Unit 6 Financial Management and Cost Management

第二部分－－Unit 6 Financial Management and Cost Management Topic 1 筹资渠道 Financing Sources
Topic 2 营运资本管理 Working Capital Management
Topic 3 股利政策 Dividend Policy
Topic 4 资本成本 The cost of capital
Topic 5 企业价值评估 Business valuations
Topic 6 本量利分析 CVP Analysis
Topic 7 绩效评价 Performance Measurement
Topic 1 筹资渠道 Financing Sources
1.短期筹资 Short-term finance
2.长期筹资 Long-term finance
1.短期筹资 Short-term finance
短期负债筹资所筹集资金的使用时间较短，一般不超过1年。

短期负债筹资具有如下特点：Funds can be raised by short-term liabilities in short time. Usually short-term liabilities are due within one year. Characteristics of short-term liabilities include the following:
（1）筹资速度快，容易取得；Readily available;
（2）筹资富有弹性；Flexible;
（3）筹资成本较低；Financing cost is low;
（4）筹资风险高。

Financing risk is high.
企业可使用的短期融资渠道包括短期借款和商业信用。

A range of short-term sources of finance is available to businesses including short-term loans and trade credit.
2.长期筹资 Long-term finance
长期融资通常用于重要投资，与短期融资相比，成本较高且缺乏灵活性。

Long-term finance is used for major investments and is usually more expensive and less flexible than short-term finance.
长期筹资包括长期负债筹资、权益筹资（主要是指普通股筹资）和其他长期筹资。

Long-term finance includes long-term debt financing, equity financing（mainly refers to ordinary shares financing）, and other long-term financing.
其中长期负债筹资又包括长期借款筹资和长期债券筹资，权益筹资主要是指普通股筹资，其他长期筹资包括租赁和混合筹资。

Long-term debt financing contains long-term loans and long-term bonds, equity financing mainly refers to ordinary shares financing, while other long-term financing is composed of leasing and mixed financing.
（1）长期负债筹资 Long-term debt financing
a.长期借款筹资 Long-term loans
优点：筹资速度快；借款弹性好。

Advantages: Readily available; More flexible.
缺点：财务风险较大；限制条款较多。

Disadvantages: High financial risk; More restrictive covenants.
b.长期债券筹资 Long-term bonds financing
优点：筹资规模较大；具有长期性和稳定性；有利于资源优化配置。

Advantages: Larger financing scale; Long-term and stable; Optimizing the resources allocation.
缺点：发行成本高；信息披露成本高；限制条件多。

Disadvantages: High issuing cost; High cost of information disclosure; More restrictive covenants.
（2）权益融资 Equity finance
权益资本融资构成了企业的原始资本，也是实现债务资本融资以及进行资产投资的基础。

通过资本市场进行的权益资本筹集方式主要有普通股和优先股两种方式。

Equity financing constitutes the original capital of enterprises, and is also the basis of realizing debt financing and conducting assets investment. Methods of equity financing in capital markets include common stock financing and preferred stock financing.
普通股 Common stock;
优先股 Preferred stock;
股权登记日 Record date;
股票股利 Stock dividend;
股价最大化 Stock price maximization;
股票回购 Stock repurchase;
股票分割 Stock split;
普通股融资通常不需要归还本金且没有固定的股利负担，相对于债券和借款的固定性利息现金流支付所承担的财务风险而言，权益融资的融资成本较高。

Common stock financing usually does not need to repay the principal, and does not burden fixed dividend payment. The financing cost of equity financing are higher than that of bonds and loans which take the financial risk of paying fixed cash flow of interest.
普通股筹资的优点：Advantages:
a.没有固定利息负担; Without fixed interest;
b.没有固定到期日; Without fixed maturity date;
c.筹资风险小; Low financing risks;
d.能增加公司的信誉; Improve enterprises’ reputation;
e.筹资限制较少。

