体目标而 进行的涉及到获取、 融资和资产管理的综合 决策过程。 Decisions involving a firm’s short-term assets and liabilities refer to working capital management. 决断涉及一个公司的短期的资产和负债提 到营运资金管理 The firm’s long-term financing decisions concern the right-hand side of the balance sheet. 该公司的长期融资决断股份资产负债表的 右边。 This is an important decision as the legal structure affects the financial risk faced by the owners of the company. 这是一个重要的决定作为法律结构影响金 融风险面对附近的的业主的公司。 The board includes some members of top management(executive
encompasses all financial claimholders including common stockholders, debt holders, and preferred stockholders. 股东财富最大化只集中于股东， 而企业价值 最大化包含所有的财务债券持有者， 包括普 通股股东，债权人和优先股股东。 Given these assumptions，shareholders’ wealth maximization is consistent with the best interests of stakeholders and society in the long run。 根据这些假设，从长期来看，股东财富最大 化与利益相关者和社会的最好利润是相一 致的。 No competing measure that can provide as comprehensive a measure of a firm’s standing. Given these assumptions, shareholders’ wealth maximization is consistent with
the best interests of stakeholders and society in the long run. 没有竞争措施， 能提供由于全面的一个措施 的一个公司的站。给这些臆说，股东'财富 最大化一贯不比任何人差项目干系人项目 利益相关者的利益，社会从长远说来。 In reality, managers may ignore the interests of shareholders, and choose
instead to make investment and financing decisions that benefit themselves. 在现实中，经理可能忽视股东的利益，而是 选择利于自身的投资和融资决策。 Financial statements are probably the important source of information
directors), but should also include individuals from outside the company(non-executive directors). 董事会包括有些隶属于高层管理人员(执行 董事)，但将也包括个体从外公司(非执行董 事)。 Maximization of shareholder wealth
from which these various stakeholders(other than management) can assess a firm’s financial health.
focuses only on stockholders whereas maximization of firm value
财务报表可能是最重要的信息来源， 除管理 者以外的各种利益相关者可以利用这些报 表来评估一个公司的财务状况。 The stockholders’ equity section lists preferred stock, common stock and capital surplus and accumulated retained earnings. 股东权益列示有优先股，普通股，资本盈余 和累积留存收益。 The assets, which are the “things” the company owns, are listed in the order of decreasing liquidity, or length of time it typically takes to convert them to cash at fair market values, beginning with the firm’s current assets. 资产，也就是公司拥有的东西，是按照流动 性递减的顺序或将它们转换为公允市场价 值所需要的时间来排列的， 通常从流动资产 开始。 The market value of a firm’s equity is equal to the number of shares of common stock outstanding times the price per share, while the amount reported on the firm’s balance sheet is basically the cumulative amount the firm raised when issuing common stock and any reinvested net income(retained earnings). 公司权益的市场价值等于其发行在外的普 通股份数乘以每股价格， 而资产负债表上的 总额则主要是公司在发行普通股以及分配 任何再投资净收益（留存收益）时累积的数 额。 When compared to accelerated methods, straight-line depreciation has
lower depreciation early years of
expense in the
asset life, which
tends to a higher tax expense but higher net income. 与加速折旧法相比,直线折旧法在资产使用 年限的早期折旧费用较低， 这也会趋向于较 高的税金费用和较高的净收入。 The statement of cash flows consists of three sections:(1)operating cash flows,(2)investing cash flows, and(3)financing cash flows. Activities in each area that bring in cash represent sources of cash while activities that involve spending cash are uses of cash. 该声明现金流量表包含三个部分:(1)经营现 金流,(2)投资的现金流,(3)融资现金流。在每 个地区活动带来现金来源的现金而代表活 动涉及到花钱是使用现金 Financing activities include new debt issuances, debt repayments or retirements, stock sales and
repurchases, and cash dividend payments. 筹资活动,包括发行新债券，偿还债务，股 票销售和回购，以及现金股利支付。 Not surprisingly, Enron’s executives had realized some $750 million in salaries, bonuses and profits from stock options in the 12 months before the company went bankrupt. 毫不奇怪, 公司破产前的十二个月里，安然 的高管们实现了 7.5 亿美金的工资、奖金和 股票期权利润。
First, financial ratios are not
standardized. A perusal of
the many
流动比率太稳健不能正确反映一个公司的 流动性状况， 因为在这一比率假定公司仅仅 用现金和有价证券就可以偿还流动负债。
financial textbooks and other sources that are available will often show differences in how to
Debt management ratios characterize a firm in terms of the relative mix of debt and equity financing measures of the
calculate some ratios. 首先,财务比率不规范。一个参考的许多金 融教科书及来源,可将经常表现出差异如何 计算一些率。 Liquidity ratios indicate a firm’s ability to pay its obligations in the short run. 流动性比率表明公司的支付能力在短期内 它的义务。 Excessively high current ratios, however, may indicate a firm may have too much of its long-term
and provide
long-term debt paying ability of the firm. 描述一个公司债务管理比率从相对的混合 的债务和股权融资的措施,提供长期偿债能 力的公司。 Total capital includes all non-current liabilities plus equity, and thus excludes short-term debt. 资本总额包括所有非流动负债加上股本,从 而排除短期贷款。 Net profit margins vary widely by the type of industry. 有着很大的不同,其净利润为典型的产业。 Note that earnings before interest and taxes, rather than net income, Is used in the numerator because interest is paid with pre-tax dollars, and the firm’s ability to pay current interest is not affected by taxes. 注意,分子中用的是息税前利润而不是净收 入，这是因为利息是税前支付的，公司支付 现金利息的能力不受税收的影响。 Managers should analyze the tradeoff between any increased sales
investor-supplied capital invested in short-term low-earning current assets. 当前的比率过高,然而,可能表明,一个公司 可能有太多的长期 investor-supplied 资本投 资于短期 low-earning 流动资产 In an inflationary environment, firms that use last-in, first-out(LIFO)inventory valuation will likely have lower current ratios than firms that use first-in, first-out(FIFO). 在一个通货膨胀的环境下,企业选择使用后 进先出法对存货计价的公司比采用先进先 出法的公司有一个低的流动比率。 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.
