财务管理专业英语第一章
财务管理专业英语
财务管理专业英语financial management 财务管理decision-making 决策，决策的acquire 获得，取得publicly traded corporations 公开上市公司公众vice president of finance 财务副总裁chief financial officer 首席财务官chief executive officer 首席执行官balance sheet 资产负债表capital budgeting 资本预算working capital management 营运资本管理hurdle rate 最低报酬率capital structure 资本结构mix of debt and equity 负债与股票的组合cash dividend 现金股利stockholder 股东dividend policy 股利政策dividend-payout ratio 股利支付率stock repurchase 股票回购stock offering 股票发行tradeoff 权衡，折中common stock 普通股current liability 流动负债current asset 流动资产marketable security 流动性资产，有价证券inventory 存货tangible fixed assets 有形固定资产in tangible fixed assets 无形固定资产patent 专利trademark 商标creditor 债权人stockholds’ equity股东权益financing mix 融资组合risk aversion 风险规避volatility 易变性不稳定性allocate 配置capital allocation 资本配置business 企业商业业务financial risk 财务风险sole proprietorship 私人业主制企业partnership 合伙制企业limited partner 有限责任合伙人general partner 一般合伙人separation of ownership and control 所有权与经营权分离claim 要求主张要求权management buyout 管理层收购tender offer 要约收购financial standards 财务准则initial public offering 首次公开发行股票private corporation 私募公司未上市公司closely held corporation 控股公司board of directors 董事会executove director 执行董事non- executove director 非执行董事chairperson 主席controller 主计长treasurer 司库revenue 收入profit 利润earnings per share 每股盈余return 回报market share 市场份额social good 社会福利financial distress 财务困境stakeholder theory 利益相关者理论value (wealth) maximization 价值（财富）最大化common stockholder 普通股股东preferred stockholder 优先股股东debt holder 债权人well-being 福利diversity 多样化going concern 持续的agency problem 代理问题free-riding problem 搭便车问题information asymmetry 信息不对称retail investor 散户投资者institutional investor 机构投资者agency relationship 代理关系net present value 净现值creative accounting 创造性会计stock option 股票期权agency cost 代理成本bonding cost 契约成本monitoring costs 监督成本takeover 接管corporate annual reports 公司年报balance sheet 资产负债表income statement 利润表statement of cash flows 现金流量表statement of retained earnings 留存收益表fair market value 公允市场价值marketable securities 油价证券check 支票money order 拨款但、汇款单withdrawal 提款accounts receivable 应收账款credit sale 赊销inventory 存货property,plant,and equipment 土地、厂房与设备depreciation 折旧accumulated depreciation 累计折旧liability 负债current liability 流动负债long-term liability 长期负债accounts payout 应付账款note payout 应付票据accrued espense 应计费用deferred tax 递延税款preferred stock 优先股common stock 普通股book value 账面价值capital surplus 资本盈余accumulated retained earnings 累计留存收益hybrid 混合金融工具treasury stock 库藏股historic cost 历史成本current market value 现行市场价值real estate 房地产outstanding 发行在外的a profit and loss statement 损益表net income 净利润operating income 经营收益earnings per share 每股收益simple capital structure 简单资本结构dilutive 冲减每股收益的basic earnings per share 基本每股收益complex capital structures 复杂的每股收益diluted earnings per share 稀释的每股收益convertible securities 可转换证券warrant 认股权证accrual accounting 应计制会计amortization 摊销accelerated methods 加速折旧法straight-line depreciation 直线折旧法statement of changes in shareholders’equity 股东权益变动表source of cash 现金来源use of cash 现金运用operating cash flows 经营现金流cash flow from operations 经营活动现金流direct method 直接法indirect method 间接法bottom-up approach 倒推法investing cash flows 投资现金流cash flow from investing 投资活动现金流joint venture 合资企业affiliate 分支机构financing cash flows 筹资现金流cash flows from financing 筹资活动现金流time value of money 货币时间价值simple interest 单利debt instrument 债务工具annuity 年金future value 终至present value 现值compound interest 复利compounding 复利计算pricipal 本金mortgage 抵押credit card 信用卡terminal value 终值discounting 折现计算discount rate 折现率opportunity cost 机会成本required rate of return 要求的报酬率cost of capital 资本成本ordinary annuity普通年金annuity due 先付年金financial ratio 财务比率deferred annuity 递延年金restrictive covenants 限制性条款perpetuity 永续年金bond indenture 债券契约face value 面值financial analyst 财务分析师coupon rate 息票利率liquidity ratio 流动性比率nominal interest rate 名义利率current ratio 流动比率effective interest rate 有效利率window dressing 账面粉饰going-concern value 持续经营价值marketable securities 短期证券liquidation value 清算价值quick ratio 速动比率book value 账面价值cash ratio 现金比率marker value 市场价值debt management ratios 债务管理比率intrinsic value 内在价值debt ratio 债务比率mispricing 给……错定价格debt-to-equity ratio 债务与权益比率valuation approach 估价方法equity multiplier 权益乘discounted cash flow valuation 折现现金流量模型long-term ratio 长期比率undervaluation 低估debt-to-total-capital 债务与全部资本比率overvaluation 高估leverage ratios 杠杆比率option-pricing model 期权定价模型interest coverage ratio 利息保障比率contingent claim valuation 或有要求权估价earnings before interest and taxes 息税前利润promissory note 本票cash flow coverage ratio 现金流量保障比率contractual provision 契约条款asset management ratios 资产管理比率par value 票面价值accounts receivable turnover ratio 应收账款周转率maturity value 到期价值inventory turnover ratio 存货周转率coupon 息票利息inventory processing period 存货周转期coupon payment 息票利息支付accounts payable turnover ratio 应付账款周转率coupon interest rate 息票利率cash conversion cycle 现金周转期maturity 到期日asset turnover ratio 资产周转率term to maturity 到期时间profitability ratio 盈利比率call provision赎回条款gross profit margin 毛利润call price 赎回价格operating profit margin 经营利润sinking fund provision 偿债基金条款net profit margin 净利润conversion right 转换权return on asset 资产收益率put provision 卖出条款return on total equity ratio 全部权益报酬率indenture 债务契约return on common equity 普通权益报酬率covenant 条款market-to-book value ratio 市场价值与账面价值比率trustee 托管人market value ratios 市场价值比率protective covenant 保护性条款dividend yield 股利收益率negative covenant 消极条款dividend payout 股利支付率positive covenant 积极条款financial statement财务报表secured deht担保借款profitability 盈利能力unsecured deht信用借款viability 生存能力creditworthiness 信誉solvency 偿付能力collateral 抵押品collateral trust bonds 抵押信托契约debenture 信用债券bond rating 债券评级current yield 现行收益yield to maturity 到期收益率default risk 违约风险interest rate risk 利息率风险authorized shares 授权股outstanding shares 发行股treasury share 库藏股repurchase 回购right to proxy 代理权right to vote 投票权independent auditor 独立审计师straight or majority voting 多数投票制cumulative voting 积累投票制liquidation 清算right to transfer ownership 所有权转移权preemptive right 优先认股权dividend discount model 股利折现模型capital asset pricing model 资本资产定价模型constant growth model 固定增长率模型growth perpetuity 增长年金mortgage bonds 抵押债券portfolio 组合diversifiable risk可分散风险market risk 市场风险expected return 期望收益volatility 流动性stand-alone risk 个别风险random variable 随机变量。
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
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Risk and Returns
财务专业英语
Chapter One: Introduction
、Words and Phrases:
enterprise 企业 business 企业 firm 公司、商号 concern vt. 涉及 与…有关 企业 general purpose （普遍）通用的 criterion 标准 enhance vt. 提高、放大 感兴趣 return on 回报、报酬 return of 回收 收回 financial position 财务状况
Q-5 Which of the following are important factors in ensuring the
integrity of accounting information? a. Institutional factors, such as standards for preparing information. b. Professional organizations, such as the American Institute of CPAs. c. Competence' judgment' and ethical behavior of individual accountants' d. All of the above.
