List of private equity firms 2012
Unit 7 Culture 习题与解答
Unit 7 CultureExercise I Vocabulary and StructureSection ADirections: Choose the best word to complete each of the following senten ces1。
He left the spot immediately，afraid of being ________ in the car acc ident。
DA. connectedB. takenC. seatedD. involved2. As the dictionary says，“graciousness” ________ means being polite, ki nd and generous。
AA。
literallyB。
gracefullyC。
exactlyD. constantly3。
He insisted that she ________ improve her oral English by doing a lot of practice.DA. couldB. wouldC. mightD。
should4. We don't believe that those special kinds of leaves are _______. BA. actualB。
edibleC。
ridiculousD. comprehensive5. She was scared to ________ her father's wishes。
CA。
go aboutB. go throughC. go againstD。
go on6。
Many a parent ________ to go through this same painful process.B A. haveB。
hasC。
are havingD. is having7。
2012钱伯斯律所排名
2012钱伯斯中国区律师事务所排名（shortlist）BANKING & FINANCE （银行及金融领域）PRC firmsFangda Partners（方达-上海）Global Law Office（环球-北京）Haiwen & Partners（海问-北京）Jun He Law Offices（君合-北京）King & Wood（金杜-北京）Llinks Law Offices（通力-上海）Zhong Lun Law Firm （中伦-北京）International firmsAllen & Overy LLP（安理-英国）Baker & McKenzie （贝克麦坚时-美国）Clifford Chance LLP （高伟绅-英国）Linklaters（年利达-英国）Norton Rose（诺顿罗氏-英国）White & Case LLP（伟凯-美国）CAPITAL MARKETS: DEBT & EQUITY （资本市场）PRC firmsCommerce & Finance Law Offices (通商-北京) Grandfield Law Offices（国枫-北京）Haiwen & Partners（海问-北京）Jingtian & Gongcheng（竞天公诚-北京）Jun He Law Offices（君合-北京）King & Wood（金杜-北京）International firmsDavis Polk & Wardwell LLP （达维-美国）Kirkland & Ellis（凯易-美国）Linklaters（年利达-英国）Shearman & Sterling（谢尔曼&思特灵-美国）Simpson Thacher & Bartlett LLP（盛信-美国）Skadden, Arps, Slate, Meagher & Flom LLP（世达-美国）CAPITAL MARKETS: SECURITISATION, DERIVATIVES & STRUCTURED PRODUCTS （资本市场）PRC firmsFenXun Partners（奋迅-北京）JunZeJun Law Offices（君泽君-北京）Zhong Lun Law Firm（中伦）Zhong Yin Law Firm （中银-北京）International firmsAllen & Overy LLP（安理）Clifford Chance LLP（高伟绅）Linklaters（年利达）Orrick, Herrington & Sutcliffe LLP（奥睿-美国）COMPETITION/ANTITRUST （竞争及反垄断领域）PRC firmsBroad & Bright（世泽）Grandall Law Firm（国浩）Jun He Law Offices（君合）King & Wood（金杜）Sinobridge PRC Lawyers（中博）T&D Associates（天地和）International firmsClifford Chance LLP（高伟绅）Freshfields Bruckhaus Deringer LLP（富尔德-英国）Hogan Lovells International LLP（路伟-英国）Jones Day（众达-美国）O’Melveny & Myers LLP（美迈斯-美国）CONSTRUCTION （建筑领域）PRC firmsCity Development Law Firm （建维）Fangda Partners（方达）JoinWay Law Firm（中汇）V&T Law Firm（万商天勤）Zhong Lun Law Firm（中伦）International firmsBaker & McKenzie（贝克麦坚时）Clayton Utz（克莱顿尤治）Hogan Lovells International LLP（路伟-英国）Jones Day（众达）Mallesons Stephen Jaques（万盛-澳大利亚）Pinsent Masons（品诚梅森-英国）CORPORATE/M&A （公司业务及并购业务）PRC firmsCommerce & Finance Law Offices (通商) Fangda Partners（方达）Haiwen & Partners（海问）Jun He Law Offices（君合）King & Wood（金杜）Zhong Lun Law Firm（中伦）International firmsClifford Chance LLP（高伟绅）Freshfields Bruckhaus Deringer LLP（富尔德）Linklaters（年利达）Shearman & Sterling（谢尔曼&思特灵）Skadden, Arps, Slate, Meagher & Flom LLP（世达）Slaughter and May（司利达-英国）DISPUTE RESOLUTION（争议解决）PRC firmsAllBright Law Offices（锦天城-上海）Fangda Partners（方达）Jingtian & Gongcheng（竞天公诚）Jun He Law Offices（君合）King & Wood（金杜）Tian Tong & Partners （天同）International firmsAllen & Overy LLP （安理）Clifford Chance LLP （高伟绅）Herbert Smith（史密夫-英国）EMPLOYMENT（劳动法领域）PRC firmsBaohua Law Firm （保华）DeHeng Law Offices（德恒）Jun He Law Offices（君合）King & Wood（金杜）River Delta Law Firm（江三角）TransAsia Lawyers （权亚）International firmsBaker & McKenzie（贝克麦坚时）DLA Piper（欧华-英国）Mayer Brown JSM（美亚博）Paul Hastings LLP （普衡-美国）Simmons & Simmons（西蒙斯-英国）ENERGY & NATURAL RESOURCES（能源领域）PRC firmsConcord & Partners（共和）Grandall Law Firm（国浩）Guantao Law Firm（观韬）Jun He Law Offices（君合）King & Wood（金杜）Sunshine Law Firm（阳光时代-浙江）International firmsBaker Botts LLP（贝克博茨-美国）Fulbright & Jaworski（富布莱特·贾沃斯基）Herbert Smith（史密夫）Jones Day（众达）Norton Rose（诺顿罗氏）Vinson & Elkins LLP（文森·艾尔斯-美国）INSURANCE （保险领域）PRC firmsFenXun Partners（奋迅）Grandall Law Firm（国浩）King & Wood（金杜）Wang Jing & Co（敬海）Wintell & Co（瀛泰锦达）International firmsAllens Arthur Robinson（安德慎-澳大利亚）Baker & McKenzie（贝克麦坚时）Clyde & Co（其礼）Herbert Smith（史密夫）KennedysMayer Brown JSM（美亚博）INTELLECTUAL PROPERTY（知识产权领域）PRC firmsCCPIT Patent and Trademark Law Office （贸促会-北京）Hylands Law Firm（浩天信和-北京）King & Wood（金杜-北京）Liu Shen & Associates（柳沈-北京）Wan Hui Da Intellectual Property （万慧达-北京）Watson & Band Law Offices （华诚-上海）International firmsBaker & McKenzie（贝克麦坚时-美国）Bird & Bird（鸿鹄-香港）Deacons（的近-香港）Jones Day（众达-美国）Rouse（罗斯-英国）Wilkinson & Grist（高露云-香港）INTERNATIONAL TRADE（国际贸易领域）PRC firmsBeijing B&H Associates（博恒）Hylands Law Firm（浩天信和）Jincheng, Tongda & Neal（金诚同达）King & Wood（金杜）T&D Associates（天地和）Zhong Lun Law Firm（中伦）International firmsAkin Gump Strauss Hauer & Feld LLP（安庆-美国）Baker & McKenzie（贝克麦坚时）Covington & Burling LLP（科文顿·柏灵-美国）O’Melveny & Myers LLP （美迈斯-美国）Steptoe & Johnson LLP（世强）White & Case LLP（伟凯-美国）INVESTMENT FUNDS（投资基金）PRC firmsBoss & Young（邦信阳）Fangda Partners（方达）FenXun Partners（奋迅）King & Wood（金杜）Zhong Lun Law Firm（中伦）International firmsClifford Chance LLP （高伟绅）Deacons（的近）Debevoise & Plimpton（德普）Kirkland & Ellis（凯易-美国）Sidley Austin LLP（盛德-美国）Simpson Thacher & Bartlett LLP（盛信-美国）PRIVATE EQUITY（私募领域）PRC firmsFangda Partners（方达）Global Law Office（环球）Haiwen & Partners（海问）Han Kun Law Offices（汉坤）Jun He Law Offices （君合）Zhong Lun Law Firm （中伦）International firmsClifford Chance LLP （高伟绅-英国）Linklaters（年利达-英国）Paul, Weiss, Rifkind, Wharton & Garrison LLP（宝维斯-美国）Simpson Thacher & Bartlett LLP（盛信-美国）Weil, Gotshal & Manges LLP（威嘉）Mallesons Stephen Jaques（万盛-澳大利亚）PROJECTS & INFRASTRUCTURE（项目及基础设施）PRC firmsGlobal Law Office （环球）Grandall Law Firm（国浩）Jun He Law Offices（君合）King & Wood（金杜）Zhong Lun Law Firm（中伦）International firmsAllen & Overy LLP （安理）Clifford Chance LLP （高伟绅）Latham & Watkins LLPLinklaters（年利达）White & Case LLP（伟凯）REAL ESTATE（房地产领域）PRC firmsDacheng Law Offices （大成）Fangda Partners （方达）Jincheng, Tongda & Neal（金诚同达）Jingtian & Gongcheng（竞天公诚）King & Wood（金杜）Zhong Lun Law Firm（中伦）International firmsBaker & McKenzie（贝克麦坚时）Hogan Lovells International LLP（路伟）Jones Day（众达）Mayer Brown JSM（美亚博）Paul Hastings LLP（普衡）Woo Kwan Lee & Lo（胡开李罗-香港）RESTRUCTURING/ INSOLVENCY（重组及破产）PRC firmsFangda Partners（方达）Jun He Law Offices（君合）King & Wood（金杜）W&H Law Firm（炜衡）Zhong Lun Law Firm（中伦）International firmsAllen & Overy LLP（安理）Baker & McKenzie（贝克麦坚时）Clifford Chance LLP（高伟绅）Hogan Lovells International LLP（路伟）Mayer Brown JSM（美亚博）Tanner De Witt Solicitors（邓伟德戴源恒-香港）SHIPPING（海运领域）PRC firmsHai Tong & Partners（海通）SG & CoSloma & CoWang Jing & Co（敬海）Wang Pengnan & Co.Wintell & CoInternational firmsClyde & Co（其礼）Holman Fenwick Willan（夏礼文-英国）Ince & CoMayer Brown JSM（美亚博）Norton Rose（诺顿罗氏）TAX（税务领域）PRC firmsHwuason Law Firm（华税）Jun He Law Offices（君合）King & Wood（金杜）Zhong Lun Law Firm （中伦）International firmsBaker & McKenzie （贝克麦坚时）Clifford Chance LLP（高伟绅）DLA Piper（欧华）O’Melveny & Myers LLP（美迈斯）TECHNOLOGY, MEDIA, TELECOMS (TMT)（能源、媒体及电信领域）PRC firmsHylands Law Firm（浩天信和）Jun He Law Offices（君合）Llinks Law Offices（通力）TransAsia Lawyers（权亚）Zhong Lun Law Firm （中伦）International firmsBaker & McKenzie（贝克麦坚时）Freshfields Bruckhaus Deringer LLP（富尔德）Herbert Smith（史密夫）Mayer Brown JSM（美亚博）Morrison & Foerster LLP（美富）Paul, Weiss, Rifkind, Wharton & Garrison LLP（宝维斯）BOUTIQUE PRC LAW FIRM OF THE YEARGrandfield Law Offices（国浩）Han Kun Law Offices（汉坤）Han Yi Law OfficesHesen Law FirmHwuason Law Firm（华税）Tian Tong & Partners Xiang Kun Law Firm（天同）REGIONAL PRC LAW FIRM OF THE YEARDeheng Law Firm（德恒）Guangda Law Firm（广大）T&C Law Firm（天册-浙江）Tahota Law Firm（泰和泰）Winners Law Firm注：钱伯斯是法律业界最权威的咨询提供商和排行榜制作机构，非常具有参考价值。
CFA考试一级章节练习题精选0330-43(附详解)
