CH17FinancingCurrentAssets(财务管理,英文版)
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财务管理常用术语(英汉对照)
Business cycle (of a firm) (1) 经营周期 从权益资本，筹集新债务，和 通过资产收购来增长业务的一系列事件，这 样，又开始一个新的周期。
Business risk (1,5,10,11) 经营风险 经济风险 和营业风险的累积影响，来源于公司不可能 知道目前投资和营业活动 /决策的确定结果。
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公经理人员财务管理—创造价值的过程
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作为发行证券公司的代理人尽最大努力销售 证券的一种证券分销方式。 Beta (coefficient) (10) ß系数 基于一种私人股 票的回报率变化相对于股票市场指数回报率 变化的敏感性的风险测量工具。与系统风 险，市场风险，不可分散风险，和相对风险 同义。 Bid-ask spread (13) 买卖价差 买价与卖价之间 的差额。 Bid price (13) 买价 市场交易者愿意购买的价 格。 Bidder (12) 投标商 在收购中，想购买另一家 公司全部或部分股份的公司。 Bond (9) 债券 说明债权人与发行公司之间关系和 规定资金借入和偿还的条件和条款的一种负 债证券。 Bond market (9) 债券市场 发行和交易债券的 市场。 Bond rating (9) 债券等级评定 由代理机构 (例 如标准普尔和莫迪投资服务公司 )评定的等 级以提供一种债券信用风险的估计。 Bond value (9) 债券价值 债券预期现金流序列 以与现金流序列的风险相联系的贴现率折 现的现值。 Bond value of a convertible bond (9)可转换债 券的债券价值 如果可转换债券没有转换选择权 的价值。 Bonding costs (11) 债券发行成本 贷款人对管 理灵活性设置限制性条款导致的成本 (由股 东承担 )。 Book value of asset (2) 资产的账面价值 资产 在公司资产负债表中列示的价值。 Book value of equity (1,2) 所有者权益的账面价 值 Book value multiple (12) 账面价值乘数 股价 除以每股权益账面价值。与 price-to-book ratio同义。用于公司价值估计。 Bookrunner (9) 发起人 Bottom line (2) 净收益 Brokers (9) 经纪人 不拥有证券，代表第三方 进行证券交易的个人或机构。 Business assets (5) 营业资产 营运资本需求 加净固定资产。
会计英语Chapter 4 Current Assets
(3)Anticipate the need for borrowing and assure the availability of adequate amounts of cash for conducting business operations. Every business organization must have sufficient cash to meet its financial obligations as they come due. Otherwise, its creditors may force the business into bankruptcy.
会计英语
出版社 经管分社
会计英语Chapter 4 Current Assets
会计英语
出版社 经管分社
4.1 Cash
Accountants define cash as money on deposit in banks and any items that banks will accept for deposit. These items include not only coins and paper money, but also checks, money orders and travelers’ checks. Banks also accept drafts signed by customers using bank credit cards, such as Visa and MasterCard. Thus sales to customers using bank cards are cash sales, not credit sales, to the enterprise that makes the sale.
会计英语
出版社 经管分社
会计英语Chapter 4 Current Assets
会计英语
出版社 经管分社
4.1 Cash
Accountants define cash as money on deposit in banks and any items that banks will accept for deposit. These items include not only coins and paper money, but also checks, money orders and travelers’ checks. Banks also accept drafts signed by customers using bank credit cards, such as Visa and MasterCard. Thus sales to customers using bank cards are cash sales, not credit sales, to the enterprise that makes the sale.
CH16ManagingCurrentAssets财务管理,英文版.ppt
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16 - 4
How does SKI’s working capital policy compare with the industry?
Working capital policy is reflected in current ratio, quick ratio, turnover of cash and securities, inventory turnover, and DSO.
These ratios indicate SKI has large amounts of working capital relative to its level of sales. SKI is either very conservative or inefficient.
Copyright © 2001 by Harcourt, Inc.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
16 - 8
What’s the goal of cash management?
To meet above objectives, especially to have cash for transactions, yet not have any excess cash.
16 - 9
Ways to Minimize Cash Holdings
Use a lockbox.
Insist on wire transfers from customers.
Synchronize inflows and outflows.
Use a remote disbursement account.
