APS审核资料金融英审

统计学

Statisticsisthestudyofthecollection,organization,analysis,andinterpretationof

data.

1.统计变量扩散趋势的测定：Tomeasure(hecentraltendencyofstatisticalvariables.

Statisticalindicators:arithmeticmean(distinguishedfromthegeometricmeanor

harmonicmean),weightedaverage,mode,median...

2.统计变量离散程度的判定：Tomeasurethedispersiondegreeofthestatistical

variables.['vcoriobl]

Statisticalindicators:range,averagedeviation(平均差),variance,standarddeviation

Variance:itisameasureofhowfarasetofnumbersarespreadoutfromeachother.

Var(X)=E[(X—/.

Standarddeviation:Itshowshowmuchvariationor"dispersion"thereisfromthe

average.

3.抽样分布：Instatistics,asamplingdistributionistheprobabilitydistributionofa

givenstatisticbasedonarandomsample.

标准误差：Standarderror-Thestandarddeviationofthesamplingdistributionof

thestatisticisreferredtoasthestandarderrorofthatquantity.

4.参数预计：Parameterestimationistheprocessthatusesthesamplesfroma

populationtoestimatetheparameterofthepopulation,suchasthepopulation

mean,thepopulationvariance,etc.

5.假设检验:Statisticalhypothesistestingismakingahypothesisaboutthe

parameterordistributionofapopulationinadvance,thenusingthesample

informationtodeterminewhetherthehypothesisisreasonableornot.

显著'性水平：Theamountofevidencerequiredtoacceptthataneventisunlikelyto

havearisenbychanceisknownasthesignificancelevelorcriticalp-value.

Null/Alternatehypothesis:零假设备择假设

计量经济学

Econometrics[i,kone'metriks]hasbeendefinedas"theapplicationofmathematics

andstatisticalmethodstoeconomicdata"anddescribedasthebranchofeconomics

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"thataimstogiveempirical[em'pirikel]contenttoeconomicrelations."

相关分析：Correlationanalysis—analyzetherelationshipbetweentwo

variables—usuallyusingthecorrelationcoefficienttodescribetherelationship:

n(Exy)-(Ex)(Ey)_______R=1perfectcorrelation

7[n£x2-(ZxF](nEy2-(Ey)2]

R=0uncorrelated

—Jka..—_・一•一al3aa*.JL•B

回归分析：Regressionanalysis:linearregressionisanapproachtomodelingthe

relationshipbetweenascalarvariableyandoneormoreexplanatoryvariables

denotedX.

Simpleregression:oneexplanatoryvariable

Multipleregression:Morethanoneexplanatoryvariable

才($如(乂一力

螃性回归方；1$=3----------------------------------

线性回归方程公式1=1

可决系数在数值上等于容易线性相关系数的平方

Coefficientofdeterminationisnumericallyequaltothesquareofasimplelinear

correlationcoefficient.

多重共线性multicollinearity[,mAltikeli'nieriti]：Multicollinearityisa

statisticalphenomenoninwhichtwoormorepredictorvariablesina

multipleregressionmodelarehighlycorrelated.

Remedies：Ridgeregression；Obtainmoredata,ifpossible;Droponeofthe

variables.

异方差性Heteroscedasticity[.hetarauskedaes'tisati]：iftherearesub-populations

thathavedifferentvariabilitiesthanothers.

Remedies：Weightedleastsquares

自相关Autocorrelation：Autocorrelationisthephenomenonthatthere

existscorrelativityamongtherandomerrorterms.

Remedies:TheGeneralizedDifferenceMethod

西方经济学

Macroeconomics：Macroeconomicsisabranchofeconomicsdealingwiththe

performance,structure,behavior,anddecision-mckinRoftheentireeconomy.This

includesanational,regional,orglobaleconomy.

