BEC高級(jí)module5教學(xué)講解課件

Module5MoneyandFinanceGdutFunctionsofMoneyMediumofexchangeAunitofaccount:measuringthevalueofgoodsandservicesAtemporarystoreofvalueFinanceThemanagementofmoney財(cái)務(wù)管理；財(cái)政MinistryofFinance;Moneyusedtosupportanundertaking,fund:資金[finances]themoneythatanorganizationorpersonhas,andthewaythattheymanageit財(cái)源，財(cái)力，財(cái)務(wù)狀況V：fund，toprovidemoneyforaprojectContentsMoneyexpressionAbankloanAcultureofdebtChoosinganinvestmentCompanyfinanceBusinesscostsMoneyexpressionMoneyoftencoststoomuch.RalphWaldoEmerson,EssayistIt’sexpensivetoborrowmoney.Pursuingmoneyonlymakesyouneglectthemoreimportantthingsinlife.Invoiceinvoicesb(forsth)|invoicesth(tosb/sth)towriteorsendabillforworkyouhavedoneorgoodsyouhaveprovidedBeinvoicedforthegoodsN.listofgoodssoldorservicesprovidedwiththeprice(s)charged,espsentasabillCompare:bill,check;receipt,voucherAbankloanAloanisatypeofdebt.Likealldebtinstruments,aloanentailstheredistributionoffinancialassetsovertime,betweenthelenderandtheborrower.Inaloan,theborrowerinitiallyreceivesorborrowsanamountofmoney,calledthe

principal(本金),fromthelender,andisobligatedtopaybackorrepayanequalamountofmoneytothelenderatalatertime.Typically,themoneyispaidbackinregular

installments,orpartialrepayments.Theloanisgenerallyprovidedatacost,referredtoasinterestonthedebt,whichprovidesanincentiveforthelendertoengageintheloan.TypesofloansSecuredloan:aloaninwhichtheborrowerpledgessomeasset(e.g.acarorproperty)ascollateral(抵押物)fortheloan.Eg:mortgageloanUnsecuredloan:monetaryloansthatarenotsecuredagainsttheborrower'sassets.Eg:creditcarddebtDemandloan:shorttermloans(typicallynomorethan180days)thatareatypicalinthattheydonothavefixeddatesforrepaymentandcarryafloatinginterestratewhichvariesaccordingtotheprimerate.Theycanbe"called"forrepaymentbythelendinginstitutionatanytime.Demandloansmaybeunsecuredorsecured.SecurityforaloanMortgagedpropertyAcar/house:mortgageloanBorrowersdonothaveacleartitleoveritandcannotsellitwithoutthelender'sconsent.AguarantorAperson,theguarantor,agreestopaybackthedebtiftheborrowercan'torwon't.UsefulTermsOutgoing(日常開支):themoneythatyouhavetospendregularly,forexampleonrentorfoodSecurity(抵押品):jewelry,insurancepolicies,realestate,etcthatcanbeusedtoguaranteethatonewillpaybackborrowedmoneyorkeepapromise,e.g.lendmoneyonsecurity.CivilService(政府機(jī)關(guān))/CivilorPublicServant(公務(wù)員):Bodyofgovernmentemployeesentrustedwiththeadministrationofthecountry,andmandatedtocarryoutthepolicyofthegovernment.Blue-chipstocks(藍(lán)籌股):Stocksissuedbylargecompaniesarecalledbluechipstocks.Becausethecompaniesarewellestablished,withsomewhatpredictableearnings,theirstockpricestendtofluctuatelessthanotherequitiesandthushaverelativelystableprices.Thesecompaniesoftenpaysteadydividends,givingtheinvestorincomeinadditiontothepotentialforcapitalappreciation.AcultureofdebtAlanGreenspan:AmericaneconomistservedasChairmanoftheFederalReserveoftheUnitedStatesfrom1987to2006.UsefulTermsRemortgaging(再抵押):Aremortgage(alsoknownasrefinancing)istheprocessofpayingoffonemortgagewiththeproceeds(收益)orearningsfromanewmortgageusingthesamepropertyassecurity.Oftenthepurposeofswitchingistosecureamorefavorableinterestratefromadifferentlender.Down-payment(定金/首期款):adepositorfirstinstallmentonsomethingbeforethefullamountispaid.Negativeequity(負(fù)資產(chǎn)):Negativeequityoccurswhenthevalueofanassetusedtosecurealoanislessthantheoutstandingbalanceontheloan.IntheUnitedStates,assets(particularlyrealestate,whoseloansaremortgages)withnegativeequityareoftenreferredtoasbeing"underwater",andloansandborrowerswithnegativeequityaresaidtobe"upsidedown".Equity:[finance]themoneyforbusinessactivities(capital)thatacompanyobtainsbysellingsharesratherthanfromloans:股本toissue/raiseequityanequityinterest/stake(insth)equityholdings/investments

