财务管理英文版
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CashManagement(国际财务管理,英文版)
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10
$20 $25
$25
$10
$10
$10
18-17
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
18-8
$30 $40
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10 $35
$10
$40 $10
$25 $60
$20 $30
18-9
18-6
Multilateral Netting
Consider a U.S. MNC with three subsidiaries and the following foreign exchange transactions:
$10 $
$20 $30
$40 $10
$25 $60
$20 $30
$30 $40
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10 $35
$10
$40 $10
$25 $60
财务管理(英文第十三版)ch 3_sheena
◦ PV0 = FVn (PV= $30,000 * 0.823
= $246,900
Your firm has been told that it needs $74,300 today to fund a $120,000 expense 6 years from now. What rate of interest was used in the computation?
FVn=PV0 (FVIFi,n) (FVIFi,8) = FV8/PV0
= 3,000/1,000
=3
i= 14.68%
How long would it take for an investment of $1,000 to grow to $1,900 if we invested it at a compound annual interest rate of 10 percent?
SI = P0(i)(n)
SI: Simple Interest P0: Deposit today (t=0) i: Interest Rate per Period n:Number of Time Periods
Assume that you deposit $1,000 in an account earning 7% simple interest for 2 years. What is the accumulated interest at the end of the 2nd year?
What is the Present Value (PV) of the previous problem?
The Present Value is simply the $1,000 you originally deposited. That is the value today!
= $246,900
Your firm has been told that it needs $74,300 today to fund a $120,000 expense 6 years from now. What rate of interest was used in the computation?
FVn=PV0 (FVIFi,n) (FVIFi,8) = FV8/PV0
= 3,000/1,000
=3
i= 14.68%
How long would it take for an investment of $1,000 to grow to $1,900 if we invested it at a compound annual interest rate of 10 percent?
SI = P0(i)(n)
SI: Simple Interest P0: Deposit today (t=0) i: Interest Rate per Period n:Number of Time Periods
Assume that you deposit $1,000 in an account earning 7% simple interest for 2 years. What is the accumulated interest at the end of the 2nd year?
What is the Present Value (PV) of the previous problem?
The Present Value is simply the $1,000 you originally deposited. That is the value today!
企业财务管理基础知识英文版
The income statement includes items such as operating income, operating costs, taxes and surcharges, period expenses, operating profit, and total profit. Through these data, the profitability and operating efficiency of the enterprise can be understood.
Fundamentals of Enterprise Financial Management
CATALOGUE
目录
Overview of Enterprise Financial ManagementFinancial statements and analysisCapital budgeting and investment decision makingFundraising and Capital Structure ManagementWorking capital management
Financial ratio analysis: By calculating various financial ratios, such as current ratio, quick ratio, inventory turnover ratio, accounts receivable turnover ratio, etc., evaluate a company's debt paying ability, operating ability, and profitability.
E机械课件1财务管理(英文版)Financial Managementfmch19[1]
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Cash Management
Managing Cash Inflow
• Preauthorized Checks (PACs)
Arrangement that allows firms to create checks to collect payments directly from customer accounts.
Ch. 19: Cash and Marketable Securities Management
2002, Prentice Hall, Inc.
Liquid Asset Management
CASH- motives for holding cash: • Transactions: to meet cash needs that arise from doing business. • Precautionary: having cash on hand for unexpected needs. • Speculative: to take advantage of potential profit-making situations.
Cash Management
Managing Cash Inflow
• Reducing Float can speed up cash receipts. • Transit float: time required for a check to clear through the banking system and become usable funds. • Disbursing float: occurs because funds are available in a firm’s bank account until its payment check has cleared through the banking system.
财务管理(英文第十三版)Ch 4_sheena
Cash Flow: only the face value received
at maturity.
Fundamentals of Financial
22
Management /12th Edition
Zero-Coupon Bond
and face value at maturity
V=
I
(1 + kd)1
I
I + MV
+ (1 + kd)2 + ... + (1 + kd)n
nI
=S t=1
(1 + kd)t
+
MV
(1 + kd)n
V = I (PVIFA kd, n) + MV (PVIF kd, n)
Fundamentals of Financial
Types of Bonds
A non-zero coupon-paying bond is a bond has a finite maturity and the bondholder receive interest payment and face value at maturity
Cash Flow: not only the fixed annual interest payment, but also the face value at maturity.
V = $120 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $120 (9.427) + $1,000 (.057)
[Table IV]
[Table II]
= $1131.24 + $57
英文财务管理(1)
For students intending to do further work in Finance, this course will lay the basic foundation of concepts used in advanced courses.
