财务管理专业外语 翻译

Capital budgeting is an extremely important aspect of a firm’s financial management。

Although a single capital asset usually comprise a small percentage of a firm’s total assets，all capital assets are long-term。

Therefore，a firm that makes a mistake in its capital budgeting process has to live with that mistake for a long period of time。

资本预算是一个公司财务管理中一个极其重要的方面。

一个单向的资产通常由公司的一小部分总资产组成，所有的资产都是长期的。

因此，一个公司在它的资本预算过程中犯了一个错误，那这个错误也将持续一段时间。

For instance，management may wish to know the effect on net present value if a project’s net cash flows are either 20 percent less than，or20 percent greater than，those estimated。

Knowledge of the sensitivity of net present value to changes or errors in the variables places management in a better position to decide whether a project is too risky to accept。

例如，管理过程中希望知道如果一个项目的现金流量净额小于20%或者大于20%是否对净现值有影响。

净现值的敏感性分析对变量或者错误的地方的管理，可以处于更好的位置来决定是否一个项目的风险太大而难以接受。

In this case，a capital expenditure limit is used to impose the desired restriction，but it is not capital that is the scarce resource。

Rather，the scarce resource is management time，and the real concern is that its constraint may result in supervision problems。

Management should also consider any qualitative factors that may affect those projects。

Essentially，qualitative factors are those that management would like to induce in the quantitative analysis but is unable to include because they are difficult，if not impossible，to measure in dollars。

For this reason they are assessed separately after the quantitative analysis of the alternatives has been completed。

管理也应该考虑任何定性因素可能影哪些项目。

从本质上讲,定性因素是那些管理想勾起定量分析,但不能因为他们困难而不包括在内,即使不可能,也可以以美元来衡量。

因为这个原因,他们分别进行评估后的替代方案的定量分析任务已经完成了。

Financial managers need to understand the environment and financial markets within business operate。

Therefore，this topic describes the markets where capital is raised，securities are traded，and stock prices are established。

In the process，we also focus on the content of the cost of capital。

But we are not concerned with the cost of capital models and formulas。

财务经理需要了解所处的环境和金融市场业务操作。

因此,这一章描述资本增加市场，证券交易市场和股票定价。

在这个过程中，我们也要关注资本成本的内容。

但是我们不关心资本成本模型和计算公式。

Underwriting is the act of buying a new security from a company and reselling it to investors。

An investment banker that acts to guarantee the sale of a new securities issue by buying the securities for subsequent resale to the public is called an underwriter。

Because the underwriter bears the risk of not selling the entire securities issue，the issuer receives all funds needed form the sale regardless of whether the underwriter the underwriter sells all the securities。

承销的行为是从一个公司购买一支新的证券转售给投资者。

投资银行的作用是保证销售发行的证券随后通过购买转售给公众的称为保险人。

因为保险人承担整个证券不发行出售的风险，发行人获得所有所需经费形成了保险人出售证券的行为。

When making a public offering of additional equity，a firm can either select a general cash offer to the public at large or offer securities on a pro rate basis to existing owners through a rightsoffer。

A general cash offer is the public offering of securities to all interest investors。

A rights offer，also called a privileged subscription，involves initially offering the securities to the firm’s existing stockholders。

在进行额外的股权公开发行时，公司要么选择向广大群众发放现金，要么按照一定比例分配股利。

认股权发行也被称为有特权的认购，最初的证券包括提供给公司现有股东的有价证券。

This topic investigates a firm’s capital structure decision。

Capital structure refers to the sources of long-term financing employed by the firm。

We illustrate how a firm may use financial leverage to increase the expected returns to shareholders while decreasing risk for the shareholders。

We also discuss the Modigliani-Miller theorem of capital structure irrelevance for a firm when there are no taxes or other market frictions。

We then show how taxes and certain market frictions may make a firm’s capital structure decision relevant in the real world。

Finally，we present a checklist for capital structure decisions。

Financial managers need to know how their capital structure decision affects the value of their firms。

They are particularly interested in whether an optimal capital structure exists for their firm。

An optimal capital structure is the financing mix that maximizes the value of the firm。

The search for optimal capital structure is ongoing。

Researches have led to many views。

财务经理需要知道基本结构的价值是如何让影响自己的公司的。

他们感兴趣的产品对他们的公司是否存在一个最优的资本结构。

一个最优的资本结构是融资的组合，是一个企业价值的最大限度。

寻找最优的资本结构，也就导致了许多看法。

Why firms are not leveraged to the maximum。

Why would financial managers miss out on such opportunity to increase the value of the firm for their shareholders？The key reasons that managers do not use the excessive amount of debt financing suggested by M＆M theorem with corporate taxes include the costs of financial distress and bankruptcy。