PART I Fundamentals to Financial Management第一部分财务管理导论Section I Fundamentals to Financial Management第一节财务管理概述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* 股东财富最大化e.g. Shareholder wealth maximization is a fundamental principle of financial management. In financial management we assume that the objective of the business is to maximize shareholder wealth. This is not necessarily 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……相同学习成果回顾【译】股东财富最大化是财务管理的基本原则。
在财务管理中我们假定企业的目标就是实现股东财富最大化。
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）则强调根据某种规则进行精心挑选。
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】公司战略中价值链相关联（1）Primary activities 基本活动（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. 利益相关方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 = 流动资产–流动负债16. Current ratio* 流动比率16-1 Current ratio = *流动比率 =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=e.g. The cash ratio is a more conservative liquidity measure than the current or quick ratio. The cash ratio is too conservative to accurately reflect a firm’s liquidity position because it assumes that firms can fund their current liabilities with only cash and marketable securities.【译】较流动比率或速动比率而言，现金比率是更加保守的流动性指标。
但现金比率过于保守，往往不能精确的反映公司的流动性状况，这主要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动负债进行融资。
【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* 利息保障倍数25-1 Interest cover = *利息保障倍数 =26. Cash flow cover ratio* 现金流量利息保障倍数26-1 Cash flow cover ratio = *现金流量利息保障倍数 =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* 资产管理比率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，人员流动（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* 流动资产周转率32-1 Current assets turnover ratio = *流动资产周转率 =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* 非流动资产周转率34-1 Non-current assets turnover ratio =非流动资产周转率 =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 = 错误!未找到引用源。
*销售净利率 = 错误!未找到引用源。
【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* 权益报酬率39-1 Net profit on equity* 权益净利率Net profit on equity = 错误!未找到引用源。
* 权益净利率 = 错误!未找到引用源。