1、PART I Fundamentals to Financial Management第一部分財務管理導論Section I Fundamentals to Financial Management第一節 財務管理概述1.profit maximization*利潤最大化1-1 EPS maximization*每股收益最大化【講解】EPS, earnings per share每股收益1-2 Maximization of shareholders wealth*股東財富最大化e.g.Shareholder wealth maximizationis afundamental princip

2、lemanagement. In financial management weassume that theobjectiveis tomaximize shareholder wealth. This is not necessarily the same asprofit.of financialof the businessmaximizing【講解】（ 1） maximization,m?ksimaizei?n n. 最大化，極大化（ 2） minimization,minimaizei?n, -miz- n. 最小化（ 3） maximize m?ks? ma?z v. 最大化，取

3、 最大值，達到最大值（ 4） minimize m?n?ma ?z v. 最小化（ 5） minimum n. 最小值，最小量adj.最小的，最低的（ 6） maximum n. 極大，最大限度，最大量adj.最高的，最多的（ 7） the same as 和 一樣，與 相同學習成果回顧【譯】股東財富最大化是財務管理的基本原則。在財務管理中我們假定企業的目標就是實現股東財富最大化。該目標與利潤最大化不一定相同。2. Moralm?r(?)l hazardh?z? d 道德風險2-1 Adverse choice/selection逆向選擇2-2 Business ethics商業道德2-3 S

4、ocial responsibility社會道德【講解】choice 與 selection辨析choice 意為從眾多當中選取一個，側重描述過程。而 select （ selection）則強調根據某種規則進行精心挑選。3. Financial market金融市場4. Fixed-income security固定收益證券4-1 Equity security權益證券4-2 Derivatived?r ?v?t?v security衍生證券【講解】Derived?ra?v v.源于，派生5.Financial intermediary ,?nt ?mi?d?r? 金融中介機構【講解】int

5、ermediary n.中間人，仲裁者，調解者，媒介物adj.中間的6.Pensionpen ?(?)n fund 養老基金7.Money market貨幣市場7-1 Capital market資本市場7-2Debt market債務市場7-3Equity market股權市場8.Primarypra ?m( ?)r? market 一級市場8-1Secondary sek( ?)nd( ?)r ? market 二級市場【講解】公司戰略中價值鏈相關聯（ 1） Primary activities基本活動（ 2） Secondary activities輔助活動9.Floor trading

6、 market場內市場9-1OTC market場外市場【講解】OTC, over the counter場外交易，非處方藥Section II Analysis of Financial Statements*第二節 財務報表分析 *10. Stakeholder* n.利益相關方10-1 Equity investor n.股權投資人10-2 Creditorkred ?t? n.債權人10-3Managerm?n? d? n. 經理人員10-4Suppliers?pla ? n.供應商客戶10-5Government g?v( ?)n,m( ?)nt; g ?v?m( ?)nt n. 政

7、府10-6Customerk?st?m? n.客戶11.CPA, certified public accountant注冊會計師12.Limitationl?m?te?( ?)n n.局限性13.Financial ratio analysis*財務比率分析14.Short-term solvency*短期償債能力15.Working capital*營運資本15-1 Working capital = current assets current liabilities*營運資本 =流動資產 流動負債16.Current ratio*流動比率16-1Current ratio =*流動比率

8、 =17.Quick ratio/acid test ratio*速動比率17-1Quick ratio =*速度比率 =18.Cash ratio*現金比率18-1Cash ratio =*現金比率 =e.g. The cash ratio is a more conservative liquidity measure than the currentor quick ratio. Thecash ratioistoo conservativeto accurately reflect a firmsliquiditypositionbecause itassumes thatfirmsc

9、an fund theircurrentliabilitieswith only cash and marketable securities.【譯】較流動比率或速動比率而言，現金比率是更加保守的流動性指標。但現金比率過于保守， 往往不能精確的反映公司的流動性狀況，這主要是因為該比率假定公司只能依靠現金和有價證券來對其流動負債進行融資。【講解】tooto 句型太 以至于不能 19. Cash flow ratio*現金流量比率19-1 Cash flow ratio =*現金流量比率=20. Long-term solvency*長期償債能力【講解】Solvencys?lv ?ns ? n.償

10、付能力，清償能力Insolvency?ns ?lv( ?)ns ? n.破產，無力償還，倒閉21. Debt ratio*資產負債率21-1 Debt ratio =*資產負債率=22. Debt-to-equity ratio/equity ratio*產權比率22-1 Equity ratio =*產權比率 =23.Equity multiplier*權益乘數23-1Equity multiplier =*權益乘數 =24.Debt to long-term capital ratio*長期資本負債率24-1Debt to long-term capital ratio =*長期資本負債率

