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财务管理英文版期末

财务管理英文版期末
财务管理英文版期末

The Review Sheets of Corporate Finance

Key Concepts and Questions

1. What Is Corporate Finance?

Corporate finance addresses several important questions:

1) What long-term investments should the firm take on? (Capital budgeting)

2) Where will we get the long-term financing to pay for the investment? (Capital structure)

3)How will we manage the everyday financial activities of the firm? (Working capital)

2.The financial manager is concerned with three primary categories of financial decisions.

1) Capital budgeting –process of planning and managing a firm’s investments i n fixed assets. The key concerns are the size, timing and riskiness of future cash flows.

2) Capital structure –mix of debt (borrowing) and equity (ownership interest) used by a firm. What are the least expensive sources of funds? Is there an optimal mix of debt and equity? When and where should the firm raise funds?

3) Working capital management – managing short-term assets and liabilities. How much inventory should the firm carry? What credit policy is best? Where will we get our short-term loans?

3.The Balance Sheet

assets = liabilities + owners’ equity

4. Net Working Capital

The difference between a firm’s current assets and its current liabilities.

Assets are listed on a balance sheet in order of how long it takes to convert them to cash. Liability order reflects time to maturity.

5.Noncash Items

The largest noncash deduction for most firms is depreciation. It reduces a firm’s taxes and its net income. Noncash deductions are part of the reason that net income is not equivalent to cash flow.

6.Cash Flow

Free Cash Flow (FCF)

FCF= Operating cash flow – net capital spending – changes in net working capital

Operating cash flow (OCF) = EBIT + depreciation – taxes

Net capital spending (NCS) = ending fixed assets – beginning fixed assets + depreciation Changes in NWC = ending NWC – beginning NWC

Working capital = current assets-current liabilities

7. Sources and Uses of Cash

Activities that bring cash in are sources. Firms raise cash by selling assets, borrowing money, or selling securities.

Activities that involve cash outflows are uses. Firms use cash to buy assets, pay off debt, repurchase stock, or pay dividends.

Mechanical Rules for determining Sources and Uses:

Sources:

Decrease in asset account

Increase in liabilities or equity account

Uses:

Increase in asset account

Decrease in liabilities or equity account

8. The Statement of Cash Flows

The idea is to group cash flows into one of three categories: operating activities, investment activities, and financing activities.

A general Statement of Cash Flows

Operating Activities

+ Net Income

+ Depreciation

+ Decrease in current asset accounts (except cash)

+ Increase in current liability accounts (except notes payable)

- Increase in current asset accounts (except cash)

- Decrease in current liability accounts (except notes payable)

Investment Activities

+ Ending net fixed assets

- Beginning net fixed assets

+ Depreciation

Financing Activities

± Change in notes payable

± Change in long-term debt

± Change in common stock

- Dividends

Putting it all together:

± Net cash flow from operating activities

± Fixed asset acquisition

± Net cash flow from financing activities

= Net increase (decrease) in cash over the period

9. Categories of Financial Ratios:

A. Short-term Solvency, or Liquidity, Measures

Current Ratio = current assets / current liabilities

Quick Ratio = (current assets – inventory) / current liabilities

Cash Ratio = cash / current liabilities

NWC to TA = (current assets – current liabilities) / total assets

Interval Measure = current assets / average daily operating costs

B. Long-Term Solvency Measures

Total debt ratio = (total assets – total equity) / total assets

variations:

debt/equity ratio = (total assets – total equity) / total equity

equity multiplier = 1 + debt/equity ratio

C.Asset Management, or Turnover, Measures

Inventory turnover = cost of goods sold / inventory

Days’ sales in inventory = 365 days / inventory turnover

Receivables turnover = sales / accounts receivable

Days’ sales in receivables = 365 days / receivables turnover

This ratio may also be called “average collection period” or “days’ sales outstanding.”

D. Profitability Measures

These measures are based on book values, so they are not comparable with returns that you see on publicly traded assets.

Profit margin = net income / sales

Return on assets = net income / total assets

Return on equity = net income / total equity

E. Market Value Measures

Earnings per share = net income / shares outstanding

Price-earnings ratio = price per share / earnings per share

Price-sales ratio = price per share / sales per share

Market-to-book ratio = market value per share / book value per share

Tobin’s Q = market value of firm’s assets / replacement cost of firm’s assets

Enterprise Value = total market value of the stock + book value of all liabilities – cash

EBITDA ratio = Enterprise Value / EDITDA

Total asset turnover = sales / total assets

Long-term debt ratio = long-term debt / (long-term debt + total equity)

10. Future Value and Compounding

Investing for a single period

If you invest $X today at an interest rate of r, you will have $X + $X(r) = $X(1 + r) in one period.

Example: $100 at 10% interest gives $100(1.1) = $110

Investing for more than one period

Reinvesting the interest, we earn interest on interest, i.e., compounding

FV = $X(1 + r)(1 + r) = $X(1 + r)2

In general, for t periods, FV = $X(1 + r)t, where (1 + r)t is the future value interest factor, FVIF(r,t)

11.Present Value and Discounting

The Single-Period Case

Given r, what amount today (Present Value or PV) will produce a given future amount? Remember that FV = $X(1 + r). Rearrange and solve for $X, which is the present value. Therefore,

PV = FV / (1 + r).

Example: $110 in 1 period with an interest rate of 10% has a PV = 110 / (1.1) = $100 Discounting – the process of finding the present value.

Present Values for Multiple Periods

PV of future amount in t periods at r is:

PV = FV [1 / (1 + r)t], where [1 / (1 + r)t] is the discount factor, or the present value interest factor, PVIF(r,t)

Example: If you have $259.37 in 10 periods and the interest rate was 10%, how much did you deposit initially?

PV = 259.37 [1/(1.1)10] = 259.37(.3855) = $100

Discounted Cash Flow (DCF) – the process of valuation by finding the present value

12.Present Value for Annuity Cash Flows

Ordinary Annuity – multiple, identical cash flows occurring at the end of each period for a fixed number of periods.

The present value of an annuity of $C per period for t periods at r percent interest:

PV = C[1 – 1/(1 + r)t] / r

Example: If you are willing to make 36 monthly payments of $100 at 1.5% per month, what size loan can you obtain?

PV = 100[1 – 1/(1.015)36] / .015 = 100(27.6607) = 2766.07

13.Future Value for Annuities

FV = C[(1 + r)t– 1] / r

Example: If you make 20 payments of $1000 at the end of each period at 10% per period, how much will be in your account after the last payment?

FV = 1,000[(1.1)20– 1] / .1 = 1,000(57.275) = $57,275

14.Perpetuities

Perpetuity – series of level cash flows forever

PV = C / r

Preferred stock is a good example of a perpetuity.

https://www.wendangku.net/doc/3c3916729.html, Present Value

a.The Basic Idea

Net present value –the difference between the market value of an investment and its cost. Estimating cost is usually straightforward; however, finding the market value of assets can be tricky.

b. Estimating Net Present Value

Discounted cash flow (DCF) valuation – finding the market value of assets or their benefits by taking the present value of future cash flows, i.e., by estimating what the future cash flows would trade for in today’s dollars.

16.The Internal Rate of Return

Internal rate of return (IRR) – the rate that makes the present value of the future cash flows equal to the initial cost or investment. In other words, the discount rate that gives a project a $0 NPV.

IRR decision rule – the investment is acceptable if its IRR exceeds the required return.

Problems with the IRR – If cash flows change sign more than once, then you will have multiple internal rates of return. This is problematic for the IRR rule; however, the NPV rule still works fine.

17.Relevant Cash Flows

Relevant cash flows –cash flows that occur (or don’t occur) because a project is undertaken. Cash flows that will occur whether or not we accept a project aren’t relevant.

