经济Unit 6 Finance for Strategy

6.3 Extended skills
Ex. A
Word Part of speech fundamental (1) adj. explain (1) v (T/I) calculate (3) v (T) depreciation (3) n (U) important (4) adj Similar meaning key (1), important (4) make clear (1) work out (3) lose value (3) significant (4), key (1)
Para. 1
Regardless of the level of management, valuation and appraisal are two key financial skills a manager must have. 不管哪个管理层级，估值与估价都是一个管 理者必备的两个重要财务技能。 Subject + verb + object Valuation is two key…skills appraisal
Para. 2
A fixed sum of money earns interest if left in a Bank…一笔钱放银行将会赚取利息…… Therefore, a fixed amount paid in the future will be worth less than a fixed amount today. 未来一笔钱 （1000欧元）的价值比现今该笔钱的价值少。 NPV: net present value 净现值 DCF: discounted cash flow贴现现金流
Para. 4
A commonly quoted ratio for companies is the price-to-earnings ratio.一个常用的比率是市盈率。
Price-to-earnings ratio=share price/earning per share（股价/每股收益)
6.2 Valuation and appraisal
• Ex. A • Why are valuation and appraisal important financial skill for a manager? They enable a manager to assess the financial capabilities of an enterprise. • Ex. B • What is depreciation? It is the loss of value of an asset due to time and wear.
Para. 7
In recent years, following a number of large-scale scandals, regulation of accounts has become tighter in order to reduce the manipulation of accounts by managers. Following: after 近年来，随着一些重大丑闻的出现，帐目管理 日趋严格以减少管理者们篡改账目的情况。
Unit 6 Finance for Strategy
6.1 Vocabulary
Lesson aims:
• paraphrase at sentence level using passives, • synonyms, negatives, replacement subjects
6.1 Vocabulary
Para. 1
Central of these is the reality of the time value of money. 货币的时间价值 This is the idea that an investment will return money in the future that has a different value from the money that was originally invested.
6.1 Vocabulary
综合资产负债表
固定资产
资产，厂房，设备 投资资产 品牌人值 无形资产
现金及等价物 库存 应收帐款 预付款
流动资产
6.1 Vocabulary
资产净值及负债 资本及储备金
已发股本 储备金 累计储备金
带利息借款 收入税款 养老金支出
固定负债
6.1 Vocabulary
流动负债
Para. 5
Market capitalization:市值，市价总值 = share price * number of shares (multiply) Return on investment: earnings expected 投资报酬率
Para. 5
Having identified two potential projects, a manager skilled in valuation will probably prefer the project with the higher ROI. 鉴别两个潜力项目后，有经验的管理者会更倾向选择投 资回报率高的项目。 非谓语动词做伴随状语，主语要一致。 翻译句子： 老师抱着一本书，走进课室。 被留在家里，那孩子自己一人看电视。 Holding a book, the teacher went into the classroom. Left in the house, the child watched TV alone.
Para. 7
In fact, some managers are even guilty of manipulating accounts to show incorrect valuations. Be guilty of: responsible for breaking a law Manipulate: to control something or someone
6.1 Vocabulary
Ex. B
Consolidated balance sheet
It is a tool for evaluating the current financial situation of a company by comparing it with the financial performance of the company in the previous year. It is one important tool for use in company valuation or appraisal
Ex. B
Current liabilities: are monies owed by a company in the current year. They are payments to suppliers.
（[会计] 流动负债，[会计] 经常性贷款）
Fixed liabilities: are debts that last longer than one year, for example mortgages, debentures or long-term loans from the bank. （固定负债；长期负债）
Para. 6
Problems: DCF requires some prediction, which can never be absolutely accurate. There are also problems with human judgement and how to value intangible assets like copyright, brand and goodwill.
Para. 3
Historical cost:历史成本，实际成本 Net book value（NBV） is what appears on the balance sheet to show what assets minus depreciation are worth. 帐面净值是在资产表中减去贬值（折旧）后 的价值。
6.1 Vocabulary
Ex. B
Current assets: are sums of money owing to the business or money earned for things it has done in the past. For LBS, they have increased by 30 per cent.
6.3 Extended skills
Ex. B fill in the blanks with words from box a. fundamental consider explain share calculate depreciation technique important
6.1 Vocabulary
Ex. C correct the mistakes
• 1 Fixed assets have been adjusted for their depreciation in value. • 2 There was an increase in the value of capital reserves between the two years. • 3 The value of goodwill has risen over the year, with a small company takeover. • 4 Share values rose sharply when the company was faced with a takeover in the summer. • 5 Intangibles like goodwill are an essential/important part of this company’s valuation. • 6 Funds raised from shares are included in the capital side of the balance sheet.
6.3 Extended skills
Ex. A
Word Part of speech share (4) n (C) consider (4) v (T/I) technique (5) n (C/U) Similar meaek (4) method (5)
Para. 4
Valuation is also important for managers who need to appraise larger investments or the viability of projects or joint ventures.
在评估大型投资项目或合资企业的财务能力 时，估价对管理者同样地重要。
无形的东西，无形资产
（证券，货币）发行 负债，债务 比率，比价
6.1 Vocabulary
Ex. Put the words in box to the following table
收购
估价，估值
财政维持能力，生存能力
• re~, un~, in~, out~, ~ize, ~al, ~ty, ~ly, ~ion, ~ive.
（流动资产）
Fixed assets: include land, equipment, goodwill, etc., i.e., things the company owns. They are often subject to depreciation.
（固定资产）
6.1 Vocabulary
Ex. Put the words in box to the following table
评价，鉴定，估价 增值
资产
资 金，资本 折旧，贬值 支出，开支，费用
6.1 Vocabulary
Ex. Put the words in box to the following table
品牌价值，商誉