E1-2 Divide into groups as instructed by your professor and
discuss the following: a. How does the description of accounting as the "language of business" relate to accounting as being useful for investors and creditors? b. Explain how the decisions you would make might differ if you were an external investor or member of an enterprise's management team.
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
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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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山东轻工业学院商学院
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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
财务管理专业英语练习题
专业英语作业Topic 1:Agency is an area of commercial institution dealing with a contractual or quasi-contractual, or non-contractual set of relationships when a person, called the agent, is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party.Money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames.Capital market is a market for securities (debt or equity), where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year.Spontaneous financing refers to the automatic source of short term funds arising in the normal course of short term course of business. Trade credit and out standing expenses are examples of spontaneous financing.Financial intermediary is a financial institution that connects surplus and deficit agents. Secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral.Marketability is a measure of the ability of a security to be bought and sold for a price at which similar items are dealling.Perpetuity is an annuity that has no end, or a stream of cash payments that continues forever. Hedge-matching In asset management, the coordination of an organization's cash inflows with cash outflows by matching the maturity of income generating assets (such as certificates of deposit) with the maturity of interest incurring liabilities (debts).Topic 2:美国IBM从1984年左右开始由兴到衰，由年盈利66亿美元到1992年亏损达49.7亿美元。
财务管理专业英语unit 课件
Wisdom
Money begets(or breeds or gets)money. ——Anonymous
Boundless risk must pay for boundless gain. ——William Momis
Mini case
Dell Computer manufactures, sells, and services personal computers. The company markets directly to its customers and builds computers after receiving a customer order. This build-to-order model enables Dell to have much smaller investment in working capital than its competitors. Dell has grown quickly and has been able to finance that growth internally by its efficient use of working capital and its profitabillity.
• Read the mini case and think: 1. What’s the Dell’s Sales philosophy? 2. Find the specialized vocabulary of
financial management?
Dell 销售理念
按照客户要求制造计算机，并向客 户直接发货，使戴尔公司能够最有效和 明确地了解客户需求，继而迅速做出回 应。这个直接的商业模式消除了中间商， 这样就减少了不必要的成本和时间，让 戴尔公司更好地理解客户的需要。
财务管理第一章双语
财务管理第一章双语在当今复杂多变的商业世界中，财务管理无疑是企业运营的核心之一。
无论是大型跨国公司还是小型创业企业，有效的财务管理都是实现可持续发展和盈利的关键。
这一章，我们将以双语的形式来探索财务管理的一些基础概念和重要原则。
首先，让我们来明确一下什么是财务管理（Financial Management）。
简单来说，财务管理就是对企业资金的筹集、使用、分配等活动进行规划、控制和决策的过程。
它的目标是实现企业价值最大化，这意味着要在保证企业财务稳健的同时，尽可能地提高资金的使用效率和盈利能力。
资金的筹集（Financing）是财务管理的首要环节。
企业可以通过多种途径获取资金，比如发行股票（Issuing Stocks）、债券（Bonds），或者从银行贷款（Bank Loans）。
每种筹资方式都有其特点和成本。
股票筹资可以为企业带来永久性的资金，但可能会稀释原有股东的控制权；债券筹资需要按时支付利息和本金，但成本相对较低；银行贷款则通常审批流程较快，但利息和还款条件可能较为苛刻。
在选择筹资方式时，企业需要综合考虑自身的财务状况、市场环境和发展战略。
资金的使用（Use of Funds）也是至关重要的。
企业需要将筹集到的资金合理地分配到不同的项目和业务中，以获取最大的回报。
这就涉及到投资决策（Investment Decisions）。
投资可以分为长期投资（LongTerm Investments）和短期投资（ShortTerm Investments）。
长期投资如购置固定资产、开展新的业务项目等，需要进行深入的可行性研究和风险评估；短期投资如购买短期理财产品、进行应收账款保理等，则更注重资金的流动性和收益性平衡。
在资金的分配（Distribution of Funds）方面，企业需要决定如何将盈利分配给股东和用于企业的再发展。
常见的分配方式有现金股利（Cash Dividends）和股票股利（Stock Dividends）。
财务管理专业英语u
13.Week form 弱式 semi-strong 半强式 strong form 强式 Week form——assets prices reflect all historical price information. Semi-strong ——assets prices reflect all historical price information and all publicly available information. Strong form——assets prices reflect all historical price information, all publicly available information, and all private information ( including information only known to insiders, such as company directors).
