财务管理专业英语unit.pptx

,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,2020/4/23,Accounting English,#,Unit 2(A):,Introduction to Financial Management(2),Wanglily,wll_0123,13805386220,Teaching objectives:,After learning this section,the students are reqiured to:,grasp some important words and expressions;,have a better understanding of the types of business organization,、,corporate structure of the company,、,objectives of financial management,、,separation of ownership and control,、,agency relationships.,Wisdom,How do we want the firms in our economy to measure their own performance?How do we want them to determine what is better versus worse?Most economists would answer simply that managers have a criterion for evaluating performance and deciding between alternative courses of action,and that the criterion should be maximization of the long-term market value of the firm.This Value Maximization proposition has its roots in 200 years of research in,economics and finance.,Michael C Jensen,Whats the objection of financial management?,?,Maximize the profit(revenue)of the firm,(,利润最大化,),Maximize the stakeholders wealth,(,相关利益者财富最大化,),Maximize the value of the firm(or the shareholders wealth),(,企业价值最大化或股东财富最大化,),The objection of financial management,Mini case,In 1990,two of General Motors largest institutional shareholders,unhappy with the companys declining market share and profits during the 1980s,sought to talk to GMs leaders about a successor to the retiring CEO.GMs senior managers rebuffed the shareholders.They could do that because the two large stockholders each owned less than 1%of the companys stock.,Mini Case,Read the mini case and think:,Why can the GMs senior managers rebuff the shareholders?,1990,年，通用汽车公司的两个最大的机构投资者股东，因为对公司在,20,世纪,80,年代的市场份额减少、利润下降及公司业绩欠佳不满，试图借总裁退休，在继任者的选择问题上发表自己的意见，但他们的要求遭到公司管理层的断然拒绝。公司管理层的反对之所以有效，是因为这两个最大股东所持有公司股票的份额都不超过,1%,。这就是公司所有权分散、公司经理主导的美国公司治理模式的特点。,这是美国主流的公司治理模式，股权的分散化使得决策权从股东转向了职业经理。这种公司治理机制是利弊互现的，即公司管理的职业经理化与代理成本的存在。那么在以后设计出的种种公司治理机制就是为了减少公司代理成本。,通用汽车公司是世界上最大的汽车公司，年工业总产值达,1000,多亿美圆。其标志,GM,取自其英文名称（,General Motro Corporation,）的前两个单词的第一个字母。它是由威廉,杜兰特于,1908,年,9,月在别克汽车公司的基础上发展起来的，成立于美国的汽车城底特律，现总部仍设在底特律。,GM,Brands of GM,大宇,土星,奥兹莫比尔,霍顿,悍马,凯迪拉克,欧宝,庞蒂克,萨博,雪佛兰,别克,GMC,GMs Bankruption,美国东部时间,2009,年,6,月,1,日早上，通用汽车公司正式向美国政府申请破产保护。通用汽车的破产成为美国历史上最大宗的工业公司破产案，也是美国历史上破产规模第四大的破产案。通用汽车申请破产保护后，该公司将退出道琼斯工业平均指数，由思科取而代之。,通用汽车是美国也是全球首家年销售收入突破,10,亿美元企业，但却酿出全美最大的工业破产案。,导致通用汽车破产的因素有多个。,（,1,）通用汽车依靠资本纽带发展、但未充分消化收购的资产。,（,2,）通用汽车过度追求大马力，未充足考虑到市场需要。,（,3,）长年累月的高昂工资和丰厚的员工退休金等成本，压垮了通用汽车。,The Reason,通用汽车公司,2009,年,7,月,9,日清除了所有重组面临的法律障碍，正式走出破产保护获得重生。“新通用”在,10,日宣布成立。新公司改名为通用汽车有限公司，品牌标志不变。当时，美国财政部同意向“新通用”注资,600,亿美元，联邦政府将因此持有其,60,的股权。另外，汽车工人联合会持股,17.5%,，加拿大政府持股约,12,，公司债权人预计持股,10,。新公司将保留“雪佛兰”、“凯迪拉克”、“别克”和“”个核心汽车品牌，萨博、悍马等亏损品牌将被出售。与破产前相比，“新通用”减少了,480,亿美元债务和医疗开支，并削减了盈利能力较差的经销商。,The Rebirth,1.business,企业，商业,business circle,企业界,2.financial risk,财务,(,金融,),风险,There is no,financial,risk,in selling to East European,countries on credit.,向东欧国家赊销没有,财务,风险,。,3.sole proprietorship,私人业主制企业,proprietorship,（所有权）,A sole,proprietorship,is a business owned by one,person.It is the classic example of entrepreneur.,单一业主,指一人拥有公司，它是企业家经营的典型模式。,4.partnership,合伙制企业,partner,合伙人,limited partnership,有限合伙制企业,general partner,一般合伙人,Words Study,A,partnership,may have unlimited liability as well as,limited,liability.,合营,可以是无限责任也可以是,有限,责任。,5.separation of ownership and control,所有权与经营权分离,The reason of the agency relationship is the,separation of,ownership and control.,代理关系产生的原因就是,所有权与经营权的分离。,6.claim,要求权,have a claim on(to),有对,.,要求权,claim,a large amount against him,要求,他赔偿大量金额,7.Management buyout,管理层收购,管理层收购在英文中简称,MBO,，是指公司的经营,管理者利用借贷融资买断或控制公司的股份，旨在改,变公司的所有者结构、控制权结构和资产结构，使公,司原经营者变成企业所有者的一种收购行为。,MBO,的,主要投资者是目标公司的管理人员，或是管理人员与,投资者结成的联盟，通过,MBO,，他们的身份由单一的,经营者角色变为所有者与经营者合一的双重身份。