财务管理 英文版
我的财务管理英文作文120字
我的财务管理英语作文篇 1Managing my finances has been an important aspect of my life. I have adopted several effective methods to ensure a stable financial situation. Firstly, I make a detailed budget every month. This helps me keep track of my income and expenses. For instance, I allocate specific amounts for essential items like groceries and rent. By doing this, I can avoid unnecessary spending and stay within my financial limits.Another crucial approach is my savings plan. I set clear goals for the future, such as buying a house or going on a dream vacation. To achieve these, I regularly put aside a certain portion of my income. This disciplined saving habit has allowed me to accumulate a considerable amount over time.Moreover, I am cautious when it comes to investment. I do thorough research and seek advice from financial experts to make informed decisions. I diversify my investments to minimize risks and maximize returns.In conclusion, through these methods of budgeting, saving, and smart investing, I have been able to manage my finances well and work towards achieving my financial goals.篇 2When it comes to financial management, I have had my fair share of challenges and lessons. There was a time when I was prone to impulsive consumption. I would buy things on a whim without considering their necessity or the impact on my budget. This led to a financial predicament where I found myself struggling to meet my essential expenses.However, I decided to take control. I started by meticulously recording everyexpenditure, which made me more aware of where my money was going. Then, I set clear consumption rules for myself. For instance, I limited the amount I could spend on non-essential items each month.Another instance was an investment that didn't go as planned. I lost a significant amount of money. But instead of being disheartened, I analyzed my mistakes. I realized that I didn't do enough research and was too hasty in making the decision. So, I learned to be more patient and thorough when considering future investments.Through these experiences, I have come to understand that discipline and careful planning are crucial in managing personal finances.篇 3Managing my finances has been an enlightening journey. I have come to realize the significance of rational consumption and saving. For instance, when I decided to forgo impulsive purchases and instead focused on essential items, I experienced a profound sense of satisfaction. It wasn't just about denying myself immediate pleasures; it was about making more meaningful choices and avoiding unnecessary waste.Another fulfilling aspect is watching my savings grow steadily over time. Every time I check my account and see the numbers increasing, a sense of achievement washes over me. It's a testament to my discipline and commitment to financial stability.I have also learned the importance of budgeting and planning for the future. By setting clear financial goals and adhering to a well-defined plan, I have gained a sense of control and security. This has allowed me to be better prepared for unexpected expenses and to work towards achieving my long-term dreams, such as buying a house or taking a dream vacation.In conclusion, effective financial management has not only brought me peace ofmind but also empowered me to make better decisions for a more prosperous and fulfilling life.篇 4Managing my finances has always been a crucial aspect of my life. I have several significant goals and well-thought-out plans for the future. One of my major aspirations is to purchase a house within the next five years. To achieve this, I have meticulously crafted a detailed financial plan. I am saving a fixed portion of my monthly income and have also invested in some stable financial products to increase my funds. Additionally, I am constantly looking for ways to increase my income through part-time jobs or freelance work.Another goal is to embark on a round-the-world trip. For this dream, I have started setting aside a specific amount of money each month. I am also considering taking on short-term projects that offer higher remuneration to accelerate the savings process. Moreover, I am closely monitoring my spending habits and eliminating unnecessary expenses to ensure that more funds are available for my travel fund.In conclusion, having clear financial goals and well-defined plans is essential for achieving the life I envision. Through discipline and strategic planning, I am confident that I will be able to turn these dreams into reality.篇 5Managing my finances has had a profound impact on my life. A well-organized financial plan brings stability and security. For instance, when I budgeted carefully and saved regularly, I was able to purchase a new home without facing a heavy financial burden. This gave me a sense of accomplishment and peace of mind.However, there have also been times when I failed to manage my financesproperly. I once made impulsive purchases and ignored my budget, which led to a pile of debts and a constant sense of anxiety and stress. I had to struggle to pay off those debts and it took a toll on my mental well-being.In conclusion, proper financial management is like a guiding star in the journey of life. It helps us make wise decisions, achieve our goals, and enjoy a worry-free life. On the contrary, poor financial management can turn our lives into a chaotic mess, filled with worries and uncertainties.。
财务管理英文第十三版
Corporate Capital Gains / Losses
Currently, capital gains are taxed at ordinary income tax rates for corporations, or a maximum 35%.
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Estimate after-tax incremental operating cash flows for the investment projects.
c) - (+) Taxes (tax savings) due to asset sale or disposal of “new” assets
d) + (-) Decreased (increased) level of “net” working capital
e) = Terminal year incremental net cash flow
Depreciation and the MACRS Method
Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm.
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.
