财务管理基础英文课件(1)
企业财务管理基础知识英文版
The income statement includes items such as operating income, operating costs, taxes and surcharges, period expenses, operating profit, and total profit. Through these data, the profitability and operating efficiency of the enterprise can be understood.
Fundamentals of Enterprise Financial Management
CATALOGUE
目录
Overview of Enterprise Financial ManagementFinancial statements and analysisCapital budgeting and investment decision makingFundraising and Capital Structure ManagementWorking capital management
Financial ratio analysis: By calculating various financial ratios, such as current ratio, quick ratio, inventory turnover ratio, accounts receivable turnover ratio, etc., evaluate a company's debt paying ability, operating ability, and profitability.
财务管理英文课件
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
the firm’s financial operations.
Copyright © 2003 Pearson Education Australia Pty Limited
• Interest in these topics grew and in turn spurred interest in security analysis, portfolio theory and caopyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 7
Chief accountant is also called financial controller, whose responsibilities include financial reporting to outsiders as well as cost and managerial accounting and financial analysis on behalf of the firm’s managers.
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.
财务管理英文课件Cha
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12版 英文ppt (1)[11页]
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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
企业财务管理基础知识(ppt 19页)(英文版)
Dr. Chak-Tong Chau
Fulbright Guest Lecture Materials
4
Usefulness of Information
How do we know, a priori, that information is “useful”?
Consider the following payoff structure (known to all):
Y1
{S1}
Y2
{S2, S3}
Y3
{S4, S5, S6}
This new information system partitions the matrix as follows
Signal: Y1
Y2
Y3
S1
S2
S3
S4
S5
S6
e1=10 2
3
3
4
5
5
e2= 5 2
2
3
4
4
5
Question: Are the signals, Y1,,Y2 and Y3 useful?
Consider this new contingent contract (corresponding payoffs):
Prob. e1=0 e2= 5
e3= 6
S1 0.25
0 14,722 (20,000) 14,722 (20,000)
S2 0.25
0 14,722 (20,000) 20,544 (30,000)
S1
S2
S3
S4
Expected Expected
Prob. 0.25
0.25
0.25
英文财务管理(1)
英文财务管理(1)
Course content
The final section of book consist of five chapters that deal with financial forecasting, derivatives and risk management, multinational financial management, hybrid financing vehicles, and mergers(财务预测， 衍生工具和风险管理，跨国财务管理，混合融资 工具以及合并)。
企业、公司:（firm business enterprise company corporation venture）
英文财务管理(1)
Organization of the Financial Management Function: Figure 1-1
Board of Directors
President(CEO)
英文财务管理(1)
Chapter 1 Goals and Governance of the Firm Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance
财务管理英文版166页PPT文档
Basket Wonders Statement of Earnings (in thousands) for Year Ending December 31, 2019a
Ⅰ.Primary Types of Financial Statements
Balance Sheet
A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’ equity.
Examples of External Uses of Statement Analysis
Trade Creditors -- Focus on the liquidity of the firm. Bondholders -- Focus on the long-term cash flow of
Basket Wonders Balance Sheet (thousands) Dec. 31, 2019a
Cash and C.E.
$
a. How the firm stands on
90 Acct. Rec.c
a specific date.
394 Inventories
b. What BW owned.
16
Other Accrued Liab. d 100
Current Liab. e $ 500
Long-Term Debt f
530
Shareholders’ Equity
Com. Stock ($1 par) g
200
Add Pd in Capital g
MiniCase(topic2)(1)财务管理英文版教学课件大学二年级下学期用
Mini Case （Topic 2）Donna Jamison, a 2003 graduate of the University of Tennessee with four years of banking experience, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of electronic calculators.The Company doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Computron’s results were not satisfactory, to put it mildly. Its board of directors, which consisted of its president and vice-president plus its major stockholders(who were all local businesspeople), was most upset when directors learned how the expansion was going. Suppliers were being paid late and were unhappy, and the bank was complaining about the deteriorating situation and threatening to cut off credit. As a result, Al Watkins, Computron’s president, was informed that changes would have to be made, and quickly, or he would be fired. Also, at the board’s insistence Donna Jamison was brought in and given the job of assistant to Fred Campo, a retired banker who was Computron’s Chairman and largest stockholder. Campo agreed to give up a few of his golfing days and to help nurse the company back to health, with Jamison’s help.Jamison began by gathering financial statements and other data.BALANCE SHEET 2008 2007AssetsCash $ 7,282 $ 9,000 Short-term investments 0 48,600 Accounts receivable 632,160 351,200 Inventories 1,287,360 715,200 Total current assets $ 1,926,802 $ 1,124,000 Gross fixed assets 1,202,950 491,000 Less accumulated depreciation 263,160 146,200Net fixed assets $ 939,790 $ 344,800 Total assets $ 2,866,592 $ 1,468,800 Liabilities and Equity 2008 2007 Accounts payable $ 524,160 $ 145,600 Notes payable 720,000 200,000 Accruals 489,600 136,000 Total current liabilities $ 1,733,760 $ 481,600 Long-term debt 1,000,000 323,432 Common stock(100,000 shares) 460,000 460,000 Retained earnings (327,168) 203,768 Total equity $ 132,832 $ 663,768 Total liabilities and equity $ 2,866,592 $ 1,468,800 INCOME STATEMENT 2008 2007Sales $ 5,834,400 $ 3,432,000Cost of goods sold 5,728,000 2,864,000 Other expenses 680,000 340,000 Depreciation 116,960 18,900Total operating costs $ 6,524,960 $ 3,222,900EBIT ($ 690,560) $ 209,100Interest expense 176,000 62,500EBT ($ 866,560) $ 146,600 Taxes(40%) (346,624) 58,640Net income ($ 519,936) $ 87,960EPS ($ 5.199) $ 0.880DPS $ 0.110 $ 0.220Book value per share $ 1.328 $ 6.638Stock price $ 2.25 $ 8.50 Shares outstanding 100,000 100,000Tax rate 40.00% 40.00% Lease payments 40,000 40,000 Sinking fund payments 0 0STA TAMENT OF RETAINED EARNINGS,2008Balance of retained earnings,12/31/07 $ 203,768Add: Net income,2008 (519,936)Less: Dividends paid (11,000)Balance of retained earnings,12/31/08 ($ 327,168)STA TEMENT OF CASH FLOWS, 2008Operating ActivitiesNet Income ($ 519,936) Adjustments:Noncash adjustments:Depreciation 116,960Changes in working capital:Change in accounts receivable (280,960)Change in inventories (572,160)Change in accounts payable 378,560Change in accruals 353,600Net cash provided by operating activities ($ 523,936)Long-Term Investing ActivitiesCash used to acquired fixed assets ($ 711,950) Financing ActivitiesChange in short-term investments $ 48,600Change in notes payable 520,000Change in long-term debt 676,568Payment of cash dividends (11,000)Net cash provided by financing activities $ 1,234,168Sum: Net change in cash (1,718)Plus: Cash at beginning of year $ 9,000Cash at end of year $ 7,282Assume that you are Jamison’s assistant, and you must help her answer the following questions for Campo.a.What effect did the expansion have on sales, net operating profit aftertaxes(NOPAT),net operating working capital, and net income?b.What effect did the expansion have on net cash flow, operating cash flow, and freecash flow?c.Jamison also has asked you to estimate Computron’s EV A. She estimates that theafter-tax cost of capital was 11 percent in 2007 and 13 percent in 2008.d.Looking at Computron’s stock price today, would you conclude that the expansionincreased or decreased MV A?putron purchases materials on 30-day terms, meaning that it is supposed topay for purchases within 30 days of receipt. Judging from its 2008 balance sheet, do you think Comptron pays suppliers on time? Explain. If not, what problems might this lead to?ptron spends money fro labor, materials, and fixed assets(depreciation) tomake products, and still more money to sell those products. Then, it makes sales that result in receivables, which eventually result in cash inflows. Does it appear that Comptron’s sales price exceeds its costs per unit sold? How does this affect the cash balance?g.Suppose Computron’s sales manager told the sales staff to start offering 60-daycredit terms rather than the 30-day terms now being offered. Computron’s competitors react by offering similar terms, so sales remain constant. What effect would this have on the cash account? How would the cash account be affected if sales doubled as a result of the credit policy change?h.Can you imagine a situation in which the sales price exceeds the cost of producingand selling a unit of output, yet a dramatic increase in sales volume causes the cash balance to decline?i.In general, could a company like Computron increase sales without acorresponding increase in inventory and other assets? Would the asset increase occur before the increase in sales, and, if so, how would that affect the cash account and the statement of cash flows?j.Did Computron finance its expansion program with internally generated funds(additions to retained earnings plus depreciation) or with external capital?How does the choice of financing affect the company’s financial strength?k.Refer to the income statements and the statement of cash flows.Suppose Computron broke even in 2008 in the sense that sales revenues equaled total operating costs plus interest charges. Would the asset expansion have caused the company to experience a cash shortage which required it to raise external capital? l.If Computron started depreciating fixed assets over 7 years rather than 10 years, would that affect (1)the physical stock of assets,(2)the balance sheet account for fixed assets,(3)the company’s reported net income, and (4)its cash position?Assume the same depreciation method is used for stockholder reporting and for tax calculations, and the accounting change has no effect on assets’ physical lives. m.Explain how(1)inventory valuation methods, (2)the accounting policy regarding expensing versus capitalizing research and development, and (3) the policy with regard to funding future retirement plan costs(retirement pay and retirees’ health benefits) could affect the financial statements.putron’s stock sells for $2.25 per share even