公司金融双语期末复习资料.doc

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1、公司金融双语期末复习资料一、判断题二、计算题（4-5题）三、名词解释1.Corporate finance（公司金融）Corporate finance is the study of the answers to the following questions: What long-term investments should you take on? Where will you get the long-term financing to pay for your investment? How will you manage your everyday financial activ

2、ities?企业融资是下列问题的答案的研究：把你要什么样的长期投资？你将在哪里获得长期的资金支付你的投资？你如何管理你的日常财务活动？2.financial manager（财务经理）anyone who deals with investment and/or financing decisions for a business.The CFO, controller, treasurer凡涉及一个企业的投资和融资决策。首席财务官，控制器，司库3.maturity（到期日）The direction of bond investors borrowing principal or other

3、 debt to date, but also stop interest payment day.借贷方向投资者偿付债券本金或其他债务的日期，也是停止支付利息的日子。4. present value（现值）Present value (Present value), index funds reduced to the base year, also known as the discounted present values, also called on the value of the future cash flow, refers to an appropriate discoun

4、t rate to discount the value of. Refers to assets in accordance with the is expected to generate from its continuing use and ultimate disposal of the future discounted net cash inflow amount, in accordance with the expected liabilities within the time limit to future net cash outflow discount the am

5、ount of reimbursement.目前的价值（现值），指数基金减少到基准年，也被称为贴现值，也被称为对未来现金流的价值，指的是一个合适的折现率折现的价值。指资产按照预计从其持续使用和最终处置的未来净现金流入量的折现的产生，按照预计负债期限内的未来净现金流出折价偿还的金额。5.annuity（年金）The time interval is equal, equal to the amount of cash flow, or a certain period of time equal to the amount of each payment and collection.时间间隔相

6、等，金额相等的现金流量，或一定时期每期金额相等的款项收付。6. going concern value（持续经营价值）Going concern value refers to the company in the condition of continuous operation under the value. Going concern value assumptions of existing assets will be used to generate future cash flow and will not be sold. Investors consider the goi

7、ng-concern value, and it is compared with the value of the assets at the end of production. If the going concern value exceeds the production end of the value, so business is meaningful.续经营价值是指公司在连续运行条件下的价值。持续经营价值的假设现有资产将被用来产生的未来现金流量，不会出售。投资者认为持续经营价值，它是在生产的最终资产价值的比较。如果持续经营价值超过价值的生产，这样的企业是有意义的。7.unsy

8、stematic risk（非系统性风险）unsystematic risk refers to only affect an industry or individual company securities, it is usually caused by a specific factor, there is no system, full contact with the entire stock market prices, but only affects individual or a few stock returns. Is the result of special eve

9、nts occurred in the individuals risk非系统风险是指只对某个行业或个别公司的证券产生影响的风险，它通常是由某一特殊的因素引起，与整个证券市场的价格不存在系统、全面的联系，而只对个别或少数证券的收益产生影响。是发生于个别公司的特有事件造成的风险。8. capital budgeting（资本预算）Capital budgeting(or investment appraisal) is the planning process used to determine whether an organizations long terminvestments such

10、 as new machinery, replacement machinery, new plants, new products, and research development projects are worth pursuing. It is budget for majorcapital, or investment, expenditures.资本预算（或投资评价）是规划过程中用于确定一个组织的长期投资，如更换新机械，机械，新厂，新产品，研究和发展项目是值得追求。它是主要的资本，或投资预算，支出。9. cost of capital（资本成本）Thecost ofcapital

11、is a term used in the field of financial investment to refer to the cost of a companys funds (bothdebtandequity), or, from an investors point of view the shareholders required return on a portfolio companys existing securities.It is used to evaluate new projects of a company as it is the minimum ret

12、urn that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet.资本成本是一个用在金融投资领域是指一个公司的资金成本（包括债务和股权），或者从“股东要求的回报率在投资组合公司现有的证券投资者的角度。，它是用来评估一个公司的新项目，如是，投资者预期的公司提供资金的最低收益，从而建立一个基准，一个新的项目必须满足。10.business risk（经营风险）The strategic choice of enterprise

13、s, product prices, sales tools management decision cause future income uncertainty, especially enterprise use of operating leverage and lead to earnings before interest and tax changes the risk formation called business risk.企业由于战略选择、产品价格、销售手段等经营决策引起的未来收益不确定性，特别是企业利用经营杠杆而导致息前税前利润变动形成的风险叫做经营风险。11.fin

14、ancial risk（财务风险）Financial riskis an umbrella term for multiple types ofriskassociated withfinancing, includingfinancial transactionsthat include company loans in risk ofdefault. Risk is a term often used to implydownside risk, meaning the uncertainty of a return and the potential for financial loss

15、.财务风险是与融资风险的多种类型的总称，包括金融交易，包括违约风险的公司贷款。风险是一个经常使用的术语意味着下跌的风险，意义的不确定性和财务回报的潜在损失。四、简答题1、Why earning maximization is not a good objection of corporate finance?为什么收入最大化不是公司治理的好目标，股东权益最大化、股价最大化是好目标？Financial Objectives（财务管理目标）利润最大化意味着社会财富的极大化，利润的多少决定了资本的流动方向，为追逐利润，资本只会流向利润最大的行业和企业。There is some advantage

