财务管理基础英文大纲

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《公司财务基础(英)》-课程教学大纲.docx

《公司财务基础（英）》课程教学大纲一、课程基本信息课程代码：16022202课程名称：公司财务基础（英）英文名称：Fundamentals of Financial Management课程类别：专业基础必修学时：32学时学分：2学分适用对象：商务英语专业本科生考核方式：考试先修课程：当代商学概论（英）、经济学原理（英）二'课程简介本课程主要是面向商务英语专业本科生开设的专业基础必修课，使用全英文的教学材料，包括讲义，教材等，授课采用以英文为主的中英文双语教学。

通过本课程的学习，学生要求了解关于财务经理的职能、商务、税收和金融坏境、货币的时间价值、长期证券的价值、风险和收益以及财务报表等相关基础知识、概念或原则。

This course i s one of the compuIs i ve courses for bus i ness Eng I i sh majors. Th i s course adopts a I I Eng I i sh teach i ng mater i a I s including teach i ng sy I I abus i n Eng I i sh and Eng I i sh textbook, and cI assroom teach i ng mainly i n Eng I i sh. Through the study of th i s course, the students are requ i red to I earn the bas i c knowledge, concept i ons or principles about the ro I e of F i nanc i a I Management, the Bus i ness, Tax and F i nanc i a I Env i ronments, the T i me VaIue of Money, the VaIuat i on of Long-term Secur i t i es, R i sk and Return, F i nanc i a I statement Ana lysis, etc.三、课程性质与教学目的通过本课程的学习使学生能够全面了解公司财务管理的总体框架和基本理论，熟悉财务管理的基本方法，了解相关的基本概念，为学生日后相关课程的学习打下良好的基础知识。

财务管理基础英文课件 (2)

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Chapters will include supporting PowerPoint files that focus primarily on employing tools such as Excel to solve financial problems Chapter 1 will include some basic documentation on the Texas Instruments BAII+. Some instructors may utilize the BAII+ Professional or another vendor in the classroom. These slides will focus only on the traditional BAII+.
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Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
1b.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

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.

大一财务管理的英语知识点

大一财务管理的英语知识点一、Introduction to Financial ManagementFinancial management is a crucial aspect of business operations, involving the planning, organizing, controlling, and monitoring of financial resources. It plays a vital role in determining the financial health of a company and maximizing its value for shareholders. To excel in the field of financial management, it is essential to have a strong understanding of key concepts and principles in English. In this article, we will explore some important English knowledge points related to financial management for first-year college students.二、Financial StatementsFinancial statements are essential tools used by managers, investors, and creditors to analyze a company's performance and financial position. There are three main types of financial statements: the balance sheet, income statement, and cash flow statement.1. Balance SheetThe balance sheet provides a snapshot of a company's financial position at a specific point in time. It consists of three key components: assets, liabilities, and equity. Assets represent what the company owns,liabilities represent what the company owes, and equity represents the shareholders' ownership in the company.2. Income StatementThe income statement, also known as the profit and loss statement, shows a company's revenues, expenses, and net income (or loss) over a specific period. It helps assess a company's profitability and overall performance.3. Cash Flow StatementThe cash flow statement tracks the inflows and outflows of cash within a company during a given period. It provides information about the company's operating, investing, and financing activities and helps evaluate its liquidity and ability to generate cash.三、Financial RatiosFinancial ratios are useful tools for analyzing a company's financial performance and comparing it to industry standards. Here are some commonly used financial ratios:1. Liquidity RatiosLiquidity ratios measure a company's ability to meet short-term obligations. Examples include the current ratio (current assets divided by current liabilities) and the quick ratio (quick assets divided by current liabilities).2. Solvency RatiosSolvency ratios assess a company's long-term financial stability and its ability to meet long-term obligations. The debt-to-equity ratio (total debt divided by total equity) and the interest coverage ratio (earnings before interest and taxes divided by interest expense) are examples of solvency ratios.3. Profitability RatiosProfitability ratios measure a company's ability to generate profits relative to its assets, equity, or sales. Common examples include return on assets (net income divided by average total assets) and return on equity (net income divided by average total equity).四、Capital BudgetingCapital budgeting refers to the process of evaluating and selecting long-term investment projects. It involves estimating the future cash flows associated with each investment opportunity and determining itsviability. Several methods are used in capital budgeting, including net present value (NPV), internal rate of return (IRR), and payback period analysis.1. Net Present Value (NPV)NPV measures the profitability of an investment by comparing the present value of expected cash inflows to the present value of cash outflows. A positive NPV indicates that the investment is expected to generate a return higher than the cost of capital.2. Internal Rate of Return (IRR)IRR is the discount rate at which the present value of cash inflows equals the present value of cash outflows. It represents the expected rate of return for the investment and is used to rank different investment projects.3. Payback Period AnalysisPayback period analysis calculates the length of time required for an investment to recover its initial cost. It is a simple method that helps assess the risk and liquidity of an investment.五、Risk ManagementRisk management involves identifying, assessing, and mitigating potential risks that may impact a company's financial performance. It is crucial for financial managers to understand different types of risks and implement strategies to manage them effectively.1. Market RiskMarket risk refers to the uncertainty associated with changes in market conditions, such as interest rates, exchange rates, and stock prices. Hedging techniques, diversification, and financial derivatives are commonly used to manage market risk.2. Credit RiskCredit risk arises from the possibility of default by borrowers or counterparties. Credit analysis, credit ratings, and risk diversification are common strategies employed to manage credit risk.3. Operational RiskOperational risk relates to risks arising from internal processes, systems, and human error. Implementing robust internal controls, conducting regular audits, and maintaining proper insurance coverage are essential to manage operational risk.六、ConclusionAs first-year college students studying financial management, it is essential to grasp the fundamental knowledge and concepts in English. This article has provided an overview of key knowledge points in financial management, including financial statements, financial ratios, capital budgeting, and risk management. By developing a solid understanding of these topics, students can lay a strong foundation for their future studies and career in the field of finance.。

《财务专业英语》课程教学大纲

《财务专业英语》课程教学大纲课程代码：ABGS0519课程中文名称:财务专业英语课程英文名称：Financial English课程性质：选修课程学分数：2课程学时数：32授课对象：财务管理专业本课程的前导课程：财务管理基础、中级财务会计、财政与金融、金融市场学、财务报表分析一、课程简介《财经专业英语》是财务管理专业的一门专业选修课程。