Measuresofnationalincomeandoutputtoestimatetotaleconomicactivityina

countryorregion,includinggrossdomesticproduct(GDP),grossnationalproduct

(GNP),andnetnationalincome(NNI)

-Theexpenditureapproach.Itfocusesonfindingthetotaloutputofanationby

findingthetotalamountofmoneyspent.

GDP=C+/+G+(X-M

[C=householdconsumption,I=grossprivatedomesticinvestment,G=government

consumptionandgrossinvestment,X=grossexportsofgoodsandservices,M=

grossimportsofgoodsandservices]

--Theincomeapproach.Itequatesthetotaloutputofanationtothetotalfactor

incomereceivedbypeopleofthenation.

Nationalincome=Compensationofemployees+Netinterest+Rental&royalty

income+Profitoffirms+Incomefromself-employment+NFIA(netfactorincome

fromabroad).

TheIS/LMmodel|(InvestmentSaving/LiquiditypreferenceMoneysupply)isa

macroeconomictoolthatdemonstratestherelationshipbetweeninterestratesand

realoutputinthegoodsandservicesmarketandthemoneymarket.

TheIScurveisdefinedbytheequation:Y=C(Y~-TfY))+/(r)+G+NX(Y}.

whereYrepresentsincome,C(Y-T(Y))representsconsumerspendingasan

increasingfunctionofdisoosableincome(income,Yminustaxes,T(Y),which

themselvesdependpositivelyonincome),/(r)representsinvestmentasadecreasing

functionoftherealinterestrate,Grepresentsgovernmentspending,andNX(Y)

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representsnetexports(exportsminusimports)asadecreasingfunctionofincome

(decreasingbecauseimportsareanincreasingfunctionofincome).Inthisequation,

thelevelofG(governmentspending)ispresumedtobeexogenous,meaningthatit

istakenasagiven.

TheLMcurveisdefinedbytheequation:M/P=L(i,Y),

wherethesupplyofmoneyisrepresentedastherealamountM/P(asopposedto

thenominalamountM),withPrepresentingthepricelevel,andLbeingthereal

demandformoney,whichissomefunctionoftheinterestrateiandthelevelYof

realincome.TheLMcurveshowsthecombinationsofinterestratesandlevelsofreal

incomeforwhichmoneysupplyequalsmoneydemand—thatis,forwhichthe

moneymarketisinequilibrium.

Microeconomics：Microeconomicsis□branchofeconomicsthatstudiesthe

behaviorofhowtheindividualmodernhouseholdandfirmsmakedecisionsto

allocatelimitedresources.

Demandcurve:Ineconomics,thedemandcurveisthegraphdepictingthe

relationshipbetweenthepriceofacertaincommodity,andtheamountofitthat

consumersarewillingandabletopurchaseatthatgivenprice.

Supplycur•词:Agraphshowingthehypotheticalsupplyofaproductor

servicethatwouldbeavailableatdifferentpricepoints.

Priceelasticityofdemand:Priceelasticityofdemand(PEDorEd)isameasureusedin

economicstoshowtheresponsiveness,orelasticity,ofthequantitydemandedofa

goodorservicetoachangeinitsprice.

%changeinquantitydemandedAQd/Qd

d%changeinpriceAP/P

r尸dQa

Point-priceelasticity:QadP

Arcelasticity:-"❷+Q的

Priceelasticityofsupply:Priceelasticityofsupply(PESorEs)isameasureusedin

economicstoshowtheresponsiveness,orelasticity,ofthequantitysuppliedofa

goodorservicetoachangeinitsprice.

E>1,thedemandfor/supplyofthegoodissaidtobeelastic;

Thatis,changesinpricehavearelativelysmalleffectonthequantityofthegood

demanded/supplied.

E<1,thedemandfor/supplyofthegoodissaidtobeinelastic;

Thatis,changesinpricehavearelativelylargeeffectonthequantityofagood

demanded/supplied.

E=0indicatesthatquantitydemanded/supplieddoesnotrespondtoapricechange:

Itis"fixed"Indemand/supply.

