财经英语单词--财务成本管理.docx

PART I Fundamentals to Financial Management第一部分 财务管理导论Section I Fundamentals to Financial Management第一节 财务管理概述1.profit maximization*利润最大化1-1 EPS maximization* 每股收益最大化【讲解】EPS, earnings per share 每股收益1-2 Maximization of shareholders wealth* 股东财富最大化e.g. 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.【讲解】（1）maximization ,mksimaizein n.最大化，极大化（2）minimization ,minimaizein, -miz- n.最小化（3）maximize mksmaz v. 最大化，取最大值，达到最大值（4）minimize mnmaz v. 最小化（5）minimum n.最小值，最小量 adj.最小的，最低的（6）maximum n. 极大，最大限度，最大量 adj.最高的，最多的（7）the same as 和一样，与相同学习成果回顾【译】股东财富最大化是财务管理的基本原则。在财务管理中我们假定企业的目标就是实现股东财富最大化。该目标与利润最大化不一定相同。2. Moral mr()l hazard hzd 道德风险2-1 Adverse choice/selection 逆向选择2-2 Business ethics商业道德2-3 Social responsibility 社会道德【讲解】choice与selection辨析choice意为从众多当中选取一个，侧重描述过程。而select（selection）则强调根据某种规则进行精心挑选。3. Financial market 金融市场4. Fixed-income security 固定收益证券4-1 Equity security 权益证券4-2 Derivative drvtv security 衍生证券【讲解】Derive drav v. 源于，派生5. Financial intermediary ,ntmidr金融中介机构【讲解】intermediary n. 中间人，仲裁者，调解者，媒介物 adj.中间的6. Pension pen()n fund养老基金7. Money market 货币市场7-1 Capital market 资本市场7-2 Debt market 债务市场7-3 Equity market 股权市场8. Primary pram()r market 一级市场8-1 Secondary sek()nd()r market 二级市场【讲解】公司战略中价值链相关联（1）Primary activities 基本活动（2）Secondary activities 辅助活动9. Floor trading market 场内市场9-1 OTC market 场外市场【讲解】OTC, over the counter 场外交易，非处方药Section II Analysis of Financial Statements*第二节 财务报表分析*10. Stakeholder* n. 利益相关方10-1 Equity investor n. 股权投资人10-2 Creditor kredt n. 债权人10-3 Manager mnd n. 经理人员10-4 Supplier spla n. 供应商客户10-5 Government gv()n,m()nt; gvm()nt n. 政府10-6 Customer kstm n. 客户11. CPA, certified public accountant 注册会计师12. Limitation lmte()n n. 局限性13. Financial ratio analysis* 财务比率分析14. Short-term solvency*短期偿债能力15. Working capital* 营运资本15-1 Working capital = current assets current liabilities*营运资本 = 流动资产 流动负债16. Current ratio* 流动比率16-1 Current ratio = current assetscurrent liabilities*流动比率 = 流动资产流动负债17. Quick ratio/acid test ratio* 速动比率17-1 Quick ratio = quick assetscurrent liabilities*速度比率 = 速动资产流动负债18. Cash ratio* 现金比率18-1 Cash ratio = cash+marketable financial assetscurrent liabilitie*现金比率= 货币资金+交易性金融资产流动负债e.g. The cash ratio is a more conservative liquidity measure than the current or quick ratio. The cash ratio is too conservative to accurately reflect a firms liquidity position because it assumes that firms can fund their current liabilities with only cash and marketable securities.【译】较流动比率或速动比率而言，现金比率是更加保守的流动性指标。但现金比率过于保守，往往不能精确的反映公司的流动性状况，这主要是因为该比率假定公司只能依靠现金和有价证券来对其流动负债进行融资。【讲解】tooto句型 太以至于不能19. Cash flow ratio* 现金流量比率19-1 Cash flow ratio = net operating cash flowcurrent liabilities*现金流量比率 = 经营活动现金流量净额流动负债20. Long-term solvency* 长期偿债能力【讲解】Solvency slvns n. 