CH06RiskandRatesofReturn(财务管理,英文版)
财务管理常用术语(英汉对照)
Business cycle (of a firm) (1) 经营周期 从权益资本，筹集新债务，和 通过资产收购来增长业务的一系列事件，这 样，又开始一个新的周期。
Business risk (1,5,10,11) 经营风险 经济风险 和营业风险的累积影响，来源于公司不可能 知道目前投资和营业活动 /决策的确定结果。
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公经理人员财务管理—创造价值的过程
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作为发行证券公司的代理人尽最大努力销售 证券的一种证券分销方式。 Beta (coefficient) (10) ß系数 基于一种私人股 票的回报率变化相对于股票市场指数回报率 变化的敏感性的风险测量工具。与系统风 险，市场风险，不可分散风险，和相对风险 同义。 Bid-ask spread (13) 买卖价差 买价与卖价之间 的差额。 Bid price (13) 买价 市场交易者愿意购买的价 格。 Bidder (12) 投标商 在收购中，想购买另一家 公司全部或部分股份的公司。 Bond (9) 债券 说明债权人与发行公司之间关系和 规定资金借入和偿还的条件和条款的一种负 债证券。 Bond market (9) 债券市场 发行和交易债券的 市场。 Bond rating (9) 债券等级评定 由代理机构 (例 如标准普尔和莫迪投资服务公司 )评定的等 级以提供一种债券信用风险的估计。 Bond value (9) 债券价值 债券预期现金流序列 以与现金流序列的风险相联系的贴现率折 现的现值。 Bond value of a convertible bond (9)可转换债 券的债券价值 如果可转换债券没有转换选择权 的价值。 Bonding costs (11) 债券发行成本 贷款人对管 理灵活性设置限制性条款导致的成本 (由股 东承担 )。 Book value of asset (2) 资产的账面价值 资产 在公司资产负债表中列示的价值。 Book value of equity (1,2) 所有者权益的账面价 值 Book value multiple (12) 账面价值乘数 股价 除以每股权益账面价值。与 price-to-book ratio同义。用于公司价值估计。 Bookrunner (9) 发起人 Bottom line (2) 净收益 Brokers (9) 经纪人 不拥有证券，代表第三方 进行证券交易的个人或机构。 Business assets (5) 营业资产 营运资本需求 加净固定资产。
财务管理精要术语中英对照
财务管理精要术语翻译对照目标现金分配水平 target cash distribution level执行期权 exercise options投入权益数 book equity税前利润 pre-tax income应用的税率 applicable tax权益回报率 ROE息税前利润 EBIT财务杠杆 financial leverage)财务风险 financial risk)经营盈亏平衡 (operating breakeven)经营杠杆 operating leverage投入成本的波动性(input cost variability)销售价格的波动性(sales price variability)需求的波动性(demand variability)投入资本的回报率(ROIC)税后的营业净利润 NOPAT市场风险(market risk)个体风险(stand-alone risk)经营风险(bussiness risk)财务风险(financial risk)1加权平均概率 probability-weighted average预期回报率 expected rate of return标准差 standard deviation方差系数 coefficient deviation自由市场 Open market实证研究 empirical test加权平均资本成本 WACC资本利得 Capital gains优先股 Preferred stock股票的要求回报率 required rate of return on stock 权益融资 equity financing权衡理论 trade-off theory税收保护 Tax shield期望成本 expected cost税盾利益 tax benefits of debt研发实验室 R&D lab机构投资组合管理者 portfolio manager步进次序 pecking order股票发行成本 Flotation cost没用的项目 pet project股利 dividend股票回购 stock repurchase杠杆收购(LBO) leverage buyout减少过剩现金流 bond the cash flow储备借款能力 reserve borrowing capacity 净现值 net present value难逢良机 windows of opportunity预测报表 pro forma statement流通比率 current ratio资产负债率 percent financed with debt无负债时的beta系数 unlevered beta coefficient基本经营风险 basic business risk资本资产定价模型(CAPM) CAPM无风险利率 risk-free rate市场风险溢价 market risk premium负债beta (leveraged beta)负债权益比率 D/S税后净经营性利润(NOPAT)最初假设权益市场价值 initial estimated marketvalue of equity资本结构调整均衡价格 equilibrium recapitalization price 最终价值resulting value债务总额 value of all debts债务数额 the amount of debt权益价值 An equity position重购入股份 repurchased stock资金预算决策 value-based management图表 table树图 figure税前扣除 tax deductible流通股数 shares of stock outstanding永久债券 perpetual bonds全部由权益融资 all equity financed变动成本 variable cost可向后递延的税收损失 Tax loss carryforwards 盈亏平衡点 break-even point边际成本 incremental cost边际收益 incremental profit标准差 standard deviation已获利息倍数比率 times-interest-earned ratio 联邦税加州税的税率federal-plus-state tax rate 店头市场 over-the-counter market赢利利息倍数(TIE)财务管理协会的会议 FMA panel session 其利息可减税 the tax deductibility of interest抵消 offset发行成本 flotation cost 步进式 pecking order 等风险类 homogeneous risk class相同预期 (homogeneous expectations) .完美资本市场 (perfect capital markets)交易成本\佣金成本 brokerage cost贴现 capitalize永续年金 perpetuity现值 present value卖空 short sale多头”投资组合“long”portfolio空头”投资组合“short” portfolio实物和金融期权 real and financial options贴现率 discount rate实际成本 effective cost有效税率 effective tax rate“自制”“homemade”扣除?