CFA考试一级章节练习题精选0330-43（附详解）1、A fund that calculates net asset value by subtracting liabilities from assets and dividing the result by a fixed number of shares is most likely:【单选题】A.a hedge fund.B.an open-end mutual fund.C.a closed-end mutual fund.正确答案:C答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA2011 Modular Level I, Volume 6, p. 189-190Study Session 18-74-aDifferentiate between an open-end and a closed-end mutual fund, and explain how net asset value of a fund is calculated and the nature of fees charged by investment companies.C is correct. Closed-end mutual funds calculate NAV as follows:NAV = (Assets – Liabilities)/Number of shares Outstanding1、An analyst compared the performance of a hedge fund index with the performance of a major stock index over the past eight years. She noted that the hedge fund index (created from a database) had a higher average return, higher standard deviation, and higher Sharpe ratio than the stock index. All the successful funds that have been in the hedge fund database continued to accept new money over the eight-year period. What biases do the risk and return measures in the database most likely have? Average return:【单选题】A.and standard deviation are both overstated.B.is overstated and standard deviation is understated.C.is understated and standard deviation is overstated.正确答案:B答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey2010 Modular Level I, Vol. 6, pp. 228-230Study Session 18-73-lDiscuss the performance of hedge funds, the biases present in hedge fund performance measurement; and explain the effect of survivorship bias on the reported return and risk measures for a hedge fund data base.Survivorship bias affects both the returns and the risk (standard deviation) reported for the hedge funds. Hedge funds with low or negative returns will be excluded from the index as will funds with high volatility; those funds will not survive for eight years. If only the successful funds remain in the index, the returns are overstated and risk is understated. Overstated returns and understated risk will both tend to overstate the Sharpe ratio.1、Which attribute would a private equity firm most likely desire when deciding if a company isparticularly attractive as a leveraged buyout target?【单选题】A.Efficient managementB.Market value exceeds intrinsic valueC.Sustainable cash flow正确答案:C答案解析:Private equity firms look for companies that have strong cash flows and a significant amount ofphysical assets. These physical assets can be used as。
商务英语阅读(第二版)王关富unit13privateequity课后答案
Unit 13The Business of Making MoneyExercises1. Questions on the text:1)What are the latest developments in private equity in recent yearsCompared to the 1980s, the targets of today’s private equity groups are much bigger in size. In recent years, the private equity industry has raised record money and its share of mergers and acquisitions has grown massively. The industry has also become a byword for money-making skills but its wealth has also brought many enemies.2)According to the article, what are the main inconveniences for a company to bea publicly quoted companyThe main inconveniences for a publicly quoted company include: its executives have to face intrusive media coverage; it has to obey strict and long corporate-governance codes; it also has to face the threats of activist investors and short sellers and the scrutiny by some politicians.3)What are the main reasons for a company to get listed on a stockmarketTraditionally there are three main reasons to get a company’s share listed on a stockmarket. The first is to raise capital, either to expand the business or to allow the founders to realise their wealth. The second is to help retain staff, who can be offered share options as an incentive to stay and work hard. The third involves prestige; customers, suppliers and potential employees may be reassured (and attracted) by the apparent seal of approval given by a public listing. Meanwhile, being publicly listed gives a company better access to fund investors and retail investors.4)Why are companies in the Anglo-Saxon economies reluctant to borrow frombanksCompanies in the Anglo-Saxon economies were reluctant to borrow from banks because their often felt nervous about the possibility of the sudden withdrawal of credit from the banks, due to a change in lending policy, new management or an economic downturn.5)According to the article, what are the main sources for today’s companies toraise money (including equity capital and debt)Nowadays the main sources for companies to raise money are: first, equity market; second, banks, though much less important than they used to be; third, bond market; fourth, private equity.6)How do private-equity firms respond to the problems identified by ProfessorJensen with regard to public companiesProfessor Jensen argued that the structure of a public company creates an inherent conflict between investors and the managers they hire to run the business, particularly with regard to the use of free cash flow. He also arguedthat borrowing imposed discipline on executives. Private-equity firms have applied his argument in practice by gearing up the balance sheets of companies they buy with more debt than public firms are willing to accept. Though private equity firms, in the process, often have a bad reputation for relentlessly cutting unprofitable operations and shedding jobs, academic studies suggest that they create jobs rather than destroy them.7)What are the similarities and differences between today’s private-equity firmsand the conglomerates of the 1970s and 1980sSimilarities between today’s private-equity firms and the conglomerates of the 1970s and 1980s are: first, both of them use their financial power to construct diverse industrial empires; second, both claim that they could improve the companies they owned through superior management. The differences are: first, the conglomerates used highly rated shares to buy companies while private-equity firms use borrowed money; second, the conglomerates used to make ever-bigger acquisitions continuously to expand while private-equity firms claim to sell regularly their portfolio companies or business for profit.8)What make it impossible for the private-equity model to become the norm forcompaniesThere are several reasons: first, what might be logical for an individual company might not be best for the economy overall. If all companies were to substitute debt for equity on the scale that private-equity firms have, there would be an increase in the cost of debt. That would lead to lower equity returns; second, since private-equity firms need an exit route to sell their investments, a public market will be needed in the end for someone to realise their profit; third, a bigger role for private equity might make the economy more vulnerable because in a world where most companies carried private-equity-style debt levels, companies would be much more vulnerable and recessions might become much more frequent and consequently monetary policy would become more difficult, and even government revenues might be affected.9)According to the article, what factors have helped the development ofprivate-equity firms since 2003Those factors are: low interest rates, lots of liquidity and rising asset prices10)What are the signs showing that private-equity firms may now face the peak ofthe cycleThose signs are: first, bond yields have been rising, making takeovers more expensive; second, the high level of corporate profits suggests that it could be difficult for private-equity firms to wring more money out of these companies;third, the relentless campaign against private-equity tax privileges may lead to government actions against the interests of private-equity firms; last, more and more private-equity deals often leads to more competition and thus lower returns.2. Fill in each blank of the following sentences with one of the phrases in the list given below:1)The journey usually takes six weeks but you should allow for delays caused bybad weather.2) A popular bicycle rental scheme in Paris that has transformed travel in the cityhas run into problems just 18 months after its successful launch.3)China’s import as a proportion of total trade has substantially increased inrecent years as it’s been pursuing a more balanced trade.4) A growing pile of evidence shows that skimping on sleep promotes weight gain.5)Such a move would put the bank in danger of going bust.6)We have turned down four applicants already.7)When you're cooking, you should keep all the ingredients close at hand.8)She wrote to him in the belief that he would help her.9)Dr. Cong will continue to lead the company as its CEO and hold a stake in it forthree years.10)A lot of questions were being asked at the conference today and surprisingly theofficials answered them in spades.11)In the absence of outside leadership, we have created these guidelines in orderto respond timely and effectively.12)With the joining of South Africa, the Bric club of influential emerging economiesis now in pursuit of a common market among them.3. Match the terms in column A with the explanations in column B:A B1) corporate governance a) An investor who attempts to force a corporation tomake changes in management, board structure,investment policies, use of retained earnings, orother practices, often by introducing shareholderproposals or putting forward alternative directors.62) bridge financing b) An interest group that endeavors to influencepublic policy and especially governmentallegislation, regarding its particular concerns andpriorities. 