from a more lenient credit policy and the associated costs of collection periods and more uncollected receivables to determine whether changing the firm’s credit longer
sales policy could increase shareholder’s wealth. 管理者应该分析权衡增加的销售从一个更 为宽松的信贷政策和相关费用较长的周期 和更多的应收账款收集来决定是否改变公 司的信用销售的政策可能会增加股东的财 富。 If the receivables collection period
If
the firm’s fixed assets are old
and have been depreciated to a low book value, and the assets
have not lost their productive ability, the low figure in the
denominator will inflate ROA. 如果公司固定资产比较旧,分母的减少会是 ROA 折旧到低的账面价值，但是资产并没 有失去生产能力。 Return on common equity(ROCE) focuses on just the return to common shareholders and is computed by removing the dividends to preferred shareholders from net income and dividing by the capital provided by common shareholders. 普通股权益报酬率仅仅关注普通股股东的 报酬率， 用净收入扣除优先股股利除以普通 股股东提供的资本计算得到。 Dividend yield represents parts of a stock’s total return; another part of a stock’s total return is price appreciation. 代表部分股息率的股票总回报;另一部分是 一个股票的总回报价格上涨。 In fact, of all the concepts used in
exceeds a firm’s credit terms this may indicate that a firm is ineffective in collecting its credit sales or is granting credit to marginal customers. 如果应收账款采集时间超过公司的信用条 款这也许说明了企业信用销售收集它无效 或给予客户信用边缘。 A low, declining ratio may suggest the firm has continued to build up inventory in the face of
weakening demand or may be carrying and reporting outdated or obsolete inventory that could only be sold at reduced prices, if all. 一个低税率、 下降率可能显示这个公司已经 持续不断地加强库存面对需求不断减弱或 可能携带和报告过期或过时的库存,只能减 价出售。 Thus, the operating profit margin, which indicates the operating profit generated per dollar of net sales, measures the firm’s operating profitability before financing costs. 因此,经营利润,预示着美元营业利润产生的 净销售额,公司的经营利润措施在融资成 本。 at
finance, none is more important than the time value of money, also
called discounted cash flow(DCF) analysis. 事实上,财务上所有的概念中，货币时间价 值是最重要的， 也称作是折现调整现金流量 折价分析。
Thus, investors require compensation
for both risk bearing and the time value of money. These two the
cash flow
stream subsequent to the
first period. 如果一项年金不像普通年金那样在第一期 支付，也不像预付年金那样马上支付，那么 我们就把它划分为递延年金， 这种年金在第 一期后的期间支付。 The effective rate of an investment
principles lie at the heart of
financial decision-making concepts. 因此,投资者需要为风险负担和货币时间价 值提供补偿， 这两个原则的核心在于财务决 策的概念。 Interest rates are also often used as riskless or base rates to draw comparison to alternative riskier investments. 利率也常常作为无风险利率或基准利率来 对可替代的风险投资进行比较。 Most personal loans, mortgages and credit cards operate on a compounding basis. 大多数个人贷款、 抵押贷款和信用卡是以复 利计息的。 Therefore, the correct adjustment for
will always be higher than the nominal or stated interest rate when interest is compounded more than once per year. 当利息用复利计算一年多于一年的时候， 一 项投资的有效利率将永远比名义利率高。 Nonetheless, intrinsic value serves as a basis for determining whether to buy or sell a financial asset when compared to its market value or price. 尽管如此,内在价值作为基础,与市场价值或 价格作比较， 来决定是否购买或卖出一项金 融资产。 The value of a financial asset is directly related to the amount of expected cash flows, but inversely
an annuity due is to reduce the discounting factor by one and to add to the reduced calculation a stream.
non-discounted cash flow
因此,正确的调整年金是为了减少由于贴现 因子,增加减少的一个 non-discounted 计算 现金流量 If interest rates move above(below)
related to the amount of risk. 一项金融资产的价值与期望的现金流量正 相关，与风险程度负相关。 If interest rates increase, causing the par, the
the bond’s coupon rate, the bond will sell below(above) its par value. 如果利率移动高(低)债券的票面利率,债券 将出售低于(以上)其票面金额. If an annuity not begin its
bond price to fall below
bondholder may sell the bond back to the issuer at par or a higher price. 如果利率上升,导致债券价格跌破面值,场所 将该债券交付可能卖债券回发行人的面值, 或一个更高的价格。 In the case of unsecured debt, the
payment in the first period, as with an ordinary annuity, or immediately, as with an ordinary due, then it
is classified as a deferred annuity-an annuity that begins its
bondholders have a claim on the
assets that the issuer has not pledged to other securities. 就信用借贷来说， 债券所有人对发行人未抵 押给其他担保人的资产有要求全。 An inverse relationship generally exists between the rating and quality of a bond and its interest
discount them back to present value at the required rate of return to estimate the value of common stock. 建议投资者必须预测派发股息的无限,然后 他们回到现值折扣在所需的收益率的估计 价值普通股。 The greater the variability of possible returns, the riskier the investment is. 大的可变性的回报，投资将会有冒险性。 Investment risk, then, is related to the probability a low of actually earning the
rate or yield to maturity. 评级和债券的质量与利息率或到期收益率 程相反关系。 Common stockholders are the residual owners because their claim to earnings and assets is what remains after satisfying the prior claim of various creditors and
or negative return-the or
greater the chance of a low negative return, the riskier the investment.
preferred stockholders. 普通股股东是剩余所有者， 这是因为他们对 收益和资产的要求权是在满足各债权人和 优先股股东优先选择权后剩余的。 In some instances, existing stockholders have the right, but not the obligation, to share proportionately in the purchase of all new shares of common stock
投资风险,然后,涉及的概率低或者消极实际 获得回报，更大的机会或负回报低,风险投 资。
that the company sells. 在某些情况下,现有的股东也有这个权利,但 不是义务,在购买比例分享所有新股的公司 的普通股票卖出。 Future cash flows may be in the form of cash dividend payments and/or changes in the stock’s price(gains or losses) over the holding period. 未来现金流的形式可能是现金股利支付和/ 或改变股票的价格(收益或亏损)控股的时期 It suggests investors must forecast dividends to infinite and then This assumption greatly simplifies investment analysis, as two parameters, the expected return(mean) and the standard deviation(or variance), are sufficient to completely describe the probability distribution of all financial returns. 这个假设,极大地简化了投资分析的两个参 数,预期回报(平均)和标准偏差(或方差),能 够完整地描述所有财务回报的概率分布。 Financial theory typically views decision makers as being risk-averse.
