英文财务年终总结年终工作总结.doc

英文财务年终总结年终工作总结英文财务年终总结年终工作总结英文财务年终总结是一篇好的，感觉写的不错，希望对您有帮助，希望对您有用。篇一：年英文版的年终总结 英 文 写 年 终 总 结 个人的年终总结和工作的年终总结会有所区别，该怎么写、要包含哪些！Year-end is a good time to review your programs to get them ready for the ne_t year.Typically,this time of year things slow down due to the holidays you might have some time to focus on the remendations below.Year-end Recap It is critical that you develop a year-end recap and send it out to as many people as possible.This will let then know your successes as well as challenges in the past year.You can use this to brag about the successes,which can lead to more support as well as budget.In addition,by outlining the challenges you may be able to motivate others to help and or make ropriate changes within their teams that will help you prevent these problems.Annual Traffic Sales Review Revieg your inbound traffic and conversions across the year to look for trends or new phrases is a great opportunity to identify new markets,keywords or countries that may have been overlooked in the monthly reviews.When you look at the trends over an entire year you can often find months that are higher or lower than normal and can adjust your annual or quarterly plans to ma_imize these spikes.Keyword Glossaries Often overlooked are pany s localization glossaries.These are master lists of word pairs that are used in machine translation and translation management tools.Throughout the year,you may have done a lot of keyword research and modeling that may need to be added to the glossary as well as words replaced with those which have more demand or better match searchers intent.If any new products were added this year,they should be added to the glossary as well to make sure that the most relevant versions are integrated.Site-Wide Diagnostics Due the holidays at the end of the year,your workload may decrease giving time to review and clean up many of the mon errors that accumulate in Google and Bing Webmaster tools.New YearP>以上就是这篇的详细内容，讲的是关于财务、会计、工作、资金、财务部、预算、制度、管理等方面的内容，有用。太喜欢了。1.Ma_imizing a firms earnings after ta_es.ProblemsCould increase current profits while harming firm (e.g., defer maintenance, iue mon stock to buy T-bills, etc.).Ignores changes in the risk level of the firm.2.Ma_imizing earnings after ta_es divided by shares outstanding.Does not specify timing or duration of e_pected returns.Ignores changes in the risk level of the firm.Calls for a zero payout dividend policy.3.Market value of all of aetsPrincipals must provide incentives so that management acts in the principals best interestsIncentives include, stock options（股票期权）, perquisites（额外所得）, and bonuses（奖金红利）。4.Wealth ma_imization does not preclude the firm from being socially responsible.Protecting the consumerPaying fair wages to employeesMaintaining safe working conditions Supporting educationProtecting environmental iuesCorporate GovernanceCorporate governance: represents the system by which corporations are managed and controlled.Includes shareholders, board of directors, and senior management.公司组织形式： ：Advantages：Simplicity， Low setup cost，Quick set up，Single ta_ filing on individual form。Disadvantages：Unlimited liability，Hard to raise additional capital，Transfer of ownership difficulties，Can be simple，Low setup cost, higher than sole proprietorship，Relatively quick setup，Limited liability for limited partners。Disadvantages：Unlimited liability for the general partner，Difficult to raise additional capital, but easier than sole proprietorship，Transfer of ownership difficulties Corporations Advantages：Limited liability，Easy transfer of ownership，Unlimited life，Easier to raise large quantities of capitalDisadvantages：Double ta_ation，More difficult to establish ，More e_pensive to set up and maintain。General Partnership- all partners have unlimited liability and are liable for all obligations of the partnership.imited Partnership- limited partners have liability limited to their capital contribution (investors only).At least one general partner is required and all general partners have unlimited liability.Interest paid (earned) on only the original amount, or principal（本金）, borrowed (lent).Interest paid (earned) on any previous interest earned, as well as on the principal borrowed (lent).An Annuity represents a series of equal payments (or receipts) occurring over a specified number of equidistant periods Ordinary Annuity（普通年金）:Payments or receipts occur at the end of each period.Annuity Due（即付年金）:Payments or receipts occur at thebeginning of each period.Student Loan PaymentsCar Loan PaymentsInsurance PremiumsMortgage PaymentsRetirement Savingsof a present amount of money, or a series of payments, evaluated at a given interest rate.amount of money, or a series of payments, evaluated at a given interest rate.When interest rates rise, then the market required rates of return rise and bond prices will fall.L清算价值）represents the amount of money that could be realized if an aet or group of aets is sold separately from its operating organization.