financial
英语介绍金融学
ProfessionalprofileFinance is the circulation of value. Finance is the floorboard of monetary and credit activities and the associated economic activities, refers to all the broader financial and credit currency issue, storage, exchange, settlement, factoring the economic activities, including the sale of gold and silver, narrow financial refers to the currency of credit intermediationIs a kind of financial transactions, financial transactions itself does not create value, then why in the financial transaction is profitable? According to Mr Chen Zhiwu, the financial transaction is a kind of future revenue realization way, also is tomorrow's money today to spend. Simply say financial transactions often reflects a region, regional, and even national economic prosperity of the important indicators.ProfessionalintroductionCategory: economics school year: 4 years degree: Bachelor of economics opened number: 166Finance is a very popular subject, the finance professional study of modern financial institutions, financial markets and the motion law of financial and economic. The research contents include: Theory and practice of non bank financial institutions of banking and securities, insurance, theory and practice of monetary market, capital market and international financial market, the theory and practice about the financial macroeconomic regulation and control and the financial and economic and financial management, especially on the theory and practice of financial risk management. The main research direction of money and banking, financial and economic (including international finance, financial theory), investment, insurance, corporate finance (Finance). Finance to cancel the previous exam form. The university is the independent proposition, independent scoring way the organization of the examination. Training objectivesFinance professional training to master the basic knowledge of Marx's basic principles of economics and FinanceFinancial professionalsThe basic knowledge and theory, financial operation and financial market and basic skills; familiar with the operation mechanism of international financial regulation, convention and WTO; familiar with China's foreign financial management policies and regulations, understand the development of contemporary financial market; use modern means of science and technology, modern financial business operation and solid language ability application financial professionals.Training requirementsThe basic theory study, mainly study the monetary and banking students of this major international financial, securities, investment, insurance and basic knowledge, basic training by the relevant business, basic ability of practical working in the financial field.Employment directionLook from whole, finance in the past few years in enter oneself for an examination is hot, the occupation generally optimistic about the prospects, but according to the actual employment situation, more serious polarization, according to the observation statistics are education center of economics exam findings, master of finance of the well-known colleges and universities, if the teacher influence, during the period of school practice, and research knowledge more profound, just out of school to get more than 100000 annual salary, not in the minority.The editor of the employment situationIn recent years, China's financial market is moving towards internationalization, on a very strong professional talent demand urgently. Master of Finance employment demand mainly concentrated in the high-end market, such as analysis, research universities and large companies market fund manager, investment manager, securities companies, insurance companies, Trust Investment Company.The direction ofWhether graduate or graduate, employment direction, finance professional graduates on the whole economic analysis and forecasting, foreign trade, marketing, management, if we can get some qualifications, employment opportunities will be broader, more employment level, and better treatment, such as the Chartered Financial Analyst (CFA), chartered wealth manager (CWM), fund managers, actuaries, securities brokers, stock analysts, etc..1. The economy analysis and Management ConsultantsEconomic forecasting analysts industry distribution is very wide, but usually only in the various sectors of the Multi-National Corporation, economic decision making departments, large and medium-sized enterprises and government public research institutes will be set. Is mainly responsible for the collection and analysis of market data.The growing importance of the job. Management Consultants is mainly to some consulting company, such as IT advisory, strategic consulting, marketing consulting, auditing, listed counselling.2. The foreign trade personnelThe "world factory" products, sold to foreign customers; for domestic customers looking for foreign sources; organization of international trade of goods and logistics. A considerable part of foreign trade in the experience of mature workers, set up their own foreign trade company.3. Management positionGraduate and undergraduate students are not the same, most are involved in some social practice during my master's degree, with some work experience, formal entry into society, also make a number of management positions, such as production, management, administration, personnel management, financial management.4. The fund managerAmong them, with more funds and fund management companies, society will need many of the fund managers, fund manager is a line of high level talents, its functions