ACCA--财务管理英语
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 4 Working Capital
Cash operating cycle= stock holding period + debtors’ collections period – creditors’ payment period.
Capital assets
Long-term debt and equity
11
1.1 Working capital characteristic of different business
Holding inventory Taking time to pay suppliers and other account payable Allowing customers time to pay
> current liabilities
Current liabilities
Capital assets
Long-term debt and equity
9
NWC: An operational focus
Current assets = current liabilities
Current assets
15
3 Role of working capital management
Fast forward
A business needs to have clear policies for management of each component of working capital.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 6 Working Capital Finance
Cash budgeting
Short-Term financing strategies for cash shortages
Marketable security investment strategies for cash surpluses
8
Flow of funds
Creditors Shareholders Governments
Cash receipts Cash disbursements Net cash flow Cash shortfalls and surpluses
Beginning cash balance + Net cash flow =Ending cash balance
Minimum cash balance
13
2.1 The usefulness of cash flow forecasts
One of the most important planning tools Giving management an indication of potential problems that could arise and allows them the opportunity to take action to avoid such problems.
long term Make long term investment; expand; diversify; surplus Update/replace non-current assets
Long term Raising long term finance deficit Consider shutdown/disinvestment opportunities
ACCA 财务管理 (40)
3 The capital asset pricing model (CAPM)•P295•The capital asset pricing model can be used to calculatea cost of equity and incorporates risk.•The CAPM is based on a comparison of the systematic risk of individual investments with the risk of all shares in the market.3.1 Portfolio theory P295•Portfolio theory •diversifies•P295•(1)The risk involved in holding securities (shares) divides into risk specific to the company (unsystematic) and risk due to variations in market activity(systematic).•(2)Unsystematic or business risk can be diversified away, while systematic or market risk cannot. Investors may mix a diversified market portfolio with risk-free assets to achieve a preferred mix of risk and return.•(3)Market or systematic risk is risk that cannot be diversified away. Non-systematic or unsystematic risk applies to single investment or class of investments, and can be reduced or eliminated by diversification.•(4) In return for accepting systematic risk, a risk-averse investor will expect to earn a return which is higher than the return on a risk-free investment. (P295)Common errors on this topic in exams include:•Assuming risk-averse investors wish to eliminate risk. Risk-averse investors are prepared to accept risk, in exchange for higher returns.•Failing to link the risks of an investment with its returns.•Mixing up systematic and unsystematic risk.3.3 Systematic risk and unsystematic risk: implications for investments(P296)•(a) to avoid risk altogether, invest entirely in risk-free securities•(b) holds shares in just a few companies, someunsystematic risk•(c) balanced portfolio•(d) shares in individual companies will have different systematic risk characteristics3.4 Systematic risk and the CAPM(1)P298•(1)The beta factor measures a share’s volatility in terms of market risk•(2)Systematic risk is measured using beta factors.•(3)Beta factor is the measure of the systematic risk of asecurity relative to the market portfolio.•If a share price were to rise or fall at double the market rate, it would have a beta factor of 2.0.•Conversely, if the share price moved at half the marketrate, the beta factor would be 0.5.(4) CAPM theory includes the following propositions.•(a) a return in excess of the risk-free rate•(b) not require a premium for unsystematic risk •(c) a higher return(5) The same propositions can be applied to capital investments by companies.