第三版财务管理专业英语重点
财务管理专业英语topic
Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化)
Mini CMasinei case
In 1990, two of General Motor’s largest
She worked for the well-being of the underprivileged. 她为下层贫困民众的福利而努力。
We must diversify our products. 我们必须于产品多样化。 23.learning curve 学习曲线 going concern 持续的 24.agency problem 代理问题
New York Stock Exchange composite index 纽约证券交易所混合指数 10.Financial standards 财务准则
11.initial public offering (IP0) 首次公开发行股票
A $100 investment in Dell stock at the 1988 initial public
7.Management buyout 管理层收购 管理层收购在英文中简称MBO，是指公司的经营
管理者利用借贷融资买断或控制公司的股份，旨在改 变公司的所有者结构、控制权结构和资产结构，使公 司原经营者变成企业所有者的一种收购行为。MBO的 主要投资者是目标公司的管理人员，或是管理人员与 投资者结成的联盟，通过MBO，他们的身份由单一的 经营者角色变为所有者与经营者合一的双重身份。
GM’s senior
财务管理专业英语第三版课后答案
财务管理专业英语第三版课后答案1、I was astonished when I heard that Louise was getting married. [单选题] *A. 惊讶(正确答案)B. 气愤C. 高兴D. 想念2、He usually ________ at 6:30 a.m. [单选题] *A. gets toB. gets up(正确答案)C. gets overD. gets in3、Sitting at the back of the room（）a very shy girl with two bright eyes. [单选题] *A. is(正确答案)B. areC. hasD. there was4、My watch usually _______ good time, but today it is five minutes fast. [单选题] *A. goesB. makesC. keeps(正确答案)D. gains5、Medicines are to be taken according to the doctor’s advice. [单选题] *A. 发放B. 提取C. 配方D. 服用(正确答案)6、Modern plastics can（）very high and very low temperatures. [单选题] *A. stand(正确答案)B. sustainC. carryD. support7、2．The villagers want to have a bridge. Can this dream ________? [单选题] * A．come outB．get awayC．come true(正确答案)D．get out8、--How is your friend coming?--I’m not sure. He _______ drive here. [单选题] *A. may(正确答案)B. canC. mustD. will9、Chinese is one of ____ most widely used languages in ____ world. [单选题] *A. a, theB. /, theC. the, the(正确答案)D. a, /10、94．—Let’s go out for a picnic on Sunday.—________. [单选题] * A．Nice to meet youB．Here you areC．The same to youD．Good idea(正确答案)11、He was born in Canada, but he has made China his _______. [单选题] *A. familyB. addressC. houseD. home(正确答案)12、I couldn’t find Peter,_____did I know where he had gone. [单选题] *A.nor(正确答案)B.eitherC.neverD.as13、If you had told me earlier, I _____ to meet you at the hotel. [单选题] *A. had comeB. will have comeC. would comeD. would have come(正确答案)14、The teacher has his students_____a composition every other week. [单选题] *A.to writeB.writtenC.writingD.write(正确答案)15、In the future, people ______ a new kind of clothes that will be warm when they are cold, and cool when they’re hot.（）[单选题] *A. wearB. woreC. are wearingD. will wear(正确答案)16、--What would you like to say to your _______ before leaving school?--I’d like to say"Thank you very much!" [单选题] *A. workersB. nursesC. waitersD. teachers(正确答案)17、—When are you going to Hainan Island for a holiday? —______ the morning of 1st May.（）[单选题] *A. InB. AtC. On(正确答案)D. For18、93．Welcome ________ our school! [单选题] *A．to(正确答案)B．inC．atD．/19、Across the river（）. [单选题] *A. lies a new built bridgeB.lies a newly built bridge(正确答案)C. a new built bridge liesD.a newly built bridge lies20、28．The question is very difficult. ______ can answer it. [单选题] * A．EveryoneB．No one(正确答案)C．SomeoneD．Anyone21、People always _____ realize the importance of health _____ they lose it. [单选题] *A. not... untilB. don't... until(正确答案)C. /; untilD. /; not until22、40．Star wars is ______ adventure film and it is very interesting. [单选题] *A．aB．an (正确答案)C．theD．/23、11．No one ________ on the island(岛). [单选题] *A．liveB．lives(正确答案)C．livingD．are living24、The manager demanded that all employees _____ on time. [单选题] *A. be(正确答案)B. areC. to beD. would be25、Alice is a ______ girl. She always smiles and says hello to others.（）[单选题] *A. shyB. strictC. healthyD. friendly(正确答案)26、I saw the boy _______?the classroom. [单选题] *A. enter intoB. enter(正确答案)C. to enter intoD. to enter27、The little boy saved his money ______ he could buy his mother a gift on Mother’s Day.（）[单选题] *A. butB. such thatC. in order toD. so that(正确答案)28、He spoke too fast, and we cannot follow him. [单选题] *A. 追赶B. 听懂(正确答案)C. 抓住D. 模仿29、33．Will Mary's mother ______ this afternoon? [单选题] * A．goes to see a filmB．go to the filmC．see a film(正确答案)D．goes to the film30、The story has _______ a lot of students in our class. [单选题] *A. attracted(正确答案)B. attackedC. appearedD. argued。
财务管理专业英语
Analyzing Financial Ratios
Some preliminary comments are warranted:
1. Financial ratios are not standardized.
4.2.1 Current ratio
Excessively high current ratios, however, may indicated a firm may have too much of its long-term investor-supplied capital invested in short-term low-earning current assets.