贴现? Discount免收利息所得税的债券 tax-exempt bonds. High-tax-bracket individual杠杆收购 leverage buyout LBOs垃圾债券 junk bonds被收购公司 underleveraged firms经纪费用 brokerage税盾 tax shield营亏损转回 operating loss carryforwards 税款储蓄 tax savings默认价值 implied value债务权重 debt weight看涨期权 (call option)金融期权 (financial option)执行价值 (exercise value)期权定价模型 (OPM)Black-Scholes按现值计算的现金流量/已贴现现金流 discounted cash flow 票面价值, 表面价值 face value 不稳定性 volatility息票债务 coupon debt期权补偿 option-based compensation[美]预购股票价格 exercise price权衡模型 trade-off model抵税的 tax deductible概率 probability函数 function总账面 total book散点图 plot营业资产 operating assets<英>免税代码(指雇员收入免税部分的数字代码,由税务机关编定)tax code适销证券 marketable securities资产负债表 balance sheet短期国库券 treasury bill债务本金 debt principal[会计]营运资本, 营运资金 working capital减震器 shock absorber目标分配率(target distribution ratio)目标支付率 (target payout ratio)-盈利能力 earning power经验研究 empirical research边际税率 marginal tax溢价 appreciation实际成本 effective cost 融资抉择 financing choice未分配的利润 retained earnings留存收益 retained earnings再投资的收益 reinvested earnings内部权益 generated equity普通股 common stock 低常规水平加临时股利 (low-regular-dividend-plus-extras)政策常规股利 regular dividend流通股 outstanding shares公布日 (declaration date)登记日 (holder-of-record date)除权日 (Ex-dividend date)国库券 treasury权益回报率 ROE财政困难成本 financial distress cost权势等级 pecking order借款能力储备 (reserve borrowing capacity) 税损移前扣减 tax-loss carryback税损移后扣减 tax-loss carryforward资金的时间价值 time value of the money税收利益税收福利 Tax benefits有价证券 Marketable securities通用目的资产 general-purpose assets自由现金流量(FCF)。
ch06风险与风险厌恶
U = E ( r ) - .005 A σ 2 = .22 - .005 A (34%) 2 风险厌恶度 效用值 Risk Aversion A Value High 5 -6.90 3 4.66 Low 1 16.22
T-bill = 5%
6-7
风险厌恶,风险与收益的权衡
Equilibrium of Risk Aversion,Risk and return Aversion,
6-16
风险中性投资者的无差异曲线 Risk neutral: Indifference Curves
期望收益 Expected Return
风险中性型的 投资者对风险 无所谓,只关 心投资收益.
标准差 Standard Deviation
6-17
风险偏好投资者的无差异曲线 Risk Seeking : Indifference Curves
6-12
确定性等价收益率(Certainly 确定性等价收益率(Certainly equivalent rate) rate) 为使无风险资产与风险资产具有相同的效 用而确定的无风险资产的报酬率,称为风 险资产的确定性等价收益率. 由于无风险资产的方差为0 由于无风险资产的方差为0,因此,其效用 U就等价于无风险回报率,因此,U就是风 就等价于无风险回报率,因此,U 险资产的确定性等价收益率.
期望收益Expected Return 期望收益
风险偏好型的 投资者将风险 作为正效用的 商品看待,当 收益降低时候, 可以通过风险 增加得到效用 补偿.
标准差Standard Deviation 标准差
6-18
资产组合风险
Portfolio Risk
到现在为止,我们的讨论一直集中在个人全部资产组合的 风险与收益上.这样的资产组合是由各种类型的资产组成 的,除了在金融市场上的直接投资外,投资者还持有养老 基金,以储蓄形式进行的人寿保险计划,住宅,还有并非 最不重要的是他们自身技能带来的获利能力(人力资本). Investor portfolios are composed of diverse types of assets. In addition to direct investment in financial markets, investors have stakes in pension funds, life insurance policies with savings components, homes, and not least, the earning power of their skills (human capital).
财务管理第五章 双语
Chapter 5 Risk and Return 风险和收益
Definition 定义
Return 收益
Dt Pt Pt 1 R , Dt 第t期现金收益，Pt Pt 1资本利得 Pt 1
Risk 风险
CAPM模型
投资者只能期望对系统风险获得补偿，不可能 期望市场对可分散风险有任何超额补偿。 CAPM(The Capital-Asset Pricing Model)
Nobel Prize Winner: William Sharpe
R j R f Rm R f j R j：j股票的要求收益率， f ：无风险收益率 R Rm：市场组合的期望收益 率
j：j股票的系数
β系数是衡量系统风险的指数，反映了个股收 益变动与市场组合收益变动的关系。
个股的超额收益率， excess return on stock characteristic line 特征线
市场组合的超额收益率， excess return on market portfolio
Total.Risk SystematicRisk Unsystemat .Risk . ic
组合收益的标准差 Standard deviation of portfolio return
Unsystematic risk Total risk
Systematic risk
组合中证券的数目 Number of securities in portfolio
R
R
i 1
n
n
i
Pi , 第i种可能收益率 发生的概率，n为可能的情况数目
ch05 Risk and Rates of Return 财务管理基础课件
5-14
Comparing risk and return
Security T-bills
Expected return
8.0%
HT, despite having the highest standard deviation of returns, has a relatively average CV.
