E机械课件1财务管理(英文版)Financial Managementfmch24[1]

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E机械课件1财务管理(英文版)Financial Managementfmch23[1]

Ch. 23 - Corporate Restructuring: Combinations and Divestitures
2002, Prentice Hall, Inc.
Corporate Restructuring
1960s - Mergers of unrelated firms formed huge conglomerates. 1980s - Investors purchased conglomerates and sold off the pieces as independent companies. 1990s - Strategic mergers of related firms to create synergies.
Possible Benefits of Mergers
• Increased Market Power ex: merging may increase monopoly power, but too much may be illegal. • Reduction in Bankruptcy Costs ex: merger may improve financial condition of the combined firm, reducing direct and indirect costs of financial distress.
Possible Benefits of Mergers
• Economies of Scale ex: reduce administrative expenses as a percentage of sales. • Tax Benefits ex: target firm has tax credits from operating losses, and lacks the income to use the credits. • Unused Debt Potential ex: merging with a firm that has little debt increases debt capacity.

财务管理ppt英文课件Chapter-3.ppt

100 106 112 118
Copyright 2001 Prentice-Hall, Inc.
12
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6
Value
100 106
Future Values
Example - Simple Interest
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6 6 6
Value
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Interest Rate Terminology
Simple interest refers to interest earned only on the

财务管理英文课件1

3.
4. 5. 6. 7.
II. What is Business finance? 1. Career Opportunities in Finance
• Money and capital markets • Investments • Business Finance or Financial management
3. Responsibility of the Financial Staff
• Maximize stock value by:
– Forecasting and planning – Investment and financing decisions – Coordination and control – Transactions in the financial markets – Managing risk – Dividend policy & distribution decisions
Useful Websites：
• • • • • • • • • • • • • •
Course Outline
1.Course Pre-requisite: Financial Accounting or equivalent. 2.Course objectives:
This course is designed for the student, not only the finance major, but also accounting major. We will cover a lot of ground. We will begin with a general overview and then go into more detail on several concepts, financial instruments, and techniques used in financial decision making. The chief objectives of the course are: 1. To introduce you to the world of finance. Anyone involved with the management of a business needs to have at least some minimal knowledge of business finance. 2. To introduce you to basic financial concepts such as the time value of money, asset valuation, and risk and return. My hope is that by the end of the class you will have a basic grasp of finance principles and that you go beyond just memorizing a number of facts and formulas. Doing so will enable you to better understand current events in Finance and will provide a solid framework for any subsequent courses you may take in Finance. Hopefully, by the end of the semester you will want to take additional classes in Finance! The structure of this class makes your individual study and preparation outside class extremely important. The lecture material will focus on the major points introduced in the text. Reading the assigned chapters and having some familiarity with them before class will greatly assist your understanding of the lecture. After the lecture, you should study your notes and work relevant problems that I will assign you.

E机械课件1财务管理(英文版)Financial Managementfmch19[1]

Cash Management
Managing Cash Inflow
• Preauthorized Checks (PACs)
Arrangement that allows firms to create checks to collect payments directly from customer accounts.
Ch. 19: Cash and Marketable Securities Management
2002, Prentice Hall, Inc.
Liquid Asset Management
CASH- motives for holding cash: • Transactions: to meet cash needs that arise from doing business. • Precautionary: having cash on hand for unexpected needs. • Speculative: to take advantage of potential profit-making situations.
Cash Management
Managing Cash Inflow
• Reducing Float can speed up cash receipts. • Transit float: time required for a check to clear through the banking system and become usable funds. • Disbursing float: occurs because funds are available in a firm’s bank account until its payment check has cleared through the banking system.

