【财务管理英文课件】Fund Analysis, Cash-Flow Analysis, and Financial Planning
财务管理(英语教学)-21页文档资料
Contents1 The Goal and Functions of Financial Management .............2 Review of Accounting ....................................................3 Financial Analysis ......................................................4 Financial Forecasting .....................................................5 Operating and Financial Leverage ......................................6 Working Capital and the Financing Decision .........................7 Current Asset Management ..............................................8 Sources of Short-Term Financing ......................................9 Time Value of Money ....................................................10 Valuation and Rates of Return ..........................................11 Cost of Capital .............................................................12 The Capital Budgeting Decision .............................................13 Risk and Capital Budgeting ..............................................14 Capital Markets ...........................................................15 Investment Underwriting: Public and Private Placement................16 Long-Term Debt and Lease Financing ................................17 Common and Preferred Stock Financing ..............................18 Dividend Policy and Retained Earnings ...............................19 Convertibles and Warrants ..............................................20 External Growth through Mergers .....................................21 International Financial Management ...................................Grading Sheets ............................................................第 i 页1 The Goals and Functions ofFinancial ManagementChapter Objectives1. Identify how finance builds on the disciplines of accounting and economics.2. Discuss the analytical decision making nature of finance within a risk-return framework.3. Describe the primary goal of finance as the maximization of shareholder wealth asmeasured by share price.4. Identify possible conflicting goals of finance such as social goals or managementinterests.5. Outline the activities of financial managers that are primarily based on the raising andinvestment of funds in an efficient manner.6. Identify some of the domestic and international economic conditions that the financialmanager should consider.7. Identify the role of financial markets in allocating capital.ContentsI. Financial management is critical for a firm’s success.II. Finance relies upon the disciplines of economics and accounting.A. Economics provides structure to decision making and helps us to understand theeconomic environment in which the financial manager operates.B. Accounting provides the financial data needed for financial decision making.C. The demand for financial management skills exists in many sectors of our society,including corporate management, financial institutions and consulting.III. Finance as a field of study has evolved over time in response to changing business management needs.IV. Finance maintains that the goal of the firm is maximization of shareholders' wealth.A. Shareholders’ wealth maximization is measured by the highest possible marketprice of the firm’s shares.B. Financial decision-making analysis is always predicated on this goal: to increasevalue to shareholders within a risk-return framework.C. Shoarehlders' wealth maximization incorporates:D. The efficiency of the capital market dictates that, with a given level of risk, capitalwill flow to those firms "promising" the highest return.E. Maximization of shareholder wealth is tempered by social responsibility andagency concerns.V. Functions of Financial Management. A financial manager is responsible for financing an efficient level and composition of assets by obtaining financing through the most appropriate means.A. Daily financial management activitiesB. Less-routine activitiesC. Forms of organization: The finance function may be carried out within anumber of different forms of organizations.1. Sole proprietorship2. Partnership第 2 页3. CorporationVI. The Role of Financial Markets. Wealth maximization depends on the perception expectations of the market. The market through daily share price changes of each publicly traded company, provides managers with a performance report card. VII. Recent Economic Developments2 Review of AccountingChapter Objectives1. Demonstrate a reasonable ability to prepare the three basic financial statements.2. Identify the limitations of the income statment as a measure of a firm's profitability.3. Identify the limitations of the balance sheet as a measure of a firm's financial position.4. Explain the importance of cash flows as identified in the statement of changes in financialposition.5. Outline