can be divided into: responsible for raising a fund; responsible for the operation of the fund and management; responsible for the listing and fund after the listing. This person is very scarce, optimistic about the prospects of occupation. Fund industry occupation managers and fund managers demand maximum. To become a qualified fund manager is not easy, generally has a master's degree, a risk management professional background, but also has the ability to analyze and judge the multidisciplinary, strong industries, have a keen market sense of smell, rich experience is a must.5. The securities brokerSecurities brokers quality requirements mainly concentrated in two aspects: one is a solid knowledge of finance fund; two is the long after observation of the market based on the investment experience; because of the securities investment is high risk, high return investment, as securities broker must be based on the study of regime change in trend of market prices, to grasp the law analysis of the influence of various factors, the price of the securities and, gradually accumulated and considerable experience in investment and skilled operation have the ability.Chinese number of investors line up. Provides a huge market this huge investment groups has been the rise of the securities broker. Securities brokers in China Securities salesman, commission agent, broker, intermediary broker of exchange points.6. The stock analystsStock analysts mainly for stock investors stock market investment advisory services, and organize relevant seminars, report, analysis, part of the stock analysts analysts published articles in newspapers, as well as providing stock market through radio, television and other public media investment services. In the analysis of stock in China, must have a bachelor's degree orabove, more than two years experience in the securities business, needs assessment "securities investment theory", "securities investment analysis of" the two courses. Through the examination qualified personnel to the local securities regulatory authorities or directly apply to the China Securities Regulatory Commission, after approval, to obtain the qualification certificate. Qualified personnel to apply to the securities administration departments of the securities investment consulting agencies, to obtain the practice qualification, and finally by the Chinese Association of Securities Issuing the practicing certificate.FutureThe structural contradiction of China financial talent is outstanding, the following categories of people: one is the lack of senior management personnel is able to act as a leader; two is the compound talents proficient in a foreign language, law and computer; three is legal, consulting, intermediary and the accounting and other aspects of senior professionals, international financial management and the experience of the financial personnel and financial service talents.In addition, the financial industry for many intermediate business, also need to senior professionals to enter, such as personal financial product design, customer funds for investment income.Salary levelFinance research graduate students in the salary income gap is relatively large, with the reputation and influence of the school, teacher, and shape, its ability to experience closely related. Among them, financing and capital operation, consulting services, some of the broader development prospects, but also a lot of income. A monthly salary of at least 6000 yuan, 30000 yuan more than the.If can enter the transnational investment bank or Accenture, McKinsey and other transnational consulting company, salary is mostly about 200000, there are other benefits.。
金融机构(Financial
（九）统筹金融业综合统计，牵头制定统一的金融业综合统计基础标准和工作机制，建设国家金融基础数据库，履行金融统计调查相关工作职责。
（十）组织制定金融业信息化发展规划，负责金融标准化组织管理协调和金融科技相关工作，指导金融业网络安全和信息化工作。
（一）拟订金融业改革、开放和发展规划，承担综合研究并协调解决金融运行中的重大问题、促进金融业协调健康发展的责任。牵头国家金融安全工作协调机制，维护国家金融安全。
（二）牵头建立宏观审慎管理框架，拟订金融业重大法律法规和其他有关法律法规草案，制定审慎监管基本制度，建立健全金融消费者保护基本制度。
（三）制定和执行货币政策、信贷政策，完善货币政策调控体系，负责宏观审慎管理。
5、按照是否属于银行系统，可划分为银行金融机构和非银行金融机构；按照出资的国别属性，又可划分为内资金融机构、外资金融机构和合资金融机构；按照所属的国家，还可划分为本国金融机构、外国金融机构和国际金融机构。
中国分类
货币当局
1、中国人民银行；
2、国家外汇管理局。
监管当局
1、中国银行保险监督管理委员会；
2、中国证券监督管理委员会；
3、期货公司；
4、投资咨询公司。
保险业金融机构
1、财产保险公司；
2、人身保险公司；
3、再保险公司；
4、保险资产管理公司；
5、保险经纪公司；
6、保险代理公司；
7、保险公估公司；
8、企业年金。
交易及结算类金融机构
1、交易所；
2、登记结算类机构。
金融控股公司
1、中央金融控股公司；
2、其他金融控股公司。
最全金融行业术语英文翻译
最全金融行业术语英文翻译本文档旨在为您提供最全面的金融行业术语的英文翻译，帮助您更好地理解和使用这些术语。
以下是我们整理的金融行业术语及对应的英文翻译：1. 金融市场：Financial market2. 资金流动：Capital flow3. 股票：Stock4. 债券：Bond5. 期权：Option6. 期货：Futures7. 衍生品：Derivative8. 投资组合：Portfolio9. 风险管理：Risk management10. 资产负债表：Balance sheet12. 现金流量表：Cash flow statement13. 财务分析：Financial analysis14. 贷款：Loan15. 存款：Deposit16. 利率：Interest rate17. 汇率：Exchange rate18. 银行业务：Banking business19. 保险业务：Insurance business20. 财富管理：Wealth management21. 资产管理：Asset management22. 投资银行：Investment banking23. 证券交易所：Stock exchange24. 资本市场：Capital market26. 风险投资：Venture capital27. 股票交易：Stock trading28. 期货交易：Futures trading29. 存款利率：Deposit rate30. 贷款利率：Loan rate这仅仅是金融行业术语的一小部分，更多术语可以根据实际需要进行进一步查询和研究。
希望本文档对您有所帮助。
(推荐)FinancialEnglish(金融市场)1
Short-term business loan market
T-bills market
RPs market
Overview of C.M.
S.4.Capital market
Types of C.M.
Market for Long and
Business loans
Mortgages
medium-t erm bank loans Consumer loans
7
S.2.Functions of Financial Markets
Direct finance: It refers to the way in which fund suppliers supply funds to fund demanders by directly purchasing certificates of credit or equity from fund demanders with financial institutions providing services smoothing flow of funds. It’s called market-oriented finance.