A
risk-averse decision maker
number of increases.
stocks in the portfolio
considers a risky investment only if it provides compensation for risk
一般来说,投资组合的风险也会下降股票的 数目在组合增加。 The part of a stock’s risk that
through a risk premium. 金融理论的观点是典型的决策者风险。 一规 避风险投资决策者认为只有当它提供补偿 风险通过风险溢价。 Rational behavior means that individuals maximize some objective function- their utility function- under the constraints that they face. 理性行为意味着个人一些目标函数最大化 效用函数下-他们的效用函数-他们所面临的 约束条件的。 In reality, it is probably more likely to be true only for individual or retail investors as opposed to large or institutional investors, and for frequently traded stocks as opposed to thinly traded stocks. 事实上,它可能是更有可能是真的只是为了 个人或散户投资者反对大或机构投资者的 交易,因为很多股票交易反对稀疏的股票。 Based on the type information available to the market, Fama(1970) distinguishes three forms of informationally efficient markets. 基于类型资料提供给市场,现有(1970)区分 成三种形式的信息的有效率的市场。 Banks, insurance companies, mutual funds, and other financial institutions are required by law to hold diversified portfolios. 银行、保险公司、基金和其他金融机构依法 举办多种组合。 As a rule, the riskiness of a portfolio will decline as the
can be eliminated is called diversifiable risk, while the part that cannot be eliminated is called market risk. 部分股票的风险可以省略,被称为可分散风 险,而无法消除的部分叫做市场风险。 In general, the answer is no, but the extent to which adding stocks to a portfolio reduces its risk depends in the degree of correlation among the stocks: the smaller the positive correlation coefficients, the lower the risk in a large portfolio. 通常来说，答案是否定的，但是向证券投资 组合中增加股票种类能使风险减小的程度 取决于组合中股票的关联性： 正相关系数越 小，一个大的证券投资组合的风险就越低。 In the real world, where the correlations among the individual stocks are generally positive but less than +1.0, some, but not all, risk can eliminated. 在现实世界中,在相关个股通常是积极的,但 是低于+ 1.0,有些,但不是全部,风险就会消 除。 You find out that by combining two or more securities, the total risk of the investment can actually
be reduced, without reducing the expected pay-off.
你发现结合两个或两个以上的证券,总投资 者的投资风险会减少,而不减少预期的收 益。 Most public firms in the United （US） prepare two annual reports。 These include the annual report to the Securities and Exchange Commission （SEC） and the shareholder annual report。 在美国大多数上市公司都准备两份年度报 告，这包括给证券交易委员会的一份，和给 股东的一份。 The balance sheet reports a firm’s the entire enterprise management and operation to set up in one may hold with above the reality foundation. same time, “shareholder wealth maximization” manages finances the goal in the capital market developed environment, also is advantageous for the balance and the operation, the feasibility is strongest. At the to take the goal, both has supported the enterprise operation property right foundation, and sufficiently considers and has respected the enterprise funder (shareholder) the reasonable benefit, causes Uses the shareholder wealth maximization
assets, and owners’(stockholders’) equity as of a given date, usually at the end of a reporting period.
资产负债表报告的是特定日期公司的资产， 负债和所有者权益，通常是在报告期末。
Net income and actual net cash flow may differ because accountants
use an accrual accounting process for recognizing revenues and expenses, and because of treatment of the
depreciation and taxes.
净利润和实际的净现金流量可能不同， 这是 因为会计人员用应机制会计过程来确认收 入和费用， 也可能是因为对折旧和税收的处 理不同。 financial management 财务管理 decision-making acquire 决策，决策的
获得，取得
publicly traded corporations 公开上市公 司 公众
vice president of finance chief financial officer chief executive officer balance sheet capital budgeting
财务副总裁 首席财务官 首席执行官
financing mix risk aversion volatility allocate
融资组合 风险规避
易变性 不稳定性 配置 资本配置
资产负债表 资本预算
capital allocation business
working capital management 营运资本管 理 hurdle rate capital structure mix of debt and equity 合 cash dividend stockholder 现金股利 股东 股利政策 最低报酬率 资本结构 负债与股票的组
企业 商业 业务
financial risk 财务风险 sole proprietorship 私人业主制企业 partnership 合伙制企业
limited partner 有限责任合伙人 general partner 一般合伙人 separation of ownership and control 所有 权与经营权分离 claim 要求 主张 要求权 management buyout 管理层收购 tender offer 要约收购 financial standards 财务准则 initial public offering 首次公开发行股票 private corporation 私募公司 未上市公 司 closely held corporation 控股公司 board of directors 董事会 executive director 执行董事
dividend policy
dividend-payout ratio 股利支付率 stock repurchase 股票回购 stock offering tradeoff common stock current liability current asset 股票发行 权衡，折中 普通股 流动负债 流动资产 流动性资产，有价
marketable security 证券 inventory 存货
non- executive director 非执行董事 有形固定资产 无形固定资产 chairperson 主席 controller 主计长 treasurer 司库
tangible fixed assets in tangible fixed assets patent trademark creditor 专利 商标 债权人
revenue profit
收入 利润
stockholders’ equity
股东权益
earnings per share 每股盈余
return 回报 market share 市场份额 social good 社会福利 financial distress 财务困境 stakeholder theory 利益相关者理论 value (wealth) maximization 价值（财富） 最大化 common stockholder 普通股股东