偿付能力，清偿能力Insolvency nslv()ns n. 破产，无力偿还，倒闭21. Debt ratio* 资产负债率21-1 Debt ratio = total liabilitiestotal assets*资产负债率 = 总负债总资产22. Debt-to-equity ratio/equity ratio* 产权比率22-1 Equity ratio = total liabilitiestotal equity*产权比率 = 总负债股东权益23. Equity multiplier* 权益乘数23-1 Equity multiplier = total assetstotal equity*权益乘数 = 总资产股东权益24. Debt to long-term capital ratio* 长期资本负债率24-1 Debt to long-term capital ratio = non-current liabilitiesnon-current liabilities+equity*长期资本负债率 = 非流动负债非流动负债+股东权益25. Interest cover* 利息保障倍数25-1 Interest cover = EBITinterest*利息保障倍数 = 息税前利润利息费用26. Cash flow cover ratio* 现金流量利息保障倍数26-1 Cash flow cover ratio = operating cash flowinterest*现金流量利息保障倍数 = 经营现金流量利息费用27. Cashflow-to-debt ratio* 现金流量债务比27-1 Cashflow-to-debt ratio = operating cash flowtotal debts*现金流量债务比 = 经营活动现金流量债务总额28. Operating ratio* 营运能力比率29. Asset management ratio* 资产管理比率30. Accounts receivable turnover ratio* 应收账款周转率30-1 Accounts receivable turnover ratio = salesaccounts receivable*应收账款周转率 = 销售收入应收账款【讲解】Turnover tnv n. 营业额，流通量，人员流动（强调辞职人员的多寡）31. Inventory turnover ratio* 存货周转率31-1 Inventory turnover ratio = salesinventory*存货周转率 = 销售收入存货32. Current assets turnover ratio* 流动资产周转率32-1 Current assets turnover ratio = salescurrent assets*流动资产周转率 = 销售收入流动资产33. Working capital turnover ratio* 营运资本周转率33-1 Working capital turnover ratio = salesworking capital*营运资本周转率 = 销售收入营业资本34. Non-current assets turnover ratio* 非流动资产周转率34-1 Non-current assets turnover ratio = salesnon-current assets*非流动资产周转率 = 销售收入非流动资产35. Total assets turnover ratio* 总资产周转率35-1 Total assets turnover ratio = salestotal assets*总资产周转率 = 销售收入总资产36. Profitability ratio* 盈利能力比率Unit 2 Financial Management and Cost ManagementPART I Fundamentals to Financial Management第一部分 财务管理导论Section II Analysis of Financial Statements*第二节 财务报表分析37. Net profit margin* 销售净利率37-1 Net profit margin = *销售净利率 = 【讲解】Margin mdn n. 边缘，利润，保证金，余裕 v.加边于，加旁注于38. Net profit on total assets总资产净利率38-1 Net profit on total assets=net profittotal assets总资产净利率=净利润总资产39. ROE, return on equity* 权益报酬率39-1 Net profit on equity* 权益净利率Net profit on equity = *权益净利率 = 40.Market value ratio* 市价比率41.P/E ratio, price earnings ratio* 市盈率41-1 P/E ratio = *市盈率 = e.g. A firm can have negative earnings, which produces a meaningless P/E ratio.翻译：公司可能会有负的收益，这会使市盈率指标失去意义。【讲解】Negative adj. 负的，消极的，否定的，阴性的 n.负数，否定 v. 否定，拒绝Negative confirmation消极函证42. P/B ratio, price-to-book ratio* 市净率42-1 P/B ratio = or *市净率 = 或 43. P/S ratio, price-to-sales ratio* 市销率43-1 P/S ratio = *市销率 = 44.Dividend yield* 股利收益率44-1 Dividend yield = *股利收益率 = 【讲解】yield jild n.产量，收益 v. 