财务管理英文fmch14[1]PPT课件

firm
securities
Movement of Savings
• Indirect Transfer using Investment Banker funds
saver
investment
banker
firm
securities
Movement of Savings
• Indirect Transfer using Investment Banker
Which of these are RISKY? Which promise HIGH RETURNS? Is there a relationship between RISK
and RETURN?
Corporate Financing Sources
• In 1999, over l corporate financing was raised.
• Indirect Transfer using Investment Banker funds
investment
banker
firm
Movement of Savings
• Indirect Transfer using Investment Banker funds
investment
banker
earn a high rate of return.
Types of Securities
• Treasury Bills and Treasury Bonds • Municipal Bonds • Corporate Bonds • Preferred Stocks • Common Stocks
financial intermediary

财务管理英文课件Cha

Profit budget
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness

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）
2020/2/21
山东轻工业学院商学院
10
2）Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
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
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
山东轻工业学院商学院
8
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

《财务管理专业英语》课件

CHAPTER
01
Introduction
Course Title: PPT courseware for Financial Management Professional English
Course Objective: To provide learners with the knowledge and skills required to communicate effectively in English about financial management concepts and practices
PPT courseware for Financial Management Profession
目录
contents
IntroductionFundamentals of Financial ManagementFinancial English Professional TerminologyFinancial Management Practice CasesFinancial English Reading and WritingEpilogue
Financing
A company raises funds through the issuance of stocks, bonds, or other means to expand its business, research and development, or other investment activities.
Summary: Exploring case studies of corporate fundraising decisions, involving the selection of fundraising methods, optimization of capital structure, and other aspects.

财管课件Financial Management-topic04-2013

21
Term Structure of Interest Rate
Theories of term structure

Three theories of term structure: the expectation theory, the liquidity preference theory and the market segmentation theory
6-4
Learning Goals
LG7 Differentiate between debt andfeatures of both common and preferred stock. LG9 Describe the process of issuing common stock, including venture capital, going public and the investment banker.
2
Learning Goals
LG1 Describe interest rate fundamentals, the term structure of interest rates, and risk premiums. LG2 Review the legal aspects of bond financing and bond cost. LG3 Discuss the general features, yields, prices, popular types, and international issues of corporate bonds.
2
3 5
7
maturities
1 0
2 0
TreasuryYield Curve

E机械课件1财务管理(英文版)Financial Managementfmch17[1]

Return =
P1 - Po Po
pay dividends,
Return =
P1 - Po Po
+
D1 Po
• If we pay dividends, stockholders receive an immediate cash reward for investing,
=
Capital Gain
Stock Returns: Return =
P1 - Po Po P1 - Po + D1 Po D1 + Po Dividend Yield
=
Capital Gain
Dilemma: Should the firm use retained earnings for: a) Financing profitable capital investments? b) Paying dividends to stockholders?
Is Dividend Policy Important?
Three viewpoints: 1) Dividends are Irrelevant. If we assume perfect markets (no taxes, no transaction costs, etc.) dividends do not matter. If we pay a dividend, shareholders’ dividend yield rises, but capital gains decrease.
• Dividends are taxed immediately. Capital gains are not taxed until the stock is sold. • Therefore, taxes on capital gains can be deferred indefinitely.

财务管理英文课件 (1)

Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1-1
Career Opportunities in Finance
nMoney and capital markets n Investments nFinancial management
nIn the long run, such actions will raise the cost of debt and ultimately lower stock price.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1 - 13
10 Well-Known Corporations, 1998
Percentage of
Revenue Originated
Company
Overseas
3M
51.7
Chase Manhattan 27.8
Coca-Cola
62.3Biblioteka Exxon80.1
General Electric 23.9
General Motors 30.8
markets nManaging risk
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1-5
Alternative Forms of Business Organization
nSole proprietorship n Partnership n Corporation
1-0
CHAPTER 1
An Overview of Financial Management

E机械课件1财务管理(英文版)Financial Managementfmch22[1]

