财务管理专业英语-句子及单词翻译.doc

Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程。Decisions involving a firms short-term assets and liabilities refer to working capital management.决断涉及一个公司的短期的资产和负债提到营运资金管理The firms long-term financing decisions concern the right-hand side of the balance sheet.该公司的长期融资决断股份资产负债表的右边。This is an important decision as the legal structure affects the financial risk faced by the owners of the company.这是一个重要的决定作为法律结构影响金融风险面对附近的的业主的公司。The board includes some members of top management(executive directors), but should also include individuals from outside the company(non-executive directors).董事会包括有些隶属于高层管理人员(执行董事)，但将也包括个体从外公司(非执行董事)。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.股东财富最大化只集中于股东，而企业价值最大化包含所有的财务债券持有者，包括普通股股东，债权人和优先股股东。Given these assumptions， shareholders wealth maximization is consistent with the best interests of stakeholders and society in the long run。根据这些假设，从长期来看，股东财富最大化与利益相关者和社会的最好利润是相一致的。No competing measure that can provide as comprehensive a measure of a firms standing. Given these assumptions, shareholders wealth maximization is consistent with the best interests of stakeholders and society in the long run.没有竞争措施，能提供由于全面的一个措施的一个公司的站。给这些臆说股东财富最大化一贯不比任何人差项目干系人项目利益相关者的利益，社会从长远说来。In reality, managers may ignore the interests of shareholders, and choose instead to make investment and financing decisions that benefit themselves.在现实中，经理可能忽视股东的利益，而是选择利于自身的投资和融资决策。Financial statements are probably the important source of information from which these various stakeholders(other than management) can assess a firms financial health.财务报表可能是最重要的信息来源，除管理者以外的各种利益相关者可以利用这些报表来评估一个公司的财务状况。The stockholders equity section lists preferred stock, common stock and capital surplus and accumulated retained earnings.股东权益列示有优先股，普通股，资本盈余和累积留存收益。The assets which are the “things” the company owns, are listed in the order of decreasing liquidity, or length of time it typically takes to convert them to cash at fair market values, beginning with the firms current assets.资产，也就是公司拥有的东西，是按照流动性递减的顺序或将它们转换为公允市场价值所需要的时间来排列的，通常从流动资产开始。The market value of a firms equity is equal to the number of shares of common stock outstanding times the price per share, while the amount reported on the firms balance sheet is basically the cumulative amount the firm raised when issuing common stock and any reinvested net income(retained earnings).公司权益的市场价值等于其发行在外的普通股份数乘以每股价格，而资产负债表上的总额则主要是公司在发行普通股以及分配任何再投资净收益（留存收益）时累积的数额。When compared to accelerated methods, straight-line depreciation has lower depreciation expense in the early years of asset life, which tends to a higher tax expense but higher net income.与加速折旧法相比,直线折旧法在资产使用年限的早期折旧费用较低，这也会趋向于较高的税金费用和较高的净收入。The statement of cash flows consists of three sections:(1)operating cash flows,(2)investing cash flows, and(3)financing cash flows. Activities in each area that bring in cash represent sources of cash while activities that involve spending cash are uses of cash.该声明现金流量表包含三个部分:(1)经营现金流,(2)投资的现金流,(3)融资现金流。在每个地区活动带来现金来源的现金而代表活动涉及到花钱是使用现金Financing activities include new debt issuances, debt repayments or retirements, stock sales and repurchases, and cash dividend payments.筹资活动,包括发行新债券，偿还债务，股票销售和回购，以及现金股利支付。Not surprisingly, Enrons executives had realized some $750 million in salaries, bonuses and profits from stock options in the 12 months before the company went bankrupt.毫不奇怪, 公司破产前的十二个月里，安然的高管们实现了7.5亿美金的工资、奖金和股票期权利润。First, financial ratios are not standardized. A perusal of the many financial textbooks and other sources that are available will often show differences in how to calculate some ratios.首先,财务比率不规范。一个参考的许多金融教科书及来源,可将经常表现出差异如何计算一些率。Liquidity ratios indicate a firms ability to pay its obligations in the short run.流动性比率表明公司的支付能力在短期内它的义务。Excessively high current ratios, however, may indicate a firm may have too much of its long-term investor-supplied capital invested in short-term lowearning current assets.当前的比率过高,然而,可能表明,一个公司可能有太多的长期investor-supplied资本投资于短期low-earning流动资产In an inflationary environment, firms that use last-in, first-out(LIFO)inventory valuation will likely have lower current ratios than firms that use first-in, first-out(FIFO).在一个通货膨胀的环境下,企业选择使用后进先出法对存货计价的公司比采用先进先出法的公司有一个低的流动比率。The cash ratio is too conservative to accurately reflect a firms liquidity position because it assumes that firms can fund their current liabilities with only cash and marketable securities.