•(a) Companies will want a return on a project to exceed the risk-free rate•(b) unsystematic risk can be diversified away •(c) a bigger return on projects where systematic risk is greater3.5 Market risk and returns P297•Market risk (systematic risk) is the average risk of the market as a whole.3.6 Risk and returns from an individual security•P297•A major assumption in CAPM is that there is a linearrelationship between the return obtained from an individual security and the average return from all securities in themarket.3.7 Example: CAPM(1)•P298•This analysis would show three things.•(a) the return from the security and the return from the market as a whole will tend to rise or falltogether•(b) the return from the security may be higher orlower than the market return•(c) not give a good line of best fit•predictable3.8 The market risk premium (P298)•(1)Market risk premium is the difference between theexpected rate of return on a market portfolio and the risk-free rate of return over the same period.•(2) Returns on shares in the market•(3) Excess return•(4) the excess return for the market as a whole multiplied by the security’s beta factor3.9 The CAPM formula()(())i f i m f E r R E r R β=+-•P299•E(r i ) is the cost of equity capital•R f is the risk-free rate of return•E(r m ) is the return from the market as a whole•Βi is the beta factor of the individual security•P299•P299•Question (P299)3.12 Problems with applying the CAPM in practice (P300)•(1) Problems of CAPM include unrealistic assumptionsand the required estimates being difficult to make.•(a) The need to determine the excess return•(b) The need to determine the risk-free rate•(c) Errors in the statistical analysis used. Beta may alsochange over time.•(d) The CAPM is unable to forecast accurately returnsfor companies with low price/earnings rationsQuestion (P300)•(a) beta measure the systematic risk of a risky investment such as a share in a company.•(b) the beta of a company will be the weighted average of the beta of its shares and the beta of its debt.•(i) Sensitivity of the company’s cash flows•(ii) the company’s operating gearing•(iii) the company’s financial gearing3.13 Dividend growth model and CAPM(P301)•The two models will not necessarily give the same cost of equity and you may have to calculate the cost ofequity using either, or both, models.3.13.1 Example: Dividend growth model and CAPM •P301。
最新ACCA财务词汇汇总
A C C A财务词汇direct hours yield 直接工时产出率direct labor cost-standard 标准直接人工成本direct labor efficiency-variance 直接人工效率差异direct labor rate—variance 直接人工费率差异direct labor total-variance 直接人工总差异direct material mix-variance 直接材料结构差异direct price-variance 直接材料价格差异direct material total-variance 直接材料总差异direct materials usage-variance 直接材料用量差异direct materials yield-variance 直接材料产出率差异irect cost 直接成本direct debit 直接借项direct hoursyield 直接小时产出率direct labor cost percentage rate 直接人工成本百分比direct laborhour rate 直接人工小时率directs on indirect work 间接工作事项上的工时discount rate 贴现率discounted cash flow 现金流量贴现discretionary cost 酌量成本diversions 移用diverted hours 移用小时diverted hour’s ratio 移用工时比率dividend 股利dividend cover 股利产出率dividend per share 每股股利dog 疲软产品double entry accounting 复式会计double-entry book-keeping 复式薄记doubtful debts 可疑债务down time 停工时间dynamic programming 动态规划earning per share 每股盈利earning ratio 市盈率economic order quantity(EOQ) 经济订购批量efficient market hypothesis 有效市场假设efficiency ration 效率性比率element of cost 成本要素entity 经济个体environmental audit 环境审计environmental impact assessment 环境影响评价EOQ 经济订购批量equity 权益equity method of accounting权益法会计计算equity share capital权益股本equivalent units当量event事项exceptional items例外事项expected value期望值expenditure支出expenses费用external audit外部审计external failure cost外部损失成本extraordinary items非常事项factory good让售商品factoring应收帐款让售fail value公允价值feedback反馈FIFO先近先出法final accounts年终报表finance lease融资租赁financial accounting财务会计financial accounts calendar adjustment财务报表的日历时间调整financial management财务管理financial planning财务计划financial statement财务报表finished goods完成品fixed asset固定资产fixed overhead固定制造费用fixed asset turnover固定资产周转率fixed assets register固定资产登记薄fixed cost固定成本flexed budget变动限额预算flexible budget弹性预算float time浮动时间floating charge流动抵押flow of funds statement资金流量表forecasting预测founder’s shares发起人股份full capacity 满负荷生产能力function costing 职能成本计算goodwill 商誉gross dividend yield 总股息产出率gross margin 总边际gross