statement of retained earnings 留存收益表 fair market value 公允市场价值 marketable securities 油价证券 check 支票 money order 拨款但、汇款单 withdrawal 提款 accounts receivable 应收账款 credit sale 赊销 inventory 存货 property plant and equipment 土地、厂房 与设备 depreciation 折旧 accumulated depreciation 累计折旧 liability 负债 current liability 流动负债 long-term liability 长期负债 accounts payout 应付账款 note payout 应付票据 accrued expense 应计费用 deferred tax 递延税款 preferred stock 优先股 common stock 普通股 book value 账面价值 capital surplus 资本盈余 accumulated retained earnings 累计留存收 益 hybrid 混合金融工具 treasury stock 库藏股 historic cost 历史成本 current market value 现行市场价值
preferred stockholder 优先股股东 debt holder 债权人 well-being 福利 diversity 多样化 going concern 持续的 agency problem 代理问题 free-riding problem 搭便车问题 information asymmetry 信息不对称
retail investor 散户投资者 institutional investor 机构投资者 agency relationship 代理关系 net present value 净现值 creative accounting 创造性会计 stock option 股票期权
agency cost 代理成本 bonding cost 契约成本 monitoring costs 监督成本 takeover 接管 corporate annual reports 公司年报 balance sheet 资产负债表 income statement 利润表 statement of cash flows 现金流量表
real estate 房地产 outstanding 发行在外的 a profit and loss statement 损益表 net income 净利润 operating income 经营收益 earnings per share 每股收益 simple capital structure 简单资本结构 dilutive 冲减每股收益的 basic earnings per share 基本每股收益 complex capital structures 复杂的每股收 益 diluted earnings per share 稀释的每股收益 convertible securities 可转换证券 warrant 认股权证 accrual accounting 应计制会计 amortization 摊销 accelerated methods 加速折旧法 straight-line depreciation 直线折旧法 statement of changes in shareholders ’equity 股东权益变动表 source of cash 现金来源 use of cash 现金运用 operating cash flows 经营现金流 cash flow from operations 经营活动现金流 direct method 直接法 indirect method 间接法 bottom-up approach 倒推法 investing cash flows 投资现金流 cash flow from investing 投资活动现金流 joint venture 合资企业
affiliate 分支机构 financing cash flows 筹资现金流 cash flows from financing 筹资活动现金流 time value of money 货币时间价值 simple interest 单利 debt instrument 债务工具 annuity 年金 future value 终值 present value 现值 compound interest 复利 compounding 复利计算 principal 本金 mortgage 抵押 credit card 信用卡 terminal value 终值 discounting 折现计算 discount rate 折现率 opportunity cost 机会成本 required rate of return 要求的报酬率 cost of capital 资本成本 ordinary annuity 普通年金 annuity due 先付年金 financial ratio 财务比 率 deferred annuity 递延年金 restrictive covenants 限制性条 款 perpetuity 永续年金 bond indenture 债券契 约
face value 面值 financial analyst 财务分析 师 coupon rate 息票利率 liquidity ratio 流动性比 率 nominal interest rate 名义利率 current ratio 流动比 率 effective interest rate 有效利率 window dressing 账面粉 饰 going-concern value 持续经营价值 marketable securities 短期证 券 liquidation value 清算价值 quick ratio 速动比 率 book value 账面价值 cash ratio 现金比 率 marker value 市场价值 debt management ratios 债务管理比 率 intrinsic value 内在价值 debt ratio 债务比 率 mispricing 给……错定价格 debt-to-equity ratio 债务与权益比 率
valuation approach 估价方法 equity multiplier 权益乘 数 discounted cash flow valuation 折现现金流 量模型 long-term ratio 长期比 率 undervaluation 低估 debt-to-total-capital 债务与全部资本比 率 overvaluation 高估 leverage ratios 杠杆比 率 option-pricing model 期权定价模型 interest coverage ratio 利息保障比 率 contingent claim valuation 或有要求权估 价 earnings before interest and taxes 息税前 利润 promissory note 本票 cash flow coverage ratio 现金流量保障比 率 contractual provision 契约条款 asset management ratios 资产管理比率 par value 票面价值 accounts receivable turnover ratio 应收账 款周转率 maturity value 到期价值 inventory turnover ratio 存货周转率 coupon 息票利息
inventory processing period 存货周转期 coupon payment 息票利息支付 accounts payable turnover ratio 应付账款 周转率 coupon interest rate 息票利率 cash conversion cycle 现金周转期 maturity 到期日 asset turnover ratio 资产周转率 term to maturity 到期时间
dividend yield
股利收益率
negative covenant 消极条款 dividend payout 股利支付率 positive covenant 积极条款 financial statement 财务报表 secured debt 担保借款 profitability 盈利能力 unsecured debt 信用借款 viability 生存能力 creditworthiness 信誉 solvency 偿付能力 collateral 抵押品
profitability ratio 盈利比率 call provision 赎回条款 gross profit margin 毛利润 call price 赎回价格 operating profit margin 经营利润 sinking fund provision 偿债基金条款 net profit margin 净利润 conversion right 转换权 return on asset 资产收益率 put provision 卖出条款 return on total equity ratio 酬率 indenture 债务契约 return on common equity 普通权益报酬 率 covenant 条款 market-to-book value ratio 面价值比率 trustee 托管人 market value ratios 市场价值比率 protective covenant 保护性条款 市场价值与账 全部权益报
collateral trust bonds 抵押信托契约 debenture 信用债券 portfolio 组合 diversifiable risk 可分散风险 market risk 市场风险 期望收益 个别风险 标准离差
expected return stand-alone risk standard deviation variance 方差
normal distribution
正态分布
efficient market hypothesis（EMH）有 效市场假设 price taker 价格接受者 investor rationality institutional investor retail investor 投资者的理性 机构投资者
个人，散户投资者
anomaly 异常（人或物） post-earnings announcement drift 期
后盈余披露 behavioral finance 行为财务 expected utility theory 期望效用理论 mean-variance efficient frontier 均值方差有效前沿 covariance 协方差 correlation coefficient 相关系数 company-specific factor 公司特有风险 arbitrage pricing theory（APT）套利定 价理论
体目标而 进行的涉及到获取、 融资和资产管理的综合 决策过程。 Decisions involving a firm’s short-term assets and liabilities refer to working capital management. 决断涉及一个公司的短期的资产和负债提 到营运资金管理 The firm’s long-term financing decisions concern the right-hand side of the balance sheet. 该公司的长期融资决断股份资产负债表的 右边。 This is an important decision as the legal structure affects the financial risk faced by the owners of the company. 这是一个重要的决定作为法律结构影响金 融风险面对附近的的业主的公司。 The board includes some members of top management(executive
