财务管理英文版(PPT 60页)
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财务管理ppt英文课件Chapter-16.ppt
Slides prepared by Wu Xiaolan
Degree of Operating Leverage (DOL)
Degree of Operating Leverage -- The percentage change in a firm’s operating profit (EBIT) resulting from a 1 percent change in output (sales).
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).
Copyright 2001 Prentice-Hall, Inc.
1
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Operating Leverage
Slides prepared by Wu Xiaolan
Operating Leverage
The degree of operating leverage (DOL) measures how sensitive a firm (or project) is to its fixed costs.
Operating leverage increases as fixed costs rise and variable costs fall.
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
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ppt英文课件Cha
A
4
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 the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
A
6
The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
A
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
– Accounting liquidity – Debt versus equity – Value versus cost
A
8
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
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ppt英文课件Cha
the potential for financial distress and business failure.
a
10
Value versus Cost
• Generally Accepted Accounting Principles (GAAP) show that audited financial statements show assets at historical cost or book value.
a
4
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 the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
a
11
Income Statement Example
Sales
Costs Depreciation EBIT Interest Taxable Income Taxes Net Income Dividends Addition to R/E
$2000
1400 100 500 100 400 200 $200 80 $120
a
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
a
10
Value versus Cost
• Generally Accepted Accounting Principles (GAAP) show that audited financial statements show assets at historical cost or book value.
a
4
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 the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
a
11
Income Statement Example
Sales
Costs Depreciation EBIT Interest Taxable Income Taxes Net Income Dividends Addition to R/E
$2000
1400 100 500 100 400 200 $200 80 $120
a
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
财务管理英文版
This involves comparing the ratios of one firm with those
of similar firms or with industry averages.
Similarity is important as one should compare “apples to apples.”
The current ratio for the industry has been rising slowly at the same time the acid-test ratio has been relatively stable.
This indicates that inventories are a significant problem for BW.
696 Prepaid Exp c. Amounts owed by
d
5 Accum Tax customers.
Prepay
10
d. Future expense items
Current Assetse $1,195 already paid.
Fixed Assets (@Cost)f 1030 e. Cash/likely convertible
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
729
Retained Earnings h
Less: Acc. Depr. g
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
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
财务管理ppt英文课件Cha(6)
• Optimal Capital Structure -- The capital structure that minimizes the firm’s cost of capital and thereby maximizes the value of the firm.
a
8
Net Income Approach
+ ke
S B+SБайду номын сангаас
a
7
Net Income Approach
• Net Income Approach -- A theory of capital structure in which the weighted average cost of capital will decrease and the total value of the firm will increase as financial leverage is becoming greater. Assume: – Both ki and ke are unrelated to the financial leverage.
theory of the firm
a
5
A Conceptual Look --Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
a
2
Capital Structure
• Capital Structure -- The mix (or proportion) of a firm’s permanent longterm financing represented by debt, preferred stock, and common stock
a
8
Net Income Approach
+ ke
S B+SБайду номын сангаас
a
7
Net Income Approach
• Net Income Approach -- A theory of capital structure in which the weighted average cost of capital will decrease and the total value of the firm will increase as financial leverage is becoming greater. Assume: – Both ki and ke are unrelated to the financial leverage.
theory of the firm
a
5
A Conceptual Look --Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
a
2
Capital Structure
• Capital Structure -- The mix (or proportion) of a firm’s permanent longterm financing represented by debt, preferred stock, and common stock
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
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
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 .
财务管理英文版
accounting numbers and is obtained by dividing
one number by the other.
Types of Comparisons
Internal Comparisons External
Comparisons
External Comparisons and Sources of Industry Ratios
Basket Wonders Balance Sheet (thousands) Dec. 31, 2007a
Cash and C.E.
$
a. How the firm stands on
90 Acct. Rec.c
a specific date.
394 Inventories
b. What BW owned.
Note that this industry has a relatively high level of inventories.
Summary of the Liquidity Trend Analyses
The current ratio for BW has been rising at the same time the acid-test ratio has been declining.
the firm.
Shareholders -- Focus on the profitability and long-
term health of the firm.
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
one number by the other.
Types of Comparisons
Internal Comparisons External
Comparisons
External Comparisons and Sources of Industry Ratios
Basket Wonders Balance Sheet (thousands) Dec. 31, 2007a
Cash and C.E.
$
a. How the firm stands on
90 Acct. Rec.c
a specific date.
394 Inventories
b. What BW owned.
Note that this industry has a relatively high level of inventories.
Summary of the Liquidity Trend Analyses
The current ratio for BW has been rising at the same time the acid-test ratio has been declining.
the firm.
Shareholders -- Focus on the profitability and long-
term health of the firm.
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
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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 $10,000; $12,000; $15,000; $10,000; and $7,000, respectively, for each of the Years 1 through 5. The initial cash outlay will be $40,000.
13-5
Payback Period (PBP)
0
1
2
3
4
5
-40 K
10 K
12 K
15 K
10 K
7K
PBP is the period of time required for the cumulative expected cash flows from an investment project to equal
13-2
Project Evaluation: Alternative Methods
Payback Period (PBP) Internal Rate of Return (IRR) Net Present Value (NPV) Profitability Index (PI)
13-3
Proposed Project Data
Cutoff period is subjective
Internal Rate of Return (IRR)
IRR is the discount rate that equates the present value of the future net cash
flows from an investment project with the project’s initial cash outflow.
negative cumulative cash flow
13-8
value.