Securities Funds
Surplus units:
1,Households
Deficit units:
1,Businesses
2,Businesses 3,Governments
Funds
Funds Financial markets
2,Governments 3,Households
4,Foreign entities Securities
Credit finance
金融五篇大文章 英文
金融五篇大文章英文The world of finance is a vast and complex landscape, with a myriad of topics and issues that shape the global economy. In this essay, we will explore five major financial articles that delve into the intricacies of this dynamic field. From the impact of monetary policies to the rise of fintech, these articles offer a comprehensive understanding of the financial landscape and its far-reaching implications.The first article, "The Ripple Effect: How Monetary Policy Decisions Influence Global Markets," examines the intricate relationship between central bank policies and their impact on financial markets worldwide. It delves into the mechanisms by which interest rate adjustments, quantitative easing, and other monetary tools can reverberate through international trade, investment flows, and currency exchange rates. The article highlights the challenges faced by policymakers in striking a balance between stimulating economic growth and maintaining financial stability in an increasingly interconnected global economy.The second article, "Fintech Revolution: Transforming the FinancialLandscape," explores the rapid advancements in financial technology and its disruptive impact on traditional banking and financial services. It examines the rise of digital platforms, mobile payment systems, blockchain technology, and the emergence of innovative financial products and services. The article discusses the potential benefits of fintech in terms of increased accessibility, efficiency, and financial inclusion, as well as the regulatory and security challenges that accompany these technological developments.The third article, "The Debt Dilemma: Navigating the Complexities of Sovereign Debt," delves into the intricate web of sovereign debt and its implications for national economies and global financial stability. It analyzes the factors that contribute to the accumulation of public debt, including fiscal policies, economic growth, and geopolitical tensions. The article also explores the strategies employed by governments and international institutions in managing and restructuring sovereign debt, as well as the potential consequences of debt crises on individual nations and the global financial system.The fourth article, "Sustainable Finance: Investing in a Greener Future," investigates the growing importance of environmental, social, and governance (ESG) considerations in the financial sector. It examines the shift towards sustainable investing, where investors increasingly prioritize the long-term sustainability and social impact of their investments. The article delves into the various financialinstruments and strategies, such as green bonds, impact investing, and socially responsible funds, that are driving the transition towards a more environmentally conscious and socially responsible financial system.The final article, "The Rise of Emerging Markets: Opportunities and Challenges," explores the dynamic landscape of emerging economies and their increasing influence on the global financial landscape. It analyzes the factors that have contributed to the rapid growth and development of these markets, including demographic shifts, technological advancements, and policy reforms. The article also examines the unique challenges faced by emerging markets, such as volatility, regulatory uncertainties, and the need for infrastructure development, and how these economies are navigating the path towards greater integration and economic prosperity.These five major financial articles offer a comprehensive and insightful exploration of the key trends, issues, and developments shaping the world of finance. By delving into the complexities of monetary policies, fintech innovations, sovereign debt management, sustainable investing, and the rise of emerging markets, these articles provide a valuable resource for policymakers, financial professionals, and individuals seeking a deeper understanding of the global financial landscape.。
cfa 实践技能模块 financial modeling-概述说明以及解释
cfa 实践技能模块financial modeling-概述说明以及解释1.引言1.1 概述概述部分的内容：金融建模是金融领域中一个重要的实践技能模块，它涉及对金融数据的建模和分析，以及使用模型预测和评估金融风险和机会。
在金融行业，金融建模是一项关键的技能，对投资银行家、财务分析师、风险经理和投资专业人士等职业的发展至关重要。
金融建模通过对历史和当前金融数据进行分析和解释，帮助从业人员预测未来的趋势和变化。
这些模型可以用于评估投资组合的风险和回报、估值公司、预测金融市场的行为，以及进行风险管理和决策支持。
因此，金融建模被广泛应用于投资决策、财务规划、企业估值和风险管理等领域。
金融建模涉及使用数学、统计学、计量经济学和计算机科学等知识和技巧，结合金融理论和实践，以及市场数据和公司财务数据来构建模型。