通过本课程的学习，强化学生财务管理专业英语的综合运用能力，为学生营造一个在国际视野下用英语思考财务问题和解决财务问题的环境。

二、教学基本内容和要求1 Introduction to Financial Management (1)1.1 Financial Management and Financial Manager1.2 Financial Management Decision: Investment Decisions, Financing Decisions, Working Capital Management Decisions1.3 Risk-Return Tradeoff本章重点：Financial Management Decision.本章难点：Financial Management Decision.2 Introduction to Financial Management (2)2.1 Types of Business Organization: Sole Proprietorship, Partnership, Corporation2.2 Corporate Structure of the Company: Shareholders, Board of Directors, CEO, CFO2.3 Objectives of Financial Management: Stakeholder Theory, Value of Wealth Maximization2.4 Separation of Ownership and Control2.5 Agency Relationships: Agency Problem, Agency Costs, Practical Solutions to the Agency Problem本章重点：Objectives of Financial Management.本章难点：Objectives of Financial Management, Agency Problem and Solutions.3 Interpreting Financial Statement3.1 Basics of Annual Repots and Financial Statements: Corporate Annual Reports,Overview of Financial Statements3.2 Balance Sheet3.3 Income Statement3.4 Statement of Retained Earnings3.5 Statement of Cash Flow: Operating Cash Flows, Investing Cash Flows, Financing Cash Flows本章重点：Interpretation of Financial Statements.本章难点：Interpretation of Financial Statements.4 Financial Ratio Analysis4.1 Financial Ratio Analysis4.2 Liquidity Ratios: Current Ratio, Quick Ratio, Cash Ratio4.3 Debt Management Ratios: Debt Ratio, Long-term Debt Ratio, Cash Flow Coverage Ratio4.4 Asset Management Ratios: Accounts Receivable Turnover Ratio, Inventory Turnover Ratio, Accounts Payable Turnover Ratio, Asset Turnover Ratios4.5 Profitability Ratios: Gross Profit Margin, Operating Profit Margin, Net Profit Margin, Return on Assets, Total Return on Assets, Return on Equity, Return on Common Equity, DuPont Analysis of ROE4.6 Market Value Ratios: Price/earnings Ratio, Market-to-book Value Ratio, Dividend Yield and Payout4.7 Uses and Limitations of Financial Ratio Analysis本章重点：Principle Financial Ratios.本章难点：Calculation and Signification of Principle Financial Ratios, DuPont Analysis.5 Time Value of Money and Valuation5.1 Central Concepts in Financial Management5.2 Simple vs. Compound Interest Rates and Future vs. Present Value: Simple Interest, Compound Interest, Future Value, Present Value5.3 Annuity: Ordinary Annuity, Annuity Due, Deferred Annuity, Perpetuity, Nominal and Effective Interest Rates5.4 Valuation Fundamentals: Going-concern Value, Liquidation Value, Book Value, Market Value, Intrinsic Value, Valuation Approaches, Discounted Cash Flow Valuation5.5 Bond Valuation: Contractual Provisions of a Typical Bond, the Bond Valuation Formula, Bond Prices and Returns5.6 Common Stock Valuation: Common Stock Characteristics and Features, Common Stock Valuation本章重点：Compound Interest Rates, Future Value, Present Value, Annuity, Valuation Approaches.本章难点：Present Value of Different Annuity.6 Risk and Return6.1 Introduction to Risk and Return: Return, Risk6.2 Efficient Market Hypothesis (EMH): Introduction, Financial Market Efficiency, Anomalies in Finance6.3 Portfolio Theory: The Expected Return of a Portfolio, Risk in a Portfolio Context, Modern Portfolio Theory, Diversified Risk versus Market Risk6.4 Beta and Capital Asset Pricing Model: The Concept of Beta, CAPM6.5 Arbitrage Pricing Theory本章重点：CAPM.本章难点：CAPM.7 Capital Budgeting7.1 Capital Investment Decisions: Nature of Capital Budgeting, Project Classifications7.2 Guidelines for Estimating Project Cash Flows: Incremental Cash Flows, Focus on After-tax Cash Flows, Postpone Considering Financing Costs, Other Cash Flow Considerations7.3 Investment Rules: Payback Period, Net Present Value, Internal Rate of Return, Profitability Index7.4 Business Practice7.5 Analyzing Project Risk: Sensitivity Analysis, Break-even Analysis, Simulation7.6 Project Selection with Resource Constrains7.7 Qualitative Factors and the Selection of Projects7.8 The Post-Audit本章重点：Capital Investment Decision Indices.本章难点：Internal Rate of Return.8 Capital Market and Raising Funds8.1 Financial Markets: Role of Financial Markets, Types of Financial Markets, Recent Trend8.2 Investment Banks: Advising, Underwriting, Marketing8.3 The Decision to Go Public: Advantages of Going Public, Disadvantages of Going Public, Different Methods of Issuing New Securities8.4 Cost of Capital Concept: Use of the Cost of Capital, Capital Components, Weighted Average Cost of Capital本章重点：Cost of Capital.本章难点：Cost of Capital.9 Capital Structure9.1 The Choices: Types of Financing9.2 The Financing Mix9.3 Understanding Financial Risk9.4 Capital Structure and the Value of a Firm: The Modigliani-Miller Theorem, The M&M Theorem in the Real World, Tradeoff Theory of Optimal Capital Structure, Pecking Order Theory of Capital Structure9.5 Checklist for Capital Structure Decisions本章重点：Capital Structure Decisions.本章难点：Capital Structure Decisions.10 Dividend Policy10.1 Dividends and Dividend Policy: Dividend Payout Procedure, Types of Dividends10.2 The Dividend Puzzle: Dividend Irrelevance Theory, Dividend Relevance Theory10.3 Factors Influencing the Dividend Decision: Shareholder Factors, Firm Factors, Managerial Preferences and Constraints10.4 Dividend Policies: Residual Dividend Policy, Stable Dollar Dividend Policy, Constant Dividend Payout Ratio, Low Regular plus Specially Designated Dividends10.5 Stock Repurchases: Ways of Repurchases, Reasons for Stock Buybacks本章重点：Dividend Policies.本章难点：Stock Repurchases.11 Working Capital11.1 Introduction to Working Capital Management11.2 Cash Management: Three Motives for Holding Cash, Determining Appropriate Cash Balances, Investment Idle Cash, Types of Money Market Securities, Managing Collections and Disbursements11.3 Accounts Receivable Management: Credit Policy, Collection Policy11.4 Inventory Management: Successful Inventory Management, The Purchasing Plan, Inventory Management Techniques本章重点：Motives for Holding Cash, Determination of Appropriate Cash Balances.本章难点：Determination of Appropriate Cash Balances.12 International Financial Management12.1 Introduction: The Global Economy, Multinational Corporations12.2 Foreign Exchange Market: Exchange Rates, Currency Risk, Types of Transactions12.3 Exchange Rate Parity: Interest Rate Parity, Purchasing Power Parity, Unbiased Forward Rates, Inflation, Interest Rates and Exchange Rates12.4 Multinational Capital Budgeting12.5 International Financial Decision12.6 Working Capital Management12.7 Hedging Currency Risk: Currency Forward Contracts, Currency Futures Contracts, Currency Swaps, Currency Option Contracts本章重点：International Financial Decision.本章难点：Hedging Currency Risk.三、实验教学内容及基本要求无四、教学方法与手段教学方法：理论教学、案例教学、启发示教学、情境教学教学手段：板书教学、多媒体教学五、教学学时分配六、考核方式与成绩评定标准1、考核方法：集中考核（考核方式：考查）2、成绩评定：平时成绩（考勤、课堂表现及作业）占40％，期末考核成绩占60％。

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

《财务管理》教学大纲(英文)

