【正文】 ve liability limited to their capital contribution (investors only).at least one general partner is required and all general partners have unlimited liability.interest paid (earned) on only the original amount, or principal（本金）, borrowed (lent). interest paid (earned) on any previous interest earned, as well as on the principal borrowed (lent).an annuity represents a series of equal payments (or receipts) occurring over a specified number of equidistant periods ordinary annuity（普通年金）:payments or receipts occur at the end of each period.annuity due（即付年金）:payments or receipts occur at thebeginning of each period.student loan paymentscar loan paymentsinsurance premiumsmortgage paymentsretirement savingsof a present amount of money, or a series of payments, evaluated at a given interest rate. amount of money, or a series of payments, evaluated at a given interest rate.when interest rates rise, then the market required rates of return rise and bond prices will fall.l清算價值）represents the amount of money that could be realized if an asset or group of assets is sold separately from its operating organization.續(xù)經(jīng)營價值）represents the amount a firm could be sold for as a continuing operating business.represents either(1) an asset: the accounting value of an asset the asset’s cost minus its accumulated depreciation。p 500 indexor similar as a proxy).beta: an index of systematic risk.it measures the sensitivity of a stock’s returnsto changes in returns on the market portfolio.net working capital（凈營運資本） current assets current liabilities. gross working capital（毛營運資本） the firm’s investment in current assets. working capital managementthe administration of the firm’s current assets and the financing needed to support current assets.speeding up cash receiptsexpedite preparing and mailing the invoice accelerate the mailing of payments from customersreduce the time during which payments received by the firm remain uncollected slowingdown cash payouts 1.“playing the float” of disbursementspayable through draftpayroll and dividend disbursementszero balance account (zba) and controlled disbursing mon money market instruments money market instrumentsall government securities and shortterm corporate obligations. (broadly defined)treasury bills (tbills):shortterm, noninterest bearing obligations of the . treasury issued at a discount and redeemed at maturity for full face $1,000 amount and $1,000 increments thereafter.treasury notes:mediumterm (210 years’ original maturity) obligations of the . treasury.treasury bonds: longterm (more than 10 years’ original maturity) obligations of the . treasury.costs arising from relaxing credit standards a larger credit department additional clerical workservicing additional accounts baddebt losses opportunity costsanalyzing the credit applicantobtaining information on the credit applicant analyzing this information to determine the applicant’s creditworthiness making the credit decision sources of informationthe pany must weigh the amount of information needed versus the time and expense required. financial statements credit ratings and reports bank checking trade checkingpany’s own experience credit analysisa credit analyst is likely to utilize information regarding:the financial statements of the firm (ratio analysis)the character of the pany the character of management the financial strength of the firmother individual issues specific to the firm inventories form a link between production and sale of a product. inventory types:rawmaterials inventory workinprocess inventory intransit inventoryfinishedgoods inventoryinventories provide flexibility for the firm in: purchasingproduction schedulingefficient servicing of customer demandscapital rationing occurs when a constraint (or budget ceiling) is placed on the total size of capital expenditures during a particular period. dependent a project whose acceptance depends on the acceptance of one or more other projects.mutually exclusive a project whose acceptance precludes the acceptance of one ormore alternative projects.interpretation of the dolkey conclusions to be drawn from the previous slide and our discussion of dol dol is a quantitative measure of the “sensitivity” of a firm’s operating profit to a change in the firm’s sales.the closer that a firm operates to its breakeven point, the higher is the absolute value of its dol.when paring firms, the firm with the highest dol is the firm that will be most “sensitive” to a change in sales.ebiteps breakeven analysis analysis of the effect of financing alternatives on earnings per breakeven point is the ebit level where eps is the same for two (or more) alternatives.(每股收益相等時的息稅前盈余水平)financial risk the added variability in earnings per share (eps) plus the risk of possible insolvency that is induced by the use of financial leverage.total firm risk the variability in earnings per share (eps).it is the sum of business plus financial risk.經(jīng)信黨工委黨建工作總結(jié)一、突出學習型黨組織建設(shè)，推進思想政治工作今年，經(jīng)信黨工委以建設(shè)學習型黨組織，打造學習型機關(guān)為目標，推動工作職能落實，主要做了三方面的工作。二是集中組織專題學習。三是深入開展讀書活動。另一方面加強機關(guān)效能建設(shè)，對35家高成長型企業(yè)進行蹲點掛鉤，實行一條龍服務(wù)，要求各服務(wù)小組及時了解企業(yè)生產(chǎn)經(jīng)營過程中遇到的矛盾、困難和問題，給予積極有效的幫助和服務(wù)。參加培訓活動的企業(yè)人才隊伍得到優(yōu)化，管理水平得到提高，思維層次得以提升，企業(yè)參與的積極性也非常高。我委下屬基層黨組織中，2家爭創(chuàng)五星級，其余黨組織爭創(chuàng)三、四星級。經(jīng)過幾年的努力，企業(yè)破產(chǎn)清算工作已進入尾聲，但部分企業(yè)仍存在不少歷史遺留問題，如集資建房未辦證、職工檔案管理、少數(shù)職工的遺留問題等。二是積極推進破產(chǎn)企業(yè)的清算工作。與勞動部門一起，積極做好職工分流、置換補償、安置和再就業(yè)工作