《公司财务》学习的英文资料cha(1)
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《公司财务》学习的英文资料cha
▪ Liquid assets frequently have lower rates of
return than fixed assets.
.
7
Debt versus Equity
▪ Creditors generally receive the first claim on the firm’s cash flow.
Chapter 2
Financial Statements, Taxes, and Cash Flow
.
0
Chapter Outline
▪ The Balance Sheet ▪ The Income Statement ▪ Taxes ▪ Cash Flow
.
1
Key Concepts and Skills
▪ Market value is the price at which the assets, liabilities, or equity can actually be bought or sold , which is a completely different concept from historical cost.
▪ Shareholder’s equity is the residual difference between assets and liabilities.
.
8
Market vs. Book Value
▪ The balance sheet provides the book value of the assets, liabilities, and equity.
▪ Know the difference between book value and market value
企业财务知识培训资料(ppt 24页)(英文版)
4
-100,000 33,500 33,500 33,500 33,500
NPVL = $6,190 (already to Year 4)
S: 0 10% 1
2
3
4
-100,000 59,000 59,000 -100,000 -41,000
59,000 59,000
NPVS = $4,377 (on extended basis)
13 - 3
CF0 CF1 Nj I
NPV
S -100,000
59,000 2 10
2,397
L -100,000
33,500 4 10
6,190
Q. NPVL > NPVS. Is L better? A. Can’t say. Need replacement chain
analysis.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
13 - 9
Investment Timing (Continued)
If we wait, there is a 50% chance the subsequent CFs will be $43,500 a year, and a 50% chance the subsequent CFs will be $23,500 a year.
Waiting may allow you to take advantage of changing conditions.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
13 - 14
企业财务知识资料(英文版)
in the World, 1999
Bank Name
Country
Total assets
Deutsche Bank AG Germany
$735 billion
UBS Group
Switzerland $687 billion
Citigroup
United States $669 billion
Required Dividend Capital
return
yield =
gain +
What four factors affect the cost of money?
❖ Production opportunities ❖ Time preferences for consumption ❖ Risk ❖ Expected inflation
“Real” Versus “Nominal” Rates
k*
= Real risk-free rate.
T-bond rate if no inflation;
1% to 4%.
k
= Any nominal rate.
kRF = Rate on Treasury securities.
k = k* + IP + DRP + LP
❖ A graph of the term structure is called the yield curve.
Treasury Yield Curve
Interest Rate (%)
15
10
1 yr 5 yr 10 yr 30 yr
5.2% 5.8% 5.9% 6.0%
5
Yield Curve (August 1999)
Bank Name
Country
Total assets
Deutsche Bank AG Germany
$735 billion
UBS Group
Switzerland $687 billion
Citigroup
United States $669 billion
Required Dividend Capital
return
yield =
gain +
What four factors affect the cost of money?
❖ Production opportunities ❖ Time preferences for consumption ❖ Risk ❖ Expected inflation
“Real” Versus “Nominal” Rates
k*
= Real risk-free rate.
T-bond rate if no inflation;
1% to 4%.
k
= Any nominal rate.
kRF = Rate on Treasury securities.
k = k* + IP + DRP + LP
❖ A graph of the term structure is called the yield curve.
Treasury Yield Curve
Interest Rate (%)
15
10
1 yr 5 yr 10 yr 30 yr
5.2% 5.8% 5.9% 6.0%
5
Yield Curve (August 1999)
《公司财务》学习的英文资料chap138页PPT文档
Corporation ▪ Financial Markets and the Corporation
0
Key Concepts and Skills
▪ Know the basic types of financial management decisions and the role of the financial manager
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
0
Key Concepts and Skills
▪ Know the basic types of financial management decisions and the role of the financial manager
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
企业财务基资料新础知识培训教材(英文版)
➢ Monitor tax issues related to acquisitions or CIP
➢ Ensure BU responsibility for assets in their use and for disposal losses
➢ Depreciate at point of asset use ➢ Revalue key assets on a regular
verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telco’s do
➢ Links asset depreciation to production and product costs/development
PwC175
3
Fixed Assets - Best Practice Features
Maintain fixed asset register
Control acquisitions and disposals
Manage periodic asset depreciation
Verify and value asset base
not verify network assets: the fact that the network works is verification enough)
➢ Verify non capitalised assets
System Features
➢ On line asset register holding key data and current cost allocation
➢ Ensure BU responsibility for assets in their use and for disposal losses
➢ Depreciate at point of asset use ➢ Revalue key assets on a regular
verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telco’s do
➢ Links asset depreciation to production and product costs/development
PwC175
3
Fixed Assets - Best Practice Features
Maintain fixed asset register
Control acquisitions and disposals
Manage periodic asset depreciation
Verify and value asset base
not verify network assets: the fact that the network works is verification enough)
➢ Verify non capitalised assets
System Features
➢ On line asset register holding key data and current cost allocation
《公司财务》学习的英文资料chap1共38页文档
6
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
can arise between owners and managers
1
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD B CC
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
can arise between owners and managers
1
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD B CC
5
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
3
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
《公司财务》学习的英文资料cha
▪ Shareholder’s equity is the residual difference between assets and liabilities.
ppt课件
8
Market vs. Book Value
▪ The balance sheet provides the book value of the assets, liabilities, and equity.