profit 毛利润gross profit percentage 毛利润百分比group 企业集团group accounts 集团报表high-geared 高结合杠杆(比例)hire purchase 租购historical cost 历史成本historical cost accounting 历史成本会计hours 小时hurdle rate 最低可接受的报酬率ideal standard 理想标准idle capacity ration 闲置生产能力比率idle time 闲置时间impersonal accounts 非记名帐户imprest system 定额备用制度income and expenditure account 收益和支出报表incomplete records 不完善记录incremental cost 增量成本incremental yield 增量产出率indirect cost 间接成本indirect hours 间接小时insolvency 无力偿付intangible asset 无形资产integrated accounts 综合报表interdependency concept 关联性概念interest cover 利息保障倍数interlocking accounts 连锁报表internal audit 内部审计internal check 内部牵制internal control system 内部控制体系internal failure cost 内部损失成本internal rate of return(IRR) 内含报酬率inventory 存货investment 投资investment center 投资中心invoice register 发票登记薄issued share capital 已发行股本job 定单job card 工作卡job costing 工作成本计算job sheet 工作单joint cost 联合成本joint products 联产品joint stock company 股份公司joint venture 合资经营journal 日记帐just-in-time(JIT) 适时制度jusy-in-time production 适时生产just-in-time purchasing 适时购买key factor 关键因素labour 人工labour transfer note 人工转移单leaning curve 学习曲线ledger 分类帐户length of order book 定单平均周期letter of credit 信用证leverage 举债经营比率liabilities 负债life cycle costing 寿命周期成本计算LIFO 后近先出法limited liability company 有限责任公司limiting factor 限制因素line-item budget 明细支出预算liner programming 线性规划liquid assets 变现资产liquidation 清算liquidity ratios 易变现比率loan 贷款loan capital 借入资本long range palnning 长期计划lost time record 虚耗时间记录low geared 低结合杠杆(比例)lower of cost or net realizablevalue concept 成本或可变净价孰低概念machine hour rate 机器小时率machine time record 机器时间记录managed cost 管理成本management accounting 管理会计management accounting concept 管理会计概念management accounting guides 管理会计指导方针management audit 管理审计management buy-out 管理性购买产权management by exception 例外管理原则margin 边际margin of safety ration 安全边际比率margin cost 边际成本margin costing 边际成本计算mark-down 降低标价mark-up 提高标价market risk premium 市场分险补偿market share 市场份额marketing cost 营销成本matching concept 配比概念materiality concept 重要性概念materials requisition 领料单materials returned note 退料单materials transfer note 材料转移单memorandum of association 公司设立细则merger 兼并merger accounting 兼并会计minority interest 少数股权mixed cost 混合成本Nnet assets 净资产net book value 净帐面价值net liquid funds 净可变现资金net margin 净边际net present value(NPV) 净现值net profit 净利润net worth 资产净值network analysis 网络分析noise 干捞nominal account 名义帐户nominal share capital 名义股本nominal holding 代理持有股份non-adjusting events 非调整事项non-financial performance measurement 非财务业绩计量non-intergrated accounts 非综合报表non-liner programming 非线性规划non-voting shares 无表决权的股份notional cost 名义成本number of days stock 存货周转天数number of weeks stock 存货周转周数objective classification 客体分类obsolescence 陈旧off balance sheet finance 资产负债表外筹资offer for sale 标价出售operating budget 经营预算operating lease 经营租赁operating statement 营业报表operation time 操作时间operational control 经营控制operational gearing 经营杠杆operating plans 经营计划opportunity cost 机会成本order 定单ordinary shares 普通股out-of-date cheque 过期支票over capitalization 过分资本化overhead 制造费用overhead absorption rate 制造费用分配率overhead cost 制造费用overtrading 超过营业资金的经营paid cheque 已付支票paid-up share capital 认定股本parent company 母公司pareto distribution 帕累托分布participating preference shares 参与优先股partnership 合伙payable ledger 应付款项帐户payback 回收期payments and receipts account 收入和支出报表payments withheld 保留款额payroll 工资单payroll analysis 工资分析percentage profit on turnover 利润对营业额比率period cost 期间成本perpetual inventory 永续盘存personal account 记名帐户PEPT 项目评审法petty cash account 备用金帐户petty cash voucher 备用金凭证physical inventory 实地盘存planning 计划planning horizon 计划时限planning period 计划期间policy cost 政策成本position audit 状况审计post balance sheet events 资产负债表编后事项practical capacity 实际生产能力pre-acquisition losses 购置前损失pre-acquisition profits 购置前利润preference shares 优先股preference creditors 优先债权人preferred creditors 优先债权人prepayments 预付款项present value 现值prevention cost 预防成本price ratio 市盈率。
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 12 Source of finance
Exam guide
Source of finance are a major topic You may be asked to describe appropriate sources of finance for a particular company and discuss in general terms when different sources of finance should be utilized and when they are likely to be available.