equitymarkets/prices/values

anequityanalyst/investor/trader

2.(Finance;StockExchange)equities[pl.]sharesincompanies,especiallyordinaryshares;thebusinessoftradingshares:普通股票tobuy/hold/investin/sell/tradeequities3.(alsohomeequity,especiallyinAmE)[U])thevalueofapropertyafteralldebtshavebeenpaid:抵押資產(chǎn)的凈值Equity=assets-liabilitiesTheyhave10yearsofmortgagepaymentsleftandabout$75000equityintheirhome.Homeequityloan（房屋凈值貸款）atypeofloaninwhichtheborrowerusestheequityintheirhomeascollateral(抵押物).usefultofinancemajorexpensessuchashomerepairs,medicalbillsorcollegeeducation.Ahomeequityloancreatesalien(扣押權(quán))againsttheborrower'shouse,andreducesactualhomeequity.Lien：righttokeepsb'spropertyuntiladebtowedinconnectionwithit(forrepair,transport,etc)ispaidEquityBorrowing(房屋淨(jìng)值貸款)HomeequityborrowingEquityfinancing-orequityloans-areaflexibleformofborrowingsecuredbyyourhome.Homeequityloansletyoudrawontheinvestmentyouhaveinyourhometodoavarietyofthings,suchas:RenovateormakehomeimprovementsBuyanewcarPurchaseaninvestmentpropertyFinanceschoolormedicalfeesConsolidateyourdebtsEquityBorrowing(房屋淨(jìng)值貸款)Equityexplained

Equityisthedifferencebetweenwhatyouoweonyourpropertyanditscurrentmarketvalue.Forexample,ifyourhomeisworth$200,000andtheprincipalremainingonyourmortgageis$40,000,theportionofyourhomewhichyouown-theequity-is$160,000.EquityBorrowing(房屋淨(jìng)值貸款)Howitworks

Youcanusetheequityinyourhomeassecurityforaloan.Mostlenderswillallowyoutoborrowsomeorallofthevalueoftheequity.Becausethevalueofyourhomealmostalwaysexceedsthedebt,itislessriskylendingagainstequity.Henceinterestratesontheseloansareoftenlower.EquityBorrowing(房屋淨(jìng)值貸款)AdvantagesofequityborrowingLetyouuseyourlargestsourceofwealth-yourhomeFlexible,quickformoffinanceCanbeusedforawiderangeofneeds,frompayingbillstoinvestinginsharesInterestratescanbelower.EquityBorrowing(房屋淨(jìng)值貸款)Disadvantagesofequityborrowing:Aswithanymortgagesecuredagainstyourhome,ifyoudefaultonpaymentsthelendermaycallinorsuspendtheloanCanextendthetimeneededtopayoffyourmortgageYourhousecandeclineinvalue,reducingyourequity.Borrowandspendpolicy:

goodorevilDebtisgood.