83) trade union c) A privilege, sold by one party to another, thatgives the buyer the right, but not the obligation, tobuy or sell a stock at an agreed-upon price withinacertain period or on a specific date. 104) stakeholder d) A method of financing, used by companies beforetheir IPO, to obtain necessary cash for themaintenance of operations. 25) short seller e) The set of processes, customs, policies, laws, andinstitutions affecting the way a corporation (orcompany) is directed, administered or controlled.16) activist investor f) A n organization of workers that have bandedtogether to achieve common goals such as higherwages or better working conditions. 37) venture capital g) The process of buying an undervalued companywith the intent to sell off its assets for a profit. 9 8) pressure group h) An investor who sells a commodity, currency, orsecurity which he or she does not own at the timeof sale. 59) asset stripping i) Money provided by investors to startup firms andsmall businesses with perceived long-term growthpotential. 710) stock option j) Person, group, or organization that has direct orindirect stake in an organization because it canaffect or be affected by the organization's actions,objectives, and policies. 44.Translate the following into Chinese:出于几个原因，上市的前景对私募股权投资公司而言具有相当的吸引力。
知名投行估值培训材料-摩根公司的公司估值培训资料(英文)
A P R I L 2010I C T L Y P R I V A T E A N DC O N F IDE N T I A LTransaction multiplesTrading multiples IntroductionDiscounted cash flow (“DCF”)Overview of the sessionR O D U C T I O N T O V A L U A T I O N梧桐树下整理What does the term “value”mean?1The Oxford Dictionary definition“the material or monetary worth of a thing; the amount at which it may be estimated interms of some medium of exchange or other standard of a like in nature”It is important to note that there is no general statutory definition of value Valuation is an art, not a science 2In practice, we rely heavily on experience and judgement1Extracts taken from ‘The Valuation of Business, Shares and Other Equity’; Wayne Lonergan 2Gold Coast Selection Trust v. Humphrey; 1948R O D U C T I O N T O V A L U A T I O N梧桐树下整理Why valuation is important?R O D U C T I O N T O V A L U A T I O N梧桐树下整理J.P. Morgan uses a number of valuation methodologies“Public MarketValuation”Value based onmarket trading multiples of comparable companiesApplied usinghistorical and prospective multiplesDoes not include acontrol premium“Intrinsic” value ofbusinessPresent value ofprojected free cash flowsIncorporates bothshort-term and long-term expected performanceRisk in cash flowsand capitalstructure captured in discount rateValue to afinancial/LBO buyerValue based ondebt repayment and return on equity investmentLiquidationanalysisBreak-up analysis Historical tradingperformanceExpected IPOvaluationDiscounted futureshare priceEPS impact Dividend discountmodelR O D U C T I O NT OV A L U A T I O N梧桐树下整理The final recommended valuation is a triangulation of each of the methodologiesR O D U C T I O N T OV A L U A T I O N梧桐树下整理1Based on Project X team estimates, which forecast Jun-09F EBITDA to be A$33.0mm 2Based on the management 30-Sep-08 presentation Jun-09F EBITDA of A$35.5mmThe valuation summary is one of the most important slides in a valuation presentationR O D U C T I O N T OV A L U A T I O N梧桐树下整理Transaction multiplesTrading multiples IntroductionDiscounted cash flow (“DCF”)Overview of the sessionR O D U C T I O N T O V A L U A T I O N梧桐树下整理DCF allows for rigorous analysis of valueDCF -mechanism used to estimate the value of an asset by discounting the estimated futurecash flows generated by the asset by a rate that reflects the risk of the cash flowsFree cash flow to the firm (FCFF) model = present value of expected future cash flows Dividend discount model = present value of expected future dividendsForces an understanding of the value drivers of the asset (revenue and cost) of the underlyingbusiness/unitCan divide value into componentsValue of various businesses, product lines or divisions (“sum of the parts”valuation)Value of free cash flows versus terminal value (TV can be very important) Contribution of various synergies (e.g. cost reductions, cross-selling) Various cases can be evaluatedUpside (favourable) versus downside (unfavourable) cases Key sensitivities on price, volumes, cost, growth etc.梧桐树下整理DCF has three key componentsProjecting cash flows requires in-depth understanding of the business and the industryIndustry outlook Expansion opportunities Company and competitor reports/presentations Equity research analyst reports and industry sector reports Other (e.g. market data such as forward curves, regulators)RODUCTI ON T OVALUAT IO N Competitive position Ongoing reinvestment needs Sources of informationNew product lines and Greenfield expansionsDevelopment costsEconomies of scaleWorking capitalRequired capital expendituresDiscretionary investmentsAnticipated industry growth (supply versus demand)Major opportunities and risksHow does this impact on the company in question?Pricing flexibilityPossible market share changesCost structure梧桐树下整理Use of financial statement analysis in practiceDCF has three key componentsROD UCTI ONT O V ALUAT ION 梧桐树下整理The cost of equity is a major component of the WACCThe cost of equity represents the long-term return expected by the market for this project Industry wide use of the capital asset pricing model (CAPM)Practical issues when using the CAPMExtremely difficult to estimate an “appropriate”beta (e.g. data issues, length of estimation period, benchmark rate of return)Sometimes include a country risk premiumRODUCT IONT OVALU A T I O N10 year bond yield Predicted betas Estimated using various techniques 11.50% 5.50% 1.00 6.00%=+x =+x 梧桐树下整理Cost of debt calculationRODUCTIONT O VA LUA TI O NGenerally use cost of a company’s medium-term debt (7-10 year money)Domestic debtQuoted as spread over a benchmark rate—Benchmark rates include BBSW, 10-year government bondsAdjusted for tax-deductibility of interest expenseCheck this against the approximate borrowing costs associated with a company’s corporatecredit rating and/or comparable companies梧桐树下整理DCF has three key componentsJPMorgan’s approach to free cash flow and valuationFree cash flow is the cash that remains after all necessary reinvestments have been made, e.g. capital expenditure and working capitalFree cash flow is measured prior to any debt service (interest and debt repayment), but after ‘cash’taxesNote the effect of carryforward losses on taxes paidFree cash flow therefore is the amount of cash that can be distributed to shareholders and debt holders (also known as the ‘unlevered cash flow’)Cash flows discounted at the weighted-average cost of capital to calculate firm valueSometimes we calculate cash flows after interest expense/income (‘levered’cash flow)Levered cash flows discounted at the cost of equityPresent value represents equity valueRODUCTIONTO VAL UATI ON梧桐树下整理Summary presentation of DCF resultsTransaction multiples Trading multiples IntroductionDiscounted cash flow (“DCF”)Overview of the sessionRODUCTIONTOVALUATION梧桐树下整理Firm value and equity value are two different concepts . . .1The value of debt should be a market value. It may be appropriate to assume book value of debt approximates the market value as long as the company’s credit profile has not changed significantly since the existing debt was issued.2Net debt equals total debt (short and long-term) + minority interest + preferred equity + capitalized leases -cash and cash equivalents.RODUC T IO NTO V A LU ATION梧桐树下整理. . . and are used for different multiplesThe defining difference lies in the treatment of debt and its associated cost (interest expense) A multiple that has debt in the numerator must have a statistic before interest expense in thedenominatorR O D U C T I O N T OV A L U A T I O N梧桐树下整理A broad range of trading multiples are typically usedR O D U C T I O N T OV A L U A T I O NFirm value / sales (LTM, FY1, FY2) Generally not very accurate although essential for high-tech companies Firm value / EBITDA (LTM, FY1, FY2)Generally most accurate multiple to use (watch out for interest income) Good ratio in cyclical industries Good for cross-country comparisons Independent of leverageFirm value / EBIT (LTM, FY1, FY2) Most useful when assessing a capital intensive businessMarket cap. / Net income (also known as P/E)Historical P/E ratio – affected by one-off chargesForward looking P/E – actively used by Wall Street analysts; forward looking – avoids problems with different fiscal years Market cap. / book value Most appropriate for financial institutions – Australian trading bank multiples in particular Firm value / total assets Useful when assessing utilities and other fixed-asset based companies Industry specificPrice per subscriber / barrel / production, etc.