Exchange Rates
Exchange rates affect our economy and each of us because: • 2) When the dollar depreciates (weak dollar), the dollar falls in value relative to other currencies.
What Determines Exchange Rates?
Floating Rate Currency System: Since 1973, the world has allowed exchange rates to change daily in response to market forces. Exchange rates are affected by:
– Foreign products become more expensive for us, and
Eห้องสมุดไป่ตู้change Rates
Exchange rates affect our economy and each of us because: • 2) When the dollar depreciates (weak dollar), the dollar falls in value relative to other currencies.
– Foreign products become more expensive for us, and – U.S. products become cheaper overseas.
Spot Exchange Rates
£/ $ = .6284 (it takes .6284 pounds to = $1)

FinancialManagement(财务管理,英文版)

Japanese yen
111.11
Australian dollar
1.5385
Yen:
1/0.009 = 111.11.
A. Dollar: 1/0.650 = 1.5385.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
What is a cross rate?
domestic financial management?
1. Different currency denominations.
2. Economic and legal ramifications.
3. Language differences.
4. Cultural differences.
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.
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.

财务管理ppt英文课件chapter-1.ppt

Part I: Part II: Part III: Part IV: Part V: Part VI:
Part VII:
Introduction to Financial Management Valuation Tools of Financial Analysis and Planning Working Capital Management Investment in Capital Assets The Cost of Capital , Capital Structure, and Dividend Policy Intermediate and Long-term Financing
Copyright 2001 Prentice-Hall, Inc.
12
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Profit Maximization
3
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Chapter 1
The Role of Financial Management
Copyright 2001 Prentice-Hall, Inc.
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan

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

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Term Loans
Collateral for shorter loans • Chattel mortgage (mortgage on machinery and equipment)
Collateral for longer loans • mortgages on real estate

Leasing
Types of Leases • Direct Lease - a firm acquires the services of an asset that it didn’t previously own. • Sale and Leaseback - Asset’s owner sells the asset to a buyer, and then leases the asset from the buyer. • Leveraged Lease - Lessor borrows from a lender to buy the asset that will be leased to the lessee.
Term Loans
Restrictive Covenants on Borrowers • Working capital - borrower may be required to set a minimum current ratio. • Restrictions on additional borrowing. • Borrower provides periodic financial statements. • Restrictions on management changes.
Ch. 24: Term Loans and Leases
2002, Prentice Hall, Inc.
Term Loans
Characteristics of Term Loans • Secured loans • 1- to 10-year maturity • Repaid in periodic installments
Lease vs. Purchase
Issue: Should a firm
• Purchase an asset using the firm’s optional financing mix, or • Finance the asset using a financial lease.
Lease vs. Purchase
Procedure: 1) Compute NPV to determine if the asset should be purchased.
Lease vs. Purchase
Procedure: 1) Compute NPV to determine if the asset should be purchased.
Term Loans
Eurodollar Loans • Loans by major international banks based on foreign deposits denominated in dollars. • Adjustable interest rates based on the London Interbank Offered Rate (LIBOR).
NPV =
S
t=1
n
ACFt (1 + k) t
- IO
Lease vs. Purchase
Procedure: 2) Compute NAL (net advantage to leasing) to determine leasing the asset is better for the firm than purchasing.
Leasing vs. Debt Financing:
Leasing vs. Debt Financing:
Potential Benefits 1) Flexibility and Convenience • Leases are easier, quicker and require less documentation. • Leases are easier to have approved than capital budgeting projects. • Leasing simplifies bookkeeping for tax purposes. • Leasing allows synchronization of lease payments with the firm’s cash cycle. • Leasing avoids the problems of ownership.
Leases
Lessee • Acquires the services of a leased asset, by making a series of payments to the owner of the asset. Lessor • The owner of the asset that is being leased to the lessee.
NAL = -
S
t=1
n
Ot (1-T) - Rt (1-T) - T(It) - T(Dt) (1 + rb)t
Vn + IO n (1+ks)
O = operating cash flows if purchased R = annual rental cost T = marginal tax rate I = interest expense forfeited if leased D = depreciation expense Vn = after-tax salvage value k = discount rate IO = purchase price rb = after-tax interest rate on borrowed funds.