Indifferencecurve:Anindifferencecurveisagraphshowingdifferentbundlesof

goodsbetweenwhichaconsumerisindifferent.Thatis,ateachpointonthecurve,

theconsumerhasnopreferenceforonebundleoveranother.

Goodx

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Marginalrateofsubstitution]:Ineconomics,themarginalrateofsubstitutionisthe

rateatwhichaconsumerisreadytogiveuponegoodinexchangeforanothergood

whilemaintainingthesamelevelofutility.

MRSw=-mjndif=-(dy/dx]

MRSw=MU/MUR

Substitutioneffect&Incomeeffec*

budgetconstraint预算线(budgetconstraint)

Substitutioneffect:Thesubstitutioneffectistheeffectobservedwithchangesin

relativepriceofgoods.

0M4Xi

XI

n

X3

ConstructthedemandcurveforgoodY.

Incomeeffect:

Priceeffectassumofsubstitutionandincomeeffects

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Ifthegoodinquestionisanormalgood,thentheincomeeffectfromtherisein

purchasingpowerfromapricefallreinforcesthesubstitutioneffect.Ifthegoodisan

inferiorgood,thentheincomeeffectwilloffsetinsomedegreethesubstitution

pffpct.Iftheincomppffpctforaninfpriorgoodissufficientlystrong,thpccnsumar

willbuylessofthegoodwhenitbecomeslessexpensive,aGiffengood(commonly

believedtobeararity).

Productionfunction

Inmicroeconomicsandmacroeconomics,aproductionfunctionisafunctionthat

specifiestheoutputofafirm,anindustry,oranentireeconomyforallcombinations

ofinputs.

Linearfunction:Q=a+bXi+cX?+dXz+...

Cobb-Douglasproductionfunction:Q="*—勺****

TheLeontiefproductionfunctionappliestosituationsinwhichinputsmustbeused

infixedproportions:Q=bX2l

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UniunfUhnr.I

Thelong-termtotalccst/lon/-termaveragecostcurveistheenvelope

curves.

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货币银行学

MoneyandBanking

Functionsofmoney:Moneyfunctionsasamediumofexchange(intermediate

theexchangeofgoodsandservices),aunitofaccount(astandardnumericalunitof

measurementofthemarketvalueofgoods,services,andothertransactions),a

standardofdeferredpayment(anacceptedwaytosettleadebt-aunitinwhich

debtsaredenominated),andastoreofvaluefamoneymustbeabletobereliably

saved,stored,andretrieved).

Moneycreation:Moneycreationistheprocessbywhichthemoneysupplyofa

countryoramonetaryregion(suchastheEurozone)isincreased.First,thecentral

hankintroducp*;newmonpyintothpAcnnomy(termed'Axpansionarymonptary

policy')bypurchasingfinancialassetsorlendingmoneytofinancialinstitutions.

Second,thenewmoneyintroducedbythecentralbankismultipliedbycommercial

banksthroughfractionalreservebanking

Bfbasemoney)=R(reserve

depost)+C(cashoutsidethe

banksystem)

Money

I*•/1一・/C・

图9-1基础货币与货币供应量的关系

Derivativemultiplier:K=AD/AR=l/r,whereristherequiredreserve

ratio

-二/\RX1/r

Moneymultiplier:m=(C+D)/(C+R)

MoneyDemandTheory):

FisherEquationofExchange:MV=PT,whereMistheamountofmoney,

Visthevelocityofthemoney,Pistheweightedaveragepriceofallthe

goodsandservice,Tisthequantityofgoodsandservice.