财务管理制度英文版
I. IntroductionThis Financial Management Policy (hereinafter referred to as "Policy")is formulated in accordance with the relevant laws and regulations ofthe People's Republic of China, the Company's Articles of Association, and the principles of sound financial management. The Policy aims to ensure the Company's financial stability, enhance the efficiency of financial operations, protect the legitimate rights and interests of shareholders, and achieve sustainable development.II. Scope of ApplicationThis Policy applies to all employees, departments, and affiliated institutions of the Company. It is also applicable to the Company's financial activities, including but not limited to budgeting, accounting, internal control, and financial reporting.III. General Principles1. Compliance with Laws and Regulations: The Company shall strictly comply with the laws, regulations, and policies of the People's Republic of China in its financial management activities.2. Financial Stability: The Company shall maintain financial stability and ensure the timely payment of debts and obligations.3. Efficiency and Effectiveness: The Company shall strive to optimize financial operations, enhance the efficiency of financial resources utilization, and achieve cost-effectiveness.4. Transparency and Fairness: The Company shall ensure the transparency and fairness of financial activities, and provide accurate and timely financial information to all stakeholders.5. Risk Management: The Company shall establish a comprehensive risk management system to identify, assess, and control financial risks.IV. Financial Planning and Budgeting1. Planning and Budgeting Cycle: The Company shall conduct annual financial planning and budgeting. The planning and budgeting cycle shall be consistent with the fiscal year of the Company.2. Budgeting Process: The budgeting process shall be carried out in accordance with the following steps:a. Collection of information: Collect and analyze relevant financial data and market information.b. Formulation of budget: Based on the analysis, formulate the budget plan for the next fiscal year.c. Approval and implementation: Submit the budget plan for approval and implement the budget after approval.d. Monitoring and adjustment: Monitor the budget execution and make necessary adjustments in a timely manner.3. Budget Execution: The budget shall be strictly implemented. Any deviation from the budget shall be analyzed and reported to the relevant authorities for decision-making.V. Accounting and Internal Control1. Accounting Standards: The Company shall adopt internationally recognized accounting standards and comply with the relevant regulations of the People's Republic of China.2. Accounting Records: The Company shall keep accurate and complete accounting records, and ensure the consistency of accounting data.3. Internal Control: The Company shall establish and implement a comprehensive internal control system to prevent and detect financial fraud and errors.4. Auditing: The Company shall conduct internal and external audits to ensure the accuracy and reliability of financial statements.VI. Financial Reporting1. Reporting Period: The Company shall prepare financial statements on a quarterly, half-yearly, and annual basis.2. Reporting Content: The financial statements shall include the balance sheet, income statement, cash flow statement, and statement of changesin equity.3. Reporting Responsibility: The Company's financial department shall be responsible for the preparation and submission of financial statements.4. Disclosures: The Company shall provide accurate and timely financial information to all stakeholders, and make appropriate disclosures of potential risks.VII. Risk Management1. Risk Identification: The Company shall identify potential financial risks, including credit risk, market risk, liquidity risk, and operational risk.2. Risk Assessment: The Company shall assess the impact and likelihood of each identified risk.3. Risk Control: The Company shall implement measures to control and mitigate identified risks.4. Risk Monitoring: The Company shall establish a risk monitoring system to continuously monitor the effectiveness of risk control measures.VIII. Monitoring and Evaluation1. Monitoring: The Company's internal audit department shall monitor the implementation of this Policy and report to the Board of Directors.2. Evaluation: The Company shall conduct periodic evaluations of the effectiveness of this Policy and make necessary improvements.IX. ConclusionThis Financial Management Policy is an important document for the Company's financial management. All employees, departments, andaffiliated institutions shall strictly comply with this Policy and contribute to the Company's sustainable development.。
CashManagement(国际财务管理,英文版)
i.e. the opportunity costs of holding cash
The cost of not keeping enough cash on hand.
