財務(wù)管理專業(yè)英語(吐血整理)

1、Topic1：1、Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.財務(wù)管理是為了實現(xiàn)一個公司總體目標(biāo)而進(jìn)行的涉及到獲取、融資和資產(chǎn)管理的綜合決策過程。2、Making financial decisions is an integral part of all forms and sizes o

2、f business organizations from small privately-hold forms to large publicly-traded corporations.做財務(wù)決策對于所有形式和規(guī)模的商業(yè)組織，無論是小型私人公司還是大型公開上市公司，都是不可分割的一部分。3、In todays rapidly changing environment, the financial manager must have the flexibility to adapt to external factors such as economic uncertainty, globa

3、l competition, technological change, volatility of interest and exchange rates, changes in laws and regulations, and ethical concerns.在當(dāng)今瞬息萬變的環(huán)境中，財務(wù)經(jīng)理必須具備足夠的靈活性以適應(yīng)外部因素，如經(jīng)濟的不確定性、國際競爭、技術(shù)變革、利息波動、匯率變動、法律法規(guī)變化以及商業(yè)道德問題。4、The process of planning and managing a firms long-term investments is called capital b

4、udgeting規(guī)劃和管理一個公司的長期投資的過程是資本預(yù)算。5、Net working capital defined as current assets minus current liabilities凈營運資本定義為流動資產(chǎn)減去流動負(fù)債。6、Money begets(or breeds or gets) money錢產(chǎn)生錢（或品種或獲?。?。7、The financial manager also acts as a liaison between others in the finance department and management personnel from other d

5、epartments財務(wù)經(jīng)理也要在財務(wù)部和管理部門的人員之間扮演聯(lián)絡(luò)人角色。8、By issuing common stock，the firm dilutes the control of current owners but does not have to repay the funds obtained from the stock sale通過發(fā)行普通股，公司稀釋了現(xiàn)有股東的控制權(quán)，但不需要償還出售股票獲得的資金。9、 Although considerable debate exists over the precise model for estimating risk and

6、return ，few contest the notion of a risk-return tradeoff盡管估計風(fēng)險和回報的精確模型存在著相當(dāng)大的爭議，但很少人反對風(fēng)險收益權(quán)衡這一概念。10、chief executive officer：總裁、首席執(zhí)行官(簡稱C.E.O.)11、stock offering：股票發(fā)行Topic2：1、 GMs senior managers rebuffed the shareholders通用汽車公司的高級管理人員拒絕了股東。2、Agency problems involving the separation of ownership and ma

7、nagement and mechanisms for aligning the interests of owners and managers代理問題涉及所有權(quán)和經(jīng)營權(quán)的分離及所有者與管理者利益的結(jié)合機制。3、The drawbacks are that it is non-transferable ，has a limited life and a limited pool of funds ，and the proprietor has unlimited liability缺點是，它是不可轉(zhuǎn)讓的，期限有限，資金有限，而且業(yè)主承擔(dān)無限責(zé)任。4、This means that the c

8、orporation can own assets， enter into contracts ，sue and be sued這意味著公司可以擁有自己的資產(chǎn)，簽訂合同，起訴與被起訴。5、These provide most of incorporations benefits but do not relieve the participants of professional malpractice（失職）這些給公司提供大部分的利益但不減輕會員的專業(yè)事故。6、 profit maximization focuses on accounting profits，lack a time dim

9、ension and ignores risk利潤最大化的重點是會計利潤，缺乏時間維度，忽視風(fēng)險。7、Some dissertation exists on whether the criterion should be the maximization of market value of the stockholders or that of the firm一些論文討論應(yīng)是以股東還是公司的市場價值最大化為標(biāo)準(zhǔn)。8、This single-valued objective serves as a prerequisite for rational behavior within an or

10、ganization這種單一價值目標(biāo)作為組織內(nèi)合理行為的先決條件。9、The corporate objective function assumes that managers operate in the best interests of stockholders，not themselves，and not attempt to expropriate wealth from lender to benefit stockholders企業(yè)的目標(biāo)函數(shù)假定管理者為了股東的最佳利益工作，而不是自己的，而且不會征用債務(wù)人的財富來使股東受益。10、 Agency problems are sa

11、id to result from the divergence in interest代理問題來源于利益的差異化。11、 managers may squander（浪費） corporate funds on excessively lavish corporate offices and jets管理者會浪費企業(yè)資金，用于奢華的公司辦公室和設(shè)備。12、corporation whose shares are held by a few individuals are called closely held corporation公司股份由少數(shù)人持有，這樣的公司稱為控股公司。13、A fe

12、w possibilities include maximizing revenues（總收入） ，profits ，earning per share（每股收益），returns，market share，or social good可能包括收入的最大化，利潤，每股收益，回報，市場份額，或社會福利。14、 sole proprietorship：個人獨資企業(yè)15、tender offer：要約收購16、principal-agent or agency relationship：委托-代理關(guān)系（代理關(guān)系）17、stock options：股票期權(quán)Topic5：1、For most of us