Incremental cash flows –any and all changes in the firm’s future cash flows that are a direct consequence of taking the project

18.Incremental Cash Flows

a.Sunk cost –a cash flow already paid or accrued. These costs should not be included in the incremental cash flows of a project. From a financial standpoint, it does not matter what investment has already been made. We need to make our decision based on future cash flows, even if it means abandoning a project that has already had a substantial investment. Examples: the compensation for the president’s son, no matter whether he is hired for the new project

b. Opportunity Costs

Opportunity costs –any cash flows lost or forgone by taking one course of action rather than another. Applies to any asset or resource that has value if sold, or leased, rather than used.

c.Side Effects

With multi-line firms, projects often affect one another – sometimes helping, sometimes hurting. The point is to be aware of such effects in calculating incremental cash flows.

Erosion (or Cannibalization) –new project revenues gained at the expense of existing products/services.

Examples: Coca-cola new products: coca-cola zero vs. Coca-cola diet

https://www.wendangku.net/doc/3c3916729.html, Working Capital

working capital=current assets- current liabilities

New projects often require incremental investments in cash, inventories, and receivables that need to be included in cash flows if they are not offset by changes in payables. Later, as projects end, this investment is often recovered.

20. Tax consideration

Use after-tax cash flows, not pretax (the tax bill is a cash outlay, even though it is based on accounting numbers).

21.Project Cash Flows

From the pro forma statements compute:

Operating cash flow = EBIT + depreciation – taxes = NI + depreciation (in the absence of interest expense)

Cash flow from assets(Free Cash Flow)= operating cash flow – net capital spending – changes in NWC

Based on the form of the equation, you subtract increases in NWC and add decreases in NWC. Or, Free Cash Flow =EBIT*(1-t) + Non-Cash Expenses- Capital Expenditures - Incremental Working Capital

“Free” refers to those cash flows that are available to stakeholders (e.g., equity and debt holders) after consideration for taxes, capital expenditures and working capital needs.

22.Returns

a.Dollar Returns

Income component – direct cash payments such as dividends or interest

Price change – loosely, capital gain or loss

Total dollar return = income component + price change

The return is unaffected by the decision to sell or hold securities.

b.Percentage Returns

Percentage return = dollar return / initial investment

= dividend yield + capital gains yield

Dividend yield = D t+1 / P t

Capital gains yield = (P t+1– P t) / P t

23.Total risk

Total risk = nondiversifiable risk + diversifiable risk = systematic risk + unsystematic risk

24. Systematic risk and unsystematic risk

Systematic risk is a surprise that affects a large number of assets, although at varying degrees. It is sometimes called market risk.

Unsystematic risk is a surprise that affects a small number of assets (or one). It is sometimes called unique or asset-specific risk.

Example: Changes in GDP, interest rates, and inflation are examples of systematic risk. Strikes, accidents, and takeovers are examples of unsystematic risk.

25.Diversification and Unsystematic Risk

When securities are combined into portfolios, their unique or unsystematic risks tend to cancel out, leaving only the variability that affects all securities to some degree. Thus, diversifiable risk is synonymous with unsystematic risk. Large portfolios have little or no unsystematic risk.

26.Diversification and Systematic Risk

Systematic risk cannot be eliminated by diversification since it represents the variability due to influences that affect all securities to some degree. Therefore, systematic risk and nondiversifiable risk are the same.

27.Beta coefficient

Beta coefficient – measures how much systematic risk an asset has relative to an asset of average risk.

28.The Security Market Line

The line that gives the expected return/systematic risk combinations of assets in a well functioning, active financial market is called the security market line.

29.Market Portfolios

Consider a portfolio of all the assets in the market and call it the market portfolio. This portfolio, by definition, has “average” systematic risk with a b eta of 1. Since all assets must lie on the SML when appropriately priced, the market portfolio must also lie on the SML. Let the expected return on the market portfolio = E(R M). Then, the slope of the SML = reward-to-risk ratio = [E(R M) – R f] / βM = [E(R M) – R f] / 1 = E(R M) – R f

30.CAPM: Capital Asset Pricing Model

E(R j) = R f + slope(βj)

E(R j) = R f + (E(R M) – R f)(βj)

The CAPM states that the expected return for an asset depends on:

-The time value of money, as measured by R f

-The reward per unit risk, as measured by E(R M) - R f

-The asset’s systematic risk, as measured by β

31. Cost of Capital

Cost of capital –the minimum expected return an investment must offer to be attractive. Sometimes referred to as the required return.

32.The Cost of Equity

A. The Dividend Growth Model Approach

According to the dividend growth model,

P0 = D1 / (R E– g)

Rearranging and solving for the cost of equity gives:

R E = (D1 / P0) + g

which is equal to the dividend yield plus the growth rate (capital gains yield).

B. The SML Approach

CAPM, R E = R f + E(E(R M) – R f)

33.The Cost of Debt

Cost of debt (R D) –the interest rate on new debt can easily be estimated using the yield to maturity on outstanding debt or by knowing the bond rating and looking up rates on new issues with the same rating.

The Cost of Preferred Stock

34.

Preferred stock is generally considered to be a perpetuity, so you rearrange the perpetuity equation to get the cost of preferred, R P

R P = D / P0

35.Taxes and the Weighted Average Cost of Capital(WACC)

After-tax cash flows require an after-tax discount rate. Let T C denote the firm’s marginal tax rate. Then, the weighted average cost of capital is:

WACC = (E/V)R E + (D/V)R D(1-T C)

36.The SML and the WACC

The W ACC is the appropriate discount rate only if the proposed investment is of similar risk as the firm’s existing assets.

37.Capital Structure and the Cost of Capital

The “optimal” or “target” capital structure is that debt/equity mix that simultaneously (a) maximizes the value of the firm, (b) minimizes the weighted average cost of capital, and (c) maximizes the market value of the common stock.

Maximizing the value of the firm is the goal of managing capital structure.

38.Capital Structure and the Cost of Equity Capital

M&M Proposition I: The Pie Model

M&M Proposition I –without corporate taxes and bankruptcy costs, the firm cannot affect its value by altering its capital structure.

The Cost of Equity and Financial Leverage: M&M Proposition II

M&M Proposition II –a firm’s cost of equity capital is a positive linear function of its capital structure (still assuming no taxes):

WACC = R A = (E/V)R E + (D/V)R D;

R E = R A + (R A– R D)(D/E)

As more debt is used, the return on equity increases, but the change in the proportion of debt versus equity just offsets that increase and the W ACC does not change.

According to Proposition II,

R E = R A + (R A– R D)(D/E). An alternative explanation is as follows: In the absence of debt, the required return on equity equals the return on the firm’s assets, R A. As we add debt, we increase the variability of cash flows available to stockholders, thereby increasing stockholder risk.

39.Business and Financial Risk

You may wish to skip over the distinction between the asset beta and the equity beta. The key point is that Proposition II shows that return on equity depends on both business risk and financial risk.

Business risk –the risk inherent in a firm’s operations; it depends on the systematic risk of the firm’s assets and it determines the first component of the required return on equity, R A. Financial risk – the extra risk to stockholders that results from debt financing; it determines the second component of the required return on equity, (R A– R D)(D/E).

40.Optimal Capital Structure

a.The Static Theory of Capital Structure

-Firms borrow because tax shields are valuable

-Borrowing is constrained by the costs of financial distress

-The optimal capital structure balances the incremental benefits and costs of borrowing

b.Optimal Capital Structure and the Cost of Capital

The optimal capital structure is the debt-equity mix that minimizes the WACC.

c.Optimal Capital Structure: A Recap

Case I – No taxes or bankruptcy costs; firm value is unaffected by the choice of capital structure Case II – Corporate taxes, no bankruptcy costs; firm value is maximized when the firm uses as much debt as possible due to the interest tax shield

Case III – Corporate taxes and bankruptcy costs; firm value is maximized where the additional benefit from the interest tax shield is just offset by the increase in expected bankruptcy costs –there is an optimal capital structure

41.The Cash Budget

Cash budget – a schedule of projected cash receipts and disbursements

a. cash budget requires sales forecasts for a series of periods. The other cash flows in the cash budget are generally based on the sales estimates. We also need to know the average collection period on receivables to determine when the cash inflow from sales actually occurs.

b.Cash Outflows

Common cash outflows:

-Accounts payable – what is the accounts payables period?