Keynesiantheory:M=MI+M2=LI(Y)[transactionmotive&

precautionarymotive]+L2(r)[speculativemotive]

Moneysupply:

Thedifferenttypesofmoneyaretypicallyclassifiedas"M"s:

M0=cashincirculation

Ml=MO+demanddeposits----------------------------------------------------------------narrow

money

M2=Ml+timedeposits+savingdeposits+otherdeposits-------------------broad

money

Fisherequation:

Lettingrdenotetherealinterestrate,idenotethenominalinterestrate,andletn

denotetheinflationrate,theFisherequationis:

i=r+n

MonetaryPolicy:

Monetarypolicyistheprocessbywhichthemonetaryauthorityofacountry

controlsthesupplyofmoney,oftentargetingarateofinterestforthepurposeof

promotingeconomicgrowthandstability.Theofficialgoalsusuallyinclude

relativelystablepricesandlowunemployment

Itisreferredtoaseitherbeingexpansionaryorcontractionary,wherean

expansionarypolicyincreasesthetotalsupplyofmoneyintheeconomymore

rapidlythanusual,andcontractionarypolicyexpandsthemoneysupplymoreslowly

thanusualorevenshrinksit.

Tools:openmarketoperation&adjustinginthediscountrate&adjustingthe

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requiredreserveratio

FiscalPolicy:Fiscalpolicyistheuseofgovernmentexpenditureandrevenue

collection(taxation)toinfluencetheeconomy.

Changesinthelevelandcompositionoftaxationandgovernmentspendingcan

impactthefollowingvariablesintheeconomy:

l.Aggregatedemandandthelevelofeconomicactivity;总需求和经济活动水平

2.Thepatternofresourcealocation;资源分配模式

3.Thedistributionofincome.收入再分配

Stancesoffiscalpolicy：

Aneutralstanceoffiscalpolicyimpliesabalancedeconomy.ThisresultsinaIargA

taxrevenue.Governmentspendingisfullyfundedbytaxrevenueandoverallthe

budgetoutcomehasaneutraleffectonthelevelofeconomicactivity.

Anexpansionarystanceoffiscalpolicyinvolvesgovernmentspendingexceedingtax

revenue.

Acontractionaryfiscalpolicyoccurswhengovernmentspendingislowerthantax

revenue.

中央银行Centralbank

FunctionsofCentralBank:

Bankofissue:concentratedepositreserve,lenderoflastresort,organizenational

settlement

Bankofbank:Thebusinessobjectofcentralbankiscommercialbanksandother

financialinstitutions.

Bankofstate:Implementthefinancialandfiscalpolicies;beresponsibleforTreasury

revenuesandexpenditures;providefinancialserviceforthestate.

〔Independenceofcentralbank:

Itisusuallydefinedasthecentralbank'sopera:ionalandmanagement

independencefromthegovernment.

------------------------------Inflation

Ineconomics,inflationisariseinthegenerallevelofpricesofgoodsandservicesin

aneconomyoveraperiodoftime.

Achiefmeasureofpriceinflationistheinflationrate,theannualizedpercentage

changeinageneralpriceindex(normallytheConsumerPriceIndex)overtime.

Todaytheprimarytoolforcontrollinginflationismonetarypolicy.

----------------Perfectly/lmperfectlyCompetitiveMarket

Perfectcompetitiondescribesmarketssuchthatnoparticipantsarelargeenoughto

havethemarketpowertosetthepriceofahomogeneousproduct.

Monopolisticcompetitionisimperfectcompetitionwheremanycompeting

producerssellproductsthataredifferentiatedfromcneanother(thatis,the

productsaresubstitutesbut,becauseofdifferencessuchasbranding,notexactly

alike)

Oligarchy

InternationalEconomics

国际经济学

Internationaleconomicsisconcernedwiththeeffectsuponeconomicactivityof

Internationaldifferencesinproductiveresourcesandconsumerpreferencesandthe

institutionsthataffectthem.

•I.InternationalTrade

Classicaltheories:

Mercantilism:Theamountofmoneyistheonlyfactortodefinetheaffluenceofa

country.Allthecountryshouldpursuesurplusininternationaltrade.