英文财务管理(1)
Course content
The final section of book consist of five chapters that deal with financial forecasting, derivatives and risk management, multinational financial management, hybrid financing vehicles, and mergers(财务预测， 衍生工具和风险管理，跨国财务管理，混合融资 工具以及合并)。
企业、公司:（firm business enterprise company corporation venture）
英文财务管理(1)
Organization of the Financial Management Function: Figure 1-1
Board of Directors
President(CEO)
英文财务管理(1)
Chapter 1 Goals and Governance of the Firm Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance
英文财务管理(1)
Course content
The final section of book consist of five chapters that deal with financial forecasting, derivatives and risk management, multinational financial management, hybrid financing vehicles, and mergers(财务预测， 衍生工具和风险管理，跨国财务管理，混合融资 工具以及合并)。
企业、公司:（firm business enterprise company corporation venture）
英文财务管理(1)
Organization of the Financial Management Function: Figure 1-1
Board of Directors
President(CEO)
英文财务管理(1)
Chapter 1 Goals and Governance of the Firm Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance
财务管理分析英文版1
一、判断题(10*2’)( T )1、A company’s return on equity will always equal or exceed its return on assets.一个公司的权益收益率总是大于或等于其资产收益率。
( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.一个公司的资产权益比总是等于1加负债权益比。
( F )3、A company’s collection period should always be less than its payables period.一个公司的应收账款回收期总是小于其应付账款付款期。
( T )4、A company’s current radio must always be larger than its acid-test-radio.一个公司的流动比率一定大于速动比率。
( F )5、Economic earnings are more volatile than accounting earnings.经济利润比会计利润更加变动不定。
( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings.若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。
( F)7、A company’s sustainable growth rate is the hi ghest growth rate in sales it can attain without issuing new stock.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。
CH10TheCostofCapital(财务管理,英文版)
10 - 22
What’s a reasonable final estimate of ks?
Method CAPM DCF kd + RP
Average
Estimate 14.2% 13.8% 14.0% 14.0%
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Example:
10 - 12
kp = 9% kd = 10% T = 40%
kp, AT = kp – kp (1 – 0.7)(T) = 9% – 9%(0.3)(0.4) =
7.92%.
What’s the expected future g?
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Retention growth rate:
10 - 19
g = (1 – Payout)(ROE) = 0.35(15%) = 5.25%.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
10 - 3
Should we focus on before-tax or after-tax capital costs?
Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i.e., use A-T costs in WACC. Only kd needs adjustment.
Copyright © 2001 by Harcourt, Inc.
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Less: Acc. Depr. g
(329) to cash within 1 year.
Net Fix. Assets $ 701 f. Original amount paid.
Investment, LT Other Assets, LT 223 Total Assets b
50 g. Acc. deductions for $2,169 wear and tear.
c. Sales comm., adv., officers’ salaries, etc.
d. Operating income. e. Cost of borrowed funds. f. Taxable income. g. Amount earned for
shareholders.
Ⅱ.Framework for Financial Analysis
财务管理英文版
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
402
EBITd
$ 210
Interest Expensee
59
EBT f
$ 151
Income Taxes
60
EATg
$ 91
Cash Dividends
38
Increase in RE
$ 53
a. Measures profitability over a time period.
b. Received, or receivable, from customers.
A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period.
Basket Wonders’ Balance Sheet (Asset Side)
Basket Wonders Balance Sheet (thousands) Dec. 31, 2007a
Cash and C.E.
$
a. How the firm stands on
90 Acct. Rec.c
a specific date.
394 Inventories
b. What BW owned.
Control -- Focus on return on investment for various assets and asset efficiency.
Understand -- Focus on understanding how suppliers of funds analyze the firm.
1. Analysis of the funds needs of the firm.
2. Analysis of the financial condition and profitability of the firm.
3. Analysis of the business risk of the firm.
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
210
Total Equity $1,139
Total Liab/Equitya,b $2,169
a. Note, Assets = Liabilities + Equity.
b. Whaion.
c. Owed to suppliers for goods and services.
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
16
Other Accrued Liab. d 100
Current Liab. e $ 500
Long-Term Debt f
530
Shareholders’ Equity
Com. Stock ($1 par) g
200
Add Pd in Capital g
729
Retained Earnings h
696 Prepaid Exp c. Amounts owed by
d
5 Accum Tax customers.
Prepay
10
d. Future expense items
Current Assetse $1,195 already paid.
Fixed Assets (@Cost)f 1030 e. Cash/likely convertible
Basket Wonders Statement of Earnings (in thousands) for Year Ending December 31, 2007a
Net Sales
$ 2,211
Cost of Goods Sold b 1,599
Gross Profit $ 612
SG&A Expenses c
Basket Wonders’ Balance Sheet (Liability Side)
Basket Wonders Balance Sheet (thousands) Dec. 31, 2007
Notes Payable
$ 290
Acct. Payablec
94
Accrued Taxes d