--morespending—moreeconomicgrowth--improvethelivingstandardDebtisevilIfassetvaluescrashmoredebt–moremoneyinthemarket–potentialriskofinflation–unstablesocietyandmarketToomuchdebt–notpayable–baddebt–bankruptcy–unemploymentACultureofDebtRemortgageyourhome:toborrowmoremoneyagainstthevalueofyourhousewhenyouhavealreadydonesoonceTomakeadown-payment:toputadepositorfirstinstallmentonsomethingbeforepayingthefullamountAssetvaluewillcrash:thevalueofpeople’spropertieswillfallsuddenlyTobeinnegativeequity:whenyourdebtsaregreaterthanyourassets.PresentationP49,speaking5Ponderoverthefollowingquestions:Whatfactorsshallbeconsideredwhenchoosinganinvestment?Figureoutthepriority.Whatwouldbetherisks?Whichcinemawillyouconsiderabetterchoiceandwhy?Whatarethedisadvantagesandadvantages?Usethelanguageboxtomakeyourpresentation.Mutiplex(綜合性多廳影院):Abuilding,especiallyamovietheaterordwelling,withmultipleseparateunits.p.a.(每年):perannumIndependentCinema(獨(dú)立電影院):Anindependentcinemaisusuallyasmallcinemaplayingindependentfilmsorartfilms.Anindependentfilmisafilmthatisproducedmostlyoutsideofamajorfilmstudio.Thetermalsoreferstoartfilmswhichdiffernoticeablyfrommostmassmarketedfilms.Inadditiontobeingproducedbyindependentproductioncompanies,independentfilmsareoftenproducedand/ordistributedbysubsidiariesofmajorstudios.Inordertobeconsideredindependent,lessthanhalfofafilm'sfinancingshouldcomefromamajorstudio.Independentfilmsaresometimesdistinguishablebytheircontentandstyleandthewayinwhichthefilmmakers'personalartisticvisionisrealized.Usually,butnotalways,independentfilmsaremadewithconsiderablylowerbudgetsthanmajorstudiofilms.Generally,themarketingofindependentfilmsischaracterizedbylimitedreleasedesignedtobuildword-of-mouthortoreachsmallspecialtyaudiences.CompanyfinanceHowtomanagethecompany’sfinance?Whatsmallbusinesswouldyouliketosetup?Thinkofthefinancialrisksofsuchaventureandlistthemout.FinancialrisksCashflowproblemsfromlatepaymentbycustomers.TakingoutloanstheycannotserviceproperlyNotkeepingcashreservesfortimesofdifficultyNotinsuringthemselvesagainstbusinessrisk.NotsettingasideenoughmoneyformarketingandadvertisingNotprovidingfortheirownretirementFinancialtermsVariablecost:expensesthatchangeinproportiontotheactivityofabusiness.Fixedcost:businessexpensesthatarenotdependentonthelevelofgoodsorservicesproducedbythebusinessWhatarethey?Rent,salary,fuelconsumption,rawmaterial,maintenancefee,manufacturingoverheads,electricityFinancialtermsCurrentassets:cashandotherliquidassetsthatcanorwillbeconvertedtocashorusedwithinoneyear.Fixedassets:plant,property,equipment,andotherassetsexpectedtolastformorethanoneyear.Accumulateddepreciationrepresentsthecumulativevalueoffixedassetsthathavebeenexpensedordepreciated.Currentliability:claimsofcreditorsthataretoberepaidwithinoneyear.Long-termdebt:debtsthatcomedueoneyearorlongerafterthedateonthebalanesheet.Owner’s(shareholder’s)equity:claimsoftheproprietor(業(yè)主，老板),partners,orstockholdersagainsttheassetsofthefirm;thedifferencebetweentotalassetsandtotalliabilities.Dividends：anamountoftheprofitsthatacompanypaystoshareholdersAccountspayable:

aaccountsub-ledgerthatrecordsamountsthatapersonorcompanyowestosuppliers,buthasnotpaidyet(aformofdebt),sometimesreferredastradepayables.Eg:Whenaninvoiceisreceived,itisaddedtothefile,andthenremovedwhenitispaid.Inhouseholds,accountspayableareordinarilybillsfromtheelectriccompany,telephonecompany,cabletelevisionorsatellitedishservice,andothersuchregularservices.Inabusiness,thereisusuallyamuchbroaderrangeofservicesintheA/Pfilemostbusinessentities,AccountsReceivableistypicallyexecutedbygeneratinganinvoiceandeithermailingorelectronicallydeliveringittothecustomer,who,inturn,mustpayitwithinanestablishedtimeframe,calledcredittermsorpaymentterms.Operatingincome:grossincomeminusoperatingexpenses,alsocalledEBIDA(earningbeforeinterestdepreciation,taxesandamortization(分期償還))Financialstatement財(cái)務(wù)報(bào)表：aformalrecordofthefinancialactivitiesofabusiness,person,orotherentity.Theobjectiveoffinancialstatementsistoprovideinformationaboutthefinancialposition,performanceandchangesinfinancialpositionofanenterprisethatisusefultoawiderangeofusersinmakingeconomicdecisions