4.2 Liquidity Ratios
Net working capital to total assets ratio= Net working capital Total assets
净营运资本比总资产比率
4.2.1 Current ratio
Current ratio Current assets Current liabilities
Denominator 分母 Numerator 分子
4.2.1 Current ratio
For example, a current ratio of 1.5 implies that a firm has $1.5 in current assets for every $1 in current liabilities and thus has 1.5 times the current assets, or has its current liabilities covered 1.5 times over.
财务管理专业英语词汇表
a profit and loss statement accelerated methodsaccounts payableaccounts payable turnover ratio accounts receivableaccounts receivableaccounts receivable turnover ratios accrrual accountingaccrued expenseaccumulated depreciation accumulated retained earnings acquireaffiliateagency costagency problemagency relationshipaging scheduleallocateallocationally efficient markets amortizationannuityannuity dueanomalyappreciatearbitrage pricing theory(APT)Asian currency optionasset management ratiosasset turnover ratioauthorized sharesautonomyaverage age of accounts receivable avreage rate currency optionbad debt loss ratiobalance sheetbalance sheetbank debtbankers'acceptancebankruptcybasic earnings per shareBaumol cash management model behavioral financebeta coefficientbond indenturebonding costbook valuebottom-up approachbreak-even analysiabrokerage feebusinessbusiness riskcapital asset pricing model(CAPM) capital asset pricing model(CAPM) capital budgetcapital budgetingcapital expenditurecapital leasecapital marketcapital rationingcapital structurecapital surpluscash conversion cyclecash dividendcash dividendscash Flow Coverage Ratiocash flow from financingcash flow from investingcash flow from operationscash offercash ratiocentralize payableschairpersoncheckchief executive officer(CEO)chief financial officer(CFO) chronologicalclaimclearing time floatclosely held corporation coefficientcollateralcommercial papercommon stockcommon stockcommon stockholder or shareholder company-specific factor compensating balancecomplex capital structure compound interestcompoundingconcentration bankingconstant dividend payout ratioconstant growth model consumer creditcontingent value rights controllerconversion premiumconversion ratioconvertible bondconvertible debtconvertible debtconvertible preferred stock convertible securities corporate annual reports correlation coefficientcost of capitalcost of capitalcovariancecreative accountingcredit and collectiong policy credit cardcredit periodcredit salecredit termcreditorcross-currency pooling system cross-currency quote cumulative votingcurrency forward contract currency futures contract currency optioncurrency riskcurrency swapcurrent assetcurrent liabilitycurrent liabilitycurrent market valuecurrent ratiocurrent yielddebt holderdebt instrumentdebt management ratiosdebt ratiodebt-to-equity ratiodebt-to-total-capital decision-makingdeclaration datedefault riskdeferred annuitydeferred taxdepreciatedepreciationdesired or target capital structure diluted earnings per sharedilution of controldilution of ownershipdilutivedirect methoddirect quotationdisbursementdiscount perioddiscount ratediscount ratediscounted cash flow(DCF)discounted payback perioddiscountingdiversifiable riskdiversifydividend discount modeldividend irrelevane theorydividend payoutdividend payout ratiodividend policydividend yielddividend-payout ratiodo-it-yourself dividenddufault riskDuPont Analysis of ROEearnings before interest and taxes (EBI earnings before interest and taxes(EBIT