梧桐树下整理Example trading comparables pageR O D U C T I O NT O V A L U A T I O NAusenco 1,248 1,211 4.0x 3.3x 21.0x 15.6x 22.2x 16.5x 28.1x 21.5x 3.1% 4.0% Monadelphous 1,260 1,186 1.2x 1.1x 12.2x 10.8x 14.1x 12.4x 20.4x 18.2x 6.3% 7.2% Walter Diversified 276 325 1.1x 1.0x7.6x6.4x 10.9x8.9x 15.9x 13.4x3.4% 3.9% Sedgman 555 560 2.5x 2.2x 10.7x 9.2x 13.8x 11.9x 18.6x 15.5x3.5%4.4% Industrea 521 514 4.1x 2.9x 19.9x 14.2x 21.3x 15.0x 24.8x 20.1x 1.9% 1.9% Cardno 454 497 1.3x 1.1x 10.9x 8.9x 12.2x 10.0x 16.5x 13.2x 4.6% 5.9% Coffey 444 493 1.1x 1.0x 10.0x 9.0x 11.8x 10.4x 16.6x 14.3x 6.6%7.3% RCR Tomlinson283 304 0.6x 0.5x 5.5x 4.8x7.0x6.1x9.5x8.0x3.5%4.1% AJ Lucas 208 238 0.8x 0.5x9.3x5.6x 13.3x 7.9x 16.6x 11.0x0.7% 0.0% Lycopodium 1781671.5x 1.4x 11.1x 9.6x 11.7x 10.1x 16.6x 13.8x 6.4%7.3%Source: IBES, IRESS, Company reportsNote: Calendarised to 30 June; Market data as at 4-Dec-07梧桐树下整理Why trading values can differ from DCFSome important points to remember when calculating trading multiplesThe choice of the peer group is crucialNeed to understand in detail the industry segments that competitors operate in Must identify and explain significant differences in multiples across the peer group We always calculate the numbers ourselvesEBIT and other figures shown in annual reports and sources such as equity research reportsare often inconsistent with J.P. Morgan definitionsWe always normalise earnings measures by removing one-off distortions Deducting material profits on sale of assets Adding back abnormal lossesGenerally focus on forward-looking multiples We use median of forecast EBITDA, EBIT and NPATMean often skewed by outliers due to poor / outdated estimatesAs a general rule of thumb, multiples always run lowest to highest from EBITDA, EBIT and P/E Expected given use of depreciable equipment in typical business (EBITDA to EBIT multiple) Expected given most businesses generate a higher rate of capital return on capital employedthan the after-tax cost of debt (EBIT to P/E multiple)R O D U C T I O N T OV A L U A T I O N梧桐树下整理Transaction multiplesTrading multiples IntroductionDiscounted cash flow (“DCF”)Overview of the sessionR O D U C T I O N T O V A L U A T I O N梧桐树下整理Comparable deals analysis is usually problematicR O D U C T I O N T OV A L U A T I O N梧桐树下整理Why bother with comparable transactions?R O D U C T I O N T OV A L U A T I O N梧桐树下整理Sources used to locate comparable transactionsR O D U C T I O N T OV A L U A T I O N梧桐树下整理Coates National Hire10/02/2007 1,645 12.4x 11.2x NA PCH Group Ltd Cape Australia Pty Ltd 16/10/2007 $268.1 18.2 13.2 2.4x Concept Hire Ltd Cape Australia Pty Ltd11/09/2007 128.7 12.6 9.8 2.4 Prime Industrial Rentals Coates29/08/2007 39.75.0 4.5 1.1 United Rentals Inc Cerberus Capital Management23/07/2007 US$6,600.09.6 9.0 1.5 Allplant Coates 30/11/2006 72.4 NA 7.6 1.3 Hirequip NZ Ltd Nikko28/11/2006 189.1 12.6 10.2 2.1 Hirepool Ltd Next Capital1/07/2006 172.0 10.4 NA NA Allied Equipment Coates1/07/2005 135.7 NA 5.9 1.4 AH Plant Hire National Hire 21/10/2005 106.5 8.4 8.2 1.9 Sherrin Hire Pty Ltd Boom Logistics Ltd27/06/2005 130.0 7.2 NA 1.3 Allight Holdings Pty Ltd National Hire 1/11/2004 82.5 12.5 7.2 1.6 The Cat Rental Store WA National Hire 1/11/2004 46.9 12.7 6.2 1.0 Source: Coates Hire Scheme Booklet, Independent Experts ReportNote: NTOA is NTA + net debt –surplus assetsIndicative presentation of transaction compsC O V A L U A T I O N梧桐树下整理Anatomy of a takeover premiumR O D U C T I O N T O V A L U A T I O N 梧桐树下整理When can transaction values differ from DCF?RODUCTIONT OV ALU ATI ON梧桐树下整理Welcome to the team!RODUCTIONTOVALUATION梧桐树下整理。
大学英语summary
Passage 110 Businesses That Will Boom in 2020To zero in on fields with plenty of jobs and good pay, start planning now.1. It's hard to predict the future, especially if you're still struggling to figure out what's happening in today's economy. But predicting the future is exactly what you need to do if you're enrolling in college, starting a fresh career, or investing in new skills.2.The pace of change in the business world is faster than ever these days, thanks largely to globalization and digital technology. One way to zero in on fields that will be hot in the future is to stay away from those that are not. The government's Bureau of Labor Statistics (BLS) publishes an annual list of declining industries that follow a few common trends. They tend to involve work that can be done more cheaply overseas, such as low-skill assembly-line work, or technology that's rapidly replacing human workers, as in call centers. Fields vulnerable to cost-cutting and downsizing—such as government—are vulnerable too.3. Employers themselves sometimes provide useful hints about the kinds of skills they want. In the latest annual survey for the National Association of Colleges and Employers, companies planning to hire were most interested in grads who had majored in engineering, business, accounting, computer science, or economics. Unfortunately, many students prefer majors such as social sciences, history, education, and psychology, which aren't in high demand.4. To develop a more thorough list of fields likely to offer plenty of jobs and good pay, I analyzed data from a variety of sources, including BLS and the industry-research firm IBISWorld, which projects future employment levels in dozens of fields. A couple rules of thumb: First, it still pays to have a college degree, even if you're worried about the expense. Consulting firm McKinsey & Company predicts that by 2020, there will be a shortage of 1.5 million college grads, which means employers will continue to place a high premium on better-educated workers.5. Another important point: The most successful people tend to be lifelong learners who develop new skills long after they graduate from college or complete a training program. In fact, building multiple skill sets—such as analytical expertisecombined with a liberal-arts background, or scientific knowledge with a law degree — can be a terrific way to differentiate yourself in a cluttered job market. Plus, the most lasting skills are often those that can be transferred from one field to another, as the economy ebbs and flows.6. But you have to anchor your career somewhere, so here are 10 fields that are likely to flourish in 2020:1）Data crunching. The era of big data is just getting started, with many firms eager to tap vast new databases to gather more info on their customers, their competitors, and even themselves. The challenge isn't just crunching numbers; it's making sense of them, and gaining useful insights that can be translated into a business edge. Marketing and market research are two growing fields where the use of data is exploding.2）Counseling and therapy. There's now widespread recognition that mental health is as important as physical health, which is likely to increase demand for professionals in this field. The BLS expects the need for marriage and family therapists, as one example, to grow 41 percent by 2020.3）Scientific research. New technology will continue to