5-17
Illustrating the CV as a measure of relative risk
Prob.
i1
(8.0 - 8.0) 2 (0.1) (8.0 - 8.0) 2 (0.2)
1
2
T bills
(8.0
- 8.0) 2 (0.4)
(8.0
- 8.0) 2 (0.2)
(8.0 - 8.0) 2 (0.1)
T bills 0.0% HT 20.0%
Coll 13.4% USR 18.8% M 15.3%
Risk premium – the difference between the return on a risky asset and less risky asset, which serves as compensation for investors to hold riskier securities.
5-12
Comparing standard deviations
Prob. T - bill USR HT
0 8 13.8 17.4
Rate of Return (%)
ACCA财务管理英语中英文对照
ACCA--财务管理英语sole propsietorship 独资企业partnership 合伙企业corporate finance 公司财务corporate 公司closely held 私下公司public company 公众公司Goldman Sachs 高盛银行pension fund 养老基金insurance company 保险公司board of director 董事会separation of ownership and management 所有权与管理权的分离limited liability 有限责任articles of incorporation 公司章程real asset 实物资产financial asset 金融资产security 证券financial market 金融市场capital market 资本市场money market 货币市场investment decision 投资决策capital budgeting decision 资本预算决策financing decision 融资决策financial manager 财务经理treasurer 司库controller 总会计师CFO 首席财务官principal-agent problem 委托代理问题principal 委托人agent 代理人agency cost 代理成本information asymmetry 信息不对称signal 信号efficient markets hypothesis 有效市场假说present value 现值discount factor 贴现因子rate of return 收益率discount rate 贴现率hurdle rate 门坎比率opportunity cost of capital 资本机会成本net present value 净现值cash outflow 现金支出net present value rule 净现值法则rate-of-return rule 收益率法则profit maximization 利润最大化doing well 经营盈利doing good 经营造益collateral 抵押品warrant 认股权证convertible bond 可转换债券primary issue 一级发行prinary market 一级市场secondary tansaction 二级交易secondary market 二级市场over-the-counter (OTC) 场外交易financial intermediary 金融中介zero-stage 启动阶段business plan 创业计划书first-stage financing 第一阶段融资after-the-money valuation 注资后的价值paper gain 账面利润mezzanine financing 引渡融资angel investor 天使投资者venture capital fund 创业投资基金limited private partnership 有限合伙企业general partner 普通合伙人limited partner 有限合伙人small-business investment companies（SBIC）小企业投资公司initial public offering (IPO) 首次公开发行primary offering 首次发行secondary offering 二次发行underwriter 承销商syndicate of underwriter 承销辛迪加registration statement 注册说明书prospectus 招股说明书road show 路演greenshoe option 绿鞋期权spread 差价offering price 发售价格underpricing 抑价winner’s curse 成功者灾难bookbuilding 标书登记fixed price offer 定价发售auction 拍卖discrimination auction 差价拍卖uniform-price auction 一价拍卖general cash offer 一般现款发行right issue 附权发行shelf registration 上架注册prior approval 事前许可bought deal 买方交易seasoned issue 新增发行knowledgeable invertor 成熟的投资者qualified institutional buyer 有资格的机构买者record date 登记日with dividend 附有红利cum dividend 附息ex dividend 除息legal capital 法定资本regular cash dividend 正常现金红利extra 额外的special dividend 特别红利stock dividend 股票红利automatic dividend reinvestment plans (DRIP) 红利自动转投计划transfer of value 价值转移capital structure 资本结构MM’s proposition MM定理weighted-average cost of capital (WACC) 加权平均资本成本margin debt 保证金借款floating-rate note 浮动利率票据money-market fund 货币市场基金interest-rate ceiling 利率上限trade-off theory 权衡理论right to default 违约权leverage buy-out (LBO) 杠杆收购asymmetric information 信息不对称financial slack 银根宽松cost of debt 负债成本cost of equity 权益成本terminal value 清算价值cash flow to equity 权益现金流rebalancing 重整project financing 项目融资adjusted cost of capital 调整资本成本equivalent loan 等值贷款offsetting transaction 反向交易depreciable basis 折旧基数adjusted present value (APV) 调整现值call option 看涨期权exercise price 执行价格strike price 敲定价格exercise date 到期日European call 欧式看涨期权American call 美式看涨期权position diagram 头寸图put option 看跌期权Salomon Brothers 所罗门兄弟公司term stucture of interest rate 利率期限结构annuity 年金perpetuity 永久年金annuity factor 年金因子annuity due 即期年金future value 终值conmpound interest 复利simple interest 单利continuously compounded rate 连续复利率Consumer Price Index (CPI) 消费物价指数current dollar 当期货币nominal dollar 名义货币constant dollar 不变货币real dollar 实际货币real rate of return 实际收益率inflation rate 通货膨胀率principal 本金deflation 滞胀yield to maturity 到期收益率market capitalization rate 市场资本化率dividend yield 红利收益率cost of equity capital 权益资本成本payout ratio 红利发放率earnings per share (EPS) 每股收益return on equity (ROE) 权益收益率discount cash flow 贴现现金流growth stock 成长股income stock 绩优股present value of growth opportunity (PVGO) 成长机会的现值price-earnings ratio (P/E) 市盈率free cash flow (FCF) 自由现金流量book rate of return 账面收益率capital investment 资本投资operating expense 经营费用payback period 回收期discounted-payback rule 贴现回收期法则discounted-cash-flow rate of return 贴现现金流量的收益率internal rate of return (IRR) 内部收益率lending 贷出borrowing 借入profitability measure 盈利指标standard of pfofitability 赢利标准modified internal rate of return 修正内部收益率mutually exclusive projects 互相排斥的项目capital rationing 资本约束profitability index 盈利指标soft rationing 软约束hard rationing 硬约束incremental payoff 增量收入net working capital 净营运资本sunk cost 沉没成本sunk-cost fallacy 沉没成本悖论overhead cost 间接费用salvage value 残值straight-line depreciation 直线法折旧Internal Revenue Service 国内税收署tax shield 税盾accelerated cost recovery system 加速成本回收折旧法alternative