earnings per shareearnings per shareeconomic order quantity(EOQ)efficient market hypothesis（EMH) employee stock option program(ESOP) equity multiplierEuropean Economic AreaEuropean Economic CommunityEuropean unionexchange rateexchange-rate riskex-dividend dateexecutive directorexotic optionexpansion projectexpected returnexpected utility theoryexternal financingface valueFinancial Accounting Standards Board(FA financial analystfinancial distressfinancial distressfinancial economistfinancial flexibilityfinancial leveragefinancial managementfinancial marketfinancial ratiofinancial riskfinancial riskfinancial standardsfinancial statementfinancing cash flowsfinancing mixfinancing mixfinancing mixfirst-in ,first out (FIFO)Fitch Investor Servicesfixed exchange rate systemfloatfloatationfloatation costfloating exchange rate systemFortune 500forward discountforward marketforward premiumforward rateforward tradefree cash flow hypothesisfree tradefree-riding problemfuture contractfuture value(FV)general partnerGenerally Accepted Accounting Principle general-purpose assetsgo publicgoing concernGoldman Sachsgross profit margingrowth perpetuityhedginghistorical costhoard of directorshomemade dividendshurdle ratehurdle ratehybird securityhybridincentive stock optionincome statementincremental cash flows independent auditorindependent projectindirect methodindirect quotationinformation asymmetry informationally efficient markets initial public offering(IPO)initial public offering(IPO)initial public offerings institutional investorinstitutional investorintangible fixed assetsinterest coverage ratiointerest deductioninterest rate parityinterest rate riskinternal financinginternal rate of return(IRR) Internal Revenue Service(IRS) international corporation international financial management international Monetary Fund intrinsic valueinventoryinventoryinventory processing period inventory turnover ratioinvesting cash flowsinvestment bankinvestment bankerinvestor rationlityJanuary effectjeopardizejoint venturejust-in-time(JIT)systemlast-in ,first-out (LIFO)law of one pricelearning curveleaseleaselesseelessorleverage ratioslevered firmliabilitylimited partnerlimited partnershipline of creditliquidating dividendliquidationliquidity ratiolock box systemlong-term debt to total capital ratios long-term liabilitylong-term ratiolookback currency optionlow regular plus specially designated d mail floatmanagenment buyoutmanipulatemarket conversion valuemarket imperfectionmarket riskmarket shareMarketabilitymarketable securitiesmarketable securitiesmarketable securitymarketable securitymarket-to-book value ratioMaster of AccountingMaster of Business Administration(MBA) Master of Financial Managementmaterial requirement planning (MRP)syst maturitymean-variance frontiermean-variance worldMerrill LynchMiller-orr cash management modelmix of debt and equitymoderate approachModigliani and Miller(M&M)theorem Monday effectmoney marketmoney ordermonitoring costsMoody’s and Standard & Poor’sMoody's Investors Service,Inc.