公司金融重要知识点

1.Capital budgeting: capital budgeting to describe the process of making and managing expenditures on

long-lived assets.

资本预算:资本预算是形容对长期资产决策和管理支出的过程

2.Capital structure: capital structure represents the proportions of the firm‟s financing from current a nd

long-term debt and equity.

资本结构：资本结构表示公司当前债务和长期债务及股权之间的融资比例

working capital: net working capital is defined as current assets minus current liabilities.

净营运资本：净营运资本是指流动资产减去流动负债

4.Debt service: debt service is interest payments plus repayments of principal (that is, retirement of debt).

还本付息：还本付息是支付利息加本金还款（即债务清偿）

5.Operating cash flow: operating cash flow, defined as earnings before interest plus depreciation minus taxes,

measures the cash generated from operations not counting capital spending or working capital requirements.

经营活动现金流：经营性现金流，定义为未计算利息的收益加上折旧减去税款，是用来衡量用于不计入资本支出的活动或营运资金需求所产生的现金量

pound value: compound value is the value of a sum after investing over one or more periods

复合值：复合值是指一个投资在一个或多个周期后的价值总和

present value: NPV is the present value of future cash flows minus the present value of the cost of the

investment.

净现值：净现值是指未来现金流的现值减去投资成本的现值

8.Discounting: the process of calculating the present value of a future cash flow is called discounting.

贴现：计算未来现金流量现值的过程称为贴现

9.Stated annual interest rate: the stated annual interest rate is the annual interest rate without consideration of

compounding.

名义年利率：名义年利率是指不考虑复利的年利率。

10.Perpetuity: is a constant stream of cash without end.

永久年金：指无限期支付的年金，即一系列没有到期日的现金流

11.Sensitivity analysis: sensitivity analysis examines how sensitive a particular NPV calculation is to changes in

underlying assumptions. Sensitivity analysis is also know as what-if analysis and bop(best, optimistic and pessimistic) analysis.

灵敏度分析：灵敏度分析是指一个特定的净现值计算转变为某一基本假设的灵敏程度。灵敏度分析也与假设分析和BOP分析并称。

12.Homogeneous expectations: the useful simplifying assumption in a word where investors have access to

similar sources of information.

同质预期：就是一个让投资者有机会获得类似的信息来源的简化投资组合。

13.Beta coefficient: the beta coefficient tells us the response of the stock‟s return to a systema tic risk.

贝塔系数：贝塔系数是一个用于反映股票的回报对于系统性风险的反应程度的工具

14.Tender offer: a tender offer is a public offer to buy shares of a target firm

要约收购: 要约收购是一个向目标公司发出收购股份的公告

简答题

1.Why do you think most long-term financial planning begins with sales forecasts? Put differently. Why are

future sales the key input? （第3章P77.8）

为什么你觉得最长远的财务规划是从销售预测开始？换句话说，为什么未来销售是关键因素