屈服，放弃，出产45. Dividend payout* 股利支付率45-1 dividend payout = *股利支付率 = 46. Du Pont Analysis System* 杜邦分析体系46-1 Net profit on equity = x x *权益净利率 = 46-2 improved net profit on equity= = = ) = net profit on net operating profit + (net profit on net operating profit interest rate after tax) net financial leverage*改进后权益净利率= = = ) = 净经营资产净利率 + （净经营资产净利率 税后利息率） 净财务杠杆Section III Long-term Planning and Financial Forecast第三节 长期计划与财务预测47. Financial forecasting 财务预测【讲解】Forecast fkst v&n. 预测48. Percentage-of-sales method 销售百分比法49. Growth rate 增长率49-1 Sales growth rate 销售增长率50. Internal growth rate 内含增长率51. Sustainable growth rate 可持续增长率【讲解】Sustainable sstenbl adj. 可持续的，可以忍受的，足可支撑的PART II Financial Valuation第二部分：财务估价Section I Fundamental Concepts to Financial Valuation第一节 财务估价的基础概念52.Financial valuation* 财务估价53. Intrinsic value* 内在价值【讲解】Intrinsic ntrnsk adj. 固有的，本质的53-1 Economic value* 经济价值53-2 Fair market value* 公平市场价值53-3 Book value* 账面价值53-4 Market value* 市场价值53-5 Liquidation value* 清算价值54. Time value of money* 货币的时间价值55. Compound interest* 复利【讲解】Compound kmpand adj. 复合的，混合的 n. 化合物，混合物，复合词 v. 合成，混合，和解妥协56. Interest rate for quotation kw()te()n * 报价利率【讲解】quotation kw()te()n n. 报价，引用，引证57.Annuity* njut n. 年金57-1 Nominalnmn()l interest rate* 名义利率58. FV, future value/final value* 终值59. PV, present value* 现值59-1 NPV, net present value* 净现值60. Sinking fund* 偿债基金【讲解】Sink sk v. 下沉，消沉 （不规则动词，过去式和过去分词均为sunk）Sunk cost沉没成本61. Perpetuity* 永续年金；不可兑换的公司债券62. Random event* 随机事件62-1 Discrete dskrit distribution* 离散型分布62-2 Normal distribution* 正态分布【讲解】Normal adj. 正常的，标准的，正规的 n. 正常，标准，常态62-3 Variance* 方差62-4 SD, standard deviationdive()n * 标准差63.Investment portfolio* 投资组合64.Expected rate of return* 预期报酬率65.Correlation* 相关性65-1 Correlation coefficient,kf()nt* 相关系数65-2 Covariance* 协方差65-3 Covariance kverns matrix metrks * 协方差矩阵66. Opportunity set* 机会集67. Diversification d,vsfken effect* 分散化效应68. Perfect positive correlation* 完全正相关68-1 Perfect negative correlation* 完全负相关69. CML, capital market line* 资本市场线70. Risk-free assets* 无风险资产71. Market equilibrium ,ikwlbrm; ,ekw-point* 市场均衡点72. Systematic sstmtk risk* 系统风险73. CAPM, capital asset pricing model* 资本资产定价模型74. SML, security market line* 证券市场线75. Beta coefficient* 贝塔（）系数Section II Valuation of Bond and Share第二节 债券和股票股价76.Bond* bnd n. 债券76-1 Bond valuation* 债券估价76-2 Par value/face value* 债券面值76-3 Coupon rate* 债券票面利率【讲解】coupon kupn n. 息票，优惠券76-4 Maturity date/expiry date* 债券的到期日77. Coupons bond* 平息债券77-1 Zero coupon bond* 零息债券77-2 Perpetual bonds* 永久债券78. Ordinary share valuation* 普通股票的估价79. Opening price* 开盘价79-1 Closing price* 收盘价80. The value of zero growth share* 零增长股票的价值80-1 The value of constant growth share* 固定增长股票的价值【讲解】Constant knst()nt n. 