(Moody's) Morgan Stanley Dean Wittermortgagemultinational corporationmutual fundmutually exclusive projectnegotiable certificates of deposit(CDs) negotiate offernet incomenet present value(NPV)net present value(NPV)net profit marginnet working capticalNew York Stock Exchange(NYSE)New York Stork Exchangenewly listed companynon-executive directornormal distributionnormality assumptionnote payableoffering priceopen marketoperating cash flowsoperating incomeoperating income(loss)operating leaseoperating leverageoperating profit marginoperating profit marginoperationally efficient markets opportunity costopportunity costoptimal capital structureoption contractoption exchangeoption-like securityordinary annuityoutstandingoutstanding sharesoverheadover-the-counter marketowner’s equityP/E ratiopartnerpartnershippatentpayback period(PP)payment datepecking order theoryperfect capital marketperpetual inventory systemperpetuitypivotalportfolio theorypost-auditpost-earnings announcement drift precautionary motivepreemptive rightpreemptive rightpreferred stockpreferred stockpreferred stockholder or shareholder present value(PV)price takerprimary marketprincipalprincipal-agent or agency relationship private corporationprivate placementprivately held corporationprivileged subscriptionpro rataprobabilityprobability distributionprobability distribution function processing floatprocrastinationprofitprofitabilityprofitability index(PI)profitability ratioproperty dividendproperty,plant,and equipment(PPE)pros and consprospect theoryprotfoliopublic offerpublicly held companypublicly traded corporations publicly traded firmpurchasing power parityput optionput pricequick ratiorandom variablerate of returnrational behaviorreal assetsreal estaterecord dateregular dividendrelaxed or conservative approach replacement projectrepurchaserepurchaserepurchase agreementrequired rate of returnreserve borrowing capacityresidual claimresidual dividend policyresidual valuerestricted or aggressive approach restrictive covenanatsretail incestorretail investorreturnreturn on asset (ROA)return on common equity (ROCE) return on total equity (ROTE) return on total equity ratio (ROE) revenueright to proxyright to transfer ownershipright to voterights offerrisk aversionSalomon Smith Barneysaturation pointscenario analysisseasoned issuesecondary marketSecurities and Exchange Commission(SEC) semi-strong formsensitivity analysissensitivity analysisseparation of ownership and control share repurchaseshareholderside effectsimple capital structuresimple interstsimulationslowing disbursementsocial goodsole proprietorshipsolvencysource of cashspecial-purpose assetsspeculative motivespin-offsspot ratespot tradestable dollar dividend policy stakeholder theorystand-alone riskStandard & Poor's Corporation(S&P) standard deviationstatement of cash flowstatement of change in shareholders' eq statement of retained earningsstock buybackstock dividendsstock offeringstock offeringstock optionstock price appreciationstock repurchasestock splitstockholderstockholders'equitystraight or majority votingstraight-line depreciationstrong formsunk costswapsyndicate of underwritertakeovertangible fixed assetstarget capital structuretax exempt instrumenttax shieldteminal valuetender offertender offer(=takeover bid)term loantime value of moneytotal asset turnover ratiotrade credittrademarktradeofftradeoff theorytransaction costtransaction motivetreasurertreasury notestreasury sharetreasury stockunbiased forward rateunderlying common stockunderpricingunderpricingunderwriterunderwritingunlevered firmunseasoned issueUS Treasury Billuse of cashvalue effectvalue(wealth)maximizationvariable-rate debtvarianceventure capitalventure capitalistviabilityvice president of financevolatilityvolatilityvoting rightwarrantwarrantweak formweighted average cost of capital(WACC) well-beingwindow dressingwithdrawalworking capital management working