财务管理英PPT课件
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英文财务管理.2021完整版PPT
5- 12
Manhattan Island Sale
Peter Minuit bought Manhattan Island for $24 in 1626. Was this a good deal?
To answer, determine $24 is worth in the year 2008, compounded at 8%.
Interest Earned Per Year =Prior Year Balance x .06
5- 7
Future Values
Example - Compound Interest
Interest earned at a rate of 6% for five years on the previous year’s balance.
After 3 years: FV3 = PV ( 1 + i )3 = $100 (1.10)3 =$133.10
After n years (general case): FVn = PV ( 1 + i )n
5- 10
Future Values
FV$100(1r)t
Example - FV What is the future value of $100 if interest is compounded annually at a rate of 6% for five years?
Today
Interest Earned
Value
100
Future Years
1
2345
6 6.36 6.74 7.15 7.57
106 112.36 119.10 126.25 133.82
财务管理 英文版ppt
– Unlimited liability to the owner – Profits and losses are taxed as though they belong to the individual owner
1-14
Partnership
• Similar to sole proprietorship except there are two or more owners
– B2C model:
• Products are bought with credit cards • Credit card checks are performed • Selling firms get the cash flow faster
– B2B model can help companies
• 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 corporations – Bankruptcy process
• Lower the cost of managing inventory, accounts receivable, and cash
1-9
Financial Management
Financial management or business finance is concerned with managing an entity’s money Functions:
1-14
Partnership
• Similar to sole proprietorship except there are two or more owners
– B2C model:
• Products are bought with credit cards • Credit card checks are performed • Selling firms get the cash flow faster
– B2B model can help companies
• 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 corporations – Bankruptcy process
• Lower the cost of managing inventory, accounts receivable, and cash
1-9
Financial Management
Financial management or business finance is concerned with managing an entity’s money Functions:
财务管理英文课件
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.
The more risk the firm is willing to assume, the higher the expected return from a given course of action.
Copyright © 2003 Pearson Education Australia Pty Limited
chapter 1 & 3 Scope and environment of
financial management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 1
Development of Financial Management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 10
Shareholder wealth maximisation?
Same as:
1. Maximising firm value 2. Maximising share values
Slide: 1 - 16
Risk and Returns
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
财务管理英文课件Operating-and-Financial-Leverage.ppt
16-4
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
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).
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
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).
财务管理ppt英文课件Cha(2)
5
Interest Earned
6
Value
100 106
a
12
Future Values
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
a
10
Future Values
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1
2
3
4
5
Interest Earned
Interest Earned
6.00
Value
100 106.00
a
21
Future Values
Example - Compound Interest
Interest earned at a rate of 6% for five years on the previous year’s balance.
a
7
Interest Rate Terminology
• Simple interest refers to interest earned only on the original capital investment amount.
• Compound interest复利 refers to interest earned on both the initial capital investment and on the interest reinvested from prior period.
财务管理ppt英文课件Cha(4)
a
12
Limited Liability Company
• Advantages
– Limited liability
– Eliminates消除 double
taxation
– No restriction限制 on
number or type of owners
– Easier to raise additional capital
. partners have unlimited liability
a
7
Partnership
• Advantages
– Two or more owners – More capital available – Relatively easy to start – Low setup cost, higher than
75,000 100,000 34% 13,750 + .34x(Inc > 75,000)
100,000 335,000 39% 22,250 + .39x(Inc > 100,000)
335,000 10,000,000 34% 113,900 + .34x(Inc > 335,000)
10,000,000 15,000,000 35% 3,400,000 + .35x(Inc > 10,000,000)
a
14
Calculating Taxable Income
Income Statement
Sales
Costs
Depreciation折旧
100
EBIT息税前利润
500
Interest利息
财务管理英文Cha课件
Copyright 2001 Prentice-Hall, Inc.
12
Income Statement Analysis
Non Cash Items
➢ Depreciation is the most apparent. No firm ever writes a check for “depreciation”.
➢ Another noncash item is deferred taxes, which does not represent a cash flow.
Copyright 2001 Prentice-Hall, Inc.
13
Income Statement Analysis
Time and Costs
Copyright 2001 Prentice-Hall, Inc.
9
Income Statement Example
Sales
Costs Depreciation EBIT Interest Taxable Income Taxes Net Income Dividends Addition to R/E
Total Value of Assets
Total Value of Liabilities and Shareholders’ Equity
Hale Waihona Puke Copyright 2001 Prentice-Hall, Inc.