minimum tax 另类最低税tax preference 税收优惠accelerated depreciation 加速折旧project analysis 项目分析equivalent annual cash flow 等价年度现金流marginal investment 边际投资default risk 违约风险risk premium 风险溢酬standard error 标准误差standard deviation 标准差market portfolio 市场组合market returm (rm) 市场收益率variance 方差the loss of a dgree of freedom 自由度损失Delphic 德尔菲unique risk 独特风险unsystematic risk 非系统风险residual risk 剩余风险specific risk 特定风险diversifiable risk 可分散风险market risk 市场风险systematic risk 系统风险undiversifiable risk 不可分散风险convariance 协方差well-diversified 有效分散value additivity 价值可加性efficient portfolio 有效投资组合quadratic programming 二次规划best efficient portfolio 最佳有效投资组合capital asset pricing model (CAPM) 资本资产定价模型separation theorem 分离定理security market line 证券市场线market capitalization 市场资本总额small-cap stocks 小盘股book-to-market ration 账面-市值比data mining 数据挖掘data snooping 数据侦察consumption beta 消费贝塔consumption CAPM 消费型资本资产定价模型risk aversion 风险厌恶arbitrage pricing theory 套利定价理论sensitivity of each stock to these factors 每种股票对这些因素的敏感度three-factor model 三因素模型company cost of capital 公司资本成本industry beta 行业贝塔firm value 公司价值debt value 负债价值asset value 资产价值blue-chip firm 蓝筹股financial leverage 财务杠杆gearing 举债经营financial risk 财务风险unlever 消除杠杆relative market values of debt (E/V) 负债的相对市场价值taxable income 应税利润after-tax cost 税后成本marginal corporate tax rate 公司边际税率after-tax weighted-average cost of capital 税后加权平均资本成本cyclicality 周期性cyclical firms 周期性公司operating leverage 经营杠杆revenue 收入fixed costs 固定成本variable costs 可变成本rate of output 产出率certainty equivalent 确定性等价值certainty-equivalent cash flow 确定性等价现金流risk-adjusted discount rate 风险相应贴现率underlying variables 基础变量sample 抽样real option 实物期权decision tree 决策树timing qption 安排期权production option 生产性期权option to bail out 清算选择权economic rent 经济租金future market 期货市场capital budget 资本预算strategic planning 战略规划appropriation request 拨款申请postaudit 事后审计stock options 股票期权private benefit 私下利益perks 特权享受perquisite 特权享受overinvestment 过度投资generally accepted accounting principle (GAAP) 公认会计原则qualified doption 保留意见delegated 委托economic value added (EV A) 经济附加值trade loading 贸易超载economic depreciation 经济折旧national income and product accounts 国民收入与产出账户cap 上限合约strip 本息剥离债券swap 互换bookrunner 股份登记员efficient capital market 有效资本市场random walk 随机游走positive drift 正漂移autocorelation coefficient 自相关系数weak form of efficiency 弱有效性semistrong form of efficiency 半强有效性strong form of efficiency 强有效性market model 市场模型acquiring firm 兼并公司acquired firm 被兼并公司superior profit 超常利润overreaction 反应过度underreaction 反应不足index arbitrageur 指数套利者portfolio insurance scheme 证券组合保险策略superior rates of return 超常收益exchange-rate policy 汇率政策application date 申购日long-term asset 长期资产retained earnings 留存收益financial deficit 资金缺口internal fund 内部资金debt policy 负债政策dividend policy 红利政策long-term financing 长期融资total capitalization 资本总额reserve 准备金issued and outsanding 已发行流通股份issued but not outsanding 已发行未流通股份authorized share capital 法定股本总额financial institution 金融机构cash-flow right 现金流要求权control right 控制劝dominant stockholder 控股股东majority voting system 多数投票制cumulative voting 累计投票制supermajority 绝对多数制proxy contest 投票代理权角逐minority stockholder 小股东reverse stock split 逆股票拆细master limited partnership 业主有限责任合伙企业real estate investment trust (REIT) 房地产信托投资基金preferred stock 优先股cumulative preferred stock 红利累积优先股line of credit 授信额度fixed-rate 固定利率floating-rate 浮动利率coupon 息票London Interbank Offered Rate (LIBOR) 伦敦银行间拆借利率eurobond 欧洲债券eurocurrency 欧洲货币euro 欧元senior 优级junior 次级subordinated 从属secured 有担保的collateral 抵押品warrant 认股权证convertible bond 可转换债券primary issue 一级发行prinary market 一级市场secondary tansaction 二级交易secondary market 二级市场over-the-counter (OTC) 场外交易financial intermediary 金融中介zero-stage 启动阶段business plan 创业计划书first-stage financing 第一阶段融资after-the-money valuation 注资后的价值paper gain 账面利润mezzanine financing 引渡融资angel investor 天使投资者venture capital fund 创业投资基金limited private partnership 有限合伙企业general partner 普通合伙人limited partner 有限合伙人small-business investment companies（SBIC）小企业投资公司initial public offering (IPO) 首次公开发行primary offering 首次发行secondary offering 二次发行underwriter 承销商syndicate of underwriter 承销辛迪加registration statement 注册说明书prospectus 招股说明书road show 路演greenshoe option 绿鞋期权spread 差价offering price 发售价格underpricing 抑价winner’s curse 成功者灾难bookbuilding 标书登记fixed price offer 定价发售auction 拍卖discrimination auction 差价拍卖uniform-price auction 一价拍卖general cash offer 一般现款发行right issue 附权发行shelf registration 上架注册prior approval 事前许可bought deal 买方交易seasoned issue 新增发行knowledgeable invertor 成熟的投资者qualified institutional buyer 有资格的机构买者record date 登记日with dividend 附有红利cum dividend 附息ex dividend 除息legal capital 法定资本regular cash dividend 正常现金红利extra 额外的special dividend 特别红利stock dividend 股票红利automatic dividend reinvestment plans (DRIP) 红利自动转投计划transfer of value 价值转移capital structure 资本结构MM’s proposition MM定理weighted-average cost of capital (WACC) 加权平均资本成本margin debt 保证金借款floating-rate note 浮动利率票据money-market fund 货币市场基金interest-rate ceiling 利率上限trade-off theory 权衡理论right to default 违约权leverage buy-out (LBO) 杠杆收购asymmetric information 信息不对称financial slack 银根宽松cost of debt 负债成本cost of equity 权益成本terminal value 清算价值cash flow to equity 权益现金流rebalancing 重整project financing 项目融资adjusted cost of capital 调整资本成本equivalent loan 等值贷款offsetting transaction 反向交易depreciable basis 折旧基数adjusted present value (APV) 调整现值call option 看涨期权exercise price 执行价格strike price 敲定价格exercise date 到期日European call 欧式看涨期权American call 美式看涨期权position diagram 头寸图put option 看跌期权色诺芬在《经济论》中首次提出“经济”一词（1）著作：《居鲁士的教育》、《居鲁士远征记》、《经济论》、《雅典的收入》（2）主要经济思想：a)重农思想。
