财务分析复习重点.doc

单词第四章1，financial planning 财务计划2，the percentage of sales approach 销售百分比3，capital budgeting 资本预算4，capital structure资本结构5,net working capital净营运资本6,planning horizon计划维度7,pro forma statements预计报表8,financial statements财务报表9,Balance sheet资产负债表10,income statement利润表11,external financing needed外部融资需求12,internal growth rate 内部增长率13,sustainable growth rate可持续增长率第七章1，bonds债券2,discount bond折价债券3,premium bond溢价债券4,trail and error插值法5,interest rate risk利率风险6,indenture合约7,sinking fund偿债基金8,bond rating债券评级9,government bonds国债10,convertible bonds可转换债券11,put bonds退回债券12,bid-ask spread价差13,the fisher effect费雪效应14,nominal rate 名义利率15,real rate实际利率16,term structure of interest rates利率的期间结构17,zero coupon bonds零息债券18,floating-rate bonds浮动利率债券19,income bonds收益债券第十一章1，cash flow现金流2,net present value净现值3,internal rate of return内含报酬率4,forecasting risk预测风险5,sensitivity analysis敏感性分析6,simulation analysis模拟分析7,break even 保本点8,break even analysis保本点分析9,fixed cast固定成本10,variable cost变动成本11,accounting break even会计保本点12,cash break even 现金保本点13,financial break even财务保本点14,operating cash flow经营现金流量15,degree of operating leverage经营杠杆16,capital rationing资本限额17,soft rationing软性18,hard rationing硬性19,scenario analysis情景分析第十五章1，venture capital风险投资2,venture capitalist风险投资家3,securities and exchange commission美国证券交易委员会4,general cash offer一般现金发行5,right offer权证发行6,initial public offering首次公开发行7,seasoned equity offering再次权益发行8,underwriter /underwriting承销商9,offering price发行价格10,gross spread 发行成本11,syndicate辛迪加（财团）12,firm commitment underwriting包销13,best efforts underwriting代销14,dutch auction underwriting拍卖承销15,the green shoe provision绿鞋条款16,lock up agreement牢笼协议17,right/share warrant股票认购权证18,ex-rights date除权日19,standby underwriting余额包销承销20,dilution稀释第十七章1，dividend policy股利政策2,cash dividend现金股利3,regular cash dividend正常现金股利4,distribution分配5,ex-dividend date除息日6,record date登记日7,declaration date股利宣告日8,payment date发放日9,homemade dividend policy自制股利政策10,asymmetric information信息不对称11,information content effect信息含量效应t12,clientele effect客户效应13,repurchase /buybacks回购14,stock dividend股票股利15,stock split股票分割问答题第四章1，how to apply the percentage of sales method?（1） Calculate the financing needs of the enterprise（2） Help prepare financial budget tables（3） Forecast cash flow2，how to compute the external financing needed to fund a firm growth?（1） =Expected total assets-Total liabilities-Expected shareholder rights and interests（2） =Increase in assets-Liability increase-Retained earnings increase3,the determinants of a firms growth?(1) profit margin(2) Dividend policy(3) Financial policy(4) Total asset turnover4,some of the problems in planning for growth?（1） How to predict sales（2） How to forecast the report（3） How to calculate the demand for assets（4） How to calculate the financing needs（5） Economic hypothesis5，What is the percentage of sales approach?Its refer to a method that compute the companys sales according to the certain percentage of the specific sales (current or forecast) or the price ratio.6,How do you adjust the model when operating at less than full capacity?7,What is the internal growth rate?it is the maximum growth rate that can be achieved with no external financing of any kind.=roa*b/(1-roa*b)8,What is the sustainable growth rate?It is the maximum growth rate a firm can achieve with no external equity financing while it maintains a constant debt-equity ratio.=roe*b/(1-roe*b)9,What are the major determinants of growth?(5) profit margin(6) Dividend policy(7) Financial policy(8) Total asset turnover第七章1， Important bond features and types of bonds.Bond features;coupons ,level coupon ,face value or par value ,coupon rate,maturity.Types:discount bond Premium bond Government bond Zero coupon bond Floating-rate bond Incom bond Convertible bond2，Bond values and yield and why they fluctuate.As time passes ,interest rates change in the marketable ,the cash flows from a bond ,however ,stay the same ,as a result ,the value of the bond will fluctuate. 