Words study
3.Expected return 期望收益 Expected return refers to the expected change in the value of an asset over a given (future) time period. Since we cannot know the future, we have to make a guess as to what to “expect”, based on what has happened to returns in the past. 4.Radom variable 随机变量 5.Probability 概率 The uncertainty of future outcomes is usually expressed in terms of probability and plotted in a probability distribution which can be expressed as an equation called the probability distribution function.
财务管理考研专业英语
1 The Goals and Functions ofFinancial ManagementChapter Objectives1.Identify how finance builds on the disciplines of accounting and economics.2.Discuss the analytical decision making nature of finance within a risk-return framework.3.Describe the primary goal of finance as the maximization of shareholder wealth as measured by share price.4. Identify possible conflicting goals of finance such as social goals or management interests.5. Outline the activities of financial managers that are primarily based on the raising and investment of funds in an efficient manner.6. Identify some of the domestic and international economic conditions that the financial manager shouldconsider.7. Identify the role of financial markets in allocating capital.ContentsI. Financial management is critical for a firm’s success.II. Finance relies upon the disciplines of economics and accounting.A. Economics provides structure to decision making and helps us to understand the economic environment inwhich the financial manager operates.B. Accounting provides the financial data needed for financial decision making.C. The demand for financial management skills exists in many sectors of our society, including corporatemanagement, financial institutions and consulting.III. Finance as a field of study has evolved over time in response to changing business management needs. IV. Finance maintains that the goal of the firm is maximization of shareholders' wealth.A. Shareholders’ wealth maximization is measured by the highest possible market price of the firm’s shares.B. Financial decision-making analysis is always predicated on this goal: to increase value to shareholderswithin a risk-return framework.C. Shoarehlders' wealth maximization incorporates:D. The efficiency of the capital market dictates that, with a given level of risk, capital will flow to those firms"promising" the highest return.E. Maximization of shareholder wealth is tempered by social responsibility and agency concerns.V. Functions of Financial Management. A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.A. Daily financial management activitiesB. Less-routine activitiesC. Forms of organization: The finance function may be carried out within a number of different forms oforganizations.1. Sole proprietorship2. Partnership3. CorporationVI. The Role of Financial Markets. Wealth maximization depends on the perception expectations of the market. The market through daily share price changes of each publicly traded company, provides managers with a performance report card.VII. Recent Economic Developments2 Review of AccountingChapter Objectives1. Demonstrate a reasonable ability to prepare the three basic financial statements.2. Identify the limitations of the income statment as a measure of a firm's profitability.3. Identify the limitations of the balance sheet as a measure of a firm's financial position.4. Explain the importance of cash flows as identified in the statement of changes in financial position.5. Outline the impact of corporate tax considerations on cash flow aftertax.6. Outline personal tax considerations as they relate to different forms of investment income.7. Explain the concept of tax savings.ContentsI. Financial StatementsA. The Income StatementB. Balance SheetC. Statement of Changes in Financial PositionII. Amortization and Funds FlowA. Amortization is an attempt to allocate an initial asset cost over its life.B. Amortization is an accounting entry and does not involve the movement of funds.C. As indicated in the statement of cash flows, amortization is added back to net income to arrive atcash flow.III. Free cash flow.IV. Income Tax Considerations3 Financial AnalysisChapter Objectives1. Calculate 13 financial ratios that measure profitability, asset utilization, liquidity and debt utilization.2. Assess a company's source of profitability using the Du Pont system of analysis.3. Examine the ratios in comparison to industry averages.4. Examine the ratios and company performance by means of trend analysis.5. Identify sources of distortion in reported income.ContentsI. Ratio analysisA. Uses of ratios:B. Overall considerations in using ratiosC. Classification and computation1. Profitability: Measures of returns on sales, total assets and invested capital2. Du Pont system.3. Asset utilization: Measures of the speed at which the firm is turning over accounts receivable,inventories, and longer term assets.4. Liquidity ratios: Measures of the firm's ability to pay off short-term obligations as they comedue5. Debt Utilization Ratios: Measures the prudence of the firm's debt management policies.6. Summary and evaluation of all ratios for the Saxton Company with conclusions7. Trend analysis is as important as industry comparisonsD. Interpreting financial ratios.E. Trend analysis consists of computing the financial ratios of a firm at various points in time todetermine if the firm is improving or deteriorating.F.Comparative analysis provides the management and external evaluators with information as to how successful the firm is relative to other firm's in the industry.II. Impact of Inflation and Disinflation on Financial Analysis III.Other Elements of Distortion in Reported Income A. Recognition of revenue B. Handling of expenses C. Extraordinary gains/losses: These are reported as additions/deductions from income by some firmsbut not shown as additions/deductions from income by others, based on discretion.4 Financial ForecastingChapter Objectives1. Explain why financial forecasting is essential for the healthy growth of the firm.2. Prepare the three financial statements for forecasting; the pro forma income statement, the cash budget and the pro forma balance sheet.3. Perform the percent-of-sales method for forecasting on a less precise basis.4. Determine the need for new funding resulting from sales growth.ContentsI. Need for Financial PlanningII.The most comprehensive means for doing financial planning is through the development of pro forma financial statements; namely the pro forma income statement, the cash budget, and the pro forma balance sheet. A. Pro Forma Income Statement: B. Cash budget: C. Pro Forma Balance Sheet:III. Percent-of-Sales Method: Shortcut, less exact, alternative for determining financial needs(1D) PS S)( S LS)(S A = funds new Required 211∆∆IV. Sustainable growth rate5 Operating and Financial LeverageChapter Objectives1. Define leverage as a method to magnify earnings available to the firm’s common shareholders.2. Define and calculate operating leverage and assess its opportunities and limitations.3. Define and calculate financial leverage and assess its opportunities and limitations.4. Define and calculate combined leverage.ContentsI. Leverage: The use of fixed charge obligations with the intent of magnifying the potential return to the firm. A. Fixed operating costs: B. Fixed financial costs: II. Break-Even Analysis and Operating Leverage A. Break-even analysis: B. Cash break-even analysis C:Operating leverage: III.Financial Leverage:A. Two firms may have the same