风险与收益 英语作文
风险与收益英语作文Risk and Return。
Risk and return are two important concepts in the world of finance. They are closely related and play a vital role in investment decisions. In this essay, we will discuss the meaning of risk and return, their relationship, and how to manage them effectively.Risk refers to the possibility of losing money or not achieving the expected return on investment. It is an inherent part of any investment, and every investor must take it into account when making investment decisions. There are different types of risks, such as market risk, credit risk, liquidity risk, and operational risk. Market risk is the risk of losing money due to changes in market conditions, such as interest rates, inflation, or economic growth. Credit risk is the risk of default by the borrower, while liquidity risk is the risk of not being able to sell an asset quickly enough to meet financial obligations.Operational risk is the risk of losses due to internal or external events, such as fraud, errors, or natural disasters.Return refers to the profit or gain that an investor earns on an investment. It is the compensation for taking on risk. The higher the risk, the higher the expected return, and vice versa. There are different types of returns, such as capital gains, dividends, and interest. Capital gains are the profits earned from selling an asset at a higher price than its purchase price. Dividends are the payments made by a company to its shareholders out of its profits, while interest is the income earned from lending money.The relationship between risk and return is often described as a trade-off. Investors must decide how much risk they are willing to take on in exchange for the potential return. A high-risk investment may offer a higher return, but it also has a higher probability of losing money. A low-risk investment may offer a lower return, but it also has a lower probability of losing money. Therefore,investors must balance their risk and return objectives to achieve their investment goals.To manage risk effectively, investors can use various strategies, such as diversification, asset allocation, and risk management techniques. Diversification means investing in a variety of assets to reduce the risk of losses. Asset allocation means dividing investments among different asset classes, such as stocks, bonds, and real estate, to balance risk and return. Risk management techniques involve using financial instruments, such as derivatives, to hedge against losses.In conclusion, risk and return are two essential concepts in finance that investors must understand to make informed investment decisions. They are closely related, and investors must balance their risk and return objectives to achieve their investment goals. By using effective risk management strategies, investors can reduce their risk exposure and increase their chances of achieving their desired returns.。
金融学基础 _Foundations_Of_Finance_CH06_FOF6
21
4. Portfolio and Diversification
Portfolio
Portfolio refers to combining several assets.
Examples of portfolio:
Investing in multiple financial assets (stocks – $6000, bonds – $3000, T-bills – $1000)
Foundations of Finance
Arthur Keown
John D. Martin
J. William Petty
The Meaning and Measurement of Risk and Return
Chapter 6
Learning Objectives
1.
Define and measure the expected rate of return of an individual investment.
Risk
Three important questions:
1.
What is risk?
How do we measure risk? Will diversification reduce the risk of portfolio?
Keown, Martin, Petty - Chapter 6 13
Keown, Martin, Petty - Chapter 6 14
Risk – Measurement
Standard deviation (S.D.) is one way of measuring risk. It measures the volatility or riskiness of portfolio returns. S.D. = square root of the weighted average squared deviation of each possible return from the expected return.
CHAPTER5 Risk and Rates of Return (《财务管理基础》PPT课件)
has a negative correlation. This is unusual.
5-8
RETURN: CALCULATING THE EXPECTED RETURN FOR EACH ALTERNATIVE
^
k
5-16
RISK RANKINGS, BY COEFFICIENT OF VARIATION
T-bill HT Coll. USR Market
CV
0.000 1.149 7.882 1.362 1.020
Collections has the highest degree of risk per unit of return.