,8.tender offer take over bid,（要约收购）,收购上市公司,有两种方式：协议收购和要约收购,而后者是更,市场化的收购方式。从协议收购向要约收购发展,是资产重组,市场化改革的必然选择。,要约收购（即狭义的上市公司收购），是指通过证券交易,所的买卖交易使收购者持有目标公司股份达到法定比例（,证,券法,规定该比例为,30,）,若继续增持股份，必须依法向目,标公司所有股东发出全面收购要约。,hostile,tender offer,恶意,收购,9.New York Stock Exchange,纽约股票交易所,New,York,Stock,Exchange,composite index,纽约证券交易所,混合指数,10.Financial standards,财务准则,11.initial public offering(IP0),首次公开发行股票,A$100 investment in Dell stock at the 1988,initial,public,offering,is worth more than$56,000 today,在,1988,年,最初,上市时仅投资,100,美元的戴尔股票今天价值,56000,美元,12.private corporation,私募公司,closely held corporation,控股公司,13.board of directors,董事会,executive director,执行董事,Non-ececutive,非执行董事,chairperson,（,chairman),主席、董事长,independent director,独立董事,An,independent director,is a,director,who should be in a,position to exercise independent judgment in carrying out,the functions of the Audit Committee of a listed company.,“,独立,董事,”,是一个能够在执行审计委员会的功能时，做出,独立,判断,的上市公司,董事,。,14.controller,主计长、管理者,The,controller,of BBC Radio,英国广播公司广播电台负责人,15.treasurer,司库、出纳、财务主任,Who can we have as,treasurer,?,我们能让谁掌管,财务,呢？,16.Master of Financial Management,财务管理专业硕士,Master of Accounting,会计学硕士,Master of Business Administration(MBA),工商管理硕士,17.revenue,收入,profit,利润,earnings per share,每股盈余（,EPS),18.return,回报,market share,市场份额,Thomsons have a 48%,market,share,.,汤姆森公司有,48%,的,市场占有率,.,social good,社会福利,financial distress,财务困境,19.stakeholder theory,利益相关者理论,1984,年，弗里曼,战略管理：利益相关者管理的分析方法,，明确提出了利益相关者管理理论。利益相关者管理理论是指企业的经营管理者为综合平衡各个利益相关者的利益要求而进行的管理活动。与传统的股东至上主义相比较，该理论认为任何一个公司的发展都离不开各利益相关者的投入或参与，企业追求的是利益相关者的整体利益，而不仅仅是某些主体的利益。这些利益相关者包括企业的股东、债权人、雇员、消费者、供应商等交易伙伴，也包括政府部门、本地居民、本地社区、媒体、环保主义等的压力集团，甚至包括自然环境、人类后代等受到企业经营活动直接或间接影响的客体。,20.value(wealth)maximization,价值（财富）最大化,mon stockholder or shareholder,普通股股东,preferred stockholder or shareholder,优先股股东,debt holder(creditor),债权人,22.well-being,福利,diversify,多样化,She worked for the,well-being,of the underprivileged.,她为下层贫困民众的,福利,而努力。,We must,diversify,our products,.,我们必须于产品,多样化,。,23.learning curve,学习曲线,going concern,持续的,24.agency problem,代理问题,25.free-riding problem,搭便车问题,搭便车理论首先由美国经济学家曼柯,奥尔逊于,1965,年发表的,集体行动的逻辑：公共利益和团体理论,(The Logic of,Collective Action Public Goodsand the Theory of Groups),一,书中提出的。其基本含义是不付成本而坐享他人之利。,26.information asymmetry,信息不对称,该理论认为：市场中卖方比买方更了解有关商品的各种信息；掌,握更多信息的一方可以通过向信息贫乏的一方传递不可靠信息在,市场中获益；买卖双方中拥有信息较少的一方会努力从另一方获,取信息；市场信号显示在一定程度上可以弥补信息不对称的问,题；,信息不对称,是,市场经济,的弊病，要想减少信息不对称对经济,产生的危害，政府应在市场体系中发挥强有力的作用。,The Influences of,Information,Asymmetry,on IPO Pricing,信息,不对称,对于,IPO,竞价发行的影响,27.retail investor,散户投资者,institutional investor,机构投资者,28.principal-agent or agency relationship,委托,-,代理关系,委托代理理论的主要观点认为：委托代理关系是随着生产力大,发展和规模化大生产的出现而产生的。其原因一方面是生产力,发展使得分工进一步细化，权利的所有者由于知识、能力和精,力的原因不能行使所有者的权利了；另一方面专业化分工产生了,一大批具有专业知识的代理人，他们有精力、有能力代理行使,好被委托的权利。但在委托代理的关系当中，由于委托人与代,理人的效用函数不一样，委托人追求的是自己的财富更大，而,代理人追求自己的工资津贴收入、奢侈消费和闲暇时间最大,化，这必然导致两者的利益冲突。在没有有效的制度安排下代,理人的行为很可能最终损害委托人的利益。,present value(NPV),净现值,Thus AAI should invest its available cash in the package of,projects having the largest aggregate,net,present,value,.,因此,AAI,应该投资能够投资于有最大的合计,净现值,的项目组合。,30.creative accounting,创造性会计,创造性,会计,是指通过包装或粉饰公司财务报表以求达到某种目的,的会计处理方式，不同于做假账，其本身并非违法行为，但使得,公司财务报表信息严重失实。它是一种在不违背会计准则和有关,会计法规的条件下，为达到某种目的而有意识地选择会计程序和,会计方法的活动。,31.stock option,股票期权,股票期权是指买方在交付了期权费后即取得在合约规,定的到期日或到期日以前按协议价买入或卖出一定数,量相关股票的权利。,32,、,agency cost,代理成本,资产所有权与使用权的分离会产生委托代理关系，这,种委托代理关系会产生代理成本。,33,、,bonding cost,契约成本,monitoring costs,监督成本,34,、,takeover,接管,The,takeover,cause 250 redundancy.,接管,移交造成,250,人的裁员。