generate breakthroughs in medicine, manufacturing, transportation, and many other fields, which means there will be strong demand for workers schooled in biology, chemistry, math, and engineering. Some areas that show particular promise: biotechnology and biomedicine, nanotechnology, robotics, and 3D printing, which allows the manufacture of physical products from a digital data file.4）Computer engineering. A lot of software development is done overseas these days, but the need for high-level computer experts able to tie systems together is still strong. In finance and investing, for instance, high-speed computing is increasingly a prime competitive advantage. And most big companies will need networks that are faster, more seamless, and more secure.5）Veterinarians. Pets are more popular than ever, and some of them get medical care that's practically fit for a human. The BLS expects the need for vets to rise 36 percent by 2020.6）Environmental and conservation science. Making better use of the planet's resources will be essential as population growth strains existing infrastructure. Greenenergy, despite some political controversy, still seems likely to boom. Developers need more efficient ways to heat and cool buildings. And dealing with global warming may require new technology not even on the drawing board yet.7）Some healthcare fields. It's well-known that the aging of the baby boomers will require more caregivers in many specialties. Some healthcare jobs tend to be low-paying, with a lot of workers flocking to what are supposed to be "recession-proof" fields. And the need to lower overall healthcare costs could pinch some doctors, hospital workers, and diagnosticians. But demand should be strong for nurses, optometrists, audiologists, dentists, physical therapists, and some doctor specialists.8）Management. The boss earns a lot for good reason: His job isn't as easy as it might seem. Effective management in the future will require basic business knowledge plus the ability to oversee operations in many locations and countries, and some technical know-how. Anybody who can improve a unit's performance while lowering costs should rise quickly. The BLS and IBISWorld also expect growing demand for some support fields such as human relations, benefits administration, and event planning.9）Finance. The movement and management of money is technically complex, and integral to most companies. Plus, nontraditional investing firms such as hedge funds and private-equity firms are likely to grow as the traditional banking sector complies with new regulations and reins in risk-taking. That means there will be more need for finance experts. There may even be a shortage as students once interested in finance veer into other fields, turned off by the 2008 financial crisis and the vilification of banks.10）Entrepreneurship. It's often overlooked, but the need for innovators running their own businesses could be more important than ever in 2020. Forecasters expect strong growth in traditional businesses such as used-car dealers, hair and nail salons, pet grooming, and office services, which means anybody able to come up with better, cheaper ways to serve customers will reap a windfall. Technology startups will no doubt keep changing the way consumers work and live. And nobody really knows what the next iPad, Twitter, or Pinterest will be — except, perhaps, some entrepreneur who's dreaming about it right now. He or she may have a bigger impact on life in 2020 than anything the forecasters see coming.1107 words Passage 2Seven Ways to Create a Happy HouseholdHow to Talk to Your Kids1. Every family is different, with different personalities, customs, and ways of thinking, talking, and connecting to one another. There is no one "right" kind of family. But whether parents are strict or lenient, ill-tempered or calm, home has to be a place of love, encouragement, and acceptance of their feelings and individuality for kids to feel emotionally safe and secure. It also has to be a source of don'ts and limits.2. Most of us want such an atmosphere to prevail in our homes, but with today's stresses this often seems harder and harder to achieve. From time to time it helps to stop and think about the changes we could make to improve our home's emotional climate. Here are a few that will.1）Watch What You Say3. How we talk to our children every day is part of the emotional atmosphere we weave. Besides giving them opportunities to be open about how they feel, we have to watch what we say and how we say it.4. We often forget how much kids take parental criticisms to heart and how much these affect their feelings about themselves. Psychologist Martin Seligman found that when parents consistently blame kids in exaggerated ways, children feel overly guilty and ashamed and withdraw emotionally. Look at the difference between "Roger, this room is always a pigsty! You are such a slob!" and "Roger, your room is a mess today! Before you go out to play, it has to be picked up."5. One way tells Roger he can never do anything right. The other tells him exactly what to do to fix things so he can be back in his mom's good graces and doesn't suggest he has a permanent character flaw. For criticism to be constructive for children, we have to cite causes that are specific and temporary.6. Another constructive way to criticize children is to remind them of the impact their actions have on us. This promotes empathy rather than resentment.2）Provide Order and Stability7. A predictable daily framework, clear and consistent rules, and an organizedhouse make kids — and parents — more relaxed and comfortable, and that means everyone has emotional equilibrium. When conflicts, tensions, or crises occur, the routine is a reassuring and familiar support, a reliable ground of our lives that won't change.8. Think about your mornings. Do your kids go off to school feeling calm and confident? Or are they upset and angry?9. What about evenings and bedtime? Do you have angry fights over homework or how much TV children can watch? A calm bedtime routine is one good remedy for the dark fears that surface when kids are alone in bed with the lights turned out.10. Yet a routine that's too inflexible doesn't make room for kids' individual temperaments and preferences.Make Quality Time a Priority3）Hold Family Meetings11. Time together is so valuable in most households that many families, like the Martins, hold regular family meetings so everyone can air and resolve the week's grievances as well as share the good things that happened.12. When the Martins gather on Friday night, they also take the opportunity to anticipate what's scheduled for the week ahead. That way they eliminate (mostly!) those last-minute anxieties over whether someone has soccer shoes for the first practice, the books for a report, or a ride to a music lesson.4）Encourage Loving Feelings13. Everyday life is full of opportunities to establish loving connections with our kids. Researchers have found that parents who spend time playing, joking with, and sharing their own thoughts and feelings with their kids have children who are more friendly, generous, and loving.14. After all, giving love fosters love, and what convinces our kids that we love them more than our willingness to spend time with them? Many parents say that often they feel most in tune emotionally with their kids when they just hang out together –sitting next to each other on the couch to watch TV, walking down the block together to mail a letter, talking on long car rides when kids know they have a parent's complete attention. At these times the hurt feelings and the secret fears are finally mentioned.15. Part of encouraging loving feelings is insisting that kids treat others, including siblings, with kindness, respect, and fairness —at least some of the time. In one family, kids write on a chart in the kitchen at the end of each day the name of someone who did something nice for them.5）Create Rituals16. Setting aside special times of the day or week to come together as a family gives children a sense of continuity —that certain feelings stay the same even as the kids change and grow. For many families, like my friend Frances', that means regularly observing