Larger σi is associated with a wider probability distribution of returns.
Difficult to compare standard deviations, because return has not been accounted for.
-2.0% 14.7% -10.0% 1.0%
20.0% 0.0% 7.0% 15.0%
35.0% -10.0% 45.0% 29.0%
50.0% -20.0% 30.0% 43.0%
5-6
WHY IS THE T-BILL RETURN INDEPENDENT OF THE ECONOMY? DO T-BILLS PROMISE A COMPLETELY RISK-FREE RETURN?
财务管理风险和回报率Chapter5资料
Probability distributions
A listing of all possible outcomes, and the probability of each occurrence. Can be shown graphically.
Firm X
Firm Y -70 0 15 100
8.0%
8.0% 8.0% 8.0% 8.0%
-22.0%
-2.0% 20.0% 35.0% 50.0%
28.0%
14.7% 0.0% -10.0% -20.0%
10.0%
-10.0% 7.0% 45.0% 30.0%
-13.0%
1.0% 15.0% 29.0% 43.0%
5-5
Return: Calculating the expected return for each alternative
HT Market USR T-bill Coll.
Exp return 17.4% 15.0% 13.8% 8.0% 1.7%
HT has the highest expected return, and appears to be the best investment alternative, but is it really? Have we failed to account for risk?
5-7
Why is the T-bill return independent of the economy? Do T-bills promise a completely risk-free return?
T-bills will return the promised 8%, regardless of the economy. No, T-bills do not provide a risk-free return, as they are still exposed to inflation. Although, very little unexpected inflation is likely to occur over such a short period of time. T-bills are also risky in terms of reinvestment rate risk. T-bills are risk-free in the default sense of the word.
2章Risk and Return 学习课件,财务管理英文版
Risk and Return
Basic return concepts Basic risk concepts Stand-alone risk Portfolio risk Risk and return: CAPM/SML
Rate of Return
When two investments have the same expected returns but different standard deviations, most people choose the one with the lower standard deviation and therefore,the lower risk.
p
n
(kpi
kˆp)2Pi
i1
p = ((3.0 - 9.6)20.10 + (6.4 - 9.6)20.20 + (10.0 - 9.6)20.40 + (12.5 - 9.6)20.20 + (15.0 - 9.6)20.10)1/2 = 3.3%.
p is much lower than: either stock (20% and 13.4%).
average of HT and Coll (16.7%).
The portfolio provides average return but much lower risk. The key here is negative correlation.
Two-Stock Portfolios
Two stocks can be combined to form a riskless portfolio if r = -1.0.
国际财务管理知识分析英文版34页PPT
S($/£) = $1.25/£
F360($/£) = i$ = i£ =
$1.20/£ 7.10% 11.56%
10
IRP and Covered Interest Arbitrage
A trader with $1,000 to invest could invest in the U.S., in one year his investment will be worth $1,071 = $1,000(1+ i$) = $1,000(1.071)
hedge your exchange rate risk by selling the future value of the Japanese investment forward. The future value = $100,000(F/S)(1 + i¥)
Since both of these investments have the same risk, they must have the same future value—otherwise an arbitrage would exist.
财务管理基础课件：Valuation and Rates of Return
• Discounting $1,000 back to the present at 10%, we have:
10-14
Time to Maturity
• Influences the impact of a change in yield to maturity on valuation
• Longer the maturity, the greater the impact of changes in yield
10-8
Concept of Yield to Maturity
• The yield to maturity or the discount rate is the required rate of return required by bondholders
• Three factors influence the required rate of return:
• Business Risk: inability of the firm to retain its competitive position and stability and growth
• Financial risk: inability of the firm to meet its debt obligations as and when due
• The present value of regular interest payments discounted at Y
chapter 3 risk and rates of return
投资风险与收益的权衡
投资风险与收益权衡的内涵 投资者预期收益=时间价值+风险价值
投资者预期收益率=无风险利润率+risk premium 市场经济条件下，时间价值量的大小只受时间长短及市场
收益率水平等客观因素的影响，因此它对所有的投资者都 一视同仁。风险价值量与其不同，它的大小取决于投资者 对风险的厌恶程度。因此风险价值因人而异。 投资风险与收益的权衡问题研究的是投资者冒多大的风 险而要求多少收益补偿的问题，这一问题因人而异。
35% 15% –5%
Expected return
0.25 35% 0.50 15% 0.25 5%
15%
方差 Variance of returns
Variance of returns—方差是用来表示随
机变量与期望值之间离散程度的一个量。
Standard deviation:标准差 σ
风险的分类
系统风险与非系统风险 经营风险与财务风险 个别资产的风险和投资组合的风险(Stand-
alone risk V.S. Portfolio risk)
假设：理性投资者喜欢回报、厌恶风险
1926-2001美国公司股票、债券、国库券的 平均收益和标准离差
小公司股票 大公司股票 长期公司债券 长期政府债券 美国财政国债
Comparing risk and return
证券种类
国债 中汇医药 华电国际 三维通讯* 市场平均
Expected return
8.0% 17.4% 1.7% 13.8% 15.0%
Risk, σ
0.0% 20.0% 13.4% 18.8% 15.3%
标准离差率 Coefficient of variation
财务管理术语中英文对照
财务管理术语表Absorption costing 吸收成本法：Total Cost Methods全部成本法：将某会计期间内发生的固定成本除以销售量，得出单位产品的固定成本,再加上单位变动成本，算出单位产品的总成本.Accounting 会计：对企业活动的财务信息进行测量和综合,从而向股东、经理和员工提供企业活动的信息.请参看管理会计和财务会计。
Accounting convention会计原则：会计师在会计报表的处理中所遵循的原则或惯例。
正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。
如果会计原则在实行中发生了一些变化,那么审计师就应该在年度报表附注中对此进行披露.Accounts 会计报表和账簿: 这是英国的叫法,在美国,会计报表或财务报表叫做Financial Statements，是指企业对其财务活动的记录。
Chief financial officerAccounts payable应付账款：这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款.Accounts receivable 应收账款：这是美国的叫法,在英国，应收账款叫做Debtors，是指客户从公司购买商品或服务，公司已经对其开具发票，但客户尚未支付的货款.Accrual accounting 权责发生制会计:这种方法在确认收入和费用时,不考虑交易发生时有没有现金流的变化。
比如，公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。
如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。
Accumulated depreciation 累计折旧:它显示截止到目前为止的折旧总额。
将资产成本减去累计折旧，所得结果就是账面净值.Acid test 酸性测试：这是美国的叫法,请参看quick ratio速动比率（英国叫法）.Activity ratio 活动比率：资产周转率，即销售收入除以净资产（或总资产）.它表明企业在销售过程中利用资产的效率,而不考虑资本的来源.零售业和服务业的活动比率通常比较高.制造业通常是资本密集型的，固定资产的流动资产较多，因此其活动比率也就比较低。
CH06RiskandRatesofReturn(财务管理,英文版)
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
6 - 15
Expected Returns vs. Risk
Security
HT Market USR T-bills Coll.