i.e. the trading costs associated with having too little cash
Second Edition
EUN / RESNICK
Chapter Outline
The Management of Multinational Cash Balances Cash Management Systems in Practice Transfer Pricing & Related Issues Blocked Funds
$10
$20 $25
$25
$10
$10
$10
McGraw-Hill/Irwin
18-18
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10
$40
$25 $25
$1rwin
18-15
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Multilateral Netting
财务管理基础英文版第八版教学设计
Financial Management Basics 8th Edition TeachingDesignIntroductionFinancial management is one of the most crucial aspects of running a business. It involves the management of the organization’s financial resources, such as cash, investments, and accounts receivable/payable. Financial management is therefore an essential course to study for anyone interested in a career in business. This document presents a teaching design for the Financial Management Basics 8th Edition course.Course OverviewThe Financial Management Basics 8th Edition course is designed to provide students with a foundation in financial management principles and practices. In this course, students will learn about topics such as financial statement analysis, time value of money, capital budgeting, and risk management. The course is divided into the following modules:1.Introduction to Financial Management2.Financial Statement Analysis3.Time Value of Money4.Risk and Return5.Capital Budgeting6.Sources of Financing7.Working Capital Management8.International Financial ManagementCourse ObjectivesBy the end of this course, students should:1.Understand the basic principles and practices of financialmanagement.2.Be able to analyze financial statements to determine thefinancial health of a company.3.Be able to apply time value of money techniques to evaluateinvestment opportunities.4.Understand the relationship between risk and return and howit affects financial decision making.5.Be able to apply capital budgeting techniques to evaluatelong-term investment projects.6.Understand the different sources of financing avlable to acompany.7.Be able to manage working capital effectively.8.Have a basic understanding of international financialmanagement.Teaching StrategiesThe following teaching strategies will be employed in this course: LecturesLectures will be used to present course content to students. Instructors will use a variety of teaching ds such as PowerPoint presentations, videos, and handouts to facilitate learning.Case StudiesCase studies will be used to apply financial management principles to real-world scenarios. Students will be expected to analyze the case studies and make recommendations for financial decision making.Group ProjectsGroup projects will be used to enhance students’ colla boration and communication skills. Students will be expected to work in groups to analyze financial statements, develop financial models, and present their findings to the class.ExamsExams will be used to assess students’ understanding of financial management principles. Exams will be divided into multiple-choice, short-answer, and essay questions.Teaching MaterialsThe following teaching materials will be used in this course:1.Financial Management Basics 8th Edition textbook2.PowerPoint presentations3.Case studies4.Financial models5.Online resourcesAssessmentAssessment will be divided into the following components:1.Class participation – 10%2.Case study analysis – 30%3.Group project and presentation – 30%4.Mid-term exam – 15%5.Final exam – 15%ConclusionThe Financial Management Basics 8th Edition course is an essential course for students interested in pursuing a career in business. Through lectures, case studies, group projects, and exams, students will develop a solid understanding of financial management principles and practices. By the end of the course, students should be able to make informed financial decisions and develop financial plans to ensure the long-term success of a business.。
英文财务管理(1)
英文财务管理(1)
Course content
The final section of book consist of five chapters that deal with financial forecasting, derivatives and risk management, multinational financial management, hybrid financing vehicles, and mergers(财务预测， 衍生工具和风险管理，跨国财务管理，混合融资 工具以及合并)。
企业、公司:（firm business enterprise company corporation venture）
英文财务管理(1)
Organization of the Financial Management Function: Figure 1-1
Board of Directors
President(CEO)
英文财务管理(1)
Chapter 1 Goals and Governance of the Firm Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance
财务管理分析英文版1
一、判断题(10*2’)( T )1、A company’s return on equity will always equal or exceed its return on assets.一个公司的权益收益率总是大于或等于其资产收益率。
( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.一个公司的资产权益比总是等于1加负债权益比。
( F )3、A company’s collection period should always be less than its payables period.一个公司的应收账款回收期总是小于其应付账款付款期。
( T )4、A company’s current radio must always be larger than its acid-test-radio.一个公司的流动比率一定大于速动比率。
( F )5、Economic earnings are more volatile than accounting earnings.经济利润比会计利润更加变动不定。
( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings.若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。
( F)7、A company’s sustainable growth rate is the hi ghest growth rate in sales it can attain without issuing new stock.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。
E机械课件1财务管理(英文版)Financial Managementfmch17[1]
![E机械课件1财务管理(英文版)Financial Managementfmch17[1]](https://img.taocdn.com/s3/m/645e5d67561252d380eb6ec0.png)
Return =
P1 - Po Po
pay dividends,
Return =
P1 - Po Po
+
D1 Po
• If we pay dividends, stockholders receive an immediate cash reward for investing,
=
Capital Gain
Stock Returns: Return =
P1 - Po Po P1 - Po + D1 Po D1 + Po Dividend Yield
=
Capital Gain
Dilemma: Should the firm use retained earnings for: a) Financing profitable capital investments? b) Paying dividends to stockholders?
Is Dividend Policy Important?
Three viewpoints: 1) Dividends are Irrelevant. If we assume perfect markets (no taxes, no transaction costs, etc.) dividends do not matter. If we pay a dividend, shareholders’ dividend yield rises, but capital gains decrease.
• Dividends are taxed immediately. Capital gains are not taxed until the stock is sold. • Therefore, taxes on capital gains can be deferred indefinitely.
财务管理会计案例教材英文版
Material Variances
Zippy
Hanson’s material quantity variance (MQV) for the week was: a. $170 unfavorable. b. $170 favorable. c. $800 unfavorable. d. $800 favorable.
Standard Price NhomakorabeaStandard Quantity ×
Standard Price
Price Variance
AQ(AP - SP) AQ = Actual Quantity AP = Actual Price
Quantity Variance
SP(AQ - SQ) SP = Standard Price SQ = Standard Quantity
Material Variances
Zippy
What is the actual price per pound paid for the material?
a. $4.00 per pound.
b. $4.10 per pound. c. $3.90 per pound. d. $6.63 per pound.
AP = $6,630 ÷1,700 lbs. AP = $3.90 per lb.
Material Variances
Zippy
Hanson’s material price variance (MPV) for the week was: a. $170 unfavorable. b. $170 favorable. c. $800 unfavorable. d. $800 favorable.
