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财务管理专业英语期末重点一、单词Topic1财务管理financialmanagement资本预算capitalbudgeting资本结构capitalstructure股利政策dividendpolicy存货inventory风险规避riskaversion股东权益stockholders’equity流动负债currentliabilityTopic2财务风险financialrisk合伙制企业partnership私人业主制企业soleproprietorship收入revenue主计长controller财务困境financialdistress股票期权stockoption首次公开发行股票(IPO)initialpublicofferingTopic3盈利能力profitability偿付能力solvency利润表incomestatement有价证券marketablesecurities提款withdrawal应收账款accountsreceivable递延税款deferredtaxTopic4流动性比率liquidityratio权益乘数equitymultiplier资产收益率(ROA)returnonassets毛利grossprofitmargin权益报酬率returnonequity市盈率P/Eratio杠杆比率leverageratio息税前盈余(EBIT)earningsbeforeinterestandtaxesTopic5货币时间价值timevalueofmoney年金annuity折现率discountrate机会成本opportunitycost递延年金deferredannuity条款covenant到期收益率yieldtomaturity违约风险defaultriskTopic6组合portfolio可分散风险diversifiablerisk概率probability灵敏度分析sensitivityanalysis有效市场假说efficientmarkethypothesis套利定价理论(APT)arbitragepricingtheory资本资产定价模型capitalassetpricingmodel期望收益expectedreturnTopic7资本支出capitalexpenditure资本预算capitalbudget破产bankruptcy制造费用overhead模拟simulation期后审计post-audit沉没成本sunkcost附加效应sideeffectTopic8金融市场financialmarket回购repurchase操纵manipulate承销underwriting私人控股公司privatelyheldcorporation公开上市gopublic公开发行publicoffer加权平均资本成本weightedaveragecostofcapitalTopic9混合证券hybridsecurity风险资本venturecapital期权交易optionexchange贷款额度lineofcredit租赁lease最优资本结构optimalcapitalstructure目标资本结构desiredortargetcapitalstructure可转换债券convertiblebondTopic10股票回购stockrepurchase股票股利stockdividends股票分割stocksplit所有权稀释dilutionofownership剩余股利政策residualdividendpolicy清算股利liquidatingdividend现金股利cashdividends股票股利stockdividendsTopic11营运资本管理workingcapitalmanagement商业票据commercialpaper支出disbursement信用期限creditperiod交易动机transactionmotive短期有价证券marketablesecurity回购协议repurchaseagreement银行承兑汇票bankers’acceptanceTopic12国际财务管理internationalfinancialmanagement国际货币基金组织InternationalMonetaryFund跨国公司multinationalcorporation/internationalcorporation汇率exchangerate间接标价indirectquotation贬值depreciate远期交易forwardtrade货币互换currencyswap二、计算公式1.Capm公式资本资产定价模型公式capitalassetspricingmodelri=rRF+(RM-rRF)ßirRF=riskfreerate资产无风市场风险系数RM=marketrate预期险市回报回报场利率率率2.wacc公式加权平均资本成本weightedaveragecostofcapitalWACC=(ke*we)+［kd*(1-t)*Wd］WACC=［equity/(equity+debt)］*costofequity*(1-corporatetaxrate)Wacc=(股权/总资本)*股权成本+（债务/总资本）*债务成本*（1-企业所得税率）三、填空1.Theriskofanassetcanbeconsideredintwoways(1)onastand-alonebasis.wheretheasset’scashflowsareanalyzedbythemselves,or(2)aportfoliocontext,wheretheasset’scashflowsarecombinewiththoseofotherasset.2.Inaportfoliocontext,anasset’sriskcanbedividedintotwocomponents：在投资组合中资产风险可以分为（1）diversifiablerisk,whichcanbediversifiedawayandthusisoflittleconcerntodiversifiedinvestors,and(2)marketrisk,whichreflecttheriskofageneralstockmarketriskdeclineandcannotbeeliminatedbydiversification.3.Therearethreetypesoffinancialmarketefficiency金融市场的有效性(1)allocationallyefficient(2)operationallyefficient(3)informationallyefficient4.ProjectClassifications项目分类（1）expansionproject扩建项目（2）replacementproject更新项目（3）Independentproject独立项目（4）Mutuallyexclusiveproject互不相容项目5.InvestmentRules投资政策Managersuseavarietyofrulestoevaluateandselectcapitalinvestments;管理使用各种各样的规则来评估和选择投资（1）NetPresentvalue(NPV)净现值（2）Profitabilityindex(PI)现值系数（3）Internalrateofreturn(IRR)内部报酬率（4）Paybackperiod(PP)回购期and（5）Discountedpaybackperiod(DDP)折扣回购期6，Thepost-audithastwomainpurpose:期后审计的两个虽最重要目的（1）Improveforecasts提高预测（2）Improveoperations改善经营7.Financialmarketservethreeimportantfunctionsinahealthyeconomy:金融市场在健全经济体系中的三个重要功能（1）Helpchannelfundsfromsupplierstodemanders帮助供应商和需求者建立资金渠道（2）Providearesalemarket.提供零售市场（3）Setmarketpriceandratesofreturn设置市场价格和收益率8.TypesofFinancialMarkets金融市场的类型（1）MoneyMarket/CapitalMarket货币市场和资本市场（2）PrimaryMarket/Secondarymarket一级市场和二级市场(3)PrivateMarket/PublicMarket私下市场和公开市场9.investmentbanksprovidethreemajorservicesinhandinganewsecurityissue:投资银行在持有新证券发行时提供的三个主要服务：（1）Advising咨询（2）Underwriting承销（3）Marketing营销10.Equity股权融资（1）Owner’sequity所有者权益（2）VentureCapitalandprivateEquity风险投资和私募投资（3）commonstock普通股（4）warrants认证权证（5）Contingentvalueright或有价值权利11.Debt债务融资（1）bankdebt银行借款（2）bonds债券（3）leases租赁12.Firmsgenerallyconsiderthefollowingfactorwhenmakingcapitalstructuredecisions:公司选择资本结构时一般要考虑下列因素（1）Salestability销售稳定性（2）Assetstructure资产结构（3）Operatingleverage经营杠杆（4）Growth增长率（5）Profitability盈利能力（6）Taxes税收（7）Control控制（8）Managementattitudes管理（9）Lenderandratingagencyattitudes贷款人及评级机构的态度（10）Marketconditions市场条件（11）Thefirm’sinternalcondition企业内部条件（12）Financialflexibility财务灵活性13.Dividendpayoutprocedure派息程序（1）Declarationdate除息日（2）Ex-dividenddate除息日（3）recorddate股权登记日（4）Paymentdate股利支付日14.Typesofdividends股利种类（1）Cashdividend现金股利（2）Stockdividend股票股利（3）Propertydividend财产股利15.FactorsInfluencingthedividenddecision影响股利决策因素(1)Shareholderfactors股东因素(2)Firmfactors公司因素(3)Otherconstraints其他因素16.Cashmanagementinvolvesthreemajordecisionareas现金管理的三个决策（1）Determiningappropriatecashbalances确定适当的现金余额（2）Investingidlecash投资闲置资金（3）Managingcollectionsanddisbursements管理收款和付款17.Creditpolicy信贷政策5csOnetechniquethatisusefulaidindecidingwhethertograntcreditistheFiveCsofCredit.Creditanalystsgenerallyco