PBP Acceptance Criterion
The management of Basket Wonders has set a maximum PBP of 3.5 years for projects of this type.
Should this project be accepted?
Yes! The firm will receive back the initial cash outlay in less than 3.5 years. [3.3 Years < 3.5 Year Max.]
13-9
PBP Strengths and Weaknesses
Find the interest rate (IRR) that causes the discounted cash flows to equal $40,000.
13-12
IRR Solution (Try 10%)
$40,000 = $10,000(PVIF10%,1) + $12,000(PVIF10%,2) + $15,000(PVIF10%,3) + $10,000(PVIF10%,4) + $ 7,000(PVIF10%,5)
Strengths:
Easy to use and understand
Can be used as a measure of liquidity
Easier to forecast ST than LT flows
13-10
Weaknesses:
Does not account for TVM
Does not consider cash flows beyond the PBP
Payback Solution (#2)
0
1
2
3
4
5
-40 K -40 K
10 K -30 K
12 K -18 K
15 K -3 K
10 K 7K
7K 14 K
PBP = 3 + ( 3K ) / 10K
Cumulative Cash Flows
= 3.3 Years
Note: Take absolute value of last
the initial cash outflow.
13-6
Payback Solution (#1)
0
1
2
3 (a)
4
5
-40 K(-b) 10 K 10 K
12 K 22 K
15 K
10 K(d) 7 K
37 K(c) 47 K 54 K
Cumulative Inflows
Hale Waihona Puke 13-7PBP=a+(b-c)/d = 3 + (40 - 37) / 10 = 3 + (3) / 10 = 3.3 Years
13-4
Independent Project
For this project, assume that it is independent of any other potential projects that Basket Wonders may undertake. Independent -- A project whose acceptance (or rejection) does not prevent the acceptance of other projects under consideration.
Chapter 13
Capital Budgeting Techniques
13-1
Capital Budgeting Techniques
Project Evaluation and Selection Potential Difficulties Capital Rationing Project Monitoring Post-Completion Audit
ICO =
CF1 (1+IRR)1
+
CF2 (1+IRR)2
+
.
.
.
+
CFn (1+IRR)n
13-11
IRR Solution
$40,000 = $10,000
$12,000 +
+
(1+IRR)1 (1+IRR)2
$15,000 + $10,000 + $7,000 (1+IRR)3 (1+IRR)4 (1+IRR)5
13-5
Payback Period (PBP)
0
1
2
3
4
5
-40 K
10 K
12 K
15 K
10 K
7K
PBP is the period of time required for the cumulative expected cash flows from an investment project to equal
13-2
Project Evaluation: Alternative Methods
Payback Period (PBP) Internal Rate of Return (IRR) Net Present Value (NPV) Profitability Index (PI)
13-3
Proposed Project Data
Cutoff period is subjective
Internal Rate of Return (IRR)
IRR is the discount rate that equates the present value of the future net cash
flows from an investment project with the project’s initial cash outflow.
negative cumulative cash flow
13-8
value.
PBP Acceptance Criterion
The management of Basket Wonders has set a maximum PBP of 3.5 years for projects of this type.
Should this project be accepted?
Yes! The firm will receive back the initial cash outlay in less than 3.5 years. [3.3 Years < 3.5 Year Max.]
13-9
PBP Strengths and Weaknesses
Find the interest rate (IRR) that causes the discounted cash flows to equal $40,000.
13-12
IRR Solution (Try 10%)
$40,000 = $10,000(PVIF10%,1) + $12,000(PVIF10%,2) + $15,000(PVIF10%,3) + $10,000(PVIF10%,4) + $ 7,000(PVIF10%,5)
Strengths:
Easy to use and understand
Can be used as a measure of liquidity
Easier to forecast ST than LT flows
13-10
Weaknesses:
Does not account for TVM
Does not consider cash flows beyond the PBP
Payback Solution (#2)
0
1
2
3
4
5
-40 K -40 K
10 K -30 K
12 K -18 K
15 K -3 K
10 K 7K
7K 14 K
PBP = 3 + ( 3K ) / 10K
Cumulative Cash Flows
= 3.3 Years
Note: Take absolute value of last
the initial cash outflow.
13-6
Payback Solution (#1)
0
1
2
3 (a)
4
5
-40 K(-b) 10 K 10 K
12 K 22 K
15 K
10 K(d) 7 K
37 K(c) 47 K 54 K
Cumulative Inflows
Hale Waihona Puke 13-7PBP=a+(b-c)/d = 3 + (40 - 37) / 10 = 3 + (3) / 10 = 3.3 Years
13-4
Independent Project
For this project, assume that it is independent of any other potential projects that Basket Wonders may undertake. Independent -- A project whose acceptance (or rejection) does not prevent the acceptance of other projects under consideration.
Chapter 13
Capital Budgeting Techniques
13-1
Capital Budgeting Techniques
Project Evaluation and Selection Potential Difficulties Capital Rationing Project Monitoring Post-Completion Audit
ICO =
CF1 (1+IRR)1
+
CF2 (1+IRR)2
+
.
.
.
+
CFn (1+IRR)n
13-11
IRR Solution
$40,000 = $10,000
$12,000 +
+
(1+IRR)1 (1+IRR)2
$15,000 + $10,000 + $7,000 (1+IRR)3 (1+IRR)4 (1+IRR)5