财务管理专业英语PPT课件
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财务管理ppt英文课件Chapter-3.ppt
100 106 112 118
Copyright 2001 Prentice-Hall, Inc.
12
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6
Value
100 106
Future Values
Example - Simple Interest
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6 6 6
Value
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Interest Rate Terminology
Simple interest refers to interest earned only on the
财务管理ppt英文课件Chapter 16
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.
9
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Interpretation of the DOL
DEGREE OF OPERATING LEVERAGE (DOL)
QUANTITY PRODUCED AND SOLD
Copyright 2001 Prentice-Hall, Inc.
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Percentage change in output (or sales)
D EBIT
=
EBIT DQ
Q
Copyright 2001 Prentice-Hall, Inc.
7
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Breakeven occurs when EBIT = 0
Q (P - V) - FC
= EBIT
《财务管理专业英语》课件
CHAPTER
01
Introduction
Course Title: PPT courseware for Financial Management Professional English
Course Objective: To provide learners with the knowledge and skills required to communicate effectively in English about financial management concepts and practices
PPT courseware for Financial Management Profession
目录
contents
IntroductionFundamentals of Financial ManagementFinancial English Professional TerminologyFinancial Management Practice CasesFinancial English Reading and WritingEpilogue
Financing
A company raises funds through the issuance of stocks, bonds, or other means to expand its business, research and development, or other investment activities.
Summary: Exploring case studies of corporate fundraising decisions, involving the selection of fundraising methods, optimization of capital structure, and other aspects.
财务管理ppt英文课件Chapter-13.ppt
➢ May reject positive NPV investments
➢ Requires an arbitrary cutoff point
➢ Ignores cash flows beyond the cutoff point
➢ Biased against long-term projects, such as R&D and new products
Advantages
➢ Includes time value of money
➢ Easy to understand ➢ Does not accept negative
estimated NPV investments ➢ Biased towards liquidity
Disadvantages
Compare to a specified required period Decision Rule - Accept the project if it pays
back on a discounted basis within the specified time
Copyright 2001 Prentice-Hall, Inc.
Time value of money and risk ignored. Ad hoc determination of acceptable payback period. Ignores cash flows beyond the cut-off date. Biased against long-term and new projects.
1 2 3
Cash flow
$400 400 400
Year
1 2 3
➢ Requires an arbitrary cutoff point
➢ Ignores cash flows beyond the cutoff point
➢ Biased against long-term projects, such as R&D and new products
Advantages
➢ Includes time value of money
➢ Easy to understand ➢ Does not accept negative
estimated NPV investments ➢ Biased towards liquidity
Disadvantages
Compare to a specified required period Decision Rule - Accept the project if it pays
back on a discounted basis within the specified time
Copyright 2001 Prentice-Hall, Inc.
Time value of money and risk ignored. Ad hoc determination of acceptable payback period. Ignores cash flows beyond the cut-off date. Biased against long-term and new projects.
1 2 3
Cash flow
$400 400 400
Year
1 2 3
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(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ppt英文课件Cha(6)
• Optimal Capital Structure -- The capital structure that minimizes the firm’s cost of capital and thereby maximizes the value of the firm.
a
8
Net Income Approach
+ ke
S B+SБайду номын сангаас
a
7
Net Income Approach
• Net Income Approach -- A theory of capital structure in which the weighted average cost of capital will decrease and the total value of the firm will increase as financial leverage is becoming greater. Assume: – Both ki and ke are unrelated to the financial leverage.
theory of the firm
a
5
A Conceptual Look --Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
a
2
Capital Structure
• Capital Structure -- The mix (or proportion) of a firm’s permanent longterm financing represented by debt, preferred stock, and common stock
a
8
Net Income Approach
+ ke
S B+SБайду номын сангаас
a
7
Net Income Approach
• Net Income Approach -- A theory of capital structure in which the weighted average cost of capital will decrease and the total value of the firm will increase as financial leverage is becoming greater. Assume: – Both ki and ke are unrelated to the financial leverage.
theory of the firm
a
5
A Conceptual Look --Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
a
2
Capital Structure
• Capital Structure -- The mix (or proportion) of a firm’s permanent longterm financing represented by debt, preferred stock, and common stock
财务管理专业英语topic .ppt
have a better understanding of the types of business organization、corporate structure of the company、objectives of financial management、separation of ownership and control、agency relationships.