operating income but greatly different net incomes due to the magnificationeffect of financial leverage. The higher the financial leverage, the greater the profits or losses at high or low levels of operating profit, respectively.B. Financial leverage is beneficial only if the firm can employ the borrowed funds to earn a higher rate of return than the interest rate on the borrowed amount. The extent of a firm's use of financial leverage may be measured by computing its degree of financial leverage (DFL). The DFL is the ratio of the percentage change in net income (or earnings per share) in response to a percentage change in EBIT.IV. Combined Leverage6 Working Capital and the Financing DecisionChapter Objectives1. Define working capital management as the financing and controlling of current assets of the firm.2. Describe the nature of asset growth and explain those current assets that are more permanent in nature.3. Explain that the matching of sales and production may not be efficient in the short run, and will likely resultin the buildup of current assets.4. Explain financing of assets in terms of hedging.5. Describe the term structure of interest rates and explain the theories that suggest its shape. Also discuss thevalue of the term structure to a financial manager.6. Identify risk and profitability in determining the financing plan for current assets.ContentsI. Working Capital ManagementA. Management of working capital is the financial manager's most time-consuming function.B. Success in managing current assets in the short run is critical for the firm's long-run existence.C. Nature of asset growthII. Both seasonal and permanent increases in working capital must be financed.III. The term structure of interest rates indicates the relative cost of short and long-term financing and is important to the financing decision.A. The relationship of interest rates at a specific point in time for securities of equal risk but differentmaturity dates is referred to as the term structure of interest rates.B. The term structure of interest rates is depicted by yield curves.C. There are three theories describing the shape of the yield curve.D. Types of yield curvesE. Yield curves shift upward and downward in response to changes in anticipated inflation rates andother conditions of uncertainty.IV. A Decision ProcessV. Shift in Asset StructureVI. Toward an Optimum Policy7 Current Asset ManagementChapter Objectives1. Outline current asset management as an extension of Chapter 6 concepts and recognize that a firm’sinvestment in current assets should achieve an acceptable return.2. Discuss cash management as the control of receipts and disbursements to minimize nonearning cashbalances and describe techniques to make cash management more efficient.3. Define the various marketable securities available to the firm and calculate the yield on these instruments.4. Describe accounts receivable as an investment based o n the firm’s credit policies, outline the considerationsin granting credit and evaluate a credit decision to change credit terms to stimulate sales.5. Describe inventory as an investment and apply techniques to reduce the costs of this investment.6. Explain the concept that the less liquid an asset is, the higher the required return.ContentsI. Cash ManagementA. Cash is a necessary but low earning asset.B. Financial managers attempt to minimize cash balances and yet maintain sufficient amounts to meetobligations in a timely manner.C. The three main reasons for holding cash are for:D. Temporarily, excess cash balances are transferred into interest-earning marketable securities.II. Collections and DisbursementsIII. Marketable SecuritiesIV. Management of Accounts ReceivableA. Accounts receivable represent a substantial and growing investment in assets by a company. Theprimary reasons for the increases have been:B. Accounts receivable are an investment.C. There are three primary variables for credit policy administration.IV. Inventory ManagementA. Inventory is the least liquid of current assets.B. There are two basic costs associated with inventory:1. Carrying costs:2. Ordering and processing costsC. Assumptions of the basic EOQ model:8 Sources of Short-Term FinancingChapter Objectives1. Describe trade credit as an important form of short term financing and be able to calculate its cost to thefirm if a discount is forgone.2. Describe bank loans as self-liquidating, as short-term and as having their interest rate tied to the prime rate.Also calculate interest rates under differing conditions.3. Describe commercial paper as a short-term, unsecured promissory note of the firm4. Review borrowing in foreign markets as a cost-effective alternative for the firm.5. Explain that offering accounts receivable and inventory as collateral may lower the interest costs on aloan.6. Demonstrate the hedging of interest rates to reduce borrowing risk.ContentsI. Trade CreditII. Bank CreditA. Banks prefer short-term, self-liquidating loansB. Bank loan terms and conceptsD. Bank credit availability tends to cycle III. Commercial PaperIV. Bankers AcceptancesV. Foreign BorrowingVI. The Use of Collateral in Short-Term FinancingVII. Inventory FinancingA. The collateral value of inventory is based on several factors.B. Inventory financing and the associated control methods are standard procedures in many industries. VIII. Hedging to Reduce Borrowing Risk9 Time Value of MoneyChapter Objectives1. Explain the concept of the time value of money. This is the idea that a dollar received today is worth morethan a dollar received in the future.2. Calculate present values, future values, and annuities based on the number of periods involved and thegoing interest rate.3.Calculate yield based on the time relationships between cash flows.ContentsI. Money has a time value associated with it.A. The investor/lender demands that financial rent be paid on his or her funds.B. Understanding the effective rate on a business loan, the return on an investment, etc., is dependenton using the time value of money.D. The interest rate is also referred to as a discount rate, rate of return, or yield.II.Future Value -- Single AmountIII. Effective or Nominal Interest RateIV. Present Value -- Single AmountV. Future Value -- AnnuityVI. Present Value -- AnnuityVII. Annuity Equaling a Future ValueVII. Annuity Equality a Present ValueIX. Determining the Yield on an InvestmentX. Special Considerations in Time Value AnalysisXI. Canadian Mortgages10 Valuation and Rates of ReturnChapter Objectives1. Describe valuation of a financial asset as based on the present value of future cash flows.2. Explain that the required rate of return in valuing an asset is based on the risk involved.3. Calculate the current value (price) of bonds, preferreds (perpetuals) and common sharesbased on the future benefits (cash flows).4. Calculate the yields on financial claims based on the relationship between current priceand future expected cash flows.5. Describe the use of a price-earnings ratio to determine value.ContentsI. Valuation ConceptsII. Valuation of BondsIII. Valuation of Preferred StockA. Preferred stockIV. Valuation of Common Stock1. No growth2. Constant growth in dividends.11 Cost of CapitalChapter Objectives1. Explain that the cost of capital represents the overall cost of financing to the firm.2. Define the cost of capital as the discount rate normally used to analyze an investment. Itis an evaluation tool.3. Calculate the cost of capital based on the various valuation techniques from Chapter 10 asapplied to bonds, preferred stock