中英文对照,专业名词,财务成本管理第一部分财务治理导论Section I Fundamentals to Financial Management第一节财务治理概述1.profit maximization*利润最大化1-1 EPS maximization* 每股收益最大化【讲解】EPS, earnings per share 每股收益1-2 Maximization of shareholders wealth* 股东财宝最大化e.g. Shareholder wealth maximization is a fundamental principle of fi nancial management. In financial management we assume that the objectiv e of the business is to maximize shareholder wealth. This is not necessari ly the same as maximizing profit.【讲解】（1）maximization [,mæksimai'zeiʃən] n.最大化，极大化（2）minimization [,minimai'zeiʃən, -mi'z-] n.最小化（3）maximize ['mæksɪmaɪz] v. 最大化，取……最大值，达到最大值（4）minimize ['mɪnɪmaɪz] v. 最小化（5）minimum n.最小值，最小量adj.最小的，最低的（6）maximum n. 极大，最大限度，最大量adj.最高的，最多的（7）the same as 和……一样，与……相同学习成果回忆【译】股东财宝最大化是财务治理的差不多原则。

在财务治理中我们假定企业的目标确实是实现股东财宝最大化。

该目标与利润最大化不一定相同。

2. Moral ['mɒr(ə)l] hazard ['hæzəd] 道德风险2-1 Adverse choice/selection 逆向选择2-2 Business ethics商业道德2-3 Social responsibility 社会道德【讲解】choice与selection辨析choice意为从众多当中选取一个，侧重描述过程。

而select（selection）则强调按照某种规则进行精心选择。

3. Financial market 金融市场4. Fixed-income security 固定收益证券4-1 Equity security 权益证券4-2 Derivative [dɪ'rɪvətɪv] security 衍生证券【讲解】Derive [dɪ'raɪv] v. 源于，派生5. Financial intermediary [,ɪntə'miːdɪərɪ]金融中介机构【讲解】intermediary n. 中间人，仲裁者，调解者，媒介物adj.中间的6. Pension ['penʃ(ə)n] fund养老基金7. Money market 货币市场7-1 Capital market 资本市场7-2 Debt market 债务市场7-3 Equity market 股权市场8. Primary ['praɪm(ə)rɪ] market 一级市场8-1 Secondary ['sek(ə)nd(ə)rɪ] market 二级市场【讲解】公司战略中价值链有关联（1）Primary activities 差不多活动（2）Secondary activities 辅助活动9. Floor trading market 场内市场9-1 OTC market 场外市场【讲解】OTC, over the counter 场外交易，非处方药Section II Analysis of Financial Statements*第二节财务报表分析*10. Stakeholder* n. 利益有关方10-1 Equity investor n. 股权投资人10-2 Creditor ['kredɪtə] n. 债权人10-3 Manager ['mænɪdʒə] n. 经理人员10-4 Supplier [sə'plaɪɚ] n. 供应商客户10-5 Government ['gʌv(ə)n,m(ə)nt; 'gʌvəm(ə)nt] n. 政府10-6 Customer ['kʌstəmɚ] n. 客户11. CPA, certified public accountant 注册会计师12. Limitation [lɪmɪ'teɪʃ(ə)n] n. 局限性13. Financial ratio analysis* 财务比率分析14. Short-term solvency*短期偿债能力15. Working capital* 营运资本15-1 Working capital = current assets –current liabilities*营运资本= 流淌资产–流淌负债16. Current ratio* 流淌比率16-1 Current ratio = *流淌比率=17. Quick ratio/acid test ratio* 速动比率17-1 Quick ratio = *速度比率=18. Cash ratio* 现金比率18-1 Cash ratio = *现金比率=【译】较流淌比率或速动比率而言，现金比率是更加保守的流淌性指标。

