财务管理专业英语期末重点一、单词Topic1财务管理financial management资本预算capital budgeting资本结构capital structure股利政策dividend policy存货inventory风险规避risk aversion股东权益stockholder s’ equity流动负债current liabilityTopic2财务风险financial risk合伙制企业partnership私人业主制企业sole proprietorship收入revenue主计长controller财务困境financial distress股票期权stock option首次公开发行股票(IPO) initial public offering Topic 3盈利能力profitability偿付能力solvency利润表income statement有价证券marketable securities提款withdrawal应收账款accounts receivable递延税款deferred taxTopic4流动性比率liquidity ratio权益乘数equity multiplier资产收益率(ROA) return on assets毛利gross profit margin权益报酬率return on equity市盈率P/E ratio杠杆比率leverage ratio息税前盈余(EBIT) earnings before interest and taxes Topic5货币时间价值time value of money年金annuity折现率discount rate机会成本opportunity cost递延年金deferred annuity条款covenant到期收益率yield to maturity违约风险default riskTopic6组合portfolio可分散风险diversifiable risk概率probability灵敏度分析sensitivity analysis有效市场假说efficient market hypothesis套利定价理论(APT) arbitrage pricing theory资本资产定价模型capital asset pricing model期望收益expected returnTopic7资本支出capital expenditure资本预算capital budget破产bankruptcy制造费用overhead模拟simulation期后审计post-audit沉没成本sunk cost附加效应side effectTopic8金融市场financial market回购repurchase操纵manipulate承销underwriting私人控股公司privately held corporation公开上市go public公开发行public offer加权平均资本成本weighted average cost of capital Topic9混合证券hybrid security风险资本venture capital期权交易option exchange贷款额度line of credit租赁lease最优资本结构optimal capital structure目标资本结构desired or target capital structure可转换债券convertible bondTopic10股票回购stock repurchase股票股利stock dividends股票分割stock split所有权稀释dilution of ownership剩余股利政策residual dividend policy清算股利liquidating dividend现金股利cash dividends股票股利stock dividendsTopic11营运资本管理working capital management商业票据commercial paper支出disbursement信用期限credit period交易动机transaction motive短期有价证券marketable security回购协议repurchase agreement银行承兑汇票bankers’ acceptanceTopic12国际财务管理international financial management国际货币基金组织International Monetary Fund跨国公司multinational corporation /international corporation汇率exchange rate间接标价indirect quotation贬值depreciate远期交易forward trade货币互换currency swap二、计算公式1.Capm公式资本资产定价模型公式capital assets pricing modelr i=r RF+(R M- r RF)ßi r RF= risk free rate资产无风市场风险系数R M= market rate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weighted average cost of capitalWACC=(k e*w e)+［k d*(1-t)*W d］WACC=［equity/(equity+debt)］*cost of equity*(1-corporate tax rate)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.The risk of an asset can be considered in two ways (1)on a stand-alone basis. where the asset’s cash flows are analyzed by themselves ,or(2)a portfolio context, where the asset’s cash flows are combine with those of other asset.2.In a portfolio context ,an asset’s risk can be divided into two components ：在投资组合中资产风险可以分为（1）diversifiable risk,which can be diversified away and thus is of little concern to diversified investors , and (2)market risk, which reflect the risk of a general stock market risk decline and cannot be eliminated by diversification.3 .There are three types of financial market efficiency 金融市场的有效性(1)allocationally efficient(2)operationally efficient(3)informationally efficient4. Project Classifications 项目分类（1）expansion project 扩建项目（2）replacement project 更新项目（3）Independent project 独立项目（4）Mutually exclusive project 互不相容项目5.Investment Rules 投资政策Managers use a variety of rules to evaluate and select capital investments; 管理使用各种各样的规则来评估和选择投资（1）Net Present value (NPV) 净现值（2）Profitability index(PI) 现值系数（3）Internal rate of return (IRR) 内部报酬率（4）Payback period (PP) 回购期 and（5）Discounted payback period (DDP) 折扣回购期6，The post-audit has two main purpose :期后审计的两个虽最重要目的（1）Improve forecasts 提高预测（2）Improve operations 改善经营7.Financial market serve three important functions in a healthy economy:金融市场在健全经济体系中的三个重要功能（1）Help channel funds from suppliers to demanders 帮助供应商和需求者建立资金渠道（2）Provide a resale market .提供零售市场（3）Set market price and rates of return 设置市场价格和收益率8.Types of Financial Markets 金融市场的类型（1）Money Market /Capital Market 货币市场和资本市场（2）Primary Market /Secondary market一级市场和二级市场(3)Private Market / Public Market 私下市场和公开市场9.investment banks provide three major services in handing a new security issue :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’s equity所有者权益（2）Venture Capital and private Equity风险投资和私募投资（3）common stock 普通股（4）warrants 认证权证（5）Contingent value right 或有价值权利11.Debt债务融资（1）bank debt 银行借款（2）bonds 债券（3）leases 租赁12.Firms generally consider the following factor when making capital structure decisions:公司选择资本结构时一般要考虑下列因素（1）Sale stability 销售稳定性（2）Asset structure 资产结构（3）Operating leverage 经营杠杆（4）Growth 增长率（5）Profitability 盈利能力（6）Taxes 税收（7）Control 控制（8）Management attitudes 管理（9）Lender and rating agency attitudes 贷款人及评级机构的态度（10）Market conditions 市场条件（11）The firm’s internal condition 企业内部条件（12）Financial flexibility 财务灵活性13.Dividend payout procedure 派息程序（1）Declaration date 除息日（2）Ex-dividend date 除息日（3）record date 股权登记日（4）Payment date 股利支付日14. Types of dividends 股利种类（1）Cash dividend 现金股利（2）Stock dividend 股票股利（3）Property dividend 财产股利15. Factors Influencing the dividend decision 影响股利决策因素(1)Shareholder factors 股东因素(2) Firm factors 公司因素(3) Other constraints 其他因素16. Cash management involves three major decision areas 现金管理的三个决策（1）Determining appropriate cash balances 确定适当的现金余额（2）Investing idle cash 投资闲置资金（3）Managing collections and disbursements 管理收款和付款17. Credit policy 信贷政策5csOne technique that is useful aid in deciding whether to grant credit is the Five Cs of Credit .Credit analysts generally consider five factors when determining whether to grant credit:(1)character 特征(2) capacity 能力(3) capital 资本(4) collateral 抵押(5)conditions 条件18. Inventory management techniques 存货管理技术Management commonly use four inventory management techniques:管理者通常使用的4个存货管理制度（1）the abc system abc系统（2）the economic order quantity(EOQ) model 经济定价量模型（3）the just-in-time (JII) system 定时采购系统(4) the materials requirement planning (MRP) system 物料需求。