5
Balance Sheet Analysis
When analyzing a balance sheet, the financial manager should be aware of three concerns:
《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
财务管理英文版.ppt
210
Total Equity $1,139
Total Liab/Equitya,b $2,169
a. Note, Assets = Liabilities + Equity.
b. What BW owed and ownership position.
c. Owed to suppliers for goods and services.
d. Unpaid wages, salaries, etc.
e. Debts payable < 1 year. f. Debts payable > 1 year. g. Original investment. h. Earnings reinvested.
Basket Wonders’ Income Statement
Financial Statement Analysis
Financial Statements A Possible Framework for Analysis Balance Sheet Ratios Income Statement and Income
Statement/Balance Sheet Ratios Trend Analysis Common-Size and Index Analysis
Ⅰ.Primary Types of Financial Statements
Balance Sheet
A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’ equity. Income Statement
财务管理ppt英文课件ChaPPT课件
.
8
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow.
Thus shareholder’s equity is the residual difference between assets and liabilities.
Revenue – Expenses ≡ Income
.
5
The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
.
2
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm f Financial Statement Information
Internal uses:
➢ performance evaluation ➢ planning for the future
External uses:
➢ evaluation by outside parties ➢ evaluation of main competitors ➢ identifying potential takeover targets
财务管理英文课件
财务管理英文 课件
Development of Financial Management
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
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.
The company’s secretary was in charge of raising funds and producing the annual reports, as well as the accounting function.
Copyright © 2003 Pearson Education Australia Pty Limited
Profit maximisation functions largely as a theoretical goal.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 9
Copyright © 2003 Pearson Education Australia Pty Limited
Development of Financial Management
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
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.
The company’s secretary was in charge of raising funds and producing the annual reports, as well as the accounting function.
Copyright © 2003 Pearson Education Australia Pty Limited
Profit maximisation functions largely as a theoretical goal.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 9
Copyright © 2003 Pearson Education Australia Pty Limited
财务管理英文版(PPT 60页)
13-2
13-3
Proposed Project Data
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
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
13-3
Proposed Project Data
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
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
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》PPT幻灯片
Slide: 1 - 3
Business failures during the Great Depression of the 1930s helped change the focus of finance.
Increased emphasis was placed on bankruptcy, liquidity management and avoidance of financial problems.
Profit maximisation functions largely as a theoretical goal.
Slide: 1 - 6
Typical Finance Structure
Chief Financial Officer
Chief Accountant
Corporate Treasurer
Copyright © 2003 Pearson Education Australia Pty Limited
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
the firm’s fiBiblioteka ancial operations.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 2
At the turn of the twentieth century financial topics focused on the formation of new companies and their legal regulation and the process of raising funds in the capital markets.
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Copyright © 2003 Pearson Education Australia Pty Limited
5 Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
6 Slide: 1 - 6
Typical Finance Structure
Chief Financial Officer
Chief Accountant
Corporate Treasurer
Copyright © 2003 Pearson Education Australia Pty Limited
3 Slide: 1 - 3
Business failures during the Great Depression of the 1930s helped change the focus of finance.
Increased emphasis was placed on bankruptcy, liquidity management and avoidance of financial problems.
Early 20th century: Concentrated on reporting to outsiders.
Copyright © 2003 Pearson Education Australia Pty Limited
Early 21st century:
Insiders managing and controlling
8 Slide: 1 - 8
Financial Goal of the Firm
Profit maximisation?
In microeconomics courses profit maximisation is frequently given as the financial goal of the firm.
The company’s secretary was in charge of raising funds and producing the annual reports, as well as the accounting function.
Copyright © 2003 Pearson Education Australia Pty Limited
• Interest in these topics grew and in turn spurred interest in security analysis, portfolio theory and capital structure theory.
Copyright © 2003 Pearson Education Australia Pty Limited
Corporate treasurer is in charge of raising funds, managing liquidity and banking relationships and controllinucation Australia Pty Limited
the firm’s financial operations.
2 Slide: 1 - 2
At the turn of the twentieth century financial topics focused on the formation of new companies and their legal regulation and the process of raising funds in the capital markets.
Copyright © 2003 Pearson Education Australia Pty Limited
4 Slide: 1 - 4
After World War Ⅱ the emphasis of corporate finance switched from financial accounting and external reporting to cost accounting and reporting and financial analysis on behalf of the firm’s managers.
That is, the perspective of finance changed from reporting only to outsiders to that of an insider charged with the management and control of the firm’s financial operations.
chapter 1 & 3 Scope and environment of
financial management
Copyright © 2003 Pearson Education Australia Pty Limited
1 Slide: 1 - 1
Development of Financial Management
7 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.