财务管理术语中英文对照
财务管理术语表Absorption costing 吸收成本法：Total Cost Methods全部成本法: 将某会计期间内发生的固定成本除以销售量，得出单位产品的固定成本，再加上单位变动成本，算出单位产品的总成本。
Accounting 会计：对企业活动的财务信息进行测量和综合，从而向股东、经理和员工提供企业活动的信息。
请参看管理会计和财务会计。
Accounting convention会计原则:会计师在会计报表的处理中所遵循的原则或惯例。
正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。
如果会计原则在实行中发生了一些变化，那么审计师就应该在年度报表附注中对此进行披露。
Accounts 会计报表和账簿: 这是英国的叫法，在美国，会计报表或财务报表叫做Financial Statements,是指企业对其财务活动的记录。
Chief financial officerAccounts payable应付账款: 这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款。
Accounts receivable 应收账款:这是美国的叫法，在英国，应收账款叫做Debtors,是指客户从公司购买商品或服务，公司已经对其开具发票，但客户尚未支付的货款。
Accrual accounting 权责发生制会计:这种方法在确认收入和费用时，不考虑交易发生时有没有现金流的变化。
比如，公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。
如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。
Accumulated depreciation 累计折旧:它显示截止到目前为止的折旧总额。
将资产成本减去累计折旧，所得结果就是账面净值。
Acid test 酸性测试:这是美国的叫法，请参看quick ratio速动比率（英国叫法）。
FinancialManagement财务管理,英文版.ppt
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 16
The 11 Member Nations of the European Monetary Union
Austria Germany
Netherlands
Belgium Ireland
The U.S. dollar was tied to gold.
Other currencies were tied to the dollar.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 15
The European Monetary Union
on the product, what should the juice sell for in Japan?
Price = (1.75)(1.50)(111.11) = 291.66 yen.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
In 2002, the full implementation of the “euro” is expected to be complete. The national currencies of the 11 participating countries will be phased out in favor of the “euro.” The newly formed European Central Bank will control the monetary policy of the EMU.
中英文对照,专业名词,财务成本管理(完整版)
PART I Fundamentals to Financial Management第一部分财务管理导论Section I Fundamentals to Financial Management第一节财务管理概述1。
profit maximization＊利润最大化1—1 EPS maximization* 每股收益最大化【讲解】EPS, earnings per share 每股收益1-2 Maximization of shareholders wealth＊股东财富最大化e.g。
Shareholder wealth maximization is a fundamental principle of financial management。
In financial management we assume that the objective of the business is to maximize shareholder wealth。
This is not necessarily the same as maximizing profit。
【讲解】（1）maximization[,mæksimai'zeiʃən］n。
最大化，极大化（2）minimization [,minimai’zeiʃən，—mi’z—]n。
最小化(3）maximize[’mæksɪmaɪz］v. 最大化，取……最大值，达到最大值（4)minimize ['mɪnɪmaɪz］ v. 最小化（5)minimum n。
最小值，最小量 adj.最小的，最低的（6)maximum n. 极大，最大限度，最大量 adj。
最高的，最多的（7）the same as 和……一样,与……相同学习成果回顾【译】股东财富最大化是财务管理的基本原则。
在财务管理中我们假定企业的目标就是实现股东财富最大化。
财务管理ppt英文课件Chapter 17
theory of the firm
Copyright 2001 Prentice-Hall, Inc.
4
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
Slides prepared by Wu Xiaolan
1.75 2.0
11
Summary of NOI Approach
Critical assumption is ko remains constant. An increase in cheaper debt funds is exactly
Copyright 2001 Prentice-Hall, Inc.
4
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
Slides prepared by Wu Xiaolan
1.75 2.0
11
Summary of NOI Approach
Critical assumption is ko remains constant. An increase in cheaper debt funds is exactly
会计英语unit 6 Assets—Current Assets Ⅰ
There are some cases where cash on the balance
sheet isn't necessarily a good thing.
The moral:
You probably won't be able to tell if a company is weak
based on cash alone; the amount of debt is far more
7
Cash is a vital factor in the operation o a business, since many business transaction involve cash.
Cash is most subject to theft and fraud. So, strict control over cash should be applied in a business.
received $20,000 a month later.
Cr. Paid-in Capital
(2) Dr. Supplies and Equipment Cr. Cash
(3) Dr. Accounts Receivable Cr. Service Revenue
This is outside the normal business operation. Short-term investments refer to investment in
marketable securities with certain face value, which can be realized at any time and will be held less than a year.
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To company, yes. Required repayment always looms. May have trouble rolling over loans.
Advantages of short-term credit:
Low cost--visualize yield curve. Can get funds relatively quickly. Can repay without penalty.
kNom
=
$30,303 $250,000
=
0.1212
=
12.12%.
But the $30,303 is paid all during the year, not at year-end, so EAR rate is higher.
$ Marketable Securities
Zero S-T debt
Perm C.A. Fixed Assets
L-T Fin: Stock, Bonds, Spon. C.L.
Years
What is short-term credit, and what are the major sources?