11、 =25.Interest cover*利息保障倍數25-1Interest cover =*利息保障倍數=26. Cash flow cover ratio*現金流量利息保障倍數26-1 Cash flow cover ratio =*現金流量利息保障倍數=27. Cashflow-to-debt ratio*現金流量債務比27-1 Cashflow-to-debt ratio =*現金流量債務比=28.Operating ratio*營運能力比率29.Asset management ratio*資產管理比率30.Accounts receivable turnover ratio*應收賬

12、款周轉率30-1 Accounts receivable turnover ratio =*應收賬款周轉率=【講解】Turnover t?n?v? n.營業額，流通量，人員流動（強調辭職人員的多寡）31.Inventory turnover ratio*存貨周轉率31-1 Inventory turnover ratio =*存貨周轉率 =32.Current assets turnover ratio*流動資產周轉率32-1 Current assets turnover ratio =*流動資產周轉率 =33.Working capital turnover ratio*營運資本周轉率33

13、-1 Working capital turnover ratio =*營運資本周轉率 =34.Non-current assets turnover ratio*非流動資產周轉率34-1 Non-current assets turnover ratio =非流動資產周轉率 =35.Total assets turnover ratio*總資產周轉率35-1 Total assets turnover ratio =*總資產周轉率 =36.Profitability ratio*盈利能力比率37.Net profit margin*銷售凈利率37-1 Net profit margin =*

14、銷售凈利率=【講解】Margin m ?d?nn.邊緣，利潤，保證金，余裕v. 加邊于，加旁注于38. Net profit on total assets38-1總資產凈利率39.ROE, return on equity*39-1 Net profit on equity*權益報酬率權益凈利率Net profit on equity =*權益凈利率 =40.Market value ratio*市價比率41.P/E ratio, price earnings ratio*市盈率41-1 P/E ratio =*市盈率 =e.g.A firmcan have negativeearnings

15、,which produces a meaninglessP/E ratio.翻譯：公司可能會有負的收益，這會使市盈率指標失去意義。【講解】Negative adj.負的，消極的，否定的，陰性的n. 負數，否定v.否定，拒絕Negative confirmation消極函證42.P/B ratio, price-to-book ratio*市凈率42-1 P/B ratio =or*市凈率=或43.P/S ratio, price-to-sales ratio*市銷率43-1 P/S ratio =*市銷率 =44. Dividend yield*股利收益率44-1 Dividend yiel

16、d =*股利收益率=【講解】yieldji?ld n. 產量，收益v.屈服，放棄，出產45.Dividend payout*股利支付率45-1 dividend payout =*股利支付率=46.Du Pont Analysis System*杜邦分析體系46-1 Net profit on equity =xx*權益凈利率=46-2 improved net profit on equity=)= net profit on net operating assets + (net profit on net operating assetsinterest rate after tax)

17、net financial leverage*改進后權益凈利率=)= 凈經營資產凈利率 + （凈經營資產凈利率 稅后利息率） 凈財務杠桿Section III Long-term Planning and Financial Forecast第三節長期計劃與財務預測47.Financial forecasting財務預測【講解】Forecastf?k?st v&n.預測48.Percentage-of-sales method銷售百分比法49.Growth rate 增長率49-1 Sales growth rate銷售增長率50.Internal growth rate內含增長率51.Sus

18、tainable growth rate可持續增長率【講解】Sustainables?sten ?bl adj.可持續的，可以忍受的，足可支撐的PART II Financial Valuation第二部分：財務估價Section I Fundamental Concepts to Financial Valuation第一節財務估價的基礎概念52. Financial valuation*財務估價53. Intrinsic value*內在價值【講解】Intrinsic?ntr ?ns ?k adj.固有的，本質的53-1 Economic value*經濟價值53-2 Fair marke

19、t value*公平市場價值53-3Book value*賬面價值53-4Market value*市場價值53-5Liquidation value*清算價值54.Time value of money*貨幣的時間價值55. Compound interest*復利【講解】Compoundk ?mpa ?ndadj.復合的，混合的n.化合物，混合物，復合詞v.合成，混合，和解妥協56.Interest rate for quotationkw ?(?)te ?(?)n *報價利率【講解】quotationkw ?(?)te ?(?)n n.報價，引用，引證57. Annuity*?nju ?

20、t? n.年金57-1 Nominaln?m?n(?)l interest rate*名義利率58.FV, future value/final value*終值59.PV, present value*現值59-1 NPV, net present value*凈現值60.Sinking fund*償債基金【講解】Sinks?k v.下沉，消沉（不規則動詞，過去式和過去分詞均為sunk ）Sunk cost沉沒成本61.Perpetuity*永續年金；不可兌換的公司債券62. Random event* 隨機事件62-1Discreted?skri ?t distribution*離散型分布

21、62-2Normal distribution*正態分布【講解】Normal adj. 正常的，標準的，正規的n. 正常，標準，常態62-3 Variance*方差62-4 SD, standard deviationdi?v?e?( ?)n *標準差63.Investment portfolio*投資組合64.Expected rate of return*預期報酬率65.Correlation*相關性65-1Correlation coefficient,k?f?(?)nt*相關系數65-2Covariance*協方差65-3Covariancek? ve ?r?ns matrixme ?

