财务管理专业英语第一章

The article translation 文章翻译
one another. Inverstment decisions typically affect financing decisions and vice versa. For example, 投资决策通常影响筹资决策，反之亦然。 例如， a decision to build a new plant or to buy new equipment requires other decisions on how to obtain the 新建厂房或购买新设备的决策要考虑如何获得项目需要的资金 funds needed to finance the project and to manage the asset once acquired. 和购买之后如何管理资产。
1.2.1 Investment Decisions 1.2.1投资决策
Long-term investment decisiongs involve determining the type and amount of assets that the firm 长期投资决策 涉及确定公司希望持有的资产的类型和数量。 wants to hold. That is, investing concerns allocating or using funds. The financial manager makes 这就是说，投资包括配置或使用资金。 财务经理
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Should the firm modernize or sell an old production facility ? 公司是否使生产设备现代化或出售旧设备？ Should the firm introduce a more efficient disribution system than the current one ? 公司是否应引进比目前更有效的分配制度？ Making investment decisions requices applying a key principle of financial management. The 制定投资决策时需要运用财务管理的关键原则。 investment principle states that the firm should invest in assets and projects yielding a return greater 投资的原则是公司应该投资报酬率高于可接受的 than the minimun acceptable hurdle rate. A hurdle rate is the minimum acceptable rate of return for 最低报酬率的资产和项目。 最低报酬率是投资项目的最低预期收益率。 investing resources in a project. The financial manager should set the hurdle rate to reflect the risk of 财务经理应设定最低报酬率， the project with higher hundle rates for riskier projects. 以反映该项目的高风险高报酬。
文章翻译
文章段落的翻译
Professional vocabulary
专业词汇
财务管理学科专业词汇的认识、了解、熟悉
ቤተ መጻሕፍቲ ባይዱ
Related knowledge
相关知识
文章中相关知识的了解、学习
Introduction 导言
文章梗概
本段文章主要说明了：财务管理三个主要类型 的决策，分别是长期投资决策、长期筹资决策、 营运资本管理决策。它们的作用以及相互之间 的关系。
The article translation 文章翻译
1.2.2 Financin Decisions 1.2.2 筹资决策 Long-term financing decisions involve the acquisition of funds needed to support long-term 长期筹资决策涉及长期投资所需资金的获得。 investment. Such decisions concern the fiem's capital structure, which is the mix of long-term debt and 这种决策考虑公司运用长期负债 equity the firm uses to finance its operations. These sources of financing are shown on the right-hand 与股票的组合进行运营的资本结构。 这些筹资来源都反映在资产负债表的右边。 side of the balance sheet. Firms have much flexibility in choosing a capital structurn. 公司在选择资本结构时有很大的灵活性。 Typical financing questions facing the financial manager include: 财务经理面临的典型筹资问题包括： Does the type of financing used make a difference ? 使用这种类型的筹资是否有用？
The article translation 文章翻译 1.2 Financial Management Decision 1.2 财务管理决策
Financial management involves three major tapes of decisions:(1) long-term investment decisiongs, 财务管理包括三个主要类型的决策： (1)长期投资决策； (2) long-term financing decisions, and (3) working capital management decisions. These decisions (2)长期筹资决策； (3)营运资本管理决策。 这些决策 concernthe acquisition and allocation of resources among the firm's various activities. The first two 涉及公司各种活动中资源的获取和分配。 前两项 decisions are long term in nature and the third is short term. Managers should not consider these 决策是长期决策，第三项决策是短期决策。 经理不应该 decisions on a piecemeal basis but as an integrated whole bucause they are seldom independent of 单独地考虑这些决策而应将其作为一个整体考虑，因为这些决策之间很少彼此独立
Professional English for Financial Management
——Introduction to Financial Management(1)
0611404115 马梓力
Contents 目录
Introduction
导言
文章梗概
The article translation
The article translation 文章翻译
Is the existing capital structure the right one ? 现有的资本结构是否正确？ How ang where should the firm raise money ? 公司怎样以及从哪里筹集资金？ Should the firm use funds raised through its revenues ? 公司是否应该通过收入筹集资金？ Should the firm raise money from outside the business ? 公司是否应通过业务以外筹集资金？ If the firm seeks external financing, should it bring in other oweners or borrow the money ? 如果公司寻求外部筹资，它应该增加所有者还是借钱？ The financial manager can obtain the needed funds for its investmrnts and operations either 财务经理可以从内部或外部得到其投资和运营所需的资金。 internally or externally.
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Internally generated funds represent the amount of earnings that the firmdecides to retain after 内部资金代表公司在支付给股东现金股利后所保留的收益。 paying a cash dividend, if any, to its stockholders. Dividend policy is intimately connected to a firm's 股利政策与公司的投资和筹资决策紧密联系， investment and financing decisions because the dividend-payout ratio determines the amount of 因为分红派息比率决定企业可以保留的收益。 earnings that a firm can retain. Accordung to the dividend principle, a firm should return cash to the 根据股息的原则，如果没有足够的获得最低报酬率的投资， owners if there are not enough investment that earn the hurdle rate. For publicly traded firms, a firm 企业应将现金收益给所有者。 对于上市公司， has the option of returning cash to owners either through dividends or stock repurchases. The form of 可以通过分配股利或股票回购的形式将现金收益给所有者。 return depends largely on the characteristics of the firm's stockholders. 收益的形式在很大程度上取决于该公司股东的特点。
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investment decisions about all types of assets - items on the left-hand side of the balance sheeet.These 对所有类型的资产投资作决策一资产负债表左边的项目。 decisiongs often involve buying, holding ,reducing, replacing, selling, and managing assets. The process 这些决策往往涉及购买、持有、减少、更换、销售和管理资产。 of planning and managing a firm's long-term investments is called capital budgeting. Common 规划和管理一个企业的长期投资的过程被称为资本预算。 questions involveing long-term investments include: 涉及长期投资的常见问题包括： In what lines of business should the firm engege ? 公司从事何种业务？ Should the firm acquire other companies ? 公司是否应该收购其他公司？ What sorts of property, plant, and equipment should the firm hold ? 公司应持有哪种类型的物业、厂房和设备？