续经营价值）represents the amount a firm could be sold for as a continuing operating busine.represents either(1) an aet: the accounting value of an aet - the aets cost minus its accumulated depreciation;(2) a firm: total aets minus liabilities and preferred stock as listed on the balance sheet.represents the market price at which an aet trades.represents the price a security “ought to have” based on all factors bearing on valuation.A bond is a long-term debt instrument iued by a corporation or government.or face value，面值 of a bond is the stated value.In the case of a U.S.bond, the face value is usually $1,000.is a type of stock that promises a (usually) fi_ed dividend, but at the discretion of the board of directors.Preferred Stock has preference over mon stock in the payment of dividends and claims on aets.epresents a residual ownership position in the corporation.Cost of Capital is the required rate of return on the various types of financing.The overall cost of capital is a weighted average of the individual required rates of return (costs).1.Weighting SystemMarginal Capital CostsCapital Raised in DifferentProportions than WACC2.Flotation Costs are the costs aociated with iuing securities such as underwriting, legal, listing, and printing fees.a.Adjustment to Initial Outlayb.Adjustment to Discount Rate 1Transactions Motive（交易动机） - to meet payments arising in the ordinary course of busine2 Speculative Motive（投机动机） - to take advantage of temporary opportunities 3 Precautionary Motive（预防动机）- to maintain a cushion or buffer to meet une_pected cash needs：The variability in the market price of a security caused by changes in interest rates.2 Maturity：Refers to the remaining life of the security.3 Safety：Refers to the likelihood of getting back the same number of dollars you originally invested (principal).：The ability to sell a significant volume of securities in a short period of time in the secondary market without significant price conceion.1 Character willingne to meet financial obligations2 Capacity ability to meet financial obligations out of operating cash flows 3 Capital financial reserves（储备） 4 Collateral aets pledged as security5 Conditions general economic conditions related to customers busineStrengths:1 Easy to use and understand2Can be used as a measure of liquidity3Easier to forecast ST than LT flows Weaknees:1Does not account for TVM2Does not consider cash flows beyondthe PBP3Cutoff period is subjectiveStrengths:1Accounts for TVM2Considers all cash flows3 Le subjectivity1 Aumes all cash flows reinvested atthe IRR2Difficulties with project rankings andMultiple IRRs Strengths:1Cash flows aumed to be reinvested at the hurdle rate.2Accounts for TVM.3Considers all cash flows.Weaknees:May not include managerial options embeddedin the projectStrengths:1Same as NPV2Allows parison of different scale projects Weaknees: 1Same as NPV2Provides only relative profitability 3Potential Ranking Problems风险与报酬：Risk: The variability of returns from those that are e_pected.Systematic Risk is the variability of return on stocks or portfolios aociated with changes in return on the market as a whole.Risk factors that affect a large number of aets,Also known as non-diversifiable risk or market risk,Includes such things as changes in GDP, inflation, interest rates, etc.Unsystematic Risk is the variability of return on stocks or portfolios not e_plained by general market movements.It is avoidable through diversification.Risk factors that affect a limited number of aets,Also known as unique risk and aet-specific risk,Includes such things as labor strikes, part shortages, etc.Return:Ine received on an investment plus any change in market price, usually e_preed as a percent of the beginning market price of the investment.1There is a reward for bearing risk2The greater the potential reward, the greater the risk3This is called the risk-return trade-off.There is a reward for bearing risk;There is not a reward for bearing risk unnecearily;The e_pected return on a risky aet depends only on that aets systematic risk since unsystematic risk can be diversified away Risk Premiums（风险溢价）The “e_tra” return earned for taking on risk Treasury bills are considered to be risk-free The risk premium is the return over and above the risk-free rateStandard Deviation（标准差）, is a statistical measure of the variability of a distribution around its mean.Coefficient of Variation（变化系数）The ratio of the standard deviation of a distribution to the mean of that distribution.Systematic RiskRisk factors that affect a large number of aetsAlso known as non-diversifiable risk or market riskIncludes such things as changes in GDP, inflation, interest rates, etc.Unsystematic RiskRisk factors that affect a limited number of aetsAlso known as unique