BEC高级module5教学讲解课件

Module5MoneyandFinanceGdutFunctionsofMoneyMediumofexchangeAunitofaccount:measuringthevalueofgoodsandservicesAtemporarystoreofvalueFinanceThemanagementofmoney财务管理；财政MinistryofFinance;Moneyusedtosupportanundertaking,fund:资金[finances]themoneythatanorganizationorpersonhas,andthewaythattheymanageit财源，财力，财务状况V：fund，toprovidemoneyforaprojectContentsMoneyexpressionAbankloanAcultureofdebtChoosinganinvestmentCompanyfinanceBusinesscostsMoneyexpressionMoneyoftencoststoomuch.RalphWaldoEmerson,EssayistIt’sexpensivetoborrowmoney.Pursuingmoneyonlymakesyouneglectthemoreimportantthingsinlife.Invoiceinvoicesb(forsth)|invoicesth(tosb/sth)towriteorsendabillforworkyouhavedoneorgoodsyouhaveprovidedBeinvoicedforthegoodsN.listofgoodssoldorservicesprovidedwiththeprice(s)charged,espsentasabillCompare:bill,check;receipt,voucherAbankloanAloanisatypeofdebt.Likealldebtinstruments,aloanentailstheredistributionoffinancialassetsovertime,betweenthelenderandtheborrower.Inaloan,theborrowerinitiallyreceivesorborrowsanamountofmoney,calledthe

principal(本金),fromthelender,andisobligatedtopaybackorrepayanequalamountofmoneytothelenderatalatertime.Typically,themoneyispaidbackinregular

installments,orpartialrepayments.Theloanisgenerallyprovidedatacost,referredtoasinterestonthedebt,whichprovidesanincentiveforthelendertoengageintheloan.TypesofloansSecuredloan:aloaninwhichtheborrowerpledgessomeasset(e.g.acarorproperty)ascollateral(抵押物)fortheloan.Eg:mortgageloanUnsecuredloan:monetaryloansthatarenotsecuredagainsttheborrower'sassets.Eg:creditcarddebtDemandloan:shorttermloans(typicallynomorethan180days)thatareatypicalinthattheydonothavefixeddatesforrepaymentandcarryafloatinginterestratewhichvariesaccordingtotheprimerate.Theycanbe"called"forrepaymentbythelendinginstitutionatanytime.Demandloansmaybeunsecuredorsecured.SecurityforaloanMortgagedpropertyAcar/house:mortgageloanBorrowersdonothaveacleartitleoveritandcannotsellitwithoutthelender'sconsent.AguarantorAperson,theguarantor,agreestopaybackthedebtiftheborrowercan'torwon't.UsefulTermsOutgoing(日常开支):themoneythatyouhavetospendregularly,forexampleonrentorfoodSecurity(抵押品):jewelry,insurancepolicies,realestate,etcthatcanbeusedtoguaranteethatonewillpaybackborrowedmoneyorkeepapromise,e.g.lendmoneyonsecurity.CivilService(政府机关)/CivilorPublicServant(公务员):Bodyofgovernmentemployeesentrustedwiththeadministrationofthecountry,andmandatedtocarryoutthepolicyofthegovernment.Blue-chipstocks(蓝筹股):Stocksissuedbylargecompaniesarecalledbluechipstocks.Becausethecompaniesarewellestablished,withsomewhatpredictableearnings,theirstockpricestendtofluctuatelessthanotherequitiesandthushaverelativelystableprices.Thesecompaniesoftenpaysteadydividends,givingtheinvestorincomeinadditiontothepotentialforcapitalappreciation.AcultureofdebtAlanGreenspan:AmericaneconomistservedasChairmanoftheFederalReserveoftheUnitedStatesfrom1987to2006.UsefulTermsRemortgaging(再抵押):Aremortgage(alsoknownasrefinancing)istheprocessofpayingoffonemortgagewiththeproceeds(收益)orearningsfromanewmortgageusingthesamepropertyassecurity.Oftenthepurposeofswitchingistosecureamorefavorableinterestratefromadifferentlender.Down-payment(定金/首期款):adepositorfirstinstallmentonsomethingbeforethefullamountispaid.Negativeequity(负资产):Negativeequityoccurswhenthevalueofanassetusedtosecurealoanislessthantheoutstandingbalanceontheloan.IntheUnitedStates,assets(particularlyrealestate,whoseloansaremortgages)withnegativeequityareoftenreferredtoasbeing"underwater",andloansandborrowerswithnegativeequityaresaidtobe"upsidedown".Equity:[finance]themoneyforbusinessactivities(capital)thatacompanyobtainsbysellingsharesratherthanfromloans:股本toissue/raiseequityanequityinterest/stake(insth)equityholdings/investments