《财务管理》课程编号：CFIN311课程类型：专业必修课总学时： 54 学时学分：3学分适用对象：工商管理专业先修课程：CACC111/MFIN221Learning ObjectivesOn successful completion of this paper candidates should be able to:–Discuss the role and purpose of the financial management function–Assess and discuss the impact of the economic environment on financial management–Discuss and apply working capital management techniques–Carry out effective investment appraisal–Identify and evaluate alternative sources of business finance–Discuss and apply principles of business and asset valuations–Explain and apply risk management techniques in business. Teaching MethodsThis course contains lectures, class discussions, homework assignments, quizzes and exams.Group discussions of the course material are an important part of the learning process in this course. Students are expected to make a meaningful contribution to the class, whether by asking questions, responding to questions, delivering presentations or contributing in other ways to class discussion.Core syllabus areas and teaching guidanceWorking capital management, investment appraisal and business finance are core areas of this course. Lecturing along with past exam problems practicing will be used to demonstrate how to apply key knowledge and techniques.Study TimeTo do well in this course, you need to devote time outside of class for practice and proper preparation. A typical student needs at least20 hours of no-class time each week during a 16-week semester. I would encourage all of you to do all assigned homework and practice extra problems.Homework assignmentsIf you do not attempt to complete the assigned homework, it is likely that your performance in the course will suffer. It is expected that homework assignments will be completed prior to the start of class. The answers need not be correct. Homework will be evaluated as complete if all parts of the assignment have been attempted and all work is shown. Assignments will be collected at the beginning of class and late assignments will not be accepted.Quizzes and ExaminationsThere will be one or two quizzes during the semester. Quizzes may or may not be announced in advance. Quizzes will test your knowledge of both concepts and the application of those concepts. The examination contains a mix of objectives and longer type questionsconsist of questions utilizing the application of critical thinking.Grading schemeA+ (100-97, Superior) A (96-93) A-(92-90)B+ (89-87) B (86-83, Good) B- (82-80)C+ (79-75) C (74-70, competent) C- (69-67)D+ (66-63) D (62-60) F = failure (59and below) Academic dishonestyAny student caught cheating on homework assignments or tests will receive an automatic grade of zero on that assignment. A second violation will result in disciplinary action in accordance with university policy. Any type of cheating on the midterm or final exam will result in a nullification of the exam paper.Classroom PolicyNo cell phones.No textbook no class!No smoking.No drowsing.No chatting and whispering.Participate actively.Course ScheduleCourse outlineChapter 1 Financial management and financial objectivesFinancial management function1 The nature and purpose of financial management(a) Explain the nature and purpose of financial management.(b) Explain the relationship between financial management and financial and management accounting.2 Financial objectives and the relationship with corporate strategy(a) Discuss the relationship between financial objectives, corporate objectivesand corporate strategy.(b) Identify and describe a variety of financial objectives, including:(i) Shareholder wealth maximization(ii) Profit maximization(iii) Earnings per share growth3 Stakeholders and impact on corporate objectives(a) Identify the range of stakeholders and their objectives.(b) Discuss the possible conflict between stakeholder objectives.(c) Discuss the role of management in meeting stakeholder objectives,including the application of agency theory.(d) Describe and apply ways of measuring achievement of corporate objectivesincluding:(i) Ratio analysis, using appropriate ratios such as return on capital employed,return on equity, earnings per share and dividend per share(ii) Changes in dividends and share prices as part of total shareholder return(e) Explain ways to encourage the achievement of stakeholder objectives,including:(i) Managerial reward schemes such as share options and performance-relatedpay(ii) Regulatory requirements such as corporate governance codes of bestpractice and stock exchange listing regulations4 Financial and other objectives in not for profit organizations(a) Discuss the impact of not for profit status on financial and other objectives.(b) Discuss the nature and importance of value for money as an objective in notfor profit organizations.(c) Discuss ways of measuring the achievement of objectives in not for profitorganizations.Key teaching pointsFinancial management functionFinancial and other objectives in not for profit organizationsExam guideThe material in this chapter is examinable as an entire discussion question or as a question involvingcalculations such as ratios and discussion. When doing a ratio analysis question, you must make sure you apply your answer to the organization in the question. The organization will not necessarily be a publicly quoted company with shareholders. AssignmentSee Revision Kit 2016,BPP Learning MediaSection A Questions1-5 MCQ bank – Financial management and financial objectivesSection B Questions 16-20 ABC CoChapter 2 The economic environment for businessThe economic environment for business(a) Identify and explain the main macroeconomic policy targets.(b) Define and discuss the role of fiscal, monetary, interest rate and exchangerate policies in achieving macroeconomic policy targets.(c) Explain how government economic policy interacts with planning anddecision-making in business.(d) Explain the need for, and the interaction with, planning and decision-makingin business of:(i) Competition policy(ii) Government assistance for business(iii) Green policies(iv) Corporate governance regulationKey teaching points(a) Identify and explain the main macroeconomic policy targets.(b) Define and discuss the role of fiscal, monetary, interest rate and exchangerate policies in achieving macroeconomic policy targets.(c) Explain how government economic policy interacts with planning anddecision-making in business.Exam guideThe emphasis in the exam will be on discussing how economic conditions or policies affect particular businesses, for example the impact of a change in interest rates.Assignment21-35 MCQ bank – Financial management environment36-40 CBE style OTQ bank – Financial management environmentChapter 3 Financial markets, money markets and institutions1 The nature and role of financial markets and institutions(a) Identify the nature and role of money and capital markets, both nationallyand internationally.(b) Explain the role of financial intermediaries.(c) Explain the functions of a stock market and a corporate bond market.(d) Explain the nature and features of different securities in relation to therisk/return tradeoff.2 The nature and role of money markets(a) Describe the role of the money markets in:(i) Providing short-term liquidity to the private sector and the public sector(ii) Providing short-term trade finance(b) Explain the role of banks and other financial institutions in the operation ofthe money markets.(c) Explain the characteristics and role of the principal money-marketinstruments:(i) Interest-bearing instruments(ii) Discount instruments(iii) Derivative productsKey teaching pointsExplain the role of financial intermediaries.The nature and role of money marketsExplain the characteristics and role of the principal money-marketInstrumentsExam guideYou are unlikely to be asked a whole longer question on financial markets and institutions. You might,however, be asked a part question or Section A multiple choice question that relates to the circumstances of a particular company, for instance how they could raise funds using a stock market.AssignmentChapter end quick quizChapter 4 Working capital1 The nature, elements and importance of working capital(a) Describe the nature of working capital and identify its elements.(b) Identify the objectives of working capital management in terms of liquidity andprofitability, and discuss the conflict between them.(c) Discuss the central role of working capital management in financial management.2 Management of inventories, accounts receivable, accounts payable and cash(a) Explain the cash operating cycle and the role of accounts payable and accounts receivable.