财务管理(英文版)Financial Management
b) UNCERTAINTY of Returns
(Risk - Ch. 6)
Goal of the Firm
2) Shareholder Wealth Maximization?
this is the same as: a) Maximizing Firm Value b) Maximizing Stock Price
Government
The Corporation and Financial Markets
• Primary Market
The Corporation and Financial Markets
• Primary Market
– Market in which new issues of a security are sold to initial buyers.
Corporation Investors
Government
The Corporation and Financial Markets
Corporation
cash
Investors
Government
The Corporation and Financial Markets
Corporation
Cash flow
tax
Secondary markets
Government
The Corporation and Financial Markets
Corporation
reinvest
cash
securities
Investors
Cash flow
tax
CH01Fundamentals of Financial Management(财务管理,英文版)
1 - 12
Shareholders versus Managers Managers are naturally inclined to act in their own best interests. But the following factors affect managerial behavior: Managerial compensation plans Direct intervention by shareholders The threat of firing The threat of takeover
ISBN 0-03-031478-X
Copyright © 2001 by Harcourt, Inc. All rights reserved.
1-1
CHAPTER 1
An Overview of Financial Management
Career opportunities
Issues of the new millennium Forms of business organization Goals of the corporation Agency relationships
Factors that Affect Stock Price
Projected cash flows to shareholders
Timing of the cash flow stream
Riskiness of the cash flows
Copyright © 2001 by Harcourt, Inc.
财务管理制度(中英文对照)
财务管理制度（中英文对照）Financial Management System一、概述Overview财务管理制度是企业为了规范和管理财务活动而建立的一套制度和规范。
它的目的是确保企业的财务活动得到合理的安排和有效的控制，以最大程度地实现财务目标。
下面是本公司财务管理制度的具体内容。
The financial management system is a set of rules and regulations established by a company to regulate and manage financial activities. Its purpose is to ensure that financial activities are properly organized and effectively controlled to maximize financial goals. The following is the specific content of the financial management system in our company.二、财务核算Financial Accounting1. 制度概述1. System Overview本公司财务核算制度由财务部门负责执行。
所有财务活动必须按照国家法律法规和会计准则进行核算和报告。
The financial accounting system in our company is implemented by the finance department. All financial activities must comply with national laws and regulations as well as accounting standards for accounting and reporting.2. 财务报表2. Financial Statements按照国家相关规定和会计准则，财务部门将每年编制并及时发布财务报表，包括资产负债表、利润表和现金流量表等。
FinancialManagement(财务管理,英文版)
Japanese yen
111.11
Australian dollar
1.5385
Yen:
1/0.009 = 111.11.
A. Dollar: 1/0.650 = 1.5385.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
What is a cross rate?
domestic financial management?
1. Different currency denominations.
2. Economic and legal ramifications.
3. Language differences.
4. Cultural differences.
1 Unit
Japanese yen
0.009
Australian dollar
0.650
Are these currency prices direct or indirect quotations?
Since they are prices of foreign currencies expressed in dollars, they are direct quotations.
the dollar profit on the sale?
250 yen = 250(0.0138) = 3.45 A. dollars. 6 – 3.45 = 2.55 Australian dollar profit. 1.5385 A. dollars = 1 U. S. dollar. Dollar profit = 2.55/1.5385 = $1.66.
财务管理案例分析-英文版
LAURENTIAN BAKERIESThe decision-maker must make a recommendation on a large expansion project.Discounted cashflow analysis is required.In late May, 1995, Danielle Knowles, vice-president of operations for Laurentian Bakeries Inc., was preparing a capital expenditure proposal to expand the company’s frozen pizza plant in Winnipeg Manitoba. If the opportunity to expand into the U.S. frozen pizza market was taken, the company would need extra capacity. A detailed analysis, including a net present value calculation, was required by the company’s Capital Allocation Policy for all capital expenditures in order to ensure that projects were both profitable and consistent with corporate strategies.COMPANY BACKGROUHDEstablished in 1984, Laurentian Bakeries Inc. (Laurentian) manufactured a variety of frozen baked food products at plants in Winnipeg (pizzas), Toronto (cakes) and Montreal (pies). While each plant operated as a profit center, they shared a common sales force located at the company’ head office in Montreal. Although the Toronto plant was responsible for over 40% of corporate revenues in fiscal 1994, and the other plants was accounted for about 30% each, all three divisions contributed equally to profits. The company enjoyed strong competitive positions in all three markets and it was the low cost producer in the pizza market. Income Statements and Balance Sheets for the 1993 to 1995 fiscal years are in Exhibits 1 and 2, respectively.Laurentian sold most of its products to large grocery chains, and in fact, supplying several Canadian chains with private label brand pizzas generated much of the sales growth. Other sales were made to institutional food services.The company’s success was, in part, the product of its management’s philosophies. The cornerstone of Laurentian’s operations was its including a commitment to a business strategy promoting continuous improvement; for example all employees were empowered to think about and make suggestions for ways of reducing waste.As Danielle Knowles saw it:“Continuous improvement is a way of life at Lauremtian.”Also,the company was known for its above –average consideration for the human resource and environmental impact of its business decisions. These philosophies drove all policy-making, including those policies governing capital allocation. Danielle KnowlesDanielle Knowles’s career, which spanned 13 years in the food industry, had included p ositions in other functional areas such as marketing and finance. She had received an undergraduate degree in mechanical engineering from Queen’s University in Kingston, Ontario, and a master of business administration from the Western Business School.THE PIZZA INDUSTRYMajor segments in the pizza market were frozen pizza, deli-fresh chilled pizza, restaurant pizza and take-out pizza. Of these four, restaurant