encompasses all financial claimholders including common stockholders, debt holders, and preferred stockholders. 股东财富最大化只集中于股东， 而企业价值 最大化包含所有的财务债券持有者， 包括普 通股股东，债权人和优先股股东。 Given these assumptions，shareholders’ wealth maximization is consistent with the best interests of stakeholders and society in the long run。 根据这些假设，从长期来看，股东财富最大 化与利益相关者和社会的最好利润是相一 致的。 No competing measure that can provide as comprehensive a measure of a firm’s standing. Given these assumptions, shareholders’ wealth maximization is consistent with
the best interests of stakeholders and society in the long run. 没有竞争措施， 能提供由于全面的一个措施 的一个公司的站。给这些臆说，股东'财富 最大化一贯不比任何人差项目干系人项目 利益相关者的利益，社会从长远说来。 In reality, managers may ignore the interests of shareholders, and choose
instead to make investment and financing decisions that benefit themselves. 在现实中，经理可能忽视股东的利益，而是 选择利于自身的投资和融资决策。 Financial statements are probably the important source of information
directors), but should also include individuals from outside the company(non-executive directors). 董事会包括有些隶属于高层管理人员(执行 董事)，但将也包括个体从外公司(非执行董 事)。 Maximization of shareholder wealth
from which these various stakeholders(other than management) can assess a firm’s financial health.
focuses only on stockholders whereas maximization of firm value
财务报表可能是最重要的信息来源， 除管理 者以外的各种利益相关者可以利用这些报 表来评估一个公司的财务状况。 The stockholders’ equity section lists preferred stock, common stock and capital surplus and accumulated retained earnings. 股东权益列示有优先股，普通股，资本盈余 和累积留存收益。 The assets, which are the “things” the company owns, are listed in the order of decreasing liquidity, or length of time it typically takes to convert them to cash at fair market values, beginning with the firm’s current assets. 资产，也就是公司拥有的东西，是按照流动 性递减的顺序或将它们转换为公允市场价 值所需要的时间来排列的， 通常从流动资产 开始。 The market value of a firm’s equity is equal to the number of shares of common stock outstanding times the price per share, while the amount reported on the firm’s balance sheet is basically the cumulative amount the firm raised when issuing common stock and any reinvested net income(retained earnings). 公司权益的市场价值等于其发行在外的普 通股份数乘以每股价格， 而资产负债表上的 总额则主要是公司在发行普通股以及分配 任何再投资净收益（留存收益）时累积的数 额。 When compared to accelerated methods, straight-line depreciation has
lower depreciation early years of
expense in the
asset life, which
tends to a higher tax expense but higher net income. 与加速折旧法相比,直线折旧法在资产使用 年限的早期折旧费用较低， 这也会趋向于较 高的税金费用和较高的净收入。 The statement of cash flows consists of three sections:(1)operating cash flows,(2)investing cash flows, and(3)financing cash flows. Activities in each area that bring in cash represent sources of cash while activities that involve spending cash are uses of cash. 该声明现金流量表包含三个部分:(1)经营现 金流,(2)投资的现金流,(3)融资现金流。在每 个地区活动带来现金来源的现金而代表活 动涉及到花钱是使用现金 Financing activities include new debt issuances, debt repayments or retirements, stock sales and
repurchases, and cash dividend payments. 筹资活动,包括发行新债券，偿还债务，股 票销售和回购，以及现金股利支付。 Not surprisingly, Enron’s executives had realized some $750 million in salaries, bonuses and profits from stock options in the 12 months before the company went bankrupt. 毫不奇怪, 公司破产前的十二个月里，安然 的高管们实现了 7.5 亿美金的工资、奖金和 股票期权利润。
First, financial ratios are not
standardized. A perusal of
the many
流动比率太稳健不能正确反映一个公司的 流动性状况， 因为在这一比率假定公司仅仅 用现金和有价证券就可以偿还流动负债。
financial textbooks and other sources that are available will often show differences in how to
Debt management ratios characterize a firm in terms of the relative mix of debt and equity financing measures of the
calculate some ratios. 首先,财务比率不规范。一个参考的许多金 融教科书及来源,可将经常表现出差异如何 计算一些率。 Liquidity ratios indicate a firm’s ability to pay its obligations in the short run. 流动性比率表明公司的支付能力在短期内 它的义务。 Excessively high current ratios, however, may indicate a firm may have too much of its long-term
and provide
long-term debt paying ability of the firm. 描述一个公司债务管理比率从相对的混合 的债务和股权融资的措施,提供长期偿债能 力的公司。 Total capital includes all non-current liabilities plus equity, and thus excludes short-term debt. 资本总额包括所有非流动负债加上股本,从 而排除短期贷款。 Net profit margins vary widely by the type of industry. 有着很大的不同,其净利润为典型的产业。 Note that earnings before interest and taxes, rather than net income, Is used in the numerator because interest is paid with pre-tax dollars, and the firm’s ability to pay current interest is not affected by taxes. 注意,分子中用的是息税前利润而不是净收 入，这是因为利息是税前支付的，公司支付 现金利息的能力不受税收的影响。 Managers should analyze the tradeoff between any increased sales
investor-supplied capital invested in short-term low-earning current assets. 当前的比率过高,然而,可能表明,一个公司 可能有太多的长期 investor-supplied 资本投 资于短期 low-earning 流动资产 In an inflationary environment, firms that use last-in, first-out(LIFO)inventory valuation will likely have lower current ratios than firms that use first-in, first-out(FIFO). 在一个通货膨胀的环境下,企业选择使用后 进先出法对存货计价的公司比采用先进先 出法的公司有一个低的流动比率。 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.