常量，恒量 adj. 不变的，恒定的，经常的81.Expected yield* 期望收益率Section III Cost of Capital*第三节 资本成本*82. Cost of capital* 资本成本83. WACC, weighted average cost of capital* 加权平均资本成本84.Cost of ordinary share* 普通股成本85. Risk-free interest rate* 无风险利率 free mobile85-1 Market risk premium* 市场风险溢价【讲解】Premium primm n. 溢价，额外费用，奖金，保险费Discount n. 折扣，贴现率，折现率 v. 贴现，打折扣At premium 溢价，按溢价 issue at premium溢价发行At discount 按折价，低价发行 issue at discount折价发行86. DCF model* 折现现金流量模型87. Dividend growth model* 股利增长模型88. Cost of debt* 债务成本89. Historical cost* 历史成本89-1 Future cost* 未来成本90. Committed income* 承诺收益【讲解】Commit kmt v. 承诺，使承担义务，犯罪，做错事91. YTM, yield to maturity* 到期收益率92.Comparable company method* 可比公司法92-1 Risk adjustment method* 风险调整法93. Cost of debt after tax* 税后债务成本94. Profit after tax* 税后利润95. Issuing costs* 发行成本Section IV Business Valuation*第四节 企业价值评估*96. Business valuation* 企业价值评估97. Entity value* 实体价值97-1 Equity value* 股权价值97-2 Going concern value* 持续经营价值97-3 Liquidation value* 清算价值98. Value of non-controlling interest (NCI) * 少数股权价值 MI99.Dividend cash flow model* 股利现金流量模型99-1 Equity cash flow model* 股权现金流量模型100.Perpetual growth model* 永续增长模型100-1 Two-phase growth model* 两阶段增长模型100-2 Entity cash flow model* 实体现金流量模型101. Debt cash flow* 债务现金流量102. Entity value = forecast period value + follow-up period value* 企业实体价值 = 预测期价值 + 后续期价值【讲解】Follow-up fl p n. 跟进，后续行动 adj.后续的，增补的103. Relative value method* 相对价值法【讲解】Relative reltv adj. 相对的，有关系的，成比例 n.亲戚，103-1 Multiplier valuation method* 乘数估值法【讲解】Multiplier mltpla n. 乘数104. Price earnings ratio model (P/E ratio) * 市价/净收益比率模型（市盈率）104-1 Price-to-book ratio model (P/B ratio) * 市价/净资产比率模型（市净率）104-2 Price-to-sales ratio (P/S ratio, also called income multiplier) * 市价/收入比率模型（收入乘数）PART III Long-term Investment长期投资 Section I Capital Budgeting资本预算105. Capital budgeting* 资本预算106. DCF method, discounted cash flow method * 现金流量折现法107. Cash outflow* 现金流出107-1 Cash inflow* 现金流入107-2 Net cash flow* 现金净流量108. Relevant cost* 相关成本108-1 Irrelevant cost 非相关成本108-2 sunk cost 沉没成本109. Opportunity cost* 机会成本110. fixed assets replacement 固定资产更新111. Average annual cost of non-current assets 固定资产的平均年成本112. Depreciation allowed for tax 折旧抵税113. NPV method* 净现值法113-1 IRR, Internal rate of return* 内含报酬率法113-3 ARR, accounting rate of return 会计报酬率法114. Mutuallymjutuli exclusive ksklusv; ek-projects * 互斥项目e.g. When compared to the NPV, each of the other profitability measures has serious flaws, especially when evaluating mutually exclusive projects.【译】与净现值法相比，其他的盈利性计量方法均有严重的缺陷，特别是在评估互斥项目时。【讲解】Flaw fl n.缺点，瑕疵115. EAC, equivalent annual costs* 等额年金法116. Capital rationing * 资本约束，资本限额【讲解】ration n. 定量，定额，理性，配给量 v. 