《財務管理專業(yè)英語》

正文譯文東北財經(jīng)大學劉媛媛編機械工業(yè)出版社1目錄1財務管理概述（1）...............................................................................................................................11.1財務管理和財務經(jīng)理..................................................................................................................11.2財務管理決策..............................................................................................................................11.2.1投資決策...........................................................................................................................11.2.2籌資決策...........................................................................................................................11.2.3營運資本管理決策...........................................................................................................21.3風險—收益的權衡......................................................................................................................32財務管理概述（2）...............................................................................................................................42.1企業(yè)組織類型..............................................................................................................................42.1.1獨資企業(yè)...........................................................................................................................42.1.2合伙企業(yè)...........................................................................................................................42.1.3公司制企業(yè).......................................................................................................................42.2公司的結構..................................................................................................................................52.2.1股東...................................................................................................................................52.2.2董事會...............................................................................................................................52.2.3首席執(zhí)行官.......................................................................................................................52.2.4首席財務官.......................................................................................................................62.3財務管理目標..............................................................................................................................62.3.1利益相關者理論...............................................................................................................62.3.2價值或財富最大化...........................................................................................................62.4所有權和控制權分離..................................................................................................................72.5代理關系......................................................................................................................................72.5.1什么是代理問題？...........................................................................................................72.5.2代理成本是什么？...........................................................................................................72.5.3代理問題的實際解決辦法...............................................................................................83詮釋財務報表.........................................................................................................................................93.1年度報告和財務報表的基本知識..............................................................................................93.1.1公司年度報告...................................................................................................................93.1.2財務報表概述...................................................................................................................93.2資產(chǎn)負債表................................................................................................................................103.3利潤表........................................................................................................................................113.4留存收益表................................................................................................................................123.5現(xiàn)金流量表................................................................................................................................133.5.1經(jīng)營活動現(xiàn)金流量.........................................................................................................133.5.2投資活動現(xiàn)金流量.........................................................................................................143.5.3籌資活動現(xiàn)金流量.........................................................................................................1424財務比率分析.......................................................................................................................................154.1財務比率分析............................................................................................................................154.2流動性比率................................................................................................................................154.2.1流動比率.........................................................................................................................154.2.2速動比率.........................................................................................................................164.2.3現(xiàn)金比率.........................................................................................................................164.3債務管理比率............................................................................................................................174.3.1負債比率.........................................................................................................................174.3.2長期負債比率.................................................................................................................174.3.3利息保障比率.................................................................................................................174.3.4現(xiàn)金流量保障比率.........................................................................................................174.4資產(chǎn)管理比率............................................................................................................................174.4.1應收賬款周轉率.............................................................................................................184.4.2存貨周轉率.....................................................................................................................184.4.3應付賬款周轉率.............................................................................................................184.4.4資產(chǎn)周轉比率.................................................................................................................194.5盈利比率....................................................................................................................................194.5.1毛利率.............................................................................................................................194.5.2營業(yè)利潤率.....................................................................................................................194.5.3凈利潤率.........................................................................................................................194.5.4資產(chǎn)收益率.....................................................................................................................194.5.5總資產(chǎn)收益率.................................................................................................................204.5.6權益報酬率.....................................................................................................................204.5.7普通股權益報酬率.........................................................................................................204.5.8權益報酬率的杜邦分析.................................................................................................204.6市場價值比率............................................................................................................................204.6.1市盈率.............................................................................................................................204.6.2市場價值與賬面價值比率.............................................................................................214.6.3股利收益率和股利支付率.............................................................................................214.7財務比率分析的使用和局限性................................................................................................215貨幣時間價值與估價...........................................................................................................................225.1財務管理的核心概念................................................................................................................225.2單利率和復利率以及終值和現(xiàn)值............................................................................................225.2.1單利.................................................................................................................................225.2.2復利.................................................................................................................................235.2.3未來值.............................................................................................................................235.2.4現(xiàn)值.................................................................................................................................235.3年金............................................................................................................................................235.3.1普通年金.........................................................................................................................235.3.2先付年金.........................................................................................................................245.3.3遞延年金.........................................................................................................................245.3.4永續(xù)年金.........................................................................................................................2535.3.5名義利率和實際利率.....................................................................................................255.4估值原理....................................................................................................................................255.4.1持續(xù)經(jīng)營價值.................................................................................................................255.4.2清算價值.........................................................................................................................255.4.3賬面價值.........................................................................................................................255.4.4市場價值.........................................................................................................................265.4.5內在價值.........................................................................................................................265.4.6估價方法.........................................................................................................................265.4.7折現(xiàn)現(xiàn)金流量估價.........................................................................................................275.5債券估值....................................................................................................................................275.5.1典型債券的合同條款.....................................................................................................275.5.2債券估價公式.................................................................................................................295.5.3債券價格和報酬率.........................................................................................................295.6普通股估價................................................................................................................................295.6.1普通股的特征和特點.....................................................................................................295.6.2普通股估價.....................................................................................................................316風險與收益...........................................................................................................................................326.1風險與收益的介紹....................................