Expected return
17.4% 15.0 13.8* 8.0 1.7*
Std dev
CV = Mean = ^k .
Shows risk per unit of return.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
6 - 17
A
B
0
A = B , but A is riskier because larger
Calculate k^p and p.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Portfolio Return, ^kp ^kp is a weighted average:
n
k^p = S wi^ki. i=1
6 - 19
^kp = 0.5(17.4%) + 0.5(1.7%) = 9.6%.
= Standard deviation.
= Variance = 2
n
=
(ki kˆ )2 Pi .
i1
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
6 - 12
n
( k i kˆ ) 2 P i .
财务管理专业英语期末复习
财务管理专业英语期末复习财务管理专业英语期末重点一、单词Topic1财务管理 financial management资本预算 capital budgeting资本结构 capital structure股利政策 dividend policy存货 inventory风险规避 risk aversion股东权益 stockholder s’ equity流动负债 current liabilityTopic2财务风险 financial risk合伙制企业 partnership私人业主制企业 sole proprietorship收入 revenue主计长 controller财务困境 financial distress股票期权 stock option首次公开发行股票(IPO) initial public offeringTopic 3盈利能力 profitability偿付能力 solvency利润表 income statement有价证券 marketable securities提款 withdrawal应收账款 accounts receivable递延税款 deferred taxTopic4流动性比率 liquidity ratio权益乘数 equity multiplier资产收益率(ROA) return on assets毛利 gross profit margin权益报酬率 return on equity市盈率 P/E ratio杠杆比率 leverage ratio息税前盈余(EBIT) earnings before interest and taxesTopic5货币时间价值 time value of money年金 annuity折现率 discount rate机会成本 opportunity cost递延年金 deferred annuity条款 covenant到期收益率 yield to maturity违约风险 default riskTopic6组合 portfolio可分散风险 diversifiable risk概率 probability灵敏度分析 sensitivity analysis有效市场假说 efficient market hypothesis 套利定价理论(APT) arbitrage pricing theory 资本资产定价模型capital asset pricing model期望收益 expected returnTopic7资本支出 capital expenditure资本预算 capital budget破产 bankruptcy制造费用 overhead模拟 simulation期后审计 post-auditTopic10股票回购 stock repurchase股票股利 stock dividends股票分割 stock split所有权稀释 dilution of ownership剩余股利政策 residual dividend policy清算股利 liquidating dividend现金股利 cash dividends股票股利 stock dividendsTopic11营运资本管理 working capital management商业票据 commercial paper支出 disbursement信用期限 credit period交易动机 transaction motive短期有价证券 marketable security回购协议 repurchase agreement银行承兑汇票 bankers’ acceptanceTopic12国际财务管理international financial management国际货币基金组织 International MonetaryFund跨国公司multinational corporation /international corporation汇率 exchange rate间接标价 indirect quotation贬值 depreciate远期交易 forward trade货币互换 currency swap二、计算公式资本资产定价模型公式 capitalR M=2.wacc公式加权平均资本成本weighted average cost of capitalWACC=(k e*w e)+［k d*(1-t)*W d］WACC=［equity/(equity+debt)］*costof equity*(1-corporate tax rate) Wacc=(股权/总资本)*股权成本+（债务/总资本）*债务成本*（1-企业所得税率）三、填空1.The risk of an asset can be considered in two ways (1)on a stand-alone basis. where the asset’s cash flows are analyzed by themselves ,or(2)a portfolio context, where the asset’s cash flows are combine with those of other asset.2.In a portfolio context ,an asset’s risk can be divided into two components ：在投资组合中资产风险可以分为（1）diversifiable risk ,which can be diversified away and thus is of little concern to diversified investors , and (2)market risk, which reflect the risk of a general stock market risk decline and cannot be eliminated by diversification.3 .There are three types of financial market efficiency 金融市场的有效性(1)allocationally efficient(2)operationally efficient(3)informationally efficient4. Project Classifications 项目分类Payback period (PP) 回购期 and （5）Discounted payback period (DDP) 折扣回购期6，The post-audit has two main purpose :期后审计的两个虽最重要目的（1）Improve forecasts 提高预测（2）Improve operations 改善经营7.Financial market serve three important functions in a healthy economy:金融市场在场和公开市场9.investment banks provide three major services in handing a new security issue :投资银行在持有新证券发行时提供的三个主要服务：（1）Advising 咨询（2）Underwriting 承销（3）Marketing 营销10.Equity 股权融资（1）Owner’s equity所有者权益（2）Venture Capital and private Equity风险投资和私募投资（3）common stock 普通股（4）warrants 认证权证（5）Contingent value right 或有价值权利11.Debt债务融资（1）bank