配给，定量供应117.Specific risk to project/project-specific risk* 项目特有风险118. Adjusted cash flow 调整现金流量119. Risk adjusted discount rate method* 风险调整折现率法120. Degearing of comparable company* 卸载可比公司财务杠杆120-1 Regearing of target company* 加载目标企业财务杠杆【讲解】De-前缀，意为“除去，取消，离开”Gear gr n. 齿轮，传动装置 v. 搭上齿轮，适合121. Sensitivity senstvt analysis敏感性分析121-1 Maximin mksmnmethod 最大最小法121-2 Scenariosnr analysis 情景分析122.Normal condition 基准情景123.simulation analysisSection II Option Valuation 期权估价124. Option p()n n. 期权125. Underlying assets 标的资产126. Call option 看涨期权127. Exercise price/strike price 行权价128. American option 美式期权129. Premium 期权金130. Traded option 在交易所买卖的期权131. OTC option 场外期权132. Option value 期权价值133. Binomial banml model 二叉树模型134. Black-Scholes option pricing model 布莱克-斯科尔斯期权定价模型135. Real options 实物期权135-1 Options to delay/defer 延迟期权135-2 Options to switch/redeploy 转换期权135-3 Options to expand/contract 扩张期权135-4 Options to abandon bnd()n 放弃期权PART IV Long-term Financing 长期筹资Section I Capital Structure 资本结构136. Capital structure* 资本结构137. Long-term financing* 长期筹资138. Operating leverage* 经营杠杆139. EBIT, earnings before interests and taxes* 息前税前利润140. Financial leverage liv()rd; lev()rd * 财务杠杆141. DTL, degree of total leverage* 总杠杆系数142. Financial structure* 财务结构143. Homogeneous* ,hm()dins; -den- adj. 同类的，同质的，同种的，均匀的144. Perfect capital market* 完美资本市场145. MM theory* MM理论146. Trade-off theory* 权衡理论147. Financial distress* 财务困境【讲解】Trade-off treidf,-:f n. 交换，权衡，取舍Distress n. 危难，不幸，贫困 v. 使悲痛，使贫困148. Agency theory* 代理理论149. Asset substitution problem* 资产替代问题150. Pecking order theory* 有序融资理论151. Indifferent point to EPS*每股收益无差别点法【讲解】Indifferent ndf()r()nt adj. 漠不关心的,无关紧要的,中立的Section II Dividend Distribution 股利分配152. Dividend distribution* 股利分配153. Legal reserve* 法定公积金154. Dividend* dvdend n. 股利155. Announcement date 股利宣告日155-1 Record date* 股权登记日155-2 ex-dividend date* 除息日156.Cash dividend* 现金股利156-1 Property dividend* 财产股利156-2 Liability dividend* 负债股利156-3 Scrip dividend* 票据股利（以本公司期票notes发给的股利，是一种liability dividend）【讲解】scrip skrp n. 临时凭证，临时股票，纸条，纸片157. Dividend theory* 股利理论158. Tax difference theory* 税差理论159. Clientele effect theory* 客户效应理论【讲解】clientele ,klintel n. 客户，老主顾，诉讼委托人160. Signaling sinli theory* 信号理论161. Dividend distribution policy161-1 Residual rzdjl dividend policy* 剩余股利政策161-2 Constant or sustainable growth dividend policy* 固定或持续增长股利政策161-3 Constant dividend payout ratio* 固定股利支付率政策161-4 Low regular plus specially designated dividends* 低正常股利加额外股利政策【讲解】Designate dezgnet v. 指定，指派，标出 adj. 指定的，选定的162. share dividend* 股票股利163. share split* 股票分割164. Share repurchase* 股票回购Section III Ordinary share and long-term debt financing普通股和长期负债筹资165. Ordinary share* 普通股166. Registered share 记名股166-1 Bearer share* 不记名股【讲解】Bearer ber n. 