16、of the theory, profit maximization.Profit maximization implies the maximization of social wealth, profit decides the direction of capital flows, for the pursuit of profit, capital will only flow to the maximum profit of industry and enterprise.但利润最大化也存在一些缺陷，它没有考虑利润发生的时间，没有考虑资金的时间价值。But the profit ma

17、ximization has some shortcomings,the theory does not concern about the time profit has taken place, it ignore the time value of money as well.利润最大化的公司治理理论的缺点：利润最大化中的利润是一个绝对数，没有考虑利润与投入资本间的投入产出关系。Profit maximization of profit is an absolute number, not considering the profit and investment relations b

18、etween input and output of capital.利润的最大化不代表利润率最大化，因而利润最大化不能科学地说明企业经济效益水平的高低，不利于不同资本规模的企业或不同期间之间进行对比。The maximization of profit does not represent the rate of profit maximization.So the profit maximization is not scientifically explain the economic level of the enterprise level, is not conducive to

19、the comparison between different capital scale enterprise or a different period.另外利润最大化的目标，会使企业经营者为了追求经营绩效，虚增收入和利润，蒙骗社会公众，不利于企业的长期发展。In addition to the goal of profit maximization, will make the enterprise managers in the pursuit of performance, virtually increased income and profits, to deceive the

20、 public, is not conducive to the long-term development of enterprises.每股收益最大化理论：（earnings per share）用每股资本收益最大化来概括企业的财务目标，反映了所得利润与投入资本之间的投入产出关系，以避免利润最大化目标的缺点。With the maximization of capital earnings per share to summarize the financial target, reflecting the input-output relationship between profits

21、 and capital, in order to avoid the profit maximization goal.股东权益最大化理论：(maximization of shareholders equity)股东权益通过股票的市价来反映，所以股东权益最大化也就是追求股票市价最大化.Shareholder equity reflected by the market price of the stock, so to maximize the equity of the shareholders is to seek to maximize the value of the stock

22、market.2、the corporate form of Business Organization 几种公司组织的特点（1）sole proprietorship（独资企业）Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesunlimited liability for business debts and obligations.its life is limited by the life of the sole propriet

23、orThe money raised is limited by the proprietors personal wealth（2）Partnership（合伙企业）Features: often inexpensive and easy to formdifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income （3）Corporation（公司制） It is a legal “person” separate and distinct f

24、rom its owners. Features: 1. Limited liability for stockholders.2. Unlimited life for the business.3. Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. Thedisadvantage to corporations is double taxation.3、functions of financial market（金融市场的功能

25、）There are six functions of financial market:（1）金融市场能够迅速有效地引导资金合理流动，提高资金配置效率。Financial market can guide the rational flow of funds quickly and effectively, improve the efficiency of capital allocation.（2）金融市场具有定价功能，金融市场价格的波动和变化是经济活动的晴雨表。Financial markets are pricing function, financial market price

26、fluctuations and changes is the barometer of economic activity.（3）金融市场为金融管理部门进行金融间接调控提供了条件。Provides financial market conditions for the financial management department of financial regulation indirect.（4）金融市场的发展可以促进金融工具的创新。The development of the financial market can promote the innovation of financi

27、al tools（5）金融市场帮助实现风险分散和风险转移。Financial markets have helped achieve risk diversification and risk transfer.（6）金融市场可以降低交易的搜寻成本和信息成本。Financial market can reduce transaction cost of search and information costs.4.（1）NOI ApproachNOI=operating income-operating expense=net operating income首先把企业的活动分为两部分：经营活

28、动和金融活动， 即operating and financing. 来自经营活动的净收入就是NOI。NOI加上来自金融活动的净收入，也就是整个公司的息税前收入EBIT.Net Operating Income Approach - A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changedNormally, NOI refers to earn

29、ings before federal income taxes are paid. Also callednet earningsornet income.净营业收入的方法一个资本结构理论中的加权平均资本成本和企业总价值不变，财务杠杆的变化通常，我们指的是收入的联邦所得税之前支付。也被称为净收益或净收入。（2）Traditional ApproachA theory of capital structure in which there exists an optimal capital structure and where management can increase the tota

30、l value of the firm through the judicious use of financial leverage.一个资本结构理论中，存在一个最佳的资本结构，管理可以通过财务杠杆的使用增加公司的总价值。（3）MM theory（定理）The capital structure influence the total value of the enterprise, debt management will bring the effect of tax saving for the company. Enterprise in debt financing or equi

31、ty capital financing will not affect the total market value of the enterprise.企业的资本结构影响企业的总价值， 负债经营将为公司带来税收节约效应。企业无论以负债筹资还是以权益资本筹资都不影响企业的市场总价值。（4）bankruptcy cost（破产成本）Bankruptcy cost is refers to the enterprise to pay the cost of financial crisis, it often occurs in the high debt ratio of enterprise

32、s. Higher debt ratio, the more difficult it is to achieve financial stability, the likelihood of financial distress is greater.破产成本是指企业支付财务危机的成本，它在负债率较高的企业经常发生。负债率越高，就越难实现财务上的稳定，发生财务危机的可能性就越大。（5）Agency Costs （代理成本）Costs associated with monitoring management to ensure that it behaves in ways consistent with the firms contractual agreements with creditors and shareholders监控管理以确保其行为方式与公司的合同协议，债权人和股东一致的相关费用。