流动比率太稳健不能正确反映一个公司的流动性状况，因为在这一比率假定公司仅仅用现金和有价证券就可以偿还流动负债。Debt management ratios characterize a firm in terms of the relative mix of debt and equity financing and provide measures of the long-term debt paying ability of the firm.描述一个公司债务管理比率从相对的混合的债务和股权融资的措施,提供长期偿债能力的公司。Total capital includes all non-current liabilities plus equity, and thus excludes short-term debt.资本总额包括所有非流动负债加上股本,从而排除短期贷款Net profit margins vary widely by the type of industry.有着很大的不同,其净利润为典型的产业。Note that earnings before interest and taxes, rather than net income, Is used in the numerator because interest is paid with pre-tax dollars, and the firms ability to pay current interest is not affected by taxes.注意,分子中用的是息税前利润而不是净收入，这是因为利息是税前支付的，公司支付现金利息的能力不受税收的影响。 Managers should analyze the tradeoff between any increased sales from a more lenient credit policy and the associated costs of longer collection periods and more uncollected receivables to determine whether changing the firms credit sales policy could increase shareholders wealth.管理者应该分析权衡增加的销售从一个更为宽松的信贷政策和相关费用较长的周期和更多的应收账款收集来决定是否改变公司的信用销售的政策可能会增加股东的财富。If the receivables collection period exceeds a firms credit terms this may indicate that a firm is ineffective in collecting its credit sales or is granting credit to marginal customers.如果应收账款采集时间超过公司的信用条款这也许说明了企业信用销售收集它无效或给予客户信用边缘。A low, declining ratio may suggest the firm has continued to build up inventory in the face of weakening demand or may be carrying and reporting outdated or obsolete inventory that could only be sold at reduced prices, if at all.一个低税率、下降率可能显示这个公司已经持续不断地加强库存面对需求不断减弱或可能携带和报告过期或过时的库存,只能减价出售。Thus, the operating profit margin, which indicates the operating profit generated per dollar of net sales, measures the firms operating profitability before financing costs.因此,经营利润,预示着美元营业利润产生的净销售额,公司的经营利润措施在融资成本。If the firms fixed assets are old and have been depreciated to a low book value, and the assets have not lost their productive ability, the low figure in the denominator will inflate ROA.如果公司固定资产比较旧,分母的减少会是ROA折旧到低的账面价值，但是资产并没有失去生产能力。 Return on common equity(ROCE) focuses on just the return to common shareholders and is computed by removing the dividends to preferred shareholders from net income and dividing by the capital provided by common shareholders.普通股权益报酬率仅仅关注普通股股东的报酬率，用净收入扣除优先股股利除以普通股股东提供的资本计算得到。Dividend yield represents parts of a stocks total return; another part of a stocks total return is price appreciation.代表部分股息率的股票总回报;另一部分是一个股票的总回报价格上涨。In fact, of all the concepts used in finance, none is more important than the time value of money, also called discounted cash flow(DCF) analysis.事实上,财务上所有的概念中，货币时间价值是最重要的，也称作是折现调整现金流量折价分析。Thus, investors require compensation for both risk bearing and the time value of money. These two principles lie at the heart of the financial decision-making concepts.因此,投资者需要为风险负担和货币时间价值提供补偿，这两个原则的核心在于财务决策的概念。Interest rates are also often used as riskless or base rates to draw comparison to alternative riskier investments.利率也常常作为无风险利率或基准利率来对可替代的风险投资进行比较。Most personal loans, mortgages and credit cards operate on a compounding basis.大多数个人贷款、抵押贷款和信用卡是以复利计息的。Therefore, the correct adjustment for an annuity due is to reduce the discounting factor by one and to add to the reduced calculation a non-discounted cash flow stream.因此,正确的调整年金是为了减少由于贴现因子,增加减少的一个non-discounted计算现金流量If interest rates move above(below) the bonds coupon rate, the bond will sell below(above) its par value. 如果利率移动高(低)债券的票面利率,债券将出售低于(以上)其票面金额.If an annuity not begin its payment in the first period, as with an ordinary annuity, or immediately, as with an ordinary due, then it is classified as a deferred annuity-an annuity that begins its cash flow stream subsequent to the first period.如果一项年金不像普通年金那样在第一期支付，也不像预付年金那样马上支付，那么我们就把它划分为递延年金，这种年金在第一期后的期间支付。The effective rate of an investment will always be higher than the nominal or stated interest rate when interest is compounded more than once per year.当利息用复利计算一年多于一年的时候，一项投资的有效利率将永远比名义利率高。Nonetheless, intrinsic value serves as a basis for determining whether to buy or sell a financial asset when compared to its market value or price.尽管如此,内在价值作为基础,与市场价值或价格作比较，来决定是否购买或卖出一项金融资产。The value of a financial asset is directly related to the amount of expected cash flows, but inversely related to the amount of risk.一项金融资产的价值与期望的现金流量正相关，与风险程度负相关。If interest rates increase, causing the bond price to fall below par, the bondholder may sell the bond back to the issuer at par or a higher price.如果利率上升,导致债券价格跌破面值,场所将该债券交付可能卖债券回发行人的面值,或一个更高的价格。In the case of unsecured debt, the bondholders have a claim on the assets that the issuer has not pledged to other securities.就信用借贷来说，债券所有人对发行人未抵押给其他担保人的资产有要求全。An inverse relationship generally exists between the rating and quality of a bond and its interest rate or yield to maturity.评级和债券的质量与利息率或到期收益率程相反关系。Common stockholders are the residual owners because their claim to earnings and assets is what remains after satisfying the prior claim of various creditors and preferred stockholders.普通股股东是剩余所有者，这是因为他们对收益和资产的要求权是在满足各债权人和优先股股东优先选择权后剩余的。In some instances, existing stockholders have the right, but not the obligation, to share proportionately in the purchase of all new shares of common stock that the company sells.在某些情况下,现有的股东也有这个权利,但不是义务,在购买比例分享所有新股的公司的普通股票卖出。Future cash flows may be in the form of cash dividend payments and/or changes in the stocks price(gains or losses) over the holding period.未来现金流的形式可能是现金股利支付和/或改变股票的价格(收益或亏损)控股的时期It suggests investors must forecast dividends to infinite and then discount them back to present value at the required rate of return to estimate the value of common stock.建议投资者必须预测派发股息的无限,然后他们回到现值折扣在所需的收益率的估计价值普通股。The greater the variability of the possible returns, the riskier the investment is.大的可变性的回报，投资将会有冒险性。Investment risk, then, is related to the probability of actually earning a low or negative return-the greater the chance of a low or negative return, the riskier the investment.投资风险,然后,涉及的概率低或者消极实际获得回报，更大的机会或负回报低,风险投资。This assumption greatly simplifies investment analysis, as two parameters the expected return(mean) and the standard deviation(or variance), are sufficient to completely describe the probability distribution of all financial returns.这个假设,极大地简化了投资分析的两个参数,预期回报(平均)和标准偏差(或方差),能够完整地描述所有财务回报的概率分布。Financial theory typically views decision makers as being risk-averse. A risk-averse decision maker considers a risky investment only if it provides compensation for risk through a risk premium.金融理论的观点是典型的决策者风险。一规避风险投资决策者认为只有当它提供补偿风险通过风险溢价。Rational behavior means that individuals maximize some objective function- their utility function- under the constraints that they face.理性行为意味着个人一些目标函数最大化效用函数下-他们的效用函数-他们所面临的约束条件的。In reality, it is probably more likely to be true only for individual or retail investors as opposed to large or institutional investors, and for frequently traded stocks as opposed to thinly traded stocks.事实上,它可能是更有可能是真的只是为了个人或散户投资者反对大或机构投资者的交易,因为很多股票交易反对稀疏的股票。Based on the type information available to the market, Fama(1970) distinguishes three forms of informationally efficient markets.基于类型资料提供给市场,现有(1970)区分成三种形式的信息的有效率的市场。Banks, insurance companies, mutual funds, and other financial institutions are required by law to hold diversified portfolios.银行、保险公司、基金和其他金融机构依法举办多种组合。As a rule, the riskiness of a portfolio will decline as the number of stocks in the portfolio increases.一般来说,投资组合的风险也会下降股票的数目在组合增加。The part of a stocks risk that can be eliminated is called diversifiable risk, while the part that cannot be eliminated is called market risk.部分股票的风险可以省略,被称为可分散风险,而无法消除的部分叫做市场风险。In general, the answer is no, but the extent to which adding stocks to a portfolio reduces its risk depends in the degree of correlation among the stocks: the smaller the positive correlation coefficients, the lower the risk in a large portfolio.通常来说，答案是否定的，但是向证券投资组合中增加股票种类能使风险减小的程度取决于组合中股票的关联性：正相关系数越小，一个大的证券投资组合的风险就越低。In the real world, where the correlations among the individual stocks are generally positive but less than +1.0, some, but not all, risk can eliminated.在现实世界中,在相关个股通常是积极的,但是低于+ 1.0,有些,但不是全部,风险就会消除。You find out that by combining two or more securities, the total risk of the investment can actually be reduced, without reducing the expected pay-off.你发现结合两个或两个以上的证券,总投资者的投资风险会减少,而不减少预期的收益。Most public firms in the United（US） prepare two annual reports。These include the annual report to the Securities and Exchange Commission（SEC）and the shareholder annual report。在美国大多数上市公司都准备两份年度报告，这包括给证券交易委员会的一份，和给股东的一份。The balance sheet reports a firms assets, and owners(stockholders) equity as of a given date, usually at