Less financing restrictions.
普通股筹资的缺点：Disadvantages:
a.普通股的资本成本较高;
Higher capital cost;
b.分散公司的控制权，削弱原有股东对公司的控制;
Decentralizing control rights of the enterprise, and weakening original shareholders’control over the enterprise;
c.如果公司上市，带来较大的信息披露成本;
If the enterprise want to be listed, it will bring higher cost of information disclosure;
d.股票上市会增加公司被收购的风险.
Stock listing will increase the risk of the company being acquired.
（3）其他长期筹资 Other long-term finance
a.租赁 Lease
满足下述条件的租赁划分为融资租赁：
It gives the following list of situations in which a lease would normally be classified as a finance lease:
租赁资产 Leasehold property;
承租人 Lessee;
出租人 Lessor;
租赁期 Lease term;
融资租赁 Financial lease/Capital lease;
经营租赁 Operating lease;
毛租赁 Gross lease;
直接租赁 Direct leasing;
混合租赁 Combination lease;
净租赁 Net lease;
杠杆租赁 Leverage lease;
杠杆贡献率 Leverage contributing ratio;
财务杠杆系数 Degree of financial leverage（DFL）;
经营杠杆系数 Degree of operating leverage（DOL）;
总杠杆系数 Degree of total leverage （DTL）;
净财务杠杆 Net financial leverage;
经营杠杆 Operating leverage;
a）在租赁期届满时，租赁资产的所有权转移给承租人
The ownership related to the lease has been transferred to the lessee, when the lease term expired.
b）承租人有购买租赁资产的选择权，所订立的购买价格预计将远低于行使选择权时租赁资产的公允价值
The lessee has the option to buy the leased asset at a price expected to be lower than fair value at the time the option is exercised.
c）租赁期占租赁资产可使用年限的大部分
The lease term is for the major part of the economic life of the asset.
d）租赁开始日最低租赁付款额的现值几乎相当于租赁开始日租赁资产的公允价值
At the beginning of the lease, the present value of the minimum lease payments （MLP ˊs） is approximately equal to the fair value of the asset.
e）租赁资产性质特殊，如果不做重新改制，只有承租人才能使用
The leased assets are of a specialized nature so that only the lessee can use them without major modification.
除融资租赁以外的租赁，全部归入经营租赁。

An operating lease is any lease other than a finance lease.
b.认股权证 Warrants
认股权证是公司向股东发放的一种凭证，授权其持有者在一个特定期间以特定价格购买特定数量的公司股票。

Warrants is a type of certificate issued by entity to shareholders, which allows holders to purchase prescribed number of shares at prescribed price in the given period.
认股权证筹资的主要优点是可以降低相应债券的利率。

发行附有认股权证的债券，是以潜在的股权稀释为代价换取较低的利息。

The highlighted merit of warrants is that it can lower the interest rate of the corresponding bonds. The bonds with warrants can be issued at lower interest rates, but at the cost of share equity dilution.
认股权证筹资的主要缺点是灵活性较少。

认股权证的执行价格，一般比发行时的股价高出20%至30%。

如果将来公司发展良好，股票价格会大大超过执行价格，原有股东会蒙受较大损失。

此外，附带认股权证债券的承销费用高于债务融资。

The key demerit of warrants is lack of flexibility. Usually the exercise price of warrants is higher than the share price on the date of issuing by about 20%-30%. If the entity develops successfully in the future, the share price will be much higher than the exercise price. This leads to larger losses suffered by the existing shareholders. In addition, the underwriting costs of bonds with warrants are higher than the costs of debt.
执行价格 Exercise price/Strike price;
市场价格 Market price;
市价稀释 Market price dilution;
公开增发 Public offering;
佣金 Commission;
c.可转换债券 Convertible bonds
优点 Advantages:
a）与普通债券相比，可转换债券使得公司能够以较低的利率取得资金。

Entities can obtain funds with lower interest rate compared to bonds.
流通债券 Negotiable bond;
债券面值 Par value/Face value;
债券到期日 Maturity date;
平息债券 Coupon bond;
纯贴现债券（零息债券） Discounted bond （Zero coupon bond）;
长期债券 Long-term bond;
短期偿债能力比率 Liquidity ratios;
资产负债率 Debt-to-asset ratio;
产权比率 Debt-to-equity ratio;
权益乘数 Equity multiplier;
股权价值 Equity value;
经济增加值 Economic value added（EVA）
b）与普通股相比，可转换债券使得公司取得了以高于当前股价出售普通股的可能性。

