1、更多企業學院：中小企業管理全能版183套講座+89700份資料總經理、高層管理49套講座+16388份資料中層管理學院46套講座+6020份資料國學智慧、易經46套講座人力資源學院56套講座+27123份資料各階段員工培訓學院77套講座+324份資料員工管理企業學院67套講座+8720份資料工廠生產管理學院52套講座+13920份資料財務管理學院53套講座+17945份資料銷售經理學院56套講座+14350份資料銷售人員培訓學院72套講座+4879份資料更多企業學院：中小企業管理全能版183套講座+89700份資料總經理、高層管理49套講座+16388份資料中層管理學院46套講座+6020份資

2、料國學智慧、易經46套講座人力資源學院56套講座+27123份資料各階段員工培訓學院77套講座+324份資料員工管理企業學院67套講座+8720份資料工廠生產管理學院52套講座+13920份資料財務管理學院53套講座+17945份資料銷售經理學院56套講座+14350份資料銷售人員培訓學院72套講座+4879份資料ACCA-財務管理英語solepropsietorship獨資企業partnership合伙企業corporatefinance公司財務corporate公司closelyheld私下公司publiccompany公眾公司GoldmanSachs高盛銀行pensionfund養老基金

3、insurancecompany保險公司boardofdirector董事會separationofownershipandmanagement所有權與管理權的分離limitedliability有限責任articlesofincorporation公司章程realasset實物資產financialasset金融資產security證券financialmarket金融市場capitalmarket資本市場moneymarket貨幣市場investmentdecision投資決策capitalbudgetingdecision資本預算決策financingdecision融資決策financ

4、ialmanager財務經理treasurer司庫controller總會計師CFO首席財務官principal-agentproblem委托代理問題principal委托人agent代理人agencycost代理成本informationasymmetry信息不對稱signal信號efficientmarketshypothesis有效市場假說presentvalue現值discountfactor貼現因子rateofreturn收益率discountrate貝占現率hurdlerate門坎比率opportunitycostofcapital資本機會成本netpresentvalue凈現值c

5、ashoutflow現金支出netpresentvaluerule凈現值法貝Urate-of-returnrule收益率法則profitmaximization禾U潤最大化doingwell經營盈禾Udoinggood經營造益collateral抵押品warrant認股權證convertiblebond可轉換債券primaryissue一級發行prinarymarket一級市場secondarytansaction二級交易secondarymarket二級市場over-the-counter(OTC)場外交易financialintermediary金融中介zero-stage啟動階段busi

6、nessplan創業計戈U書first-stagefinancing第一階段融資after-the-moneyvaluation注資后的價值papergain賬面禾U潤mezzaninefinancing弓I渡融資angelinvestor天使投資者venturecapitalfund創業投資基金limitedprivatepartnership有限合伙企業generalpartner普通合伙人limitedpartner有限合伙人small-businessinvestmentcompanies(SBIC)小企業投資公司initialpublicoffering(IPO)首次公開發行prim

7、aryoffering首次發行secondaryoffering二次發行underwriter承銷商syndicateofunderwriter承銷辛迪力口registrationstatement注冊說明書prospectus招股說明書roadshow路演greenshoeoption綠鞋期權spread差價offeringprice發售價格underpricing抑價winner;scurse成功者災難bookbuilding標書登記fixedpriceoffer定價發售auction拍賣discriminationauction差價拍賣uniform-priceauction價拍賣gen

8、eralcashoffer一般現款發行rightissue附權發行shelfregistration上架注冊priorapproval事前許可boughtdeal買方交易seasonedissue新增發行knowledgeableinvertor成熟的投資者qualifiedinstitutionalbuyer有資格的機構買者recorddate登記日withdividend附有紅利cumdividend附息exdividend除息legalcapital法定資本regularcashdividend正常現金紅禾1extra額外的specialdividend特另1J紅禾1stockdivid

9、end股票紅利automaticdividendreinvestmentplans(DRIP)紅禾U自動轉投計劃transferofvalue價值轉移capitalstructure資本結構MMspropositionMM定理weighted-averagecostofcapital(WACC)加權平均資本成本margindebt保證金借款floating-ratenote浮動利率票據money-marketfund貨幣市場基金interest-rateceiling利率上限trade-offtheory權衡理論righttodefault違約權leveragebuy-out(LBO)杠桿收購

