財務管理英文版課件 2

Topic2:

IntroductiontoFinancialManagement(2)1.business企業(yè)，商業(yè)businesscircle企業(yè)界

2.financialrisk財務(金融)風險ThereisnofinancialriskinsellingtoEastEuropeancountriesoncredit.

向東歐國家賒銷沒有財務風險。

3.soleproprietorship私人業(yè)主制企業(yè)

proprietorship（所有權(quán)）Asoleproprietorshipisabusinessownedbyoneperson.Itistheclassicexampleofentrepreneur.單一業(yè)主指一人擁有公司，它是企業(yè)家經(jīng)營的典型模式。WordsStudy4.partnership合伙制企業(yè)partner合伙人

limitedpartnership有限合伙制企業(yè)

generalpartner一般合伙人

Apartnershipmayhaveunlimitedliabilityaswellaslimitedliability.

合營可以是無限責任也可以是有限責任。

5.separationofownershipandcontrol

所有權(quán)與經(jīng)營權(quán)分離

Thereasonoftheagencyrelationshipistheseparationofownershipandcontrol.

代理關(guān)系產(chǎn)生的原因就是所有權(quán)與經(jīng)營權(quán)的分離。6.claim要求權(quán)haveaclaimon(to)有對...要求權(quán)claimalargeamountagainsthim

要求他賠償大量金額7.Managementbuyout管理層收購8.tenderoffertakeoverbid（要約收購）9.NewYorkStockExchange紐約股票交易所NewYorkStockExchange

compositeindex

紐約證券交易所混合指數(shù)

10.Financialstandards財務準則11.initialpublicoffering(IP0)首次公開發(fā)行股票A$100investmentinDellstockatthe1988initialpublicofferingisworthmorethan$56,000today.在1988年最初上市時僅投資100美元的戴爾股票今天價值56000美元.

12.privatecorporation私募公司

closelyheldcorporation控股公司13.boardofdirectors董事會

executivedirector執(zhí)行董事Non-executive非執(zhí)行董事

chairperson（chairman)主席、董事長

independentdirector獨立董事An‘’independentdirector‘’isadirectorwhoshouldbeinapositiontoexerciseindependentjudgmentincarryingoutthefunctionsoftheAuditCommitteeofalistedcompany.

“獨立董事”是一個能夠在執(zhí)行審計委員會的功能時，做出獨立判斷的上市公司董事。14.controller主計長、管理者

thecontrollerofBBCRadio英國廣播公司廣播電臺負責人15.treasurer司庫、出納、財務主任

Whocanwehaveastreasurer?

我們能讓誰掌管財務呢？

16.MasterofFinancialManagement財務管理專業(yè)碩士

MasterofAccounting會計學碩士

MasterofBusinessAdministration(MBA)工商管理碩士17.revenue收入

profit利潤

earningspershare

每股盈余（EPS)18.return回報marketshare市場份額

Thomsonshavea48%marketshare.

湯姆森公司有48%的市場占有率.

socialgood社會福利financialdistress財務困境19.stakeholdertheory利益相關(guān)者理論20.value(wealth)maximization價值（財富）最大化21.commonstockholderorshareholder普通股股東

preferredstockholderorshareholder優(yōu)先股股東

debtholder(creditor)債權(quán)人22.well-being福利diversify多樣化

Sheworkedforthewell-beingoftheunderprivileged.

她為下層貧困民眾的福利而努力。

Wemustdiversifyourproducts.

我們必須于產(chǎn)品多樣化。23.learningcurve學習曲線goingconcern持續(xù)的24.agencyproblem代理問題25.free-ridingproblem搭便車問題26.informationasymmetry信息不對稱27.retailinvestor散戶投資者

institutionalinvestor機構(gòu)投資者28.principal-agentoragencyrelationship委托-代理關(guān)系29.netpresentvalue(NPV)凈現(xiàn)值

ThusAAIshouldinvestitsavailablecashinthepackageofprojectshavingthelargestaggregatenetpresentvalue.

因此AAI應該投資能夠投資于有最大的合計凈現(xiàn)值的項目組合。

30.creativeaccounting創(chuàng)造性會計創(chuàng)造性會計是指通過包裝或粉飾公司財務報表以求達到某種目的的會計處理方式，不同于做假賬，其本身并非違法行為，但使得公司財務報表信息嚴重失實。它是一種在不違背會計準則和有關(guān)會計法規(guī)的條件下，為達到某種目的而有意識地選擇會計程序和會計方法的活動。31.stockoption股票期權(quán)股票期權(quán)是指買方在交付了期權(quán)費后即取得在合約規(guī)定的到期日或到期日以前按協(xié)議價買入或賣出一定數(shù)量相關(guān)股票的權(quán)利。32、agencycost代理成本資產(chǎn)所有權(quán)與使用權(quán)的分離會產(chǎn)生委托代理關(guān)系，這種委托代理關(guān)系會產(chǎn)生代理成本。

34、takeover接管Thetakeovercause250redundancy.

