|
第一章 财务管理总论
Overview of Financial Management 一、主要专业术语或概念中英文对照
财务管理 financial management
财务管理的目标 the goal of financial management
关于企业财务目标的三种综合表述：
利润最大化 profit maximization (maximize profit)
每股盈余最大化 earnings per share maximization
股东财富最大化 stockholder (shareholder) wealth maximization
利益相关者 stakeholder
股东 stockholder/shareholder
债权人 creditor/bondholder
顾客 customer
职工 employee
政府 government
股东价值的影响因素 the factors that affect the stockholder value （2008注会财管教材P4图1-1）
经营现金流量 operating cash flows
资本成本 cost of capital
销售及其增长/成本费用 revenues and its growth/cost and expense
资本投资/营运资本 capital investment/working capital
资本结构/破产风险/税率/股利政策 capital structure/bankruptcy risk/tax rate/dividend policy
经营活动 operating activity
投资活动 investing activity
筹资活动 financing activity
股东、经营者和债权人利益的冲突与协调
Conflicts of interest between shareholders， managers and creditors and their reconciliation
An agency relationship(代理关系) exists whenever a principal (委托人) hires an agent（代理人）to act on their behalf。
Within a corporation，agency relationships exist between：
Shareholders and managers
Managers and creditors
道德风险 moral risk
逆向选择 adverse selection
企业社会责任 corporate social responsibility
金融市场 financial markets
金融资产 financial asset
金融市场的分类
1．短期资金市场和长期资金市场 money markets/capital markets
2．现货市场和期货市场 spot markets/future markets
3．发行市场和流通市场 primary markets（一级市场）/secondary markets（二级市场）primary markets（一级市场）按照对象不同，分为：public offer markets （向公众发行的市场，首次公开发行市场：initial public offer 即IPO）和 private placement markets（私募市场）。
4．同业拆借市场 inter-bank loan market
国债市场 treasury bill/note/bond market
企业债券市场 corporate bond market
股票市场 stock market
金融期货市场 financial future market
利率=纯粹利率+通货膨胀附加率+风险附加率
Interest rate=real risk-free rate +inflation premium +risk premium (default risk premium违约风险附加率， liquidity risk premium流动性风险附加率，maturity risk premium到期风险附加率) 二、练习题
1. What’s the primary goal of the corporation?
Answer：Stockholder (shareholder) wealth maximization
2. Do firms have any responsibilities to society at large?
Answer：Firms should assume a social responsibilities。
3. Should firms behave ethically?
4. What mechanisms exist to influence managers to act in shareholders’best interests?
Answer：Supervision and motivation
5. What factors affect shareholder value?
Answer：Expect future cash flows and the risks 第二章 财务报表分析
Analysis of Financial Statements 一、主要专业术语或概念中英文对照
财务比率分析 financial ratio analysis
四类财务比率 four major categories of financial ratios
短期偿债能力比率 liquidity ratios
长期偿债能力比率 long-term liquidity ratios
资产管理比率 asset management ratios
盈利能力比率 profitability ratios
短期偿债能力比率
营运资本 working capital
流动比率 current ratio
速动比率 quick ratio
现金流量比率 cash flow ratio
长期偿债能力比率
资产负债率 debt ratio
产权比率和权益乘数 debt-to-equity ratio/equity multiplier
长期资本负债率 debt-to-long capital ratio
利息保障倍数 time of interest earned based on earnings (TIE)
Earnings-based interest coverage ratio
现金流量利息保障倍数 time of interest earned based on cash flows
Cash flow-based interest coverage ratio
现金流量债务比 debt-to-cash flow ratio
资产管理比率
应收账款周转率/应收账款周转天数
accounts receivable turnover/days sales outstanding (DSO)
存货周转率 inventory turnover
流动资产周转率 current assets turnover
非流动资产周转率 non-current assets turnover/fixed assets turnover（固定资产周转率）
总资产周转率 total assets turnover
盈利能力比率
销售毛利率 gross profit margin
销售利润率 net profit margin
资产利润率 return on assets (ROA)
权益净利率 return on equity (ROE)
杜邦财务分析体系 Du Pont system
改进的财务分析体系 improved financial analysis system
净经营资产 net operating assets
净金融负债 net financial liabilities
税后经营利润 after-tax operating profit
税后利息费用 after-tax interest expense
净财务杠杆 net financial leverage 二、练习题
1.
  
(1) Calculate the four major financial ratios;
(2) Use Du Pont system to provide a summary and overview of the company’s financial condition. What are the company’s major strengths and weaknesses?
2. What are some potential problems and limitations of financial ratio analysis?
财务比率分析可能存在的局限性和潜在的问题有哪些。
Comparison with industry averages is difficult if the firm operates many different divisions;（如果企业是多样化经营，则用行业平均值比较就存在一些困难）
Different operating and accounting practices distort comparisons;
不同的经营政策以及会计政策的选用的不同也会扭曲这种比较。
Sometimes hard to tell if a ratio is “good” or ”bad”;
有的时候很难判断一个财务比率是好还是坏。
Difficult to tell whether company is，on balance，in a strong or weak position;
很难判断企业是处于一个什么样的状况中。
“Average” performance is not necessarily good.
平均值并不一定是最好的标准。
Seasonal factors can distort ratios;
季节性因素也会扭曲财务比率。
“Window dressing” techniques can make statements and ratios look better.
采用一些技术上的手段可能会粉饰财务报表和财务比率，使其看起来很漂亮。
3. What are some qualitative factors analysts should consider when evaluating a company’s likely future financial performance?
财务分析师在评价一个企业未来的财务状况的时候，还需要考虑哪些定性方面的因素？
Are the company’s revenues tied to one key customer?
企业的收入是否依赖于某一个主要的客户？
To what extent are the company’s revenues tied to one key product?
企业的收入在多大程度上依赖于某一种主要产品？
To what extent does the company rely on a single supplier?
企业对某一供应商的依赖到了什么程度？
What percentage of the company’s business is generated overseas?
海外业务在企业中的比重是多少？
Competition;竞争因素
Future prospects;未来的前景
Legal and regulatory environment.法律环境和规则 第三章 财务预测与计划
Financial Forecasting and Planning 一、主要专业术语或概念中英文对照
销售预测 sales forecast
销售百分比法 the percentage of sales method
外部融资额 external financing requirement(EFR)
外部融资需求的敏感分析 sensitivity analysis of EFR
内含增长率 internal growth rate
可持续增长率 sustainable growth rate
实际增长率 effective growth rate
全面预算 overall budget (general budget)
销售预算 sales budget
生产预算 production budget
直接材料预算 direct material budget
直接人工预算 direct labor budget
制造费用预算 overhead budget
产品成本预算 product cost budget
销售费用、管理费用预算 sales expense and administrative，general expense budget
现金预算 cash budget
资本支出预算 capital expenditure budget
利润表预算 income statement budget
资产负债表预算 balance sheet bu ...
|