10、asymmetricinformation信息不對稱financialslack銀根寬松costofdebt負債成本costofequity權益成本terminalvalue清算價值cashflowtoequity權益現金流rebalancing重整projectfinancing項目融資adjustedcostofcapital調整資本成本equivalentloan等值貸款offsettingtransaction反向交易depreciablebasis折舊基數adjustedpresentvalue(APV)調整現值calloption看漲期權exerciseprice執行價格strik

11、eprice敲定價格exercisedate至U期日Europeancall歐式看漲期權Americancall美式看漲期權positiondiagram頭寸圖putoption看跌期權SalomonBrothers所羅門兄弟公司termstuctureofinterestrate利率期限結構annuity年金perpetuity永久年金annuityfactor年金因子annuitydue即期年金futurevalue終值conmpoundinterest復禾1simpleinterest單禾1continuouslycompoundedrate連續復禾U率ConsumerPriceInde

12、x(CPI)消費物價指數currentdollar當期貨幣nominaldollar名義貨幣constantdollar不變貨幣realdollar實際貨幣realrateofreturn實際收益率inflationrate通貨膨脹率principal本金deflation滯脹yieldtomaturity到期收益率marketcapitalizationrate市場資本化率dividendyield紅禾U收益率costofequitycapital權益資本成本payoutratio紅利發放率earningspershare(EPS)每股收益returnonequity(ROE)權益收益率di

13、scountcashflow貼現現金流growthstock成長股incomestock績優股presentvalueofgrowthopportunity(PVGO)成長機會的現值price-earningsratio(P/E)市盈率freecashflow(FCF)自由現金流量bookrateofreturn賬面收益率capitalinvestment資本投資operatingexpense經營費用paybackperiod回收期discounted-paybackrule貼現回收期法則discounted-cash-flowrateofreturn貼現現金流量的收益率internalra

14、teofreturn(IRR)內部收益率lending貸出borrowing借入profitabilitymeasure盈禾U指標standardofpfofitability贏禾U標準modifiedinternalrateofreturn修正內部收益率mutuallyexclusiveprojects互相排斥的項目capitalrationing資本約束profitabilityindex盈禾U指標softrationing軟約束hardrationing硬約束incrementalpayoff增量收入networkingcapital凈營運資本sunkcost沉沒成本sunk-costf

15、allacy沉沒成本悖論overheadcost間接費用salvagevalue殘值straight-linedepreciation直線法折舊InternalRevenueService國內稅收署taxshield稅盾acceleratedcostrecoverysystem力口速成本回收折舊法alternativeminimumtax另類最低稅taxpreference稅收優惠accelerateddepreciation力口速折舊projectanalysis項目分析equivalentannualcashflow等價年度現金流marginalinvestment邊際投資defaultr

16、isk違約風險riskpremium風險溢酬standarderror標準誤差standarddeviation標準差marketportfolio市場組合marketreturm(rm)市場收益率variance方差thelossofadgreeoffreedom自由度損失Delphic德爾菲uniquerisk獨特風險unsystematicrisk非系統風險residualrisk剩余風險specificrisk特定風險diversifiablerisk可分散風險marketrisk市場風險systematicrisk系統風險undiversifiablerisk不可分散風險convar

17、iance協方差well-diversified有效分散valueadditivity價值可加性efficientportfolio有效投資組合quadraticprogramming二次規戈Ubestefficientportfolio最佳有效投資組合capitalassetpricingmodel(CAPM)資本資產定價模型separationtheorem分離定理securitymarketline證券市場線marketcapitalization市場資本總額small-capstocks小盤股book-to-marketration賬面-市值比datamining數據挖掘datasno

18、oping數據偵察consumptionbeta消費貝塔consumptionCAPM消費型資本資產定價模型riskaversion風險厭惡arbitragepricingtheory套禾U定價理論sensitivityofeachstocktothesefactors每種股票對這些因素的敏感度three-factormodel三因素模型companycostofcapital公司資本成本industrybeta行業貝塔firmvalue公司價值debtvalue負債價值assetvalue資產價值blue-chipfirm藍籌股financialleverage財務杠桿gearing舉債經營