-Wages, taxes and other expenses – usually expressed as a percent of sales (implies that they are variable costs)

-Fixed expenses, when applicable

-Capital expenditures – determined by the capital budget

-Long-term financing expenses – interest expense, dividends, sinking fund payments, etc.

-Short-term borrowing – determined based on the other information

The Cash Balance

Net cash inflow is the difference between cash collections and cash disbursements

42.Line of credit – formal or informal prearranged short-term loans

43.Pro Forma Operating Statement

This statement is built around an estimate of the expected sales for the forecast period.

44.Pro Forma Balance Sheet

The balance sheet is partially based on the information represented in the operating statement, as well as the schedule and budgets, if any, supporting the latter.

45.Financial Leverage and risk

Expected return=risk free rate+risk premium

Expected return=risk-free rate+ business risk premium + financial risk premium

Under the assumption of CAPM there is a simple relationship between levered and unlevered betas.

β(L)=β(U)[1+D/E], or β(U)=β(L)/(1+D/E)

A stock’s levered beta is equal to its levered beta multiplied by one plus the firm’s ratio of debt to equity, D/E therefore, a stock’s beta ( and its expected return) increases as its debt ratio increases. Expected return = RF + β(U)[Rm-Rf]+β(L)(D/E)(Rm-Rf)

46. The Du Pont Identity

A Closer Look at ROE

The Du Pont Identity provides analysts with a way to break down (i.e., decompose) ROE and investigate what areas of the firm need improvement.

ROE = (NI / total equity)

multiply by one (assets / assets) and rearrange

ROE = (NI / assets) (assets / total equity) = ROA*EM

multiply by one (sales / sales) and rearrange

ROE = (NI / sales) (sales / assets) (assets / total equity)

ROE = PM*TAT*EM

These three ratios indicat e that a firm’s return on equity depends on its operating efficiency (profit margin), asset use efficiency (total asset turnover) and financial leverage (equity multiplier).

47.EFN and Growth

Financial Policy and Growth

The internal growth rate (IGR) is the growth rate the firm can maintain with internal financing

IGR = (ROA*b) / [1 – ROA*b]

The sustainable growth rate (SGR) is the maximum growth rate a firm can achieve without external equity financing, while maintaining a constant debt-to-equity ratio.

SGR = (ROE*b) / [1 – ROE*b]

48.Calculating and Comparing Effective Annual Rates (EAR)

EAR = [1 + (quoted rate)/m]m– 1, where m is the number of periods per year

Example: 18% compounded monthly is [1 + (.18/12)]12– 1 = 19.56%

49. Bonds and Bond Valuation

A. Bond Features and Prices

Bonds – long-term IOUs, usually interest-only loans (interest is paid by the borrower every period with the principal repaid at the end of the loan).

Coupons – the regular interest payments (if fixed amount – level coupon).

Face or par value – principal, amount repaid at the end of the loan

Coupon rate – coupon quoted as a percent of face value

Maturity – time until face value is paid, usually given in years

B. Bond V alues and Yields

The cash flows from a bond are the coupons and the face value. The value of a bond (market price) is the present value of the expected cash flows discounted at the market rate of interest.

Yield to maturity (YTM) – the required market rate or return, or rate that makes the discounted cash flows from a bond equal to the bond’s market price.

Bond value = present value of coupons + present value of par

Bond value = C[1 – 1/(1+r)t] / r + FV / (1+r)t

Semiannual coupons – coupons are paid twice a year. Everything is quoted on an annual basis so you divide the annual coupon and the yield by two and multiply the number of years by 2.

Example: A $1,000 bond with an 8% coupon rate, with coupons paid semiannually, is maturing in 10 years. If the quoted YTM is 10%, what is the bond price?

Bond value = 40[1 – 1/(1.05)20] / .05 + 1,000 / (1.05)20

Bond value = 498.49 + 376.89 = $875.38

Inflation and Interest Rates

A. Real versus Nominal Rates

Nominal rates – rates that have not been adjusted for inflation

Real rates – rates that have been adjusted for inflation

B. The Fisher Effect

The Fisher Effect is a theoretical relationship between nominal returns, real returns, and the expected inflation rate. Let R be the nominal rate, r the real rate, and h the expected inflation rate;

(1 + R) = (1 + r)(1 + h)

A reasonable approximation, when expected inflation is relatively low, is R = r + h.

A definition whereby the real rate can be found by deflating the nominal rate by the inflation rate: r = [(1 + R) / (1 + h)] – 1.

50. Common Stock Valuation

A. Cash Flows

Stock valuation is more difficult than bond valuation because the cash flows are uncertain, the life is infinite, and the required rate of return is unobservable.

The cash flows to stockholders consist of dividends plus a future sale price. You can illustrate that the current stock price is ultimately the present value of all expected future dividends:

P0 = D1/(1+R) + D2/(1+R)2 + D3/(1+R)3+ …

B. Some Special Cases

1)Zero-growth – implies that D0 = D1 = D2… = D

Since the cash flow is always the same, the PV is that for a perpetuity:

P0 = D / R

Example: Suppose a stock is expected to pay a $2 dividend each period, forever, and the required return is 10%. What is the stock worth?

P0 = 2 / .1 = $20

2)Constant growth – Dividends are expected to grow at a constant percentage rate each period. D1 = D0(1+g); D2 = D1(1+g); in general D t = D0(1+g)t Note that this is really just a future value.

P0 = D1 / (R – g)=D0(1+g)/(1+g)

C. Components of the Required Return

Rearrange P0 = D1 / (R – g) to find R:

R = (D1 / P0 ) + g

Dividend yield = D1 / P0

Capital gains yield = g, and

R = dividend yield + capital gains yield

D. Stock Valuation Using Multiples

For stocks that do not currently pay dividends, a common valuation approach is to make use of the PE ratio. For instance, using a benchmark PE ratio for a firm and their current earnings per share, we can calculate a projected price for the firm:

Price at time t = P t =Benchmark PE ratio x EPS t

51. Alternative Definitions of Operating Cash Flow

Suppose that sales = 1,000; operating costs = 600; depreciation = 200 and the tax rate = 34% With our standard definition of OCF = EBIT – taxes + depreciation, we compute the following: EBIT = 1,000 – 600 – 200 = 200

Taxes = 200(.34) = 68

OCF = 200 – 68 + 200 = 332

A. The Bottom-Up Approach

OCF = NI + depreciation

NI = 200 – 68 = 132

OCF = 132 + 200 = 332

It is extremely important to remember that this definition will only work when there is no interest expense. For that reason, it is often ideal for capital budgeting problems, but not for finding historical OCF.

B. The Top-Down Approach

OCF = Sales – Costs – Taxes

OCF = 1,000 – 600 – 68 = 332

C. The Tax Shield Approach

OCF = (Sales – Costs)*(1 – T) + Depreciation * T

OCF = (1,000 – 600)(1 - .34) + 200(.34)

OCF = 264 + 68 = 332

Under this approach we consider the cash flow without any noncash deductions and then add back the depreciation tax shield. If we had other noncash deductions, we would need to compute the tax shield associated with each one and add those back as well.

D. Conclusion

The best choice of operating cash flow calculation method is determined by the convenience for the problem at hand.

52.Break-Even Analysis

Break-even analysis is a widely used technique for analyzing sales volume and profitability. More to the point, it determines the sales volume necessary to cover costs and implicitly asks, “Are things likely to go that well?”

A. Fixed and Variable Costs

Variable costs (VC) are the costs that change as the volume of sales changes (direct labor and materials, for example)

variable costs = quantity*cost per unit

VC = Q*v

B. Accounting Break-Even

The sales volume at which the project net income = $0.

P = price per unit

v = variable cost per unit

Q = # of units or quantity

FC = fixed costs

D = depreciation

T = tax rate

Net income = sales – costs – taxes

NI = [Q*P – FC – Q*v – D](1 – T) = 0

Q*P – Q*v = FC + D

Q(P – v) = FC + D

Q = (FC + D) / (P – v)

*:Again, ignore taxes for simplification, OCF = net income + depreciation

53.Operating Leverage

A. The Basic Idea

Operating leverage is the degree to which a project or firm uses fixed costs in production. Plant and equipment and non-cancelable rentals are typical fixed cost items.