,Lesson Ten Closing Procedures,Text Study,2.1 Types of Business Organization,2.2 Corporate Structure of the Company,2.3 Objectives of Financial Management,2.4 Separation of Ownership and Control,2.5 Agency Relationships,(1)Sole Proprietorship,an unincorporated business owned by one person,Whats the advantage and drawbacks of this structure?,the advantage:,easy to form,No double taxation,the drawbacks:,Non-transferable,2.1 Types of Business Organization,(2)Partnership,owned by two or more individuals(called partners),general partnership general partners,普通合伙企业 由普通合伙人组成，合伙人对合伙企业债务承担无限连带责任。,If any partner is unable to meet his or her prorate liability in the event that,the partnership goes bankrupt,the remaining partners must make good,on the unsatisfied claims,drawing on their personal assets to the extend,necessary.,Limited partnershipgeneral partners,limited partners,有限合伙企业 由普通合伙人和有限合伙人组成，普通合伙人对合伙企业债务承,担无限连带责任，有限合伙人以其认缴的出资额为限对合伙企业债务承担责任。,The limited partners are liable only for the amount of their investment in,the partnership,while the general partners have unlimited liability.,However,the limited partners typically have no control,which rests solely,with the general partners,and their returns are likewise limited.,Types of Business Organization,(3)Corporation,a legal entity separate from its owners,There is a separation of ownership and control.,Shareholders who hold shares in a corporation own the,corporation.Shares represent a claim to corporate profits,which are distributed in the form of dividends,share,repurchases or acquisition payouts,Different types of corporations:,publicly traded corporations IPO,private corporations,closely held corporations,Types of Business Organization,2.2 Corporate Structure of the Company,2.3 Objectives of Financial Management,So far we have sees that managers are primarily concerned with long-term investment and financing decisions as well as working capital management decisions within a firm.To make effective decisions,the financial manager needs a clear objective or goal to serve as a standard or a criterion.,Whats the objection of financial management?,Stakeholder Theory,Managers should make decisions that take into,account the interests of all of a firms stakeholders.,Value or Wealth Maximization,To maximize long-term firm value or wealth.,Maximization of shareholder wealth focuses only on,stockholders whereas maximization of firm value,encompasses all financial claimholders including,common stockholders,debt holders,and preferred,stockholders.,Separation of Ownership and Control,The entity which owns the company(shareholders)is often not the one that controls the companys resources(management),2.4 Separation of Ownership and Control,Why?,Professional managers superior ability,To grow to an optimal size in terms of business efficiency,Efficient diversifications need,The“learning curve”or“going concern”effect,The reason or the advantage,Separation of Ownership and Control,agency problem,free-riding problem,increased costs of information gathering.,information asymmetry,Four major downsides,Agency problem,Managers may waste corporate cash and resources by engaging in negative net present value(NPV)acquisitions or investments to satisfy their desire to build an empire.,Less ominous,but no less costly,managers may squander corporate funds on excessively lavish corporate offices and jets.,More recently managers have been known to increase share prices(not value)by using“creative accounting,”,so as to exercise their stock options(e.g.Enron).,2.5 Agency Relationships,Agency costs are the total costs resulting from the,agency problem.,management takes actions that negatively influence the wealth of shareholders.,Bonding costs,the shareholders monitor the managements actions to ensure compliance.,Monitoring costs,Agency Relationships,Practical solutions to the agency problem,ensure that,managerial actions are consistent with shareholders,interests.,Equity-based managerial compensation schemes,Election of independent outside members