and take-out were the largest. While these segments consisted of thousands of small-owned establishments, a few large North American chains, which included Domino’s, Pizza Hut and Little Caesar’s, dominated.Although 12 firms manufactured frozen pizzas in Canada, the five largest firms, including Laurentian, accounted for 95% of production. McCain Foods was the market leader with 44% market share, while Laurentian had 21%. Per capita consumption of frozen products in Canada was one-third of the level in U.S. where retail prices were lower.ECONOMIC CONDITIONSThe North American economy had enjoyed strong growth since 1993, after having suffered a severe recession for the two previous years. Interest rates bottomed-out in mid- 1994, after which the U.S. Federal Reserve slowly increased rates until early 1995 in an attempt to fight inflationary pressures. Nevertheless, North American inflation was expected to average 3% to 5%annually for the foreseeable future. The Bank of Canada followed the U.S. Federal Reserve’s lead and increased interest rates, in part to protect the Canadian dollar’s value relative to the value of the U.S. dollar. The result was a North American growth rate of gross domestic product that was showing signs of slowing down.LAURRENTIAN’S PROJECT REVIEW PROCESSAll capital projects at Laurentian were subject to review based on the company’s Capital Allocation Policy. The latest policy, which had been developed in 1989 when the company began considering factors other than simply the calculated net present value for project evaluation, was strictly enforced and managers evaluated each year p artially by their division’s return on investment. The purpose of the policy was to reinforce the management philosophies by achieving certain objectives: that all projects be consistent with business strategies, support continuous improvement, consider the human resource and environmental impact, and provide a sufficient return on investment.Prior to the approval of any capital allocation, each operating division was required to develop both a Strategic and an Operating Plan. The Strategic Plan had to identify and quantify either inefficiencies or lost opportunities and establish targets for their elimination, include a three-year plan of capital requirements, link capital spending to business strategies and continuous improvement effort, and achieve the company-wide hurdle rates.The first year of the Strategic Plan became the Annual Operating Plan. This was supported by a detailed list of proposed capital projects which became the basis for capital allocation. In addition to meeting all Strategic Plan criteria, the Operating Plan had to identify major continuous improvement initiatives and budget for the associated benefits, as well as develop a training plan identifying specific training objectives for the year.These criteria were used by head office to keep the behavior of divisional managers consistent with corporate objectives. For example, the requirement to develop a training plan as part of the operational plan forced managers to be efficient with employee training and to keep continuous improvement as the ultimate objective.All proposed projects were submitted on an Authorization for Expenditure (AFE) Form for review and approval (see Exhibit 3). The AFE had to present the project’s linkage to the business strategies. In addition, it had to include specific details of economics and engineering, involvement and empowerment, human resource, and the environment. This requirement ensured that projects had been carefully thought through by forcing managers to list the items purchased, the employeesinvolved in the project, the employees adversely affected by the project, and the effect of the project on the environment.Approval of a capital expenditure proposal was contingent on three requirements which are illustrated in Exhibit 4. The first of these re quirements was the operating division’s demonstrated commitment to continuous improvement (C.I.), the criteria of which are described in Exhibit 5. The second requirement was that all projects of more than $300,000 be included in the Strategic Plan. The final requirement was that for projects greater than $1 million, the operating division had to achieve its profit target. However, if a project failed to meet any of these requirements, there was a mechanism through which emergency funds might be allocated subject to the corporate executive committee’s review and approval. If the project was less than $1 million and it met all three requirements, only divisional review and approval was necessary. Otherwise, approval was needed from the executive committee.The proposed Winnipeg plant project was considered a class 2 project as the expenditures were meant to increase capacity for existing products or to establish a facility for new products. Capital projects could fall into one of three other classes: cost reduction (Class 1); equipment or facility replacement (Class 3); or other necessary expenditures for R&D, product improvements, quality control and concurrence with legal, government, health, safety or insurance requirements including pollution control (Class 4). A project spending audit was required for all expenditures; however, a savings audit was also needed if the project was considered either 1 or 2. Each class of project hada different hurdle rate reflecting different levels of risk. Class 1 projects were considered the most risky and had a hurdle rate of 20%. Class 2 and Class 3 projects had hurdle rates of 18% and 15%, respectively.Knowles was responsible for developing the Winnipeg division’s Capital Plan and completing all AFE forms.WINNIPEG PLANT’S EXPANSION OPTIONSLaurentian had manufactured frozen pizzas at the Toronto plant until 1992. However, after the company became the sole supplier of private-label frozen pizzas for a large grocery chain and was