【正文】 PART I Fundamentals to Financial Management第一部分 財(cái)務(wù)管理導(dǎo)論Section I Fundamentals to Financial Management第一節(jié) 財(cái)務(wù)管理概述 maximization*利潤(rùn)最大化11 EPS maximization* 每股收益最大化【講解】EPS, earnings per share 每股收益12 Maximization of shareholders wealth* 股東財(cái)富最大化. 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.【講解】（1）maximization [,m230。ksimai39。zei??n] ，極大化（2）minimization [,minimai39。zei??n, mi39。z] （3）maximize [39。m230。ks?ma?z] v. 最大化，取……最大值，達(dá)到最大值（4）minimize [39。m?n?ma?z] v. 最小化（5）minimum ，最小量 ，最低的（6）maximum n. 極大，最大限度，最大量 ，最多的（7）the same as 和……一樣，與……相同學(xué)習(xí)成果回顧【譯】股東財(cái)富最大化是財(cái)務(wù)管理的基本原則。在財(cái)務(wù)管理中我們假定企業(yè)的目標(biāo)就是實(shí)現(xiàn)股東財(cái)富最大化。該目標(biāo)與利潤(rùn)最大化不一定相同。2. Moral [39。m?r(?)l] hazard [39。h230。z?d] 道德風(fēng)險(xiǎn)21 Adverse choice/selection 逆向選擇22 Business ethics商業(yè)道德23 Social responsibility 社會(huì)道德【講解】choice與selection辨析choice意為從眾多當(dāng)中選取一個(gè)，側(cè)重描述過程。而select（selection）則強(qiáng)調(diào)根據(jù)某種規(guī)則進(jìn)行精心挑選。3. Financial market 金融市場(chǎng)4. Fixedine security 固定收益證券41 Equity security 權(quán)益證券42 Derivative [d?39。r?v?t?v] security 衍生證券【講解】Derive [d?39。ra?v] v. 源于，派生5. Financial intermediary [,?nt?39。mi?d??r?]金融中介機(jī)構(gòu)【講解】intermediary n. 中間人，仲裁者，調(diào)解者，媒介物 6. Pension [39。pen?(?)n] fund養(yǎng)老基金7. Money market 貨幣市場(chǎng)71 Capital market 資本市場(chǎng)72 Debt market 債務(wù)市場(chǎng)73 Equity market 股權(quán)市場(chǎng)8. Primary [39。pra?m(?)r?] market 一級(jí)市場(chǎng)81 Secondary [39。sek(?)nd(?)r?] market 二級(jí)市場(chǎng)【講解】公司戰(zhàn)略中價(jià)值鏈相關(guān)聯(lián)（1）Primary activities 基本活動(dòng)（2）Secondary activities 輔助活動(dòng)9. Floor trading market 場(chǎng)內(nèi)市場(chǎng)91 OTC market 場(chǎng)外市場(chǎng)【講解】OTC, over the counter 場(chǎng)外交易，非處方藥Section II Analysis of Financial Statements*第二節(jié) 財(cái)務(wù)報(bào)表分析*10. Stakeholder* n. 利益相關(guān)方101 Equity investor n. 股權(quán)投資人102 Creditor [39。kred?t?] n. 債權(quán)人103 Manager [39。m230。n?d??] n. 經(jīng)理人員104 Supplier [s?39。pla??] n. 供應(yīng)商客戶105 Government [39。g?v(?)n,m(?)nt。 39。g?v?m(?)nt] n. 政府106 Customer [39。k?st?m?] n. 客戶11. CPA, certified public accountant 注冊(cè)會(huì)計(jì)師12. Limitation [l?m?39。te??(?)n] n. 局限性13. Financial ratio analysis* 財(cái)務(wù)比率分析14. Shortterm solvency*短期償債能力15. Working capital* 營(yíng)運(yùn)資本151 Working capital = current assets – current liabilities*營(yíng)運(yùn)資本 = 流動(dòng)資產(chǎn) – 流動(dòng)負(fù)債16. Current ratio* 流動(dòng)比率161 Current ratio = current assetscurrent liabilities*流動(dòng)比率 = 流動(dòng)資產(chǎn)流動(dòng)負(fù)債17. Quick ratio/acid test ratio* 速動(dòng)比率171 Quick ratio = quick assetscurrent liabilities*速度比率 = 速動(dòng)資產(chǎn)流動(dòng)負(fù)債18. Cash ratio* 現(xiàn)金比率181 Cash ratio = cash+marketable financial assetscurrent liabilitie*現(xiàn)金比率= 貨幣資金+交易性金融資產(chǎn)流動(dòng)負(fù)債. 