and common shares.4. Describe how a firm attempts to find a minimum cost of capital through varying the mixof its sources of financing.5. Explain the marginal cost of capital concept.ContentsI. The Overall ConceptA. There are several steps in measuring a firm's cost of capital.1. Compute the cost of each source of capital.2. Assign weights to each source. Conversion of historical cost capitalstructure to market values may be required.3. Compute the weighted average of the component costs.II. Interdependence of Valuation and Cost of CapitalIII. The Cost of DebtAn approximation for the cost of debt if maturity is greater than 10 years is:IV. The Cost of Preferred StockV. The Cost of Common EquityAssuming constant growth:Under the CAPM, the required return for common stock can be described by thefollowing formula:The cost of retained earnings is :The cost of new common stock is higher than the cost of retained earningsbecause the firm's proceeds from sale of the stock is less than the pricepaid by the shareholder due to flotation costs (F). The cost of newcommon stock, K n is:VI. Optimal Capital Structure - Weighting CostsVII.Capital Acquisition and Investment Decision MakingVIII.VIII. Marginal Cost of CapitalIX. Appendix 11A: Cost of Capital and the Capital Asset Pricing ModelA.The basic form of the CAPM is a linear relationship between returns on individualstocks and the market over time. Using least squares regression analysis, thereturn on an individual stock K j is:B. The CAPM evolved into a risk premium model.12 The Capital Budgeting DecisionChapter Objectives1. Define capital budgeting decisions as long-term investment decisions.2. Explain that cash flows rather than accounting earnings are evaluated in the capitalbudgeting decision.3. Compare the ranking of investments by the payback method, the internal rate of return,and the net present value.4. Discuss the use of the cost of capital as the discount rate in capital budgeting analysis.5. Identify the incremental cash flow that result from an investment decision, including theaftertax operating benefits and the tax shield benefits of capital cost allowance (amortization).6. Perform NPV analysis to assist in the decision making concerning long-run investments.ContentsI. Characteristics of Capital Budgeting DecisionsA. Capital expenditures are outlays for projects with lives extending beyond one yearand perhaps for many years.B. Intensive planning is required.C. Capital expenditures usually require initial cash flows,D. The longer the time horizon associated with a capital expenditure, the greater theuncertainty.II. Administrative ConsiderationsIII. Accounting Flows versus Cash FlowsA. The capital budgeting process focuses on cash flows rather than income on anaftertax basis. Income figures do not reflect the cash available to a firm due tothe deduction of noncash expenditures such as amortization (CCA).B. Evaluation involves the incorporation of all incremental cash flows in the capitalbudgeting analysis. All costs and benefits that will occur as a result of theinvestment decision should be included in the analysis. Sunk costs are ignored.Opportunity costs included. Cash flows that would occur regardless of the capitalexpenditure are nonincremental and are irrelevant to the decision.C. Accounting flows are not totally disregarded in the capital budgeting process. IV. Methods for Ranking Investment ProposalsA. Payback MethodB. Internal Rate of Return (IRR)C. Net Present Value (NPV)V. Selection StrategyVI. Capital RationingVII. Net Present Value ProfileVIII. Capital Cost AllowanceA. The following formula gives the present value of all the tax savings resulting fromCCA of an acquired capital asset, taking into account the half rate rule assumingthe asset pool continues indefinitely.IX. Investment Tax CreditX. The Replacement Decision13 Risk and Capital BudgetingChapter Objectives1. Describe the concept of risk based on the uncertainty of future cash flows.2. Define risk as standard deviation, coefficient of variation, or beta.3. Describe most investors as risk averse.4. Utilize the basic methodology of risk adjusted discount rates for dealing with risk incapital budgeting analysis.5. Describe and apply the techniques of certainty equivalents, simulation models, sensitivityanalysis, and decision trees to help assess risk.6. Discuss how a project’s risk may be considered in a portfolio context.ContentsI. Risk in Capital BudgetingA. Management's ability to achieve the goal of owner's wealth maximization willlargely depend on success in dealing with risk.B. Definition: Variability of possible outcomes. The wider the distribution ofpossible outcomes for a particular investment, the greater its risk.C. Risk aversion is a basic assumption of financial theory. Investors require ahigher expected return the riskier an investment is perceived to be. Certainty ispreferred to uncertainty.II. The Measurement of RiskThe Coefficient of VariationBeta (β) is another measure of risk that is widely used in portfolio management.Beta measures the volatility of returns on an individual stock relative to a stockmarket index of returns. (See Appendix 11A for a thorough discussion.)III. Risk and the Capital Budgeting ProcessIV. Simulation ModelsV. The Portfolio EffectVI. The Share Price Effect14 Capital MarketsChapter Objectives1. Define money and capital markets.2. Outline the primary participants raising funds in the capital markets.3. Describe the Canadian economy as three major sectors allocating funds betweenthemselves.4. Outline the organization of the securities markets.5. Discuss the concept of market efficiency and its benefits to the economic system.6. Describe the changing financial environment.ContentsI. Money and Capital MarketsII. International Capital MarketsIII. Competition for Funds in the Capital MarketsIII. The Supply of Capital FundsIV. The Role of the Security MarketsV. The Organization of the Security MarketsA. The Organized ExchangesB. Foreign ExchangesC. Over the Counter Markets (OTC)VI. Recent Developments in TradingVII. Market EfficiencyA. Criteria of EfficiencyB. The more certain the income stream, the less volatile price movements will be andthe more efficient the market will be. This is because of the tremendous liquidityand volume of trades in these securities.C. The efficiency of the stock market is stated in three forms.VIII. Securities Regulation15 Investment Underwriting: Public andPrivate PlacementChapter Objectives1. Describe investment dealers as intermediaries between corporations and governmentin need of funds and the investing public.2. Outline the various roles investment dealers play in distributing and pricing corporatesecurities. Evaluate the impact of issued securities on earnings per share and share market price.3. Indicate how the distribution spread is allocated and calculate the potential returns tosyndicate participants.4. Outline the other functions the investment dealer performs for clients, including adviceon potential mergers and acquisitions.5. Outline the changes in the investment industry in Canada.6. Discuss the pros and cons of going public versus going private when raising funds.7. Describe a leveraged buyout.ContentsI. The Role of Investment Underwriting.A. The investment dealer serves as a middleperson in channeling funds from theinvestor to the corporation.II. Functions of the Investment Dealer.A. Underwriter:B. Market maker:C. Advising:D. A gency functions:III. The Distribution Process.IV. Pricing the SecurityV. Changes in the Investment IndustryVI. Underwriting