这些模型可以是定量模型，如回归模型、时间序列模型和蒙特卡罗模拟等，也可以是定性模型，如决策树和风险评估模型等。
对于金融从业人员来说，掌握金融建模技能是至关重要的。
它不仅可以提高工作效率和准确性，还可以帮助从业人员更好地理解金融市场和公司的运作，以及预测金融趋势和风险。
此外，金融建模还能够提供有关投资决策和风险管理的量化参考，帮助从业人员做出更明智的金融决策。
本文主要围绕CFA实践技能模块中的金融建模展开探讨。
我们将深入研究金融建模的基本概念、方法和应用，并探讨金融建模在投资决策、风险管理和企业估值等方面的重要性。
通过对金融建模的全面理解和应用，我们将帮助读者更好地掌握这个核心技能，并在金融领域取得更好的业绩和发展。
1.2 文章结构文章结构决定了文章的整体框架和组织方式。
本文按照如下结构展开：第一部分是引言部分，包括概述、文章结构和目的。
引言部分通过概述来引导读者对实践技能模块financial modeling的重要性有基本的认识。
接着，文章介绍了本文的结构，即接下来会分为正文和结论两个部分，旨在全面、系统地探讨该主题。
金融专业英语词汇大全
金融专业英语词汇大全一、基本金融术语1. 金融（Finance）：指货币的筹集、分配和管理活动。
2. 银行（Bank）：提供存款、贷款、支付结算等金融服务的机构。
3. 证券（Securities）：代表财产所有权或债权的凭证，如股票、债券等。
4. 投资（Investment）：将资金投入到某个项目或资产，以获取收益的行为。
5. 债务（Debt）：借款人向债权人承诺在一定期限内偿还本息的义务。
6. 股票（Stock）：股份有限公司发行的，代表股东对公司所有权和收益分配权的凭证。
7. 债券（Bond）：债务人向债权人发行的，承诺按一定利率支付利息并在到期日偿还本金的债务凭证。
8. 利率（Interest Rate）：资金的价格，反映资金借贷的成本。
9. 汇率（Exchange Rate）：一种货币兑换另一种货币的比率。
10. 通货膨胀（Inflation）：货币购买力下降，物价普遍持续上涨的现象。
二、金融衍生品词汇1. 金融衍生品（Financial Derivatives）：基于现货金融工具派生出来的新型金融工具。
2. 期货（Futures）：双方约定在未来某一时间、按约定的价格买卖某种标的物的合约。
3. 期权（Options）：买卖双方在未来一定期限内，按约定价格买入或卖出某种标的物的权利。
4. 掉期（Swap）：双方约定在未来某一时间，相互交换一系列现金流的合约。
5. 远期合约（Forward Contract）：双方约定在未来某一时间、按约定的价格买卖某种标的物的合约。
三、金融机构及监管部门词汇1. 中央银行（Central Bank）：国家金融政策制定和执行的机构，如中国人民银行。
2. 商业银行（Commercial Bank）：以盈利为目的，提供存款、贷款、支付结算等金融服务的银行。
3. 证券公司（Securities Company）：从事证券经纪、投资咨询、资产管理等业务的金融机构。
Finance（国际金融）关键术语名词解释
Finance（国际金融）关键术语名词解释Chapter 1《American EconomicReview》《美国经济评论》《Journal of Finance》《金融学报》《The Wealth of Nations》《国富论》acquisition 收购adjust risk 调整风险aggressive target 激进（性）的目标asset 资产asset allocation 资产配置bidder 出价者，竞标者Black-Scholes optionspricing formulaB-S期权定价公式business finance 企业财务（金融）capital budgeting 资本预算capital expenditure 资本支出capital structure 资本结构cash flow 现金流chief executive officer（CEO）首席执行官chief financial officer（CFO）首席财务官（财务总监）claims 权益（证）、索取权利classical economics 古典经济学common stock 普通股competitive stock market 竞争性的股票市场conflict of interest 利益冲突consumption and savingdecisions消费和储蓄决策consumption preference 消费偏好controller 审计员convertible securities 可转换证券corporation （有限责任）公司corporation finance 公司财务（金融）debt outstanding 未清偿贷款（债务）derivative securities 衍生证券diversify risk 分散风险dividend and financialpolicies红利（股利）和财务政策economic value 经济价值entertainment industry 娱乐行业（产业）entity 实体equity权益（与Liability（负债对应）evaluation of cost 成本估算（评价）exclusive goal 唯一目标executive compensationprogram管理者补偿（薪酬）计划extended family 大家庭finance 金融, 财政, 金融学finance system 金融系统financial advisory firm 金融咨询公司financial capital 金融资本financial contracting 订立金融合约（合同）Financial Executive Institute 财务执行官组织financing 筹措资金（融资）financing decision 融资决策general partner 一般合伙人going concern 关注效应infrastructure 基础设施、架构initial outlay 初始投入integrated financial program 完整的财务计划investment decision 投资决策ITT corporation 国际电报电话公司learning curve 学习曲线liability 负债、债务、责任limited liability 有限责任limited partner 有限责任合伙人long-lived asset 长期资产long-range incentivesystem长期激励系统market discipline 市场规则market interest rate 市场利率market risk premium 市场风险价格market value of shares 股票市场价值（简称市值）marketing 营销maximize the wealth （使）财富最大化merger 兼并，合并mortgage loan 抵押贷款multinational conglomerate 跨国企业集团mutual fund 共同基金net worth 净资产operating margin 营业利润option 期权original core business 原始的核心业务partnership 合伙企业pension liabilities 养老金负债personal investing 个人投资physical capital 实物资本pool联营；集中使用的（资金，物）portfolio 投资组合portfolio of asset 资产组合preferred stock 优先股president 总裁primary commitment 首要（基本）任务private corporation 私人（非公众）公司professional managers 职业经理人profit 利润profit-maximizationcriterion利润最大化标准proposition 命题public corporation 公众公司quantitative model 定量模型regulatory body 监管机构resource allocationdecision资源配置决策retail outlet 零售摊点return 回报，收益risk-averse 风险厌恶（规避）security price 证券价格share price appreciation 股价上涨（增值）shareholder-wealth-maximization股东财富最大化sole proprietorship 个体（业主制）企业spin-off 配股spread out over time 跨时间分布stake 资助，资金stock option 股票期权strategic planning 战略规划supplier 供货商takeover 接管the exchange of assetsand risks资产和风险的交换the set of markets andother institutions市场及其它机构的集合trade off 权衡uncertain benefit 不确定性收益unlimited （limited）liability无（有）限责任vice-president forfinancial财务副总裁voting right （股东）投票权welfare 福利well-functioning capitalmarket高效的资本市场working capitalmanagement营运资本管理Chapter 2accounting procedure 会计程序adverse selection 逆向选择American Express 美国运通信用卡arithmetic mean 算术平均数asymmetry 不对称average risk premium 平均风险升水（溢价）Bank for InternationalSettlement（BIS）国际清算银行banking panic 银行危机bartern. 易货贸易；v. 