the impact of corporate tax considerations on cash flow aftertax.6. Outline personal tax considerations as they relate to different forms of investmentincome.7. Explain the concept of tax savings.ContentsI. Financial StatementsA. The Income StatementB. Balance SheetC. Statement of Changes in Financial PositionII. Amortization and Funds FlowA. Amortization is an attempt to allocate an initial asset cost over its life.B. Amortization is an accounting entry and does not involve the movement of funds.C. As indicated in the statement of cash flows, amortization is added back to netincome to arrive at cash flow.III. Free cash flow.IV. Income Tax Considerations3 Financial AnalysisChapter Objectives1. Calculate 13 financial ratios that measure profitability, asset utilization, liquidity and debtutilization.2. Assess a company's source of profitability using the Du Pont system of analysis.3. Examine the ratios in comparison to industry averages.4. Examine the ratios and company performance by means of trend analysis.5. Identify sources of distortion in reported income.ContentsI. Ratio analysisA. Uses of ratios:B. Overall considerations in using ratiosC. Classification and computation第 3 页1. Profitability: Measures of returns on sales, total assets and investedcapital2. Du Pont system.3. Asset utilization: Measures of the speed at which the firm is turning overaccounts receivable, inventories, and longer term assets.4. Liquidity ratios: Measures of the firm's ability to pay off short-termobligations as they come due5. Debt Utilization Ratios: Measures the prudence of the firm's debtmanagement policies.6. Summary and evaluation of all ratios for the Saxton Company withconclusions7. Trend analysis is as important as industry comparisonsD. Interpreting financial ratios.E. Trend analysis consists of computing the financial ratios of a firm at variouspoints in time to determine if the firm is improving or deteriorating.F. Comparative analysis provides the management and external evaluators withinformation as to how successful the firm is relative to other firm's in theindustry.II. Impact of Inflation and Disinflation on Financial AnalysisIII. Other Elements of Distortion in Reported IncomeA. Recognition of revenueB. Handling of expensesC. Extraordinary gains/losses: These are reported as additions/deductions fromincome by some firms but not shown as additions/deductions from income byothers, based on discretion.4 Financial ForecastingChapter Objectives1. Explain why financial forecasting is essential for the healthy growth of the firm.2. Prepare the three financial statements for forecasting; the pro forma income statement,the cash budget and the pro forma balance sheet.3. Perform the percent-of-sales method for forecasting on a less precise basis.4. Determine the need for new funding resulting from sales growth.ContentsI. Need for Financial PlanningII. The most comprehensive means for doing financial planning is through the development of pro forma financial statements; namely the pro forma income statement, the cash budget, and the pro forma balance sheet.A. Pro Forma Income Statement:B. Cash budget:C. Pro Forma Balance Sheet:III. Percent-of-Sales Method: Shortcut, less exact, alternative for determining financial needsIV. Sustainable growth rate第 4 页5 Operating and FinancialLeverageChapter Objectives1. Define leverage as a method to magnify earnings available to the firm’s commonshareholders.2. Define and calculate operating leverage and assess its opportunities and limitations.3. Define and calculate financial leverage and assess its opportunities and limitations.4. Define and calculate combined leverage.ContentsI. Leverage: The use of fixed charge obligations with the intent of magnifying thepotential return to the firm.A. Fixed operating costs:B. Fixed financial costs:II. Break-Even Analysis and Operating LeverageA. Break-even analysis:B. Cash break-even analysisC.Operating leverage:III. Financial Leverage:A. Two firms may have the same operating income but greatly different net incomesdue to the magnification effect of financial leverage. The higher the financialleverage, the greater the profits or losses at high or low levels of operating profit,respectively.B. Financial leverage is beneficial only if the firm can employ the borrowed funds toearn a higher rate of return than the interest rate on the borrowed amount. Theextent of a firm's use of financial leverage may be measured by computing itsdegree of financial leverage (DFL). The DFL is the ratio of the percentagechange in net income (or earnings per share) in response to a percentage changein EBIT.IV. Combined Leverage6 Working Capital and theFinancing DecisionChapter Objectives1. Define working capital management as the financing and controlling of current assetsof the firm.2. Describe the nature of asset growth and explain those current assets that are morepermanent in nature.3. Explain that the matching of sales and production may not be efficient in the short run,and will likely result in the buildup of current assets.4. Explain financing of assets in terms of hedging.5. Describe the term structure of interest rates and explain the theories that suggest its shape.Also discuss the value of the term structure to a financial manager.