religious rituals. To her family, Sunday morning means going to Mass and having hot chocolate afterwards. Others create their own rituals for the week. Michael's family celebrates with a regular Scrabble and pizza party every Friday night; Dawn's goes to the movies. Holiday rituals give children points in the year to look forward to.6）Handle Challenges with Compassion17. Home life today is not always stable and secure. Even the best marriages have fights, economic struggles, and emotional ups-and-downs. Parents divorce, stepfamilies form, and these changes challenge the most compassionate parents. But troubles are part of the human condition. Loving families don't ignore them — they try to create a strong emotional climate despite them.18. In handling parental conflicts, for example, we can let kids know when everything has been resolved, as Denise and Peter did after a loud dispute in the kitchen during which voices were raised and tears flowed. After making up, they explained to their kids, "Sometimes we disagree and lose our tempers, too. But now we've worked it out. We're sorry that you overheard our fight."7）Schedule Parent-Only Time19. Parents are the ones who create a home's atmosphere. When we're upset about how much money we owe, worried about losing our jobs, or angry at a spouse, that charges the emotional atmosphere in ways kids find threatening. As one friend said sadly, "Parents need special time, too." Taking a long walk together to talk without our kids may not only work to soothe worries, but regular "parent-only" dates help us reexperience the love that brought us together in the first place.1074 words Passage 3The F word1. “Ok,” I said to my daughter as she bent over her afternoon bowl of rice. “What’s going on with you and J.?” J. is the ringleader of a group of third-graders at her camp—a position Lucy herself occupied the previous summer. Now she’s the one on the outs, and every day at snack time, she tells me all about it, while I offer up the unhelpful advice I’ve been doling out all summer long.2.“She’s bossy ,” Lucy complained. “She’s turning everyone against me,” Lucy muttered. “She’s mean, she’s bad at math, she’s terrible at kickball. And…she’s fat.” “Excuse me,” I said, struggling for calm. “What did you just say?” “She is fat,” Lucy mumbled into her bowl. “We are going upstairs,” I said, my voice cold. “We are going to discuss this.” And up we went.3. I’d spent the nine years since her birth getting ready for this day, the day we’d have to have the conversation about this dreaded, stinging word. I knew exactly what to say to the girl on the receiving end of the taunts and the teasing, but in all of my imaginings, it never once occurred to me that my daughter would be the one who used the F word. Fat.4. I am six years old, in first grade, and my father is hoisting—that’s really the only word for it—me up into the backseat of the family’s Chevy Suburban. “She’s solid. She weighs 65 pounds,” he’s telling a friend.5. I am eight years old, sturdy bare legs dangling at the end of the examination table while my pediatrician, a woman with a soothing voice, and disconcertingly cool hands, tells my mom to stop packing me two sandwiches for lunch. And my mother, overweight herself, nods and says nothing. The hunger pangs would start around 10 a.m., and by lunchtime I’d be bolting my sandwich my mother dutifully packs and eyeing cupcake, offering to trade my apple for someone’s half peanut butter sandwich. Hungry, always hungry.6. How can anyone say no to food? I’m beginning to recognize that there are people born with an “off” switch, people to whom food, even the most delicious, is simply fuel. Then there are people like me, who eat every bite and still want more, who sneak into the kitchen when the house is dark for slices of white bread slatheredwith margarine, sprinkled with sugar. I have no off switch. Happy, sad, lonely, content — the one constant in my life is hunger.7. I’m 15, five-foot-six, 145 pounds, most of its muscle thanks to three-hour varsity crew-team workouts every day after school. My parents have shipped me off on a teen tour to Israel. The group is filled with mean girls from my own high school and from a neighboring town, a wealthy Jewish suburb. There are five girls named Jennifer with my group that summer. “Oh, not the fat Jennifer,” I hear one of my tour mates saying matter-of-factly to another as we hang out by our swimming pool, holding his hands out a good foot away from his hips to indicate my girth, “the other one.” So that is me: the fat one.8. I am incandescent with shame, knowing that fat is, by far, the worst thing you can be. Fat is lazy, fat is gross, fat is sloppy... and, worst of all, fat is forever. I am fat — and, hence, undesirable, unlovable, a walking joke — for the rest of my life.9. I walk back to the dorm, eyes brimming with unshed tears, swearing that I’ll stop eating bread, sweets, desserts, anything, to lose 10, no, 20, no, 25 pounds before school starts again. My resolve lasts until dinner that night. I gain 20 more pounds before I finish high school.10. Then I’m 18, sitting in the dining hall across from the crew coach. I’d been a good rower in high school, good enough for Princeton to recruit me, but now I’ve gained the 15 pounds one of my many bulimic freshmen classmates should have gained but didn’t. “If you want to stay on the team,” the coach tells me gently, “you’re going to have to lose a lot of weight.”11. I bow my head in wordless—and now familiar—devastation. No matter that I am strong or that I work hard. I have no off switch. I am bigger than the other girls, and that is all that matters. The coach relegates me to the worst boat and never makes eye contact with me again. The next year, I quit the team and join the school newspaper. I find my place, my calling. On the page, nobody can tell that you’re fat.12.I am 33, and after two days of labor followed by an emergency C-section, the doctor places my newborn daughter in my arms. I am shaking with exhaustion. At eight pounds, 11 ounces, she’s one of the biggest babies in the nursery. As I look ather roommates, I’m far too embarrassed to ask my doctor the only thing I want to know: Will she be normal, or will she be like me?13. Now, at 42, I’ve made as much peace as a plus-size woman can make with her body. I might be big, but I’m plenty strong. I’ve run 5 kilometers and completed hundred-mile bike rides. In my career, my weight has never held me back. I’ve worked for national newspapers, written best-selling novels, had a book turned into a movie, co-written a TV show that made it on the air. I have a job I love, two smart, funny daughters, a rich, full life with wonderful friends, and a man who loves me... but I know that, when the world sees me, they don’t see any of this. They see fat.14.My daughter sat on her bed, and I sat beside her. “How would you feel if someone made fun of you for something that wasn’t your fault?” I began. “She could stop eating so much,” Lucy mumbled, unwittingly mouthing the simple advice a thousand doctors and well-meaning friends and relatives have given overweight women for years.15. “It’s not always that easy,” I said. “Everyone’s different in terms of how they treat food.” Lucy looked at me, waiting for me to go on. I opened my mouth, then closed it. Should I tell her that, in insulting a woman’s weight, she’s joined the long, proud tradition of critics who go after any woman with whom they disagree by starting with “you’re ugly” and ending with “no man would want you and there must be something wrong with any man who does”? Do I tell her I didn’t cry when someone posted my picture and commented underneath it, “I’m sorry, but aren’t chick-lit authors supposed to be pretty”?16. Does she need to know, now, that life isn’t fair? I feel her eyes on me, waiting for an answer I don’t have. Words are my tools. Stories are my job. It’s possible she’ll remember what I say forever, and I have no idea what to say.17. So I tell her the only thing I can come up with that is unequivocally true. I say to my daughter, “I love you, and there is nothing you could ever do to make me not love you. But I’m disappointed in you right now. There are plenty of reasons for not