【正文】 48. Percentageofsales method 銷售百分比法49. Growth rate 增長率491 Sales growth rate 銷售增長率50. Internal growth rate 內(nèi)含增長率51. Sustainable growth rate 可持續(xù)增長率【講解】Sustainable [s?39。t??n??v?] n. 營業(yè)額，流通量，人員流動（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* 流動資產(chǎn)周轉(zhuǎn)率321 Current assets turnover ratio = salescurrent assets*流動資產(chǎn)周轉(zhuǎn)率 = 銷售收入流動資產(chǎn)33. Working capital turnover ratio* 營運(yùn)資本周轉(zhuǎn)率331 Working capital turnover ratio = salesworking capital*營運(yùn)資本周轉(zhuǎn)率 = 銷售收入營業(yè)資本34. Noncurrent assets turnover ratio* 非流動資產(chǎn)周轉(zhuǎn)率341 Noncurrent assets turnover ratio = salesnoncurrent assets*非流動資產(chǎn)周轉(zhuǎn)率 = 銷售收入非流動資產(chǎn)35. Total assets turnover ratio* 總資產(chǎn)周轉(zhuǎn)率351 Total assets turnover ratio = salestotal assets*總資產(chǎn)周轉(zhuǎn)率 = 銷售收入總資產(chǎn)36. Profitability ratio* 盈利能力比率37. Net profit margin* 銷售凈利率371 Net profit margin = *銷售凈利率 = 【講解】Margin [39。但現(xiàn)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(xiàn)金和有價證券來對其流動負(fù)債進(jìn)行融資。 39。m230。pen?(?)n] fund養(yǎng)老基金7. Money market 貨幣市場71 Capital market 資本市場72 Debt market 債務(wù)市場73 Equity market 股權(quán)市場8. Primary [39。3. Financial market 金融市場4. Fixedine security 固定收益證券41 Equity security 權(quán)益證券42 Derivative [d?39。m?r(?)l] hazard [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】股東財富最大化是財務(wù)管理的基本原則。zei??n, mi39。PART I Fundamentals to Financial Management第一部分 財務(wù)管理導(dǎo)論Section I Fundamentals to Financial Management第一節(jié) 財務(wù)管理概述 maximization*利潤最大化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。z] （3）maximize [39。在財務(wù)管理中我們假定企業(yè)的目標(biāo)就是實現(xiàn)股東財富最大化。h230。r?v?t?v] security 衍生證券【講解】Derive [d?39。pra?m(?)r?] market 一級市場81 Secondary [39。n?d??] n. 經(jīng)理人員104 Supplier [s?39。g?v?m(?)nt] n. 政府106 Customer [39。【講解】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)營活動現(xiàn)金流量凈額流動負(fù)債20. Longterm solvency* 長期償債能力【講解】Solvency [39。mɑ?d??n] n. 邊緣，利潤，保證金，余裕 ，加旁注于38. Net profit on total assets總資產(chǎn)凈利率381 Net profit on total assets=net profittotal assets總資產(chǎn)凈利率=凈利潤總資產(chǎn)39. ROE, return on equity* 權(quán)益報酬率391 Net profit on equity* 權(quán)益凈利率Net profit on equity = *權(quán)益凈利率 = value ratio* 市價比率, price earnings ratio* 市盈率411 P/E ratio = *市盈率 = . A firm can have negative earnings, which produces a meaningless P/E ratio.翻譯：公司可能會有負(fù)的收益，這會使市盈率指標(biāo)失去意義。sten?bl] adj. 可持續(xù)的，可以忍受的，足可支撐的PART II Financial Valuation第二部分：財務(wù)估價Section I Fundamental Concepts to Financial Valuation第一節(jié) 財務(wù)估價的基礎(chǔ)概念 valuation* 財務(wù)估價53. Intrinsic value* 內(nèi)在價值【講解】Intrinsic [?n39。te??(?)n] n. 報價，引用，引證* [?39。e??(?)n] * 標(biāo)準(zhǔn)差 portfolio* 投資組合 rate of return* 預(yù)期報酬率* 相關(guān)性651 Correlation coefficient[,k???39。ke??n] effect* 分散化效應(yīng)68. Perfect positive correlation* 完全正相關(guān)681 Perfect negative correlation* 完全負(fù)相關(guān)69. CML, capital market line* 資本市場線70. Riskfree assets* 無風(fēng)險資產(chǎn)71. Market equilibrium [,i?kw?39。t?k] risk* 系統(tǒng)風(fēng)險73. CAPM, capital asset pricing model* 資本資產(chǎn)定價模型74. SML, security market line* 證券市場線75. Beta coefficient* 貝塔（β）系數(shù)Section II Valuation of Bond and Share第二節(jié) 債券和股票股價* [b?nd] n. 債券761 Bond valuation* 債券估價762 Par value/face value* 債券面值763 Coupon rate* 債券票面利率【講解】coupon [39。m?t] v. 承諾，使……承擔(dān)義務(wù)，犯罪，做錯事91. YTM, yield to maturity* 到期收益率 pany method* 可比公司法921 Risk adjustment method* 風(fēng)險調(diào)整法93. Cost of debt after tax* 稅后債務(wù)成本94. Profit after tax* 稅后利潤95. Issuing costs* 發(fā)行成本Section IV Business Valuation*第四節(jié) 企業(yè)價值評估*96. Business valuation* 企業(yè)價值評估97. Entity value* 實體價值971 Equity value* 股權(quán)價值972 Going concern value* 持續(xù)經(jīng)營價值973 Liquidation value* 清算價值98. Value of noncontrolling interest (NCI) * 少數(shù)股權(quán)價值 MI cash flow model* 股利現(xiàn)金流量模型991 Equity cash flow model* 股權(quán)現(xiàn)金流量模型 growth model* 永續(xù)增長模型1001 Twophase growth model* 兩階段增長模型1002 Entity cash flow model* 實體現(xiàn)金流量模型101. Debt cash flow* 債務(wù)現(xiàn)金流量102. Entity value = forecast period value + followup period value* 企業(yè)實體價值 = 預(yù)測期價值 + 后續(xù)期價值【講解】Followup [39。mjut?u?li] exclusive [?k39。g??r??] n. 齒輪，傳動裝置 v. 搭上齒輪，適合121. Sensitivity [sens?39。nɑ?r???] analysis 情景分析 condition 基準(zhǔn)情景 analysisSection II Option Valuation 期權(quán)估價124. Option [39。nd(?)n] 放棄期權(quán)PART IV Longterm Financing 長期籌資Section I Capital Structure 資本結(jié)構(gòu)136. Capital structur