第 5 页6. Identify risk and profitability in determining the financing plan for current assets.ContentsI. Working Capital ManagementA. Management of working capital is the financial manager's most time-consumingfunction.B. Success in managing current assets in the short run is critical for the firm'slong-run existence.C. Nature of asset growthII. Both seasonal and permanent increases in working capital must be financed.III. The term structure of interest rates indicates the relative cost of short and long-term financing and is important to the financing decision.A. The relationship of interest rates at a specific point in time for securities of equalrisk but different maturity dates is referred to as the term structure of interestrates.B. The term structure of interest rates is depicted by yield curves.C. There are three theories describing the shape of the yield curve.D. Types of yield curvesE. Yield curves shift upward and downward in response to changes in anticipatedinflation rates and other conditions of uncertainty.IV. A Decision ProcessV. Shift in Asset StructureVI. Toward an Optimum Policy7 Current Asset ManagementChapter Objectives1. Outline current asset management as an extension of Chapter 6 concepts and recognizethat a firm’s investment in current assets should achieve an acceptable return.2. Discuss cash management as the control of receipts and disbursements to minimizenonearning cash balances and describe techniques to make cash management more efficient.3. Define the various marketable securities available to the firm and calculate the yield onthese instruments.4. Describe accounts receivable as an investment based on the firm’s credit policies, outlinethe considerations in granting credit and evaluate a credit decision to change credit terms to stimulate sales.5. Describe inventory as an investment and apply techniques to reduce the costs of thisinvestment.6. Explain the concept that the less liquid an asset is, the higher the required return.ContentsI. Cash ManagementA. Cash is a necessary but low earning asset.B. Financial managers attempt to minimize cash balances and yet maintain sufficientamounts to meet obligations in a timely manner.C. The three main reasons for holding cash are for:第 6 页D. Temporarily, excess cash balances are transferred into interest-earning marketablesecurities.II. Collections and DisbursementsIII. Marketable SecuritiesIV. Management of Accounts ReceivableA. Accounts receivable represent a substantial and growing investment in assets by acompany. The primary reasons for the increases have been:B. Accounts receivable are an investment.C. There are three primary variables for credit policy administration.IV. Inventory ManagementA. Inventory is the least liquid of current assets.B. There are two basic costs associated with inventory:1. Carrying costs:2. Ordering and processing costsC. Assumptions of the basic EOQ model:8 Sources of Short-Term FinancingChapter Objectives1. Describe trade credit as an important form of short term financing and be able tocalculate its cost to the firm if a discount is forgone.2. Describe bank loans as self-liquidating, as short-term and as having their interest rate tiedto the prime rate. Also calculate interest rates under differing conditions.3. Describe commercial paper as a short-term, unsecured promissory note of the firm.4. Review borrowing in foreign markets as a cost-effective alternative for the firm.5. Explain that offering accounts receivable and inventory as collateral may lower theinterest costs on a loan.6. Demonstrate the hedging of interest rates to reduce borrowing risk.ContentsI. Trade CreditII. Bank CreditA. Banks prefer short-term, self-liquidating loansB. Bank loan terms and conceptsD. Bank credit availability tends to cycle第 7 页III. Commercial PaperIV. Bankers AcceptancesV. Foreign BorrowingVI. The Use of Collateral in Short-Term FinancingVII. Inventory FinancingA. The collateral value of inventory is based on several factors.B. Inventory financing and the associated control methods are standard procedures inmany industries.VIII. Hedging to Reduce Borrowing Risk9 Time Value of MoneyChapter Objectives1. Explain the concept of the time value of money. This is the idea that a dollar receivedtoday is worth more than a dollar received in the future.2. Calculate present