captical management world Trade Organization yield to maturity (YTM) zero balance account(ZBA)加速折旧法应付账款应付账款周转率应收账款应收账款应收账款周转率应计制会计应计费用累计折旧累计留存收益获得，取得（在财务中有时指购买；名词形式是acquisition，意为收购）分支机构代理成本代理问题代理关系账龄表（资源，权利等)配置（名词形式是allocation，如capital allocation，意为资本配置）配置有效市场摊销年金先付年金异常（人或事物）升值套利定价理论亚式期权资产管理比率资产周转比率授权股自主权，自治应收账款平均账龄均价期权坏账损失率资产负债表资产负债表银行借款银行承兑汇票破产基本每股收益鲍莫尔现金管理模型行为财务贝塔系数债券契约契约成本账面价值盈亏平衡点分析经纪费企业，商务，业务经营风险资本资产定价模型资本资产定价模型资本预算资本预算资本支出融资性租赁资本市场资本限额资本结构资本盈余现金周转期现金股利现金股利现金流量保障比率筹资活动现金流投资活动现金流经营活动现金流现金收购现金比率集中支付主席（chairmanor chairwoman)支票首席执行官首席财务官按时间顺序排列的（根据权力提出）要求，要求权，主张，要求而得到的东西清算浮游量控股公司系数抵押商业票据普通股普通股普通股股东（也可以是ordinary stockholder or shareholder公司特有风险补偿性余额复杂资本结构复利复利计算集中银行法固定股利支付率政策固定增长率模型消费者信用或有价值权会计长转换溢价转换比率可转换债券可转债可转债可转换优先股可转换证券公司年报相关系数资本成本资本成本协方差创造性会计，寻机性会计信用与收款政策信用卡信用期限赊销信用条件债权人外汇交叉组合系统交叉标价累积投票制远期外汇合约货币期货合约货币期权外汇风险货币互换流动资产流动负债流动负债现行市场价值流动比率现行收益债权人（也可以是debtor,creditor)债务工具债务管理比率债务比率债务与权益比率债务与全部资本比率决策，决策的股利宣布日违约风险递延年金递延税款贬值折旧目标资本结构稀释的每股收益控制权稀释所有权稀释（公司股票）冲减每股收益的直接法直接标价支出、支付折扣期限折扣率折现率折现现金流折现回收期折现计算可分散风险多样化股利折现模型股利无关论股利支付率股利支付比率股利政策股利收益率股利支付比率自制股利违约风险权益报酬率的杜邦分析体系息税前盈余息税前盈余每股收益（盈余）每股盈余经济订货量有效市场假设员工股票期权计划权益乘数欧洲经济区协定欧洲经济共同体欧盟汇率汇率风险除息日执行董事特种期权扩充项目期望收益期望效用理论外部融资面值（美国）会计准则委员会财务分析师财务困境财务困境财务经济学家财务灵活性财务杠杆财务管理金融市场财务比率财务风险财务风险（有时也指金融风险）财务准则财务报表筹资现金流融资比率融资结构融资组合（指负债与所有者权益的比例关系）先进先出惠誉国际公司固定汇率制度浮游量、浮差发行证券；挂牌上市上市成本浮动汇率制度财富500指数远期贴水远期市场远期升水远期汇率远期交易自由现金流假说自由贸易搭便车问题期货合约未来值，终值一般合伙人公认会计原则一般目的资产公开上市持续的高盛公司毛利增长年金避险 套期保值历史成本董事会自制股利门坎利率，最低报酬率门槛利率，最低报酬率混合证券混合金融工具激励性股票期权利润表增量现金流量独立审计师独立项目间接法间接标价信息不对称信息有效市场首次公开发行股票首发股票首发股票机构投资者机构投资者无形固定资产利率保障比率利息抵减利率平价利息率风险内部融资内部收益率，内含报酬率美国国内税务署跨国公司国际财务管理国际货币基金组织内在价值存货存货存活周转期存货周转率投资现金流投资银行投资银行家投资者的理性一月效应危害合资企业即时制后进先出单一价格法则学习曲线租赁租赁承租人出租人杠杠比率杠杆企业负债有限责任合伙人有限合伙制企业贷款额度股利清算清算流动性比率锁箱系统长期债务与全部资本比率长期负债长期比率回顾试货币期权低正常股利加额外股利政策邮寄浮游量管理层收购操纵市场转换价值市场不完备性市场风险市场份额可销售性短期证券有价证券短期有价证券流动性证券，有价证券市场价值与账面价值的比率会计学硕士工商管理硕士财务管理专业硕士物料需求计划系统（债券、票据等）到期均值-方差有效边界均值-方差世界美林公司米勒-欧尔现金管理模型负债与股票的组合适中策略MM定理星期一效应拨款单，汇款单，汇票监督成本穆迪和标准普尔穆迪公司摩根士丹利-添惠公司抵押跨国公司共同基金互不相容项目大额可转让存单议价收购净利润净现值净现值净利润净营运资本纽约证券交易市场纽约股票交易所新上市公司非执行董事正态分布正态假设应付票据发行价格公开市场经营现金流经营收益经营收益（损失）经营性租赁经营杠杆经营利润市场价值比率运营有效市场机会成本机会成本最优资本结构期权合约期权交易类期权证券普通年金（证券等）发行在外的发行股制造费用场外交易市场所有者权益市盈率合伙制企业专利回收期股利支付日排序理论完美资本市场（存货）永续盘存制永续年金关键的，枢纽的组合理论期后审计期后盈余披露预防动机优先权优先认购权优先股优先股优先股股东（英国人用preference stockholder or shareholder)现值价格接受者一级市场本金委托-代理关系（代理关系）私募公司，未上市公司私募私人控股公司有特权的认购按比例，成比例概率概率分布概率分布函数内部处理浮游量延迟利润盈利能力现值指数盈利比率财产股利土地、厂房与设备正反两方面期望理论组合公开发行公众控股公司公开上市公司，公众公司，上市公司（其他的表达法如，listed corporation，public corporation，etc）公开上市公司购买力平价卖出期权卖出价格速动比率随机变量收益率理性行为实务资产房地产（有时也用real property,或者就用property表示）股权登记日正常股利稳健策略更新项目回购回购回购协议要求的报酬率保留借款能力剩余索取权剩余股利政策残余价值激进策略限制性条款散户投资者（为自己买卖证券而不是为任何公司或机构进行投资的个人投资者）个人投资者.散户投资者回报资产收益率普通权益报酬率全部权益报酬率权益报酬率收入代理权所有权转移权投票权认股权发行风险规避所罗门美邦投资公司饱和点情况分析适时发行、增发（seasoned是指新股稳定发行。
财务管理专业英语Topic 10
Dividends and Dividend Policy
Types of Dividends
❖ Cash Dividends ❖ Stock Dividends ❖ Property Dividends
❖ Second, the dividend can be a regular dividend, which is paid at regular intervals (quarterly, semi-annually, or annually), or a special dividend, which is paid in addition to the regular dividend.
❖ 股利宣布日是董事会宣布他们打算支付股利的日 期。
❖ The ex-dividend date is the cut-off date for receiving the dividend.
❖ 除息日是收到股利的截止日期。
❖ The record date is the date on which an investor must be a shareholder of the record to be entitled to the upcoming dividend only if they have bought the stock for at least two business days before the record date.
❖ In chronological order, the four important dates associated with a dividend payment are as follows.