The holders of bonds may sell ordinary shares at the prices higher than market price compared to ordinary shares.
缺点 Disadvantages:
a）股价上涨风险
Risks arising from share prices rising
b）股价低迷风险
Risks arising from share prices falling
c）筹资成本高于纯债券
Higher financing costs than general bonds
CASE:
6.Assume you were the Project director of Victoria Securities. Determine the maximum amount of bonds offering （最高发行金额）in Hong Kong （also consider the capital need of Zhen Hua Company from the bonds offering in mainland China） .Besides，recommend to the management of Zhen Hua Company whether it should issue long-term bonds or short-term bonds in Hong Kong, and provide a reason
Solution:
·According to the Chinese laws and regulations, the maximum of bonds offering by Zhen Hua Company is 8 billion × 40% - 0 =3.2 billion （i. e. 3 200 000 000）.
·Consider the capital need from such bonds offering in mainland China, the maximum amount of bonds offering in Hong Kong is 3. 2 billion -1 billion =2. 2 billion （i. e. 2 200 000）
·It is suggested to issue long-term bonds.
·Reason ： The Company’s current liabilities ratio is 190/200 = 95% . The ratio is excessively high. Offering long-term bonds can lower the proportion of the Company’s current liabilities, optimize the Company’s debt
Topic 2 营运资本管理 Working Capital Management
1.现金管理 Cash management
2.应收账款管理 Account receivable management
3.存货管理 Inventory management
1.现金管理 Cash management
现金管理的目的在于提高现金使用效率，为达到这一目的，应当注意做好以下几方面工作：Cash management aims to increase the use of cash efficiently. To achieve this goal, we should do the following aspects well:
营运资本投资 Working capital investment;
现金预算 Cash budget;
现金股利 Cash dividend;
现金流量利息保障倍数 Cash flow interest coverage ratio;
经营活动现金流量 Cash flows from operational activities;
补偿性余额 Compensating balance;
营业现金毛流量 Gross operating cash flows;
债务现金流量 Free cash flows of creditors;
股权现金流量 Free cash flows of equity;
实体现金流量 Free cash flows of firm;
（1）力争现金流量同步。

企业应尽量使它的现金流入与现金流出发生的时间趋于一致，如果不能做到这一点，那么就应当使其现金余额维持在较低水平。

Striving to make the cash flows at the same pace. By making the time of cash inflows and cash outflows as close as possible, if not at the same time, the Company could maintain a low level of cash balance.
（2）使用现金浮游量。

从企业开出支票，收票人收到支票并存入银行，至银行将款项划出企业账户，中间需要一段时间。

在这段时间里，尽管企业已开出了支票，却仍可动用在活期存款账户上的这笔资金。

不过，在使用现金浮游量时，一定要控制好使用的时间，否则会发生银行存款的透支。

Using cash float. There exists a period of time from the company's issue of a check to the actual receipt of the check by the recipient, to the bank's actual clearance of the check. During this period, the company can still use the fund in the bank account although the check has been issued. However, the company must control the timing when using cash float so that possible bank overdraft can be avoided.
（3）加速收款。

这点要求企业在利用应收账款吸引顾客的同时缩短收款时间。

这要在两者之间找到适当的平衡点，并需实施妥善的收账策略。

Accelerating cash collection. This requires the company to shorten the length of time for account receivables while keeping customers attracted through account receivables. Balance has to be made between the two considerations, and proper account receivable collection strategies and actions should be taken.
（4）推迟应付账款的支付。

企业在不影响自己信誉的前提下，尽可能地推迟应付款的支付期，充分运用供货方所提供的信用优惠。

当然，这要权衡折扣优惠与急需现金之间的利弊得失而定。

Postponing payment of account payables. The company could take full advantage of credit provided by the suppliers by postponing payment of account payables to the extent possible on the condition that the company's reputation won't be adversely affected. Of course, this decision requires careful consideration of advantages and disadvantages between the supplier discounts and cash needs.
2.应收账款管理 Account receivable management
发生应收账款的原因,主要有以下两种:
There are two main reasons for the occurrence of account receivables:
第一,商业竞争。

这是发生应收账款的主要原因。

The first one is business competition. This is the main reason for presence of account receivables.
第二,销售和收款的时间差距。