(b) Explain and apply relevant accounting ratios, including:(i) Current ratio and quick ratio(ii) Inventory turnover ratio, average collection period and average payable period (iii) Sales revenue/net working capital ratioKey teaching pointsAll are very importantExam guideWorking capital is highly examinable. Questions are likely to be a mixture of calculations and discussion. Always make sure your discussion and explanations are applied to the specific organization in the question.AssignmentSection A Questions41-45 MCQ bank – Working capital80 Wobnig Co (6/12, amended) (a)Chapter 5 Managing working capital1 Management of inventories, accounts receivable, accounts payable and cash(a) Discuss, apply and evaluate the use of relevant techniques in managing inventory,including the economic order quantity model and Just-in-Time techniques.(b) Discuss, apply and evaluate the use of relevant techniques in managing accountsreceivable, including:(i) Assessing creditworthiness(ii) Managing accounts receivable(iii) Collecting amounts owing(iv) Offering early settlement discounts(v) Using factoring and invoice discounting(vi) Managing foreign accounts receivable(c) Discuss and apply the use of relevant techniques in managing accounts payable, including:(i) Using trade credit effectively(ii) Evaluating the benefits of discounts for early settlement and bulk purchase (iii) Managing foreign accounts payableKey teaching pointsDiscuss, apply and evaluate the use of relevant techniques in managing inventory Discuss and apply the use of relevant techniques in managing accounts payable Exam guideQuestions in this area are likely to be a mixture of calculations and discussion. The material in this chapter is highly examinable.Assignment46-55 CBE style OTQ bank – Managing working capital78 WQZ Co (12/10, amended)79 Bold Co (12/11, amended)Chapter 6 Working capital finance1 Management of inventories, accounts receivable, accounts payable and cash(a) Explain the various reasons for holding cash, and discuss and apply the use ofrelevant techniques in managing cash, including:(i) Preparing cash flow forecasts to determine future cash flows and cash balances(ii) Assessing the benefits of centralized treasury management and cash control (iii) Cash management models, such as the Baumol model and the Miller-Orr model(iv) Investing short-term2 Determining working capital needs and funding strategies(a) Calculate the level of working capital investment in current assets and discuss thekey factors determining this level, including:(i) The length of the working capital cycle and terms of trade(ii) An organization's policy on the level of investment in current assets(iii) The industry in which the organization operates(b) Describe and discuss the key factors in determining working capital funding strategies, including:(i) The distinction between permanent and fluctuating current assets(ii) The relative cost and risk of short-term and long-term finance(iii) The matching principle(iv) The relative costs and benefits of aggressive, conservative and matching funding policies(v) Management attitudes to risk, previous funding decisions and organization size Key teaching points(a) Explain the various reasons for holding cash, and discuss and apply the use ofrelevant techniques in managing cash, including:(i) Preparing cash flow forecasts to determine future cash flows and cash balances(ii) Assessing the benefits of centralized treasury management and cash control (iii) Cash management models, such as the Baumol model and the Miller-Orr modelDescribe and discuss the key factors in determining working capital funding strategies Exam guideThe material covered in this chapter is again highly examinable. Any of the calculations could form part or all of a question and you also need to be able to explain the meaning of your answers.Assignment56-60 CBE style OTQ bank – Working capital finance80 Wobnig Co (6/12, amended) (b)84 Widnor Co (6/15, amended)Chapter 7 Investment decisions1 Investment appraisal techniques(a) Identify and calculate relevant cash flows for investment projects.(b) Calculate payback period and discuss the usefulness of payback as an investmentappraisal method.(c) Calculate return on capital employed (accounting rate of return) and discuss itsusefulness as an investment appraisal method.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideYou should be able to use the techniques covered in this chapter, you may be asked to discuss their drawbacks. You must be able to apply your knowledge.Assignment85-94 MCQ bank – Investment decisionsChapter 8 Investment appraisal using DCF methods1 Investment appraisal techniques(a) Calculate net present value and discuss its usefulness as an investment appraisal method.(b) Calculate internal rate of return and discuss its usefulness as an investment appraisal method.(c) Discuss the superiority of DCF methods over non-DCF methods.(d) Discuss the relative merits of NPV and IRR.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideYou may be asked to discuss the relative merits of the various investment appraisal techniques as well as to demonstrate your ability to apply the techniques themselves. Assignment95-104 MCQ bank – Investment appraisal using DCFChapter 9 Allowing for inflation and taxation1 Allowing for inflation and taxation in investment appraisal(a) Apply and discuss the real terms and nominal terms approaches to investment appraisal.(b) Calculate the taxation effects of relevant cash flows, including the tax benefits ofcapital allowances and the tax liabilities of taxable profit.(c) Calculate and apply before- and after-tax discount rates.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideAs well as bringing inflation into your DCF calculations, you may be asked to explain the differences between real and nominal rates. In a long question, you can expect to have to deal with inflation, tax and working capital in an NPV question. Assignment105-114 MCQ bank – Allowing for tax and inflation146 Project E (6/14, amended)152 Uftin Co (12/14, amended)Chapter 10 Project appraisal and risk1 Investment appraisal process techniques(a) Calculate discounted payback and discuss its usefulness as an investment appraisal method.2 Adjusting for risk and uncertainty in investment appraisal(a) Describe and discuss the difference between risk and uncertainty in relation toprobabilities and increasing project life.(b) Apply sensitivity analysis to investment projects and discuss the usefulness ofsensitivity analysis in assisting investment decisions.(c) Apply probability analysis to investment projects and discuss the usefulness ofprobability analysis in assisting investment decisions.(d) Apply and discuss other techniques of adjusting for risk and uncertainty ininvestment appraisal, including:(i) Simulation(ii) Adjusted paybackKey teaching pointsCalculate discounted payback and discuss its usefulness as an investment appraisal method.Apply sensitivity analysis to investment projects and discuss the usefulness of sensitivity analysis in assisting investment decisions.Apply probability analysis to investment projects and discuss the usefulness of probability analysis in assisting investment decisions.Exam guideRisk and uncertainty are increasingly examinable in financial management exams andsensitivity calculations are particularly important. You will need to be able to explain these techniques as well as be confident and competent with the calculations. Assignment115-119 CBE style OTQ bank – Project appraisal and risk130-134 Sensitivity analysisChapter 11 Specific investment decisionsSpecific investment decisions (lease or buy; asset replacement; capital rationing) (a) Evaluate leasing and borrowing to buy using the before- and after-tax costs of debt.(b) Evaluate asset replacement decisions using equivalent annual cost and equivalent annual benefit.(c) Evaluate investment decisions under single period capital rationing, including: (i) The calculation of profitability indexes for divisible investment projects(ii) The calculation of the NPV of combinations of non-divisible investment projects Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideYou may be asked to calculate the results of different options and careful, methodical workings will be essential. These calculations can be quite difficult and will need lots of practice.Assignment120-129 CBE style OTQ bank – Specific investment decisions145 Calvic Co147 AGD Co (FMC, 12/05, amended)Chapter 12 Sources of finance1 Sources of and raising business finance(a) Identify and discuss the range of short-term sources of finance available to businesses, including:(i) Overdraft(ii) Short-term loan(iii) Trade credit(iv) Lease finance(b) Identify and discuss the range of long-term sources of finance available tobusinesses, including:(i) Equity finance(ii) Debt finance(iii) Lease finance(iv) Venture capital(c) Identify and discuss methods of raising equity finance, including:(i) Rights issue(ii) Placing(iii) Public offer(iv) Stock exchange listing(d) Identify and discuss methods of raising short- and long-term Islamic finance, including:(i) Major difference between Islamic finance and the other forms of business finance(ii) The concept of riba (interest) and how returns are made by Islamic financial securities(iii) Islamic financial instruments available to businesses, including:(i) Murabaha (trade credit)(ii) Ijara (lease finance)(iii) Mudaraba (equity finance)(iv) Sukuk (debt finance)(v) Musharaka (venture capital)Key teaching pointsIdentify and discuss methods of raising equity financeIdentify and discuss methods of raising short- and long-term Islamic financeExam guideSources of finance are a major topic. You may be asked to describe appropriate sources of finance for a particular company, and also discuss in general terms when different sources of finance should be utilized and when they are likely to be available.Assignment154-158 MCQ bank – Sources of finance147 AGD Co (FMC, 12/05, amended)199 Bar Co (12/11, amended)Chapter 13 Dividend policy1 Sources of and raising business finance(a) Identify and discuss internal sources of finance, including:(i) Retained earnings(ii) Increasing working capital management efficiency(iii) The relationship between dividend policy and the financing decision(iv) The theoretical approaches to, and the practical influences on, the dividend decisions, including legal constraints, liquidity, shareholding expectations andalternatives to cash dividendsKey teaching pointsIdentify and discuss internal sources of finance(i) Retained earnings(ii) Increasing working capital management efficiencyExam guideThis chapter is likely to be examined as a discussion question, perhaps combined with ratio analysisAssignment159-163 MCQ bank – Dividend policyChapter 14 Gearing and capital structure1 Sources of finance and their relative costs(c) Identify and discuss the problem of high levels of gearing.(d) Assess the impact of sources of finance on financial position, financial risk and shareholder wealth using appropriate measures, including:(i) Ratio analysis using statement of financial position gearing, operational and financial gearing, interest coverage ratio and other relevant ratios(ii) Cash flow forecasting(iii) Leasing or borrowing to buy2 Finance for small and medium-sized entities (SMEs)(a) Describe the financing needs of small businesses.(b) Describe the nature of the financing problem for small businesses in terms of the funding gap, the maturity gap and inadequate security.(c) Explain measures that may be taken to ease the financing problems of SMEs, including the responses of government departments and financial institutions.(d) Identify and evaluate the financial impact of different sources of finance for SMEs, including sources already referred to in syllabus section E1, and also:(i) Business angel financing(ii) Government assistance(iii) Supply chain financing(iv) Crowdfunding/peer to peer fundingKey teaching pointsRatio analysis using statement of financial position gearing, operational and financial gearing, interest coverage ratio and other relevant ratiosFinance for small and medium-sized entities (SMEs)Exam guideYou may be asked to explain the implications of different financing decisions on investment opportunities and the company's continued health. Capital structure is a significant topic in this exam and can be examined in conjunction with a number of other areas.Assignment164-173 MCQ bank – Gearing and capital structureChapter 15 The cost of capital1 Estimating the cost of capital(a) Estimate the cost of equity including:(i) Application of the dividend growth model and discussion of its weaknesses(ii) Explanation and discussion of systematic and unsystematic risk(iii) Relationship between portfolio theory and the capital asset pricing model(CAPM)(iv) Application of the CAPM, its assumptions, advantages and disadvantages (b) Estimating the cost of debt:(i) Irredeemable debt(ii) Redeemable debt(iii) Convertible debt(iv) Preference shares(v) Bank debt(c) Estimating the overall cost of capital including: 2(i) Distinguishing between average and marginal cost of capital(ii) Calculating the weighted average cost of capital (WACC) using book value and market value weightings2 Sources of finance and their relative costs(a) Describe the relative risk-return relationship and describe the relative costs of equity and debt.(b) Describe the creditor hierarchy and its connection with the relative costs of sources of finance.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideIn the exam you may be asked to calculate the weighted average cost of capital and its component costs, either as a separate sub-question, or as part of a larger question, most likely an investment appraisal. Remember that questions won't just involve calculations; you may be asked to discuss the problems with the methods of calculation you've used or the relevance of the costs of capital to investment decisions.Assignment174 -183 CBE style OTQ bank – The cost of capital201 NN Co (12/10, amended)202 AQR Co (6/11, amended)203 BKB Co (12/12, amended)Chapter 16 Capital structure1 Sources of finance and their relative costs(a) Impact of cost of capital on investments including:(i) The relationship between company value and cost of capital(ii) The circumstances under which WACC can be used in investment appraisal (iii) The advantages of the CAPM over WACC in determining a project-specific cost of capital(iv) Application of CAPM in calculating a project-specific discount rate2 Capital structure theories and practical considerations(a) Describe the traditional view of capital structure and its assumptions.(b) Describe the views of Miller and Modigliani on capital structure, both without andwith corporate taxation, and their assumptions.(c) Identify a range of capital market imperfections and describe their impact on theviews of Miller and Modigliani on capital structure.(d) Explain the relevance of pecking order theory to the selection of sources of finance.Key teaching pointsAll are very important as this chapter is a core area of this course.Exam guideThe theories covered in this chapter could be needed in a discussion part of a question. Gearing andungearing a beta is an essential technique to master using the formula which will be given to you in the exam.Assignment184- 193 CBE style OTQ bank – Capital structure204 Fence Co (6/14, amended)205 Tinep Co (12/14, amended)Chapter 17 Business valuations1 Nature and purpose of the valuation of business and financial assets(a) Identify and discuss reasons for valuing businesses and financial assets.(b) Identify information requirements for valuation and discuss the limitations ofdifferent types of information.2 Models for the valuation of shares(a) Asset-based valuation models, including:(i) Net book value (statement of financial position basis)(ii) Net realisable value basis(iii) Net replacement cost basis(b) Income-based valuation models, including:(i) Price/earnings ratio method(ii) Earnings yield method(c) Cash flow based valuation models, including:(i) Dividend valuation model and the dividend growth model(ii) Discounted cash flow basis3 The valuation of debt and other financial assets(a) Apply appropriate valuation methods to:(i) Irredeemable debt(ii) Redeemable debt(iii) Convertible debt(iv) Preference sharesKey teaching pointsModels for the valuation of sharesThe valuation of debt and other financial assetsAssignment207-216 MCQ bank – Business valuations222-226 Phobis Co (12/07, amended)Chapter 18 Market efficiency1 Efficient market hypothesis (EMH) and practical considerations in the valuation of shares(a) Distinguish between and discuss weak form efficiency, semi-strong formefficiency and strong form efficiency.(b) Discuss practical considerations in the valuation of shares and businesses, including:(i) Marketability and liquidity of shares(ii) Availability and sources of information(iii) Market imperfections and pricing anomalies(iv) Market capitalization(c) Describe the significance of investor speculation and the explanations of investor decisions offered by behavioral finance.Key teaching pointsDistinguish between and discuss weak form efficiency, semi-strong form efficiency and strong form efficiency.Discuss practical considerations in the valuation of shares and businessesExam guideMarket efficiency may need to be discussed as part of a business valuation question. Assignment217-221 CBE style OTQ bank – Market efficiencyChapter 19 Foreign currency risk1 The nature and role of money market(a) Describe the role of money markets in:(i) Allowing an organization to manage its exposure to foreign currency risk and interest rate risk2 The nature and types of risk and approaches to risk management(a) Describe and discuss different types of foreign currency risk:(i) Translation risk(ii) Transaction risk(iii) Economic risk3 Causes of exchange rate differences and interest rate fluctuations(a) Describe the causes of exchange rate fluctuations, including:(i) Balance of payments(ii) Purchasing power parity theory(iii) Interest rate parity theory(iv) Four-way equivalence(b) Forecast exchange rates using:(i) Purchasing power parity(ii) Interest rate parity4 Hedging techniques for foreign currency risk(a) Discuss and apply traditional and basic methods of foreign currency risk management, including:(i) Currency of invoice(ii) Netting and matching。