from a more lenient credit policy and the associated costs of collection periods and more uncollected receivables to determine whether changing the firm’s credit longer
sales policy could increase shareholder’s wealth. 管理者应该分析权衡增加的销售从一个更 为宽松的信贷政策和相关费用较长的周期 和更多的应收账款收集来决定是否改变公 司的信用销售的政策可能会增加股东的财 富。 If the receivables collection period
If
the firm’s fixed assets are old
and have been depreciated to a low book value, and the assets
have not lost their productive ability, the low figure in the
denominator will inflate ROA. 如果公司固定资产比较旧,分母的减少会是 ROA 折旧到低的账面价值，但是资产并没 有失去生产能力。 Return on common equity(ROCE) focuses on just the return to common shareholders and is computed by removing the dividends to preferred shareholders from net income and dividing by the capital provided by common shareholders. 普通股权益报酬率仅仅关注普通股股东的 报酬率， 用净收入扣除优先股股利除以普通 股股东提供的资本计算得到。 Dividend yield represents parts of a stock’s total return; another part of a stock’s total return is price appreciation. 代表部分股息率的股票总回报;另一部分是 一个股票的总回报价格上涨。 In fact, of all the concepts used in
exceeds a firm’s credit terms this may indicate that a firm is ineffective in collecting its credit sales or is granting credit to marginal customers. 如果应收账款采集时间超过公司的信用条 款这也许说明了企业信用销售收集它无效 或给予客户信用边缘。 A low, declining ratio may suggest the firm has continued to build up inventory in the face of
weakening demand or may be carrying and reporting outdated or obsolete inventory that could only be sold at reduced prices, if all. 一个低税率、 下降率可能显示这个公司已经 持续不断地加强库存面对需求不断减弱或 可能携带和报告过期或过时的库存,只能减 价出售。 Thus, the operating profit margin, which indicates the operating profit generated per dollar of net sales, measures the firm’s operating profitability before financing costs. 因此,经营利润,预示着美元营业利润产生的 净销售额,公司的经营利润措施在融资成 本。 at
finance, none is more important than the time value of money, also
called discounted cash flow(DCF) analysis. 事实上,财务上所有的概念中，货币时间价 值是最重要的， 也称作是折现调整现金流量 折价分析。
Thus, investors require compensation
for both risk bearing and the time value of money. These two the
cash flow
stream subsequent to the
first period. 如果一项年金不像普通年金那样在第一期 支付，也不像预付年金那样马上支付，那么 我们就把它划分为递延年金， 这种年金在第 一期后的期间支付。 The effective rate of an investment
principles lie at the heart of
financial decision-making concepts. 因此,投资者需要为风险负担和货币时间价 值提供补偿， 这两个原则的核心在于财务决 策的概念。 Interest rates are also often used as riskless or base rates to draw comparison to alternative riskier investments. 利率也常常作为无风险利率或基准利率来 对可替代的风险投资进行比较。 Most personal loans, mortgages and credit cards operate on a compounding basis. 大多数个人贷款、 抵押贷款和信用卡是以复 利计息的。 Therefore, the correct adjustment for
will always be higher than the nominal or stated interest rate when interest is compounded more than once per year. 当利息用复利计算一年多于一年的时候， 一 项投资的有效利率将永远比名义利率高。 Nonetheless, intrinsic value serves as a basis for determining whether to buy or sell a financial asset when compared to its market value or price. 尽管如此,内在价值作为基础,与市场价值或 价格作比较， 来决定是否购买或卖出一项金 融资产。 The value of a financial asset is directly related to the amount of expected cash flows, but inversely
an annuity due is to reduce the discounting factor by one and to add to the reduced calculation a stream.
non-discounted cash flow
因此,正确的调整年金是为了减少由于贴现 因子,增加减少的一个 non-discounted 计算 现金流量 If interest rates move above(below)
related to the amount of risk. 一项金融资产的价值与期望的现金流量正 相关，与风险程度负相关。 If interest rates increase, causing the par, the
the bond’s coupon rate, the bond will sell below(above) its par value. 如果利率移动高(低)债券的票面利率,债券 将出售低于(以上)其票面金额. If an annuity not begin its
bond price to fall below
bondholder may sell the bond back to the issuer at par or a higher price. 如果利率上升,导致债券价格跌破面值,场所 将该债券交付可能卖债券回发行人的面值, 或一个更高的价格。 In the case of unsecured debt, the
payment in the first period, as with an ordinary annuity, or immediately, as with an ordinary due, then it
is classified as a deferred annuity-an annuity that begins its
bondholders have a claim on the
assets that the issuer has not pledged to other securities. 就信用借贷来说， 债券所有人对发行人未抵 押给其他担保人的资产有要求全。 An inverse relationship generally exists between the rating and quality of a bond and its interest
discount them back to present value at the required rate of return to estimate the value of common stock. 建议投资者必须预测派发股息的无限,然后 他们回到现值折扣在所需的收益率的估计 价值普通股。 The greater the variability of possible returns, the riskier the investment is. 大的可变性的回报，投资将会有冒险性。 Investment risk, then, is related to the probability a low of actually earning the
rate or yield to maturity. 评级和债券的质量与利息率或到期收益率 程相反关系。 Common stockholders are the residual owners because their claim to earnings and assets is what remains after satisfying the prior claim of various creditors and
or negative return-the or
greater the chance of a low negative return, the riskier the investment.
preferred stockholders. 普通股股东是剩余所有者， 这是因为他们对 收益和资产的要求权是在满足各债权人和 优先股股东优先选择权后剩余的。 In some instances, existing stockholders have the right, but not the obligation, to share proportionately in the purchase of all new shares of common stock
投资风险,然后,涉及的概率低或者消极实际 获得回报，更大的机会或负回报低,风险投 资。
that the company sells. 在某些情况下,现有的股东也有这个权利,但 不是义务,在购买比例分享所有新股的公司 的普通股票卖出。 Future cash flows may be in the form of cash dividend payments and/or changes in the stock’s price(gains or losses) over the holding period. 未来现金流的形式可能是现金股利支付和/ 或改变股票的价格(收益或亏损)控股的时期 It suggests investors must forecast dividends to infinite and then This assumption greatly simplifies investment analysis, as two parameters, the expected return(mean) and the standard deviation(or variance), are sufficient to completely describe the probability distribution of all financial returns. 这个假设,极大地简化了投资分析的两个参 数,预期回报(平均)和标准偏差(或方差),能 够完整地描述所有财务回报的概率分布。 Financial theory typically views decision makers as being risk-averse.
