【正文】 period.3. riskfree asset return is certain(useshort to intermediatetermtreasuries as a proxy).4. market portfolio contains onlysystematic risk (use samp。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(yíng)運(yùn)資本） current assets current liabilities. gross working capital（毛營(yíng)運(yùn)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(shí)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)信委2018年雙擁工作總結(jié)一、加強(qiáng)領(lǐng)導(dǎo)，形成共建合力多年來，委領(lǐng)導(dǎo)班子一貫重視雙擁工作，將雙擁工作納入重要議事日程，加強(qiáng)領(lǐng)導(dǎo)，注重調(diào)研。根據(jù)工作需要，及時(shí)調(diào)整充實(shí)雙擁共建工作領(lǐng)導(dǎo)機(jī)構(gòu)，明確職責(zé)，按照工作安排，按部就班地開展工作，通過形式活潑、富有成效的活動(dòng)，進(jìn)一步打牢雙擁工作基礎(chǔ)。同時(shí)，注重開展共建結(jié)對(duì)子工作，明確共建雙方的權(quán)利、義務(wù)，落實(shí)共建區(qū)域，帶領(lǐng)全局干部職工認(rèn)真落實(shí)共建工作。二、加大力度，做好征兵宣傳教育工作抓好征兵工作，對(duì)加強(qiáng)國(guó)防建設(shè)和軍隊(duì)建設(shè)，無疑有重要作用，同時(shí)對(duì)于加強(qiáng)軍民關(guān)系，培育軍地兩用人才，增強(qiáng)中華民族的同心力、凝聚力具有現(xiàn)實(shí)意義，并且對(duì)于激發(fā)廣大干部職工投身改革，全面建設(shè)小康社會(huì)的愛國(guó)主義熱情和革命英雄主義精神，也將產(chǎn)生深刻影響。多年來，我委適齡青年家屬參軍保衛(wèi)祖國(guó)已形成傳統(tǒng)，但也有少數(shù)人的國(guó)防觀念和依法服兵役的觀念比較淡薄，對(duì)應(yīng)征入伍持不積極態(tài)度。要切實(shí)跟上對(duì)新兵質(zhì)量要求更高的新形勢(shì)，把征兵工作的著重點(diǎn)放到保證新兵質(zhì)量上來，努力推薦優(yōu)秀的青年讓軍隊(duì)挑選，為軍隊(duì)的革命化、現(xiàn)代化、正規(guī)化建設(shè)做出應(yīng)有的貢獻(xiàn)。全委各下屬單位采取多種宣傳教育措施，廣泛深入地向適齡青年宣傳“國(guó)無防不立，民無兵不安”的思想，重點(diǎn)宣傳《國(guó)防法》、《兵役法》、《國(guó)防教育法》、《征兵工作條例》等法律、法規(guī)，切實(shí)提高了青年依法應(yīng)征的積極性，廣泛進(jìn)行愛國(guó)主義教育和革命英雄主義的優(yōu)良傳統(tǒng)教育，從而使廣大適齡青年增強(qiáng)國(guó)防觀念和法制觀念，正確理解保衛(wèi)祖國(guó)和建設(shè)祖國(guó)的關(guān)系，正確認(rèn)識(shí)國(guó)防建設(shè)在國(guó)家建設(shè)中的地位和作用，切實(shí)懂得保衛(wèi)祖國(guó)是全體公民的神圣職責(zé)和應(yīng)盡義務(wù)，自覺地把《兵役法》的要求變?yōu)榉鄣膶?shí)際行動(dòng)。在搞好普遍宣傳教育的同時(shí)，我們還針對(duì)少數(shù)青年怕當(dāng)兵減少收入、怕影響家庭致富、怕部隊(duì)生活艱苦等思想實(shí)際，采取家訪、談心、座談、對(duì)話等多種形式，做好深入細(xì)致的思想工作，促使青年積極應(yīng)征、報(bào)效祖國(guó)。各單位鼓勵(lì)符合應(yīng)征條件的干部職工家屬，要以率先應(yīng)征的模范行為，教育和帶動(dòng)廣大適齡青年踴躍參軍，為保衛(wèi)祖國(guó)，建設(shè)祖國(guó)奉獻(xiàn)青春和力量。三、豐富活動(dòng)形式，做好擁軍優(yōu)屬工作擁軍優(yōu)屬是我委的優(yōu)良傳統(tǒng)，也是官大干部職工向解放軍學(xué)習(xí)的好形式。每年，在“八一”建軍節(jié)前夕，委黨委向全委各下屬單位下發(fā)《關(guān)于開展雙擁活動(dòng)的通知》，要求下屬單位緊密結(jié)合本單位、本部門黨政雙擁工作的安排開展活動(dòng)，根據(jù)優(yōu)撫對(duì)象和駐區(qū)部隊(duì)的生活需要，到駐區(qū)部隊(duì)進(jìn)行走訪、慰問、學(xué)習(xí)，幫助他們解決學(xué)習(xí)、生活、訓(xùn)練中遇到的困難和需求。同時(shí)將在雙擁工作中發(fā)現(xiàn)的先進(jìn)典型總結(jié)推廣，提高雙擁工作水平。四、積極主動(dòng)開展軍地互辦實(shí)事活動(dòng)根據(jù)縣雙擁工作領(lǐng)導(dǎo)小組有關(guān)文件精神，按照縣雙擁辦的安排，我委雙擁工作負(fù)責(zé)領(lǐng)導(dǎo)與具體工作負(fù)責(zé)人，積極與73682部隊(duì)對(duì)接，了解部隊(duì)訓(xùn)練、生活中的具體困難，在縣雙擁辦的統(tǒng)一部署下，XX年下半年出資5000元與兄弟單位一道為73682部隊(duì)整修籃球場(chǎng)，極大的豐富了官兵的科學(xué)文化生活。XX年我委雙擁共建單位調(diào)整為縣人武部，我們將一如既往的為部隊(duì)做實(shí)事做好事，支持部隊(duì)建設(shè)和國(guó)防現(xiàn)代化建設(shè)。下半年我委將于兄弟單位一道出資為縣人武部辦公樓局部墻面進(jìn)行維修。一年來我委在開展雙擁工作中作出了一些成績(jī)，有力地促進(jìn)了我委雙擁工作的順利開展。今后，我們將一如既往地做好此項(xiàng)工作，在保持和發(fā)揚(yáng)成績(jī)的同時(shí)，注重不斷拓寬做好雙擁工作的渠道，掌握做好雙擁工作的方法，為我委雙擁工作再上一個(gè)新臺(tái)階做好貢獻(xiàn)。