出票人，持有人167.Share with face value* 面值股票168. sale on commission* 委托销售169. Underwrite* ndrat; ndrat v. 承购包销170. Sales by proxy *代销【讲解】Proxy prks n. 代理人，委托书，代用品171. Net value of assets method* 资产净值法（又称为净资产倍率法）172. Over the counter market (OTC market) * 店头市场173. Seasoned equity offering* 股权再融资174. Financing by issuing new shares* 增发新股融资175. Right issue* 附权发行；配股176. General protective provisions* 一般性保护条款177. Long-term bond* 长期债券178. Registered bond* 记名债券179. Convertible bond* 可转换债券180. Mortgage mgd bond* 抵押债券181. Real estate mortgage bond* 不动产抵押债券【讲解】Real estatestet; e- 不动产，房地产Property prpt n. 财产，所有权，属性182. Equipment mortgage bond* 设备抵押债券183. Real estate mortgage bond* 不动产抵押债券184. Debenture dbent bonds* 信用债券185. Corporate bond* 公司债券【讲解】Debenture和bond辨析Debenture通常指信用债券，而bond指有风险缓释物的债券。186. participating p:tisipeiti corporate bond* 参加公司债券187. Fixed interest rate bond* 固定利率债券187-1 Floating flt interest rate bond* 浮动利率债券188. Listed bond/publicly traded bond*上市债券【讲解】List lst v.（使）公司（上市）189.Term bond 到期一次债券189-1 Serial bond/installment bond* 分期债券【讲解】Serial srl adj. 分期偿还的，连续的，连载的Installment inst:lmnt n. 分期付款，安装，就职190. Repayment at maturity* 到期偿还190-1 Repayment in advance* 提前偿还190-2 Repayment in arrears* 滞后偿还【讲解】（1）in advance adv. 预先，提前（2）advance dvns n.发展，前进，预付款 adj. 预先的，先行的 v. 预付，将提前（3）in arrears 拖欠，拖延（4）arrears rz n. 拖欠，待完成的事，应付欠款Section IV Other long-term financing 其他长期筹资191. Warrants* w:rnts n. 认股权证192. Convertible* knvtb()l adj. 可转换的193. Call provision* 赎回条款194. Call provision* 赎回条款194-1 Put provision* 回售条款e.g. Some bonds have a put provision, which gives the bondholder the right to sell the bond back to the issuer at the put price on certain dates before maturity.【译】一些债券含有回售条款，该条款赋予债券持有者在债券到期日前以回售价格将债券卖回发行人的权利。【讲解】put price 回售价格195. Mandatory mndt()r conversion provision* 强制性转换条款PART V Working Capital Management营运资本管理196. Moderate md()rt current assets investing policy* 适中的流动资产投资政策【讲解】Moderate adj. 适度的，中等的，稳健的196-1 Relaxed current assets investing policy* 宽松的流动资产投资政策196-2 Constrictive knstriktiv current assets investing policy* 紧缩的流动资产投资政策【讲解】Constrictive knstriktiv adj. 紧缩的，压缩性的，束紧的197. Speculative spekjltv motive* 投机动机197-2 Precautionary prkn,ri motive* 预防动机198. Negotiable ngb()l; - securities* 有价证券199. Float* flt n. 浮游量，浮差200. Accelerate collections* 加速收款200-1 Delayed payment for payables* 推迟应付账款的支付201. Inventory* nv()nt()r n. 存货201-1 Receivables* risi:vblz n. 应收账款201-2 Payables* peb()lz n. 应付账款202. EOQ, economic order quantity* 经济订购量203. Management cost* 管理成本204. Shortage cost* 短缺成本205. Baumol cash management model* 鲍莫尔现金管理模型（存货模式）205-1 Miller-Orr cash management model* 米勒-欧尔现金管理模型（随机模式）206. Credit