财务管理ppt英文课件Chapter 12
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财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
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2）Assets、Liabilities & Owner’s Equity
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16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
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一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
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1）Account、Accounting & Accountant
Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
财务管理基础斯坦利布洛克Chapter (12)
• The BE chart is NOT time related • The BE point depends on the number of sales needed to generate revenue to cover costs! • Break-even analysis is useful for long-term decisions, but for short-term decisions, we can think about cash break-even analysis. • Break-Even analysis before is based on accounting
Delete Depreciation FC = ($60,000 − $20,000) = $40,000 = 33,333
• Break-Even analysis based on cash flows
P − VC $2.00 − $0.80 $1.20
Q=(FC-D)/(p-v)
Cash Break-Even Analysis Chart
Q2
Q1
2.2 Operating Leverage
Definition: •Operating leverage reflects the extent to which fixed assets and associated fixed costs are utilized in business. •A firm with relatively high fixed operating costs will experience more variable operating income if sales change.
Delete Depreciation FC = ($60,000 − $20,000) = $40,000 = 33,333
• Break-Even analysis based on cash flows
P − VC $2.00 − $0.80 $1.20
Q=(FC-D)/(p-v)
Cash Break-Even Analysis Chart
Q2
Q1
2.2 Operating Leverage
Definition: •Operating leverage reflects the extent to which fixed assets and associated fixed costs are utilized in business. •A firm with relatively high fixed operating costs will experience more variable operating income if sales change.
财务管理英文课件Operating-and-Financial-Leverage.ppt
16-4
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
《财务管理基础》英文ppt课件
Limited Partnership -- limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability.
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
individual form
Disadvantages
• Unlimited liability • Hard to raise
additional capital • Transfer of
ownership difficulties
2-6
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
• Easy transfer of
• More diffiablish
• Unlimited life
• More expensive to
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
individual form
Disadvantages
• Unlimited liability • Hard to raise
additional capital • Transfer of
ownership difficulties
2-6
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
• Easy transfer of
• More diffiablish
• Unlimited life
• More expensive to
财务管理英文课件
财务管理英文 课件
Development of Financial Management
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
The company’s secretary was in charge of raising funds and producing the annual reports, as well as the accounting function.
Copyright © 2003 Pearson Education Australia Pty Limited
Profit maximisation functions largely as a theoretical goal.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 9
Copyright © 2003 Pearson Education Australia Pty Limited
Development of Financial Management
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
The company’s secretary was in charge of raising funds and producing the annual reports, as well as the accounting function.
Copyright © 2003 Pearson Education Australia Pty Limited
Profit maximisation functions largely as a theoretical goal.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 9
Copyright © 2003 Pearson Education Australia Pty Limited
财务管理ppt英文课件Chapter 12-47页精选文档
7Leabharlann Original Investment (Year 0)
Original capital investment for this project is $90,000
➢ The project’s duration is three years. ➢ Investment will be depreciated straight-line (1/3 each
Chapter Objectives
The Capital Budgeting Process
Generating Investment Project Proposals
Estimating Project “After-Tax Incremental Operating Cash Flows”
Copyright 2019 Prentice-Hall, Inc.
1
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Estimate after-tax incremental operating cash flows for the investment projects.
Copyright 2019 Prentice-Hall, Inc.
2
Classification of Investment Project Proposals
1. New products or expansion of existing products
2. Replacement of existing equipment or buildings
财务管理 英文版PPT课件
1
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
会计学原理英文课件12
GENERAL JOURNAL
Date Description Debit Credit
12-11
Securities Available for Sale (SAS) – year-end valuation
If market price increases:
Dr: Allowance to value at market - SAS Cr: Unrealized gains - SAS Dr: Unrealized losses - SAS Cr: Allowance to value at market - SAS
The accounting method depends on the type of security and the level of ownership (influence).
Investment Category Stock Stock Stock Passive Significant influence Control
The unrealized holding loss would be reported in the stockholders’ equity section of Washington Post’s balance sheet.
12-14
Securities Available for Sale (SAS) – year-end valuation
Now let’s assume that the INew’s securities were held through the year 2011. At the end of 2011, the stock had a $61 per share market value.
财务管理英文课件.ppt
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
Slide: 1 - 6
Typical Finance Structure
Chief Financial Officer
Chief Accountant
Corporate Treasurer
Copyright © 2003 Pearson Education Australia Pty Limited
• Interest in these topics grew and in turn spurred interest in security analysis, portfolio theory and capital structure theory.
Copyright © 2003 Pearson Education Australia Pty Limited
Corporate treasurer is in charge of raising funds, managing liquidity and banking relationships and controlling risks.