商品成交的时间和收到货款的时间经常不一致,这也导致了应收账款。

Secondly, there is time gap between sales and receivables. Merchandise turnover time and payment time are often inconsistent; this also leads to account receivables.
应收账款周转次数 Accounts receivable turnover;
应收账款周转天数 Accounts receivable turnover days;
流动资产周转次数 Current assets turnover;
流动资产周转天数 Current assets turnover days;
流动比率 Current ratio;
速动比率 Quick ratio;
应收账款是企业为了扩大销售和盈利而进行的投资。

而投资肯定要发生成本,这就需要在应收账款信用政策所增加的盈利和这种政策的成本之间作出权衡。

只有当应收账款所增加的盈利超过所增加的成本时,才应当实施应收账款赊销;如果应收账款赊销有着良好的盈利前景,就应当放宽信用条件增加赊销量。

The account receivables are capital invested by company for the purpose of expansion of sales and profit, in which case cost is incurred. Company needs to balance the profit increased by the account receivables and the cost of this policy. Only when profit increased exceeds the increased cost of account receivables, company can increase the credit amount. If the offer of account receivables has a good prospect, company should relax credit conditions to increase credit sales.
应收账款赊销的效果好坏,依赖于企业的信用政策。

信用政策包括:信用期间、信用标准和现金折扣政策。

The effect of account receivables is dependent on company’s credit policy. The credit policy includes: credit period, credit standard and cash discount policy.
3.存货管理 Inventory management
存货是指企业在生产经营过程中为销售或者耗用而储备的物资。

在实际中,企业总有储存存货的需要,并因此占用或多或少的资金。

这种存货的需要出自以下原因:
Inventory is the reserved materials used for sales or consumption in company’s production process. In practice, the company is always to be required to have inventory storage, which occupies certain amount of capital. The demand for the inventory has the following reasons:
平均交货时间 Average delivery time;
保险储备（安全存量） Buffer inventory;
经济订货量 Economic order quantity（EOQ）;
存货周转次数 Inventory turnover;
存货周转天数 Inventory turnover days;
订货提前期 Order lead time;
订货成本 Ordering cost;
持有成本 Carrying cost;
间接成本 Indirect cost;
期间成本 Period cost;
非相关成本 Irrelevant cost;
混合成本 Mixed cost;
机会成本 Opportunity cost;
短缺成本 Shortage cost;
标准成本 Standard cost;
储存成本 Storage cost;
沉没成本 Sunk cost;
加权平均资本成本 Weighted average cost of capital（WACC）;
（1）保证生产或销售的经营需要。

Ensure the production or sales needs
（2）出自价格的考虑。

Price considerations
Topic 3 股利政策 Dividend Policy
1.剩余股利政策 Residual dividend policy
2.固定股利政策 Stable dividend policy
3.固定股利支付率政策 Constant dividend payout ratio
4.低正常股利加额外股利政策 Low regular plus specially designated dividends
5.股票股利、股票分割、股票回购 Share dividend, share split and share repurchase
1.剩余股利政策 Residual dividend policy
所谓剩余股利政策,就是公司有良好投资机会时,根据公司的目标资本结构,测算出投资所需的权益资本，先从盈余中留出投资所需的权益资本,然后将剩余的盈余作为股利予以分配。

With a residual dividend policy, a firm pays dividends from earnings left over after meeting calculated its investment needs while maintaining its target capital structure （optimal capital structure）, when it has good investment opportunities.
剩余股利政策 Residual dividend policy;
剩余权益收益 Residual equity income;
剩余净金融支出 Residual net financial expenditure;
剩余经营收益 Residual operating income;
2.固定或持续增长股利政策 Stable or constant growth dividend policy
固定或持续增长股利政策是指每年发放的股利固定在某一相对稳定的水平上并在较长的时期内不变,除非公司认为未来盈余会显著地、不可逆转地增长时,才提高年度的股利发放额。

A stable or constant growth dividend policy is one where the company maintains the same dividend per share each period unless it believes that future earnings will grow remarkably and irreversibly.
股利宣告日 Declaration date;
除息日 Ex-dividend date;
股利支付日 Payment date;
股利支付率 Dividend payout ratio;
利润留存率 Retention ratio;
每股净资产 Book value per share（BPS）;
发行价格 Issuance price;
清算价值 Liquidation value;
股价上行乘数 Upstream price multiplier;
股价下行乘数 Downstream price multiplier;
3.固定股利支付率政策 Constant dividend payout ratio
固定股利支付率政策是公司确定一个股利占盈余的比率,长期按此比率支付股利的政策。

