《财务管理专业英语》 译文

《财务管理专业英语》

正文译文东北财经大学刘媛媛编机械工业出版社1目录1财务管理概述（1）...............................................................................................................................11.1财务管理和财务经理..................................................................................................................11.2财务管理决策..............................................................................................................................11.2.1投资决策...........................................................................................................................11.2.2筹资决策...........................................................................................................................11.2.3营运资本管理决策...........................................................................................................21.3风险—收益的权衡......................................................................................................................32财务管理概述（2）...............................................................................................................................42.1企业组织类型..............................................................................................................................42.1.1独资企业...........................................................................................................................42.1.2合伙企业...........................................................................................................................42.1.3公司制企业.......................................................................................................................42.2公司的结构..................................................................................................................................52.2.1股东...................................................................................................................................52.2.2董事会...............................................................................................................................52.2.3首席执行官.......................................................................................................................52.2.4首席财务官.......................................................................................................................62.3财务管理目标..............................................................................................................................62.3.1利益相关者理论...............................................................................................................62.3.2价值或财富最大化...........................................................................................................62.4所有权和控制权分离..................................................................................................................72.5代理关系......................................................................................................................................72.5.1什么是代理问题？...........................................................................................................72.5.2代理成本是什么？...........................................................................................................72.5.3代理问题的实际解决办法...............................................................................................83诠释财务报表.........................................................................................................................................93.1年度报告和财务报表的基本知识..............................................................................................93.1.1公司年度报告...................................................................................................................93.1.2财务报表概述...................................................................................................................93.2资产负债表................................................................................................................................103.3利润表........................................................................................................................................113.4留存收益表................................................................................................................................123.5现金流量表................................................................................................................................133.5.1经营活动现金流量.........................................................................................................133.5.2投资活动现金流量.........................................................................................................143.5.3筹资活动现金流量.........................................................................................................1424财务比率分析.......................................................................................................................................154.1财务比率分析............................................................................................................................154.2流动性比率................................................................................................................................154.2.1流动比率.........................................................................................................................154.2.2速动比率.........................................................................................................................164.2.3现金比率.........................................................................................................................164.3债务管理比率............................................................................................................................174.3.1负债比率.........................................................................................................................174.3.2长期负债比率.................................................................................................................174.3.3利息保障比率.................................................................................................................174.3.4现金流量保障比率.........................................................................................................174.4资产管理比率............................................................................................................................174.4.1应收账款周转率.............................................................................................................184.4.2存货周转率.....................................................................................................................184.4.3应付账款周转率.............................................................................................................184.4.4资产周转比率.................................................................................................................194.5盈利比率....................................................................................................................................194.5.1毛利率.............................................................................................................................194.5.2营业利润率.....................................................................................................................194.5.3净利润率.........................................................................................................................194.5.4资产收益率.....................................................................................................................194.5.5总资产收益率.................................................................................................................204.5.6权益报酬率.....................................................................................................................204.5.7普通股权益报酬率.........................................................................................................204.5.8权益报酬率的杜邦分析.................................................................................................204.6市场价值比率............................................................................................................................204.6.1市盈率.............................................................................................................................204.6.2市场价值与账面价值比率.............................................................................................214.6.3股利收益率和股利支付率.............................................................................................214.7财务比率分析的使用和局限性................................................................................................215货币时间价值与估价...........................................................................................................................225.1财务管理的核心概念................................................................................................................225.2单利率和复利率以及终值和现值............................................................................................225.2.1单利.................................................................................................................................225.2.2复利.................................................................................................................................235.2.3未来值.............................................................................................................................235.2.4现值.................................................................................................................................235.3年金............................................................................................................................................235.3.1普通年金.........................................................................................................................235.3.2先付年金.........................................................................................................................245.3.3递延年金.........................................................................................................................245.3.4永续年金.........................................................................................................................2535.3.5名义利率和实际利率.....................................................................................................255.4估值原理....................................................................................................................................255.4.1持续经营价值.................................................................................................................255.4.2清算价值.........................................................................................................................255.4.3账面价值.........................................................................................................................255.4.4市场价值.........................................................................................................................265.4.5内在价值.........................................................................................................................265.4.6估价方法.........................................................................................................................265.4.7折现现金流量估价.........................................................................................................275.5债券估值....................................................................................................................................275.5.1典型债券的合同条款.....................................................................................................275.5.2债券估价公式.................................................................................................................295.5.3债券价格和报酬率.........................................................................................................295.6普通股估价................................................................................................................................295.6.1普通股的特征和特点.....................................................................................................295.6.2普通股估价.....................................................................................................................316风险与收益...........................................................................................................................................326.1风险与收益的介绍....................................