Should not exceed limit, usually based on known income
Interest charged at base rate plus margin on daily amount overdrawn and charged quarterly. Fee may be charged for large facility Generally to cover short term deficits
9
1.2 Short term loans
The customer knows he will be expected to pay back at regular intervals and the bank can also predict its future income with more certainty. Once the loan is agreed, the term of the loan must be adhered to, provided that the customer does not fall behind with his repayments,. It is not repayable on demand by bank. Because the bank will be committing its funds to a customer for a number of years, it may wish to insist on building certain written safeguards into the loan agreement, to prevent the customer from becoming over-extended with his borrowing during the course of the loan. A loan covenant is a condition that the borrower must comply with. If the borrower does not act in accordance with the covenants, the loan can be considered in default and the bank can demand payment.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 5 Managing working capital
9
Economic order quantity (EOQ) model
Pattern of stock levels
inventory).
6
Economic order quantity (EOQ) model
Pattern of stock levels
stock
Order quantity
Buffer stock
0
time
7
Inventory costs
Holding costs
Procuring costs Shortage costs
4
1 Managing inventory
Fast forward
An economic order quantity can be calculated as a guide to minimizing costs in managing inventory level. Bulks discounts can however mean that a different order quantity minimizing inventory costs.
Cost of inventory
The cost of capital Ware housing and handling costs Deterioration Obsolescence Insurance Pilferage Ordering costs Delivery costs Contribution from lost sales Extra cost of emergency inventory Cost of lost production and sales in a inventory Relevant particularly when calculating discounts
ACCA 财务管理 (3)
2 Financial objectives and the relationship with corporate strategy (P7)•Strategy is a course of action to achieve anobjective. There are three main levels of strategy inan organisation.•Corporate: the general direction of the wholeorganisation.•Business: how the organisation or its business unitstackle particular markets.•Operational/functional: specific strategies fordifferent departments of the business.2.1 Strategy (P7)•Strategy may be defined as a course of action.•Strategy can be short-term or long-term•Strategy is the identification and formulation of objectives•Corporate strategy is concerned with the overall purpose and scope of the organisation and how value will be added to the different parts (business units) of the organisation.----Johnson,Scholes and Whittington.2.2 Corporate objectives (P7)•(1) Corporate objectives are relevant for theorganisation as a whole, relating to keyfactors for business success.•(2) Objectives should be explicit, quantifiableand capable of being achieved.(3)Key factors for business success: P8•Profitability ( return on investment);•Market share;•Growth;•Cash flow;•Customer satisfaction;•The quality of the firm’s products;•Industrial relations;•Added value2.3 Financial objectives (P8)•Financial targets may include targets for: earnings;earnings per share; dividend per share; gearing level;profit retention; operating profitability•The usual assumption in financial management forthe private sector is that the primary financialobjective of the company is to maximiseshareholders’ wealth•1. Three possible methods:•(a) Statement of financial position(balance sheet) valuation: going concern basis•(b) Break-up basis•(c) Market values•(1) Stock market: Price•(2) Maximise the wealth of their ordinaryshareholders.