既然公司的盈余是不断变化的,则股利也是不固定且无法预测的。

A constant dividend payout ratio is a policy of paying a fixed percentage of earnings as dividends. Since a firm’s earnings vary, such a policy results in unstable and unpredictable dividends.
4.低正常股利加额外股利政策 Low regular plus specially designated dividends
低正常股利加额外股利政策是指公司一般情况下每年只支付固定的、数额较低的股利,在盈余多的年份,再根据实际情况向股东发放额外股利。

A policy of low regular plus specially designated dividends is one in which a firm maintains a low regular cash dividend but pays a specially designed cash dividend based on the firm’s earnings performance.
5.股票股利、股票分割、股票回购 Share dividend, share split and share repurchase
（1）股票股利 share dividend
股票股利是公司以发放的股票作为股利的支付方式。

股票股利并不直接增加股东的财富,不导致公司资产的流出或负债的增加,同时也并不因此而增加公司的财产,但会引起所有者权益各项目的结构发生变化。

发放股票股利以后,如果盈利总额与市盈率不变,会由于普通股股数增加而引起每股收益和每股市价的下降。

但由于股东所持股份的比例不变,每位股东所持有股票的市场价值总额仍保持不变。

Share dividend means entities pay share dividends in shares. Share dividends do not increase the shareholders’ wealth directly; do not cause the outflow of assets or increase liabilities and accordingly do not increase the assets of an entity. However, share dividends will lead to the structure changes among the items of equity. After paying share dividends, given both profits and P/E remain unchanged, as the number of ordinary shares increases, the EPS and share price will go down. However, as for the holding proportion by each shareholder remains unchanged, the total market value of shares held by each shareholder remains unchanged.
配股后每股价格 After-allotment price per share;
配股权价值 Allotment option value;
配股价格 Allotment price;
股票股利的意义主要表现在几个方面：
The significance of share dividend includes the following:
a.使股票的交易价格保持在合理的范围之内；
Keep the share trading price within the reasonable scope;
b.以较低的成本向市场传达利好信号；
Convey good signals to the market at a low cost;
c.有利于保持公司的流动性。

Keep the liquidity at a reasonable level.
每股盈余 Earnings per share（EPS）;
每股盈余稀释 EPS dilution;
每股盈余无差别点法 EPS indifferent point method（EBIT-EPS break even analysis）;
每股盈余最大化 EPS maximization;
期权价值 Option value;
套期保值原理 Hedging principle;
（2）股票分割 Share split
股票分割是指将面额较高的股票交换成面额较低的股票的行为。

股票分割时,发行在外的股数增加,使得每股面额降低。

如果盈利总额和市盈率不变,则每股收益下降,但公司价值不变,股东权益总额以及股东权益各项目的金额及其相互间的比例也不会改变。

Stock split means to convert shares with high face value into shares with low face value. In case of stock split, the number of shares outstanding will increase and the par value per share will decrease accordingly. Given total profits and P/E remain unchanged, the EPS will fall. However, the entity’s value, total equity, amounts and each proportion of items in the equity also remain unchanged.
对于公司来讲,实行股票分割的主要目的在于通过增加股票股数降低每股市价,从而吸引更多的投资者。

To an entity, the objective of stock split is to lower the market price of shares by increasing the number of shares, then to attract more investors.
（3）股票回购 Share repurchase
股票回购是指公司出资购回自身发行在外的股票。

公司以多余现金购回股东所持有的股份,使流通在外的股份减少,每股股利增加,从而会使股价上升,股东能因此获得资本利得,这相当于公司支付
给股东现金股利。

所以,可以将股票回购看作是一种现金股利的替代方式。

A share repurchase is an entity’s buying back its shares outstanding from the marketplace. The entity repurchases the shares outstanding with surplus cash, which leads to the decrease of number of shares outstanding, then the increase of dividend per share, at last the increase of share price. So the share repurchase can make shareholders earn the capital gains. In fact, this is equivalent to pay the cash dividend to shareholders and can be considered as substitute for the cash dividend.
然而,股票回购却有着与发放现金股利不同的意义。