22、tr?ks * 協方差矩陣66.Opportunity set*機會集67.Diversificationd?,v ? s?f?ke ?n effect*分散化效應68.Perfect positive correlation*完全正相關68-1Perfect negative correlation*完全負相關69.CML, capital market line*資本市場線70.Risk-free assets*無風險資產71.Market equilibrium,i ?kw ?l?br?m; ,ekw ?-point* 市場均衡點72.Systematic s?st?m?t?k risk

23、*系統風險73.CAPM, capital asset pricing model*資本資產定價模型74.SML, security market line*證券市場線75.Beta coefficient*貝塔（）系數Section II Valuation of Bond and Share第二節債券和股票股價76. Bond* b?ndn.債券76-1Bond valuation*債券估價76-2Par value/face value*債券面值76-3Coupon rate*債券票面利率【講解】coupon ku ?p?n n.息票，優惠券76-4 Maturity date/expi

24、ry date*債券的到期日77.Coupons bond* 平息債券77-1Zero coupon bond*零息債券77-2Perpetual bonds*永久債券78.Ordinary share valuation*普通股票的估價79.Opening price*開盤價79-1Closing price*收盤價80.The value of zero growth share*零增長股票的價值80-1The value of constant growth share*固定增長股票的價值【講解】Constant k?nst( ?)ntn. 常量，恒量 adj.不變的，恒定的，經常的81

25、. Expected yield*期望收益率Section III Cost of Capital*第三節資本成本 *82.Cost of capital*資本成本83.WACC, weighted average cost of capital*加權平均資本成本84. Cost of ordinary share*普通股成本85.Risk-free interest rate*無風險利率 free mobile85-1 Market risk premium*市場風險溢價【講解】Premium pri ?m?m n.溢價，額外費用，獎金，保險費Discount n.折扣，貼現率，折現率v.貼

26、現，打折扣At premium溢價，按溢價issue at premium溢價發行At discount按折價，低價發行issue at discount折價發行86.DCF model* 折現現金流量模型87.Dividend growth model*股利增長模型88.Cost of debt*債務成本89.Historical cost*歷史成本89-1 Future cost*未來成本90.Committed income* 承諾收益【講解】Commit k?m?t v.承諾，使 承擔義務，犯罪，做錯事91.YTM, yield to maturity*到期收益率92. Compara

27、ble company method*可比公司法92-1Risk adjustment method*風險調整法93.Cost of debt after tax*稅后債務成本94.Profit after tax*稅后利潤95.Issuing costs*發行成本Section IV Business Valuation*第四節企業價值評估 *96.Business valuation*企業價值評估97.Entity value*實體價值97-1Equity value*股權價值97-2Going concern value*持續經營價值97-3Liquidation value*清算價值9

28、8.Value of non-controlling interest (NCI) *少數股權價值 MI99. Dividend cash flow model*股利現金流量模型99-1 Equity cash flow model*股權現金流量模型100.Perpetual growth model*永續增長模型100-1 Two-phase growth model*兩階段增長模型100-2 Entity cash flow model*實體現金流量模型101.Debt cash flow*債務現金流量102.Entity value = forecast period value + f

29、ollow-up period value*企業實體價值 =預測期價值 + 后續期價值【講解】Follow-up f?l? ?p n.跟進，后續行動 adj. 后續的，增補的103.Relative value method*相對價值法【講解】Relative rel?t?v adj.相對的，有關系的，成比例n. 親戚，103-1 Multiplier valuation method*乘數估值法【講解】Multiplierm ?lt?pla ? n.乘數104. Price earnings ratio model (P/E ratio) *市價 / 凈收益比率模型（市盈率）104-1 Pr

30、ice-to-book ratio model (P/B ratio) *市價 / 凈資產比率模型（市凈率）104-2 Price-to-sales ratio (P/S ratio, also called income multiplier) *市價/ 收入比率模型（收入乘數）PART III Long-term Investment長期投資Section I Capital Budgeting資本預算105.Capital budgeting*資本預算106.DCF method, discounted cash flow method* 現金流量折現法107.Cash outflow*

31、現金流出107-1 Cash inflow*現金流入107-2 Net cash flow*現金凈流量108.Relevant cost*相關成本108-1 Irrelevant cost非相關成本108-2 sunk cost沉沒成本109.Opportunity cost*機會成本110.fixed assets replacement固定資產更新111.Average annual cost of non-current assets固定資產的平均年成本112.Depreciation allowed for tax折舊抵稅113.NPV method*凈現值法113-1 IRR, In