1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
ppt课件
6
Accounting Liquidity
▪ Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
▪ Current assets are the most liquid.
▪ Some fixed assets are intangible.
▪ The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
ppt课件
9
Value versus Cost
▪ Market value and book value are often very different. Why?
▪ Which is more important to the decisionmaking process?
ppt课件
8
Market vs. Book Value
▪ The balance sheet provides the book value of the assets, liabilities, and equity.
1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
ppt课件
6
Accounting Liquidity
▪ Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value
▪ Current assets are the most liquid.
▪ Some fixed assets are intangible.
▪ The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations.
ppt课件
9
Value versus Cost
▪ Market value and book value are often very different. Why?
▪ Which is more important to the decisionmaking process?
《公司财务》学习的英文资料cha(1)
▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
ppt课件
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
➢ Insurance companies ➢ Brokerage firms
ppt课件
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
➢ How will we manage the everyday financial activities of the firm?
ppt课件
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
ppt课件
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
ppt课件
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
➢ Insurance companies ➢ Brokerage firms
ppt课件
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
➢ How will we manage the everyday financial activities of the firm?
ppt课件
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
ppt课件
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
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▪ Management
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
➢ How will we manage the everyday financial activities of the firm?
.
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
.
3
Investments
▪ Work with financial assets such as stocks and bonds
▪ Value of financial assets, risk versus return, and asset allocation
▪ Job opportunities
▪ It may allow you to work in other countries or at least travel on a regular basis
▪ Need to be familiar with exchange rates and political risk
▪ Need to understand the customs of other countries; speaking a foreign language fluently is also helpful
.
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
Bank of America ($48.9b) BP ($285b)
LVMH ($17.1b)
.
7
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
➢ Insurance companies ➢ Brokerities
.
5
International Finance
▪ This is an area of specialization within each of the areas discussed so far
Corporation ▪ Financial Markets and the Corporation
.
1
Key Concepts and Skills
▪ Know the basic types of financial
management decisions and the role of
the financial manager
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
.
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
Chapter 1
Introduction to Financial Management
.
0
Chapter Outline
▪ Finance: A Quick Look ▪ Business Finance and The Financial Manager ▪ Forms of Business Organization ▪ The Goal of Financial Management ▪ The Agency Problem and Control of the
▪ Capital structure
➢ How should we pay for our assets? ➢ Should we use debt or equity?
▪ Working capital management
➢ How do we manage the day-to-day finances of the firm?
▪ Know the financial implications of the
different forms of business organization
▪ Know the goal of financial management
▪ Understand the conflicts of interest that
.
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
can arise between owners and
managers
.
2
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD
B CC
➢ Strategic thinking, job performance, profitability
▪ Personal finance
➢ Budgeting, retirement planning, college planning, day-to-day cash flow issues
➢ How will we manage the everyday financial activities of the firm?
.
8
Financial Management Decisions
▪ Capital budgeting
➢ What long-term investments or projects should the business take on?
.
3
Investments
▪ Work with financial assets such as stocks and bonds
▪ Value of financial assets, risk versus return, and asset allocation
▪ Job opportunities
▪ It may allow you to work in other countries or at least travel on a regular basis
▪ Need to be familiar with exchange rates and political risk
▪ Need to understand the customs of other countries; speaking a foreign language fluently is also helpful
.
9
Financial Management Decisions
Company (2004 Revenue)
Boeing ($52.5b)
Bank of America ($48.9b) BP ($285b)
LVMH ($17.1b)
.
7
Business Finance
▪ Some important questions that are answered using finance
➢ What long-term investments should the firm take on?
➢ Where will we get the long-term financing to pay for the investments?
➢ Insurance companies ➢ Brokerities
.
5
International Finance
▪ This is an area of specialization within each of the areas discussed so far
Corporation ▪ Financial Markets and the Corporation
.
1
Key Concepts and Skills
▪ Know the basic types of financial
management decisions and the role of
the financial manager
➢ Stockbroker or financial advisor ➢ Portfolio manager ➢ Security analyst
.
4
Financial Institutions
▪ Companies that specialize in financial matters
➢ Banks – commercial and investment, credit unions, savings and loans
Chapter 1
Introduction to Financial Management
.
0
Chapter Outline
▪ Finance: A Quick Look ▪ Business Finance and The Financial Manager ▪ Forms of Business Organization ▪ The Goal of Financial Management ▪ The Agency Problem and Control of the
▪ Capital structure
➢ How should we pay for our assets? ➢ Should we use debt or equity?
▪ Working capital management
➢ How do we manage the day-to-day finances of the firm?
▪ Know the financial implications of the
different forms of business organization
▪ Know the goal of financial management
▪ Understand the conflicts of interest that
.
6
Why Study Finance?
▪ Marketing
➢ Budgets, marketing research, marketing financial products
▪ Accounting
➢ Dual accounting and finance function, preparation of financial statements
can arise between owners and
managers
.
2
Basic Areas Of Finance
▪ Corporate finance ▪ Investments ▪ Financial institutions ▪ International finance
A AD
B CC