However, there exists material difference between share repurchase and cash dividend.
a.对股东而言,股票回购后股东得到的资本利得需缴纳资本利得税,发放现金股利后股东则需缴纳股息税。

在前者低于后者的情况下,股东将得到纳税上的好处。

但另一方面,有些因素很可能因股票回购而发生变化,其结果是否对股东有利难以预料。

To shareholders, they should pay tax on the capital gains arising from share repurchase or pay tax on the cash dividends. Given the former is less than the latter, shareholders can enjoy the tax benefits. On the other hand, share repurchase is influenced by many factors, which leads to uncertainties for effects on the shareholders.
b.对公司而言,进行股票回购的最终目的是有利于增加公司的价值。

To entities, the ultimate aim for share repurchases is to increase the value of entities.
Topic 4 资本成本 The cost of capital
多种因素会影响资本成本。

其中有些因素是在公司掌控之中，有些则不是。

例如，公司无法控制利率、税率及市场风险溢价等因素。

反之，公司的管理者则可影响资本成本。

例如，有关投资政策的决策会影响公司面临的风险，进而会影响债权人和股东希望得到的回报率。

Various factors affect the cost of capital. Some of them are within the firmˊs control while others are not. For example, firms have no direct control over the level of interest rates, tax rates and the market risk premium. Conversely, managers can affect the cost of capital of their firm. For example, investment policy decisions affect the risk of the firm and hence the rate of return required by creditors and shareholders who provide the funds.
取得成本 Acquisition cost;
资本成本 Cost of capital;
必要报酬率 Required rate of return;
目标资本结构 Target capital structure;
税后债务成本 Cost of debt after tax;
利息保障倍数 Interest coverage ratio;
税后利息率 Interest rate after tax;
息前税前利润 Earnings before interests and taxes（EBIT）;
权益净利率 Return on equity
投资报酬率 Return on investment;
无风险利率 Risk-free interest rate;
无风险报酬率 Risk-free rate of return;
通货膨胀率 Inflation rate;
股东权益增长率 Shareholders’ equity growth ratio;
证券市场线 Security market line（SML）;
系统风险（市场风险、不可分散风险） Systematic risk （Market risk/Non-diversifiable risk）;
项目特有风险 Project-specific risk;
市场风险溢价 Market risk premium;
贝塔（β）系数 Beta coefficient;
市场组合 Market portfolio;
内含报酬率法 Internal rate of return（IRR）;
内含增长率 Internal growth rate;
资本结构决策会对公司的融资组合产生影响，反过来也会影响公司的资本成本。

最后，股利政策决策会影响支付股利或留存收益的数量。

股利政策因此也会影响投资者要求的报酬率及公司的资本成本。

Capital structure decisions have an effect on the financing mix of the firm, which in turn affect its cost of capital. Finally, dividend policy decisions influence the amount of earnings distributed to shareholders or retained earnings. Dividend policy can affect the return investors require and the firmˊs cost of capital.
Topic 5 企业价值评估 Business valuations
1.市盈率模型 P/E
2.市净率模型 P/B
3.市销率模型 P/S
企业价值评估 Corporate valuation;
持续经营价值 Going concern value;
实际增长率 Actual growth rate;
实际利率 Actual interest rate;
浮动利率 Floating interest rate;
浮动优惠利率 Floating prime interest rate;
资本支出 Capital expenditure;
财务估价 Financial valuation;
营业现金净流量 Net operating cash flows;
时间溢价 Time premium;
货币的时间价值 Time value of money;
终值 Future value（FV）; 现值 Present value（PV）;
复利 Compound interest; 折现率 Discount rate;
复利终值系数 FV interest factor;
复利现值系数 PV interest factor;
预付年金（即付年金、期初年金） Annuity due;
预付年金终值系数 FV interest factor of annuity due;
预付年金现值系数 PV interest factor of annuity due;
普通年金（后付年金） Ordinary annuity;
永久债券 Perpetual bond; 永续年金 Perpetuity;
净现值 Net present value（NPV）;
互斥项目 Mutually exclusive projects/events;
净现值法 NPV method;
现值指数 Present value index;
会计报酬率法 Accounting rate of return（ARR）;
到期收益率法 Yield-to-maturity method（YTM method）;
回收期法 Payback period method;
1.市盈率模型 P/E
2.市净率模型 P/B
3.市销率模型 Price-to-sales ratio model
本期市销率Current price-to-sales ratio;
内在市销率 Intrinsic sales multiplier;
内在价值 Intrinsic value;
销售净利率 Net profit margin;
外部融资销售增长比 External financing needed to sales growth ratio; 经营资产销售百分比 Percentage of operating assets to sales;
经营负债销售百分比 Percentage of operating liabilities to sales;
销售百分比法 Percentage-of-sales method;
可持续增长率 Sustainable growth rate;
表3 市销率模型评价和适用性
Topic 6 本量利分析 CVP Analysis
盈亏临界点 Break-even point;
完工产品 Finished goods;
在产品 Work-in-progress;
管理费用 General and administrative expense;
生产成本 Production cost;
制造费用 Production overhead;
单位销售价格 Unit sales price;
单位变动成本 Unit variable costs;
利润中心 Profit center; 责任中心 Responsibility center;
投资中心 Investment center; 收入中心 Revenue center;
利润最大化 Profit maximization;
内部转移价格 Internal transfer price;
成本性态 Cost behavior；
成本中心 Cost centre；
成本的归集和分配 Cost collection and allocation;
成本差异 Cost variance;
固定成本总额 Total fixed cost;
安全边际率 Safety margin ratio;
变动成本率 Variable cost ratio'
盈亏临界分析是本量利分析的一项基本内容,亦称损益平衡分析或保本分析。