讨价还价board of directors 董事会by-product 副产品call option 买入期权（看涨期权）capital gain（loss）资本收益（损失）Capital market资本市场（即长期资金市场）cash dividend 现金股利（红利）central bank 中央银行charge price 要价clearing and settlingpayment清算和结算支付closed-end 封闭式的collateral 担保品collateralization 以…担保commercial loan 商业贷款commercial loan rate 商业贷款利率credit card 信用卡default 违约、托债、弃权default risk 违约风险deficit unit 赤字部门defined-benefit pensionplan规定收益型养恤金制defined-contributionpension plan规定缴费型养恤金制depository savingsinstitution存款储蓄机构（系统）derivative 衍生（证券）Deutsche Bank 德意志银行dissemination 推广、传播dividend reinvestment 红利（股利）再投资dollar-denominated asset 以美元计价的资产double-entry-bookkeeping 复式记账法equity 权益equity-kickers 权益条件expected rates of return 期望（预期）收益率Federal Reserve System 联邦储备系统Finance AccountingStandardsBoard财务会计标准委员会financial instrument 金融工具financial intermediary 金融中介financial market parameters 金融市场参数financial variable 金融（财务）变量fixed-income-instruments 固定收益证券flow of fund 资金流flow of fund 资金流foreign exchange 外汇formation extraction 信息提取forward contract 远期合约functional perspective （从）功能（的角度或观点）future 期货German marks 德国马克go public 上市incentive problem 激励问题index fund 指数（化）基金index-linked bonds（与物价）指数联系的债券information service 信息咨讯（服务）insurance company 保险公司interest rate 利息率（简称利率）interest rate arbitrage 利率套利interest rate equalization 利率平价intermediary 中介International BankforReconstruction andDevelopment国际复兴开发银行International Monetary Fund（IMF）国际货币基金组织International Swap DealersAssociation国际掉期交易商协会intertemporal 跨期的（多阶段的）IOUI owe you的简称，喻指“借条”issuing stock 发行股票Japanese yen 日元life annuity 人寿年金limited liability 有限责任liquidity 流动性maturity （票据）到期日；期限money market货币市场（即短期资金市场）moral-hazard 道德风险mortgage 抵押mortgage rate 抵押利率mutual fund 共同基金New York Stock Exchange 纽约股票交易所nominal interest rate 名义利率offset 弥补、抵消open-end 开放式的option 期权Osaka Options and FuturesExchange大阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场parties to contract 合约的参与者pool or aggregate 联营；集中使用的（资金或物品）；premium 升水、溢价price appreciation 增值principal-agent problem 委托－代理问题pro rata 按比例的put option 卖出期权（看跌期权）qusai- 准、半rate of exchange 汇率rates of return 收益（回报）率rating agency 评级机构real interest rate 实际利率real rate of return 实际收益率redeem 赎回、偿还residual claim 剩余索取（求偿）权risk aversion 风险厌恶（规避）risk premium 风险升水（溢价）security dealer 证券交易商shed specific risk 规避（分散）特定（或私有）风险standard deviation 标准差standardized option contract （经）标准化的期权合约surplus unit 盈余部门trade-off 权衡trust company 信托公司U.S Treasury Bills 美国国库券underwrite 认购、包销unit of account 计值单位universal bank全能银行（指兼做中央银行和商业银行业务的银行）volatility 波动性well-information 信息充分的yen rate of return（以）日元（记值）的收益率yield curve 收益（率）曲线yield spread 收益价差Chapter 3accounting earnings 会计收入accounting rule 会计规则accrual 应计的accrual accounting 应计制（权责发生制）accumulated depreciation 累计折旧amortize 摊销、分期偿还apocryphal 伪经的、假冒的asset turnover（ATO）资产周转率（销售收入/总资产）audit 查账、审计balance sheet 资产负债表benchmark （比较）基准bond-rating 债券评级book value 账面价值capital structure 资本结构capital-incentive utility 资本密集型的公用事业（公司）cash and equivalents 现金及其等价物cash budget 现金预算cash cycle time 现金循环周期cash inflow 现金流入cash outflow 现金流出common stock outstanding 流通在外的普通股contingent liability 或有负债（如：可能发生的诉讼赔偿等）current asset 流动资产current liability 流动负债current ratio 流动比率depreciation 折旧、贬值disclose 披露dividend payout rate 股利支付率earnings before interest and tax （EBIT）息税前利润（=毛利- GS&A）earnings per share 每股盈余（收益）earnings retention rate （收益）留存比率expiration date 到期日external financing 外部融资（比如，发行股票和债券）financial distress 财务危机（困境）financial leverage 财务杠杆（率）financial ratio 财务比率financial statement 财务报表general, selling, andadministrative expenses（GS&A）管理及销售费用goodwill 商誉gross margin 毛利（润）（=销售收入-产品销售成本）income statement 损益表income tax 所得税intangible asset 无形资产inventory 库存、存货inventory turnover 存货周转率liquidity 流动性long-term debt 长期负债market to book 市值价值/账面价值marking to market 盯住市场net income（or net profit）净利润（即税后利润=EBIT-利息-所得税）net working capital 净营运资本（=流动资产-流动负债）net worth 净资产（即权益，=资产-负债）off-balance-sheet 表外项目operation income 营运收益（营业利润）opportunity cost 机会成本owner’s equity所有者权益paid-in capital 实收资本payable 应付账款percent-of-sales method 销售（收入）百分比法planning horizon 计划（时间）跨度price to earnings 市盈率（价格/盈余）profitability 盈利能力、盈利性property 土地、地产、所有权quick ratio 速动比率receivable 应收账款receivables turnover 应收账款周转率retained earnings 留存收益ROA（return on asset）资产收益率（EBIT/资产）ROE（return on equity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（return on sales）销售利润率（EBIT/销售收入）short-term debt 短期负债specify performance target 设定业绩目标statements of cash flow 现金流量表sustainable growth rate 持续增长率taxable income 应税收益（即税前利润=EBIT-利息）times interest earned 利息保障倍数Tobin’s Q托宾Q值（=资产市值/重置成本）total shareholder returns 总的股东收益（率）Chapter 4after-tax interest rate 税后利率amortization 分期偿还、摊销annual percentage rate（APR）年度百分比（利率）annuity 年金before-tax interest rate 税前利率compound interest 复利compounding 复和（与discounting 相反的概念）discount rate 折现率、贴现率discounted cash flow（DCF）折现现金流discounting 折现、折扣effective annual rate（EFF）有效年利率exchange rate 汇率future value 终值future value factor 