Balancesheet:alsoreferredtoasstatementoffinancialpositionorcondition,reportsonacompany'sassets,liabilities,andOwnershipequityatagivenpointintime.Incomestatement:alsoreferredtoasProfitandLossstatement(ora"P&L"),reportsonacompany'sincome,expenses,andprofitsoveraperiodoftime.Profit&Lossaccountprovideinformationontheoperationoftheenterprise.Theseincludesaleandthevariousexpensesincurredduringtheprocessingstate.Statementofretainedearnings:explainsthechangesinacompany'sretainedearningsoverthereportingperiod.Statementofcashflows:reportsonacompany'scashflowactivities,particularlyitsoperating,investingandfinancingactivities.Incomestatement(損益表)Balancesheet(資產(chǎn)負(fù)債表assets資產(chǎn)；liabilities債務(wù))Cashflowstatement(現(xiàn)金流量表)Tocheckwhetherabusinessishealthy,youneedtolookat…CashflowCashflowTheflowofcashintoandoutofabusinessoveraperiodoftime.Watchingthecashinflowsandoutflowsisoneofthemajormanagementtasksofanowner.Theoutflowofcashismeasuredbythosechecksyouwillwriteeverymonthtopaysalaries,suppliers,andcreditors(債權(quán)人CF：debtor債務(wù)人).Theinflowsarethecashyoureceivefromcustomers,lenders,andinvestors.InflowsLoansIncomesofthesalesofyourproductorservice….OutflowsLaborcostTaxLoanrepaymentProductioncostCanyounamesometypicalinflowsandoutflows

foracompany?UsefulTermsTypicalInflowsandOutflows

UsefulTermsTypicalInflowsandOutflowsPrincipal:本金

UsefulTermsTypicalInflowsandOutflows

Inflows＞outflowsPositivecashflowInflows＜o(jì)utflowsNegativecashflowUsefulTermsNetChangeinCash(現(xiàn)金的凈值變化):NetChangeincashistheincreaseordecreaseincashfromthebeginningtotheendofayear.NetChangeinCashrepresentsthesumof:CashFromOperatingActivitiesCashFromInvestingActivitiesCashFromFinancingActivitiesForeignExchangeEffects.Comparingacompany'snetchangeincashtothosegeneratedbyitsindustrypeersisagoodwaytogaugethehealthofitscashflowsituation.Acompanynotgeneratingthesameamountofcashascompetitorsisboundtoloseoutwhentimesgetrough.However,sinceprofitabilityiscomposedofitemsthatarenotcash-based,netchangeincashdoesnotdoaverygoodjobofindicatingtheoverallfinancialwell-beingofacompany.purposesOwnersandmanagersrequirefinancialstatementstomakeimportantbusinessdecisionsthataffectitscontinuedoperations.Financialanalysisisthenperformedonthesestatementstoprovidemanagementwithamoredetailedunderstandingofthefigures.Thesestatementsarealsousedaspartofmanagement'sannualreporttothestockholders.Employeesalsoneedthesereportsinmakingcollectivebargainingagreements(CBA)withthemanagement,inthecaseoflaborunionsorforindividualsindiscussingtheircompensation,promotionandrankings.Prospectiveinvestorsmakeuseoffinancialstatementstoassesstheviabilityofinvestinginabusiness.Financialanalysesareoftenusedbyinvestorsandarepreparedbyprofessionals(financialanalysts),thusprovidingthemwiththebasisformakinginvestmentdecisions.Financialinstitutions(banksandotherlendingcompanies)usethemtodecidewhethertograntacompanywithfreshworkingcapitalorextenddebtsecurities(suchasalong-termbankloanordebentures)tofinanceexpansionandothersignificantexpenditures.Governmententities(taxauthorities)needfinancialstatementstoascertaintheproprietyandaccuracyoftaxesandotherdutiesdeclaredandpaidbyacompany.Vendorswhoextendcredittoabusinessrequirefinancialstatementstoassessthecreditworthinessofthebusiness.Mediaandthegeneralpublicarealsointerestedinfinancialstatementsforavarietyofreasons.Ex4ThefirstplaceyoushouldgotoLiterallyaphotograph,inotherwords,justapictureofacompany’sfinancesataparticularpointintimeInapa