Absoluteadvantagetheory:AdamSmith

Allnationsshouldfocusonproducingthegoodsofwhichtheyhaveabsolute

advantages,thentheycouldusesomeofthegoodstoexchangeforothergoodsof

whichtheydonothaveabsoluteadvantages.

Comparativeadvantagetheory:DavidRicardo

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Ineconomics,thelawofcomparativeadvantagesaysthattwocountrieswillboth

gainfromtradeif,intheabsenceoftrade,theyhavedifferentrelativecostsfor

producingthesamegoods.Evenifonecountryismoreefficientintheproductionof

allgoods(absoluteadvantage)thantheother;bothcountrieswillstillgainbytrading

witheachother,aslongastheyhavedifferentrelativeefficiencies

Moderntheory:

H-0model(Factorendowmenttheorem):

Themodelessentiallysaysthatcountrieswillexportproductsthatusetheir

abundantandcheapfactor(s)ofproductionandimportproductsthatusethe

countries'scarcefactor(s).

■II.InternationalFinance

Internationalfinanceisthebranchofeconomicsthatstudiesthedynamicsof

exchangerates,foreigninvestment,globalfinancialsystem,andhowtheseaffect

internationaltrade.

Balanceofpayments

Balanceofpayments(BOP)accountsareanaccountingrecordofallmonetary

transactionsbetweenacountryandtherestoftheworld.Thesetransactionsinclude

paymentsforthecountry'sexportsandimportsofgoods,services,financialcapital,

andfinancialtransfers.

ThetwoprincipalpartsoftheBOPaccountsarethecurrentaccountandthecapital

account.

Thecurrentaccountshowsthenetamountacountryisearningifitisinsurplus,or

spendingifitisindeficit.Itisthesumofthebalanceoftrade(netearningson

exportsminuspaymentsforimports),factorincome(earningsonforeign

investmentsminuspaymentsmadetoforeigninvestors)andcashtransfers.

Thecapitalaccoi/Gtrecordsthenetchangeinownershipofforeignassets.Itincludes

thereserveaccount(theforeignexchangemarketoperationsofanation'scentral

bank),alongwithloansandinvestmentsbetweenthecountryandtherestofworld.

currentaccount+broadlydefinedcapitalaccount+balancingitem=0

•Trade-buyingandsellingofgoodsandservices

•Exports-acreditentry

•Imports-adebitentry

•Tradebalance-thesumofExportsandImports

•Factorincome-repaymentsanddividendsfromloansandinvestments

•Factorearnings-acreditentry

•Factorpayments-adebitentry

•Factorincomebalance-thesumofearningsandpayments.

Bytheprinciplesofdoubleentryaccounting,anentryinthecurrentaccountgives

risetoanentryinthecapitalaccount,andinaggregatethetwoaccounts

automaticallybalance.

Foreignexchangemarket

Theforeignexchangemarketisaglobal,worldwidedecentralizedfinancialmarket

fortradingcurrencies.

Determinantsofexchangerates:

1.Economicfactors:Theseinclude:(a)economicpolicy,disseminatedby

governmentagenciesandcentralbanks,(b)economicconditions,generallyrevealed

througheconomicreports,andothereconomicindicators.

2.Politicalconditions:Internal,regional,andinternationalpoliticalconditionsand

eventscanhaveaprofoundeffectoncurrencymarkets.

3.Marketpsychology:Flightstoquality,etc.

------RelativePurchasingPowerParity相对购买力平价

RelativePurchasingPowerParityisaneconomictheorywhichpredictsa

relationshipbetweentheinflationratesoftwocountriesoveraspecifiedperiodand

themovementintheexchangeratebetweentheirtwocurrenciesoverthesame

period.ItisadynamicversionoftheabsolutePPPtheory.

SupposethatthecurrencyofCountryAiscalledtheA$(A-dollar)andthecurrencyof

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countryBiscalledtheB$.