它主要研究如何确定盈亏临界点、有关因素变动对盈亏临界点的影响等问题。

并可以为决策提供在何种业务量下企业将盈利,以及在何种业务量下会出现亏损等信息。

Break-even analysis is a basic content of CVP analysis which is also called even point analysis. Break-even analysis mainly researches how to determine break-even point, how changes in related factors influence the break-even point, and so on. It can also provide information about how many volumes will make the enterprise get profit and how many volumes will make it get loss for decision-making.
盈亏临界点,是指企业收入和成本相等的经营状态,即边际贡献等于固定成本时企业所处的既不盈利又不亏损的状态。

Break-even point refers to the operating status in which the enterprise’s revenue equals to its cost. That is to say, when contribution margin equals to fixed cost, the enterprise neither get profit nor get loss.
全面预算 Comprehensive budget;
固定预算 Fixed budget;
弹性预算 Flexible budget;
定期预算 Periodic budget;
产品成本预算 Product cost budget;
生产预算 Production budget;
制造费用预算
Manufacturing overhead budget;
销售预算 Sales budget; 销售费用 Sales expense;
销售预测 Sales forecast; 销售增长率 Sales growth rate;
代销 Sales on commission; 销售数量 Sales volume;
标的资产 Underlying assets;
包销 Underwrite;
Topic 7 绩效评价 Performance Measurement
1.盈利基础的业绩计量 Profit-based performance measurement
2.剩余收益基础的业绩计量 Residual income（RI）
3.经济增加值基础的业绩计量 Economic value added（EVA）
市场增加值 Market value added（MAV）;
最大最小法 Maximin method;
企业价值最大化 Maximization of firm’s value;
股东财富最大化 Maximization of shareholders’ wealth;
共同年限法 Replacement chain （common life） approach;
1.盈利基础的业绩计量
Profit-based performance measurement
表4 盈利基础的业绩计量
2.剩余收益基础的业绩计量 Residual income（RI）
表5 剩余收益基础的业绩计量
3.经济增加值基础的业绩计量 Economic value added（EVA）
表6 经济增加值基础的业绩计量
CASE：2012年B卷现金流管理问题
10. Given the cash shortage that Knight Co., Ltd （the “Company”） is facing due to its expansion of investment, what recommendations in cash flow management would you make to the company to improve efficiency of the company's cash management? （3分）Solution:
The following suggestions can be made:
（1）Striving to make the cash flows at the same pace. By making the time of cash inflows and cash outflows as close as possible, if not at the same time, the Company could maintain a low level of cash balance.
（2）Using cash float. There exists a period of time from the Company's issue of a check and the actual receipt of the check by the recipient, and the bank's actual clearance of the check. During this period, the Company can still use the fund in the bank account although the check has been issued. However, the Company must control the timing when using cash。