liking someone. What she looks like isn’t one of them.”18. Lucy nods, tears on her cheeks. “I won’t say that again,” she tells me, and I pull her close, pressing my nose against her hair. We’re both quiet, and I don’t know if I said the right thing. So as we sit there together, shoulder to shoulder, I pray for her to be smart. I pray for her to be strong. I pray for her to find friends, work she loves, a partner who adores her, and for the world not to beat out of her the things that make her who she is, for her life to be easy, and for her to have the strength to handle it when it’s not. And still, always, I pray that she will never struggle as I’ve struggled, that weight will never be her cross to bear. She may not be able to use the word in our home, but I can use it in my head. I pray that she will never get fat.1404 words Passage 4Mass Media and Its Influence on Society1. In the last five decades or so, the media and its influence on the societies, has grown rapidly with the advance of technology. First there was the telegraph and the post offices, then the radio, the newspaper, magazines, television and now the internet and the new media including palmtops, cell phones etc. There are positive and negative influences of mass media, which we must understand as a responsible person of a society.2. Before discussing the influence of mass media on society it is imperative to explain the three basic functions of mass media; they are providing news/information, entertainment and education. The first and foremost function of the media in a society is to provide news and information to the masses, that is why the present era is some time termed as the information age as well. People need news/information for various reasons, on one hand it can be used to socialize and on the other hand to make decisions and formulate opinions. Entertainment would be the other function of the mass media where it is mostly used by the masses to amuse them in present day busy and exciting environment. Educating the masses about their rights, moral, social and religious obligations is another important function of mass media, which needs no emphasis.3. In present era of globalization, majority of people in the society depends on information and communication to remain connected with the world and do our daily activities like work, entertainment, health care, education, socialization, raveling and anything else that we have to do. A common urban person usually wakes up in the morning checks the TV news or newspaper, goes to work, makes a few phone calls, eats with their family or peers when possible and makes his decisions based on the information that he has either from their co-workers, TV news, friends, family, financial reports, etc. we need to be conscious of the reality that most of our decisions, beliefs and values are based on what we know for a fact, our assumptions and our own experience. In our work we usually know what we have to do, based on our experience and studies, however on our routine life and house hold chores we mostly rely on the mass media to get the current news and facts about what is important and what we should be aware of.4. We have put our trust on the media as an authority to give us news, entertainment and education. However, the influence of mass media on our kids, teenagers and society is so big that we should know how it really works. The media makes billions of dollars with the advertising they sell and that we are exposed to, every single moment. We buy what we are told to buy by the media. After seeing thousands of advertisements we make our buying decisions based on what we saw on TV, newspapers or magazines. These are the effects of mass media especially in teenagers, they buy what they see on TV, what their favorite celebrity advertise and what is acceptable by society based on the fashion that the media has imposed on them.5.There are some positive and negative influences in young people of our society due to these ad campaigns in the media. Here is a positive influence example, if there is a quiz show on education that is getting a lot of attention by the media and gains popularity among your friends and society, you will more likely want to actively participate and watch these quiz shows. These activities are good for the society and will promote literary activities in the youth. However a negative influence in teenagers is the use of guns and ammunition by celebrity movie stars, the constant exposure of which would seduce the teen to replicate the same behavior in the real life. When we watch TV or an action movie we usually see many images of violence andpeople hurting others. The problem with this is that it can become traumatic especially in our children as they see it more and more. Our kids that are starting to grow and are shaping their personality values and beliefs can become aggressive or they can lose a sense of distinction between reality and fiction. Another problem is that real war is used as a form of entertainment by the media, we should make our kids and teen aware that war is not a form of entertainment and that there is no win or lose like in video games, in real war everyone loses.6.Teens, youngsters are in a stage of life where they want to be accepted by their peers, they want to be loved and be successful. The media creates the ideal image of beautiful men and women with all the ingredients of a successful person, you can see it in movies and TV. It’s a subconscious way to persuade the masses that if you want to be successful and look like them then you have to buy that particular brand or product. Another negative influence in teenagers, especially in the USA, that has grown over the last years is obesity. There are millions of adolescents fighting obesity, but at the same time they are exposed to thousands of advertisements of junk food, while the ideal image of a successful person is told to be thin and wealthy.7. The media has a huge impact on society in shaping the public opinion of the masses. They can form or modify the public opinion in different ways depending of what is the objective. For example, Pakistani media influenced the public opinion against the Taliban in Swat by repeated telecast of a video clip showing whipping of a woman by a Taliban. Before that the public opinion over the military action against the Taliban in Swat was divided, but repeated telecast of this short video clip changed the public opinion over night in the favor of the government to take action. Other ways to influence are with polls and trends, especially in political campaigns. The candidates that can pay for more TV and media exposure have more influence on public opinion and thus can receive more votes.1037 wordsPassage 5Is College Worth It?1. When LaTisha Styles graduated from Kennesaw State University in Georgia in 2006 she had $35,000 of student debt. This obligation would have been easy todischarge if her Spanish degree had helped her land a well-paid job. But there is no shortage of Spanish-speakers in a nation that borders Latin America. So Ms Styles found herself working in a clothes shop and a fast-food restaurant for no more than $11 an hour.2. Frustrated, she took the gutsy decision to go back to the same college and study something more pragmatic. She majored in finance, and now has a good job at an investment consulting firm. Her debt has swollen to $65,000, but she will have little trouble paying it off.3. As Ms Styles’ story shows, there is no simple answer to the question “Is college worth it?” Some degrees pay for themselves; others don’t. American school kids pondering whether to take on huge student loans are constantly told that college is the gateway to the middle class. The truth is more nuanced, as Barack Obama hinted when he said in January that “folks can make a lot more” by learning a trade “than they might with an art history degree”. An angry art history professor forced him to apologize, but he was right.4. College graduates aged 25 to 32 who are working full time earn about $17,500 more annually than their peers who have only a high school diploma, according to the Pew Research Centre, a think-tank. But not all degrees are equally useful. And given how much they cost—a residential four-year degree can set you back as much as $60,000 a year—many students end up worse off than if they had started working at 18.5. PayScale, a research firm, has gathered data on the graduates of more than 900 universities and colleges, asking them what they studied and how much they now earn. The company then factors in the cost of a degree, after financial aid (discounts for the clever or impecunious that greatly reduce the sticker price at many universities). From this, PayScale estimates the financial returns of many different types of degree.Hard subjects pay off6. Unsurprisingly, engineering is a good bet wherever you study it. An engineering graduate from the University of California, Berkeley can expect to be nearly $1.1m better off after 20 years than someone who never went to college. Even the least lucrative engineering courses generated a 20-year return of almost $500,000.7. Arts and humanities courses are much more varied. All doubtless nourish the soul, but not all fatten the wallet. An arts degree from a rigorous school such as Columbia or the University of California, San Diego pays off handsomely. But an arts。