Explanation

ThetheorystatesthatifthepricePincountryAofabaske:ofcommoditiesand

servicesisPA-dollars,thenthepriceQofthesamebasketincountryBwillbeCxP

A-dQllars,whereCisaconstantwhichdoesnotvaryovertime,or,equivalently,

CxPxSB-dollars,whereSisthe(variable)numberofB-dollarsrequiredtobuyone

A-dollar,i.e.theexchangerate.

If(1)and(2)denotetwodifferentdates,thenitfollowsthat

1/C=PixSi/Qi=P2XS2/Q2

andhence

S2/S1=(Q2/Q1)-r(P2/P1)

Rn=R01xPbi/Pb°

Pa./Po.

.

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ecMHfcrtemloti

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FbosVriet.CbbGAb…

Pbl'"?,»•c«.'mdvKfUiiboAb

Pg-

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or,inwords,thefactorrepresentingthemovementinmarketexchangeratesisequal

totheratiooftheinflationfactors(changesinpricelevels)ofthetwocountries(as

onewouldintuitivelyexpect).

AbsolutepurchasingpowerparityoccurswhenC=l,andisaspecialcaseofthe

above.

Accordingtothistheory,thechangeintheexchangerateisdeterminedbypricelevel

changesinbothcountries.

Commonlycalledabsolutepurchasingpowerparity,thistheoryassumesthat

equilibriumintheexchangeratebetweentwocurrencieswillforcetheirpurchasing

powerstobeequal.Thistheoryislikelytoholdwellforcommoditieswhichareeasily

transportablebetweenthetwocountries(suchasgold,assumingthisisfreely

transferable)butislikelytobefalseforothergoodsandserviceswhichcannoteasily

betransported,becausethetransportationcostswilldistorttheparity.

Ineconomics,purchasingpowerparity(PPP)isaconditionbetweencountrieswhere

anamountofmoneyhasthesamepurchasingpowerindifferentcountries.The

pricesofthegoodsbetweenthecountrieswouldonlyreflecttheexchangerates.

InternationalInvestment

Internationalinvestorswillinvestincountrieswheretherateofreturnoninvestment

inhigher.

Forexample,ifonecountry'sinterestrateishigh,morefundswillflowintothis

countrybecauseiftheinvestorslendoutfundsinthesecountriestheywillgethigher

interestpayment.

财政学PublicFinance

Publicfinanceistherevenueandexpenditureofpublicauthorities

Thepurviewofpublicfinanceisconsideredtobethreefold:governmentaleffectson

(1)efficientallocationofresources,(2)distributionofincome,and(3)

macroeconomicstabilization.

----------Governmentexpenditures

Economistsclassifygovernmentexpendituresintothreemaintypes.Government

purchasesofgoodsandservicesforcurrentuseareclassedasgovernment

consumption.Governmentpurchasesofgoodsandservicesintendedtocreate

futurebenefits—suchasinfrastructureinvestmentorresearchspending--are

classedasgovernmentinvestment.Governmentexpendituresthatarenot

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purchasesofgoodsandservices,andinsteadjustrepresenttransfersofmoney-

suchassocialsecuritypayments---arecalledtransferpayments.

--------Financingofgovernmentexpenditures

Governmentexpendituresarefinancedintwoways:

•Governmentrevenue

oTaxes

oNon-taxrevenue(revenuefromgovernment-ownedcorporations,sovereign

wealthfunds,salesofassets,orSeigniorage)

•Governmentborrowing

Governments,likeanyotherlegalentity,cantakeoutloans,issuebondsandmake

financialinvestments.

会计&财务管理&银行会计

Accounting&FinancialManagement&BankAccounting

•Accounting

------------Adouble-entrybookkeepingsystem

Thenamederivesfromthefactthatfinancialinformationusedtoberecordedusing

penandinkinpaperbooks-hence"bookkeeping"-andthateachtransactionwas

enteredtwice,withonesideofthetransactionbein^calledadebitandtheothera

credit.