财务管理基础英文课件 (3)

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
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The Business, Tax, and Financial Environments
The Business Environment
The US has four basic forms of business organization:
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Sole Proprietorships
Partnerships (general and limited)
Corporations
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Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
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Summary for Corporation
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Relatively quick setup
Limited liability for limited partners
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Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

财务管理(英语)-教学大纲

《财务管理基础（双语）》教学大纲课程编号：课程类型：专业课总学时：32 讲课学时：32 实验（上机）学时：0 学分：2适用对象：先修课程：财务会计、概率与统计一、课程的教学目标Financial management is a foundation course for undergraduate students in accounting school. Financial management draws on the knowledge acquired in other areas of accounting, including terms and concepts from the fields of financial accounting, managerial economics, and quantitative methods. A solid understanding of basic mathematics and its application in business contexts is required.Financial management emphasizes on the major decisions made by financial executives of an organization. Topics introduced in this course include the following: • Financial planning• Working capital management• Capital budgeting• Strategic decision making• Cost of capital• Security valuation二、教学基本要求1.Teaching RequirementsFirstly, a learning bridge between theory and practice should be built. While teaching, teachers should emphasize on the financial theories and the role in guiding practice. The ability of using theory knowledge to analysis typical financial cases andsolve practical problems should be trained. Thirdly, a variety of teaching methods should be used. Theory teaching should combine with case study and classroom teaching should combine with students’self-study. Various learning methods are encouraged to be adopted to help students to consolidate the learned knowledge.2. Selection Principles of Teaching MaterialsThe content of teaching materials should cover the main points and basic methods of corporate finance and the framework of teaching materials should be universally accepted in China. However, the framework of the teaching materials should be strict in structure and have a clear logic relationship. While explaining the basic theories and methods of finance, the teaching materials should combine those theories with practice to conform the trend. The latest development of corporate finance should also be included in the teaching materials.3. Teaching Method and Grade sTeaching Method: While teaching, the key points should be focused and difficult points should be taught clearly. Modern means of teaching are encouraged to be used. Exercises are used to help students to prepare and review the lessons. Extra newspapers, magazines and website should be provided, and students are encouraged to use these channels to collect information combined with theory principles learned in the class to analyze and solve practical problems. Homework are required to be completed by individuals or discussed in groups according to the difficulty of the problems.Grades:Homework and test in classroom: 30%;Final Examination: 70%.三、各教学环节学时分配教学课时分配四、教学内容Part 1 Introduction of Financial ManagementChapter 1 The Role of Financial ManagementWhat is Financial Management?The Goal of the FirmCorporate GovernanceOrganization of the Financial Management FunctionKey Learning Points：What is Financial Management?The Goal of the FirmObjectives：After Studying Chapter 1, you should be able to: Explain why the role of the financial manager today is so important. Describe "financial management" in terms of the three major decision areas that confront the financial manager.Identify the goal of the firm and understand why shareholders' wealth maximization is preferred over other goals. Understand the potential problems arising when management of the corporation and ownership are separated (i.e., agency problems). Demonstrate an understanding of corporate governance.Discuss the issues underlying social responsibility of the firm. Understand the basic responsibilities of financial managers and the differences between a "treasurer" and a "controller."Questions：1. If all companies had an objective of maximizing shareholder wealth, would people over-all tend to be better or worse off?2. Contrast the objective of maximizing earnings with that of maximizing wealth.3. What is financial management all about?4. Explain why judging the efficiency of any financial decision requires the existence of a goal?5. What are the three major function of the financial manager? How are they related?6. Should the managers of a company own sizable amounts of common stock in the company? Why are the pros and cons?7. As an investor, do you think that some managers are paid too much? Do their rewards come at your expense?8. How does the notion of risk and reward govern the behavior of financial managers?9. What is corporate governance? What role does a corporation’s board of directors play in corporate governance?10. Compare and contrast the role that a firm’s treasurer and controller have in the operation of the firm.Chapter 2 The Business, Tax, and Financial EnvironmentsThe Business EnvironmentThe Tax EnvironmentThe Financial EnvironmentKey Learning Points：The Tax EnvironmentThe Financial EnvironmentObjectives：After Studying Chapter 2, you should be able to: Describe the four basic forms of business organization in the United States – and the advantages and disadvantages of each. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal. Understand various methods of depreciation. Understand why acquiring assets through the use of debt financing offers a tax advantage over both common and preferred stock financing. Describe the purpose and make up of financial markets. Demonstrate an understanding of how letter ratings of the major rating agencies help you to judge a security’s default risk. Understand what is meant by the term “term structure of interest rates”and relate it to a “yield curve.”Questions：1. What is the principal advantage of the corporate form of business organization? Discuss the importance of this advantage to the owner of a small family restaurant. Discuss the importance of this advantage to a wealthy entrepreneur who owns several businesses.2. What are some of the disadvantages of (a) a sole proprietorship? (b) a partnership? (c) a limited liability company (LLC)?3. Are individual tax rates progressive or regressive in the sense of increasing or decreasing with income levels?4. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important?5. What is the purpose of financial markets? How can this purpose be accomplished efficiently?6. What is meant by making the financial markets more efficient? More complete?7. What are the major sources of external financing for business firms?8. In addition to financial intermediaries, what other institutions andarrangements facilitate the flow of funds to and from business firms?Part 2 ValuationChapter 3 The Time Value of MoneyThe Interest RateSimple InterestCompound InterestAmortizing a LoanCompounding More Than Once per YearKey Learning Points：Simple InterestCompound InterestObjectives：After Studying Chapter 3, you should be able to: Understand what is meant by "the time value of money." Understand the relationship between present and future value. Describe how the interest rate can be used to adjust the value of cash flows – both forward and backward – to a single point in time. Calculate both the future and present value of: (a) an amount invested today; (b) a stream of equal cash flows (an annuity); and (c) a stream of mixed cash flows.Distinguish between an “ordinary annuity” and an “annuity due.” Use interest factor tables and understand how they provide a shortcut to calculating present and future values. Use interest factor tables to find an unknown interest rate or growth rate when the number of time periods and future and present values are known. Build an “amortization schedule” for an installment-style loan.Questions：1. What is simple interest?2. What is compound interest? Why is it important?3. What kinds of personal financial decisions have you made that involve compound interest?4. What is an annuity? Is an annuity worth more or less than a lump sum payment received now that would be equal to the sum of all the future annuity payment?5. What type of compounding would you prefer in your savings account? Why?6. Contrast the calculation of future (terminal) value with the calculation of present value. What is the difference?7. What is the advantage of using present value tables rather than formulas? Chapter 4 The Valuation of Long-Term SecuritiesDistinctions Among Valuation ConceptsBond ValuationPreferred Stock ValuationCommon Stock ValuationRates of Return (or Yields)Key Learning Points：Bond ValuationPreferred Stock ValuationCommon Stock ValuationObjectives：After Studying Chapter 4, you should be able to: Distinguish among the various terms used to express value. Value bonds, preferred stocks, and common stocks. Calculate the rates of return (or yields) of different types of long-term securities. List and explain a number of observations regarding the behavior of bond prices.Questions：1. What connection, if any, does a firm’s market value have with its liquidationand/or going-concern value?2. Could a security’s intrinsic value to an investor ever differ from the security’s market value? If so, under what circumstances?3. In what sense is the treatment of bonds and preferred stock the same when it comes to valuation?4. A20-year bond has a coupon rate of 8%, and another bond of the same maturity has a coupon rate of 15%. If the bonds are alike in all other respects, which will have the greater relative market price decline if interests increase sharply? Why?5. Why are dividends the basis for the valuation of common stock?6. Why is the growth rate in earnings and dividends of a company likely to taper off in the future? Could the growth rate increase as well? If it did, what would be the effect on stock price?7. Using the constant perpetual growth dividend valuation model, could you havea situation in which a company grows at 30% per year (after subtracting out inflation) forever? Explain.Chapter 5 Risk and ReturnDefining Risk and ReturnUsing Probability Distributions to Measure RiskAttitudes Toward RiskRisk and Return in a Portfolio ContextDiversificationThe Capital Asset Pricing Model (CAPM)Efficient Financial MarketsKey Learning Points：Using Probability Distributions to Measure RiskAttitudes Toward RiskDiversificationThe Capital Asset Pricing Model (CAPM)Objectives：After Studying Chapter 5, you should be able to: Understand the relationship (or “trade-off”) between risk and return. Define risk and return and show how to measure them by calculating expected return, standard deviation, and coefficient of variation. Discuss the different types of investor attitudes toward risk. Explain risk and return in a portfolio context, and distinguish between individual security and portfolio risk. Distinguish between avoidable (unsystematic) risk and unavoidable (systematic) risk and explain how proper diversification can eliminate one of these risks. Define and explain the capital-asset pricing model (CAPM), beta, and the characteristic line. Calculate a required rate of return using the capital-asset pricing model (CAPM). Demonstrate how the Security Market Line (SML) can be used to describe this relationship between expected rate of return and systematic risk. Explain what is meant by an “efficient financial market” and describe the three levels (or forms) of market efficiency.Questions：1. If investors were not risk averse on average, but rather were either risk indifferent (neutral) or even liked risk, would the risk- return concepts presented in this chapter be valid?2. Define the characteristic line and its beta.3. Why is beta a measure of systematic risk? What is its meaning?4. What is the required rate of return of a stock? How can it be measured?5. Is the security market line constant over time? Why or why not?6. Suppose that you are highly risk averse but that you still invest in common stocks. Will the beta of the stocks in which you invest be more or less than 1.0? Why?7. If a security is undervalued in terms of the capital-asset pricing model, whatwill happen if investors come to recognize this undervaluation?Part 3 Tools of Financial Analysis and PlanningChapter 6 Financial Statement AnalysisFinancial StatementsA Possible Framework for AnalysisBalance Sheet RatiosIncome Statement and Income/Balance Sheet RatiosTrend AnalysisCommon-Size and Index AnalysisKey Learning Points：Balance Sheet RatiosIncome Statement and Income/Balance Sheet RatiosObjectives：After Studying Chapter 6, you should be able to: Understand the purpose of basic financial statements and their contents. Understand what is meant by “convergence” in acco unting standards. Explain why financial statement analysis is important to the firm and to outside suppliers of capital. Define, calculate, and categorize (according to liquidity, financial leverage, coverage, activity, and profitability) the major financial ratios and understand what they can tell us about the firm. Define, calculate, and discuss a firm’s operating cycle and cash cycle. Use ratios to analyze a firm's health and then recommend reasonable alternative