但现金比率过于保守，往往不能精确的反映公司的流淌性状况，这要紧是因为该比率假定公司只能依靠现金和有价证券来对其流淌负债进行融资。

【讲解】too…to…句型太……以至于不能……19. Cash flow ratio* 现金流量比率19-1 Cash flow ratio = *现金流量比率=20. Long-term solvency* 长期偿债能力【讲解】Solvency ['sɒlvənsɪ] n. 偿付能力，清偿能力Insolvency [ɪn'sɒlv(ə)nsɪ] n. 破产，无力偿还，倒闭21. Debt ratio* 资产负债率21-1 Debt ratio = *资产负债率=22. Debt-to-equity ratio/equity ratio* 产权比率22-1 Equity ratio = *产权比率=23. Equity multiplier* 权益乘数23-1 Equity multiplier = *权益乘数=24. Debt to long-term capital ratio* 长期资本负债率24-1 Debt to long-term capital ratio = *长期资本负债率=25. Interest cover* 利息保证倍数25-1 Interest cover = *利息保证倍数=26. Cash flow cover ratio* 现金流量利息保证倍数26-1 Cash flow cover ratio = *现金流量利息保证倍数=27. Cashflow-to-debt ratio* 现金流量债务比27-1 Cashflow-to-debt ratio = *现金流量债务比=28. Operating ratio* 营运能力比率29. Asset management ratio* 资产治理比率30. Accounts receivable turnover ratio* 应收账款周转率30-1 Accounts receivable turnover ratio = *应收账款周转率=【讲解】Turnover ['tɜːnəʊvə] n. 营业额，流通量，人员流淌（强调辞职人员的多寡）31. Inventory turnover ratio* 存货周转率31-1 Inventory turnover ratio = *存货周转率=32. Current assets turnover ratio* 流淌资产周转率32-1 Current assets turnover ratio = *流淌资产周转率=33. Working capital turnover ratio* 营运资本周转率33-1 Working capital turnover ratio = *营运资本周转率=34. Non-current assets turnover ratio* 非流淌资产周转率34-1 Non-current assets turnover ratio =非流淌资产周转率=35. Total assets turnover ratio* 总资产周转率35-1 Total assets turnover ratio = *总资产周转率=36. Profitability ratio* 盈利能力比率37. Net profit margin* 销售净利率37-1 Net profit margin = *销售净利率=【讲解】Margin ['mɑːdʒɪn] n. 边缘，利润，保证金，余裕v.加边于，加旁注于38. Net profit on total assets总资产净利率38-139. ROE, return on equity* 权益酬劳率39-1 Net profit on equity* 权益净利率Net profit on equity = *权益净利率=40.Market value ratio* 市价比率41.P/E ratio, price earnings ratio* 市盈率41-1 P/E ratio = *市盈率=e.g. A firm can have negative earnings, which produces a meaningles s P/E ratio.翻译：公司可能会有负的收益，这会使市盈率指标失去意义。