Activity in CanadaA. In 1995 government issues represented 70 percent of underwriting activity in Canada.B. Equity issues totalled $14.3 billion in 1995, debt issues $9.5 billion in Canada and $10 billion in the U.S. capital markets.VII. Public versus Private FinancingA. Advantages of being publicB. Disadvantages of being publicC. Initial Public Offerings (IPOs) as distinquished from seasoned offerings are when a corporation first goes public in the market by selling equity. The price performance of these shares is particularly volatile because of the minimal information available in comparison to shares already trading in the markets.D. Private placement refers to selling securities directly to insurance companies, pension funds, and others rather than going through security markets.VIII. Largest Investment Deals16 Long-Term Debt and Lease FinancingChapter Objectives1. Describe the collateral pledged, the method of repayment, and identify other key features oflong term debt.2. Discuss bond yields and prices as influenced by how corporations and governments arerated by major bond rating services.3. Analyze the decision to call in and reissue debt (refund the obligation) when interest rateshave declined.4. Outline some of the innovative forms of raising long-term financing, includingzero-coupon rate bonds, floating rate bonds, and real return bonds.5. Outline the characteristics of long-term lease financing that make it an alternative form of long-term financing. From Appendix 16B, analyze a lease-versus-borrow-to-purchase decision.ContentsI. The Expanding Role of DebtII. Debt Contract Terminology and ProvisionsA. Par Value-the face value of a bond.B. Coupon Rate-the actual interest rate on a bond; annual interest/par value(semiannual installments usually).C. Maturity Date-the final date on which repayment of the debt principal is due.D. Indenture-lengthy, legal agreement detailing the issuer's obligations pertaining toa bond issue. The indenture is administered by an independent trustee.E. Security provisionsF. Unsecured debtG. Methods of Repayment of PrincipalIII. Bond Prices, Yields, and RatingsA. Bond prices are largely determined by the relationship of their coupon rate to thegoing market rate and the number of years until maturity.B. Bond yields are quoted on three different bases.C. Bond ratingsIV. The Refunding Decision V. Other Forms of Bond FinancingVI. Eurobond MarketVII. Advantages and Disadvantages of DebtVIII. Intermediate Term LoansVIII. Leasing as a Form of Debt17 Common and PreferredStock FinancingChapter Objectives1. Outline the rights of shareholders as owners of the corporation including a claim toundistributed income, the right to elect a board of directors, and other privileges.2. Briefly describe cumulative voting as a method to potentially give minority shareholdersrepresentation on the board of directors. Calculate the number of shares required to electa director.3. Describe a rights offering as a method used to raise funds for the firm and calculatevalues of rights, shares, and shareholder wealth during the rights-offering process.4. Describe poison pills and other provisions that make it difficult for outsiders to gaincontrol of the corporation against management wishes.5. Describe preferred shares as a type of security somewhere between debt and commonstock.6. Calculate the different tax treatment and resulting aftertax income from preferreddividends as compared to bond interest.7. Describe the features of various securities in a risk-return framework.ContentsI. Common Stock and Common ShareholdersA. Although management controls the corporation on a daily basis, ultimate controlof the firm resides in the hands of the shareholders.B. Management has become increasingly sensitive to the growing institutionalownership of common stock. Mutual funds, pension funds, insurance companiesand bank trust accounts are examples of financial institutions that in combinationown a large percentage of many leading corporations.II. Common shareholders’ claim to incomeA. Common shareholders have a residual claim on the income stream; the amountremaining after creditors and preferred shareholders have been satisfied belongsto the owners (common shareholders) whether paid in dividends or retained.There is no legal claim to dividends.B. A corporation may have several classes of common stock that differ in regard tovoting rights and claim on the earnings stream (e.g. Canadian Tire, Bombardier). III. The Voting Right。
财务管理专业英语第一单元
Decision
Working Capital Management Decisions
(How should the firm manage its short-term assets and liabilities?)
Long-term investment decisions
• In what lines of business should the firm engage? • Should the firm acquire other companies? • What sorts of property, plant, and equipment should the firm hold? • Should the firm modernize or sell an old production facility? • Should the firm introduce a more efficient distribution system than the current one?
8. Volatility 不稳定性 Interest rates and financial market volatility would remain high due to the market uncertainty. 市场前景不明朗，亦会令利率持续高起，金融市场波动。 9.balance sheet 资产负债表 income (profit) statement 利润表 cash flow statement 现金流量表 10.capital budgeting 资本预算 capital structure 资本结构 working capital management 营运资本管理 Capital Budgeting and Long-term Financing management 资本预算及远期财务管理
财务管理专业英语topic .ppt
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.
财务管理学英文课件 (1)
u Credit and Collection Policies
u Analyzing the Credit Applicant
u Inventory Management and Control
10-2
Possible Cash Discount
(1) Average Collection Period
10-10
is considering changing its
credit period from
(which has resulted
in 12 A/R “Turns” per year) to
(which is
expected to result in 6 A/R “Turns” per year).
(20% opp. cost) x $24,000 =
Profits > Required pre-tax return
10-8
Quality of Trade Account
Possible Cash Discount
(1) Average Collection Period
(2) Bad-debt Losses
-- The period of time
during which a cash discount can be taken for
early payment. For example,
allows a
cash discount in the first 10 days from the
invoice date.
($2,000,000 sales) / (12 Turns) = $166,667
10-13
财务管理1(全英文)
6
Outline of Chapter 1
3. The dramatic increase in the use of computers for the analysis of financial decisions.
1
Outline of Chapter 1
problem firms faced was obtaining capital for expansion. B. The depression of the 1930s shifted the focus of finance to bankruptcy, reorganization, corporate liquidity, and governmental regulation of securities markets. The emphasis changed from expansion to survival.
8
Outline of Chapter 1
A. Management’s primary goal is to maximize the wealth of the firm’s stockholders.
B.This goal translates into maximizing the price of the firm’s common stock.This is not the same as maximizing net income or earnings per share.
财务管理专业英语
28
1.2.2 Financing Decisions
Does the type of financing used make a difference?
Is the existing capital structure the right one?
How and where should the firm raise money?
(3)
Liabilities and equity (7)
The following information is also available:
Quick ratio = 1.0 time Working capital to sales ratio =
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
29
1.2.2 Financing Decisions
Should the firm use funds raised through its revenues?
Should the firm raise money from outside the business?
If the firm seeks external financing, should it bring in other owners or borrow the money?
1) Long-term investment decisions
2) Long-term financing decisions 3) Working Capital Management
Decisions
23
1.2.1 Investment Decisions
财务管理chapter 1 introduction
▪Cash—not profits– is king.