A
risk-averse decision maker
number of increases.
stocks in the portfolio
considers a risky investment only if it provides compensation for risk
一般来说,投资组合的风险也会下降股票的 数目在组合增加。 The part of a stock’s risk that
through a risk premium. 金融理论的观点是典型的决策者风险。 一规 避风险投资决策者认为只有当它提供补偿 风险通过风险溢价。 Rational behavior means that individuals maximize some objective function- their utility function- under the constraints that they face. 理性行为意味着个人一些目标函数最大化 效用函数下-他们的效用函数-他们所面临的 约束条件的。 In reality, it is probably more likely to be true only for individual or retail investors as opposed to large or institutional investors, and for frequently traded stocks as opposed to thinly traded stocks. 事实上,它可能是更有可能是真的只是为了 个人或散户投资者反对大或机构投资者的 交易,因为很多股票交易反对稀疏的股票。 Based on the type information available to the market, Fama(1970) distinguishes three forms of informationally efficient markets. 基于类型资料提供给市场,现有(1970)区分 成三种形式的信息的有效率的市场。 Banks, insurance companies, mutual funds, and other financial institutions are required by law to hold diversified portfolios. 银行、保险公司、基金和其他金融机构依法 举办多种组合。 As a rule, the riskiness of a portfolio will decline as the
can be eliminated is called diversifiable risk, while the part that cannot be eliminated is called market risk. 部分股票的风险可以省略,被称为可分散风 险,而无法消除的部分叫做市场风险。 In general, the answer is no, but the extent to which adding stocks to a portfolio reduces its risk depends in the degree of correlation among the stocks: the smaller the positive correlation coefficients, the lower the risk in a large portfolio. 通常来说，答案是否定的，但是向证券投资 组合中增加股票种类能使风险减小的程度 取决于组合中股票的关联性： 正相关系数越 小，一个大的证券投资组合的风险就越低。 In the real world, where the correlations among the individual stocks are generally positive but less than +1.0, some, but not all, risk can eliminated. 在现实世界中,在相关个股通常是积极的,但 是低于+ 1.0,有些,但不是全部,风险就会消 除。 You find out that by combining two or more securities, the total risk of the investment can actually
be reduced, without reducing the expected pay-off.
你发现结合两个或两个以上的证券,总投资 者的投资风险会减少,而不减少预期的收 益。 Most public firms in the United （US） prepare two annual reports。 These include the annual report to the Securities and Exchange Commission （SEC） and the shareholder annual report。 在美国大多数上市公司都准备两份年度报 告，这包括给证券交易委员会的一份，和给 股东的一份。 The balance sheet reports a firm’s the entire enterprise management and operation to set up in one may hold with above the reality foundation. same time, “shareholder wealth maximization” manages finances the goal in the capital market developed environment, also is advantageous for the balance and the operation, the feasibility is strongest. At the to take the goal, both has supported the enterprise operation property right foundation, and sufficiently considers and has respected the enterprise funder (shareholder) the reasonable benefit, causes Uses the shareholder wealth maximization
assets, and owners’(stockholders’) equity as of a given date, usually at the end of a reporting period.
资产负债表报告的是特定日期公司的资产， 负债和所有者权益，通常是在报告期末。
Net income and actual net cash flow may differ because accountants
use an accrual accounting process for recognizing revenues and expenses, and because of treatment of the
depreciation and taxes.
净利润和实际的净现金流量可能不同， 这是 因为会计人员用应机制会计过程来确认收 入和费用， 也可能是因为对折旧和税收的处 理不同。 financial management 财务管理 decision-making acquire 决策，决策的
获得，取得
publicly traded corporations 公开上市公 司 公众
vice president of finance chief financial officer chief executive officer balance sheet capital budgeting
财务副总裁 首席财务官 首席执行官
financing mix risk aversion volatility allocate
融资组合 风险规避
易变性 不稳定性 配置 资本配置
资产负债表 资本预算
capital allocation business
working capital management 营运资本管 理 hurdle rate capital structure mix of debt and equity 合 cash dividend stockholder 现金股利 股东 股利政策 最低报酬率 资本结构 负债与股票的组
企业 商业 业务
financial risk 财务风险 sole proprietorship 私人业主制企业 partnership 合伙制企业
limited partner 有限责任合伙人 general partner 一般合伙人 separation of ownership and control 所有 权与经营权分离 claim 要求 主张 要求权 management buyout 管理层收购 tender offer 要约收购 financial standards 财务准则 initial public offering 首次公开发行股票 private corporation 私募公司 未上市公 司 closely held corporation 控股公司 board of directors 董事会 executive director 执行董事
dividend policy
dividend-payout ratio 股利支付率 stock repurchase 股票回购 stock offering tradeoff common stock current liability current asset 股票发行 权衡，折中 普通股 流动负债 流动资产 流动性资产，有价
marketable security 证券 inventory 存货
non- executive director 非执行董事 有形固定资产 无形固定资产 chairperson 主席 controller 主计长 treasurer 司库
tangible fixed assets in tangible fixed assets patent trademark creditor 专利 商标 债权人
revenue profit
收入 利润
stockholders’ equity
股东权益
earnings per share 每股盈余
return 回报 market share 市场份额 social good 社会福利 financial distress 财务困境 stakeholder theory 利益相关者理论 value (wealth) maximization 价值（财富） 最大化 common stockholder 普通股股东
