【文章內(nèi)容簡介】 cost* 未來成本90. Committed ine* 承諾收益【講解】Commit [k?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。f?l?? ?p] n. 跟進，后續(xù)行動 ，增補的103. Relative value method* 相對價值法【講解】Relative [39。rel?t?v] adj. 相對的，有關(guān)系的，成比例 ，1031 Multiplier valuation method* 乘數(shù)估值法【講解】Multiplier [39。m?lt?pla??] n. 乘數(shù)104. Price earnings ratio model (P/E ratio) * 市價/凈收益比率模型（市盈率）1041 Pricetobook ratio model (P/B ratio) * 市價/凈資產(chǎn)比率模型（市凈率）1042 Pricetosales ratio (P/S ratio, also called ine multiplier) * 市價/收入比率模型（收入乘數(shù)）PART III Longterm Investment長期投資 Section I Capital Budgeting資本預(yù)算105. Capital budgeting* 資本預(yù)算106. DCF method, discounted cash flow method * 現(xiàn)金流量折現(xiàn)法107. Cash outflow* 現(xiàn)金流出1071 Cash inflow* 現(xiàn)金流入1072 Net cash flow* 現(xiàn)金凈流量108. Relevant cost* 相關(guān)成本1081 Irrelevant cost 非相關(guān)成本1082 sunk cost 沉沒成本109. Opportunity cost* 機會成本110. fixed assets replacement 固定資產(chǎn)更新111. Average annual cost of noncurrent assets 固定資產(chǎn)的平均年成本112. Depreciation allowed for tax 折舊抵稅113. NPV method* 凈現(xiàn)值法1131 IRR, Internal rate of return* 內(nèi)含報酬率法1133 ARR, accounting rate of return 會計報酬率法114. Mutually[39。mjut?u?li] exclusive [?k39。sklu?s?v。 ek]projects * 互斥項目. When pared to the NPV, each of the other profitability measures has serious flaws, especially when evaluating mutually exclusive projects.【譯】與凈現(xiàn)值法相比，其他的盈利性計量方法均有嚴重的缺陷，特別是在評估互斥項目時?！局v解】Flaw [fl??] ，瑕疵115. EAC, equivalent annual costs* 等額年金法116. Capital rationing * 資本約束，資本限額【講解】ration n. 定量，定額，理性，配給量 v. 配給，定量供應(yīng) risk to project/projectspecific risk* 項目特有風(fēng)險118. Adjusted cash flow 調(diào)整現(xiàn)金流量119. Risk adjusted discount rate method* 風(fēng)險調(diào)整折現(xiàn)率法120. Degearing βof parable pany* 卸載可比公司財務(wù)杠桿1201 Regearing βof target pany* 加載目標(biāo)企業(yè)財務(wù)杠桿【講解】De前綴，意為“除去，取消，離開”Gear [39。g??r??] n. 齒輪，傳動裝置 v. 搭上齒輪，適合121. Sensitivity [sens?39。t?v?t?] analysis敏感性分析1211 Maximin [39。m230。ks?m?n]method 最大最小法1212 Scenario[s?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。?p?(?)n] n. 期權(quán)125. Underlying assets 標(biāo)的資產(chǎn)126. Call option 看漲期權(quán)127. Exercise price/strike price 行權(quán)價128. American option 美式期權(quán)129. Premium 期權(quán)金130. Traded option 在交易所買賣的期權(quán)131. OTC option 場外期權(quán)132. Option value 期權(quán)價值133. Binomial [ba?39。n??m??l] model 二叉樹模型134. BlackScholes option pricing model 布萊克斯科爾斯期權(quán)定價模型135. Real options 實物期權(quán)1351 Options to delay/defer 延遲期權(quán)1352 Options to switch/redeploy 轉(zhuǎn)換期權(quán)1353 Options to expand/contract 擴張期權(quán)1354 Options to abandon [?39。b230。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 structure* 資本結(jié)構(gòu)137. Longterm financing* 長期籌資138. Operating leverage* 經(jīng)營杠桿139. EBIT, earnings before interests and taxes* 息前稅前利潤140. Financial leverage [39。li?v(?)r?d?。 39。lev(?)r?d?] * 財務(wù)杠桿141. DTL, degree of total leverage* 總杠桿系數(shù)142. Financial structure* 財務(wù)結(jié)構(gòu)143. Homogeneous* [,h?m?(?)39。d?i?n??s。 39。d?en] adj. 同類的，同質(zhì)的，同種的，均勻的144. Perfect capital market* 完美資本市場145. MM theory* MM理論146. Tradeoff theory* 權(quán)衡理論147. Financial distress* 財務(wù)困境【講解】Tradeoff [39。treid?f,?:f] n. 交換，權(quán)衡，取舍Distress n. 危難，不幸，貧困 v. 使悲痛，使貧困148. Agency theory* 代理理論149. Asset substitution problem* 資產(chǎn)替代問題150. Pecking order theory* 有序融資理論151. Indifferent point to EPS*每股收益無差別點法【講解】Indifferent [?n39。d?f(?)r(?)nt] adj. 漠不關(guān)心的,無關(guān)緊要的,中立的Section II Dividend Distribution 股利分配152. Dividend distribution* 股利分配153. Legal reserve* 法定公積金154. Dividend* [39。d?v?dend] n. 股利155. Announcement date 股利宣告日1551 Record date* 股權(quán)登記日1552 exdividend date* 除息日 dividend* 現(xiàn)金股利1561 Property dividend* 財產(chǎn)股利1562 Liability dividend* 負債股利1563 Scrip dividend* 票據(jù)股利（以本公司期票notes發(fā)給的股利，是一種liability dividend）【講解】scrip [skr?p] n. 臨時憑證，臨時股票，紙條，紙片157. Dividend theory* 股利理論158. Tax difference theory* 稅差理論159. Clientele effect theory* 客戶效應(yīng)理論【講解】clientele [,kli??n39。tel] n. 客戶，老主顧，訴訟委托人160. Signaling [39。siɡn?li?] theory* 信號理論161. Dividend distribution policy1611 Residual [r?39。z