values, future values, and annuities based on the number of periodsinvolved and the going interest rate.3.Calculate yield based on the time relationships between cash flows.ContentsI. Money has a time value associated with it.A. The investor/lender demands that financial rent be paid on his or her funds.B. Understanding the effective rate on a business loan, the return on an investment,etc., is dependent on using the time value of money.D. The interest rate is also referred to as a discount rate, rate of return, or yield.II.Future Value -- Single AmountIII. Effective or Nominal Interest RateIV. Present Value -- Single AmountV. Future Value -- AnnuityVI. Present Value -- AnnuityVII. Annuity Equaling a Future ValueVIII. Annuity Equality a Present ValueIX. Determining the Yield on an InvestmentX. Special Considerations in Time Value AnalysisXI. Canadian Mortgages10 Valuation and Rates of ReturnChapter Objectives1. Describe valuation of a financial asset as based on the present value of future cash flows.2. Explain that the required rate of return in valuing an asset is based on the risk involved.3. Calculate the current value (price) of bonds, preferreds (perpetuals) and common sharesbased on the future benefits (cash flows).4. Calculate the yields on financial claims based on the relationship between current priceand future expected cash flows.5. Describe the use of a price-earnings ratio to determine value.Contents第 41 页I. Valuation ConceptsII. Valuation of BondsIII. Valuation of Preferred StockA. Preferred stockIV. Valuation of Common Stock1. No growth2. Constant growth in dividends.11 Cost of CapitalChapter Objectives1. Explain that the cost of capital represents the overall cost of financing to the firm.2. Define the cost of capital as the discount rate normally used to analyze an investment. Itis an evaluation tool.3. Calculate the cost of capital based on the various valuation techniques from Chapter 10 asapplied to bonds, preferred stock and common shares.4. Describe how a firm attempts to find a minimum cost of capital through varying the mixof its sources of financing.5. Explain the marginal cost of capital concept.ContentsI. The Overall ConceptA. There are several steps in measuring a firm's cost of capital.1. Compute the cost of each source of capital.2. Assign weights to each source. Conversion of historical cost capitalstructure to market values may be required.3. Compute the weighted average of the component costs.II. Interdependence of Valuation and Cost of CapitalIII. The Cost of DebtAn approximation for the cost of debt if maturity is greater than 10 years is:IV. The Cost of Preferred StockV. The Cost of Common EquityAssuming constant growth:Under the CAPM, the required return for common stock can be described by the following formula:The cost of retained earnings is :The cost of new common stock is higher than the cost of retained earningsbecause the firm's proceeds from sale of the stock is less than the price paidby the shareholder due to flotation costs (F). The cost of new commonstock, K n is:VI. Optimal Capital Structure - Weighting CostsVII. Capital Acquisition and Investment Decision Making第 42 页VIII. Marginal Cost of CapitalIX. Appendix 11A: Cost of Capital and the Capital Asset Pricing ModelA.The basic form of the CAPM is a linear relationship between returns on individualstocks and the market over time. Using least squares regression analysis, thereturn on an individual stock K j is:B. The CAPM evolved into a risk premium model.12 The Capital Budgeting DecisionChapter Objectives1. Define capital budgeting decisions as long-term investment decisions.2. Explain that cash flows rather than accounting earnings are evaluated in the capitalbudgeting decision.3. Compare the ranking of investments by the payback method, the internal rate of return,and the net present value.4. Discuss the use of the cost of capital as the discount rate in capital budgeting analysis.5. Identify the incremental cash flow that result from an investment decision, including theaftertax operating benefits and the tax shield benefits of capital cost allowance (amortization).6. Perform NPV analysis to assist in the decision making concerning long-run investments.ContentsI. Characteristics of Capital Budgeting DecisionsA. Capital expenditures are outlays for projects with lives extending beyond one yearand perhaps for many years.B. Intensive planning is required.C. Capital expenditures usually require initial cash flows,D. The longer the time horizon associated with a capital expenditure, the greater theuncertainty.II. Administrative ConsiderationsIII. Accounting Flows versus Cash FlowsA. The capital budgeting process focuses on cash flows rather than income on anaftertax basis. Income figures do not reflect the cash available to a firm