equitymarkets/prices/values

anequityanalyst/investor/trader

2.(Finance;StockExchange)equities[pl.]sharesincompanies,especiallyordinaryshares;thebusinessoftradingshares:普通股票tobuy/hold/investin/sell/tradeequities3.(alsohomeequity,especiallyinAmE)[U])thevalueofapropertyafteralldebtshavebeenpaid:抵押资产的净值Equity=assets-liabilitiesTheyhave10yearsofmortgagepaymentsleftandabout$75000equityintheirhome.Homeequityloan（房屋净值贷款）atypeofloaninwhichtheborrowerusestheequityintheirhomeascollateral(抵押物).usefultofinancemajorexpensessuchashomerepairs,medicalbillsorcollegeeducation.Ahomeequityloancreatesalien(扣押权)againsttheborrower'shouse,andreducesactualhomeequity.Lien：righttokeepsb'spropertyuntiladebtowedinconnectionwithit(forrepair,transport,etc)ispaidEquityBorrowing(房屋淨值貸款)HomeequityborrowingEquityfinancing-orequityloans-areaflexibleformofborrowingsecuredbyyourhome.Homeequityloansletyoudrawontheinvestmentyouhaveinyourhometodoavarietyofthings,suchas:RenovateormakehomeimprovementsBuyanewcarPurchaseaninvestmentpropertyFinanceschoolormedicalfeesConsolidateyourdebtsEquityBorrowing(房屋淨值貸款)Equityexplained

Equityisthedifferencebetweenwhatyouoweonyourpropertyanditscurrentmarketvalue.Forexample,ifyourhomeisworth$200,000andtheprincipalremainingonyourmortgageis$40,000,theportionofyourhomewhichyouown-theequity-is$160,000.EquityBorrowing(房屋淨值貸款)Howitworks

Youcanusetheequityinyourhomeassecurityforaloan.Mostlenderswillallowyoutoborrowsomeorallofthevalueoftheequity.Becausethevalueofyourhomealmostalwaysexceedsthedebt,itislessriskylendingagainstequity.Henceinterestratesontheseloansareoftenlower.EquityBorrowing(房屋淨值貸款)AdvantagesofequityborrowingLetyouuseyourlargestsourceofwealth-yourhomeFlexible,quickformoffinanceCanbeusedforawiderangeofneeds,frompayingbillstoinvestinginsharesInterestratescanbelower.EquityBorrowing(房屋淨值貸款)Disadvantagesofequityborrowing:Aswithanymortgagesecuredagainstyourhome,ifyoudefaultonpaymentsthelendermaycallinorsuspendtheloanCanextendthetimeneededtopayoffyourmortgageYourhousecandeclineinvalue,reducingyourequity.Borrowandspendpolicy:

goodorevilDebtisgood.