proprietorship（所有权） A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 单一业主指一人拥有公司，它是企业家经营的典型模式。
4.partnership 合伙制企业
Maximize the stakeholders’ wealth (相关利益者财富最大化)
Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化)
Mini CMasinei case
In 1990, two of General Motor’s largest institutional shareholders, unhappy with the company’s declining market share and profits during the 1980s, sought to talk to GM’s leaders about a successor to the retiring CEO. GM’s senior managers rebuffed the shareholders. They could do that because the two large stockholders each owned less than 1% of the company’s stock.
proprietorship（所有权） A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 单一业主指一人拥有公司，它是企业家经营的典型模式。
4.partnership 合伙制企业
Maximize the stakeholders’ wealth (相关利益者财富最大化)
Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化)
Mini CMasinei case
In 1990, two of General Motor’s largest institutional shareholders, unhappy with the company’s declining market share and profits during the 1980s, sought to talk to GM’s leaders about a successor to the retiring CEO. GM’s senior managers rebuffed the shareholders. They could do that because the two large stockholders each owned less than 1% of the company’s stock.
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ppt英文课件Chapter 6 41页PPT文档
Copyright 2019 Prentice-Hall, Inc.
1
Uses of Financial Statement Information
Internal uses:
performance evaluation planning for the future
External uses:
Copyright 2019 Prentice-Hall, Inc.
15
Framework for Financial Analysis
1. Analysis of the funds needs of the firm.
Trend / Seasonal Component
How much funding will be required in the future?
Copyright 2019 Prentice-Hall, Inc.
7
Accounting Liquidity
Refers to the ease and quickness with which assets can be converted to cash.
Current assets are the most liquid. Some fixed assets are intangible. The more liquid a firm’s assets, the less likely
total assets = total liabilities + owners’ equity. Income Statement
A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period.
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2020/2/21
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1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
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2）Assets、Liabilities & Owner’s Equity
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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
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一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
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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
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一、Contents—内容
3. Interpreting Financial Statements 诠释财务报表
4. Financial Ratio Analysis 财务比率分析
5. Time Value of Money and Valuation 货币时间价值与估价
Liabilities：负债、债务
Owner’s equity：所有者权益
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3）Debit & Credit
Debit：借方 Debt： 债务 National Debt 国债
Credit：信用、名望 A man of high credit 极有名望的人 赊账；贷方 Credit sales 赊销
财务管理专业英语
崔凌云 cuilingyun@
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山东轻工业学院商学院
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一、Contents—内容
1. Introduction to Financial Management (1) 财务管理概述（1）
2. Introduction to Financial Management (2) 财务管理概述（2）
Asset：宝物、财富 His leadership is a great asset to our team. 他的领导能力是我们队 的一大宝贵财富。
Assets：资产
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2）Assets、Liabilities & Owner’s Equity
Liability：责任、义务 Liability to p工业学院商学院
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二、Requirements—要求
1、专业词汇 2、简单计算
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1）Account、Accounting & Accountant
Account：解释、说明；银行账户 He gave me a full account of his plan. 他把计划给我做了完整的说明。 I’d like to open a bank account. 我想开一个银行存款账户。
(2)
Total assets
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(3)
Liabilities and equity (7)
17
The following information is also available:
Quick ratio = 1.0 time Working capital to sales ratio =
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4）Current assets & Current liabilities
Current：通用的；当今的 Current money 通货 流动的 Current assets：流动资产 Current liabilities：流动负债 活期的 Current account 活期存款
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一、Contents—内容
6. Risk and Return 风险与收益
7. Capital Budgeting 资本预算
8. Capital Market and Raising Funds 资本市场与资金筹集
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一、Contents—内容
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2、简单计算
Calculate the blanks in the following balance sheet for the Fisk Company for 1998.
Pay attention, you need to keep the calculation procedure in details.
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5）Receivable & Payable
Accounts receivable：应收账款 Accounts payable：应付账款 Notes receivable：应收票据 Notes payable：应付票据
Prepaid：预付的 Prepaid expenses 预付费用