现金流的时点
现金流的风险
1.2 企业组织形式及优缺点
Business
Sally’s Grocery
Proprietorship
Law Offices
Partnership
Corporation
Forms of other organizations
Treasurer 财务经理
Controller 会计经理
企业组织结构图
董事长
总经理
生产副经理
资本预算 现金管理 信用管理 股利支付 财务分析和 规划 等等
财务副经理
财务主任
会计主任
其他副经理
财务会计 成本会计 税务会计 对外报告
等等
财务的学科地位
►财务(Finance)与会计(Accounting)的区别 ：
kRF = represents the rate of interest on Treasury securities.
Determinants of interest rates
k = k* + IP + DP + LP + MP
k= k* = IP = DP = LP = MP =
required return on a debt security real risk-free rate of interest inflation premium default risk premium liquidity premium maturity risk premium
▪ 企业的资产应该拿哪些钱来购买？ ▪ 应当用负债还是所有者权益？
►营运资本管理-Working capital management
财务管理-CHAPTER-1
CHAPTER 1Introduction to Corporate FinanceII. CONCEPTSFINANCIAL MANAGEMENTd 21. Which of the following questions are addressed by financial managers?I. How long will it take to produce a product?II. How long should customers be given to pay for their credit purchases? III. Should the firm borrow more money?IV. Should the firm build a new factory?a. I and IV onlyb. II and III onlyc. I, II, and III onlyd. II, III, and IV onlye. I, II, III, and IVORGANIZATIONAL STRUCTUREe 22. The treasurer and the controller of a corporation generally report to the:a. board of directors.b. chairman of the board.c. chief executive officer.d. president.e. vice president of finance.ORGANIZATIONAL STRUCTUREb 23. Which one of the following statements is correct concerning the organizationalstructure of a corporation?a. The vice president of finance reports to the chairman of the board.b. The chief executive officer reports to the board of directors.c. The controller reports to the president.d. The treasurer reports to the chief executive officer.e. The chief operations officer reports to the vice president of production.CAPITAL BUDGETINGb 24. Which one of the following is a capital budgeting decision?a. determining how much debt should be borrowed from a particular lenderb. deciding whether or not to open a new storec. deciding when to repay a long-term debtd. determining how much inventory to keep on hande. determining how much money should be kept in the checking accountCAPITAL BUDGETINGe 25. When considering a capital budgeting project the financial manager should consider:a. only the size of the project.b. only the timing of the project cash flows.c. only the risk of the project cash flows.d. only the size and timing of the project cash flows.e. the size, timing, and risk of the project cash flows.CAPITAL STRUCTUREa 26. Capital structure decisions include consideration of the:I. amount of long-term debt to assume.II. cost of acquiring funds.III. current assets and liabilities.IV. net working capital.a. I and II onlyb. II and III onlyc. IIIand IV onlyd. I, II, and IV onlye. I, III, and IV onlyCAPITAL STRUCTUREe 27. The decision of which lender to use and which type of long-term loan is best for aproject is part of:a. working capital management.b. the net working capital decision.c. capital budgeting.d. a controller's duties.e. the capital structure decision.WORKING CAPITAL MANAGEMENTe 28. Working capital management includes decisions concerning which of the following?I. accounts payableII. long-term debtIII. accounts receivableIV. inventorya. I and II onlyb. I and III onlyc. II and IV onlyd. I, II, and III onlye. I, III, and IV onlyWORKING CAPITAL MANAGEMENTe 29. Working capital management:a. ensures that sufficient equipment is available to produce the amount of product desiredon a daily basis.b. ensures that long-term debt is acquired at the lowest possible cost.c. ensures that dividends are paid to all stockholders on an annual basis.d. balances the amount of company debt to the amount of available equity.e. is concerned with having sufficient funds to operate the business on a daily basis.SOLE PROPRIETORSHIPd 30. Which one of the following statements concerning a sole proprietorship is correct?a. A sole proprietorship is the least common form of business ownership.b. The profits of a sole proprietorship are taxed twice.c. The owners of a sole proprietorship share profits as established by the partnership agreement.d. The owner of a sole proprietorship may be forced to sell his/her personal assets to paycompany debts.e. A sole proprietorship is often structured as a limited liability company.SOLE PROPRIETORSHIPa 31. Which one of the following statements concerning a sole proprietorship is correct?a. The life of the firm is limited to the life span of the owner.b. The owner can generally raise large sums of capital quite easily.c. The ownership of the firm is easy to transfer to another individual.d. The company must pay separate taxes from those paid by the owner.e. The legal costs to form a sole proprietorship are quite substantial.PARTNERSHIPe 32. Which one of the following best describes the primary advantage of being a limitedpartner rather than a general partner?a. entitlement to a larger portion of the partnership's incomeb. ability to manage the day-to-day affairs of the businessc. no potential financial lossd. greater management responsibilitye. liability for firm debts limited to the capital investedPARTNERSHIPb 33. A general partner:a. has less legal liability than a limited partner.b. has more management responsibility than a limited partner.c. faces double taxation whereas a limited partner does not.d. cannot lose more than the amount of his/her equity investment.e. is the term applied only to corporations which invest in partnerships.PARTNERSHIPc 34. A partnership:a. is taxed the same as a corporation.b. agreement defines whether the business income will be taxed like a partnership ora corporation.c. terminates at the death of any general partner.d. has less of an ability to raise capital than a proprietorship.e. allows for easy transfer of interest from one general partner to another.PARTNERSHIPd 35. Which of the following are disadvantages of a partnership?I. limited life of the firmII. personal liability for firm debtIII. greater ability to raise capital than a sole proprietorshipIV. lack of ability to transfer partnership interesta. I and II onlyb. IIIand IV onlyc. II and III onlyd. I, II, and IV onlye. I, III, and IV onlyCORPORATIONe 36. Which of the following are advantages of the corporate form of business ownership?I. limited liability for firm debtII. double taxationIII. ability to raise capitalIV. unlimited firm lifea. I and II onlyb. IIIand IV onlyc. I, II, and III onlyd. II, III, and IV onlye. I, III, and IV onlyCORPORATIONa 37. Which one of the following statements is correct concerning corporations?a. The largest firms are usually corporations.b. The majority of firms are corporations.c. The stockholders are usually the managers of a corporation.d. The ability of a corporation to raise capital is quite limited.e. The income of a corporation is taxed as personal income of the stockholders.BUSINESS TYPESb 38. Which one of the following statements is correct?a. Both partnerships and corporations incur double taxation.b. Both sole proprietorships and partnerships are taxed in a similar fashion.c. Partnerships are the most complicated type of business to form.d. Both partnerships and corporations have bylaws.e. All types of business formations have limited lives.ARTICLES OF INCORPORATIONc 39. The articles of incorporation:a. can