--morespending—moreeconomicgrowth--improvethelivingstandardDebtisevilIfassetvaluescrashmoredebt–moremoneyinthemarket–potentialriskofinflation–unstablesocietyandmarketToomuchdebt–notpayable–baddebt–bankruptcy–unemploymentACultureofDebtRemortgageyourhome:toborrowmoremoneyagainstthevalueofyourhousewhenyouhavealreadydonesoonceTomakeadown-payment:toputadepositorfirstinstallmentonsomethingbeforepayingthefullamountAssetvaluewillcrash:thevalueofpeople’spropertieswillfallsuddenlyTobeinnegativeequity:whenyourdebtsaregreaterthanyourassets.PresentationP49,speaking5Ponderoverthefollowingquestions:Whatfactorsshallbeconsideredwhenchoosinganinvestment?Figureoutthepriority.Whatwouldbetherisks?Whichcinemawillyouconsiderabetterchoiceandwhy?Whatarethedisadvantagesandadvantages?Usethelanguageboxtomakeyourpresentation.Mutiplex(综合性多厅影院):Abuilding,especiallyamovietheaterordwelling,withmultipleseparateunits.p.a.(每年):perannumIndependentCinema(独立电影院):Anindependentcinemaisusuallyasmallcinemaplayingindependentfilmsorartfilms.Anindependentfilmisafilmthatisproducedmostlyoutsideofamajorfilmstudio.Thetermalsoreferstoartfilmswhichdiffernoticeablyfrommostmassmarketedfilms.Inadditiontobeingproducedbyindependentproductioncompanies,independentfilmsareoftenproducedand/ordistributedbysubsidiariesofmajorstudios.Inordertobeconsideredindependent,lessthanhalfofafilm'sfinancingshouldcomefromamajorstudio.Independentfilmsaresometimesdistinguishablebytheircontentandstyleandthewayinwhichthefilmmakers'personalartisticvisionisrealized.Usually,butnotalways,independentfilmsaremadewithconsiderablylowerbudgetsthanmajorstudiofilms.Generally,themarketingofindependentfilmsischaracterizedbylimitedreleasedesignedtobuildword-of-mouthortoreachsmallspecialtyaudiences.CompanyfinanceHowtomanagethecompany’sfinance?Whatsmallbusinesswouldyouliketosetup?Thinkofthefinancialrisksofsuchaventureandlistthemout.FinancialrisksCashflowproblemsfromlatepaymentbycustomers.TakingoutloanstheycannotserviceproperlyNotkeepingcashreservesfortimesofdifficultyNotinsuringthemselvesagainstbusinessrisk.NotsettingasideenoughmoneyformarketingandadvertisingNotprovidingfortheirownretirementFinancialtermsVariablecost:expensesthatchangeinproportiontotheactivityofabusiness.Fixedcost:businessexpensesthatarenotdependentonthelevelofgoodsorservicesproducedbythebusinessWhatarethey?Rent,salary,fuelconsumption,rawmaterial,maintenancefee,manufacturingoverheads,electricityFinancialtermsCurrentassets:cashandotherliquidassetsthatcanorwillbeconvertedtocashorusedwithinoneyear.Fixedassets:plant,property,equipment,andotherassetsexpectedtolastformorethanoneyear.Accumulateddepreciationrepresentsthecumulativevalueoffixedassetsthathavebeenexpensedordepreciated.Currentliability:claimsofcreditorsthataretoberepaidwithinoneyear.Long-termdebt:debtsthatcomedueoneyearorlongerafterthedateonthebalanesheet.Owner’s(shareholder’s)equity:claimsoftheproprietor(业主，老板),partners,orstockholdersagainsttheassetsofthefirm;thedifferencebetweentotalassetsandtotalliabilities.Dividends：anamountoftheprofitsthatacompanypaystoshareholdersAccountspayable:

aaccountsub-ledgerthatrecordsamountsthatapersonorcompanyowestosuppliers,buthasnotpaidyet(aformofdebt),sometimesreferredastradepayables.Eg:Whenaninvoiceisreceived,itisaddedtothefile,andthenremovedwhenitispaid.Inhouseholds,accountspayableareordinarilybillsfromtheelectriccompany,telephonecompany,cabletelevisionorsatellitedishservice,andothersuchregularservices.Inabusiness,thereisusuallyamuchbroaderrangeofservicesintheA/Pfilemostbusinessentities,AccountsReceivableistypicallyexecutedbygeneratinganinvoiceandeithermailingorelectronicallydeliveringittothecustomer,who,inturn,mustpayitwithinanestablishedtimeframe,calledcredittermsorpaymentterms.Operatingincome:grossincomeminusoperatingexpenses,alsocalledEBIDA(earningbeforeinterestdepreciation,taxesandamortization(分期偿还))Financialstatement财务报表：aformalrecordofthefinancialactivitiesofabusiness,person,orotherentity.Theobjectiveoffinancialstatementsistoprovideinformationaboutthefinancialposition,performanceandchangesinfinancialpositionofanenterprisethatisusefultoawiderangeofusersinmakingeconomicdecisions