金融专业英语词汇大全
金融专业英语词汇大全在金融领域工作，熟练掌握相关的英语词汇是必不可少的。
下面是一份金融专业英语词汇大全，包括了金融产品、金融市场、金融机构等词汇，共计1800字。
一、金融产品1. Stocks：股票2. Bonds：债券3. Mutual funds：共同基金4. Exchange-traded funds (ETFs)：交易所交易基金5. Certificates of deposit (CDs)：定期存款证书6. Treasury bills (T-bills)：国债7. Options：期权8. Futures：期货9. Commodities：商品10. Money market funds：货币市场基金11. Annuities：年金12. Insurance policies：保险政策二、金融市场1. Stock market：股票市场2. Bond market：债券市场3. Money market：货币市场4. Forex (foreign exchange market)：外汇市场5. Commodity market：商品市场6. Derivatives market：衍生品市场7. Futures market：期货市场8. Options market：期权市场9. Over-the-counter market (OTC)：场外市场10. Primary market：初级市场11. Secondary market：二级市场12. Bull market：牛市13. Bear market：熊市三、金融机构1. Banks：银行2. Investment banks：投资银行3. Central banks：央行4. Commercial banks：商业银行5. Savings and loans associations (S&Ls)：储蓄贷款协会6. Credit unions：信用社7. Brokerages：券商8. Insurance companies：保险公司9. Pension funds：养老基金10. Hedge funds：对冲基金11. Private equity firms：私募股权投资公司12. Venture capitalists：风险投资者四、金融术语1. Interest rate：利率2. Inflation：通货膨胀3. Deflation：通货紧缩4. Gross domestic product (GDP)：国内生产总值5. Consumer Price Index (CPI)：消费者价格指数6. Producer Price Index (PPI)：生产者价格指数7. Yield：收益率8. Dividend：股息9. Capital gains：资本收益10. Liquidity：流动性11. Volatility：波动性12. Risk：风险13. Return on investment (ROI)：投资回报率14. Market capitalization：市值15. P/E ratio：市盈率16. Earnings per share (EPS)：每股收益17. Assets：资产18. Liabilities：负债19. Equity：股权20. Balance sheet：资产负责表21. Income statement：损益表22. Statement of cash flows：现金流量表23. Diversification：分散投资24. Capitalization：市值25. Leverage：杠杆五、股市指数1. S&P 500：标普500指数2. Dow Jones Industrial Average (DJIA)：道琼斯工业平均指数3. NASDAQ：纳斯达克指数4. Russell 2000：罗素2000指数5. FTSE 100：富时100指数6. Nikkei 225：日经225指数7. Hang Seng：恒生指数8. Shanghai Composite Index：上证综合指数9. BSE Sensex：孟买证券交易所敏感指数10. DAX：德国DAX指数总结金融专业英语词汇是金融工作者必备的基础，了解这些词汇不仅有助于建立专业的投资视角，还能够更好地从事金融领域的工作。
投资公司的分类
投资公司的分类投资公司可以根据其业务性质和资本来源等来进行分类。
以下是一些常见的投资公司分类：1. 私募股权投资公司（Private Equity Firms）：这类公司主要通过投资购买非公开的公司股权来获取回报。
他们通常通过与管理层合作来重组和改进公司，并在一定的时间后将其出售。
2. 风险投资公司（Venture Capital Firms）：这类公司主要投资于初创企业，并提供资金和支持帮助企业成长。
他们通常在公司成长阶段出售其股权以实现投资回报。
3. 资本投资公司（Capital Investment Firms）：这类公司是通过投资于股票、债券、房地产和其他资本市场工具来获取回报的。
他们通常通过持有和交易这些资产来获得收益。
4. 公共基金（Mutual Funds）：这些是由一系列投资者投资于共同投资组合的资金。
这些投资公司通过购买和管理多种不同类型的证券来实现投资回报。
5. 养老基金（Pension Funds）：这些是为雇员养老金计划而设立的基金。
这类公司的目标是通过投资来增加基金的价值，以便在雇员退休时提供养老金。
6. 对冲基金（Hedge Funds）：这些是专门投资于各种资产类别的基金，旨在通过使用复杂的投资策略来实现高回报。
他们通常对股票、债券、商品和衍生品进行交易。
7. 银行投资部门（Bank Investment Arms）：这些是银行旗下的投资部门，负责进行股票、债券、外汇等各类投资活动。
他们利用自己的资源和专业知识来管理资产并实现投资回报。
需要注意的是，以上是一些常见的投资公司分类，实际上市场上存在各种不同类型的投资公司，每个公司的经营模式和投资策略可能都有所不同。
2020兼收并购概念理论之七：卖方观点
兼收并购概念理论之七：卖方观点单选题（共3题，每题20分）1 . If a seller (or its investment bank) approaches 100 potential buyers, what is the likely number of reasonable acquisition offers? 如果卖方（或其投资银行）接触100位潜在买家，收到的合理收购报价的可能数量是多少？A.3B.10C.20D.50E.Over 75我的答案：A2 . A family-owned business is planning to sell the business. What should be their first objective? 家族企业正计划出售该企业。
他们的第一个目标应该是什么？A.Prepare an information memo to describe the business 准备一份信息备忘录来描述业务B.Hire an investment bank to market the business 聘请投资银行营销业务C.Contact competitors to see if they are interested 联系竞争对手，看看他们是否感兴趣D.Obtain a valuation of the business from a finance expert 从财务专家那里获得业务估值E.Look at personnel issues from a possible sale 从可能的销售中查看人事问题我的答案：D3 . Sellers in the Mergers and Acquisitions process include the following: 合并和收购过程中的卖方包括以下类别：rge companies selling small divisions 大公司销售小部门B.Family-owned businesses 家族企业C.Private-equity firms 私募股权公司D.All of the above 上述所有的我的答案：D多选题（共1题，每题20分）1 . Which are the key provisions in a letter-of-intent? 哪些是投资意向书中的重要条款？A.Price 价格B.Form of payment 付款方式C.Legal and tax structure 法律和税务结构D.Non-compete agreements 非竞争条款我的答案：ABCD×2 . Which of the following are the advantages of selling 100% ownership to aprivate company rather than IPO? 以下哪些是选择出售100%所有权给私人公司（而非选择IPO）的好处?A.Management usually must remain 管理层通常必须留任B.has no quarterly financial performance pressure of a public company 没有上市公司的季度财务业绩压力ually costs less than an IPO 费用通常低于IPOD.100% liquidity for seller's shareholders 为卖方股东提供100%的流动性我的答案：ABC判断题（共1题，每题20分）1 . If a cyclical business,the best time to sell it at the top of the cycle. 如果是一家周期性企业，最好在周期顶部时出售。
兼并收购概念理论之六-交易融资-100分
1 . Generally speaking, Mergers and Acquisitions acquirers issuing more than $100 million of new debt need to have the following on a pro forma basis: 一般而言，发行超过1亿美元新债务的并购收购方需要完成以下工作：• pleted due diligence on the seller 完成对卖方的尽职调查• B.An investment banker to assist with the finance 投资银行家协助融资• C.A credit rating on the new debt from a rating agency 评级机构对新债务的信用评级• D.An equity source to complement the deb finance 一个股权融资来源，以补充债务融资我的答案：C2 . A seller has filed a lawsuit against a third party for patent infringement in the amount of $100 million. Various legal experts conclude the chances of success are 40% in3 years. If the combined buyer/seller has a 12% cost of capital, what is the maximum consideration the buyer should offer the seller at closing (i.e., year 0)? 卖方已就第三方专利侵权提起诉讼，诉讼金额为1亿美元。
各种法律专家总结说，在三年后诉讼成功的机会达到40％。
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Headquarters Capital Raised as of May 2012 (billions of USD) 1 TPG Capital Fort Worth $50.55 2 Goldman Sachs Capital Partners New York $47.22 3 The Carlyle Group Washington DC $40.54 4 Kohlberg Kravis Roberts New York $40.21 5 The Blackstone Group New York $36.42 6 Apollo Management New York $33.81 7 Bain Capital Boston $29.40 8 CVC Capital Partners London $25.07 9 First Reserve Corporation Greenwich, CT $19.06 10 Hellman & Friedman San Francisco $17.20 11 Apax Partners London $16.64 12 General Atlantic Greenwich, CT $15.10 13 Warburg Pincus New York $15.00 14 Cerberus Capital Management New York $14.90 15 Advent International Boston $14.52 16 Permira London $13.67 17 Oaktree Capital Management Los Angeles $13.05 18 Terra Firma Capital Partners London $12.25 19 Providence Equity Partners Providence, RI $12.10 20 Clayton, Dubilier & Rice New York $11.40 21 Charterhouse Capital Partners London $11.27 22 Teachers' Private Capital Toronto $10.76 23 Madison Dearborn Partners Chicago $10.60 24 TA Associates Boston $10.55 25 Silver Lake Partners Menlo Park, CA $10.50 26 Lone Star Funds Dallas $10.41 27 Thomas H. Lee Partners Boston $10.10 28 Cinven London $15.07 29 Riverstone Holdings New York $9.67 30 J.C. Flowers & Co. New York $9.30 31 AXA Private Equity Paris $9.03 32 AlpInvest Partners Amsterdam $8.87 33 3i Group London $8.73 34 Nordic Capital Stockholm $8.73 35 Fortress Investment Group New York $8.68 36 EnCap Investments Houston, TX $8.47 37 Onex Toronto $8.34 38 Lindsay Goldberg New York $7.87 39 Citi Capital Advisors New York $7.80 40 Ares Management Los Angeles $10.50 41 Summit Partners Boston, MA $7.75 42 Bridgepoint Capital London $7.72 43 Marfin Athens $7.31 44 EQT Partners Stockholm $7.20 45 NGP Energy Capital Management Dallas $7.11 46 Energy Capital Partners Short Hills, NJ $6.59 47 Stone Point Capital Greenwich, CT $6.40 48 Abraaj Capital Dubai $6.20 49 Golden Gate Capital San Francisco $6.11 50 GTCR Golder Rauner Chicago $6.00
Name of the firm
of May