be used to remove company management.b. are amended annually by the company stockholders.c. set forth the number of shares of stock that can be issued.d. set forth the rules by which the corporation regulates its existence.e. can set forth the conditions under which the firm can avoid double taxation.BYLAWSd 40. The bylaws:a. establish the name of the corporation.b. are rules which apply only to limited liability companies.c. set forth the purpose of the firm.d. mandate the procedure for electing corporate directors.e. set forth the procedure by which the stockholders elect the senior managers of the firm.LIMITED LIABILITY COMPANYc 41. The owners of a limited liability company prefer:a. being taxed like a corporation.b. having liability exposure similar to that of a sole proprietor.c. being taxed personally on all business income.d. having liability exposure similar to that of a general partner.e. being taxed like a corporation with liability like a partnership.CORPORATIONc 42. Which one of the following business types is best suited to raising large amounts ofcapital?a. sole proprietorshipb. limited liability companyc. corporationd. general partnershipe. limited partnershipCORPORATIONd 43. Which type of business organization has all the respective rights and privileges of alegal person?a. sole proprietorshipb. general partnershipc. limited partnershipd. corporatione. limited liability companyGOAL OF FINANC IAL MANAGEMENTc 44. Financial managers should strive to maximize the current value per share of theexisting stock because:a. doing so guarantees the company will grow in size at the maximum possiblerate.b. doing so increases the salaries of all the employees.c. the current stockholders are the owners of the corporation.d. doing so means the firm is growing in size faster than its competitors.e. the managers often receive shares of stock as part of their compensation.GOAL OF FINANCIAL MANAGEMENTd 45. The decisions made by financial managers should all be ones which increase the:a. size of the firm.b. growth rate of the firm.c. marketability of the managers.d. market value of the existing owners' equity.e. financial distress of the firm.AGENCY PROBLEMc 46. Which one of the following actions by a financial manager creates an agency problem?a. refusing to borrow money when doing so will create losses for the firmb. refusing to lower selling prices if doing so will reduce the net profitsc. agreeing to expand the company at the expense of stockholders' valued. agreeing to pay bonuses based on the market value of the company stocke. increasing current costs in order to increase the market value of the stockholders'equityAGENCY PROBLEMe 47. Which of the following help convince managers to work in the best interest of thestockholders?I. compensation based on the value of the stockII. stock option plansIII. threat of a company takeoverIV. threat of a proxy fighta. I and II onlyb. IIIand IV onlyc. I, II, and III onlyd. I, III, and IV onlye. I, II, III, and IVAGENCY PROBLEMd 48. Which form of business structure faces the greatest agency problems?a. sole proprietorshipb. general partnershipc. limited partnershipd. corporatione. limited liability companyAGENCYCOSTc 49. Which of the following are agency costs?I. forgoing an investment opportunity which would add to the market value of theowner's equityII. paying a dividend to each of the existing shareholdersIII. purchasing new equipment which increases the value of each share of stock IV. hiring outside auditors to verify the accuracy of the company financial statementsa. II and III onlyb. I and III onlyc. I and IV onlyd. II and IV onlye. I, II, and IV onlySTAKEHOLDERSa 50. Which one of the following parties is considered a stakeholder of a firm?a. employeeb. short-term creditorc. long-term creditord. preferred stockholdere. common stockholderCASH FLOWSb 51. Which of the following represent cash outflows from a firm?I. issuance of securitiesII. payment of dividendsIII. new loan proceedsIV. payment of government taxesa. I and III onlyb. II and IV onlyc. I and IV onlyd. I, II, and IV onlye. II, III, and IV onlyPRIMARY MARKETb 52. Which one of the following is a primary market transaction?a. a dealer selling shares of stock to an individual investorb. a dealer buying newly issued shares of stock from a corporationc. an individual investor selling shares of stock to another individuald. a bank selling shares of a medical firm to an individuale. a sole proprietor buying shares of stock from an individual investorAUCTION MARKETb 53. Which of the following statements concerning auction markets is (are) correct?I. NASDAQ is an auction market.II. The NYSE is an auction market.III. All trades involve a dealer in an auction market.IV. An auction market is called an over-the-counter market.a. I onlyb. II onlyc. I and III onlyd. II and III onlye. II and IV onlySTOCK EXCHANGEd 54. Which one of the following statements concerning stock exchanges is correct?a. The NYSE has more listed stocks than NASDAQ.b. The NYSE is a dealer market.c. The exchange with the strictest listing requirements is NASDAQ.d. Some large companies are listed on NASDAQ.e.Most debt securities are traded on the NYSE.DEALER MARKETSc 55. Dealer markets:a. are reserved strictly for trading debt securities.b. only exist outside of the United States.c. are called over-the-counter markets.d. include the American Exchange and the Pacific Stock Exchange.e. list only the securities of the largest firms.NYSEa 56. Which one of the following statements is correct concerning the NYSE?a. A firm is expected to have a market value for its publicly held shares of at least $100 million to be listed on the NYSE.b. The NYSE is the largest dealer market for listed securities in the United States.c. The NYSE accounts for only 50 percent of the shares traded in the auction markets.d. Any corporation desiring to be listed on the NYSE can do so.e. The NYSE is an over-the-counter exchange functioning as both a primary and a secondary market.NASDAQd 57. Which of the following statements concerning NASDAQ are correct?I. Most smaller firms are listed on NASDAQ rather than on the NYSE.II. NASDAQ is an electronic market.III. NASDAQ is an auction market.IV. NASDAQ is an OTC market.a. I and II onlyb. I and III onlyc. II and IV onlyd. I, II, and IV onlye. I, II, III, and IV。
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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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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。
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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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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？
Professional English for Financial Management
——Introduction to Financial Management(1)
0611404115 马梓力
Contents 目录
Байду номын сангаас
Introduction
导言
文章梗概
The article translation
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
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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？
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
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。
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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。