B. Implications of Operating Leverage

Since fixed costs do not change with sales, they make good situations better and bad situations worse, i.e., they “lever” results.

C. Measuring Operating Leverage

Degree of Operating Leverage (DOL) is the percentage change in OCF relative to a percentage change in quantity.

Percentage change in OCF = DOL*(percentage change in Q)

DOL = 1 + FC / OCF

DOL depends on your starting point – what quantity you use to determine the OCF.

54.Risk Premiums

Using the T-bill rate as the risk-free return and aggregate common stocks as an average risk, define excess return as the difference between an average-risk return and the return on T-bills.

Risk premium –reward for bearing risk, the difference between a risky investment return and the risk-free rate.

55. The Variability of Returns: The Second Lesson

A. Frequency Distributions and Variability

Variance and standard deviation are the most commonly used measures of volatility.

B. The Historical Variance and Standard Deviation

Variance – the average squared deviation between actual returns and their mean

Standard Deviation – square root of variance

56. The Forms of Market Efficiency

A. Strong form efficiency – All information, both public and private, is already incorporated in the price. Empirical evidence indicates that this form of efficiency does NOT hold.

B. Semistrong form efficiency – All public information is already incorporated in the price. It says that you cannot consistently earn excess returns using available information to do fundamental analysis. Evidence is mixed, but suggests that it holds for widely held firms.

C. Weak form efficiency – All market information, including prices and volume, is included in the price. It says that you cannot consistently earn excess returns by looking for patterns in past price and volume information, such as is done by technical analysts. Evidence suggests that markets are weak form efficient based on the trading rules that we have been able to test.

XXXX中级会计职称_财管教材word版

第一章总论 第一节财务管理目标 企业的目标就是创造价值。一般而言,企业财务管理的目标就是为企业创造价值服务。鉴于财务主要是从价值方面反映企业的商品或者服务提供过程,因而财务管理可为企业的价值创造发挥重要作用。 一、企业财务管理目标理论 企业财务管理目标有如下几种具有代表性的理论: (一) 利润最大化 利润最大化就是假定企业财务管理以实现利润最大化为目标。 以利润最大化作为财务管理目标,其主要原因有三:一是人类从事生产经营活动的目的是为了创造更多的剩余产品,在市场经济条件下,剩余产品的多少可以用利润这个指标来衡量;二是在自由竞争的资本市场中,资本的使用权最终属于获利最多的企业;三是只有每个企业都最大限度地创造利润,整个社会的财富才可能实现最大化,从而带来社会的进步和发展。 利润最大化目标的主要优点是,企业追求利润最大化,就必须讲求经济核算,加强管理,改进技术,提高劳动生产率,降低产品成本。这些措施都有利于企业资源的合理配置,有利于企业整体经济效益的提高。 但是,以利润最大化作为财务管理目标存在以下缺陷: (1) 没有考虑利润实现时间和资金时间价值。比如,今年100万元的利润和10年以后同等数量的利润其实际价值是不一样的,10年间还会有时间价值的增加,而且这一数值会随着贴现率的不同而有所不同。 (2) 没有考虑风险问题。不同行业具有不同的风险,同等利润值在不同行业中的意义也不相同,比如,风险比较高的高科技企业和风险相对较小的制造业企业无法简单比较。 (3) 没有反映创造的利润与投入资本之间的关系。 (4) 可能导致企业短期财务决策倾向,影响企业长远发展。由于利润指标通常按年计算,因此,企业决策也往往会服务于年度指标的完成或实现。 (二) 股东财富最大化 股东财富最大化是指企业财务管理以实现股东财富最大化为目标。在上市公司,股东财富是由其所拥有的股票数量和股票市场价格两方面决定的。在股票数量一定时,股票价格达到最高,股东财富也就达到最大。 与利润最大化相比,股东财富最大化的主要优点是: (1) 考虑了风险因素,因为通常股价会对风险作出较敏感的反应。 (2) 在一定程度上能避免企业短期行为,因为不仅目前的利润会影响股票价格,与其未来的利润同样会对股价产生重要影响。 (3) 对上市公司而言,股东财富最大化目标比较容易量化,便于考核和奖惩。

第二章财务管理的基础知识10页

第二章 财务管理的基础知识 教学目的:通过本章学习,掌握风险衡量的方法,掌握资金时间价值和本量利的计算;理解资金时间价值的含义;了解风险的种类、投资风险和投资报酬的关系,了解本量利的基本概念、基本关系式和前提条件。 教学难点:投资的风险和报酬;本量利分析 教学重点:资金时间价值的计算 教学课时:12 教学内容与过程: 导入图片和案例: 第一节 资金时间价值 一、资金时间价值的含义 (一)概念 (二)产生的条件 (三)表示方法 ()???一次性收付款项的终值、现值的计算 重点:资金时间价值的计算非一次性收付款项年金和混合现金流的终值、现值的计算 注:资金时间价值的计算,涉及两个基本概念,即现值和终值,P16 对于一个特定的时间段而言,该段时间的起点金额是现值; 该段时间的终点金额是终值。 二、一次性收付款项的终值和现值 (一)单利的终值和现值 (二)复利的终值和现值 1 .复利终值 例:若将1000元以7 %的利率存入银行,则2年后的本利和是多少? 注:i ↗, F ↗;n ↗, F ↗. 2.复利现值:即倒求本金 注:i ↗,P ↙; n ↗, P ↙. 注:复利现值系数与复利终值系数互为倒数 3.复利利息的计算:I =F-P 注:财务管理考试中,若不特指,均指复利。 企业再生产运动中,运用资金一次循环的利润,应投入下一次循环中,这一过

程与复利计算的原理一致。因此,按复利制计算和评价资金时间价值要比单利制更科学。所以,在长期投资决策计算相关指标时,通常采用复利计息。 课堂练习: 1.某人现在存入本金2000元,年利率为7%,5年后可得到多少? 2.某项投资4年后可得到40000元,按利率6%计算,现在应投资多少? F = 2000 × (F/P,7%,5)= 2000 × 1.4026 = 2805.2 (元) P = 40000 × (P/F,6%,4) = 40000 × 0.7921 = 31684 (元) 知识链接:有关复利的小故事 富兰克林的遗嘱 你知道本杰明·富兰克林是何许人吗?富兰克林利用放风筝而感受到电击,从而发明了避雷针。这位美国著名的科学家死后留下了一份有趣的遗嘱: 一千英磅赠给波士顿的居民,如果他们接受了这一千英磅,那么这笔钱应该托付给一些挑选出来的公民,他们得把这些钱按每年5%的利率借给一些年轻的手工业者去生息。这些款过了100年增加到131000英磅。我希望那时候用100000英磅来建立一所公共建筑物,剩下的31000英磅拿去继续生息100年。在第二个100年末了,这笔款增加到4061000英磅,其中1061000英磅还是由波士顿的居民来支配,而其余的3000000英磅让马萨诸塞州的公众来管理。过此之后,我可不敢多作主张了!” 同学们,你可曾想过:区区的1000英磅遗产,竟立下几百万英磅财产分配的遗嘱,是“信口开河”,还是“言而有据”呢?事实上,只要借助于复利公式,同学们完全可以通过计算而作出自己的判断。 德哈文的天文债权 十年前,美国人德哈文(J.Dehaven)的后代入禀美国法院,向联邦政府追讨国会欠他家族211年的债务,本利共1416亿美元。事情的经过是:1777年严冬,当时的美国联军统帅华盛顿将军所率领的革命军弹尽粮绝,华盛顿为此向所困之地的宾州人民紧急求援,大地主德哈文借出时值5万元的黄金及40万元的粮食物资,这笔共约45万美元的贷款,借方为大陆国会,年息为6厘(相当于6%)。211年后的1988年,45万美元连本带利已滚成1416亿美元,这笔天文数字的债务足以拖垮美国政府,政府当然要耍赖拒还了。 45万美元,变成1416亿美元,代价是211年6厘的复利,此故事足以说明复利增长的神奇力量。 朋友们可能会想,别说211年了,就算50年,我都老了,要钱干什么?是啊,我想反问一句又有几个人能做到几十年如一日的坚持呢!如果能坚持到最后,你一定会成功! 三、年金的终值和现值(非一次性收付款项的终值和现值)