due tothe deduction of noncash expenditures such as amortization (CCA).B. Evaluation involves the incorporation of all incremental cash flows in the capitalbudgeting analysis. All costs and benefits that will occur as a result of theinvestment decision should be included in the analysis. Sunk costs are ignored.Opportunity costs included. Cash flows that would occur regardless of the capitalexpenditure are nonincremental and are irrelevant to the decision.C. Accounting flows are not totally disregarded in the capital budgeting process. IV. Methods for Ranking Investment ProposalsA. Payback MethodB. Internal Rate of Return (IRR)C. Net Present Value (NPV)V. Selection StrategyVI. Capital Rationing第 43 页VII. Net Present Value Profile第 44 页VIII. Capital Cost AllowanceA. The following formula gives the present value of all the tax savings resulting fromCCA of an acquired capital asset, taking into account the half rate rule assumingthe asset pool continues indefinitely.IX. Investment Tax CreditX. The Replacement Decision13 Risk and Capital BudgetingChapter Objectives1. Describe the concept of risk based on the uncertainty of future cash flows.2. Define risk as standard deviation, coefficient of variation, or beta.3. Describe most investors as risk averse.4. Utilize the basic methodology of risk adjusted discount rates for dealing with risk incapital budgeting analysis.5. Describe and apply the techniques of certainty equivalents, simulation models, sensitivityanalysis, and decision trees to help assess risk.6. Discuss how a project’s risk may be considered in a portfolio context.ContentsI. Risk in Capital BudgetingA. Management's ability to achieve the goal of owner's wealth maximization willlargely depend on success in dealing with risk.B. Definition: Variability of possible outcomes. The wider the distribution ofpossible outcomes for a particular investment, the greater its risk.C. Risk aversion is a basic assumption of financial theory. Investors require ahigher expected return the riskier an investment is perceived to be. Certainty ispreferred to uncertainty.II. The Measurement of RiskThe Coefficient of VariationBeta (β) is another measure of risk that is widely used in portfolio management.Beta measures the volatility of returns on an individual stock relative to a stockmarket index of returns. (See Appendix 11A for a thorough discussion.)III. Risk and the Capital Budgeting ProcessIV. Simulation ModelsV. The Portfolio EffectVI. The Share Price Effect14 Capital MarketsChapter Objectives1. Define money and capital markets.2. Outline the primary participants raising funds in the capital markets.3. Describe the Canadian economy as three major sectors allocating funds betweenthemselves.4. Outline the organization of the securities markets.第 75 页5. Discuss the concept of market efficiency and its benefits to the economic system.6. Describe the changing financial environment.ContentsI. Money and Capital MarketsII. International Capital MarketsIII. Competition for Funds in the Capital MarketsIII. The Supply of Capital FundsIV. The Role of the Security MarketsV. The Organization of the Security MarketsA. The Organized ExchangesB. Foreign ExchangesC. Over the Counter Markets (OTC)VI. Recent Developments in TradingVII. Market EfficiencyA. Criteria of EfficiencyB. The more certain the income stream, the less volatile price movements will be andthe more efficient the market will be. This is because of the tremendous liquidityand volume of trades in these securities.C. The efficiency of the stock market is stated in three forms.VIII. Securities Regulation15 Investment Underwriting: Public andPrivate PlacementChapter Objectives1. Describe investment dealers as intermediaries between corporations and governmentin need of funds and the investing public.2. Outline the various roles investment dealers play in distributing and pricing corporatesecurities. Evaluate the impact of issued securities on earnings per share and share market price.3. Indicate how the distribution spread is allocated and calculate the potential returns tosyndicate participants.4. Outline the other functions the investment dealer performs for clients, including adviceon potential mergers and acquisitions.5. Outline the changes in the investment industry in Canada.6. Discuss the pros and cons of going public versus going private when raising funds.7. Describe a leveraged buyout.ContentsI. The Role of Investment Underwriting.A. The investment dealer serves as a middleperson in channeling funds from theinvestor to the corporation.II. Functions of the Investment Dealer.A. Underwriter:第 76 页B. Market maker:C. Advising:D. Agency functions:III. The Distribution Process.IV. Pricing the SecurityV. Changes in the Investment IndustryVI. Underwriting Activity in CanadaA. In 1995 