财务管理专业英语小结_财务管理专业英语

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A asyaccounting mmetric informationrate of return信息会计收益率不对称accounts payablezhoome税后净经营收益应receivable付账款应After-tax 收账款

after-tax operating accounts

cost of debt B benefit/cost ratio税后债务成本

营风险bird-in-the-hand 收益比率theorybusine risk一鸟在手理经论情况balance sheets

best-case scenario cost of preferred 资产负债表

最好情形stock base case基本

优先股成本

C cost in net of fixed aets固定资本成本changes 的变化operating workingcapital budgetment净经营性营运资本资本预算 current 现金流量表aets 流动资产cash flow statementcertainty equivalentcoefficient 约定当量法of variationcurrent 变异系数ratiocannibalization流动比率 croover rate 交叉率

D discounted cash 内耗flow techniqueclientele effect折现现金客户效应流量法股利政策div

discounted payback period(股利无关论idend policy)（depreciationirrelevance theory）

折线投资回收期折旧

debt/aets D/A(D/E资产负债率)debt/equity E economic v（产权比率）alue addeddeclation date（EVA）经济增加值宣告日 earnings before interest and taxes息税前利润（EBIT）employee stock ownership planexecutive committee（员工持股计执行委员会划）externalitiesearning per share Eps

F financial risk外部性财务风险ex dividend date（每股收益）

financial leverage除息日

财务杠杆statementfree cash

告fixed-aets 财务报表flow自由现金流financial

固定资产financial production report财务报and

distribution度Gflotation cost生产与分销发行成本 fiscalyear财政年H hurdle ratedate门槛利率holder of record I IRRinternal 股利登记日rateof return(内含报酬率)investment incremental policy投资政策inventor

intangible aets cash 无flow形资增产 量independent 现金存货流 projectinformation sy独立项目income

L long-term capitalmmetry长期投资信息对称statement

lbo leverage利润表

buyoutM modified internal rate 杠杆收购

内含报酬率market value addedof return（MV修正后的A）市场增加值mutually exclusive projectmandatory investment

N net present value现金净流量互斥项目强制性投资

noncash charges project非现金（付现）费用new expansion

project无盈利项目新扩张项目 net nonrevenue-producing operating working capitalO 净经营性营运资本

leverageopportunity 经营杠杆costoptimal dividend policy机会成 本operating 最优股利政策P profitability index

ratio收益成本率 payback period获利指数profit/cost 投资回收期Q quick ratio pos-audit事后审计payment date 支付日R revestment rate 速动比率

aumption再投资收益率假risk-adjusted discounted rate设relevant cash flow相关现金流量

率residual dividend model剩余股利模型风险调整折现replacement invested project更新项目return on return on equity capital ROIC（投资资本收益率）Roestock（权益报酬率）

capacity普保留借款能力通股回购repurchasing common

reserve borrowing

S sunk cost性分析沉没成本sensitivity analysis敏感strategic busine plansignal信号safety margin经营战略计划安全边际sale representativesalvage value 析standard deviation残值销售代理scenarios analystock option期权

标准差signaling sis场景分

theory对称信号理论symmetric information信息stock splitSurplus（dividenddividend）（modelrepurchase剩余股利模型）股票分割（股利）（回购T terminal target capital

cash structureflow终目标资本结构结现金流times-interest-earned target payout ratioratio已获利息倍数 U unlevered beta bu目标支付率无杠杆B值W scenarioworking capital营运资产 worst-case capital加权平均成本最坏情形 weighted average cost ofY yields tomaturity到期收益率

1、interest rates in the economy rise,the cost of、the level of interest rates.If debt increase because firms will have to pay bondholders more to obtain debt capital.tax rate 2relative、to Lowering the capital gain tax rate the rate on ordinary income makes reduces the cost of equity.(2)factors that the stocks move attractive,and that firm can control:

1、capital structure policyA firm can change its capital structure and such dividend a change can policyaffect Firm iue its cost of new capital.common2、stock their can affect retained only after the earning.The they have cost of capital dividend invested all of because police it affects investment the level cost of capital,we policy ofuse asWhen retained the starting we earnings.3estimate point the、the outstanding required rates of return on the rates reflect stock the riskine and bonds.Those firms of the firms cost existing aets.2、flow purchase of out ,accountants fixed aets as a deduction do not show from the accounting depreciation income,the life of the expense instead aets.(2)noncash each year ,they throughout deduct a chargesDepreciation when must be added to net flow.(3)changes estimating in net a operating project's income working cash capital(4)interest expenses are in project cash flows.not included the firm's busine its busine risk.(2)sales price variability:Firms whose products are sold in highly volatile markets are exposed to more busine risk.(3)input cost variability:Firms whose exposed input costs are risk.(4)ability to a to high highly uncertain are adjust degree output of prices busine for changes the products lower in risk.(5)ability input costs:The greater ability in a timely,cost-effective to develop new manner:The risk.(6)foreign faster operates in a politically unstable area,risk exposure:If ability,the a greater it may firm be leverage:If subject fixed,the firm is exposed to a relatively high a to high political percentage risks.(7)operating of costs are degree of busine risk.4、dividend.(2)holder-of-record a statement declaring company lists the stockholders as an owner date:If the a on this date,then the stockholder receive the dividend.(3)ex-dividend which the right to the current dividend no date:The date on longer date:The date on which a firm actually mail accompanies a stock.(4)payment dividend checks.1.Kp=Dp 税后债/ 务成本Pp普=kd(1-T)通股成 优先本Ks=D股成1 本/ P0(1-F)+WACC=Wd*Kd(1-T)+g终值 F发行费用率 KdWpKp+（before-tax WcKs costP0of debtof common equity)）Kp(cost of preferred stock)Ks(cost 2.存货周转率=收入 / 存货 收入sales存货income / equity inventeny 权益收益率（ROE）=net 翻译。M&A并购即净收益P/E/ ratio所有者权益市盈率Du Point 杜邦