上百本财务会计类电子书链接

出纳入门篇: ?出纳专题一站通 ?出纳新手必备知识:上班的那些事 ?出纳库存现金盘点核对系统 ?出纳初学者参与工作的注意事项 基础会计篇: ?《会计大全》精装版 ?免费会计软件 ?基础会计教材电子版 ?财务函数电子书 ?免费会计电子书下载(超值版) ?会计入门——具体事项处理 ?会计核算基本方法实训教程 ?《最新企业会计实务操作》扫描版 ?世界著名会计公司做的全套流程资料 ?四大会计事务所财务培训 ?厦门国家会计学院培训课程下载 ?[推荐]—基础会计教材顺口溜 ?《跟着笨笨干会计》全集 ?课件-高手作帐只用一套 ?会计综合实训资料及课件讲义下载汇总 ?基础会计实训教程 ?会计基础操作规范 ?会计专项实战资料 ?会计综合实战资料 ?《会计实务操作模拟实训》 ?企业财务会计基础知识培训教材 ?《企业财务通则》解读 ?财务人员工作流程【全集】 ?会计科目及主要帐务处理(2009最新版本)?最新企业会计科目及使用说明 ?纳税项目会计科目的设置及账簿启用

?企业会计每月账务处理(全套) ?一般企业会计月末和月初工作实务 ?会计交接工作的程序及注意事项 ?会计从业资格注册、变更、调转登记表 ?会计从业资格证书申请表 ?社保、公积金知识讲座 ?“五险一金”的深入解析—上班的一定要看 ?《通用税务数据采集软件》—免费纳税申报软件下载?《QS纳税申报》软件下载 ?各岗位会计年终总结汇总 ?2009年公司财务工作总结 ?财务人员个人工作总结示例 ?工行支票和电汇打印程序 ?银行用企业简介 ?财务会计工作细化执行与模板(光盘稿) ?小企业会计录大全 ?K3应用问题集(财务部分) ?会计全套账务处理完整篇 ?日记账管理系统 ?上班那点事之会计【视频】 ?会计凭证装订方法【视频】 ?高手做账只用一套【视频分享】 ?会计实务操作视频课程:出纳实务操作班 ?《跟着笨笨干会计》全集 ?工资表---全年工资随意查(更新版) ?出纳业务术语(电子版) ?会计做假解密电子书 ?普华永道总帐最佳实务 ?【会计故事连载】斑鸠的会计生活 ?成本控制要点应用指南 ?中美会计制度比较(pwc) ?账前消化(老板财务难解决方案视频全集) ?会计基础视频教程(全集) ?会计基础公式汇总、会计实务分录汇总 ?财务会计ppt(基本讲授完整会计基础知识) ?财务会计案例

财务管理基础英文版选择题

第一章 1 CORRECT Which of the following are microeconomic variables that help define and explain the discipline of finance? D A) risk and return B) capital structure C) inflation D) all of the above Feedback: All of the above are relevant in explaining finance. 2 CORRECT One primary macroeconomic variable that helps define and explain the discipline of finance? C A) capital structure B) inflation C) technology D) risk Feedback: Technology is very important in explaining the field of finance. 3 CORRECT The money markets deal with _________. B A) securities with a life of more than one year B) short-term securities C) securities such as common stock D) none of the above Feedback: The money markets are concerned with short-term securities, those with a life less than one year. 4 CORRECT The ability of a firm to convert an asset to cash is called ___A_________. A) liquidity B) solvency C) return D) marketability Feedback: Liquidity also means how close an asset is to cash. 5 CORRECT Early in the history of finance, an important issue was: A A) liquidity B) technology C) capital structure D) financing options

(整理)基本财务管理知识

第一节财务管理基础知识(一) 财务与会计的关系 财务与会计的内涵 1.会计 会计工作主要是解决三个环节的问题: 会计凭证 会计账簿 会计报表 财务不是解决对外报告的问题,而是要解决企业内部资金运作过程中的一系列问题,涉及到预测、决策、控制和规划。 财务所要解决的是如何筹集资金,筹集资金以后如何进行投资,项目投资完成以后,在经营

过程当中营运资本如何管理,以及最后盈利如何分配的问题,它包括筹资管理、投资管理、经营活动的管理和分配活动的管理。 1.理论上财务和会计的关系 过去理论上对财务和会计的关系有三种看法: (1)大财务:财务决定会计; (2)大会计:会计决定财务; (3)平行观:财务和会计是一种平行的关系,不存在谁决定谁的问题。 2.实务上财务和会计的关系 实务上这三种观点不可能同时存在。在我国会计实务中,只有一种观点,即:财务决定会计,财政决定会计,同时财政还决定财务。 所以在实际工作中,财务和会计的关系就是一个大财务的思想。大财务的思想实际是计划经济的思想。 为什幺会出现这样一种局面,它有什幺弊端? 在计划经济的条件下,我们实际上遵循的是一个大财务的思想,甚至到目前为止,在我们国家的管理体制当中基本还是这样一个思想,如果把财政这个因素考虑进来,那幺实际上是财政决定财务,财务决定会计,也就是说我们的财务制度和会计制度到现在为止都是由财政部门制订和

颁布的,财政部门始终是从国家的利益、国家的立场上来制订各种财务制度,进而通过财务的各种标准来制约会计核算,所以财务决定会计它的根源实际上是一种大财政的思想。 还有税务的问题。财会工作经常打交道的一个部门就是税务部门,但是税务部门和财政部门也有关系,实际上在我们国家财政还决定税务,税务再影响会计。所以会计核算受到很多因素的制约,到目前为止都是从国家的角度来对这些制度加以规范的。然而,在市场经济的条件下,再去强调大财政的管理,强调财政决定财务和财务决定会计的管理体制是不适宜的,是不适应市场经济条件下企业发展要求的。 3.还财务本来面目 在市场经济条件下,财务和会计是两项内容各异的工作,二者是平行的关系。市场经济环境下我国的企业应该注重和加强财务管理。 财务绝不仅仅是一个制度的问题,还是一个方法和思路的问题。我们学习财务管理,实际上是一个方法和思路的问题,而不是财政部财务规定的问题。财务应该是企业自己的财务。 对现行财务制度的简单评价 从计划经济延续下来,我国一直是国家规定财务制度,国家通过财务制度来约束国有企业行为。1993年,在从计划经济体系向市场经济体系过渡的过程中,国家颁布了“两则两制”。所谓两则就是指《企业的财务通则》和《企业的会计准则》。财务通则属于财务制度范畴;会计准则属于会计制度范畴。所谓两制就是指《13个大行业的财务制度》和《13个大行业的会计制度》。13个行业包括工业、农业、商业、金融业、建筑业等。“两则两制”的执行标志着我国财会制度开始从计划经济向市场经济过渡。 在市场经济初期,企业执行财政部门颁布的财会制度还是可行的,但是随着市场经济的深入发展,财会制度的负面影响逐渐暴露出来。

2020年(财务知识)中级财务管理教材

(财务知识)中级财务管理课件

第三节证券市场理论 本节要点: 1、风险和收益的壹般关系(客观题) 2、资本资产定价模型(重点,主观题、客观题) 3、套利定价理论(了解) 壹、风险和收益的壹般关系 1.关系公式 必要收益率=无风险收益率+风险收益率=R f+b×V 无风险收益率(R f)通常用短期国债的收益率来近似地替代;风险收益率能够表述为风险价值系数(b)和标准离差率(V)的乘积。 【例题单项选择题】某种股票的期望收益率为10%,其标准离差为0.04,风险价值系数为30%,则该股票的风险收益率为()。(2005年) A.40% B.12% C.6% D.3% 【答案】B 【解析】标准离差率=标准离差/期望值=0.04/10%=0.4,风险收益率=风险价值系数×标准离差率=0.4×30%=12%。 2.风险价值系数(b)的影响因素: 风险价值系数(b)取决于投资者对风险的偏好,对风险的态度越是回避,风险价值系数的值也就越大,反之则越小。 3.公式的缺点 现实中,对于公式中的风险价值系数b和标准离差率V的估计均是比较困难的,即便能