财务管理英语复习资料
财务管理英语复习资料一、财务管理英语的重要性在当今全球化的商业环境中，财务管理英语已经成为企业财务管理领域中不可或缺的一部分。
无论是与国际合作伙伴进行商务交流，阅读和理解国际财务报告，还是参与跨国投资和融资活动，具备良好的财务管理英语能力都能够为财务专业人士提供更多的机会和竞争优势。
二、财务管理英语的基础词汇（一）财务报表相关词汇1、 Balance Sheet（资产负债表）2、 Income Statement（利润表）3、 Cash Flow Statement（现金流量表）4、 Assets（资产）5、 Liabilities（负债）6、 Equity（所有者权益）（二）财务比率相关词汇1、 Current Ratio（流动比率）2、 Quick Ratio（速动比率）3、 DebttoEquity Ratio（负债权益比）4、 Return on Investment （ROI)（投资回报率）5、 Net Profit Margin（净利润率）（三）财务决策相关词汇1、 Capital Budgeting（资本预算）2、 Working Capital Management（营运资本管理）3、 Cost of Capital（资本成本）4、 Dividend Policy（股利政策）三、财务管理英语的常用句型（一）描述财务状况1、 The company's financial position is stable, with a healthy balance sheet and a positive cash flow（公司的财务状况稳定，资产负债表健康，现金流为正。
）2、 The current ratio of the firm is 2:1, indicating a strong shortterm liquidity position（公司的流动比率为 2:1，表明短期流动性状况良好。
财务管理专业英语_句子及单词翻译
Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。
Decisions involving a firm’s short-term assets and liabilities refer to working capital management.决断涉及一个公司的短期的资产和负债提到营运资金管理The firm’s long-term financing decisions concern the right-hand side of the balance sheet.该公司的长期融资决断股份资产负债表的右边。
This is an important decision as the legal structure affects the financial risk faced by the owners of the company.这是一个重要的决定作为法律结构影响金融风险面对附近的的业主的公司。
The board includes some members of top management(executive directors), but should also include individuals from outside the company(non-executive directors).董事会包括有些隶属于高层管理人员(执行董事)，但将也包括个体从外公司(非执行董事)。
Maximization of shareholder wealth focuses only on stockholders whereas maximization of firm value encompasses all financial claimholders including common stockholders, debt holders, and preferred stockholders.股东财富最大化只集中于股东，而企业价值最大化包含所有的财务债券持有者，包括普通股股东，债权人和优先股股东。
英文 财务知识点总结
英文财务知识点总结IntroductionFinancial knowledge is important for everyone, whether you are a student, business owner, or individual. It is crucial to understand the basics of finance in order to make informed decisions about saving, investing, and managing money. In this article, we will summarize some key financial knowledge points that everyone should be familiar with.Budgeting and SavingOne of the fundamental principles of personal finance is the concept of budgeting and saving. A budget is a plan for how you will spend and save your money each month. It allows you to track your income and expenses, and helps you to prioritize your spending. By creating and sticking to a budget, you can ensure that you live within your means and avoid overspending.Saving is also an important aspect of personal finance. It's crucial to set aside a portion of your income for future needs, such as emergencies, retirement, or major purchases. The earlier you start saving, the more you can benefit from compounding interest, which allows your savings to grow over time.InvestingInvesting is an essential part of building wealth and achieving financial goals. There are various investment options available, including stocks, bonds, mutual funds, and real estate. It's important to understand the risks and potential returns associated with each investment option, as well as how they align with your personal financial goals and risk tolerance.Diversification is also a key principle of investing. By spreading your investments across different assets and asset classes, you can reduce the risk of a large loss and increase the potential for higher returns.Credit and DebtCredit and debt are important components of personal finance. Credit allows you to borrow money and make purchases, while debt represents the money you owe. It's important to use credit responsibly and manage debt effectively in order to maintain a healthy financial situation.Understanding your credit score and report is crucial for managing credit and debt. Your credit score reflects your creditworthiness and impacts your ability to borrow money and the interest rates you'll pay. Monitoring your credit report regularly helps you to identify any errors or potential identity theft.InsuranceInsurance is a key aspect of financial planning that protects you and your assets from unexpected events. There are various types of insurance, including health, life, auto, home, and