• 2. The wealth of the shareholders:•(1) Dividends received•(2) Market value of the shares• 3. A shareholder’s return on investment:•(1) Dividends received•(2) Capital gains• 4. Business risks and financial risks• 5. Shareholders benefit: higher revenue (dividends)•capital gains (higher share prices)Total shareholder return: (P9)•(P1 -P0 + D1) / P0•P0is the share price at the beginning of the period •P1 is the share price at the end of period•D1 is the dividend paid2.3.2 Profit maximisation (P9-10)•Maximise profits:•(a) Manipulated•(b) risk•(c) the volume of investment•(1) Accounting return on capital employed•(2) Earnings per share•(3) Yields on investment•(d) short-term2.3.3 Earnings per share growth (P10)•Earnings per share is calculated by dividing the net profit or loss attributable to ordinary shareholders by the weighted average number of ordinary shares.2.3.4 Other financial targets (P11)•(a) Gearing•(1) The ratio of long-term debt capital toequity capital should never exceed, say 1:1•(2) The cost of interest payments shouldnever be higher than, say, 25% of totalprofits before interest tax.•(b) Profit retentions•(c) Operating profitability2.4 Non-financial objectives (P13)•(a) The welfare of employee•(b) The welfare of management•(c) The provision of a service•(d) The fulfillment of responsibilities towardscustomer•(e) The fulfillment of responsibilities towardssuppliers•(f) The welfare of society as a whole•(g) Growth, diversification, leadership in researchand development。
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 3 Financial Markets and Institutions
11
Major Categories of Financial Assets
5
1.1 Financial intermediation
Key term
A financial intermediary is a party bring together providers and users of finance, either as broker or as principal. A financial intermediary is an institution which links lender with borrowers, by obtaining deposits from lenders and re-lending them to borrowers.
7
Financial Intermediation
Example of intermediaries
Clearing banks Investment banks Savings banks Building societies Finance companies Pension funds Insurance companies Investment/unit trusts
6
1.1 Financial intermediation
Surplus unit
Person
savings funds
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ACCA--财务管理英语 sole propsietorship 独资企业 partnership 合伙企业 corporate finance 公司财务 corporate 公司 closely held 私下公司 public company 公众公司 Goldman Sachs 高盛银行 pension fund 养老基金 insurance company 保险公司 board of director 董事会 separation of ownership and management 所有权与管理权的分离 limited liability 有限责任 articles of incorporation 公司章程 real asset 实物资产 financial asset 金融资产 security 证券 financial market 金融市场 capital market 资本市场 money market 货币市场 investment decision 投资决策 capital budgeting decision 资本预算决策
financing decision 融资决策 financial manager 财务经理 treasurer 司库 controller 总会计师 CFO 首席财务官 principal-agent problem 委托代理问题 principal 委托人 agent 代理人 agency cost 代理成本 information asymmetry 信息不对称 signal 信号 efficient markets hypothesis 有效市场假说 present value 现值 discount factor 贴现因子 rate of return 收益率 discount rate 贴现率 hurdle rate 门坎比率 opportunity cost of capital 资本机会成本 net present value 净现值 cash outflow 现金支出 net present value rule 净现值法则 rate-of-return rule 收益率法则 profit maximization 利润最大化 doing well 经营盈利 doing good 经营造益