courses of action to improve the health of the firm.Analyze a firm’s return on investment (i.e., “earning power”) and return on equity using a DuPont approach. Understand the limitations of financial ratio analysis. Use trend analysis, common-size analysis, and index analysis to gainadditional insights into a firm's performance.Questions：1. What is the purpose of a balance sheet? An income statement?2. Why is the analysis of trends in financial ratios important?3. Auxier Manufacturing Company has a current ratio of 4 to 1 but is unable to pay its bills. Why?4. Can a firm generate a 25% return on assets and still be technically insolvent (unable to pay its bills)? Explain.5. The traditional definitions of collection period and inventory turnover are criticized because in both cases balance sheet figures that are a result of approximately the last month of sales are related to annual sales (in the former case) or annual cost of goods sold (in the latter case). Why do these definitions present problems? Suggest a solution.6. Explain why a long-term creditor should be interested in liquidity ratios?7. Which financial ratios would you be most likely to consult if you were the following?a. A banker considering the financial of seasonal inventoryb. A wealthy equity investorc. The manager of a pension fund considering the purchase of a firm’sbondsd. The president of a consumer products firm8. In trying to judge whether a company has too much debt, what financial ratios would you use and for that purpose?9. Why might it be possible for a company to make large operating profits, yet still be unable to meet debt payments when due? What financial ratios might be employed to detect such a condition?10. Does increasing a firm’s inventory turnover ratio increase its profitability? Why should this ratio be computed using cost of goods sold (rather than sales, asis done by some compilers of financial statistics)?Chapter 7 Fund Analysis, Cash-Flow Analysis, and Financial Planning Flow of Funds (Sources and Uses) StatementAccounting Statement of Cash FlowsCash-Flow ForecastingRange of Cash-Flow EstimatesForecasting Financial StatementsKey Learning Points：Forecasting Financial StatementsObjectives：After Studying Chapter 7, you should be able to: Explain the difference between the flow of funds (sources and uses of funds) statement and the statement of cash flows –and understand the benefits of using each. Define "funds" and identify sources and uses of funds. Create a sources and uses of funds statement, make adjustments, and analyze the final results. Describe the purpose and content of the statement of cash flows as well as implications that can be drawn from it. Prepare a cash budget from forecasts of sales, receipts, and disbursements – and know why such a budget should be flexible. Develop forecasted balance sheets and income statements. Understand the importance of using probabilistic information in forecasting financial statements and evaluating a firm's condition.Questions：1. Contrast flow of funds (sources and uses) statements with cash budgets as planning tools.2. What is the purpose of a statement of cash flow?3. Discuss the benefits that can be derived by the firm from cash budgeting.4. Explain why selling inventory to credit customers is considered a source offunds when in fact no “funds” were generated?5. Is depreciation a source of funds? Under what conditions might the “source”dry up?6. Why do bankers closely analyze cash flow statements and/or sources and usesof funds statements in considering credit applications?7. What are the major points of difference between a cash budget and the sourcesand uses of funds statement?8. On what items should the financial manager concentrate in order to improvethe accuracy of the cash budget? Explain your reasoning.9. Why is the sales forecast so important in preparing the cash budget?10. What are the two principal ways by which one can prepare forecast financialstatements?Part 4 Working Capital ManagementChapter 8 Overview of Working Capital ManagementWorking Capital ConceptsWorking Capital IssuesFinancing Current Assets: Short-Term and Long-Term MixCombining Liability Structure and Current Asset DecisionsKey Learning Points：Working Capital ConceptsCombining Liability Structure and Current Asset DecisionsObjectives：After Studying Chapter 8, you should be able to: Explain how the definition of "working capital" differs between financial analysts and accountants. Understand the two fundamental decision issues in working capital management –and the trade-offs involved in making these decisions. Discusshow to determine the optimal level of current assets. Describe the relationship between profitability, liquidity, and risk in the management of working capital. Explain how to classify working capital according to its “components” and according to “time” (i.e., either p ermanent or temporary). Describe the hedging (maturity matching) approach to financing and the advantages/disadvantages of short- versus long-term financing. Explain how the financial manager combines the current asset decision with the liability structure decision.Questions：1. What does working capital management encompass? What functional decisions are involved, and what underlying principle or trade-off influences the decision process?2. Utilities hold 10% of total assets in current assets; retail trade industries hold 60% of total assets in current assets. Explain how industry characteristics account for this difference.3. Distinguish between “temporary” and “permanent” working capital.4. If the firm adopts a hedging (maturity matching) approach to financing, how would it finance its current assets?5. Some firms finance their permanent working capital with short-term liabilities (commercial paper and short-term notes). Explain the impact of this decision on the profitability and risk of these firms.6. Suppose that a firm finances its seasonal (temporary) current assets with long-term funds. What is the impact of this decision on the profitability and risk of this firm?7. At times, long-term interest rates are lower than short-term rates, yet the discussion in the chapter suggests that long-term financing is more expensive. If long-term rates are lower, should the firm finance itself entirely with long-term debt?8. How does shortening the maturity composition of outstanding debt increase the firm’s risk? Why does increasing the liquidity of the firm’s assets reduce the risk?9. What are the costs of maintaining too large a level of working capital? Too small a level of working capital?10. How is a margin of safety provided for in working capital management? Chapter 9 Cash and Marketable Securities ManagementMotives for Holding CashSpeeding Up Cash ReceiptsS-l-o-w-i-n-g D-o-w-n Cash PayoutsElectronic CommerceOutsourcingCash Balances to MaintainInvestment in Marketable SecuritiesKey Learning Points：Cash Balances to MaintainInvestment in Marketable SecuritiesObjectives：After Studying Chapter 9, you should be able to: List and explain the motives for holding cash. Understand the purpose of efficient cash management. Describe methods for speeding up the collection of accounts receivable and methods for controlling cash disbursements. Differentiate between remote and controlled disbursement, and discuss any ethical concerns raised by either of these two methods. Discuss how electronic data interchange (EDI) and outsourcing each relates to a company’s cash collections and disbursements. Identify the key variables that should be considered before purchasing any marketable securities. Define the most common money-market instruments that a marketable securities portfolio manager would consider for investment.Describe the three segments of the marketable securities portfolio and note which securities are most appropriate for each segment and why. Questions：1. Define the function of cash management?2. Explain the concept of concentration banking.3. Explain how the lockbox system can improve the efficiency of cash management.4. Money market instruments are used as investment vehicles for otherwise idle cash. Discuss the most important criterion for asset selection in investing temporarily idle cash.5. Discuss the impact of lockbox banking on corporate cash balance.6. What are compensating ban balance, and why are they not the same for all depositors?7. What is net float? How might a company “play the float” in its disbursements?8. Under what conditions would it be possible for a company to hold no cash or marketable securities? Are these conditions realistic?9. What are the three motives for holding cash?10. What is outsourcing? Why might a company outsource some or all of its cash management processes? What is business processing outsourcing (BPO)? Chapter 10 Accounts Receivable and Inventory ManagementCredit and Collection PoliciesAnalyzing the Credit ApplicantInventory Management and ControlKey Learning Points：Analyzing the Credit ApplicantInventory Management and ControlObjectives：After Studying Chapter 10, you should be able to: List the key factors that can be varied in a firm's credit policy and understand the trade-off between profitability and costs involved. Understand how the level of investment in accounts receivable is affected by the firm's credit policies. Critically evaluate proposed changes in credit policy, including changes in credit standards, credit period, and cash discount. Describe possible sources of information on credit applicants and how you might use the information to analyze a credit applicant. Identify the various types of inventories and discuss the advantages and disadvantages of increasing/decreasing inventories. Describe, explain, and illustrate the key concepts and calculations necessary for effective inventory management and control, including classification, economic order quantity (EOQ), order point, safety stock, and just-in-time (JIT).Questions：1. Is it always good policy to reduce the firm’s bad debts by “getting rid of the deadbeats”?2. Is an increase in the collection period necessarily bad? Explain.3. What are the principal factors that can be varied in setting credit policy?4. If credit standards for the quality of accounts accepted are changed, what things are affected?5. Why is the saturation point reached in spending money on collections?6. What is the purpose of establishing a line of credit for an account? What are the benefits of this arrangement?7. The analysis of inventory policy is analogous to the analysis of credit policy. Propose a measure to analyze inventory policy that is analogous to the aging of accounts receivable.8. What are the principal implications to the financial manager of ordering costs, storage costs, and cost of capital as they relate to inventory?9. Explain how efficient inventory management affects the liquidity and profitability of the firm.10. How can the firm reduce its investment in inventories? What costs might the firm incur from a policy of very low inventory investment?11. Do inventories represent an investment in the same sense as fixed assets?12. Should the required rate of return for investment in inventories of raw materials be the same as that for finished goods?Chapter 11 Short-Term FinancingSpontaneous FinancingNegotiated FinancingFactoring Accounts ReceivableComposition of Short-Term FinancingKey Learning Points：Factoring Accounts ReceivableComposition of Short-Term FinancingObjectives：After Studying Chapter 11, you should be able to: Understand the sources and types of spontaneous financing. Calculate the annual cost of trade credit when trade discounts are forgone. Explain what is meant by "stretching payables" and understand its potential drawbacks. Describe various types of negotiated (or external) short-term borrowing. Identify the factors that affect the cost of short-term borrowing. Calculate the effective annual interest rate on short-term borrowing with or without a compensating balance requirement and/or a commitment fee. Understand what is meant by factoring accounts receivable.Questions：1. Explain why trade credit from suppliers is a “Spontaneous source of funds”.2. Trade credit from suppliers is very costly source of funds when discounts arelost. Explain why many firms rely on this source of funds to finance their temporary working capital.3. Suppose that a firm elected to tighten its trade credit policy from “2/10, net 90”to “2/3f0”. What effect could the firm expect this change to have on its liquidity?4. Why are accrued expenses a more spontaneous source of financing than tradecredit from suppliers?5. Why is the rate on commercial paper usually less than the prime rate chargedby bankers and more than the Treasury bill rate?6. Why would a firm borrow bank funds at higher rates instead of issuingcommercial papers?7. Who is able to issue commercial paper and for what purpose?8. How do bankers’acceptances differ from commercial paper as a means offinancing?9. Compare and contrast a line of credit and a revolving credit agreement.10. Would you rather have your loan on a “collect basis” or a “discount basis” ifyou were a borrower, all other things being the same? If you were a lender?11. What determines whether a lending arrangement is unsecured or secured?12. As a lender, how would you determine the percentage you are willing toadvance against a particular type of collateral?13. As a financial consultant to a company, how would you go aboutrecommending whether to use an assignment of accounts receivable or a factoring arrangement?14. In choosing the composition of short-term financing, what factors should beconsidered?Part 5 Investment in Capital Assets。