disability insurance. Each type of insurance provides a different form of protection, and it's important to understand the coverage and costs associated with each.Estate PlanningEstate planning involves making arrangements for how your assets will be managed and distributed after your death. It's important to have a will or trust in place to ensure that your wishes are carried out and that your loved ones are provided for. Estate planning also involves naming beneficiaries for your retirement accounts, life insurance policies, and other assets.TaxesUnderstanding the basics of taxation is important for managing your finances and complying with the law. It's important to know the different types of taxes, such as income tax, sales tax, and property tax, and how they impact your financial situation. You should also be aware of tax deductions and credits that can help you reduce your tax liability.Financial Knowledge for BusinessesIn addition to personal finance, there are also important financial knowledge points for businesses. Financial statements, such as the balance sheet, income statement, and cash flow statement, are essential for understanding a company's financial performance. These statements provide valuable insights into a company's profitability, liquidity, and solvency. Financial ratios are also important for analyzing a company's financial health. Ratios such as the debt-to-equity ratio, return on investment, and profit margin can help investors and managers evaluate a company's financial performance and make informed decisions.ConclusionFinancial knowledge is a fundamental skill that everyone should possess. Whether you are managing your personal finances or running a business, understanding key financial concepts and principles is essential for making informed decisions and achieving your financial goals. By learning and applying these financial knowledge points, you can build a strong foundation for financial success.。
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1.Words and phrasesCEO Chief Executive Officer首席执行官; CFO Chief Financial Officer 首席财务官; COO Chief operating officer首席运营官; CFA 特许金融分析师(Chartered Financial Analyst);CICPA 中国注册会计师协会（The Chinese Institute of Certified Public Accountants）; MBA 管理硕士Master of Business Administration;IPO(unseasoned issue)Initial Public Offerings 首次公开募股;SEC 美国证券交易委员会Securities and Exchange Commission;NYSE New York Stock Exchange 纽约证券交易所;GAAP Generally Accepted Accounting Principles 公认会计准则EBIT earnings before interest and taxes息税前利润;EBT earnings before tax税前收益; EPS Earnings Per Share 每股利润;ROE Rate of Return on Equity权益报酬率; NCF net cash flow 现金净流量;NPV net present value 净现值;IRR Internal Rate of Return 内部收益率FVIFA future value interest factors of annuity年金终值系数;PVIFA present value interest factors of annuity年金现值系数;YTM Yield to Maturity 到期收益率; CAPM capital asset pricing model资本资产定价模型;WACC weighted average cost of capital加权平均资本成本;EOQ Economic Order Quantity 经济订购量; JIT system just in time 实时生产系统2.TranslationOverview of each topic1商业公司每天都在做决策。
几乎所有的商业决策有财务的含义。
因此，财务对每个人都重要。
我们通过对财务管理的意义和财务经理角色的讨论开始我们财务管理的学习。
下面我们讨论决策的三种主要类型：长期投资决策，长期融资决策和营运资本管理决策。
2在认识财务管理和财务决策定义的基础上，接下来我们看公司经营形式和组织结构。
要做出有效的商业决策，财务经理应该具有一个单值的目标函数。
因此，我们主张以股东财富最大化为财务管理目标。
最后。
我们讨论涉及所有权和管理权的分离以及调整业主和管理者利益机制的潜在代理问题。
3我们在本课题的目的是展示如何解读内容，了解以下财务报表的平衡表、损益表的局限性，说明现金流，和留存收益表。
像一个医生写的的病人的医疗报告，在这些报表中的信息可以提供重要的信息，有助于我们更好地了解公司的财务状况。
我们强调需要了解公司的利润表上的会计净收入和公司在同一时期内产生的实际净现金流量之间的差异。
4在本课题中我们将展示如何贷款人、投资者、分析师和管理人员可以使用从公司的资产负债表，损益表以及现金流量表获得的信息计算财务指标为公司绩效方面提供特别有用的见解，这些指标让公司的利益相关者更好地理解其流动性和长期偿债能力，利用各种资产的效率，收益率以及市场根据主要金融变量是如何对公司估值的。
我们展示了如何计算和解释各种有关上述任一个方面的比例。
我们讨论了财务比率分析的几种用途和局限性。
5货币的时间价值作为金融中所有其他概念的基础。
它影响了商业金融、消费金融和政府财政。
我们大多数人宁愿今天收到钱，所以我们可以投资的钱，并期望在未来有一个更大的总和。
同样的理由表明，我们应该更愿意支付我们自己的钱，比我们晚一晚的时间。
因此，金钱的价值取决于它被支付或接受的时间。
时间价值分析的原则有许多应用，包括为发放贷款的资本投资决策设立时间表等。
本主题涵盖单利和复利的介绍，然后介绍了配料，由于与永续年金的概念。
本课题还讨论了货币的时间价值的数学和价值未来的现金流量的技术。
然后，我们展示了如何使用这些概念和技术来值一个公司的长期证券-债券和普通股。
事实上，在金融中使用的所有的概念，没有一个比货币的时间价值更重要，也被称为贴现现金流（DCF）分析。
6.在这个主题中，我们从基本前提，即投资者喜欢回报和厌恶风险，因此，人们将投资于风险较高的资产，如果他们希望获得更高的回报。
我们定义的术语风险意味着什么，因为它涉及到投资。
我们研究如何管理者测量风险，并讨论风险和回报之间的关系。
然后介绍了投资组合理论和资本资产定价模型。
7资本预算是企业财务管理的一个极其重要的方面。
虽然一个单一的资本资产通常包括一个公司的总资产的一小部分，所有资本资产是长期的。
因此，一个公司在其资本预算过程中犯了一个错误，必须与这个错误共存很长一段时间。