though the company had largelosses. Does the positive stock price indicate that some investors are irrational? putron followed the standard practice of paying dividends on a quarterly basis. It paid a dividend during the first two quarters of 2008, then eliminated the dividend when management realized that a loss would be incurred for the year.The dividend was cut before the losses were announced, and at that point the stock price fell from $8.50 to $ would an $0.11, or even a $0.22, dividend reduction lead to a $5.00 stock price reduction?p.Explain how earnings per share, dividends per share, and book value per share are calculated, and what they mean. Why does the market price per share not equal the book value per share?q.How much new money did Computron borrow from its bank during 2007?How much additional credit did its suppliers extend? Its employees and the taxing authorities?r.If you were Computron’s banker, or the credit manager of one of its suppliers, would you be worried about your job? If you were a current Computron employee,a retiree, or a stockholder, should you be concerned?s.The 2008 income statement shows negative taxes, that is, a tax credit. How much taxes would the company have had to pay in the past to actually get this credit? If taxes paid within the last 2 years had been less than $346,624, what would have happened? Would this have affected the statement of cash flows and the ending cash balance?t.Working with Jamison has required you to put in a lot of overtime, so you have had very little time to spend on your private finances. It’s now April 1, and you have only two weeks left to file your income tax return. You have managed to get all the information together that you will need to complete your return.Computron paid you salary of $45,000, and you received $3,000 in dividend from common stock that you own. You are single, so your per personal exemption is $2,800, and your itemized deduction are $4,550.(1)On the basis of the information above and the individual tax rate scheduleshown in the topic, what is your tax liability?(2)What are your marginal and average tax rates?u.Assume that a corporation has $100,000 of taxable income from operations plus $5,000 of interest income and $10,000 of dividend income. What is the company’s tax liability?v.Assume that after paying your personal income tax as calculated in part t, you have $5,000 to invest. You have narrowed your investment choices down to California bonds with a yield of 7 percent or equally risky Exxon Mobil bonds with a yield of 10 percent. Which one should you choose and why? At what marginal tax rate would you be indifferent to the choice between California and Exxon Mobil bonds?。
E机械课件1财务管理(英文版)Financial Managementfmch22[1]
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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)
财务管理英文课件
利润分配原则： 公平、公正、公 开
利润分配方式： 现金分红、股票 分红、实物分红 等
利润分配比例： 根据公司经营状 况、股东权益等 因素确定
利润分配时间： 根据公司财务状 况和股东需求确 定
财务预算
预算编制：根据公司战略和经营计划，制定财务预算 预算内容：包括收入、成本、费用、利润等各项财务指标 预算执行：按照预算执行，确保各项财务指标的实现 预算调整：根据实际情况，对预算进行调整，确保预算的准确性和可行性
社会环境：社会文化、价值观等 对企业财务管理的影响
添加标题
添加标题
添加标题
添加标题
法律环境：企业财务管理的法律 框架和规定
技术环境：新技术对企业财务管 理的影响，如云计算、大数据等
财务决策制定
投资决策
投资目标：确定 投资目标，如收 益最大化、风险 最小化等
投资策略：选择 合适的投资策略， 如分散投资、长 期投资等
财务分析
财务比率分析
流动比率：衡量企业短期偿债能力
权益乘数：衡量企业财务杠杆水平
速动比率：衡量企业立即偿债能力 资产负债率：衡量企业长期偿债能力
利息保障倍数：衡量企业偿付利息能 力
现金流量比率：衡量企业现金流量状 况
财务趋势分析
趋势分析的定义和目的 趋势分析的方法和工具 趋势分析的步骤和流程 趋势分析的应用和案例
财务管理基础知识
财务管理的概念
财务管理是组织 对资金、资产、 负债、收入、支 出等财务活动的 管理
财务管理的目标 是实现企业价值 最大化
财务管理的内容 包括财务计划、 财务控制、财务 决策、财务分析 等
财务管理的原则 包括成本效益原 则、风险控制原 则、信息透明原 则等
财务管理英文版.ppt
210
Total Equity $1,139
Total Liab/Equitya,b $2,169
a. Note, Assets = Liabilities + Equity.
b. What BW owed and ownership position.
c. Owed to suppliers for goods and services.
d. Unpaid wages, salaries, etc.
e. Debts payable < 1 year. f. Debts payable > 1 year. g. Original investment. h. Earnings reinvested.
Basket Wonders’ Income Statement
Financial Statement Analysis
Financial Statements A Possible Framework for Analysis Balance Sheet Ratios Income Statement and Income
Statement/Balance Sheet Ratios Trend Analysis Common-Size and Index Analysis
Ⅰ.Primary Types of Financial Statements
Balance Sheet
A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’ equity. Income Statement
财务管理培训课程英文版23页PPT.pptx
Topics Covered
Measuring Beta Portfolio Betas CAPM and Expected Return Security Market Line Capital Budgeting and Project Risk
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
T u rb o R etu rn % + 0 .8 + 1 .8 - 0 .2 - 1 .8 + 0 .2 - 0 .8
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
10- 6
Measuring Market Risk
Example - continued
10- 12
Measuring Market Risk
Security Market Line - The graphic representation of the CAPM.
40
Expected Return (%) .
Rm 20
Rf 0 0
Irwin/McGraw-Hill
Security Market Line
When the market was down 1%, Turbo average % change was -0.8%
The average change of 1.6 % (-0.8 to 0.8) divided by the 2% (-1.0 to 1.0) change in the market produces a beta of 0.8.
Irwin/McGraw-Hill
财务管理 英文版PPT课件
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