终值系数（即由现值计算终值的换算因子）growth annuity 增长年金immediate annuity 即付年金implied interest rate 隐含利率installment 分期付款internal rate of return（IRR）内部报酬率market capitalizationrate市场资本化利率（简称市场利率）net present value净现值opportunity cost ofcapital资本的机会成本ordinary annuity 普通年金（即后付年金）original principal （初始）本金outstanding balance 未平头寸payback period 回收期perpetual annuity（orperpetuity）永续年金present value 现值present value factor （终值）现值系数（终值系数的倒数）reinvest 再投资simple interest 单利tax-exempt 免税的time value of money （TVM）货币（或资金）的时间价值yield to maturity 到期收益率Chapter 5bequest 遗赠、遗赠物break-even 得失相当的，盈亏平衡的deductible 可扣除（或抵扣）的explicit cost 显性成本feasible plan 可行（的）计划human capital 人力资本implicit cost 隐性成本incremental 增量的、增值的intertemporal budget跨期预算约束optimization model 优化模型permanent income 永久性收入provision 条文、条款tax deferred 税收（可）延缓的tax exempt 免税的trial-and-error 试错Chapter 6after-tax cash flow 税后现金流all-equity-financed firm 全权益融资公司annualized capital cost 年金化资本成本appropriation 拨款、占用break-even point 盈亏平衡点capital budgeting 资本预算cost of capital 资本成本coupon bond 息票债券cumulative present value 累计现值full-fledged 完备的、正式的horizontal axis 横轴（或横坐标）labor-intensive 劳动密集型的liquidate 清算、清偿market-related risk 市场相关（或者承认予以补偿）的风险，即系统风险（systematic risk）prototype 模型、原型residual value 残值risk premium 风险溢价risk-adjusted discountrate（经）风险调整的折现率sensitivity analysis 敏感性分析vertical axis 纵轴（或纵坐标）zero-inflation 零通涨（率）Chapter 7Arbitrage 套利arbitrageurs 套利（交易）者beverage 饮料bona fide 真正的bond 债券default risk 违约风险default-free 无违约（风险）的earnings per share 每股盈余efficient marketshypothesis（EMH）有效市场假说fetch 售得…fixed-income securities 固定收益证券foreign exchangemarket外汇市场fundamental value 基础价值information set 信息集interest-rate arbitrage 利率套利intrinsic value 内在价值laundry 洗衣店Law of One Price 一价定律price/earnings multiple 市盈率（倍数）real estate 房地产、不动产sibling 兄弟、同胞、氏族成员tautologically 同意反复地transaction costs 交易成本triangular arbitrage 三角套利vending 售货well-informed 信息充分的Chapter 8abscissa 横坐标ask price 卖价、要价（报价）bid price 买价、出价（询价）callable bond 可赎回债券convertible bond 可转换债券coupon bond 带息债券、息票债券current yield 即期收益（率）discount bond 折价债券face value/ par value 面值maturity 到期日ordinate 纵坐标par bond 平价债券premium bond 溢价债券pure discount bond 纯折现债券quote 牌价redeem 赎回、偿还risk-free interest rate 无风险利率yield curve 收益（率）曲线yield to maturity 到期收益（率）zero-coupon bond 零息（票）债券Chapter 9New York StockExchange纽约股票交易所cash dividend 现金股利（或红利、分红）closing price 收盘价Constant-Growth-RateDDM不变增长率股利折现模型current/existingstockholders现有股东、老股东discounted-dividendmodel（DDM）股利折现模型dividend policy 股利政策dividend yield 分利收益率ex-dividend price 除息（即股息）价格expected rate of return 期望收益率（或报酬率）infinite 无穷（或无限）的internal equity financing 内部权益融资Investment opportunity 投资机会market capitalization rate 市场资本化利率odd lots 零星（交易量）per se 亲自、亲身perpetual 永久的price/earnings ratio 市盈率Reinvested earnings 再投资收益required rate of return 必要报酬率（或收益率）risk-adjusted discountrate（经）风险调整折现率round lots 整批（交易量）share repurchase 股票回购skeptical 怀疑的stock dividend 股票股利stock splits 股票分割Chapter 10actuary 精算师caterer 酒席承办人colossal 巨大的、异常的confidence intervals 置信区间consortium 社团、合伙continuous probability distribution 连续概率分布diversification 分散化（投资）diversifying 分散化、多样化dunce 笨蛋、书呆子ex ante 事先的ex post 事后的expected rate of return 期望收益率（报酬率）flexibility 灵活性、柔性forward contract 远期合约hedger （套期）保值者、对冲者hedging 保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring 投保、给…保险jurisdiction 司法、权力、权限layoff 解雇、失业materialize 实现mean 均值normal distribution 正态分布overview 概述perverse 故意作对的、任性的portfolio 投资组合precautionary saving 预防性储蓄probability distribution 概率分布quadruple adj. 四倍的；v. 使…（增加）四倍recrimination 反责refund 退还risk assessment 风险评估risk aversion 风险规避risk avoidance 风险避免risk exposure 风险暴露risk identification 风险识别risk management 风险管理risk retention 风险保留risk transfer 风险转移sinful 有罪的、过错的、不道德的speculator 投机者square root 平方根stakeholder 利益相关者standard deviation 标准差swap 互换volatility 波动率Chapter 11American-type option 美式期权call option 买入期权（简称“买权”）cap （利率）上限condominium 公寓私有的共有方式co-payment 共同支付counterparty 交易对手credit guarantee 信用担保credit risk 信用风险deductible/deduction 免赔额delivery 交割delivery date 交割日derivative 衍生工具diversifiable risk 可分散的风险diversification principle 分散化（或多元化）原则European-type option 欧式期权exclusion 除外责任expiration date 到期日expire 到期face value 面值fictitious 虚构的firm-specific risk （公司）私有（或特有）风险forward contract 远期合约forward price 远期价格future contract 期货合约guarantee 保证、保证人、担保、担保品loan guarantee 债务保单long position 多头market risk 市场风险non-diversifiable risk 不可分散的风险premium 保险费、附加费、溢价proceed n. 