于零的项目。

（不考虑实物期权）5.获利指数：指目标项目产生的现金流的现值与期初投资之比，考察的是目标项目期初投资创造现值的效率。

6.投资回收期：指项目产生的现金流可以收回期初投资的最短时间。

7.内涵收益率：指使目标项目净现值等于零时的折现率，是项目投资存续期内的年平均投资回报率。

8.公司资本机会成本：指公司现有证券全体所组成的投资组合的期望收益率。

9.约当年均成本：指项目存续期内，所有现金流出的现值之和。

10.分子策略（确定性等值法）：指将每年预计现金流中确定的部分按照无风险利率贴现的方法。

11.分母策略（风险调整贴现率法）：指通过风险来调整项目的贴现率，是投资风险调整方法之一。

12.敏感度分析：指分析在其他经济解释变量保持不变时,第i个经济解释变量X的变动对目标项目净现值Y造成的影响和影响程度。

敏感度等于dY/dX。

13.情景分析：一种特殊的敏感度分析。

指从所有经济解释变量同时变动的角度，考虑项目未来可能发生的变化的一种分析方法。

14.盈亏平衡点：公司盈亏平衡时所要达到的销售量或业务量。

15.决策树分析法：一种动态的分析方法，该方法将公司未来可以实施的投资方案均考虑在内，并作为当前投资的依据。

即通过描述所有投资路径，估算各路径可能的NPV来确定最佳投资路径，并结合每条路径的联合概率来评估项目可行性。

16.实物期权：指以实物为标的的期权，包括扩张期权、收缩期权、放弃期权、转换期权、延迟期权等。

特点是标的资产不参与交易；资产价格变化不连续；方差在存续期内难以保持不变；行权不可能瞬间完成。

17.资本结构：指公司不同的资本在总资本中所占的比重。

公司资本包括债务资本和权益资本。