to the board of directors,Threat of dismissal of management.,As a last resort,the threat of a hostile takeover,Agency Relationships,Unit 2(B):,Accounting elements and accounting identities,会计要素 与 会计恒等式,Wanglily,wll_0123,13805386220,Accounting English,Learning Objectives,（学习目标）：,After learning of this chapter,the students,would master:,the knowledge of accounting elements and accounting equation,and the effects of business transactions on the accounting equation.,Accounting English,The accounting elements(,会计要素,),The accounting information is classified into,6 categories,：,assets,liabilities,owners Equity,revenue,expense,net earnings(or Net loss).,Accounting English,(1)Assets,资产,They are future economic benefits(,经济利益,)owned or controlled,（拥有或控制）,by the entity as a result of past transactions,（交易）,or other events,（事件）,.Assets are divided into two categories:,Current Assets,（,1 year),Items of value that the firm intend to hold for longer than one year from the statement date.(e.g.Equipment,设备,Motor Vehicles,车辆,).,Accounting English,(2)Liabilities,负债,Liabilities are future sacrifices of economic benefits(,未来经济利益的流出,)that an entity is presently obliged(,现时的义务,)to make to other entities as a result of past transactions or other events.,Liabilities are also divided into two categories:,Current liabilities(one year),Debts that are due for repayment after one year(e.g.5 year loan 5,年期银行贷款,mortgage,按揭贷款,),Accounting English,(3)Owners equity,所有者权益,Owners equities are the owners claim on the entitys net assets or residual value of assets(,净资产,).Owners equity includes,：,Owners investment in the business(e.g.capital,实收资本,);,capital surplus,;,accumulated operating benefits from the beginning of the operation,（,e.g.retained profits,未分配利润,Surplus reserves,盈余公积，,dividends,股利）。,Accounting English,(4)Revenue(Income),收入,Revenue is the inflow of the economic resources into the entity as a result of the activities(such as providing goods or services to other economic entities,and so on).,Increase in revenue will increase the amount Owners Equity.,The examples of revenue include:sales revenue,service revenue,and investment revenue,Accounting English,(5)Expense(Outcome),费用,Expense are the outflow of a businesss economic resources resulting from the activities(such as purchasing goods or receiving services from other economic entities,，,and so on).,Increase in expense will decrease owners equity.,The examples of expense include:,production costs,(,生产成本,),Direct materials,、,Direct labor,Non-production costs,administrative expenses,（管理费用），,financial costs(,财务费用,),，,sales costs(,营业费用,),，,and so on,。,Accounting English,(6)Profit/loss,利润或亏损,Profit is the amount of incomes minuses(,减去,)expenses.,if it is positive(,正,),It is also called net income or net earnings.if it is negative,（负）,It is called Net Loss.,Accounting English,The accounting equitation,（会计恒等式）,Assets=Equities(,所有权,),Creditors,（债权人）,Owners,（所有者）,Assets=liabilities+owners equity,资产,=,负债,+,所有者权益,Accounting English,(1)How the business transactions affect on the accounting equitation(,经济业务与会计恒等式的关系,),Any activity of a business which affects the accounting equitation is a transaction.The effect of any transaction on the accounting equation may be indicated by increasing or decreasing a specific asset,liability or owners equity.,Accounting English,An increase in asset offset by an increase in the owners equity,Andy is one owner of ABC company,he invested$30,000 cash in the company.,An increase in an asset offset by an increase in a liability,ABC company purchased office equipment from Kingdom company for$2 000 on credit,(,赊购,),An increase in an asset offset by an decrease in another assets,ABC company purchased office supplies,(,办公用品,),for$350 in cash,A decr