盈利put option 卖出期权（简称“卖权”）rolling over 滚动（式）的short position 空头shortfall 不足之数、赤字spot price 即期价格standardized （经）标准化的strike price/ exerciseprice执行价格、行权价swap contract 互换合约、调期合约Chapter 12decision horizon 决策（修正）期限efficient portfolio 有效组合efficient portfolio frontier 有效组合前沿expected return 期望收益率mean-variance model 均值－方差模型minimum-varianceportfolio最小方差组合mutual fund 共同基金optimal combination ofrisky assets风险资产最优组合planning horizon 计划期、规划期point of tangency 切点portfolio selection （投资）组合选择risk premium 风险溢价risk tolerance 风险容忍（度）riskless asset 无风险资产risky-asset portfolio 风险资产组合set of……的集合tangency portfolio 切线组合target expected return 目标期望收益率trade-off 权衡、平衡trading horizon 交易（间隔）期限Chapter 13active investmentstrategies积极投资策略active portfolio selectionstrategy积极的组合选择策略Arbitrage Pricing Theory （APT）套利（定价）理论beat the market 打败市场benchmark 基准benchmark portfolio 基准组合Capital Asset PricingModel（CAPM）资本资产定价模型capital market line（CML）资本市场线consensus 一致、一致同意cost of capital 资本成本covariance 协方差equilibrium asset price 均衡（的）资产价格equilibrium expectedreturn均衡（的）期望收益率equilibrium price 均衡价格equilibrium risk premium 均衡风险溢价indexing 指数化irreducible 不能减少的、难复位的marginal contribution 边际贡献market portfolio 市场组合market-related risk 市场相关的（或承认的）风险multifactor IntertemporalCapital Asset PricingModel（ICAPM）多因子、跨期资本资产定价模型mutual fund 共同基金non-market risk 非市场风险passive investing 消极投资passive portfolio selectionstrategy消极的组合选择策略pension fund 养老基金regression coefficient 回归系数reward-to-risk ratio 风险补偿比率security market line（SML）证券市场线short-sale 卖空systematic risk 系统风险unsystematic risk 非系统风险Chapter 14arbitrageur 套利者bountiful 慷慨的、充足的casino 卡西诺赌场、小别墅closing out（one’s/a）position平仓continuouscompounding连续复利cost of carry 持有成本daily marking to market 逐日盯市（即每日无负债清算制度）delivery 交割delivery date 交割日delivery price 交割价格expectationshypothesis期望假说financial future 金融期货（即标的物为金融产品的期货合约）foreign-exchangeparity relation汇率平价关系forward contract 远期合约forward price 远期价格forward-spotprice-parity relation 远期-即期价格间的平价关系future contract 期货合约future price 期货价格future spot price 将来的现货价格hedger 套期保值者intrinsic value 内在价值margin 保证金open interest 未平仓合约数、头寸开放权益数position 头寸posting of margin （对）保证金（进行）过帐quasi-arbitrage 准套利（机会）replicate 复制speculator 投机者spoilage 损坏spot price 即期价格、现货价格spread 价差、差额the wall street journal 《华尔街日报》Chapter 15American-typeoption美式期权arrear 应付欠款、储备物at the money option 两平期权Black-Scholes model 布莱克-斯科尔斯期权定价模型boom 繁荣的bullish 乐观的call （option）买入期权（简称买权）、看涨期权capital-gain 资本（性）收益cash settlement 现金结算Chicago BoardOptions Exchange（CBOE）芝加哥期权交易所commission 佣金Contingent Claims 或有权益（简称或有权、或然权）credit guarantee 信用保证（或承诺）de facto 实际的、实际上decision tree 决策树delinquency 失职、违法行为dividend yield 股利收益率dividend-adjusted option formula 股利调整期权（定价）公式embedded option 嵌入式期权European put option 欧式卖权European-type欧式期权evasion 逃避、躲避Exchange-traded option 场内（即在交易所交易的）期权exercise price/strikeprice执行价格/敲定价格expirationdate/maturity date到期日explicit 外生的flexibility 灵活性、柔性FutureOptions/Option onFutures期货期权growth option 增长期权guarantor 保证人hedge ratio 对冲比率、套期比率implicit 内生的implied volatility 隐含波动率in the money option 虚值期权incremental 增量的、增加的index option 指数期权intrinsicvalue/tangible value内在价值、执行价值junk bond 垃圾债券litigation 诉讼、争论mainline 主流的、传统的natural logarithm 自然对数normal distribution 正态分布Option 期权out of the moneyoptionOver-the-counteroption场外（交易的）期权payoff diagrams 支付图plaintiff 起诉人provision 条文、条款put （option）卖出期权（简称卖权）、看跌期权put-call parityrelation买（权）与卖（权）间的平价关系real option 实物期权recession 衰退self-financinginvestment strategy自融资投资策略sequel 续篇、后果shortfall 不足之数、赤字stochastic 随机的 swap 互换 time value 时间价值 truncate截断two-state （binomial ）option pricing model 两状态（二项式）期权定价模型 underlying asset 标的资产、基础资产Chapter 16account payable 应付账款accrued wage应计工资adjusted present value （APV ）（经）调整的现值 after-tax incremental cash flow 税后增量现金流agency cost 代理成本allegiance 忠诚、忠贞all-equtiy financing 全权益融资 bankruptcy cost破产成本bankruptcy proceeding 破产程序、破产诉讼 Capital Structure 资本结构capital structure irrelevance proposition 资本结构无关性定理circumvent 绕过、智胜collateral 担保品common stock 普通股corporate income tax公司所得税cost of financial distress 财务危机（危难）成本 debt financing 债务融资 entity实体、本质、存在equity financing 权益融资external financing外部融资（筹资） fiduciary受信托的 financial distress财务危机（危难） financing instrument 金融工具 franchise 特许权 free cash flow自由现金流 frictionless 无摩擦的gourmet供美食家的享用的、美食家imminent 临近的、迫在眉睫的 interest tax shield （债务）利息税盾 internal financing 内部融资（筹资） issuing new stock 发行新股leveraged investment 杠杆投资（即投资额中有部分债务融资）long-term lease 长期租赁M & M proposition MM 定理market debt-to-equity ratio（用）市场（价值表示的）债务-权益比率market-value/economic balance sheet （用）市场价值（表示的）资产负债表 Modigliani & Miller （M 莫迪里阿尼和米勒& M ）optimal capital structure 最优资本结构 pension liability 养老金（形式的）债务 perk额外补贴 personal income tax 个人所得税 preferred stock优先股学习必备欢迎下载prestige 威信、声望pro rata 按比例的realized capital gains 已实现资本收益redeploy 重新部署（布置、调派）repurchase stock 回购股票residual claim 剩余索取权（求偿权）retained earning 留存收益scrutiny 细致检查secured debt 安全债务stock option 股票期权subsidy 津贴、财政援助、特别津贴voting right 投票权warrant 认股权证、认股权weighted average costof capital（WACC）加权资本成本Chapter 17acquisition 收购bargain v. 讲价、讨价还价；n. 便宜货、交易、协定breakup 分散、中止、崩溃consolidation 合并、联合、巩固consummate 完成、使…完美contest 竞争、争夺corroborate 加强证实、巩固、支持discretion 决定权、谨慎、判断力divest 使…脱去information set 信息集loss carry-forward 亏损递延malevolence 恶意、坏影响merger 兼并opaqueness 不透明real option 实物期权spin-off 派生出、让产易股、抽资脱离synergy 协同增效takeover 接管。