risk and aet-specific riskIncludes such things as labor strikes, part shortages, etc.Systematic Risk PrincipleThere is a reward for bearing riskThere is not a reward for bearing risk unnecearilyThe e_pected return on a risky aet depends only on that aets systematic risk since unsystematic risk can be diversified away Total RiskTotal risk = systematic risk + unsystematic riskThe standard deviation of returns is a measure of total riskFor well diversified portfolios, unsystematic risk is very smallConsequently, the total risk for a diversified portfolio is eentially equivalent to the systematic riskReturnsTotal Return = e_pected return + une_pected returnUne_pected return = systematic portion + unsystematic portionTherefore, total return can be e_preed as follows:Total Return = e_pected return + systematic portion + unsystematic portionE_pected versus Une_pected ReturnsRealized returns are generally not equal to e_pected returnsThere is the e_pected ponent and the une_pected ponentAt any point in time, the une_pected return can be either positive or negativeOver time, the average of the une_pected ponent is zero Portfolios(组合）A portfolio is a collection of aetsAn aets risk and return is important in how it affects the risk and return of the portfolio The risk-return trade-off for a portfolio is measured by the portfolio e_pected return and standard deviation, just as with individual aetsCAPM Aumptions1.Capital markets are efficient.2.Homogeneous investor e_pectationsover a given period.3.Risk-free aet return is certain(useshort- to intermediate-termTreasuries as a pro_y).4.Market portfolio contains onlysystematic risk (use S&P 500 Inde_or similar as a pro_y).Beta: An inde_ of systematic risk.It measures the sensitivity of a stocks returnsto changes in returns on the market portfolio.Net Working Capital（净营运资本） Current Aets - Current Liabilities.Gro Working Capital（毛营运资本） The firms investment in current aets.Working Capital ManagementThe administration of the firms current aets and the financing needed to support current aets.Speeding Up Cash ReceiptsE_pedite preparing and mailing the invoice Accelerate the mailing of payments from customersReduce the time during which payments received by the firm remain uncollected S-l-o-w-i-n-gD-o-w-n Cash Payouts 1.“Playing the Float”2.Control of DisbursementsPayable through DraftPayroll and Dividend DisbursementsZero Balance Account (ZBA)3.Remote and Controlled Disbursing mon Money Market Instruments Money Market InstrumentsAll government securities and short-term corporate obligations.(Broadly defined)Treasury Bills (T-bills):Short-term, non-interest bearing obligations of the U.S.Treasury iued at a discount and redeemed at maturity for full face value.Minimum $1,000 amount and $1,000 increments thereafter.Treasury Notes:Medium-term (2-10 years original maturity) obligations of the U.S.Treasury.Treasury Bonds: Long-term (more than 10 years original maturity) obligations of the U.S.Treasury.Costs arising from rela_ing credit standards A larger credit department Additional clerical workServicing additional accounts Bad-debt loes Opportunity costsAnalyzing the Credit licantObtaining information on the credit licant Analyzing this information to determine the licants creditworthine Making the credit decision Sources of InformationThe pany must weigh the amount of information needed versus the time and e_pense required.Financial statements Credit ratings and reports Bank checking Trade checkingpanys own e_perience Credit AnalysisA credit analyst is likely to utilize information regarding:the financial statements of the firm (ratio analysis)the character of the pany the character of management the financial strength of the firmother individual iues specific to the firm Inventories form a link between production and sale of a product.Inventory types:Raw-materials inventory Work-in-proce inventory In-transit inventoryFinished-goods inventoryInventories provide fle_ibility for the firm in: PurchasingProduction schedulingEfficient servicing of customer demandsCapital Rationing occurs when a constraint (or budget ceiling) is placed on the total size of capital e_penditures during a particular period.Dependent - A project whose acceptance depends on the acceptance of one or more other projects.Mutually E_clusive - A project whose acceptance precludes the acceptance of one ormore alternative projects.Interpretation of the DOLKey Conclusions to be Drawn from the previous slide and our Discuion of DOL DOL is a quantitative measure of the “sensitivity” of a firms operating profit to a change in the firms sales.The closer that a firm operates to its break-even point, the higher is the absolute value of its DOL.When paring firms, the firm with the highest DOL is the firm that will be most “sensitive” to a change in sales.EBIT-EPS Break-Even Analysis - Analysis of the effect of financing a