................................................................................326.1.1收益是什么？.................................................................................................................326.1.2風險是什么？.................................................................................................................326.2有效市場假說（EMH）...........................................................................................................346.2.1介紹.................................................................................................................................346.2.2金融市場有效性.............................................................................................................346.2.3金融學的異象.................................................................................................................356.3投資組合理論............................................................................................................................366.3.1投資組合的期望收益.....................................................................................................366.3.2投資組合的風險.............................................................................................................366.3.3現(xiàn)代投資組合理論——Markowitz的均值—方差理論.............................................376.3.4可分散風險與市場風險的對比.....................................................................................376.4貝塔和資本資產(chǎn)定價模型........................................................................................................386.4.1貝塔概念.........................................................................................................................386.4.2資本資產(chǎn)定價模型.........................................................................................................396.5套利定價理論............................................................................................................................397資本預算...............................................................................................................................................417.1資本投資決策............................................................................................................................417.1.1資本預算的本質.............................................................................................................417.1.2項目分類.........................................................................................................................417.2估計項目現(xiàn)金流的基本原則....................................................................................................417.2.1確定增量現(xiàn)金流量.........................................................................................................427.2.2稅后現(xiàn)金流量.................................................................................................................427.2.3遞延融資成本.................................................................................................................427.2.4其他現(xiàn)金流量考慮的因素.............................................................................................4247.3投資政策....................................................................................................................................427.3.1凈現(xiàn)值.............................................................................................................................437.3.2獲利能力指數(shù).................................................................................................................437.3.3內部收益率.....................................................................................................................437.3.4回收期.............................................................................................................................437.3.5折現(xiàn)回收期....................................................................................................................437.4商業(yè)實踐....................................................................................................................................447.5分析項目風險............................................................................................................................447.5.1敏感性分析.....................................................................................................................447.5.2盈虧平衡點分析.............................................................................................................457.5.3模擬.................................................................................................................................457.6資源約束下的項目選擇............................................................................................................457.7定性因素和項目的選擇............................................................................................................467.8期后審計....................................................................................................................................468資本市場與資金籌集...........................................................................................................................488.1金融市場....................................................................................................................................488.1.1金融市場的作用.............................................................................................................488.1.2金融市場的類型.............................................................................................................488.1.3最近趨勢.........................................................................................................................498.2投資銀行....................................................................................................................................498.2.1咨詢.................................................................................................................................498.2.2承銷.................................................................................................................................498.2.3營銷.................................................................................................................................498.3公開上市的決定........................................................................................................................508.3.1公開上市的優(yōu)點.............................................................................................................508.3.2公開上市的缺點.............................................................................................................508.3.3發(fā)行新證券的不同方法.................................................................................................518.4資本成本概念............................................................................................................................518.4.1資本成本的應用.............................................................................................................518.4.2資本構成.........................................................................................................................528.4.3加權平均資本成本.........................................................................................................529資本結構...............................................................................................................................................539.1選擇：融資方式........................................................................................................................539.1.1股權融資.........................................................................................................................539.1.2債務融資.........................................................................................................................549.1.3混合型證券.....................................................................................................................559.2融資組合....................................................................................................................................559.3了解財務風險............................................................................................................................559.4資本結構與公司價值................................................................................................................569.4.1莫迪利亞尼——米勒定理.............................................................................................569.4.2在現(xiàn)實中的M＆M理論................................................................................................579.4.3最優(yōu)資本結構的權衡理論.............................................................................................5859.4.4資本結構的排序理論.....................................................................................................589.5資本結構選擇的情況列舉........................................................................................................5910股利政策.............................................................................................................................................6110.1股利及股利政策......................................................................................................................6110.1.1派息程序.......................................................................................................................6110.1.2股利的種類...................................................................................................................6110.2股利難題..................................................................................................................................6210.2.1股利無關論...................................................................................................................6210.2.2股利相關論...................................................................................................................6310.3影響股利決策的因素..............................................................................................................6310.3.1股東因素.......................................................................................................................6410.3.2公司因素.......................................................................................................................6410.3.3管理偏好和約束...........................................................................................................6410.4股利政策..................................................................................................................................6510.4.1剩余股利政策...............................................................................................................6510.4.2固定股利政策...............................................................................................................6510.4.3固定股利支付率政策...................................................................................................6510.4.4低正常股利加額外股利政策.......................................................................................6510.5股票回購..................................................................................................................................6510.5.1回購的途徑...................................................................................................................6610.5.2股票回購的原因...........................................................................................................6611營運資本管理.....................................................................................................................................6711.1營運資本管理簡介..................................................................................................................6711.2現(xiàn)金管理..................................................................................................................................6711.2.1持有現(xiàn)金的三大動機...................................................................................................6711.2.2確定適當?shù)默F(xiàn)金余額...................................................................................................6811.2.3投資閑置現(xiàn)金...............................................................................................................6811.2.4貨幣市場證券的種類...................................................................................................6811.2.5收款和付款的管理.......................................................................................................6911.3應收賬款賬戶的管理..............................................................................................................6911.3.1信貸政策.............................................................................................