财务管理专业英语小结

A accounting rate of return会计收益率asy mmetric information信息不对称accounts receivable应收账款accounts payable应付账款After-tax operating zhoome税后净经营收益after-tax cost of debt 税后债务成本

B benefit/cost ratio收益比率business risk经营风险bird-in-the-hand theory一鸟在手理论balance sheets资产负债表base case基本情况cost of preferred stock 优先股成本best-case scenario最好情形

C cost of fixed assets固定资本成本changes in net operating working净经营性营运资本的变化capital budgetment资本预算current assets 流动资产cash flow statement 现金流量表coefficient of variation变异系数certainty equivalent约定当量法current ratio流动比率crossover rate 交叉率cannibalization内耗clientele effect客户效应

D discounted cash flow technique折现现金流量法div idend policy（irrelev ance theory）股利政策(股利无关论) depreciation折旧discounted payback period折线投资回收期debt/assets D/A (资产负债率) debt/equity

D/E（产权比率）declation date宣告日

E economic v alue added（EV A）经济增加值earnings before interest and taxes（EBIT）息税前利润executive committee执行委员会employee stock ownership plan（员工持股计划）earning per share Eps （每股收益）externalities外部性ex dividend date除息日

F financial risk财务风险financial leverage 财务杠杆free cash flow自由现金流financial statement财务报表financial report财务报告fixed-assets 固定资产production and distribution生产与分销 fiscal year财政年度 flotation cost发行成本

G

H hurdle rate门槛利率holder of record date股利登记日

I IRRinternal rate of return(内含报酬率) investment policy投资政策inventor存货incremental cash flow增量现金流intangible assets 无形资产independent project独立项目income statement利润表information sy mmetry信息对称

L long-term capital长期投资lbo leverage buyout杠杆收购

M modified internal rate of return修正后的内含报酬率market value added（MV A）市场增加值mandatory investment强制性投资mutually exclusive project互斥项目

N net present value现金净流量noncash charges 非现金（付现）费用new expansion project新扩张项目nonrevenue-producing project无盈利项目net operating working capital净经营性营运资本

O opportunity cost机会成本operating leverage经营杠杆optimal dividend policy最优股利政策

P profitability index获利指数profit/cost ratio收益成本率payback period投资回收期pos-audit事后审计payment date 支付日Q quick ratio速动比率

R revestment rate assumption再投资收益率假设relev ant cash flow相关现金流量risk-adjusted discounted rate风险调整折现率residual dividend model剩余股利模型replacement project更新项目return on invested capital ROIC（投资资本收益率）return on equity

Roe（权益报酬率）repurchasing common stock普通股回购reserve borrowing capacity保留借款能力

S sunk cost沉没成本sensitiv ity analy sis敏感性分析signal信号safety margin安全边际strategic business plan经营战略计划sale representative销售代理stock option期权salvage value 残值scenarios analy sis场景分析standard deviation标准差signaling theory信号理论sy mmetric information信息对称Surplus dividend model剩余股利模型stock split（dividend）（repurchase）股票分割（股利）（回购

T target capital structure目标资本结构terminal cash flow终结现金流times-interest-earned ratio已获利息倍数target payout ratio目标支付率

U unlevered beta bu无杠杆B值

W working capital营运资产worst-case scenario最坏情形weighted average cost of capital加权平均成本

Y yields to maturity到期收益率1、factors that affect the composite cost of capital:(1)factors that the firm cannot control:1、the level of interest rates. If interest rates in the economy rise,the cost of debt increase because firms will have to pay bondholders more to obtain debt capital.2、tax rate Lowering the capital gain tax rate relative to the rate on ordinary income makes stocks move attractive,and that reduces the cost of equity.(2)factors that the firm can control:1、capital structure policy A firm can change its capital structure and such a change can affect its cost of capital.2、dividend policy Firm issue new common stock only after they have invested all of their retained earning .The dividend police can affect the cost of capital because it affects the level of retained earnings.3、investment policy When we estimate the cost of capital,we use as the starting point the required rates of return on the firms outstanding stock and bonds.Those cost rates reflect the riskiness of the firms existing assets.

2、The different between the cash flow and accounting net income:(1)cost of fixed assets The acquisition of assets results in a cash flow out ,accountants do not show the purchase of fixed assets as a deduction from accounting income,instead ,they deduct a depreciation expense each year throughout the life of the assets.(2)noncash charges Depreciation must be added to net income when estimating a project's cash flow.(3)changes in net operating working capital(4)interest expenses are not included in project cash flows.

3、Factors that affect the firm's business risk:(1)demand variability:The more stable the demand for a firm's products,the lower its business risk.(2)sales price variability:Firms whose products are sold in highly volatile markets are exposed to more business risk.(3)input cost variability:Firms whose input costs are highly uncertain are exposed to a high degree of business risk.(4)ability to adjust output prices for changes in input costs:The greater ability the lower risk.(5)ability to develop new products in a timely,cost-effective manner:The faster ability,the greater risk.(6)foreign risk exposure:If a firm operates in a politically unstable area,it may be subject to political risks.(7)operating leverage:If a high percentage of costs are fixed,the firm is exposed to a relatively high degree of business risk.

4、Payment procedures:(1)declaration date:The date on which a firm's directors issue a statement declaring a dividend.(2)holder-of-record date:If the company lists the stockholders as an owner on this date,then the stockholder receive the dividend.(3)ex-dividend date:The date on which the right to the current dividend no longer accompanies a stock.(4)pay ment date:The date on which a firm actually mail dividend checks.

1.税后债务成本=kd(1-T) 优先股成本Kp=Dp / Pp 普通股成本Ks=D1 / P0(1-F)+g

WACC=Wd*Kd(1-T)+WpKp+WcKs P0终值F发行费用率Kd（before-tax cost of debt）Kp(cost of preferred stock) Ks(cost of common equity)

2.存货周转率=收入 / 存货收入sales 存货inventeny 权益收益率（ROE）=net income / equity 即净收益 / 所有者权益

翻译。M&A并购P/E ratio市盈率Du Point 杜邦