------------AccountingEquation

Assets=liabilities+equity

DebitCredit

AssetIncreaseDecrease

LiabilityDecreaseIncrease

Income(revenue)DecreaseIncrease

ExpenseIncreaseDecrease

CapitalDecreaseIncrease

-------------BalanceSheet

Infinancialaccounting,abalancesheetisasummaryofthefinancialbalancesofa

company.Assets,liabilitiesandownershipequityarelistecasofaspecificdate,such

astheendofitsfinancialyear.Abalancesheetisoftendescribedasa"snapshotofa

company'sfinancialcondition".Thebalancesheetisastatementwhichappliestoa

singlepointintimeofabusiness'calendaryear.

•FinancialManagement

Thebasicoffinancialanalysis:

OFinancialStatements

1.StatementofFinancialPosition:alsoreferredtoasabalancesheet,reports

onacompany'sassets,liabilities,andownershipequityatagivenpointin

time.

2.StatementofComprehensiveIncome:alsoreferredtoasProfitandLoss

statement(ora"P&L"),reportsonacompany'sincome,expenses,andprofits

overaperiodoftime.AProfit&Lossstatementprovidesinformationonthe

operationoftheenterprise.Theseincludesaleandthevariousexpenses

incurredduringtheprocessingstate.

3.StatementofChangesinEquity:explainsthechangesofthecompany's

equitythroughoutthereportingperiod

4.Statementofcashflows:reportsonacompany'scashflowactivities,

particularlyitsoperating,investingandfinancingactivities.

OIndicators

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Short-termLiquidity:

Liquidityratio=liquidassets/liquidliabilities

Cashratio=cash/liquidliabilities

Lon^-termLiquidity

Asset-liabilityratio=totalliabilities/totalassets

Cash-liabilityratio=netcashflow/totalliabilities

OperatingCapacity

_NetSaksRevenue

AssetTurnover=-----------.....-------

AveraeelotalAssets

c.__NeiMITB

FixtdAMKITwrrwver=------------y.----.......-

Acsoocnetfixedasscta

Thehigherthebetter

Profitability

Returnonequity(ROE)measurestherateofreturnontheownershipinterestof

gE_NetIncome(AfterTax)

thecommonstockowners.ShareholderAwets

OFinancialleverage

Financialleveragetriestoestimatethepercentagechangeinnetincomeforaone

_...OperatingIncome

rinanciaJleverage=,---------------

percentchangeinoperatingincome:NetIncome

Financialleveragereferstotheuseofdebttoacquireadditionalassets.Financial

leveragemaydecreaseorincreasereturnonequityindifferentconditions.

财务杠杆系数(DFL)=息税前利润EBIT/[息税前利润EBIT-利息-优先股股利/(1-

所得税税率)]

DegreeofFinancialleverage=EBIT(Earningsbeforeinterestandtaxes)4-

[EBIT-lnterest-PreferredStockDividend/(l-lncomeTaxRate)]

OModesofFinancing

Issueordinaryshares

Issuepreferredshares

Long-termlending

Commercialpaper

•BankAccounting

Itdealswiththeaccountingbetweenabankandacustom,abankandabank,a

bankandthecentralbank.

投资银行InvestmentBanking

--------------------Valuation

discountedcashflowvaluationmethod

Infinance,discountedcashflow(DCF)analysisisamethodofvaluingaproject,

company,orassetusingtheconceptsofthetimevalueofmoney.

吁

OPCB|CF]CFn

一(1+r)】十(l+r)2+…十(1+加

Equityvaluations,CorporateValuation

Securitization

Securitizationisthefinancialpracticeofpoolingvarioustypesofcontractualdebt

suchasresidentialmortgages,commercialmortgages,autoloansorcreditcarddebt

obligationsandsellingsaidconsolidateddebtasbonds,pass-throughsecurities,o