Copyright © 2003 Pearson Education Australia Pty Limited
chapter 1 & 3 Scope and environment of
财务管理英文版(PPT 60页)
13-2
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
财务管理 英文课件
2a-11
-
Expenses
Decreases in OE representing the consumption or loss of economic benefits in the form of reduction in assets or increases in liabilities
2a-8
500,000 $1,000,000
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable . . . . Notes payable . . . . . . Accrued expenses . . . . Total current liabilities . . . . . . . . . . . . . . . . . . . . . $ 80,000 100,000 30,000 210,000 90,000 300,000 50,000 100,000 250,000 300,000 700,000
2a-9
Long-term liabilities: Bonds payable, 2010 . . . . . . . . Total liabilities . . . . . . . . . Shareholders’ equity: Preferred shares, $100 par value, 500 shares Ordinary shares, $1 par value, 100,000 shares Capital paid in excess of par (ordinary shares) Retained earnings . . . . . . . . . . Total shareholders’ equity . . . . Total liabilities and shareholders’ equity .
财务管理(英文第十三版)12
12-2
What is Capital Budgeting?
The process of identifying, analyzing, and selecting investment projects whose returns (cash flows) are expected to extend beyond one year.
12-5
Classification of Investment Project Proposals
1. New products or expansion of existing products
2. Replacement of existing equipment or buildings 3. Research and development 4. Exploration 5. Other (e.g., safety or pollution related)
Evaluate project incremental cash flows.
12-4
The Capital Budgeting Process
Select projects based on a valuemaximizing acceptance criterion. Reevaluate implemented investment projects continually and perform postaudits for completed projects.
Recovery Year 1 2 3 4 5 7 8
12-12
Property Class 3-Year 5-Year 33.33% 20.00% 44.45 32.00 14.81 19.20 7.41 11.52 11.52 5.76
会计学原理英文12PPT课件
Type of Investment
Trading Securities
Securities Available for
Sale
Definition
Actively traded for potential profit. Not actively
traded, held for investment returns.
recorded at cost.
Investment carrying amount is adjusted to current market value.
Unrealized holding gains and losses are
recorded.
12-7
Classifying Passive Stock Investments
12-4
Investments in Stock for Control
Investments made with the intent to exert control over another corporation.
The investing company has the ability to determine the operating and financial policies of another corporation.
The ability of the investing company to
have an important impact on the operating and
financial policies of another company.
Significant Influence 20% - 50% outstanding shares
财务管理12版 英文ppt (1)[11页]
![财务管理12版 英文ppt (1)[11页]](https://img.taocdn.com/s3/m/d29a0cc043323968001c925b.png)
1-9
Conflicts Between Managers and Stockholders
1-5
Stock Prices and Shareholder Value
▪ The primary financial goal of management is
shareholder wealth maximization, which translates to maximizing stock price.
Executive Compensation
▪ Important Business Trends ▪ Conflicts Between Managers,
Stockholders, and Bondholders 1-1
Finance Within the Organization
Board of Directors
▪ Increased globalization of business. ▪ The effects of ever-improving information
technology have had a profound effect on all aspects of business finance.
1-4
Corporation
▪ Advantages
▪ Unlimited life ▪ Easy transfer of ownership ▪ Limited liability ▪ Ease of raising capital
▪ Disadvantages
▪ Double taxation ▪ Cost of set-up and report filing
▪ Stock prices change over time as conditions
Conflicts Between Managers and Stockholders
1-5
Stock Prices and Shareholder Value
▪ The primary financial goal of management is
shareholder wealth maximization, which translates to maximizing stock price.
Executive Compensation
▪ Important Business Trends ▪ Conflicts Between Managers,
Stockholders, and Bondholders 1-1
Finance Within the Organization
Board of Directors
▪ Increased globalization of business. ▪ The effects of ever-improving information
technology have had a profound effect on all aspects of business finance.
1-4
Corporation
▪ Advantages
▪ Unlimited life ▪ Easy transfer of ownership ▪ Limited liability ▪ Ease of raising capital
▪ Disadvantages
▪ Double taxation ▪ Cost of set-up and report filing
▪ Stock prices change over time as conditions
FinancialManagement财务管理英文版.ppt
the dollar profit on the sale?
250 yen = 250(0.0138) = 3.45 A. dollars. 6 – 3.45 = 2.55 Australian dollar profit. 1.5385 A. dollars = 1 U. S. dollar. Dollar profit = 2.55/1.5385 = $1.66.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 6
What is an indirect quotation?
The number of units of foreign currency needed to purchase one U. S. dollar, or the reciprocal of a direct quotation.