Balancesheet:alsoreferredtoasstatementoffinancialpositionorcondition,reportsonacompany'sassets,liabilities,andOwnershipequityatagivenpointintime.Incomestatement:alsoreferredtoasProfitandLossstatement(ora"P&L"),reportsonacompany'sincome,expenses,andprofitsoveraperiodoftime.Profit&Lossaccountprovideinformationontheoperationoftheenterprise.Theseincludesaleandthevariousexpensesincurredduringtheprocessingstate.Statementofretainedearnings:explainsthechangesinacompany'sretainedearningsoverthereportingperiod.Statementofcashflows:reportsonacompany'scashflowactivities,particularlyitsoperating,investingandfinancingactivities.Incomestatement(损益表)Balancesheet(资产负债表assets资产；liabilities债务)Cashflowstatement(现金流量表)Tocheckwhetherabusinessishealthy,youneedtolookat…CashflowCashflowTheflowofcashintoandoutofabusinessoveraperiodoftime.Watchingthecashinflowsandoutflowsisoneofthemajormanagementtasksofanowner.Theoutflowofcashismeasuredbythosechecksyouwillwriteeverymonthtopaysalaries,suppliers,andcreditors(债权人CF：debtor债务人).Theinflowsarethecashyoureceivefromcustomers,lenders,andinvestors.InflowsLoansIncomesofthesalesofyourproductorservice….OutflowsLaborcostTaxLoanrepaymentProductioncostCanyounamesometypicalinflowsandoutflows

foracompany?UsefulTermsTypicalInflowsandOutflows

UsefulTermsTypicalInflowsandOutflowsPrincipal:本金

UsefulTermsTypicalInflowsandOutflows

Inflows＞outflowsPositivecashflowInflows＜outflowsNegativecashflowUsefulTermsNetChangeinCash(现金的净值变化):NetChangeincashistheincreaseordecreaseincashfromthebeginningtotheendofayear.NetChangeinCashrepresentsthesumof:CashFromOperatingActivitiesCashFromInvestingActivitiesCashFromFinancingActivitiesForeignExchangeEffects.Comparingacompany'snetchangeincashtothosegeneratedbyitsindustrypeersisagoodwaytogaugethehealthofitscashflowsituation.Acompanynotgeneratingthesameamountofcashascompetitorsisboundtoloseoutwhentimesgetrough.However,sinceprofitabilityiscomposedofitemsthatarenotcash-based,netchangeincashdoesnotdoaverygoodjobofindicatingtheoverallfinancialwell-beingofacompany.purposesOwnersandmanagersrequirefinancialstatementstomakeimportantbusinessdecisionsthataffectitscontinuedoperations.Financialanalysisisthenperformedonthesestatementstoprovidemanagementwithamoredetailedunderstandingofthefigures.Thesestatementsarealsousedaspartofmanagement'sannualreporttothestockholders.Employeesalsoneedthesereportsinmakingcollectivebargainingagreements(CBA)withthemanagement,inthecaseoflaborunionsorforindividualsindiscussingtheircompensation,promotionandrankings.Prospectiveinvestorsmakeuseoffinancialstatementstoassesstheviabilityofinvestinginabusiness.Financialanalysesareoftenusedbyinvestorsandarepreparedbyprofessionals(financialanalysts),thusprovidingthemwiththebasisformakinginvestmentdecisions.Financialinstitutions(banksandotherlendingcompanies)usethemtodecidewhethertograntacompanywithfreshworkingcapitalorextenddebtsecurities(suchasalong-termbankloanordebentures)tofinanceexpansionandothersignificantexpenditures.Governmententities(taxauthorities)needfinancialstatementstoascertaintheproprietyandaccuracyoftaxesandotherdutiesdeclaredandpaidbyacompany.Vendorswhoextendcredittoabusinessrequirefinancialstatementstoassessthecreditworthinessofthebusiness.Mediaandthegeneralpublicarealsointerestedinfinancialstatementsforavarietyofreasons.Ex4ThefirstplaceyoushouldgotoLiterallyaphotograph,inotherwords,justapictureofacompany’sfinancesataparticularpointintimeInapa