够取得亦不够可靠。因此,上述公式的理论价值远大于其实务价值。 二、资本资产定价模型 (壹)资本资产定价模型的基本表达式 必要收益率=无风险收益率+风险收益率 R=R f+β×(R m-R f) 其中:(R m-R f)市场风险溢酬,反映市场整体对风险的平均容忍程度(或厌恶程度)。 【例题】当前国债的利率为4%,整个股票市场的平均收益率为9%,甲股票的β系数为2,问:甲股票投资人要求的必要收益率是多少? 解答:甲股票投资人要求的必要收益率=4%+2×(9%-4%)=14% 课件【例2-8】某年由MULTEX公布的美国通用汽车X公司的β系数是1.170,短期国库券利率为4%,S&P股票价格指数的收益率是10%,那么,通用汽车该年股票的必要收益率应为: R=R f+β(R m--R f)=4%+1.17×(10%-4%)=11.02% 通过公式R=R f+β×(R m-R f),要注意俩点:壹是为主观题打基础;二是注意相应的结论,这是客观题的考核点。 从客观题方面见,第壹:通过公式要注意哪些因素影响投资人要求的必要收益率。主要有三个影响因素,壹个是无风险收益率(R f),无风险收益率越高,投资人要求的必要收益率越高;第二个是整个市场的平均收益率(R m),整个市场的平均收益率越高,投资人要求的必要收益率越高;第三个是β系数,β系数越大,投资人要求的必要收益率越高。 第二:注意有关的概念。如(R m-R f)指的是市场风险溢酬。 【例如判断题】按照资本资产定价模型,某项资产的风险收益率是等于该资产的系统风险系数和市场风险溢酬的乘积。

(完整版)财务管理基础知识点整理

财务管理基础知识点整理 1. 财务管理:企业财务管理是企业对资金运作的管理。 2. 企业财务管理活动:①企业筹资。②企业投资。③企业经营。④企业分配。 3. 企业财务关系: 4. ①企业与投资者。这种关系是指投资者向企业投入资本,企业向投资者支付投资报酬所形成的经济关系。 ②企业与受资者。是指企业对外投资所形成的经济关系。企业与受资者的财务关系是体现所有权性质的投资与受资的关系。 ③企业与债权人。是指企业向债权人借入资金,并按合同按时支付利息和本金所形成的经济关系。企业与债权人的财务关系在性质上属于债务债权关系。 ④企业与债务人。是指企业将资金购买债券、提供借款、或商业信用等形式,借给其他的企业和个人所形成的经济关系。企业与债务人的关系体现的是债权与债务关系 ⑤企业内部各单位之间。是指企业内部各单位之间在生产经营各环节中相互提供产品和劳务所形成的经济关系。这种在企业内部形成的资金结算关系,体现了企业内部各部门之间的利益关系。 ⑥企业与职工。是指企业向职工支付劳动报酬过程中所形成的经济关系。 ⑦企业与政府。这种关系体现了一种所有权的性质、强制和无偿的分配关系。 ⑧企业与经营者。同企业与职工之间的财务关系一样。另有经营者年薪制问题、股票期权问题;知识资本问题。 5. 企业财务管理特点:①综合性强。②涉及面广。③灵敏度高。 6. 企业财务管理原则:(1)系统原则 ①整体优化 ②结构优化 ③适应能力优化 (2)成本与效益均衡原则 (3)平衡原则 (4)风险与收益均衡原则 (5)利益关系协调 原则 (6)比例原则。 6.财务管理环节:①财务预厕 ②财务决策 ③财务预算 ④财务控制 ⑤财务分析 7.企业目标:(1)生存目标—要求财务管理做到以收抵支、到其偿债。 (2)发展目标—要求财务管理筹集企业发展所需的资金。 (3)获利目标—要求财务管理合理有效地使用资金。 8.企业财务管理的目标:①利润最大化 ②股东财富最大化 ③企业价值最大化 9.财务管理目标的协调:(1)所有者与经营者利益冲突及协调 ①监督 ②激励 ③市场约束 (2)所有者与债权人的冲突与协调 ①增加限制性条款 ②提前收回债权或不再提供新债 权 ③寻求立法保护 (3)财务管理目标与社会责任的关系及协调 ①保证所有者权益 ②维护消费者权益 ③保 障债权人权益 ④保护社会环境。 10.财务管理环境:(1)外部环境:①经济环境(经济周期、经济发展状况、经济政策、通货膨胀)②法律环境(企 业组织法规、税法、财务法规)③金融环境(金融机构、金融市场、金融工具、利息率) (2)内部环境:①企业组织形式(个人独资企业、合伙企业、公司制企业)②销售环境 ③采购 环境 ④生产环境 ⑤企业文化 11.资金时间价值(1)单利终值:F=P*(1+i ,n) (2)单利现值:P=F/(1+i ,n) (3)复利终值:F=P(F/P ,i ,n) (4)复利现值:P=F(P/F ,i ,n) (5)普通年金终值:F=A(F/A ,i ,n) (6)普通年金现值:P=A(P/A ,i ,n) (7)即付年金终值:F=A[(F/A ,i ,n+1)-1] (8)即付年金现值:P=A[(P/A ,i ,n -1)+1] (9)递延年金终值:P=A[(P/A ,i ,m+n)-(P/A ,i ,m)]=A(P/A ,i ,n)(P/F ,i ,m) =A(F/A , i ,n)(P/F ,I ,m+n) (10)永续年金现值:P=A/i 12.贴现率计算方法:内插法 13.计息期短于一年的资金时间价值的计算:k=(1+i/m)m -1 14.风险的特征:①风险是客观存在的 ②风险与收益和损失密切相关 ③风险具有潜在性 ④风险具有可测性 15.风险的种类:①系统风险与非系统风险 ②经营风险和财务风险 16.标准离差: i n i i P E)(x δ?-=∑=21 ,标准离差率:ρ=V=δ/E ,Rr=b*V (Rr 应得风险报酬率,b 风险报

财务管理基础知识详述

I06公司理财讲义★讲师简介 许经长 ☆中国人民大学商学 院教授、博士 ☆长盛基金治理公司 董事 ★课程对象 ——谁需要学习本课程

★国有企业高层治理者 ★国有企业中层治理者及基层主管 ★民营企业高层治理者 ★民营企业中层治理者及基层主管 ★人力资源部、培训部经理及职员 ★国家机关以及事业单位的领导者与一般工作人员★任何希望系统学习最新的工商治理知识的人士 ★课程目标 ——通过学习本课程,您将实现以下转变 1.了解财务与会计的内涵 2.熟悉现金流量表的结构与内容 3.了解财务治理的目标、内容与职能

4.掌握财务分析的要紧内容与方法 5.掌握财务预测的方法 6.掌握本量利分析法 7.掌握筹资的要紧形式与方法 8.掌握现金和有价证券、应收账款和存货、利润分配活动的治 理方法 9.熟悉现代企业财务治理体系的要紧构成要素 ★课程提纲 ——通过本课程,您能学到什么? 第一讲 1.财务与会计的内涵 2.财务与会计的关系 3.评价现行财务制度 4.如何认识会计工作(一)

第二讲 1.如何认识会计工作(二) 2.会计等式与会计报表 第三讲 1.现金流量表 2.财务治理的目标 3.财务治理的内容 4.财务治理的职能 第四讲 1.财务分析概述 2.流淌性分析 3.资产治理分析 4.长期偿债能力分析 5.盈利能力分析 6.上市公司财务分析 第五讲 1.财务预测(一) 2.财务预测(二)

第六讲 1.财务预测(三) 2.本量利分析 3.财务预算 4.作业成本与作业预算 5.一般股筹资 第七讲 1.负债筹资 2.营运资金政策 3.资本成本 4.财务杠杆 5.资本结构 第八讲 1.三种投资分类方式 2.投资中考虑的因素 3.项目投资决策基础 4.长期投资决策方法(一)第九讲