statement of retained earnings 留存收益表 fair market value 公允市场价值 marketable securities 油价证券 check 支票 money order 拨款但、汇款单 withdrawal 提款 accounts receivable 应收账款 credit sale 赊销 inventory 存货 property plant and equipment 土地、厂房 与设备 depreciation 折旧 accumulated depreciation 累计折旧 liability 负债 current liability 流动负债 long-term liability 长期负债 accounts payout 应付账款 note payout 应付票据 accrued expense 应计费用 deferred tax 递延税款 preferred stock 优先股 common stock 普通股 book value 账面价值 capital surplus 资本盈余 accumulated retained earnings 累计留存收 益 hybrid 混合金融工具 treasury stock 库藏股 historic cost 历史成本 current market value 现行市场价值
preferred stockholder 优先股股东 debt holder 债权人 well-being 福利 diversity 多样化 going concern 持续的 agency problem 代理问题 free-riding problem 搭便车问题 information asymmetry 信息不对称
retail investor 散户投资者 institutional investor 机构投资者 agency relationship 代理关系 net present value 净现值 creative accounting 创造性会计 stock option 股票期权
agency cost 代理成本 bonding cost 契约成本 monitoring costs 监督成本 takeover 接管 corporate annual reports 公司年报 balance sheet 资产负债表 income statement 利润表 statement of cash flows 现金流量表
real estate 房地产 outstanding 发行在外的 a profit and loss statement 损益表 net income 净利润 operating income 经营收益 earnings per share 每股收益 simple capital structure 简单资本结构 dilutive 冲减每股收益的 basic earnings per share 基本每股收益 complex capital structures 复杂的每股收 益 diluted earnings per share 稀释的每股收益 convertible securities 可转换证券 warrant 认股权证 accrual accounting 应计制会计 amortization 摊销 accelerated methods 加速折旧法 straight-line depreciation 直线折旧法 statement of changes in shareholders ’equity 股东权益变动表 source of cash 现金来源 use of cash 现金运用 operating cash flows 经营现金流 cash flow from operations 经营活动现金流 direct method 直接法 indirect method 间接法 bottom-up approach 倒推法 investing cash flows 投资现金流 cash flow from investing 投资活动现金流 joint venture 合资企业
affiliate 分支机构 financing cash flows 筹资现金流 cash flows from financing 筹资活动现金流 time value of money 货币时间价值 simple interest 单利 debt instrument 债务工具 annuity 年金 future value 终值 present value 现值 compound interest 复利 compounding 复利计算 principal 本金 mortgage 抵押 credit card 信用卡 terminal value 终值 discounting 折现计算 discount rate 折现率 opportunity cost 机会成本 required rate of return 要求的报酬率 cost of capital 资本成本 ordinary annuity 普通年金 annuity due 先付年金 financial ratio 财务比 率 deferred annuity 递延年金 restrictive covenants 限制性条 款 perpetuity 永续年金 bond indenture 债券契 约
face value 面值 financial analyst 财务分析 师 coupon rate 息票利率 liquidity ratio 流动性比 率 nominal interest rate 名义利率 current ratio 流动比 率 effective interest rate 有效利率 window dressing 账面粉 饰 going-concern value 持续经营价值 marketable securities 短期证 券 liquidation value 清算价值 quick ratio 速动比 率 book value 账面价值 cash ratio 现金比 率 marker value 市场价值 debt management ratios 债务管理比 率 intrinsic value 内在价值 debt ratio 债务比 率 mispricing 给……错定价格 debt-to-equity ratio 债务与权益比 率
valuation approach 估价方法 equity multiplier 权益乘 数 discounted cash flow valuation 折现现金流 量模型 long-term ratio 长期比 率 undervaluation 低估 debt-to-total-capital 债务与全部资本比 率 overvaluation 高估 leverage ratios 杠杆比 率 option-pricing model 期权定价模型 interest coverage ratio 利息保障比 率 contingent claim valuation 或有要求权估 价 earnings before interest and taxes 息税前 利润 promissory note 本票 cash flow coverage ratio 现金流量保障比 率 contractual provision 契约条款 asset management ratios 资产管理比率 par value 票面价值 accounts receivable turnover ratio 应收账 款周转率 maturity value 到期价值 inventory turnover ratio 存货周转率 coupon 息票利息
inventory processing period 存货周转期 coupon payment 息票利息支付 accounts payable turnover ratio 应付账款 周转率 coupon interest rate 息票利率 cash conversion cycle 现金周转期 maturity 到期日 asset turnover ratio 资产周转率 term to maturity 到期时间
dividend yield
股利收益率
negative covenant 消极条款 dividend payout 股利支付率 positive covenant 积极条款 financial statement 财务报表 secured debt 担保借款 profitability 盈利能力 unsecured debt 信用借款 viability 生存能力 creditworthiness 信誉 solvency 偿付能力 collateral 抵押品
profitability ratio 盈利比率 call provision 赎回条款 gross profit margin 毛利润 call price 赎回价格 operating profit margin 经营利润 sinking fund provision 偿债基金条款 net profit margin 净利润 conversion right 转换权 return on asset 资产收益率 put provision 卖出条款 return on total equity ratio 酬率 indenture 债务契约 return on common equity 普通权益报酬 率 covenant 条款 market-to-book value ratio 面价值比率 trustee 托管人 market value ratios 市场价值比率 protective covenant 保护性条款 市场价值与账 全部权益报
collateral trust bonds 抵押信托契约 debenture 信用债券 portfolio 组合 diversifiable risk 可分散风险 market risk 市场风险 期望收益 个别风险 标准离差
expected return stand-alone risk standard deviation variance 方差
normal distribution
正态分布
efficient market hypothesis（EMH）有 效市场假设 price taker 价格接受者 investor rationality institutional investor retail investor 投资者的理性 机构投资者
个人，散户投资者
anomaly 异常（人或物） post-earnings announcement drift 期
后盈余披露 behavioral finance 行为财务 expected utility theory 期望效用理论 mean-variance efficient frontier 均值方差有效前沿 covariance 协方差 correlation coefficient 相关系数 company-specific factor 公司特有风险 arbitrage pricing theory（APT）套利定 价理论