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.【譯】較流動(dòng)比率或速動(dòng)比率而言，現(xiàn)金比率是更加保守的流動(dòng)性指標(biāo)。但現(xiàn)金比率過于保守，往往不能精確的反映公司的流動(dòng)性狀況，這主要是因?yàn)樵摫嚷始俣ü局荒芤揽楷F(xiàn)金和有價(jià)證券來對(duì)其流動(dòng)負(fù)債進(jìn)行融資?！局v解】too…to…句型 太……以至于不能……19. Cash flow ratio* 現(xiàn)金流量比率191 Cash flow ratio = net operating cash flowcurrent liabilities*現(xiàn)金流量比率 = 經(jīng)營(yíng)活動(dòng)現(xiàn)金流量?jī)纛~流動(dòng)負(fù)債20. Longterm solvency* 長(zhǎng)期償債能力【講解】Solvency [39。s?lv?ns?] n. 償付能力，清償能力Insolvency [?n39。s?lv(?)ns?] n. 破產(chǎn)，無(wú)力償還，倒閉21. Debt ratio* 資產(chǎn)負(fù)債率211 Debt ratio = total liabilitiestotal assets*資產(chǎn)負(fù)債率 = 總負(fù)債總資產(chǎn)22. Debttoequity ratio/equity ratio* 產(chǎn)權(quán)比率221 Equity ratio = total liabilitiestotal equity*產(chǎn)權(quán)比率 = 總負(fù)債股東權(quán)益23. Equity multiplier* 權(quán)益乘數(shù)231 Equity multiplier = total assetstotal equity*權(quán)益乘數(shù) = 總資產(chǎn)股東權(quán)益24. Debt to longterm capital ratio* 長(zhǎng)期資本負(fù)債率241 Debt to longterm capital ratio = noncurrent liabilitiesnoncurrent liabilities+equity*長(zhǎng)期資本負(fù)債率 = 非流動(dòng)負(fù)債非流動(dòng)負(fù)債+股東權(quán)益25. Interest cover* 利息保障倍數(shù)251 Interest cover = EBITinterest*利息保障倍數(shù) = 息稅前利潤(rùn)利息費(fèi)用26. Cash flow cover ratio* 現(xiàn)金流量利息保障倍數(shù)261 Cash flow cover ratio = operating cash flowinterest*現(xiàn)金流量利息保障倍數(shù) = 經(jīng)營(yíng)現(xiàn)金流量利息費(fèi)用27. Cashflowtodebt ratio* 現(xiàn)金流量債務(wù)比271 Cashflowtodebt ratio = operating cash flowtotal debts*現(xiàn)金流量債務(wù)比 = 經(jīng)營(yíng)活動(dòng)現(xiàn)金流量債務(wù)總額28. Operating ratio* 營(yíng)運(yùn)能力比率29. Asset management ratio* 資產(chǎn)管理比率30. Accounts receivable turnover ratio* 應(yīng)收賬款周轉(zhuǎn)率301 Accounts receivable turnover ratio = salesaccounts receivable*應(yīng)收賬款周轉(zhuǎn)率 = 銷售收入應(yīng)收賬款【講解】Turnover [39。t??n??v?] n. 營(yíng)業(yè)額，流通量，人員流動(dòng)（強(qiáng)調(diào)辭職人員的多寡）31. Inventory turnover ratio* 存貨周轉(zhuǎn)率311 Inventory turnover ratio = salesinventory*存貨周轉(zhuǎn)率 = 銷售收入存貨32. Current assets turnover ratio* 流動(dòng)資產(chǎn)周轉(zhuǎn)率321 Current assets turnover ratio = salescurrent assets*流動(dòng)資產(chǎn)周轉(zhuǎn)率 = 銷售收入流動(dòng)資產(chǎn)33. Working capital turnover ratio* 營(yíng)運(yùn)資本周轉(zhuǎn)率331 Working capital turnover ratio = salesworking capital*營(yíng)運(yùn)資本周轉(zhuǎn)率 = 銷售收入營(yíng)業(yè)資本34. Noncurrent assets tur