forced to secure additional capacity, it acquired the Winnipeg frozen pizza plant from a competitor.A program of regular maintenance and equipment replacement made the new plant the low cost producer in the industry, with an operating margin that averaged 15%.The plan, with its proven commitment to continuous improvement, had successfully met its profit objective for the past three years. After the shortage of capacity had been identified as the plant’s largest source of lost opportunity, management was eager to rectify this problem as targeted for in the Strategic Plan. Because the facility had also included the proposed plant expansion in its Strategic Plan, it met all three requirements for consideration of approval for a capital project. Annual sales had matched plant capacity of 10.9 million frozen pizzas when Lauentian concluded that opportunities similar to those in Canada existed in the U.S. An opportunity surfaced whereby Laurentian could have an exclusive arrangement to supply a large U.S.-based grocery chain withits private-label-brand frozen pizzas beginning in April, 1996. As a result of this arrangement, frozen pizza sales would increase rapidly, adding 2.2 million units in fiscal 1996, another 1.8 million units in fiscal 1997, and then 1.3 million additional units to reach a total of 5.3 millionadditional units by fiscal 1998. However, the terms of the agreement would only provide Laurentian with guaranteed sales of half this amount. Knowles expected that there was a 50% chance that the grocery chain would order only the guaranteed amount. Laurentian sold frozen pizzas to its customers for $1.7 in 1995 and prices were expected to increase just enough to keep pace with inflation. Production costs were expected to increase at a similar rate.Laurentian had considered, but rejected, three other alternatives to increase its frozen pizza capacity. First, the acquisition of a competitor’s facility in Canada had been rejected because the equipment would not satisfy the immediate capacity needs nor achieve the cost reduction possible with expansion of the Winnipeg plant. Second, the acquisition of a competitor in the U.S. had been rejected because the available plant would require a capital infusion double that required in Winnipeg. As well, there were risks that the product quality would be inferior. Last, the expansion of the Toronto cake plant had been rejected as it would require a capital outlay similar to that in the second alternative. The only remaining alternative was the expansion of the Winnipeg plant. By keeping the frozen pizza in Winnipeg, Laurentian could better exploit economies of scale and assure consistently high product quality.The ProposalThe expansion proposal, which would require six months to complete, would recommend four main expenditures: expanding the existing building in Winnipeg by 60% would cost $1.3 million; adding a spiral freezer, $1.6 million; installing a new high speed pizza processing line, $1.3 million; and acquiring additional warehouse space, $600,000. Including $400,000 for contingency needs, the total cash outlay for the project would be $5.2 million. The equipment was expected to be useful for 10 years, at which point its salvage value would be zero.The land on which the Winnipeg plant was built valued at 250,000 and no additional land would be necessary for the project. While the expansion would not require Laurentian to increase the size of the plant’s administrative staff, Knowles wondered what portion, if any, of the $223,000 in fixed salaries should be included when evaluating the project. Likewise, she estimated that it cost Laurentian approximately $40,000 in sales staff time and expanses to secure the U.S. contract that had created the need for extra capacity. Last, net working capital needs would increase with additional sales. Working capital was the sum of inventory and accounts receivable less accounts payable, all of which were a function of sales. Knowles estimated, however, that the new high- speed line would allow the company to cut two days from average inventory age.Added to the benefit derived from increased sales, the project would reduce production costs in two ways. First, the new high-speed line would reduce plant-wide unit cost by $0.009, though only 70% of this increased efficiency would be realized in the first year. There was an equal chance, however, that only 50% of these savings could actually be achieved. Second, “other” savings totaling $138,000 per year would also result from the new line and would increase each year at the rate of inflation.Each year, a capital cost allowance (CCA), akin to depreciation, would be deducted from operating income as a result of the capital expenditure. This deduction, in turn, would reduce the amount of corporate tax paid by Laurentian. In the event that the company did not have positive earnings in any year, the CCA deduction could be transferred to a subsequent year. However, corporate earnings were projected to be positive for the foreseeable future. Knowles compiled the eligibleCCA deduction for 10 years (see Exhibit 6). For the purpose of her analysis, she assumed that all cash flows would occur at the appropriate year-end.Three areas of environmental concern had to be addressed in the proposal to ensure both conformity with Laurentian policy and compliance with regulatory bodies and local by-laws. First, design and installation of sanitary drain systems, including re-routing of existing drains, would improve sanitation practices of effluent/wastewater discharge. Second, the provision of water-flow recording meters would quantify water volumes consumed in manufacturing and help to reduce its usage. Last, the refrigeration plant would use ammonia as the coolant as opposed to chloro-fluro- carbons. These initiatives were considered sufficient to satisfy the criteria of the Capital Allocation Policy.THE