13、，taking the money in the present is just plain instinctive對于我們大多數(shù)人來說，拿了錢，在目前只是普通的本能。2、Annuity due，in which the first cash flow in the series occurs at the beginning of each period先付年金，是指一系列中的第一次現(xiàn)金流量發(fā)生在每個階段的開始。3、The notion that money has time value is intuitively appealing.金錢有時間價值這一概念直觀的吸引人。4、The int

14、erest rate is in essence a specialized form of time value of money，and pertains generally to the use of debt instruments.利率在本質(zhì)上是貨幣時間價值的特殊形式，一般涉及債務(wù)工具的使用。5、Most credit card holders are acutely aware of the implications of missing an interest payment as this amount is then added to the outstanding bala

15、nce to calculate the amended amount owing!大多數(shù)信用卡持有人都能敏銳地意識到這種錯過利息支付的暗示，因為這個數(shù)目會被加到未付余額中以計算修正后的欠款數(shù)目！6、There are three basic approaches to valuing financial assets-discounted cash flow(DCF) valuation，relative valuation，and contingent claim valuation.有三種基本方法評估資產(chǎn)貼現(xiàn)現(xiàn)金流，相對估值，和或有要求權(quán)估價。7、Term to maturity or

16、simply maturity of a bond is the length of time until the agreement expires.債券的到期時間是直到協(xié)議到期的這段時間。8、Because a call provision is beneficial to the issuer，the issuer usually has to offer investors some enticements to sell such a bond.因為贖回條款對發(fā)行人有益，發(fā)行人通常為投資者提供一些誘惑來出售這種債券。9、A sinking fund provision permits

17、 the issuer to retire a bond through a series of predefined principal payments over the life of the issue.償債基金條款要求發(fā)行人在償債期間通過一系列預(yù)先支付的基金來償還債券。10、The trustee monitors the issuer to ensure that he complies(comply) with all terms of the indenture.受托人監(jiān)督發(fā)行人，保證他遵守契約的所有條款。11、Unsecured debt，also called a debe

18、nture，represents bonds raised without any collateral.信用借貸，也被稱為信用債券，代表了沒有任何抵押額債券。FVIFA(future value interest factor for annuities)：年金終值系數(shù)PVIFA( present value interest factor for annuities)：年金現(xiàn)值系數(shù)Topic6：1、It disregards the fact that a project is only one asset within a firms portfolio of assets and th

19、at a firms stock is only one stock in most investors portfolios.它忽視這樣一個事實：項目只是公司的投資組合資產(chǎn)中的一個資產(chǎn)，公司的股票只是在大多數(shù)投資者的投資組合中的一只股票。2、The uncertainty of future outcomes is usually expressed in terms of probability and plotted in a probability distribution which can be expressed as an equation called the probabi

20、lity distribution function.未來結(jié)果的不確定性通常表示為條件概率和繪制的概率分布，它可以表示為一個方程稱為概率分布函數(shù)。3、This assumption greatly simplifies investment analysis，as two parameters，the expected return (mean) and the standard deviation，are sufficient to completely describe the probability distribution of all financial returns.這一假設(shè)大大

21、簡化了投資分析，作為兩種參數(shù)，預(yù)期收益（平均）和標(biāo)準(zhǔn)偏差，足以完全描述所有投資回報的概率分布。4、They are symmetrical with densities more concentrated in the middle than in the tails.他們是對稱的，而且中間比兩邊更密集。5、Hence，the price is inelastic(無彈性的) with respect to the output so the price graph is horizontal.因此，價格在輸出方面的無彈性導(dǎo)致價格圖水平。6、In efficient markets，price

22、s become not predictable but random，so no investment pattern can be discerned（察覺）.在有效市場中，價格變得不可預(yù)測且隨機，所以看不出投資模式。7、Hence，only new and unanticipated information triggers stock price changes.因此，只有新的和意想不到的信息，引發(fā)股票價格的變化。8、The fact that portfolio variance also depends on security covariance added to the pla

23、usibility of the approach.事實上，投資組合方差也取決于證券協(xié)方差和方法的合理性。9、Therefore，the relevant risk of an individual stock，which is called its beta coefficient.因此，個人股票的相關(guān)風(fēng)險，即它的系數(shù)。price taker(s) ：價格接受者post-earnings announcement drift：期后盈余披露mean-variance efficient frontiers：均值方差有效邊際arbitrage pricing theory(APT)： 套利定價理

24、論Topic7：1、The world largest markets of software and personal computers respectively，planned to work together to develop ，test，validate or ensure that products conform to standards and deploy new products世界最大的軟件和個人電腦市場，計劃共同開發(fā)，測試，證實或確保產(chǎn)品符合標(biāo)準(zhǔn)和部署新產(chǎn)品。2、another is to classify them according to the degree

25、of their dependence on other projects into independent and mutually exclusive projects另一個分類是根據(jù)其依賴于其他項目的程度分為獨立的和互不相容的項目。3、mutually exclusive projects are those in which the acceptance of one project precludes the acceptance of others互不相容的項目是指一個項目的實施阻止其他項目的實施。4、the firm forgoes the opportunity to empl