32、ternal rate of return*內含報酬率法113-3 ARR, accounting rate of return會計報酬率法114.Mutually mjut ?u?li exclusive?ksklu ?s?v; ek- projects *互斥項目e.g. When compared to the NPV, each of the other profitability measures hasserious flaws, especially when evaluatingmutually exclusiveprojects.【譯】與凈現值法相比， 其他的盈利性計量方法均

33、有嚴重的缺陷，特別是在評估互斥項目時。【講解】Flaw fl? n. 缺點，瑕疵115.EAC, equivalent annual costs*等額年金法116.Capital rationing*資本約束，資本限額【講解】ration n.定量，定額，理性，配給量v. 配給，定量供應117.Specific risk to project/project-specific risk* 項目特有風險118.Adjusted cash flow調整現金流量119.Risk adjusted discount rate method*風險調整折現率法120.Degearing of compar

34、able company*卸載可比公司財務杠桿120-1 Regearing of target company*加載目標企業財務杠桿【講解】De-前綴，意為“除去，取消，離開”Gear g ?r? n.齒輪，傳動裝置v.搭上齒輪，適合121.Sensitivitysens ?t?v?t? analysis 敏感性分析121-1 Maximinm?ks? m?nmethod 最大最小法121-2 Scenarios?n ?r? analysis情景分析122. Normal condition基準情景123. simulation analysisSection II Option Valua

35、tion期權估價124.Option ?p?(?)n n. 期權125.Underlying assets標的資產126.Call option看漲期權127.Exercise price/strike price行權價128.American option美式期權129. Premium 期權金130. Traded option在交易所買賣的期權131. OTC option 場外期權132.Option value期權價值133.Binomialba ?n? m?l model二叉樹模型134. Black-Scholes option pricing model布萊克 - 斯科爾斯期權

36、定價模型135.Real options實物期權135-1 Options to delay/defer延遲期權135-2Options to switch/redeploy轉換期權135-3Options to expand/contract擴張期權135-4Options to abandon?b?nd(?)n 放棄期權PART IV Long-term Financing長期籌資Section I Capital Structure資本結構136.Capital structure*資本結構137.Long-term financing*長期籌資138.Operating leverag

37、e*經營杠桿139.EBIT, earnings before interests and taxes*息前稅前利潤140.Financial leverageli ?v(?)r?d?; lev( ?)r?d? *財務杠桿141.DTL, degree of total leverage*總杠桿系數142.Financial structure*財務結構143.Homogeneous* ,h?m?(?)d?i?n?s; -d ?en- adj.同類的，同質的，同種的，均勻的144.Perfect capital market*完美資本市場145.MM theory* MM理論146.Trade

38、-off theory*權衡理論147.Financial distress* 財務困境【講解】Trade-offtreid ?f,- ?:f n.交換，權衡，取舍Distress n.危難，不幸，貧困v.使悲痛，使貧困148.Agency theory* 代理理論149.Asset substitution problem*資產替代問題150.Pecking order theory*有序融資理論151.Indifferent point to EPS* 每股收益無差別點法【講解】Indifferent?nd ?f(?)r( ?)nt adj.漠不關心的 , 無關緊要的 , 中立的Secti

39、on II Dividend Distribution股利分配152.Dividend distribution* 股利分配153.Legal reserve*法定公積金154.Dividend* d?v?dend n. 股利155.Announcement date股利宣告日155-1 Record date*股權登記日155-2 ex-dividend date*除息日156. Cash dividend*現金股利156-1Property dividend*財產股利156-2Liability dividend*負債股利156-3Scrip dividend*票據股利（以本公司期票not

40、es 發給的股利， 是一種 liabilitydividend）【講解】scripskr ?p n. 臨時憑證，臨時股票，紙條，紙片157.Dividend theory*股利理論158.Tax difference theory*稅差理論159.Clientele effect theory* 客戶效應理論【講解】clientele,kli ?ntel n.客戶，老主顧，訴訟委托人160.Signalingsi n?li? theory * 信號理論161.Dividend distribution policy161-1 Residualr?z?dj?l dividend policy*剩

41、余股利政策161-2Constant or sustainable growth dividend policy*固定或持續增長股利政策161-3Constant dividend payout ratio*固定股利支付率政策161-4Low regular plus specially designated dividends*低正常股利加額外股利政策【講解】Designate dez ?gne ?tv. 指定，指派，標出 adj.指定的，選定的162.share dividend*股票股利163.share split*股票分割164.Share repurchase*股票回購Section III Ordinary share and long-term debt financing普通股和長期負債籌資165.Ord