DECISIONKnowles believed that the project was consistent with the company’s business strategy since it would ensure that the Winnipeg plant continued to be the low cost producer of frozen pizzas in Canada. However, she knew that her analysis mu st consider all factors, including the project’s net present value. The plant’s capital allocation review committee would be following the procedures set out in the company’s Capital Allocation Policy as the basis for reviewing her recommendation. Knowles considered the implications if the project did not provide sufficient benefit to cover the Class 2 hurdle rate of 18%. Entering the U.S. grocery chains market was a tremendous opportunity and she considered what other business could result from Laurentian’s increased presence. She also wondered if the hurdle rate for a project that was meant to increase capacity for an existing product should be similar to the company’s cost of capital, since the risk of the project should be similar to the overall risk of the firm. She knew that Laurentian’s board of directors established a target capital structure that included 40% debt. She also reviewed the current Canadian market bond yields, which are listed in Exhibit 7. The spread between Government of Canada bonds and those of corporations with bond ratings of BBB, such as Laurentian, had recently been about 200 basis points (2%) for most long-term maturities. Finally, she discovered that Laurentian’s stock beta was 0.85, and that, historically, the Toronto stock market returns outperformed long-term government bonds by about 6% annually.EXHIBIT 1INCOME STATEMENTFor The Year Ending March 31($ millions)1993 1994 1995RevenuesCost of goods soldGross incomeOperating expensesOperating incomeInterestIncome before taxIncome tax Net income$91.2 27.4 63.8 52.0 11.8 0.9 10.9 4.2 6.7 95.8 28.7 67.1 55.0 12.1 1.0 11.14.3 6.8 101.5 30.5 71.0 58.4 12.61.6 11.0 4.2 6.8EXHIBIT 2BALANCE SHEET For The Year Ending March 31 ($ millions)19931994 1995 Assets:Cash$6.2 9.4 13.1 Accounts Receivable11.3 11.8 12.5 Inventory6.2 6.67.0 Prepaid expenses0.3 0.6 2.2 Other current 0.9 0.9 Total current 24.0 29.3 35.7Fixed assets:35.3 36.1 36.4 TOTAL 59.3 65.4 72.1 Liabilities and Shareholder ’s Equity:Accounts payable Other payableTotal current Long-term debt Shareholder’s TOTAL 7.5 0.7 8.2 16.8 34.3 59.3 7.9 1.3 9.2 20.435.865.4 8.3 2.2 10.5 24.337.372.1equityEXHIBIT 3AUTHORIZATION FOR EXPENDITURE FORMCompany name: Project title:Project cost(AFE amount):Project cost(gross investment amount):business segment:Net present value at %: Internal rate of return: Brief project description:years paybackEstimated completion date:Project contact name:Phone: Fax: Currency used: CDN US OtherName approvals Signature DatePost audit: Company: Corporate:yesyes no noCAPITAL EXPENDITURE APPROVAL PROCESSStart Submit AFE Application Committed To C.I. Yes In Strategy Yes No Funds available for For Emergency spending emergency only (Dollar value ??) less than $300 yes On Profit Plan Yes Less than $1000 Yes No Present revised plan Exec. Less Than $1000YesDivisionalReview & Approval Track ResultClass1&2 SpendingSavings 3&4 Spending Committee Review &ApprovalApproved AFE Finish No No No No QuarterlyQuarterlyAnnuallyProjectProjectBUSINESS REVIEW CRITERIAUsed to Assess Divisional Commitment to Continuous ImprovementSafetyLost time accidents per 200,000 employee hours workedProduct QualityNumber of customer complaintsFinancialReturn of investmentLost SalesMarket share % - where data availableManufacturing EffectivenessPeople cost (total compensation $ including fringe) as a percentage of new salesPlant scrap (kg) as a percentage of total production (kg)Managerial Effectiveness/Employee EmpowermentEmployee surveyTraining provided vs. Training plannedNumber of employee grievancesSanitationSanitation audit ratingsOther Continuous Improvement MeasurementsNumber of continuous improvement projects directed against identified piles of waste/lost opportunity completed and in-progressEXHIBIT 6 ELIGIBLE CCA DEDUCTION Year Deduction1996 1997 1998 1999 2000 2001 2002 2003 2004 2005$434,000$768,000$593,000$461,000$361,000$286,000$229,000$185,000$152,000$1731,000 EXHIBIT 7MARKET INTEREST RATES ON MAY 18,19961-Year Government of Canada Bond 5-Year Government of Canada Bond 10-Year Government of Canada Bond 20-Year Government of Canada Bond 30-Year Government of Canada Bond 7.37%7.66%8.06% 8.30% 8.35%。
财务管理的英语介绍
财务管理的英语介绍英文回答：Financial management is the process of planning, organizing, directing, and controlling the financial activities of an organization. It involves the efficient and effective use of financial resources to achieve the organization's goals. Financial management is a critical function in any organization, regardless of its size or industry. It helps organizations to maximize theirfinancial performance and achieve their long-term objectives.The primary goals of financial management are to:Ensure the availability of financial resources to meet the organization's needs.Allocate financial resources efficiently and effectively.Manage financial risks.Maximize the organization's financial performance.Financial management is a complex and multifaceted field. It involves a wide range of activities, including:Financial planning and analysis.Budgeting.Capital budgeting.Cash flow management.Investment management.Credit management.Risk management.Financial managers play a vital role in the success of any organization. They are responsible for making sound financial decisions that help the organization achieve its goals. Financial managers must have a strong understanding of financial principles and practices, as well as a deep understanding of the organization's business.中文回答：财务管理是指规划、组织、指导和控制组织财务活动的过程。
财务管理英文
