第一章 财务管理总论
Overview of Financial Management
一、主要专业术语或概念中英文对照
财务管理 financial management
财务管理的目标 the goal of financial management
关于企业财务目标的三种综合表述：
利润最大化 profit maximization (maximize profit)
每股盈余最大化 earnings per share maximization
股东财富最大化 stockholder (shareholder) wealth maximization
利益相关者 stakeholder
股东 stockholder/shareholder
债权人 creditor/bondholder
顾客 customer
职工 employee
政府 government
股东价值的影响因素 the factors that affect the stockholder value （2008注会财管教材P4图1-1）
经营现金流量 operating cash flows
资本成本 cost of capital
销售及其增长/成本费用 revenues and its growth/cost and expen
资本投资/营运资本 capital investment/working capital
资本结构/破产风险/税率/股利政策 capital structure/bankruptcy risk/tax rate/dividend policy
经营活动 operating activity
投资活动 investing activity
筹资活动 financing activity
股东、经营者和债权人利益的冲突与协调
Conflicts of interest between shareholders， managers and creditors and their reconciliation
An agency relationship(代理关系) exists whenever a principal (委托人) hires an agent（
代理人）to act on their behalf。
Within a corporation，agency relationships exist between：
Shareholders and managers
Managers and creditors
道德风险 moral risk
逆向选择 adver lection
企业社会责任 corporate social responsibility
金融市场 financial markets
金融资产 financial ast
金融市场的分类
1．短期资金市场和长期资金市场 money markets/capital markets
2．现货市场和期货市场 spot markets/future markets
3．发行市场和流通市场 primary markets（一级市场）/condary markets（二级市场）primary markets（一级市场）按照对象不同，分为：public offer markets （向公众发行的市场，首次公开发行市场：initial public offer 即IPO）和 private placement markets（私募
市场）。
4．同业拆借市场 inter-bank loan market
国债市场 treasury bill/note/bond market
企业债券市场 corporate bond market
股票市场 stock market
金融期货市场 financial future market
利率=纯粹利率+通货膨胀附加率+风险附加率
Interest rate=real risk-free rate +inflation premium +risk premium (default risk premium违约风险附加率， liquidity risk premium流动性风险附加率，maturity risk premium到期风险附加率)
二、练习题
1. What’s the primary goal of the corporation?
Answer：Stockholder (shareholder) wealth maximization
2. Do firms have any responsibilities to society at large?
Answer：Firms should assume a social responsibilities。
3. Should firms behave ethically?
4. What mechanisms exist to influence managers to act in shareholders’best interests?
Answer：Supervision and motivation
5. What factors affect shareholder value?
Answer：Expect future cash flows and the risks
第二章 财务报表分析
Analysis of Financial Statements
一、主要专业术语或概念中英文对照
财务比率分析 financial ratio analysis
四类财务比率 four major categories of financial ratios
短期偿债能力比率 liquidity ratios
长期偿债能力比率 long-term liquidity ratios
资产管理比率 ast management ratios
盈利能力比率 profitability ratios
短期偿债能力比率
营运资本 working capital
流动比率 current ratio
速动比率 quick ratio
现金流量比率 cash flow ratio
长期偿债能力比率
资产负债率 debt ratio
产权比率和权益乘数 debt-to-equity ratio/equity multiplier
长期资本负债率 debt-to-long capital ratio
利息保障倍数 time of interest earned bad on earnings (TIE)
Earnings-bad interest coverage ratio
现金流量利息保障倍数 time of interest earned bad on cash flows
Cash flow-bad interest coverage ratio
现金流量债务比 debt-to-cash flow ratio
资产管理比率
应收账款周转率/应收账款周转天数
accounts receivable turnover/days sales outstanding (DSO)
存货周转率 inventory turnover
流动资产周转率 current asts turnover
非流动资产周转率 non-current asts turnover/fixed asts turnover（固定资产周转率）
总资产周转率 total asts turnover
盈利能力比率
销售毛利率 gross profit margin
销售利润率 net profit margin
资产利润率 return on asts (ROA)
权益净利率 return on equity (ROE)
杜邦财务分析体系 Du Pont system
改进的财务分析体系 improved financial analysis system
净经营资产 net operating asts
净金融负债 net financial liabilities
税后经营利润 after-tax operating profit
税后利息费用 after-tax interest expen
净财务杠杆 net financial leverage