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

公司财务管理制度英语

Introduction:Financial management is a crucial aspect of any company, ensuring the efficient and effective allocation of resources, accurate financial reporting, and compliance with legal and regulatory requirements. To maintain a sound financial system, it is essential for a company to establish a comprehensive financial management system. This document outlines the key components and guidelines for the company’s financial management system.I. Objective:The primary objective of the company’s financial management system is to ensure:1. Proper allocation and utilization of financial resources.2. Accurate and timely financial reporting.3. Compliance with relevant laws, regulations, and internal policies.4. Enhancement of the company’s financial stabili ty and profitability.II. Scope:The financial management system applies to all employees, departments, and divisions within the company. It covers all financial transactions, activities, and records, including:1. Revenue recognition and collection.2. Expenditure authorization and control.3. Budgeting and financial planning.4. Asset management and disposal.5. Financial reporting and analysis.6. Internal control and audit.III. Key Components:1. Financial Policies and Procedures:The company shall establish and maintain a set of financial policies and procedures to guide the financial management process. These policies and procedures shall cover aspects such as:a. Approval levels for financial transactions.b. Documentation requirements for financial transactions.c. Delegation of authority for financial decisions.d. Confidentiality of financial information.2. Budgeting and Financial Planning:The company shall develop and implement a comprehensive budgeting and financial planning process to ensure the efficient use of resources and alignment with strategic objectives. This process includes:a. Establishing annual budgets for all departments and divisions.b. Reviewing and adjusting budgets as necessary.c. Monitoring actual performance against budgeted targets.d. Reporting on budget variances and corrective actions.3. Revenue and Expenditure Management:The company shall implement effective revenue and expenditure management practices, including:a. Revenue recognition and collection procedures.b. Expenditure authorization and control mechanisms.c. Regular review of supplier contracts and pricing.d. Monitoring and managing cash flow.4. Asset Management:The company shall establish and maintain an effective asset management system to ensure the optimal utilization and protection of assets. This includes:a. Asset inventory and valuation.b. Asset depreciation and impairment accounting.c. Asset maintenance and repair.d. Asset disposal procedures.5. Financial Reporting and Analysis:The company shall prepare accurate and timely financial reports, including:a. Monthly, quarterly, and annual financial statements.b. Management accounts.c. Budget variance analysis.d. Key performance indicators (KPIs).6. Internal Control and Audit:The company shall implement internal control measures to mitigate the risk of fraud, errors, and non-compliance. This includes:a. Segregation of duties.b. Authorization and approval processes.c. Regular internal and external audits.d. Corrective actions and follow-up.IV. Responsibilities:1. The Chief Financial Officer (CFO) is responsible for overseeing the implementation and compliance of the financial management system.2. Department heads are responsible for ensuring their departments adhere to the financial management system and policies.3. Employees are responsible for following the financial management system guidelines and reporting any irregularities or concerns.Conclusion:A well-structured financial management system is essential for the success of any company. By implementing the guidelines outlined in this document, the company can ensure the efficient management of its financial resources, compliance with legal and regulatory requirements, and enhancement of its financial stability and profitability.。

财务管理专业英语

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1.2.2 Financing Decisions
Does the type of financing used make a difference?
Is the existing capital structure the right one?
How and where should the firm raise money?
(3)
Liabilities and equity (7)
The following information is also available:
Quick ratio = 1.0 time Working capital to sales ratio =
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
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1.2.2 Financing Decisions
Should the firm use funds raised through its revenues?
Should the firm raise money from outside the business?
If the firm seeks external financing, should it bring in other owners or borrow the money?
1) Long-term investment decisions
2) Long-term financing decisions 3) Working Capital Management
Decisions
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1.2.1 Investment Decisions