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Learning Objectives
3. DESCRIBE THE TYPICAL ORGANIZATION OF THE FINANCIAL FUNCTION IN A LARGE CORPORATION. 4. EXPLAIN WHY MAXIMIZING THE CURRENT VALUE OF THE FIRM’S STOCK IS THE APPROPRIATE GOAL FOR MANAGEMENT. 5. DISCUSS HOW AGENCY CONFLICTS AFFECT THE GOAL OF MAXIMIZING SHAREHOLDER VALUE.
Organization of the Financial Function
Learning Objectives
6. EXPLAIN WHY ETHICS IS AN APPROPRIATE TOPIC IN THE STUDY OF CORPORATE FINANCE.
The Role of the Financial Manager
o THREE KEY FINANCIAL DECISIONS
Learning Objectives
1. IDENTIFY THE KEY FINANCIAL DECISIONS FACING THE FINANCIAL MANAGER OF ANY BUSINESS FIRM. 2. IDENTIFY THE BASIC FORMS OF BUSINESS ORGANIZATION IN THE UNITED STATES AND THEIR RESPECTIVE STRENGTHS AND WEAKNESSES.
Basic Forms of Business Organization
o PARTNERSHIP
• A business owned by more than one person; one or more of them financially responsible for the actions and obligations of the business
quality of the financial reports received by the CEO
Organization of the Financial Function
o KEY FINANCIAL REPORTS
• The Treasurer manages and reports on the collection and disbursement of cash • The Risk Manager manages and reports on activities to limit the firm’s risks in financial and commodity markets
Basic Forms of Business Organization
o PARTNERSHIP
• Disadvantages vs. proprietorship
shared control shared profit harder to dissolve
Basic Forms of Business Organization
Cash Flows Between the Firm and Its Stakeholders and Owners
How the Financial Manager’s Decisions Affect the Balance Sheet
The Role of the Financial Manager
Basic Forms of Business Organization
o HYBRID FORMS OF BUSINESS ORGANIZATION
• Limited Liability Partnerships (LLPs) • Limited Liability Companies (LLCs) • Professional Companies (PCs)
Fundamentals of Corporate Finance, 2/e
ROBERT PARRINO, PH.D. DAVID S. KIDWELL, PH.D. THOMAS W. BATES, PH.D.
Chapter 1: The Financial Manager and the Firm
The Role of the Financial Manager
o THREE KEY FINANCIAL DECISIONS
• Working Capital Management
Adjust current assets and current liabilities as needed to promote growth in cash flow.
• Chief manager in the firm • Ultimate power to make decisions and ultimate responsibility for decisions • Reports directly to the board-of-directors who protect shareholder’s interests
o BUSINESS STRUCTURE
• Sole Proprietorship • Partnership • Corporation
Basic Forms of Business Organization
o SOLE PROPRIETORSHIP
• Owned by a single person who is for the actions and obligations of the business
Basic Forms of Business Organization
o CORPORATION
• Disadvantages
most difficult and expensive to establish dilutes individual control over the firm overall higher taxes on income for shareholders
All have the limited liability of a corporation and tax advantage of a partnership.
Organization of the Financial Function
o CHIEF EXECUTIVE OFFICER (CEO)
Basic Forms of Business Organization
o SOLE PROPRIETORSHIP
• Advantages
easiest to create easiest to control easiest to dissolve right to all profit
Basic Forms of Business Organization
The Role of the Financial Manager
o THREE KEY FINANCIAL DECISIONS
• Financing
Finance assets with the optimal combination of shortterm debt, long-term debt, and equity.
o CORPORATION
• A business owned by more than one person; none of them financially responsible for the actions and obligations of the business. The corporation is responsible for its obligations and actions.
Basic Forms of Business Organization
o PARTNERSHIP
• Advantages vs. sole proprietorship
limited protection of owners’ personal assets owners’ limited liability for firm obligations more sources of equity more sources of expertise
o THREE KEY FINANCIAL DECISIONS
• Poor decisions about capital budgeting, financing, or working capital may lead to bankruptcy or business failure
Basic Forms of Business Organization
The Role of the Financial Manager
o THREE KEY FINANCIAL DECISIONS
• Capital Budgeting
Choose the long-term assets that will yield the greatest net benefits for the firm.
Basic Forms of Business Organization
o CORPORATION
• Advantages
protects personal assets no shareholder liability for business easiest to change ownership greatest access to sources of funds