government issues represented 70 percent of underwriting activity inCanada.B. Equity issues totalled $14.3 billion in 1995, debt issues $9.5 billion in Canada and$10 billion in the U.S. capital markets.VII. Public versus Private FinancingA. Advantages of being publicB. Disadvantages of being publicC. Initial Public Offerings (IPOs) as distinquished from seasoned offerings are whena corporation first goes public in the market by selling equity. The priceperformance of these shares is particularly volatile because of the minimalinformation available in comparison to shares already trading in the markets.D. Private placement refers to selling securities directly to insurance companies,pension funds, and others rather than going through security markets.VIII. Largest Investment Deals16 Long-Term Debt and Lease FinancingChapter Objectives1. Describe the collateral pledged, the method of repayment, and identify other key featuresof long term debt.2. Discuss bond yields and prices as influenced by how corporations and governments arerated by major bond rating services.3. Analyze the decision to call in and reissue debt (refund the obligation) when interest rateshave declined.4. Outline some of the innovative forms of raising long-term financing, includingzero-coupon rate bonds, floating rate bonds, and real return bonds.5. Outline the characteristics of long-term lease financing that make it an alternative form oflong-term financing. From Appendix 16B, analyze a lease-versus-borrow-to-purchase decision.ContentsI. The Expanding Role of DebtII. Debt Contract Terminology and ProvisionsA. Par Value-the face value of a bond.B. Coupon Rate-the actual interest rate on a bond; annual interest/par value(semiannual installments usually).C. Maturity Date-the final date on which repayment of the debt principal is due.D. Indenture-lengthy, legal agreement detailing the issuer's obligations pertaining toa bond issue. The indenture is administered by an independent trustee.第 77 页。
财务管理ppt英文课件Chapter-16.ppt
Slides prepared by Wu Xiaolan
Degree of Operating Leverage (DOL)
Degree of Operating Leverage -- The percentage change in a firm’s operating profit (EBIT) resulting from a 1 percent change in output (sales).
One potential “effect” caused by the presence of operating leverage is that a change in the volume of sales results in a “more than proportional” change in operating profit (or loss).
Copyright 2001 Prentice-Hall, Inc.
1
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Operating Leverage
Slides prepared by Wu Xiaolan
Operating Leverage
The degree of operating leverage (DOL) measures how sensitive a firm (or project) is to its fixed costs.
Operating leverage increases as fixed costs rise and variable costs fall.
财务管理ppt英文课件Chapter-3.ppt
100 106 112 118
Copyright 2001 Prentice-Hall, Inc.
12
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6
Value
100 106
Future Values
Example - Simple Interest
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6 6 6
Value
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Interest Rate Terminology
Simple interest refers to interest earned only on the
【财务管理英文课件】Fund Analysis, Cash-Flow Analysis, and Financial Planning
Why Examine the Flow of Funds Statement
The Flow of Funds Statement:
Includes important noncash transactions while the cash flow statement does not. Is easy to prepare and often preferred by managers for analysis purposes over the more complex cash flow statement
Chapter 7
Fund Analysis, CashFlow Analysis, and Financial Planning
7-1
Fund Analysis, Cash-Flow Analysis, and Financial Planning
Flow
of Funds (Sources and Uses) Statement Statement of Cash-Flows
Assets
Cash and C.E. Acct. Rec. Inventories Prepaid Exp Accum Tax Prepay Current Assets Fixed Assets (@Cost) Less: Acc. Depr. Net Fix. Assets Investment, LT Other Assets, LT Total Assets 7-9 $
All of the firm‘s investments and claims against those investments. Extends beyond just transactions involving cash.
财务专业英语ppt课件
a. How does the description of accounting as the "language of business" relate to accounting as being useful for investors and creditors?
a. Information used to determine which products to produce. b. Information about economic resources, claims to those resources,
and changes in both resources and claims. c. Information that is useful in assessing the amount, timing, and
•Definition of Accounting: business language information system basis for decisions
•Types of Accounting Information: (1)Financial Accounting: •Internal users
篮球比赛是根据运动队在规定的比赛 时间里 得分多 少来决 定胜负 的，因 此，篮 球比赛 的计时 计分系 统是一 种得分 类型的 系统
Contents
Chapter One
Chapter Two
Chapter Three Chapter Four
财务管理英文课件
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
The more risk the firm is willing to assume, the higher the expected return from a given course of action.