1 Unit
Japanese yen
0.009
Australian dollar
0.650
Are these currency prices direct or indirect quotations?
Since they are prices of foreign currencies expressed in dollars, they are direct quotations.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 3
Why do firms expand into other countries?
1. To seek new markets. 2. To seek raw materials. 3. To seek new technology. 4. To seek production efficiency. 5. To avoid political and regulatory
250 yen = 250(0.0138) = 3.45 A. dollars. 6 – 3.45 = 2.55 Australian dollar profit. 1.5385 A. dollars = 1 U. S. dollar. Dollar profit = 2.55/1.5385 = $1.66.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 6
What is an indirect quotation?
The number of units of foreign currency needed to purchase one U. S. dollar, or the reciprocal of a direct quotation.
1 Unit
Japanese yen
0.009
Australian dollar
0.650
Are these currency prices direct or indirect quotations?
Since they are prices of foreign currencies expressed in dollars, they are direct quotations.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 3
Why do firms expand into other countries?
1. To seek new markets. 2. To seek raw materials. 3. To seek new technology. 4. To seek production efficiency. 5. To avoid political and regulatory
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Chapter 12
Capital Budgeting and Estimating Cash Flows
Chapter Objectives
The Capital Budgeting Process
Generating Investment Project Proposals
Estimating Project “After-Tax Incremental Operating Cash Flows”
Reevaluate implemented investment projects continually and perform postaudits for completed projects.
Copyright 2001 Prentice-Hall, Inc.
3
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
The total cash flow to debtholders and cash flow to shareholders. Consists of: operating cash flow - the cash flow that results from day-to-day activities of producing and selling; capital spending - the net spending on noncurrent assets; and additions to net working capital - the amount spent on net working capital.
Slides prepared by Wu Xiaolan
Classification of Investment Project Proposals
1. New products or expansion of existing products
2. Replacement of existing equipment or buildings
3. Research and development 4. Exploration 5. Other (e.g., safety or pollution related)
Copyright 2001 Prentice-Hall, Inc.
4
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
The process of identifying, analyzing, and selecting investment projects whose returns (cash flows) are expected to extend beyond one year.
Copyright 2001 Prentice-Hall, Inc.
Slides prepared by Wu Xiaolan
Financial Cash Flow
In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.
2
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Copyright 2001 Prentice-Hall, Inc.
6
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Estimate after-tax incremental operating cash flows for the investment projects.
Evaluate project incremental cash flows.
Select projects based on a value-maximizing acceptance criterion.
Since there is no magic in finance, it must be the case that the cash from received from the firm’s assets must equal the cash flows to the firm’s creditors and stockholders. CF(A)≡ CF(B) + CF(S)
Copyright Байду номын сангаас 2001 Prentice-Hall, Inc.
1
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
What is Capital Budgeting?
Copyright 2001 Prentice-Hall, Inc.
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Cash Flow From Assets
Capital Budgeting and Estimating Cash Flows
Chapter Objectives
The Capital Budgeting Process
Generating Investment Project Proposals
Estimating Project “After-Tax Incremental Operating Cash Flows”
Reevaluate implemented investment projects continually and perform postaudits for completed projects.
Copyright 2001 Prentice-Hall, Inc.
3
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
The total cash flow to debtholders and cash flow to shareholders. Consists of: operating cash flow - the cash flow that results from day-to-day activities of producing and selling; capital spending - the net spending on noncurrent assets; and additions to net working capital - the amount spent on net working capital.
Slides prepared by Wu Xiaolan
Classification of Investment Project Proposals
1. New products or expansion of existing products
2. Replacement of existing equipment or buildings
3. Research and development 4. Exploration 5. Other (e.g., safety or pollution related)
Copyright 2001 Prentice-Hall, Inc.
4
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
The process of identifying, analyzing, and selecting investment projects whose returns (cash flows) are expected to extend beyond one year.
Copyright 2001 Prentice-Hall, Inc.
Slides prepared by Wu Xiaolan
Financial Cash Flow
In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.
2
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Copyright 2001 Prentice-Hall, Inc.
6
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Estimate after-tax incremental operating cash flows for the investment projects.
Evaluate project incremental cash flows.
Select projects based on a value-maximizing acceptance criterion.
Since there is no magic in finance, it must be the case that the cash from received from the firm’s assets must equal the cash flows to the firm’s creditors and stockholders. CF(A)≡ CF(B) + CF(S)
Copyright Байду номын сангаас 2001 Prentice-Hall, Inc.
1
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
What is Capital Budgeting?
Copyright 2001 Prentice-Hall, Inc.
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Cash Flow From Assets