财务管理总结 英文
2020-03-03 23:35:16 来源：范文大全收藏下载本文
1.Maximizing a firm’s earnings after taxes.Problems
Could increase current profits while harming firm (e.g., defer maintenance, iue common stock to buy T-bills, etc.).
Ignores changes in the risk level of the firm.2.Maximizing earnings after taxes divided by shares outstanding.
Does not specify timing or duration of expected returns.
Ignores changes in the risk level of the firm.Calls for a zero payout dividend policy.3.Market value of all of aets
Principals must provide incentives so that management acts in the principals’ best interests
Incentives include, stock options（股票期权）, perquisites（额外所得）, and bonuses（奖金红利）。
4.Wealth maximization does not preclude the firm from being socially responsible.Protecting the consumer
Paying fair wages to employees
Maintaining safe working conditions Supporting education
Protecting environmental iuesCorporate Governance
Corporate 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 tax 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 capital
Disadvantages：Double taxation，More difficult to establish ，More expensive 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 Savings
of 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 aet’s 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) fixed dividend, but at the discretion of the board of directors.
Preferred Stock has preference over common 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 WACC
2.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 unexpected 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 obligations
2 Capacity – ability to meet financial obligations out of operating cash flows 3 Capital – financial reserves（储备） 4 Collateral – aets pledged as security
5 Conditions – general economic conditions related to customer’s busine
Strengths:
1 Easy to use and understand2Can be used as a measure of liquidity3Easier to forecast ST than LT flows Weaknees:
1Does not account for TVM
2Does not consider cash flows beyondthe PBP
3Cutoff period is subjectiveStrengths:1Accounts for TVM
2Considers all cash flows3 Le subjectivity1 Aumes all cash flows reinvested atthe IRR
2Difficulties 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 NPV
2Allows comparison of different scale projects Weaknees: 1Same as NPV
2Provides only relative profitability 3Potential Ranking Problems
风险与报酬：
Risk: The variability of returns from those that are expected.
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 explained 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:
Income received on an investment plus any change in market price, usually expreed 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 expected return on a risky aet depends only on that aet’s systematic risk since unsystematic risk can be diversified away Risk Premiums（风险溢价）
The “extra” 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 rate
Standard 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 Risk
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
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.
Systematic Risk Principle
There is a reward for bearing risk
There is not a reward for bearing risk unnecearily
The expected return on a risky aet depends only on that aet’s systematic risk since unsystematic risk can be diversified away Total Risk
Total risk = systematic risk + unsystematic risk
The standard deviation of returns is a measure of total risk
For well diversified portfolios, unsystematic risk is very small
Consequently, the total risk for a diversified portfolio is eentially equivalent to the systematic risk
Returns
Total Return = expected return + unexpected return
Unexpected return = systematic portion + unsystematic portion
Therefore, total return can be expreed as follows:
Total Return = expected return + systematic portion + unsystematic portion
Expected versus Unexpected Returns
Realized returns are generally not equal to expected returns
There is the expected component and the unexpected component
At any point in time, the unexpected return can be either positive or negative
Over time, the average of the unexpected component is zero Portfolios(组合）
A portfolio is a collection of aets
An aet’s 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 expected return and standard deviation, just as with individual aets
CAPM Aumptions
1.Capital markets are efficient.
2.Homogeneous investor expectationsover a given period.
3.Risk-free aet return is certain(useshort- to intermediate-termTreasuries as a proxy).
4.Market portfolio contains onlysystematic risk (use S&P 500 Indexor similar as a proxy).
Beta: An index of systematic risk.
It measures the sensitivity of a stock’s returns
to 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 firm’s investment in current aets.Working Capital Management
The administration of the firm’s current aets and the financing needed to support current aets.
Speeding Up Cash Receipts
Expedite preparing and mailing the invoice Accelerate the mailing of payments from customers
Reduce 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 Draft
Payroll and Dividend DisbursementsZero Balance Account (ZBA)
3.Remote and Controlled Disbursing Common Money Market Instruments Money Market Instruments
All 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 relaxing credit standards A larger credit department Additional clerical work
Servicing additional accounts Bad-debt loes Opportunity costs
Analyzing the Credit Applicant
Obtaining information on the credit applicant Analyzing this information to determine the applicant’s creditworthine Making the credit decision Sources of Information
The company must weigh the amount of information needed versus the time and expense required.Financial statements Credit ratings and reports Bank checking Trade checking
Company’s own experience Credit Analysis
A credit analyst is likely to utilize information regarding:
the financial statements of the firm (ratio analysis)
the character of the company the character of management the financial strength of the firm
other 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 inventory
Finished-goods inventory
Inventories provide flexibility for the firm in: Purchasing
Production scheduling
Efficient servicing of customer demands
Capital Rationing occurs when a constraint (or budget ceiling) is placed on the total size of capital expenditures during a particular period.Dependent -- A project whose acceptance depends on the acceptance of one or more other projects.
Mutually Exclusive -- A project whose acceptance precludes the acceptance of one or
more alternative projects.
Interpretation of the DOL
Key Conclusions to be Drawn from the previous slide and our Discuion of DOL DOL is a quantitative measure of the “sensitivity” of a firm’s operating profit to a change in the firm’s sales.
The closer that a firm operates to its break-even point, the higher is the absolute value of its DOL.
When comparing 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 alternatives on earnings per share.The break-even point is the EBIT level where EPS is the same for two (or more) alternatives.(每股收益相等时的息税前盈余水平)
Financial Risk -- The added variability in earnings per share (EPS) -- plus the risk of poible insolvency -- that is induced by the use of financial leverage.
Total Firm Risk -- The variability in earnings per share (EPS).It is the sum of busine plus financial risk.
人人范文网 m.inrrp.com.cn 手机版