................................................................................326.1.1收益是什么？.................................................................................................................326.1.2风险是什么？.................................................................................................................326.2有效市场假说（EMH）...........................................................................................................346.2.1介绍.................................................................................................................................346.2.2金融市场有效性.............................................................................................................346.2.3金融学的异象.................................................................................................................356.3投资组合理论............................................................................................................................366.3.1投资组合的期望收益.....................................................................................................366.3.2投资组合的风险.............................................................................................................366.3.3现代投资组合理论——Markowitz的均值—方差理论.............................................376.3.4可分散风险与市场风险的对比.....................................................................................376.4贝塔和资本资产定价模型........................................................................................................386.4.1贝塔概念.........................................................................................................................386.4.2资本资产定价模型.........................................................................................................396.5套利定价理论............................................................................................................................397资本预算...............................................................................................................................................417.1资本投资决策............................................................................................................................417.1.1资本预算的本质.............................................................................................................417.1.2项目分类.........................................................................................................................417.2估计项目现金流的基本原则....................................................................................................417.2.1确定增量现金流量.........................................................................................................427.2.2税后现金流量.................................................................................................................427.2.3递延融资成本.................................................................................................................427.2.4其他现金流量考虑的因素.............................................................................................4247.3投资政策....................................................................................................................................427.3.1净现值.............................................................................................................................437.3.2获利能力指数.................................................................................................................437.3.3内部收益率.....................................................................................................................437.3.4回收期.............................................................................................................................437.3.5折现回收期....................................................................................................................437.4商业实践....................................................................................................................................447.5分析项目风险............................................................................................................................447.5.1敏感性分析.....................................................................................................................447.5.2盈亏平衡点分析.............................................................................................................457.5.3模拟.................................................................................................................................457.6资源约束下的项目选择............................................................................................................457.7定性因素和项目的选择............................................................................................................467.8期后审计....................................................................................................................................468资本市场与资金筹集...........................................................................................................................488.1金融市场....................................................................................................................................488.1.1金融市场的作用.............................................................................................................488.1.2金融市场的类型.............................................................................................................488.1.3最近趋势.........................................................................................................................498.2投资银行....................................................................................................................................498.2.1咨询.................................................................................................................................498.2.2承销.................................................................................................................................498.2.3营销.................................................................................................................................498.3公开上市的决定........................................................................................................................508.3.1公开上市的优点.............................................................................................................508.3.2公开上市的缺点.............................................................................................................508.3.3发行新证券的不同方法.................................................................................................518.4资本成本概念............................................................................................................................518.4.1资本成本的应用.............................................................................................................518.4.2资本构成.........................................................................................................................528.4.3加权平均资本成本.........................................................................................................529资本结构...............................................................................................................................................539.1选择：融资方式........................................................................................................................539.1.1股权融资.........................................................................................................................539.1.2债务融资.........................................................................................................................549.1.3混合型证券.....................................................................................................................559.2融资组合....................................................................................................................................559.3了解财务风险............................................................................................................................559.4资本结构与公司价值................................................................................................................569.4.1莫迪利亚尼——米勒定理.............................................................................................569.4.2在现实中的M＆M理论................................................................................................579.4.3最优资本结构的权衡理论.............................................................................................5859.4.4资本结构的排序理论.....................................................................................................589.5资本结构选择的情况列举........................................................................................................5910股利政策.............................................................................................................................................6110.1股利及股利政策......................................................................................................................6110.1.1派息程序.......................................................................................................................6110.1.2股利的种类...................................................................................................................6110.2股利难题..................................................................................................................................6210.2.1股利无关论...................................................................................................................6210.2.2股利相关论...................................................................................................................6310.3影响股利决策的因素..............................................................................................................6310.3.1股东因素.......................................................................................................................6410.3.2公司因素.......................................................................................................................6410.3.3管理偏好和约束...........................................................................................................6410.4股利政策..................................................................................................................................6510.4.1剩余股利政策...............................................................................................................6510.4.2固定股利政策...............................................................................................................6510.4.3固定股利支付率政策...................................................................................................6510.4.4低正常股利加额外股利政策.......................................................................................6510.5股票回购..................................................................................................................................6510.5.1回购的途径...................................................................................................................6610.5.2股票回购的原因...........................................................................................................6611营运资本管理.....................................................................................................................................6711.1营运资本管理简介..................................................................................................................6711.2现金管理..................................................................................................................................6711.2.1持有现金的三大动机...................................................................................................6711.2.2确定适当的现金余额...................................................................................................6811.2.3投资闲置现金...............................................................................................................6811.2.4货币市场证券的种类...................................................................................................6811.2.5收款和付款的管理.......................................................................................................6911.3应收账款账户的管理..............................................................................................................6911.3.1信贷政策.............................................................................................