财务管理英语

1、Chapter 3Interpreting financial statementsNew wordsscrutinize 详细检查 review评论principal 本金 aggregate 使为总体loan 贷款 audit 查账Obligation 义务 prospect 预期Pension 退休金 convention惯例Depreciate贬值、折旧 fiscal 财政的New wordsSnapshot大致印象 disposal 去除Equivalent等值物 receipt 收据money order 汇票 disburse支出、划拨 Expense 支出 withdraw取款

2、Surplus 剩余 deduct扣除、减去Understate少说、少计 contribute捐赠Basics of Annual Reports and Financial StatementsIt is important to stakeholders of the firmLenders assess the likelihood of repayingEquity investors assess the profitabilitySuppliers assess whether the obligations can be paid on timeCustomers are co

3、ncerned with the viability(both the new product and the goods they purchased)Employees are worried about whether the firm can meet future pension.Manager -the most important user reason: using data from the statements to make decisions. to determine incentives and rewards to allocate capital investm

4、ent in firms segment or divisionsBasics of Annual Reports and Financial StatementsAnyway ,financial statements are probably the most important source of information,because various stakeholders can assess a firms financial health.Whereas,it is not easy to assess a firms real financial status discuss

5、ion :why is it difficult?Corporate annual reportsThe guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用于准备与维持财务记录及报告的指导方针是公认会计准则(GAPP). Annual Report (年报):年报中包括2种信息公司总经理的公开信(letter to stockholders)4种基本的财务报表(financial statements

6、)Balance sheetIncome statementStatement of cash flowsStatement of retained earningsIn the statements ,quantitative and verbal materials are equally importantFirms typically prepare these statements quarterly,but users concentrate on fiscal year-end statementsBalance sheetThe Balance Sheet Identity i

7、s: Assets Liabilities + StockholdersWhen analyzing a balance sheet, the Finance Manager should be aware of three concerns: 1 Accounting liquidity (变现性) 2 Debt versus equity (债务 v.s. 权益) 3 Value versus cost (价值 v.s. 成本)Refers to the ease and quickness with which assets can be converted to cashwithout

8、 a significant loss in value (所谓变现性是指在没有严重损失价值之下，可以容易且快速的将资产转换成现金)Current assets are the most liquid. (流动资产最具变现性)Some fixed assets are intangible. (某些固定资产是无形资产)The more liquid a firms assets, the less likely the firm is to experience problems meeting short-term obligations. (企业的资产越具变现性，则企业越不可能经历无法满足

9、短期债务的问题)Accounting liquidityCreditors generally receive the first claim on the firms cash flow.Shareholders equity is the residual difference between assets and liabilities.Debt versus EquityUnder GAAP, audited financial statements of firms in the U.S. carry assets at cost.Market value is the price

10、at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost. Analysis at table 3-1p31Value versus CostThe operations section (营运部分) of the income statement reports the firms revenues and expenses from principal operation

11、s.The non-operating section (非营运部分) of the income statement includes all financing costs, such as interest expense.Usually a separate section reports the amount of taxes levied on income.Net income (净利) is the “bottom line.”The Income StatementAnalysts and investors pay close attention to earnings p

12、er share in income statementsThe presentation of EPS depends on whether the firm has a simple or complex capital structure.Non-Cash ItemsDepreciation (折旧费用) is the most apparent. No firm ever writes a check for “depreciation.”Another non-cash item is deferred taxes (递延所得税 ), which does not represent

13、 a cash flow.Thus, net income is not cash.Statement of retained earningsAnalysis on table 3-3 p35Constructed from the Balance Sheet and Income Statement需要资产负债表及当年的损益表来形成现金流量表编表的方式有2种依据3个不同的活动(operating, investing, and financing activities)依据现金的来源与使用(sources and uses)Statement of cash flowCash Flows RulesAsset decrease source of cashLiability increase