Copyright © 2003 Pearson Education Australia Pty Limited
chapter 1 & 3 Scope and environment of
financial management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 1
Development of Financial Management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 10
Shareholder wealth maximisation?
Same as:
1. Maximising firm value 2. Maximising share values
Slide: 1 - 16
Risk and Returns
公司财务管理与财务知识分析(英文版)(ppt 34页)
Portugal
Finland Italy
Spain
France Luxembourg
European Union countries not in the EMU: Britain Sweden Denmark Greece
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 17
What is a convertible currency?
A currency is convertible when the issuing country promises to redeem the currency at current market rates.
Convertible currencies are traded in world currency markets.
It becomes very difficult for multinational companies to conduct business because there is no easy way to take profits out of the country.
Ofteods to export to their home countries.
the dollar profit on the sale?
250 yen = 250(0.0138) = 3.45 A. dollars. 6 – 3.45 = 2.55 Australian dollar profit. 1.5385 A. dollars = 1 U. S. dollar. Dollar profit = 2.55/1.5385 = $1.66.
《财务管理专业英语》课件
CHAPTER
01
Introduction
Course Title: PPT courseware for Financial Management Professional English
Course Objective: To provide learners with the knowledge and skills required to communicate effectively in English about financial management concepts and practices
PPT courseware for Financial Management Profession
目录
contents
IntroductionFundamentals of Financial ManagementFinancial English Professional TerminologyFinancial Management Practice CasesFinancial English Reading and WritingEpilogue
Financing
A company raises funds through the issuance of stocks, bonds, or other means to expand its business, research and development, or other investment activities.
Summary: Exploring case studies of corporate fundraising decisions, involving the selection of fundraising methods, optimization of capital structure, and other aspects.
英文财务管理[1]
PPT文档演模板
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
fairly typical picture of the role of finance within a corporation.
企业、公司:（firm business enterprise company corporation venture）
PPT文档演模板
英文财务管理[1]
Organization of the Financial Management Function: Figure 1-1
balance sheet).
w What is the best type of financing? w What is the best financing mix? w What is the best dividend policy? w How will the funds be physically acquired?
w The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Treasurer – oversees cash management, credit management, capital expenditures and financial planning ( planning its capital structure, for selling stocks and bonds to raise capital, for overseeing the corporate pension plan, and for managing risk)
财务管理英文课件 (1)
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1-1
Career Opportunities in Finance
nMoney and capital markets n Investments nFinancial management
nIn the long run, such actions will raise the cost of debt and ultimately lower stock price.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1 - 13
10 Well-Known Corporations, 1998
Percentage of
Revenue Originated
Company
Overseas
3M
51.7
Chase Manhattan 27.8
Coca-Cola
62.3Biblioteka Exxon80.1
General Electric 23.9
General Motors 30.8
markets nManaging risk
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
1-5
Alternative Forms of Business Organization
nSole proprietorship n Partnership n Corporation
1-0
CHAPTER 1
An Overview of Financial Management
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Gross Profit $ 612
SG&A Expenses c
402
EBITd
$ 210
Interest Expensee
59
EBT f
$ 151
Income Taxes
60
EATg
$ 91
Cash Dividends
38
7-1I6ncrease in RE
BWs’ Determinationbilities and Equity
19X3
Notes Payable
$ 290
Acct. Payable
94
Accrued Taxes
16
Other Accrued Liab.
100
Current Liab. $ 500
Acct. Rec.c
394 a specific date.
Inventories
696 b. What BW owned.
Prepaid Exp d
5 c. Amounts owed by
Accum Tax Prepay
10 customers.
Current Assetse $1,195 d. Future expense items
Other Assets, LT
223 g. Acc. deductions for
7-14
Total Assets b $2,169 wear and tear.
Basket Wonders’ Balance Sheet (Liability Side)
Basket Wonders Balance Sheet (thousands) Dec. 31, 19X3
N/A
Fixed Assets (@Cost)
1030
930
N/A
Less: Acc. Depr.