财务管理术语中英文对照

财务管理术语表 Absorption costing 吸收成本法: Total Cost Methods全部成本法: 将某会计期间内发生的固定成本除以销售量,得出单位产品的固定成本,再加上单位变动成本,算出单位产品的总成本。 Accounting 会计:对企业活动的财务信息进行测量和综合,从而向股东、经理和员工提供企业活动的信息。请参看管理会计和财务会计。 Accounting convention会计原则:会计师在会计报表的处理中所遵循的原则或惯例。正因为有了这些原则,不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。如果会计原则在实行中发生了一些变化,那么审计师就应该在年度报表附注中对此进行披露。 Accounts 会计报表和账簿: 这是英国的叫法,在美国,会计报表或财务报表叫做Financial Statements,是指企业对其财务活动的记录。Chief financial officer Accounts payable应付账款: 这是美国的叫法,在英国,应付账款叫做Creditors,是指公司从供应商处购买货物、但尚未支付的货款。 Accounts receivable 应收账款:这是美国的叫法,在英国,应收账款叫做Debtors,是指客户从公司购买商品或服务,公司已经对其开具发票,但客户尚未支付的货款。 Accrual accounting 权责发生制会计:这种方法在确认收入和费用时,不考虑交易发生时有没有现金流的变化。比如,公司购买一项机器设备,要等到好几个月才支付现金,但会计师却在购买当时就确认这项费用。如果不使用权责发生制会计,那么该会计系统称作“收付制”或“现金会计”。Accumulated depreciation 累计折旧:它显示截止到目前为止的折旧总额。将资产成本减去累计折旧,所得结果就是账面净值。 Acid test 酸性测试:这是美国的叫法,请参看quick ratio速动比率(英国叫法)。 Activity ratio 活动比率: 资产周转率,即销售收入除以净资产(或总资产)。它表明企业在销售过程中利用资产的效率,而不考虑资本的来源。零售业和服务业的活动比率通常比较高。制造业通常是资本密集型的,固定资产的流动资产较多,因此其活动比率也就比较低。 Allcation of costs 成本的分配:将成本分配给“拥有”它们的产品或分部,比如用某产品的广告成本抵减该产品的收入。 Amortization 摊销: 将资产或负债价值的逐渐减少记录在各期费用里。通常是指商誉、专利或其他无形资产,或者债券的发行费用。 Assets 资产: 企业所拥有的财产,可能包括固定资产、流动资产和无形资产。 Asset turnover: 资产周转率 Auditing 审计对公司账簿和会计系统进行检查,从而确认公司的会计报表是否真实、公正地披露其财务状况的过程。 Auditors’ report审计报告:根据法律规定,有限公司每年都应当公布一份会计报表,同时审计师应当出具意见,以确认公司是否对其商业活动进行了真实、公正的披露。为了确认这一点,审计师需要检查公司的会计报表。如果他们对报表不满意,他们就会出具“保留意见”,提了同报表中他们认为错误或不确定的项目。审计师出具的保留意见可能会对公司的公众形象和股票价格产生灾难性的影响。Authorized capital 核定资本:经过核定允许发行的实收资本额。在核定资本的时候,公司需要支付印花税。如果在核定资本额的全部股票都发行完之后,董事们还希望发行新的股票,则需要得到股东的允许。一旦批准之后,公司的董事会就可以在批准的额度内随意发行新的股票。

财务管理教材 电子版

目录 第一章总论 第一节财务管理基本概念 第二节财务管理目标 第三节财务管理工作环节 第四节财务管理环境 第二章财务管理基础知识 第一节资金时间价值 第二节风险与报酬 第三节成本习性分析及本量利关系 第三章筹资决策 第一节筹资概述 第二节权益资金筹集 第三节负债资金筹集 第四章资本成本与资本结构 第一节资本成本及计算 第二节杠杆原理 第三节目标资本结构 第五章项目投资决策 第一节项目投资决策的相关概念 第二节项目投资决策评价指标与应用第三节所得税与折旧对项目投资的影响第四节投资风险分析 第六章证券投资决策 第一节证券投资概述 第二节证券投资风险与收益率 第三节证券投资决策分析 第七章营运资金管理 第一节营运资金概述

第二节货币资金管理 第三节应收帐款管理 第四节存货管理 第八章利润分配管理 第一节利润分配概述 第二节股利分配政策 第九章财务预算 第一节财务预算概述 第二节财务预算编制方法 第三节现金预算与预计财务报表编制 第十章财务控制 第一节财务控制概述 第二节责任中心 第三节内部转移价格 第十一章财务分析 第一节财务分析概述 第二节财务分析方法 第三节财务指标分析 第四节财务综合分析 附录资金时间价值系数表 第一章总论 学习目标:通过本章学习,要求掌握财务关系及财务管理的基本内容;理解财务管理基本概念及财务管理目标的科学表达;了解财务管理工作环节和财务管理环境。 第一节财务管理基本概念 任何企业的生产经营活动,都是运用人力、资金、物资与信息等各项生产经营要素来进行的,其中包含了生产经营的业务活动和财务活动两个方面,与之对

应的,在企业中必然存在两种基本管理活动,即生产经营管理和财务管理。企业财务是指企业生产经营过程中的资金运动及其所体现的财务关系。财务管理是组织企业财务活动,处理财务关系的一项经济管理工作。理解企业财务管理的基本概念,还必须了解资金运动、财务活动及财务关系等相关概念。 一、资金运动及形式 资金是企业生产经营过程中商品价值的货币表现,其实质是再生产过程中运动着的价值。资金运动是指企业实物商品运动和金融商品运动过程中的价值运动。具体表现为两种形式: (一)实物商品资金运动 企业再生产过程是实物商品的使用价值的生产和交换与价值的形成和实现过程的统一。实物商品经过采购、生产和销售三个基本环节,既表现为其使用价值的实现过程,又表现为实物商品的价值运动过程。这种价值运动过程可以图示为: A G——W <——P——W′——G′ P m 随着实物商品的采购、生产和销售的进行,货币资金(G)依次转化为商品资金(W —表现为一定数量的劳动力A和生产资料P m)、生产资金(P)、产成品资金(W′)和更多的货币资金(G′)。资金运动的结果实现了资金的增值性要求。 (二)金融商品资金运动 金融商品是指在金融市场反复买卖,并有市场价格的各种有价证券(如股票、债券等)。企业进行的各种金融商品投资或买卖活动可以图示为: G——G w——G′ 随着金融商品买卖的进行,货币资金(G)依次转化为金融商品资金(G w)和更多的货币资金(G′)。 如果企业利用发行股票或债券筹集资金以及之后的偿付资金(如回购股票、支付股利;还本付息),完整的实物商品资金运动可以图示为:

国际财务管理(原书第5版)答案

Lecture 4 Exchange Rate Parity Problems: 6-2, 3, 4, 7, 8 Suggested Solutions 2. Option a: When you buy £35,000 forward, you will need $49,000 in three months to fulfill the forward contract. The present value of $49,000 is computed as follows: $49,000/(1.0035)3 = $48,489. Thus, the cost of Jaguar as of today is $48,489. Option b: The present value of £35,000 is £34,314 = £35,000/(1.02). To buy £34,314 today, it will cost $49,755 = 34,314x1.45. Thus the cost of Jaguar as of today is $49,755. You should definitely choose to use “option a”, and save $1,266, which is the difference between $49,755 and $48489. 3. a.(1+I$) =1.02 (1+I£)(F/S) = (1.0145)(1.52/1.50) = 1.0280 Thus, IRP is not holding exactly. b.(1) Borrow $1,500,000; repayment will be $1,530,000. (2) Buy £1,000,000 spot using $1,500,000. (3) Invest £1,000,000 at the pound interest rate of 1.45%; maturity value will be £1,014,500. (4) Sell £1,014,500 forward for $1,542,040 Arbitrage profit will be $12,040 c.Following the arbitrage transactions described above, The dollar interest rate will rise; The pound interest rate will fall; The spot exchange rate will rise; The forward exchange rate will fall. These adjustments will continue until IRP holds. 4. a.(1+ i $) = 1.014 < (F/S) (1+ i € ) = 1.053. Thus, one has to borrow dollars and invest in euros to make arbitrage profit. 1)Borrow $1,000,000 and repay $1,014,000 in three months. 2)Sell $1,000,000 spot for €800,000. 3)Invest €800,000 at the euro interest rate of 1.35 % for three months and receive €810,800 at maturity. 4)Sell €810,800 forward for $1,037,758. Arbitrage profit = $1,037,758 - $1,014,000 = $23,758. b.Follow the first three steps above. But the last step, involving exchange risk hedging, will be different. 5)Buy $1,014,000 forward for €792,238. Arbitrage profit = €810,800 - €792,238 = €18,562 7. a.ZAR spot rate under PPP = [1.05/1.11](0.175) = $0.1655/rand. b.Expected ZAR spot rate = [1.10/1.08] (0.158) = $0.1609/rand. c.Expected ZAR under PPP = [(1.07)4/(1.05)4] (0.158) = $0.1704/ran d. 8. a.First, note that (1+i €) = 1.054 is less than (F/S)(1+i €) = (1.60/1.50)(1.052) = 1.1221.

财务管理基础知识答案

财务管理基础知识答案 单选:1~5:ACCDC 【答案解析】:1.利润最大化的缺点是:(1)没有考虑资金时间价 值;(2)没有反映创造的利润与投入资本之间的关系;(3)没有考虑风险问题;(4)片面追求利润最大化,可能导致企业短期行为,与企业发展的战略目标相背离。选项BCD 都考虑了风险因素 2. 本题是计算普通年金终值的问题,5年后的本利和=10×(F/A,2%,5)=52.04(万元)。 3. 企业以一定代价、采取某种方式将风险损失转嫁给他人承担,以避免可能给企业带来灾难性损失的对策是转移风险,采取投保的方式就是将风险转移给保险公司承担。 4.建立的偿债基金=20 000/(F/A,2%,5)=3 843.20(元)。 5. 即付年金现值系数=普通年金现值系数×(1+i), 4.387=普通年金现值系数×(1+7%),普通年金现值系数=4.387/(1+7%)=4.1。 6~10:BDBAD 【答案解析】:6.本题是计算即付年金终值的问题,5年后共支付房款=40 000×(F/A,2%,5)×(1+2%)=212 323.2(元)。 7. 衡量资产风险的指标主要有收益率的方差、标准差和标准离差率等,收益率的方差和标准差只能适用于预期收益率相等情况下资产风险大小的比较,而标准离差率可以适用于任何情况。 8. 预期收益率并不能用于评价风险的大小,所以C错误;在预期收益率不同的情况下,应当使用收益率的标准离差率衡量风险的大小,且根据本题条件能够计算两项目的标准离差率。在本题中,甲项目收益率的标准离差率=10%/8%=1.25,乙项目收益率的标准离差率=12%/10%=1.2,由于甲项目收益率的标准离差率大于乙项目,所以甲项目的风险大,选项B正确,A选项与D选项不正确。 9. P=50×(P/A,10%,7)-50×(P/A,10%,2)=156.645(万元) 10. (1)先求出递延期末的现值,然后再将此现值调整到第一期期初。 P=500×(P/A,10%,5)×(P/F,10%,2)=500×3.7908×0.8264=1 566(万元)(2)先求出7期的年金现值,再扣除递延期2期的年金现值。 P=500×[(P/A,10%,7)-(P/A,10%,2)]=500×(4.8684-1.7355)=1 566(万元)。11~14:CDCD 【答案解析】:12.本题符合普通年金现值公式:20 000=4 000×(P/A,i,9),(P/A,i,9)=5,用内插法求解: 用下面数据减上面数据确定比例关系: i=13.72% 13.求本利和有两种方法:方法一,先由名义利率r求出实际利率i,再求本利和。F=1 0 00×(1+8.24%)5=1 486(元);方法二:每季度利率=8%÷4=2%,复利次数=5×4=20,F=1 000×(1+2%)20=1 486(元)。

财务管理分析英文版

一、判断题(10*2’) ( T )1、A company’s retur n on equity will always equal or exceed its return on assets. 一个公司的权益收益率总是大于或等于其资产收益率。 ( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio. 一个公司的资产权益比总是等于1加负债权益比。 ( F )3、A company’s collection period sho uld always be less than its payables period. 一个公司的应收账款回收期总是小于其应付账款付款期。 ( T )4、A company’s current radio must always be larger than its acid-test-radio. 一个公司的流动比率一定大于速动比率。 ( F )5、Economic earnings are more volatile than accounting earnings. 经济利润比会计利润更加变动不定。 ( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings. 若不考虑税收和交易成本,未实现的纸上盈利不如已实现的现金盈利有价值。 ( F)7、A company’s sustainable growth rate is the highest growth rate in sales it can att ain without issuing new stock. 一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。 ( F )8、The stock market is a ready source of new capital when a company is incurring heavy losses 当一家公司蒙受惨重损失时,股票市场即为它随时可动用的新的资本来源。 ( T )9、Share repurchases usually increase earnings per share. 股票回购通常增加每股收益。 ( T)10、Companies often buy back their stock because managers believe the shares are undervalued. 因为管理者相信股票被低估了,所以公司经常买回它们的股票。 ( F )11、Only rapidly growing firms have growth management problems. 只有快速增长的公司才有增长管理的问题。 ( F )12、Increasing growth increases stock price. 提高增长增加股票价格。 二、名词解释(5*3’) 1、The balance sheet P6 A balance sheet is a financial snapshot , taken at a point in time , of all the assets the company owns and all the claims against those assets. 资产负债表相当于一张财务快照,它反映了企业在某一时点上拥有的全部资产和与之相对的全部要求权。

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财务管理专业必读书目 1 公司理财(第六版)罗斯、威斯特菲尔德、杰富 5 2赢者的诅咒理查德·泰勒 3 行为公司金融——创造价值的决策赫什·舍夫林,郑晓蕾译 4 漫步华尔街(原书第9版) 伯顿·G·马尔基尔 6 会计和审计中的决策与判断罗伯特·H·阿什顿著谢盛纹译 7 会计准则国际趋同的经济后果与博弈夏大慰等著 8 新战略性思考米歇尔·罗伯特著林宜萱译 2009 9审计学:一种整合技术阿尔文·A·阿伦斯等著谢盛纹译 10 剩余会计规则制定:理论与实证研究卢静 11 会计与资本市场案例研究李晓慧 12 企业内部控制操作实务与案例分析王保平 13 股市心理博弈(美)约翰·迈吉著,吴溪译 14 投资陷阱:看上去很美的常识性误区李文杰 2012- 15 聪明投资:如何利用经济枯荣循环获利(美)乔治·达格尼诺著,陈仪,黄嘉斌译西 16 国富论(上、下)(英)亚当斯密著,郭大力,王亚南译 17 就业、利息和货币通论(英)约翰·梅纳德·凯恩斯著,陆梦龙译 18 投机与骗局 (美)弗里德森编著,王娟译 1《就业、利息与货币通论》凯恩斯著高鸿业译 2《投资革命》彼德伯恩斯坦 3《社会主义会计的几个理论问题》顾准上 4《当代中国经济改革》吴敬琏 5《现代经济思想的渊源与演进》丹尼尔·R.福斯菲尔德 2 6《经济学与社会学》理查德·斯威德伯格 7《全球化及其不满》[美]斯蒂格利茨 8《现代制度经济学》盛洪著 9《资本主义经济制度》奥利佛?E.威廉姆森 10《工业人的未来》德鲁克著 11《股份制与现代市场经济》厉以宁 12《财产权利与制度变迁》陈昕 13《社会主义会计理论建设》杨纪琬 14《会计管理结构——对中国会计理论建设的若干思考》阎达五 15《中国会计简史》李宝震 16《会计史研究:历史、现实、未来》(第二卷) 郭道扬年 17《会计审计理论探索》娄尔行立信

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