19、financialrisk財務風險unlever消除杠桿relativemarketvaluesofdebt(E/V)負債的相對市場價值taxableincome應稅禾U潤after-taxcost稅后成本marginalcorporatetaxrate公司邊際稅率after-taxweighted-averagecostofcapital稅后加權平均資本成本cyclicality周期性cyclicalfirms周期性公司operatingleverage經營杠桿revenue收入fixedcosts固定成本variablecosts可變成本rateofoutput產出率certaintyeq

20、uivalent確定性等價值certainty-equivalentcashflow確定性等價現金流risk-adjusteddiscountrate風險相應貝占現率underlyingvariables基礎變量sample抽樣realoption實物期權decisiontree決策樹timingqption安排期權productionoption生產性期權optiontobailout清算選擇權economicrent經濟租金futuremarket期貨市場capitalbudget資本預算strategicplanning戰略規劃appropriationrequest撥款申請postau

21、dit事后審計stockoptions股票期權privatebenefit私下禾U益perks特權享受perquisite特權享受overinvestment過度投資generallyacceptedaccountingprinciple(GAAP)公認會計原貝Uqualifieddoption保留意見delegated委托economicvalueadded(EVA)經濟附力口值tradeloading貿易超載economicdepreciation經濟折舊nationalincomeandproductaccounts國民收入與產出賬戶cap上限合約strip本息剝離債券swap互換boo

22、krunner股份登記員efficientcapitalmarket有效資本市場randomwalk隨機游走positivedrift正漂移autocorelationcoefficient自相關系數weakformofefficiency弱有效性semistrongformofefficiency半強有效性strongformofefficiency強有效性marketmodel市場模型acquiringfirm兼并公司acquiredfirm被兼并公司superiorprofit超常禾U潤overreaction反應過度underreaction反應不足indexarbitrageur指數

23、套禾U者portfolioinsurancescheme證券組合保險策略superiorratesofreturn超常收益exchange-ratepolicy匯率政策applicationdate申購日long-termasset長期資產retainedearnings留存收益financialdeficit資金缺口internalfund內部資金debtpolicy負債政策dividendpolicy紅利政策long-termfinancing長期融資totalcapitalization資本總額reserve準備金issuedandoutsanding已發行流通股份issuedbutno

24、toutsanding已發行未流通股份authorizedsharecapital法定股本總額financialinstitution金融機構cash-flowright現金流要求權controlright控制勸dominantstockholder控股股東majorityvotingsystem多數投票制cumulativevoting累計投票制supermajority絕對多數制proxycontest投票代理權角逐minoritystockholder小股東reversestocksplit逆股票拆細masterlimitedpartnership業主有限責任合伙企業realestate

25、investmenttrust(REIT)房地產信托投資基金preferredstock優先股cumulativepreferredstock紅禾U累積優先股lineofcredit授信額度fixed-rate固定利率floating-rate浮動利率coupon息票LondonInterbankOfferedRate(LIBOR)倫敦銀行間拆借利率eurobond歐洲債券eurocurrency歐洲貨幣euro歐元senior優級junior次級subordinated從屬secured有擔保的collateral抵押品warrant認股權證convertiblebond可轉換債券prima

26、ryissue一級發行prinarymarket一級市場secondarytansaction二級交易secondarymarket二級市場over-the-counter(OTC)場外交易financialintermediary金融中介zero-stage啟動階段businessplan創業計戈U書first-stagefinancing第一階段融資after-the-moneyvaluation注資后的價值papergain賬面禾U潤mezzaninefinancing弓I渡融資angelinvestor天使投資者venturecapitalfund創業投資基金limitedprivat

27、epartnership有限合伙企業generalpartner普通合伙人limitedpartner有限合伙人small-businessinvestmentcompanies(SBIC)小企業投資公司initialpublicoffering(IPO)首次公開發行primaryoffering首次發行secondaryoffering二次發行underwriter承銷商syndicateofunderwriter承銷辛迪力口registrationstatement注冊說明書prospectus招股說明書roadshow路演greenshoeoption綠鞋期權spread差價offeringprice發售價格underpricing抑價winnerscurse成功者災難bookbuilding標書登記fixedpriceoffer定價發售auction拍賣discriminationauction差價拍賣uniform-priceauction價拍賣generalcashoffer一般現款發行rightissue附權發行shelfregistration上架注冊priorapproval事前許