接管移交造成250人的裁員。LessonTenClosingProceduresTextStudy2.1TypesofBusinessOrganization2.2CorporateStructureoftheCompany2.3ObjectivesofFinancialManagement2.4SeparationofOwnershipandControl2.5AgencyRelationships

2.1TypesofBusinessOrganizationanimportantdecisionasthelegalstructureaffectsthefinancialriskfacedbytheownerofthecompany.SoleProprietorship獨資企業(yè)Partnership合伙制企業(yè)Corporation公司anunincorporatedbusinessownedbyonepersonadvantageseasytoformNodoubletaxationdrawbacksNon-transferablelimitedlifelimitedpooloffundsunlimitedliability2.1.1SoleProprietorship

2.1.2Partnership1.定義：Abusinessownedbytwoormoreindividuals(calledpartners)Partnershipsmayoperateunderdifferentdegreesofformality,rangingfrominformal,oralunderstandingstoformalagreementsfiledwiththesecretaryofthestateinwhichthepartnershipwasformed.合伙制企業(yè)可以根據(jù)不同的手續(xù)形式，從非正式、口頭協(xié)議到正式文件合同的形成，之后合伙公司成立?；锇殛P(guān)系的協(xié)議，不論是正式或非正式的,都定義了合作伙伴之間共享的利益和虧損。2.1.2Partnership2.特點：（1）Unlimitedliability

無限連帶責任Ifanypartnerisunabletomeethisorherprorateliabilityintheeventthatthepartnershipgoesbankrupt,theremainingpartnersmustmakegoodontheunsatisfiedclaims,drawingontheirpersonalassetstotheextendnecessary.2.1.2Partnership（2）Ownershipisnottransferable所有權(quán)不得轉(zhuǎn)讓（3）Limitedlife生命有限Partnershipshavealimitedlifeinthatthedeathordepartureofapartnerdissolvesthepartnershipstructure.合伙企業(yè)生命有限，其中一個合伙人死亡或者是離開時合伙企業(yè)的組織結(jié)構(gòu)就解散了。2.1.2Partnership3.種類Generalpartnership——generalpartners普通合伙企業(yè)由普通合伙人組成，合伙人對合伙企業(yè)債務承擔無限連帶責任。

Limitedpartnership——generalpartnersandlimitedpartners

Thelimitedpartnersareliableonlyfortheamountoftheirinvestmentinthepartnership,whilethegeneralpartnershaveunlimitedliability.普通合伙人對合伙企業(yè)債務承擔無限連帶責任，有限合伙人以其認繳的出資額為限對合伙企業(yè)債務承擔責任。2.1.2PartnershipHowever,thelimitedpartnerstypicallyhavenocontrol,whichrestssolelywiththegeneralpartners,andtheirreturnsarelikewiselimited.alegalentityseparatefromitsowners.——separationofownership(shareholders)andcontrol(managers)Thismeansthatthecorporationcanownassets,enterintocontracts,sueandbesued.公司是一個與所有者獨立的法人實體。這意味著公司可以擁有自有資產(chǎn)，簽訂合同，起訴和被起訴（的權(quán)利）。

2.1.3CorporationBeingaseparatelegalentityalsoimpliesthatcorporateincomeistaxable,thusgivingrisetodoubletaxation,i.e.,corporatetaxonprofitspluspersonaltaxonafter-corporate-taxprofitsdistributedtoshareholders(theexceptionbeingafullimputationsystem).作為一個獨立的法人實體，也意味著企業(yè)的收入是應納稅的，因而形成雙重征稅，等等。即對企業(yè)利潤稅加上個人所得稅后，公司稅后利潤分配給股東（扣除利潤分配中重復課稅的制度除外）。Shareholderswhoholdsharesinacorporationownthecorporation.Sharesrepresentaclaimtocorporateprofits,whicharedistributedintheformofdividends,sharerepurchases,oracquisitionpayout,(e.g.,managementbuyoutsandtenderoffers).Shareholdershavelimitedliability.持有的公司股份的股東擁有公司。股份代表了對企業(yè)利潤的索?。ㄒ螅@是在對股息，股票回購，或收購支付的形式的分配，（例如，管理層收購和要約收購）。股東負有限責任。2.1.3CorporationDifferenttypesofcorporations:Publiccorporations上市公司