财务管理英文Introduction:Financial management is an essential aspect of any organization. It involves the management of money coming into the business and going out of the business. Financial managers are responsible for ensuring that an organization's financial resources are allocated appropriately, so as to achieve the organization's goals. In this paper, we will explore the key principles of financial management, discuss the major financial statements, and analyze the importance of financial planning and budgeting.Principles of Financial Management:The principles of financial management can be grouped into three broad categories: capital budgeting, capital structure, and working capital management. Capital budgeting refers to the process of allocating financial resources to long-term projects or investments. Capital structure, on the other hand, is concerned with the mix of long-term financing options used by the organization. Working capital management, finally, deals with the management of short-term assets and liabilities.Capital budgeting:Capital budgeting involves making investment decisions that will generate future cash flows. Essentially, it involves evaluating the potential returns of various investment options and selecting the most profitable investments. Key methods of capital budgeting include net present value (NPV), internal rate of return (IRR), and payback period. With NPV, the focus is on the present valueof future cash flows generated by an investment in relation to the initial investment. IRR, on the other hand, measures the rate of return of an investment, while payback period focuses on the time it takes to recoup the initial investment.Capital structure:The second principle of financial management is capital structure. This refers to the mix of long-term funding or financing options an organization uses to finance its operations. Most organizations use a combination of debt and equity financing. Debt financing involves borrowing money from lenders at a fixed interest rate, while equity financing involves offering investors ownership in the company in exchange for financial contributions. A crucial aspect of capital structure is determining the optimal mix of debt and equity financing that will minimize the company's overall cost of capital.Working capital management:The third principle of financial management is working capital management. This involves managing the day-to-day financial operations of the company, including maintaining an appropriate level of cash and other liquid assets to meet short-term obligations. Effective working capital management allows a company to maintain operations and meet financial obligations in the short term without resorting to high-interest borrowing.Financial Statements:One of the critical functions of financial management is to provide accurate and timely financial information to stakeholders. There are fourmajor financial statements companies use to communicate financial information: the balance sheet, income statement, cash flow statement, and statement of changes in equity.Balance sheet:The balance sheet presents a snapshot of the company's financial position by showing its assets and liabilities at a particular point in time. Assets include cash, buildings, equipment, and inventory, while liabilities include debts and other financial obligations.Income statement:The income statement shows how much revenue the company generated during a specific period and the expenses incurred to generate that revenue. After subtracting the expenses from revenues, the resulting figure represents net income or loss.Cash flow statement:The cash flow statement shows the inflow and outflow of cash during a particular period. It is divided into three categories: operating activities, investing activities, and financing activities.Statement of changes in equity:Finally, the statement of changes in equity shows any activity that affects shareholders' equity during the accounting period.Financial Planning and Budgeting:Financial planning and budgeting are critical components of financial management. Financial planning involves anticipating financial needs and developing a plan to meet them. Budgeting, on the other hand, involves allocating resources to specific activities, taking into account projected revenues and expenses.Benefits of financial planning and budgeting:Effective financial planning and budgeting provide several benefits to organizations. For instance, it helps organizations to prioritize investments, manage cash flow, identify potential risks and opportunities, and measure the success of their operations.Conclusion:In conclusion, financial management plays a critical role in the success of any organization. The principles of financial management include capital budgeting, capital structure, and working capital management. The major financial statements used to communicate financial information include the balance sheet, income statement, cash flow statement, and statement of changes in equity. Finally, financial planning and budgeting are essential components of financial management and enable organizations to prioritize investments, manage cash flow, identify potential risks and opportunities, and measure the success of their operations.。
财务管理培训课程英文版23页PPT.pptx
Topics Covered
Measuring Beta Portfolio Betas CAPM and Expected Return Security Market Line Capital Budgeting and Project Risk
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
T u rb o R etu rn % + 0 .8 + 1 .8 - 0 .2 - 1 .8 + 0 .2 - 0 .8
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
10- 6
Measuring Market Risk
Example - continued
10- 12
Measuring Market Risk
Security Market Line - The graphic representation of the CAPM.
40
Expected Return (%) .
Rm 20
Rf 0 0
Irwin/McGraw-Hill
Security Market Line
When the market was down 1%, Turbo average % change was -0.8%
The average change of 1.6 % (-0.8 to 0.8) divided by the 2% (-1.0 to 1.0) change in the market produces a beta of 0.8.
Irwin/McGraw-Hill
财务管理 英文版PPT课件
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled