公司理财.docx

Aabsolute priority rule (APR) 绝对优先法则accounts receivable financing 应收账款融资accounts receivable 应收账款accounts-receivable-backed loans 应收帐款担保贷款acquisition 收购/兼并Adjusted Return Preferred Stocks (ARPS) 可调整收益率的优先股adjusted-present-value (APV) 修正现值adjustment to discount rate (ADR) 调整贴现率adjustment to initial outlay (AIO) 调整初始投资advance commitment 预先承诺agency cost 代理成本agency theory 代理理论agent 代理人aggregation 综合aging schedule 账龄表alternative minimum tax (AMT) 选择性最小税率American and European options 美式期权和欧式期权American Depository Receipt (ADR) 美国存托证American Stock Exchange 美国证券市场amortizing a loan 分期还贷annuity due 预付年金annuity 年金Arbitrage Pricing Theory (APT) 套利定价理论arbitrage 套利asset management 资产管理asset requirements 资产需要量asset 资产auditing 审计Automatic Clearinghouse Electronic Transfer 自动清算系统average accounting return 平均会计收益率average collection period (ACP) 平均收账期average daily sales (ADS) 平均日销售额average 平均数Bbad acquisitions 失败收购balance sheet 资产负债表Bank of America 美洲银行Bankers Acceptances (BAs) 银行承兑汇票banking system 银行系统bankruptcy cost 破产成本bearer 无记名Before-Tax Cost of Debt plus Risk Premium 税前债务成本+风险溢价benchmark 比较基准benefits 津贴best efforts offering 余额包销best efforts 代销Best, Optimistic and Pessimistic analysis BOP分析beta 贝塔系数bidder 投标者binomial tree 二项树binomid approach 二项方法bondholders 债券持有者bonding 契约bonuses 奖金book value 账面价值break-even analysis 盈亏平衡分析bubble theory 泡沫理论bullet bond 子弹式债券Ccall option 看涨期权call premium 赎回溢价call-protected 赎回保护的capital asset pricing model (CAPM) 资本资产定价模型capital budgeting 资本预算capital gain 资本利得收益率capital gains taxes 资本利得税capital market line 资本市场线capital markets 资本市场capital rationing 资金配给capital structure 资本结构capital surplus 资本赢余career prospects 职务范畴carrying cost 运输成本carrying costs 置存成本cash balances 现金平衡cash budget 现金预算cash concentration 现金集中cash cycle 现金周转cash discounts 现金折扣cash dividend 现金股利cash flow time line 现金流量时间线cash flow 现金流cash offer 现金发行cash receipts 现金回收cash transaction 现金交易cash-flow ability 现金流动能力CBOE 芝加哥期权交易所certainty equivalent (CE) 确定性等值change in networking capital 净营运资本变动额characteristic line (证券)特征线Citibank 花旗银行coefficient of variation 方差系数collection policy 收账政策commercial paper 商业票据common stock 普通股common/ordinary shares 普通股compensating balances 最低存款余额competitive offer 竞价出售法compound interest 复利compound value 复利值compounding 复利计算concentration banking 集中银行法consolidation 新设合并contingent claims 或有索取权continuous compounding 连续复利计算contribution margin 边际贡献conversion price 转换价格conversion rate 转换比率convertibles 可转换债券corporate finance 公司金融corporate financial management 公司金融管理corporate taxes 公司税corporation 公司制correlation coefficient 相关系数correlation 相关系数cost of capital 资本成本cost of debt 债务成本cost of equity 权益资本成本coupon 息票covariance 协方差coverage ratios 涵盖比率credit analysis 信用分析credit instrument 信用工具credit periods 信用期限credit policies 信用政策credit scoring 信用评级credit standards 信用标准credit terms/period 信用期限creditors 债权人cross rate 交叉汇率crown jewels 皇冠宝石接管cumulative probability 累计概率cumulative voting 累计投票制currency swaps 货币互换custody 保管cyclical behavior 周期性行为Ddate of payment 股利支付日date of record 股权登记日debenture 信用债券debt capacity 债务能力debt displacement 债务替代debt with options 带有选择权的负债debt 债务(资本)debtholders 持债者debtor 债务人decision trees 决策树declaration date 股利宣布日deep-discount bonds 大幅折价债券default-risk structure 违约风险结构deferred call 延期赎回deliverable instrument 可交割工具depreciation 折旧derivative securities 衍生证券Deuche Mark (DM) 德国马克Deutsche Bank 德意志银行direct leases 直接租赁discount rate 贴现率discount 折旧discounted payback period rule 折现回收期法discounting 贴现disintermediation 直接性distribution 分配diversifiable risk 可分解风险diversification (投资)分散化dividend disount model 股利贴现模型dividend policy 股利政策Dividend Reinvestment Plan (DRIP) 股利再投资计划divisibility of securities 证券的可分割性duration 持续期duration 期间Dutch-auction self-tenders 自我回购Eearnings before interest tax (EBIT) 息税前利润earnings per share (EPS) 每股收益EBIT-EPS Break-even Analysis 盈亏点分析economic assumptions 经济假设effective annual interest rate (EAIR) 实际年利率effective interest rate 实际利率efficiency 有效性efficient frontier 有效边界efficient market hypothesis (EMH) 有效市场假设efficient set 有效集efficient-market hypothesis (EMH) 有效市场假设EFN 外部融资量electronic data interchange (EDI) 电子数据交换Employee Stock Option Plan (ESOP) 员工持股计划equilibrium rate of interest 均衡利率equity kickers 准权益股票equity 股权(资本)erosion 侵蚀ethics 道德规范eurobanks 欧洲银行Eurobonds 欧洲债券Eurocurrency 欧洲货币Eurodollars 欧元European Currency Unit (ECU) 欧洲货币单位European Monetary System (EMS) 欧洲货币体系exchange rate 汇率ex-dividend date 除息日exercising the option 执行股权expansion 扩充(投资)expected return on the market 市场期望收益率expected return 期望收益expected value of cash flow 期望现金流expenditure of funds 资金的支付expiration date 到期日exploration 勘探ex-rights date 除权日extra dividend 额外股利政策Fface value 面值factor model 因素模型factoring 融通factoring 应收账款让售feasible set 可行集Federal Express (FedEx) 联邦快递financial controller 财务主管financial distress 财务困境financial innovation 金融创新financial intermediaries 金融中介机构financial investment 金融投资financial leases 融资性租赁financial leverage 财务杠杆financial requirements 融资需要量financial risk 财务风险financial signalling 财务信号financing mix 融资组合financing 融资firm commitment 包销flexibility 弹性floating-rate bonds 浮动利率债券flotation cost 筹资成本flow-to-equity (FTE) 权益现金流量force conversion 强制转换foreign bonds 外国债券foreign exchange market 外汇市场forward contract 远期合约forward exchange rate 远期汇率forward trades 远期交易forward 远期合同free cash flow hypothesis 自由现金流量假说French Franc (FF) 法国法郎frequency distribution 频率分布fund allocation 资金分配future value 终值future 期货futures contracts 期货合约futures market 期货市场Ggenerally accepted accounting principles (GAAP) 公认会计准则gilts 金边债券globalization 全球化golden parachutes 金保护伞接管goodwill 商誉Green-shoe Provision 绿鞋条款growing annuity 增长年金growth stock portfolio 成长型股票组合Hhedge 套期保值合同hedging 对冲hedging 套期保值holding period return 持有期间收益率home-made dividends 自制股利hurdle rate 可接受的最低利率Iincentive 激励income bonds 收益债券income statement 损益表incremental IRR 增量内部收益率incremental net cash flow 增量的净现金流indenture 债务契约independent projects 独立项目inflation 通货膨胀information effects 信息效果information-content effect 信息内涵分析initial cash flow 期初现金流Initial Public Offering (IPO) 初次公开发行initial 初始成本institutional restrictions 机构限制insurance companies 保险公司interest rate 利率interest-rate swaps 利率互换interest-rate-parity theorem 利率平价理论interim incremental net cash flow 期间增量的净现金流量internal financing 内部融资Internal Rate of Return (IRR) 内部收益率法Internal Revenue Services (IRS) (美国)国内税务总署inventory loan 存货抵押贷款inventory management 存货管理inventory-backed loans 存货担保贷款investment bankers 投资银行investment decision 投资决策investment tax credits (ITC) 投资税收减免investor confidence 投资者信任invoice 发票Jjunk bonds 垃圾债券just-in-time inventory 适时存货Kkeiretsu （日本）银企集团LLaw of One Price (LOP) 一价定律LBO 杠杆收购lead time 交货期lease financing 租赁融资lessee 承租人lessor 出租人leveraged lease 杠杆租赁life 寿命期Line of Credit 信用限额liquidation 清偿liquidity 流动性listing 上市lockbox 销箱法London Interbank Offered Rate (LIBOR) 伦敦银行间拆借利率long hedge 长期套头交易Mmaking delivery 进行交割management stock-option plan 管理层认股权计划marginal capital costs 边际资本成本marked to the market 当日结算market capitalization 市场资本化market claims 市场交易权market model 市场模型market risk 市场风险market value 市值marketability 流动性marketable securities 可交易证券maturity date 到期日mean 均值mean 平均数merger 吸收合并Modigliani & Miller Proposition (MM Proposition) 莫迪格利安尼和米勒命题(MM命题)momogeneous expectations 共同期望假设money market preferred stock 货币市场优先股money markets 货币市场monitoring 监督moral duty 道德责任mutually exclusive investments 互斥项目NNASDAQ 纳斯达克National Association of Securities Dealers (美国)全国证券经纪人协会negative convenants 消极条款negotiated financing 协议融资negotiated offer 议价出售法net float 净浮帐net lease 净租Net Operating Income Approach 净营业收益理论net present value 净现值net working capital 净营运资本New York Stock Exchange (NYSE) 纽约证券交易所no cash discount net period 无现金折扣净期法nominal interest rate 名义利率non-cash items 非现金项目nonmarketed claims 不可交易权nonselective repurchase 无选择性回购normal distribution 正态分布notes payable 应付票据法Oobligation 义务off-balance-sheet financing 表外融资open accounts 记帐法open-market purchases 公开回购operating cash flow 经营性现金流量operating cycle 经营周期operating lease 经营性租赁operating leverage 经营杠杆operation of money 资金运作opportunity cost 机会成本opportunity set 机会集option contract 期权合约option 期权order point 定购点ordering cost 订购成本ordinary annuity 普通年金orignal-issue discount bonds 初始发行折价债券oversubscription privilege 超额认购特权Over-the-Counter (OTC) market 柜台(场外)交易市场PP/E (Price/Earning) 市盈率partnership 合伙制payback period rate 回收期法payout ratio 支付比率perfectly competitive financial markets 完全竞争金融市场perishability 易逝性perpetuity 永续年金personal tax 个人税pie model 圆饼模型plug 追加变量poison pill 毒丸计划接管pooling of interests 权益集合法portfolio 投资组合positive convenants 积极条款post-completion audit 事后审计precautionary motive 预防动机preemptive right 配股权preferred stock 优先股premium 溢价prepackaged bankrutcy 预包装破产present value factor 现值系数present value 现值present value 现值price stability 市价稳定性principal 本金principal 委托人private goods 私人产品private placement 私募private workout 私下和解probability distribution 概率分布probability tree 概率树profit 利润profitability index (PI) 盈利指数proforma statements 试算报表progressive payment 累进支付法promised yield 保证收益率protective convenants 保护性条款proxy voting 委托代理投票制public issue 公开发行public relations 公共关系purchasing-power parity (PPP) 购买力平价pure discount bond 纯贴现债券pure-discount bonds 纯折价债券put option 看跌期权putable bond 卖方选择权债券put-call parity 买卖权平价Rrandom walk 随机游走ratio of earnings to price 利润价格比real asset investment 不动产投资real interest rate 实际利率recourse 追索权refund 债券调换registration statement 注册登记书regular cash dividends 常规现金股利regular dividend 固定股利政策relative purchasing-power parity (RPPP) 相对购买力平价reorganization 重组replacement 重置(投资)research and development 研发residual value 残值retained earnings 留存收益retention rate 留存比率return on asset (ROA) 资产收益率return on equity (ROE) 权益收益率return 收益reverse split 反向拆分revolving credit agreement 现额周转贷款协议risk adjustment 风险调整risk averse 规避或厌恶风险的risk aversion 风险规避/厌恶risk indifference 风险中立risk preference 风险偏好risk premium 风险溢价risk/return trade-off 风险/收益均衡risk-adjusted probability 风险调整概率risk-free rate 无风险收益率riskiness 基本风险Ssale and leaseback 售后回租sales forecast 销售额预测sales-type leasing 销售性租赁scenario analysis 场景分析seasonal dating 期日法seasoned new issue 多次发行secured loans 担保贷款Securities and Exchange Commission (美国)证券和交易委员会securitization 证券化security collateral 抵押品security market line (SML) 证券市场线security 证券selling concession 特许销售semistrong-form efficiency 半强型效率semivariance 半方差seniroity 高级债券sensitivity analysis 敏感性分析separation principle 分离原理serial correlation 序列相关系数set-of-contracts viewpoint 系列合同理论share price 股价shareholder 股东shelf registration 上架发行short hedge 短期套头交易shortage costs 缺货成本short-run operating activities 短期经营活动short-time financing 短期融资simple interest 单利simulation approach 模拟法single amount 个别金额social goods 公共产品social responsibility 社会责任sole proprietorship 个体业主制speculating 投机speculation 投机speculative motive 投机动机spontaneous financing 自然融资spot trades 即期交易spot-exchange rate 即期汇率Standard & Poors 标准普尔投资者服务公司standard deviation 标准差standard variation 标准差standardized normal distribution 标准正态分布standby fee 备用费用standby underwriting 备用承销stated annual interest rate (SAIR) 名义年利率stock dividend 股票股利stock options 股票期权stock repurchase 股票回购stock splits 股票分割straight voting 多数投票制stretching accounts payable 拖延付款striking or exercise price 敲定价格或执行价格subordinated 次级债券subscription price 认购价格sunk cost 沉没成本sustainable rate 可持续增长率swap rate 掉期汇率swaps 掉期交易swaps 互换合约Swiss Franc (SF) 瑞士法郎systematic risk 系统风险Ttaking delivery 接收交割tangible asset 有形资产target cash balance 目标现金余额tax effect 税收效应tax shield 税盾tender offer 发盘收购term structure of interest rate 利率的期限结构terminal-year incremental net cash flow 期末增量净现金流terms of the sale 销售条件The Miller-Orr Model 米勒-奥尔模型time value of money 货币的时间价值timing 时机tombstone advertisements 墓碑式广告total cash flow of the firm 企业的总现金流量total leverage 综合杠杆total risk 总风险trade credit 商业信用traditional underwriting 全额包销transaction cost 交易成本transaction motive 交易动机transactions motive 交易动机treasurer 资金主管triangular arbitrage 三角套汇Uunderwriting 发行unique risk 特有风险unseasoned new issue 非多次发行unsecured loans 无担保贷款unsystematic risk 非系统风险Vvaluation of debt options 债务期权的估价value portfolio 价值组合variability 偏离variance 方差Wwarrants 认股权证weak-form efficiency 弱型效率wealth maximization 财富最大化weighted average cost of capital (WACC) 加权平均资本成本weighted average 加权平均数weighting system 加权系统what-if analysis what-if 分析wire transfer 电汇working capital 营运资本Yyield curves 收益线yield differentials 收益差异Zzero-balance account (ZBA) 零余额账户zero-coupon bonds 零息(票)债券同、收回房屋：1.承租人擅自将房屋转让或转借的;登鹳雀楼唐代：王之涣白日依山尽，黄河入海流。欲穷千里目，更上一层楼。译文及注释译文夕阳依傍着西山慢慢地沉没， 滔滔黄河朝着东海汹涌奔流。若想把千里的风光景物看够， 那就要登上更高的一层城楼。注释鹳雀楼：旧址在山西永济县，楼高三层，前对中条山，下临黄河。传说常有鹳雀在此停留，故有此名。白日：太阳。依：依傍。尽：消失。 这句话是说太阳依傍山峦沉落。欲：想要得到某种东西或达到某种目的的愿望，但也有希望、想要的意思。穷：尽，使达到极点。千里目：眼界宽阔。更：替、换。（不是通常理解的“再”的意思）这首诗写诗人在登高望远中表现出来的不凡的胸襟抱负，反映了盛唐时期人们积极向上的进取精神。其中，前两句写所见。“白日依山尽”写远景，写山，写的是登楼望见的景色，“黄河入海流”写近景，写水写得景象壮观，气势磅礴。这里，诗人运用极其朴素、极其浅显的语言，既高度形象又高度概括地把进入广大视野的万里河山，收入短短十个字中；而后人在千载之下读到这十个字时，也如临其地，如见其景，感到胸襟为之一开。首句写遥望一轮落日向着楼前一望无际、连绵起伏的群山西沉，在视野的尽头冉冉而没。这是天空景、远方景、西望景。次句写目送流经楼前下方的黄河奔腾咆哮、滚滚南来，又在远处折而东向，流归大海。这是由地面望到天边，由近望到远，由西望到东。这两句诗合起来，就把上下、远近、东西的景物，全都容纳进诗笔之下，使画面显得特别宽广，特别辽远。就次句诗而言，诗人身在鹳雀楼上，不可能望见黄河入海，句中写的是诗人目送黄河远去天边而产生的意中景，是把当前景与意中景溶合为一的写法。这样写，更增加了画面的广度和深度。而称太阳为“白日”，这是写实的笔调。落日衔山，云遮雾障，那本已减弱的太阳的光辉，此时显得更加暗淡，所以诗人直接观察到“白日”的奇景。至于“黄河”。当然也是写实。它宛若一条金色的飘带，飞舞于层峦叠嶂之间。诗人眼前所呈现的，是一幅溢光流彩、金碧交辉的壮丽图画。这幅图画还处于瞬息多变的动态之中。白日依山而尽，这仅仅是一个极短暂的过程；黄河向海而流，却是一种永恒的运动。如果说这种景色很美，那么，它便是一种动态的美，充满了无限生机的活泼的美。这不是所谓“定格”，不是被珍藏的化石或标本。读者深深地为诗人的大手笔所折服。后两句写所想。“欲穷千里目”，写诗人一种无止境探求的愿望，还想看得更远，看到目力所能达到的地方，唯一的办法就是要站得更高些，“更上一层楼”。“千里”“一层”，都是虚数，是诗人想象中纵横两方面的空间。“欲穷”“更上”词语中包含了多少希望，多少憧憬。这两句诗，是千古传诵的名句，既别翻新意，出人意表，又与前两句诗承接得十分自然、十分紧密；同时，在收尾处用一“楼”字，也起了点题作用，说明这是一首登楼诗。从这后半首诗，可推知前半首写的可能是在第二层楼所见，而诗人还想进一步穷目力所及看尽远方景物，更登上了楼的顶层。诗句看来只是平铺直叙地写出了这一登楼的过程，而含意深远，耐人探索。这里有诗人的向上进取的精神、高瞻远瞩的胸襟，也道出了要站得高才看得远的哲理。就全诗的写作特点而言，这首诗是日僧空海在文镜秘府论中所说的“景入理势”。有人说，诗忌说理。这应当只是说，诗歌不要生硬地、枯燥地、抽象地说理，而不是在诗歌中不能揭示和宣扬哲理。象这首诗，把道理与景物、情事溶化得天衣无缝，使读者并不觉得它在说理，而理自在其中。这是根据诗歌特点、运用形象思维来显示生活哲理的典范。这首诗在写法上还有一个特点：它是一首全篇用对仗的绝句。前两句“白日”和“黄河”两个名词相对，“白”与“黄”两个色彩相对，“依”与“入”两个动词相对。后两句也如此，构成了形式