debt 银行借款（2）bonds 债券（3）leases 租赁12.Firms generally consider the following factor when making capital structure decisions:公司选择资本结构时一般要考虑下列因素（1）Sale stability 销售稳定性（2）Asset structure 资产结构（3）Operating leverage 经营杠杆（4）Growth 增长率（5）Profitability 盈利能力（6）Taxes 税收（7）Control 控制（8）Management attitudes 管理（9） Lender and rating agency attitudes 贷款人及评级机构的态度（10） Market conditions 市场条件（11）factors 公司因素 (3) Other constraints 其他因素16. Cash management involves three major decision areas 现金管理的三个决策（1）Determining appropriate cash balances确定适当的现金余额（2）Investing idle cash 投资闲置资金（3）Managing collections and disbursements 管理收款和付款17. Credit policy 信贷政策5csOne technique that is useful aid in deciding whether to grant credit is the Five Cs of Credit .Credit analysts generally consider five factors when determining whether to grant credit:(1)character 特征(2) capacity 能力(3) capital 资本(4) collateral 抵押(5)conditions 条件18. Inventory management techniques 存货管理技术Management commonly use four inventory management techniques:管理者通常使用的4个存货管理制度（1）the abc system abc系统（2）the economic order quantity(EOQ) model 经济定价量模型（3）the just-in-time (JII) system 定时采购系统 (4) the materials requirementplanning (MRP) system 物料需求。
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Long-term
corporate bonds 6.1
8.6
0 6 .1 %
Long-term
government
5.7
9.2
0 5 .7 %
Intermediate-term
government
5.5
5.7
0 5 .5 %
U.S. Treasury
bills
3.8
3.2
0 3 .8 %
Inflation
The larger the i , the lower the probability that actual returns will be close to the expected return.
Expected Returns vs. Risk
Security
HT Market USR T-bills Coll.
3.2
4.5
0 3 .2 %
Investment Alternatives
(Given in the problem)
Economy Prob. T-Bill HT Coll USR MP
Recession 0.1 8.0% -22.0% 28.0% 10.0% -13.0%
Below avg. 0.2 8.0 -2.0 14.7 -10.0 1.0
Average 0.4 8.0 20.0 0.0 7.0 15.0
Above avg. 0.2 8.0 35.0 -10.0 45.0 29.0
Boom
0.1 8.0 50.0 -20.0 30.0 43.0
1.0
Why is the T-bill return independent of the economy?
CHAPTER 6
Risk and Rates of Return
Stand-alone risk Portfolio risk Risk & return: CAPM/SML
What is investment risk?
Investment risk pertains to the probability of actually earning a low or negative return.
The greater the chance of low or negative returns, the riskier the investment.
Probability distribution
Firm X
Firm Y
-70
0
15
Rate of 100 return (%)
Expected Rate of Return
Calculate the expected rate of return on each alternative:
k^ = expected rate of return.
n
kˆ = k iPi. i=1
^kHT = (-22%)0.1 + (-2%)0.20 + (20%)0.40 + (35%)0.20 + (50%)0.1 = 17.4%.
HT Market USR T-bill Coll.
^k 17.4% 15.0 13.8 8.0 1.7
HT appears to be the best, but is it really?
What’s the standard deviation of returns for each alternative?
Will return the promised 8% regardless of the economy.
Do T-bills promise a completely risk-free return?
No, T-bills are still exposed to the risk of inflation. However, not much unexpected inflation is likely to occur over a relatively short period.
= Standard deviation.
= Variance = 2
n
=
(ki kˆ)2Pi .
i1
n
(ki kˆ)2Pi .
i1
(8.0
–
8.0)20.1
+
(8.0
–
8.0)20.2
1/2
T-bills = + (8.0 – 8.0)20.4 + (8.0 – 8.0)20.2
Do the returns of HT and Coll. move with or counter to the economy?
HT: Moves with the economy, and has a positive correlation. This is typical.
Coll: Is countercyclical of the economy, and has a negative correlation. This is unusuห้องสมุดไป่ตู้l.
Annual Total Returns,1926-1998
Average Standard Return Deviation
Distribution
Small-company
stocks
17.4%
33.8%
Large-company
stocks
13.2
20.3
0 1 7 .4 %
0 1 3 .2 %
Expected return
17.4% 15.0 13.8* 8.0 1.7*
*Seems misplaced.
Risk,
20.0% 15.3 18.8*
0.0 13.4*
Coefficient of Variation (CV)
Standardized measure of dispersion about the expected value:
+
(8.0
–
8.0)20.1
T-bills = 0.0%. HT = 20.0%.
Coll = 13.4%. USR = 18.8%.
M = 15.3%.
Prob. T-bill
USR HT
0 8 13.8 17.4 Rate of Return (%)
Standard deviation (i) measures total, or stand-alone, risk.