今天的资本支出决策比以往任何时候都更为关键。
快速的技术进步，产品的生命周期越来越短，和复杂的竞争使投资决策对一个公司的成功至关重要。
在这个主题中，我们展示了评估项目的现金流量和各种资本预算规则，以评估和选择独立和相互排斥的项目，处理方法之间的冲突，和业务实践的指导方针。
我们介绍了如何分析资本投资的风险，以及如何在资本配给下的决策。
此外，我们讨论了影响项目的选择和后审计的定性因素。
8财务经理需要了解业务范围内的环境和金融市场。
因此，本课题介绍了资本筹集的市场，证券交易，股票价格建立。
在这个过程中，我们还重点研究了资本成本的内容。
但我们不关心资本模型和公式的成本。
9.本课题考察了一个公司的资本结构决策。
资本结构是指企业长期融资的来源。
我们说明了一个公司如何利用财务杠杆，以增加预期的回报给股东，同时降低股东的风险。
我们还讨论了一个公司的资本结构无关的莫迪利亚尼米勒theurem当没有税收或其他市场摩擦。
然后，我们展示了如何税收和一定的市场摩擦可能会使一个公司的资本结构决策在现实世界中有关。
最后，我们提出了一个资本结构决策checklist。
10一旦一家公司盈利，他们就必须决定如何处理这些利润。
他们可以继续保留公司内的利润，或者他们可以以股息的形式向公司的所有者支付利润。
一旦公司决定是否支付股息，他们可以建立一个有永久性的股利政策，这可能反过来对投资者和金融市场对公司的看法的影响。
他们的决定取决于公司现在和将来的情况。
这也取决于投资者和潜在投资者的偏好。
在这个主题中，我们重点对股利政策是因为它的主要机制，公司支付现金给股东。
我们还讨论了其他相关的事项作为股份回购11营运资本管理涉及公司短期资产与短期负债的关系。
营运资金管理的目标是确保一个公司能够继续运作，并有足够的能力，以满足到期的短期债务和即将到来的业务费用。
营运资金管理涉及现金、应收账款和存货的管理。
12大多数公司的财务管理决策不局限于国内边界。
在这一主题中，我们讨论了特殊的因素，必须考虑在国际企业财务管理。
我们首先回顾了全球经济，看看最近的国际协议，影响财务决策。
我们还将检查公司扩大业务和交易的外汇市场。
最后，我们讨论了相关的财务决策和跨国资本预算的问题3.Calculation: keeping two digital numbers; writing units; using average number when needed; listing the process;1 year=365 days(1)Financial analysisP33 Table 3-1, 3-2Current ratio; quick ratio; debt ratio; debt-to-equity ratio; equity multiplier Calculate cash conversion cycle and corresponding period (4 indicators); total asset turnover ratioGross profit margin; net profit margin; return on equity(ROE)P/E ratio; dividend payout ratio(2)Capital budgeting: calculating NCF and NPV, making decision.Steps of calculating NCF:Step 1: Draw line: starting from “0”,ending at “n”=construction period + operating periodStep 2: Make note of recoverable amount at the time point of “n”Recoverable amounts include:A.Residual valueB.Working capitalStep 3: calculate depreciation=(original value- residual value)/ workable years Step 4: calculating NCF of each periodA.NCF0=(investment in project and working capital)B.NOCFTotal cost= cash paid cost+ depreciation EBT= sales - total costTax= EBT * tax rateNet income= EBT- taxNOCF=sale-(cash paid cost + tax)Or=net income + depreciationC. NCFn= NOCFn + recoverable amount(3)Financing activityCalculating break even EBIT and EPS; decision making on financing plans and calculation of DFLTopic 8 question 5. Interest rate may be different.Concepts：DOL: degree of operating leverageDOL= percentage change of EBIT/ percentage change of sales revenue (sale quantity)= M0/EBIT0=M0/(M0-FC)(2) DFL: degree of financial leverageDFL= percentage change of EPS (EAT)/ percentage change of EBIT= EBIT0/[EBIT0-I-Preferred dividend/(1-tax)] (3) DCL: degree of combined leverageDCL= percentage change of EPS/ percentage change of sales revenue (sales quantity)= DOL * DFL= M0/[M0-a-I-preferred dividend/(1-tax)] (4)working capitalEOQ and lowest costCalculating relative cost based on current ordering quantity.PPTDepleted every week; every month; every quarter; every four months; every half year4. CHOICES(1) financial ratios and its limitations(2) time value of money: PVIFA of different annuities: ordinary annuities; annuity due 先付; deferred 延期annuity; perpetuity Interpolation: calculating IRR, YTM and its effective annual rate (topic 5-7 question 10)10. 901.37=40×(P/A,i,12)+1000×(P/F,i,12)when i=4%, 40×9.3851+1000×0.6246=1000.004 bigger than 911.37, so IRR must be bigger than 4%when i=5%, 40×8.8633+1000×0.5568=911.332 bigger than 901.37, so IRR must be bigger than 5%When i=6%, 40*8.384+1000*0.497=832.36 less than 901.37, so IRR must be smaller than 6%IRR=5.13%YTM=10.26%EAR=(1+ 5.13%)2-1=10.52%(3)financing:WACC: debt cost(considering tax); using CAPM model and growth model to calculate equity cost; note the difference between d0 and d1, and the weighted numberTopic 8 question 6-7The difference among book value, market value and intrinsic 内在valueDividend policy and important dividend payment dates除权日....DOL, DFL and DCL: relation and corresponding risksM=(3000-1900)*400=440,000EBIT=M-a=440,000-250,000=190,000EBT=EBIT-I=190,000-90,000=100,000 DOL=M/EBIT=440,000/190,000=2.32 DFL=EBIT/EBT=190,000/100,000=1.9DCL=DOL * DFL=2.32*1.9=4.4 Functions of investment banks(4)working capitalMotive of holding cashNet float: collection float, disbursement float and their effects on net float Cash conversion cycle and EOQ。