collateral 抵押品 warrant 认股权证 convertible bond 可转换债券
primary issue 一级发行 prinary market 一级市场 secondary tansaction 二级交易 secondary market 二级市场 over-the-counter (OTC) 场外交易 financial intermediary 金融中介 zero-stage 启动阶段 business plan 创业计划书 first-stage financing 第一阶段融资 after-the-money valuation 注资后的价值 paper gain 账面利润 mezzanine financing 引渡融资 angel investor 天使投资者 venture capital fund 创业投资基金 limited private partnership 有限合伙企业 general partner 普通合伙人 limited partner 有限合伙人 small-business investment companies （SBIC） 小企业投资公司 initial public offering (IPO) 首次公开发行 primary offering 首次发行 secondary offering 二次发行 underwriter 承销商 syndicate of underwriter 承销辛迪加 registration statement 注册说明书 prospectus 招股说明书 road show 路演 greenshoe option 绿鞋期权 spread 差价 offering price 发售价格 underpricing 抑价 winner’s curse 成功者灾难 bookbuilding 标书登记 fixed price offer 定价发售 auction 拍卖 discrimination auction 差价拍卖 uniform-price auction 一价拍卖 general cash offer 一般现款发行 right issue 附权发行 shelf registration 上架注册 prior approval 事前许可
bought deal 买方交易 seasoned issue 新增发行 knowledgeable invertor 成熟的投资者 qualified institutional buyer 有资格的机构买者 record date 登记日 with dividend 附有红利 cum dividend 附息 ex dividend 除息 legal capital 法定资本 regular cash dividend 正常现金红利 extra 额外的 special dividend 特别红利 stock dividend 股票红利 automatic dividend reinvestment plans (DRIP) 红利自动转投计划 transfer of value 价值转移 capital structure 资本结构 MM’s proposition MM定理 weighted-average cost of capital (WACC) 加权平均资本成本 margin debt 保证金借款
floating-rate note 浮动利率票据 money-market fund 货币市场基金 interest-rate ceiling 利率上限 trade-off theory 权衡理论 right to default 违约权 leverage buy-out (LBO) 杠杆收购 asymmetric information 信息不对称 financial slack 银根宽松 cost of debt 负债成本 cost of equity 权益成本 terminal value 清算价值 cash flow to equity 权益现金流 rebalancing 重整 project financing 项目融资 adjusted cost of capital 调整资本成本 equivalent loan 等值贷款 offsetting transaction 反向交易 depreciable basis 折旧基数 adjusted present value (APV) 调整现值 call option 看涨期权 exercise price 执行价格
strike price 敲定价格 exercise date 到期日 European call 欧式看涨期权 American call 美式看涨期权 position diagram 头寸图 put option 看跌期权 Salomon Brothers 所罗门兄弟公司 term stucture of interest rate 利率期限结构 annuity 年金 perpetuity 永久年金 annuity factor 年金因子 annuity due 即期年金 future value 终值 conmpound interest 复利 simple interest 单利 continuously compounded rate 连续复利率 Consumer Price Index (CPI) 消费物价指数 current dollar 当期货币 nominal dollar 名义货币 constant dollar 不变货币 real dollar 实际货币 real rate of return 实际收益率 inflation rate 通货膨胀率 principal 本金 deflation 滞胀 yield to maturity 到期收益率 market capitalization rate 市场资本化率 dividend yield 红利收益率 cost of equity capital 权益资本成本 payout ratio 红利发放率 earnings per share (EPS) 每股收益 return on equity (ROE) 权益收益率 discount cash flow 贴现现金流 growth stock 成长股 income stock 绩优股 present value of growth opportunity (PVGO) 成长机会的现值 price-earnings ratio (P/E) 市盈率 free cash flow (FCF) 自由现金流量 book rate of return 账面收益率 capital investment 资本投资 operating expense 经营费用 payback period 回收期 discounted-payback rule 贴现回收期法则 discounted-cash-flow rate of return 贴现现金流量的收益率 internal rate of return (IRR) 内部收益率 lending 贷出 borrowing 借入 profitability measure 盈利指标
standard of pfofitability 赢利标准 modified internal rate of return 修正内部收益率 mutually exclusive projects 互相排斥的项目