S-T credit: Any debt scheduled for repayment within one year.
Major sources: Accounts payable (trade credit) Bank loans Commercial paper Accruals
Is S-T credit riskier than L-T?
They must pay $30,303 more if they don’t take discounts.
Think of the extra $30,303 as a financing cost similar to the interest on a loan.
Want to compare that cost with the cost of a bank loan.
Is there a cost to accruals? Do firms have much control over amount of accruals?
Accruals are free in that no explicit interest is charged.
Firms have little control over the level of accruals. Levels are influenced more by industry custom, economic factors, and tax laws.
Moderate Financing Policy
$
Temp. C.A.
} S-T Loans
Perm C.A. Fixed Assets
L-T Fin: Stock, Bonds, Spon. C.L.
Years
Lower dashed line, moinancing Policy
What is trade credit?
Trade credit is credit furnished by a firm’s suppliers.
Trade credit is often the largest source of short-term credit, especially for small firms.
CHAPTER 17
Financing Current Assets
Working capital financing policies A/P (trade credit) Commercial paper S-T bank loans
Working Capital Financing Policies
= $333,333 = 83,333 = $250,000
Nominal Cost of Costly Trade Credit
Firm loses 0.01($3,030,303) = $30,303 of discounts to obtain $250,000 in extra trade credit, so
the cost of costly trade credit?
Net daily purchases = $3,000,000/360
= $8,333.
Gross/Net Breakdown
Company buys goods worth $3,000,000. That’s the cash price.
Spontaneous, easy to get, but cost can be high.
B&B buys $3,030,303 gross, or $3,000,000 net, on terms of 1/10, net 30, and pays on Day 40. How much free and costly trade credit, and what’s
Moderate: Match the maturity of the assets with the maturity of the financing.
Aggressive: Use short-term financing to finance permanent assets.
Conservative: Use permanent capital for permanent assets and temporary assets.
Payables level if take discount: Payables = $8,333(10) = $83,333.
Payables level if don’t take discount: Payables = $8,333(40) = $333,333.
Credit Breakdown: Total trade credit Free trade credit Costly trade credit
Advantages of short-term credit:
Low cost--visualize yield curve. Can get funds relatively quickly. Can repay without penalty.
kNom
=
$30,303 $250,000
=
0.1212
=
12.12%.
But the $30,303 is paid all during the year, not at year-end, so EAR rate is higher.
$ Marketable Securities
Zero S-T debt
Perm C.A. Fixed Assets
L-T Fin: Stock, Bonds, Spon. C.L.
Years
What is short-term credit, and what are the major sources?
S-T credit: Any debt scheduled for repayment within one year.
Major sources: Accounts payable (trade credit) Bank loans Commercial paper Accruals
Is S-T credit riskier than L-T?
They must pay $30,303 more if they don’t take discounts.
Think of the extra $30,303 as a financing cost similar to the interest on a loan.
Want to compare that cost with the cost of a bank loan.
Is there a cost to accruals? Do firms have much control over amount of accruals?
Accruals are free in that no explicit interest is charged.
Firms have little control over the level of accruals. Levels are influenced more by industry custom, economic factors, and tax laws.
Moderate Financing Policy
$
Temp. C.A.
} S-T Loans
Perm C.A. Fixed Assets
L-T Fin: Stock, Bonds, Spon. C.L.
Years
Lower dashed line, moinancing Policy
What is trade credit?
Trade credit is credit furnished by a firm’s suppliers.
Trade credit is often the largest source of short-term credit, especially for small firms.
CHAPTER 17
Financing Current Assets
Working capital financing policies A/P (trade credit) Commercial paper S-T bank loans
Working Capital Financing Policies
= $333,333 = 83,333 = $250,000
Nominal Cost of Costly Trade Credit
Firm loses 0.01($3,030,303) = $30,303 of discounts to obtain $250,000 in extra trade credit, so
the cost of costly trade credit?
Net daily purchases = $3,000,000/360
= $8,333.
Gross/Net Breakdown
Company buys goods worth $3,000,000. That’s the cash price.
Spontaneous, easy to get, but cost can be high.
B&B buys $3,030,303 gross, or $3,000,000 net, on terms of 1/10, net 30, and pays on Day 40. How much free and costly trade credit, and what’s
Moderate: Match the maturity of the assets with the maturity of the financing.
Aggressive: Use short-term financing to finance permanent assets.
Conservative: Use permanent capital for permanent assets and temporary assets.
Payables level if take discount: Payables = $8,333(10) = $83,333.
Payables level if don’t take discount: Payables = $8,333(40) = $333,333.
Credit Breakdown: Total trade credit Free trade credit Costly trade credit