26、oy the asset in its alternative use該公司放棄該資產(chǎn)用于其他用途的機會。5、For internal reporting purposes，accountants often allocate existing overhead , such as general and administrative expenses對內(nèi)報表，會計通常分配現(xiàn)有的制造費用，如一般費用及管理費用。6、A projects residual value will be the disposal value of the projects assets，less any disman

27、tling（分解成本） and removal（轉(zhuǎn)移成本） costs associated with the termination（結(jié)束,終止） of projects一個項目的殘余價值等于項目資產(chǎn)的處置價值減去與項目結(jié)束時有關(guān)的分解成本和轉(zhuǎn)移成本。7、Discounted payback period is the length of time required for an investments cumulative discounted cash flows to equal Zero折現(xiàn)回收期是指投資累計折現(xiàn)現(xiàn)金流量等于零所需時間的長度。8、Underlying this met

28、hod is the notion that a firm is more inclined to adopt a project if it can recover its initial outlay quickly這種方法的基本概念是一個企業(yè)更傾向于采取一個可以很快收回其初始投資成本的項目。9、Sometimes a companys managers believe that they are prevented from undertaking all acceptable projects because of a shortage of funds。Capital rationi

29、ng is the term used to describe such a situation有時，一個公司的經(jīng)理認(rèn)為因資金短缺他們無法承擔(dān)所有可接受的項目。資本限額就是用來描述這樣的情況。10、So a percentage of all projects undertaken by any reasonably aggressive firm will necessarily go awry所以任意合理積極的公司從事的所有項目的一部分必然會出錯。 Topic8：？1、This issuing corporation receives the proceeds from the sale

30、of the new securities發(fā)行公司收到銷售證券的收益。2、Investment banks neither take deposits nor make loans投資銀行不接受存款和貸款。3、Regulations prohibit issuing corporations from stabilizing their shares to prevent them from manipulating their share price規(guī)定禁止發(fā)行公司穩(wěn)定他們的股票以防止他們操縱股價。4、A rights offer，also called a privileged subsc

31、ription，involves initially offering the securities to the firms existing stockholders認(rèn)股權(quán)發(fā)行，也被稱為特權(quán)認(rèn)購，意味著最先向公司現(xiàn)有的股東發(fā)行證券。5、Conferring instant superwealth on a few talented and lucky entrepreneurs賦予少數(shù)有才干的人和幸運企業(yè)家即時巨大的財富。6、Secondary markets exist for bonds , stocks, options, future contracts , and other f

32、inancial assets二級市場存在的債券，股票，期權(quán)、期貨合約和其他金融資產(chǎn)。7、But this breakdown is sufficient to show that there are many types of financial markets但此破裂足以表明，有多種類型的金融市場。8、And a reluctance on the part of individual countries to give up control over their national monetary policies個別國家部分不愿意放棄對自己國家的貨幣政策的控制。9、A derivati

33、ve is any security whose value is derived from the price of some other underlying asset一個衍生工具其價值是從一些其他標(biāo)的資產(chǎn)的價格中獲得的。10、Investment banks provide three major services in handing a new security issue : advising ，underwriting ，and ，marketing投資銀行提供三大服務(wù)：在移交一個新的安全問題提供咨詢，包銷，營銷。11、Underwriting is the act of bu

34、ying a new security form a company and reselling it to investors包銷是從一個公司購買新的證券再轉(zhuǎn)售給投資者。12、An investment banker that acts to guarantee the sale of a new securities issue by buying the securities for subsequent resale to the public is called an underwriter投資銀行家通過購買證券隨后轉(zhuǎn)售給公眾以保證新證券發(fā)行的銷售量，被稱為一個擔(dān)保人。13、A pu

35、blicly held firm can often attract better managers by offering them incentive stock options ， which allow managers to buy shares of the firms stock at a predetermined price公眾持有的公司往往能吸引更好的管理者，通過向他們發(fā)行激勵性股票期權(quán)，這讓管理者以事先確定的價格購買公司股票的股份。14、Many corporate charters include a preemptive right giving existing s

36、tockholders the right to buy new shares of common stock issued in proportion to their current ownership許多公司章程，包括優(yōu)先權(quán)，給現(xiàn)有股東購買新普通股份額的權(quán)利，（以保證）其在目前的所有權(quán)中的比例。15、Companies use other sources of financing to a lesser extent such as convertible debt 公司使用程度較輕的其他融資來源，比如可轉(zhuǎn)換債券。16、Fortunately , these financial assets usually constitute a small percentage capital of most firms幸運的是,這些金融資產(chǎn)通常構(gòu)成大多數(shù)企業(yè)一個很小的百分比資本。Topic9：1、We also discuss the Modigliant-Miller theorem of capital structure irrelevance for a firm when there are no taxes or other market frictions.我們也討論了公司在沒有稅務(wù)或其他市場摩擦?xí)rMM的資本結(jié)構(gòu)無關(guān)理論。2、Whats more,