http:///stock/usstock/cnlist.htmlPrivatecorporations未上市公司Closelyheldcorporations控股公司山東電力集團：控股英大信托投資公司、魯能金穗期貨公司，并是湘財證券第一大股東和華夏銀行的第二大股東。公司Company~Co.Corporation~Corp.Companylimited~Co.,Ltd.Incorporated~Inc.TheBritishTobaccoCo.,Ltd.TheAmericanProductsCo.,Inc.FirmEnterpriseJointventure2.1.3CorporationTheseprovidemostofincorporation’sbenefitsbutdonotrelievetheparticipantsofprofessionalmalpractice.Indeed,theprimarymotivationbehindtheprofessionalcorporationistoprovideawayforgroupsofprofessionstoincorporateandthusavoidcertaintypesofunlimitedliability,yetstillbeingheldresponsibleforprofessionalliability.2.2CorporateStructureoftheCompany2.2.1Shareholder股東TheownersofthecompanyForasmallcompany,theownersofthecompanyareoftenthemanagersofthecompany.Ifyouownasmallbusinessyouarelikelytobeinvolvedintheday-to-dayoperationsofthecompany.Forlargecompanies,thereistypicallyaseparationofownershipfrommanagement.2.2.2BoardofDirectors董事會Theboardofdirectorsdonottakepartintheday-to-dayactivitiesofthecompany,butsupervisemanagementasrepresentativesoftheshareholders.Executivedirectors執(zhí)行董事Non-executivedirectors非執(zhí)行董事Independentdirectors獨立董事獨立董事理論上是指除了董事身份外與公司沒有任何其他契約關(guān)系的董事，它們既不是公司的雇員或親朋好友，也不是公司的供貨商、經(jīng)銷商、資金提供者，或者向公司提供法律、會計、審計和管理咨詢等服務的機構(gòu)職員或代表。An‘’independentdirector‘’isadirectorwhoshouldbeinapositiontoexerciseindependentjudgmentincarryingoutthefunctionsoftheAuditCommitteeofalistedcompany.

“獨立董事”是一個能夠在執(zhí)行審計委員會的功能時，做出獨立判斷的上市公司董事。Independentdirectors2.2.3CEOChiefExecutiveOfficer首席執(zhí)行官

President總裁

Generalmanager總經(jīng)理ChiefFinancialOfficer首席財務官Staff/line2.2.4CFO首席財務官Thisindividualisresponsibleforallfinancialaspectsofthecompanyandforthefinancialimplicationsofthecompany’sstrategy.Controller主計長、管理者Keepingrecordsofthefinancialactivities

Treasurer司庫、出納、財務主任

financialmanagementMasterofFinancialManagement/AccountingMasterofBusinessAdministration(MBA)

2.3ObjectivesofFinancialManagementTomakeeffectivedecisions,thefinancialmanagerneedsaclearobjectiveorgoaltoserveasastandardoracriterion.What’stheobjectionoffinancialmanagement?2.3.1StakeholderTheoryManagersshouldmakedecisionsthattakeintoaccounttheinterestsofallofafirm’sstakeholders.Themajorproblemisthatitinvolvesmultipleobjectives.2.3.2ValueorWealthMaximizationTomaximizelong-termfirmvalueorwealth.Maximizationofshareholderwealthfocusesonlyonstockholderswhereasmaximizationoffirmvalueencompassesallfinancialclaimholdersincludingcommonstockholders,debtholders,andpreferredstockholders.SeparationofOwnershipandControl

Theentitywhichownsthecompany(shareholders)isoftennottheonethatcontrolsthecompany’sresources(management)

2.4SeparationofOwnershipandControlWhy?Professionalmanagers’superiorabilityTogrowtoanoptimalsizeintermsofbusinessefficiencyEfficientdiversification’sneedThe“l(fā)earningcurve”or“goingconcern”effect1.ThereasonortheadvantageAdvantages:Professionalmanagerswouldbeexpectedtohavespecializedknowledgeandthereforesuperiorabilitytorunthebusiness.(specialization)Togrowtoanoptimalsizeintermsofbusinessefficiency,thefinancialresourcesofmanyhouseholdsmayhavetobepooled.Efficientdiversificationisdifficulttoachievewithoutseparationofownershipandmanagement.The"learningCurve”and“goingconcern”effect.Ifthebusinesswassoldandthepreviousownerwasnotthemanager,managementstaffwillcontinueintheirpositionandworkforthenewowner.SeparationofOwnershipandCrma