(329)
(299)
N/A
Net Fix. Assets $ 701 $ 631 70 U
Investment, LT
50
50
--
Other Assets, LT
223
223
--
7-9
Total Assets $ 2,169 $ 2,044
The following three slides are Basket Wonders’ Balance Sheet and Income Statement that was
discussed in Chapter 6.
This information will be needed to adjust the basic Sources and
Add Pd in Capital g
729
Retained Earnings h
210
Total Equity $1,139
7-15 Total Liab/Equitya,b $2,169
a. Note, Assets = Liabilities + Equity.
b. What BW owed and ownership position.
Chapter 7
Fund Analysis, CashFlow Analysis, and Financial Planning
7-1
Fund Analysis, Cash-Flow Analysis, and Financial Planning
Flow of Funds (Sources and Uses) Statement Accounting Statement of Cash-Flows Cash-Flow Forecasting Range of Cash-Flow Estimates Forecasting Financial Statements
USES Increase, Inventories Increase, Accrued Taxes Decrease, Notes Payable Increase, Net Fixed Assets
7-12
$ 53 16 77 10
$80 1 5
70
$156 $156
Adjusting the Basic Sources and Uses Statement
Notes Payable
$ 290
Acct. Payablec
94
Accrued Taxes d
16
Other Accrued Liab. d 100
Current Liab. e $ 500
Long-Term Debt f
530
Shareholders’ Equity
Com. Stock ($1 par) g 200
c. Owed to suppliers for goods and services.
d. Unpaid wages, salaries, etc.
e. Debts payable < 1 year. f. Debts payable > 1 year. g. Original investment. h. Earnings reinvested.
increases (decreases) in
U+ -
assets or liabilities.
7-7
BWs’ Determination of Sources and Uses
Assets
19X3
19X2 +/- S/U
Cash and C.E.
$ 90 $ 100 - S
Acct. Rec.
394
410 - S
Inventories
696
616 + U
Prepaid Exp
5
5
--
Accum Tax Prepay
10
9+U
Current Assets $ 1,195 $ 1,140
N/A
Fixed Assets (@Cost)
1030
930
N/A
Less: Acc. Depr.
(329)
--53 S N/A
Basic Sources and Uses Statement
SOURCES Increase, Retained Earnings Decrease, Accounts Receivable Increase, Long-Term Debt Decrease, Cash + Cash Equivalents
729
Retained Earnings
210
Total Equity $ 1,139
7-11 Total Liab/Equity $ 2,169
19X2
$ 295 94 16
100 $ 505
453
+/- S/U
$5 U ----
N/A 77 S
200 729 157 $ 1086 $ 2,044
Long-Term Debt
530
Shareholders?Equity
Com. Stock ($1 par)
200
Add Pd in Capital
729
Retained Earnings
210
Total Equity $ 1,139
7-10 Total Liab/Equity $ 2,169
19X2
Assets
19X3
19X2 +/- S/U
Cash and C.E.
$ 90 $ 100 $10 S
Acct. Rec.
394
410 16 S
Inventories
696
616 80 U
Prepaid Exp
5
5
--
Accum Tax Prepay
10
9 1U
Current Assets $ 1,195 $ 1,140
$ 295 94 16
100 $ 505
453
200 729 157 $ 1086 $ 2,044
+/- S/U
-U ----
N/A +S
--+S N/A
BWs’ Determination of Sources and Uses
Liabilities and Equity
19X3
Notes Payable
Uses Statement.
7-13
Basket Wonders’ Balance Sheet (Asset Side)
Basket Wonders Balance Sheet (thousands) Dec. 31, 19X3a
Cash and C.E.
$ 90 a. How the firm stands on
(299)
N/A
Net Fix. Assets $ 701 $ 631 + U
Investment, LT
50
50
--
Other Assets, LT
223
223
--
7-8
Total Assets $ 2,169 $ 2,044
BWs’ Determination of Sources and Uses
QUESTION?
Why should we bother to understand a Flow of Funds Statement that is no longer
required to appear in U.S. audited annual reports?