3，Bond ratings and what they mean.A credit rating of the object of the price of a bond issued by an enterprise or the economic entityThey mean default risk4，The impact of inflation on interest rates.Intlation=nominal rate -real rate5，The term structure of interest rates and the determinants of bond yields. The relationship between short-term and long-term interest rates is know as the term stucture of interest rates( real rate ,inflation premium,interest rate risk premium)the determinants of bond yields;Coupon rate maturity date coupon Purchase price Sell price6,What is a bond indenture?The indenture is the written agreement between the corporation and its creditors.7,How does inflation affect interest rates?Inflation up, interest rates downInflation down, interest rates up8,What is the term structure of interest rates?The relationship between short-term and long-term interest rates is know as the term stucture of interest rates( real rate ,inflation premium,interest rate risk premium)9,What factors determine the required return on bonds? Coupon rate maturity date coupon Purchase price Sell price第十一章1， How to preform and interpret a sensitivity analysis for a proposed investment.The basic ideal with a sensitivity analysis is to freeze all of the variable except one and then see how sensitivity our estimate of NPV is to changes in that one variable .if you NPV estimate turns out to be very sensitive to relatively small changes in the projected value of some component of project cash flow,then the forecasting risk associated with that variable is high.2， How to preform and interpret a scenario analysis for a proposed investment.The basic form of what-if analysis is called scenario analysis.(The best case ,the worst case .)Choice high income,low cost.3， How to determine and interpret cash, accounting, and financial break-even points.Accounting break-even where NI=0 Q=(FC+D)/(P-V)Csah break-even where OCF=0 Q=FC/(P-V)Financial break-even where NPV=0 Q=(FC+OCF*)/(P-V)4， How the degree of operating leverage can affect the cash flows of a project.By fixed production costs affect the cash flows of a projectThe fixed production costs Increase,the cash flows of a project decrease.5， How capital rationing affects the ability of a company to accept projects.Limited the funds.If you have only a small amount of money, you cant choose the expensive project.6， What is sensitivity analysis, scenario analysis?The basic ideal with a sensitivity analysis is to freeze all of the variable except one and then see how sensitivity our estimate of NPV is to changes in that one variable .The basic form of what-if analysis is called scenario analysis7， What are the three types of break-even?Accounting break-even where NI=0 Q=(FC+D)/(P-V)Csah break-even where OCF=0 Q=FC/(P-V)Financial break-even where NPV=0 Q=(FC+OCF*)/(P-V)8，What is degree of operating leverage?Operating leverage is the degree to which a project or firm is committed to fixed production costs.第十五章1，The venture capital market and its role in the financing of new, high-rish ventures.Although there is a large venture capital market,the truth is that access to venture capital is really very limited.but the new, high-rish ventures get venture capital more easily.2,How securities are sold to the public and the role of investment banks in the process.3， Initial public offerings and some of the costs of going public.4， How rights are issued to existing shareholders and how to value those rights.Stock option right.Have the value that buy the new shares issued by the company (or treasury stock).,Before the expiry date.5，What is venture capital ?It generally refers to financing for new ,often high-risk ventures6，What are some of the important services provided by underwriters?Formulating the method used to issue the securitiesPricing the new securitiesSelling the new securities7，What type of underwriting is the most common in the United States?Firm commitment underwritingBest effort underwritingDutch auction underwriting8，What are some of the costs associated with issuing securities?(1) gross spread(2) Other direct expenses(3) Indirect expenses(4) Abnormal returns(5) Underpricing(6) Green shoe option第十七章1，Dividend types and how they are paid.Regular cash dividendsExtra dividendsSpecial dividendsLiquidating dividends2，The issues surrounding dividend policy decisions.Taxes , flotaion costs , dividend restrictions ,disire for current incom, tax and other benefits from high dividends.3，The difference between cash and stock dividends.Cash dividends;pay cash ,effect cash flowStock dividends;pay stock,no contact with cash