【讲解】Negative adj. 负的，消极的，否定的，阴性的n.负数，否定v. 否定，拒绝Negative confirmation消极函证42. P/B ratio, price-to-book ratio* 市净率42-1 P/B ratio = or *市净率= 或43. P/S ratio, price-to-sales ratio* 市销率43-1 P/S ratio = *市销率=44.Dividend yield* 股利收益率44-1 Dividend yield = *股利收益率=【讲解】yield [jiːld] n.产量，收益v. 屈服，舍弃，出产45. Dividend payout* 股利支付率45-1 dividend payout = *股利支付率=46. Du Pont Analysis System* 杜邦分析体系46-1 Net profit on equity = x x *权益净利率= ××46-2 improved net profit on equity= –= ×–×= ) –×= net profit on net operating assets + (net profit on net operating as sets –interest rate after tax) ×net financial leverage*改进后权益净利率= –= ×–×= ) –×= 净经营资产净利率+ （净经营资产净利率–税后利息率）×净财务杠杆Section III Long-term Planning and Financial Forecast第三节长期打算与财务推测47. Financial forecasting 财务推测【讲解】Forecast ['fɔːkɑːst] v&n. 推测48. Percentage-of-sales method 销售百分比法49. Growth rate 增长率49-1 Sales growth rate 销售增长率50. Internal growth rate 内含增长率51. Sustainable growth rate 可连续增长率【讲解】Sustainable [sə'stenəbl] adj. 可连续的，能够忍耐的，足可支撑的PART II Financial Valuation第二部分：财务估价Section I Fundamental Concepts to Financial Valuation第一节财务估价的基础概念52.Financial valuation* 财务估价53. Intrinsic value* 内在价值【讲解】Intrinsic [ɪn'trɪnsɪk] adj. 固有的，本质的53-1 Economic value* 经济价值53-2 Fair market value* 公平市场价值53-3 Book value* 账面价值53-4 Market value* 市场价值53-5 Liquidation value* 清算价值54. Time value of money* 货币的时刻价值55. Compound interest* 复利【讲解】Compound ['kɒmpaʊnd] adj. 复合的，混合的n. 化合物，混合物，复合词v. 合成，混合，和解妥协56. Interest rate for quotation [kwə(ʊ)'teɪʃ(ə)n] * 报价利率【讲解】quotation [kwə(ʊ)'teɪʃ(ə)n] n. 报价，引用，引证57.Annuity* [ə'njuːɪtɪ] n. 年金57-1 Nominal['nɒmɪn(ə)l] interest rate* 名义利率58. FV, future value/final value* 终值59. PV, present value* 现值59-1 NPV, net present value* 净现值60. Sinking fund* 偿债基金【讲解】Sink [sɪŋk] v. 下沉，消沉（不规则动词，过去式和过去分词均为s unk）Sunk cost沉没成本61. Perpetuity* 永续年金；不可兑换的公司债券62. Random event* 随机事件62-1 Discrete [dɪ'skriːt] distribution* 离散型分布62-2 Normal distribution* 正态分布【讲解】Normal adj. 正常的，标准的，正规的n. 正常，标准，常态62-3 Variance* 方差62-4 SD, standard deviation[diːvɪ'eɪʃ(ə)n] * 标准差63.Investment portfolio* 投资组合64.Expected rate of return* 预期酬劳率65.Correlation* 有关性65-1 Correlation coefficient[,kəʊɪ'fɪʃ(ə)nt]* 有关系数65-2 Covariance* 协方差65-3 Covariance [kəʊ'veərɪəns] matrix ['meɪtrɪks] * 协方差矩阵66. Opportunity set* 机会集67. Diversification [dɪ,vɝsɪfɪ'keʃən] effect* 分散化效应68. Perfect positive correlation* 完全正有关68-1 Perfect negative correlation* 完全负有关69. CML, capital market line* 资本市场线70. Risk-free assets* 无风险资产71. Market equilibrium [,iːkwɪ'lɪbrɪəm; ,ekwɪ-]point* 市场均衡点72. Systematic [sɪstə'mætɪk] risk* 系统风险73. CAPM, capital asset pricing model* 资本资产定价模型74. SML, security market line* 证券市场线75. Beta coefficient* 贝塔（β）系数Section II Valuation of Bond and Share第二节债券和股票股价76.Bond* [bɒnd] n. 债券76-1 Bond valuation* 债券估价76-2 Par value/face value* 债券面值76-3 Coupon rate* 债券票面利率【讲解】coupon ['kuːpɒn] n. 息票，优待券76-4 Maturity date/expiry date* 债券的到期日77. Coupons bond* 平息债券77-1 Zero coupon bond* 零息债券77-2 Perpetual bonds* 永久债券78. Ordinary share valuation* 一般股票的估价79. Opening price* 开盘价79-1 Closing price* 收盘价80. The value of zero growth share* 零增长股票的价值80-1 The value of constant growth share* 固定增长股票的价值【讲解】Constant ['kɒnst(ə)nt] n. 常量，恒量adj. 不变的，恒定的，经常的81.Expected yield* 期望收益率Section III Cost of Capital*第三节资本成本*82. Cost of capital* 资本成本83. W ACC, weighted average cost of capital* 加权平均资本成本84.Cost of ordinary share* 一般股成本85. Risk-free interest rate* 无风险利率free mobile85-1 Market risk premium* 市场风险溢价【讲解】Premium ['priːmɪəm] n. 溢价，额外费用，奖金，保险费Discount n. 折扣，贴现率，折现率v. 贴现，打折扣At premium 溢价，按溢价issue at premium溢价发行At discount 按折价，低价发行issue at discount折价发行86. DCF model* 折现现金流量模型87. Dividend growth model* 股利增长模型88. Cost of debt* 债务成本89. Historical cost* 历史成本89-1 Future cost* 以后成本90. Committed income* 承诺收益【讲解】Commit [kə'mɪt] v. 承诺，使……承担义务，犯罪，做错事91. YTM, yield to maturity* 到期收益率92-1 Risk adjustment method* 风险调整法93. Cost of debt after tax* 税后债务成本94. Profit after tax* 税后利润95. Issuing costs* 发行成本Section IV Business Valuation*第四节企业价值评估*96. Business valuation* 企业价值评估97. Entity value* 实体价值97-1 Equity value* 股权价值97-2 Going concern value* 连续经营价值97-3 Liquidation value* 清算价值98. Value of non-controlling interest (NCI) * 少数股权价值MI99.Dividend cash flow model* 股利现金流量模型99-1 Equity cash flow model* 股权现金流量模型100.Perpetual growth model* 永续增长模型100-1 Two-phase growth model* 两时期增长模型100-2 Entity cash flow model* 实体现金流量模型101. Debt cash flow* 债务现金流量102. Entity value = forecast period value + follow-up period value* 企业实体价值= 推测期价值+ 后续期价值【讲解】Follow-up ['fɒləʊʌp] n. 跟进，后续行动adj.后续的，增补的103. Relative value method* 相对价值法【讲解】Relative ['relətɪv] adj. 相对的，有关系的，成比例n.亲戚，103-1 Multiplier valuation method* 乘数估值法【讲解】Multiplier ['mʌltɪplaɪə] n. 乘数104. Price earnings ratio model (P/E ratio) * 市价/净收益比率模型（市盈率）104-1 Price-to-book ratio model (P/B ratio) * 市价/净资产比率模型（市净率）104-2 Price-to-sales ratio (P/S ratio, also called income multiplier) * 市价/收入比率模型（收入乘数）PART III Long-term Investment长期投资Section I Capital Budgeting资本预算105. Capital budgeting* 资本预算106. DCF method, discounted cash flow method * 现金流量折现法107. Cash outflow* 现金流出107-1 Cash inflow* 现金流入107-2 Net cash flow* 现金净流量108. Relevant cost* 有关成本108-1 Irrelevant cost 非有关成本108-2 sunk cost 沉没成本109. Opportunity cost* 机会成本110. fixed assets replacement 固定资产更新111. Average annual cost of non-current assets 固定资产的平均年成本112. Depreciation allowed for tax 折旧抵税113. NPV method* 净现值法113-1 IRR, Internal rate of return* 内含酬劳率法113-3 ARR, accounting rate of return 会计酬劳率法114. Mutually['mjutʃuəli] exclusive [ɪk'skluːsɪv; ek-]projects * 互斥项目e.g. When compared to the NPV, each of the other profitability meas ures has serious flaws, especially when evaluating mutually exclusive proj ects.【译】与净现值法相比，其他的盈利性计量方法均有严峻的缺陷，专门是在评估互斥项目时。