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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,*,本资料仅供参考，不能作为科学依据。谢谢。本资料仅供参考，不能作为科学依据。本资料仅供参考，不能作为科学依据。谢谢。不能作为科学依据。,CENTURY BUSINESS ENGLISH,世纪商务英语 阅读教程（专业篇I）,第四版,大连理工大学出版社,UNIT 6,Financial Management and Financial Planning,1/84,6,Unit Introduction,TEXT A,TEXT B,Words and Expressions,2/84,6-1,Unit Introduction,This unit focuses on financial management and planning through the effective reading,of three relevant texts.,Financial management concerns three major decisions,which are closely related,of how,to maximize a firms value.While financial planning concerns all kinds of detailed budgets,for each of the functional aspects of the business.,3/84,6-1,Unit Introduction,Three relative texts and 9 tasks designed for you in this unit will provide you with some,basic knowledge about the function of financial management and help you understand the,components of the master budget or the budgeted income statement and the balance sheet.,Check if you understand the following words and expressions,all of which are common,in describing financial management and financial planning.If you are not sure what they,mean,try Task 1 before looking up the dictionary.,4/84,6-1,Professional Words&Expressions,net,inventory,current asset,Master Budget,cost of goods sold,revenue,liquidity,expenditure,finance(v.),current liabilities ratio,budget,creditor,financing mix,profitability,investment decision,debtor,dividend,cash dividend,finished goods,investment proposal,ratio,overhead,capital project,workinprogress,5/84,6-1,Professional Words&Expressions,creation of value,gross,fixed asset,stock dividend,debt capital,dividend decision,cash,cash flow,dividendpayout,depreciation,investment decision,demand,shareholder,opportunity cost,profitability ratio,prospective,acquisition,stock,allocation,raw material,issued share capital,financing decision,6/84,6-1,TASK 1,Each of the following definitions is related to one of the words or expressions introduced,above.Choose one of them and match it with the correct explanations.,1._ amounts of money spent,2._ money spent on the daytoday cost of a business,3._ price or weight or pay etc.after all deductions have been made,expenditure,overhead,net,7/84,6-1,TASK 1,4._ money in coins or notes,5._ income,especially the total income of a company in a certain period,6._ total or with no deduction,7._ having cash or assets which can be changed into cash,8._ dividing a sum of money in various ways,gross,liquidity,allocation,cash,revenue,8/84,6-1,TASK 1,9._ plan of expected spending and income,10._ ability to make a profit,11._ a person who owns money,12._ need for goods at certain price,13._ relation between two amounts determined by the numbers of times one contains,the other,debtor,demand,ratio,budget,profitability,9/84,6-1,TASK 1,14._ owner of(business)shares or stocks,they are also called stockholders,15._(usually periodical)payment of a share of profit,to shareholders in a business,company,or of assets to creditors,16._ cash which comes into a company from sales less the money which goes out inpurchases or overhead expenditure,17._ substances which have not been manufactured(such as wool,wood,sand),cash flow,raw materials,shareholder,dividend,10/84,6-1,TASK 1,18._ all assets include cash,accounts receivable,inventory,marketable securities,prepaid expenses and other liquid assets that can be readily converted to cash,19._ a longterm tangible piece of property that a firm owns and uses in the,production of its income and is not expected to be consumed or converted intocash no sooner than at least one years time,20._ the benefits you could have received by taking an alternative action,fixed assets,opportunity cost,current assets,11/84,6-2,Comprehensive Reading,Prereading,This text offers a general idea about financial management and the relevant decisions.,You are supposed to understand the three major decisions which financial management involves and their functions.,Generally,good reading techniques or skills will not only make reading easier,but also,improve reading comprehension to a certain extent.,12/84,6-2,Comprehensive Reading,It is advisable to read this comprehension passage at least twice:the first time,to obtain,an overall impression of the text,and then a second time to concentrate on the important,details.Sometimes a third reading is necessaryto check items that cause difficulty.,Now read the following text for the first time,at your normal speed,try to get a general,idea of what the passage is about,and then finish the Task 2 at the end of the text.,13/84,6-2,Comprehensive Reading,Financial Management,1 Financial management involves the solution of the three major decisions:the investment decision,the financing decision,and the,dividend decision.1 Together,they determine the value of a company to itsshareholders.,翻译,财务管理,财务管理要处理三大决议问题：投资决议、融资决议和分配政策。这三大决议共同决定了企业对股东们价值所在。,14/84,6-2,Comprehensive Reading,Assuming that our objective is to maximize this value,the firm should strive for an optimal combination of the three interrelated,decisions solved jointly.2 The decision to invest in a new capital project,for example,financing the investment.,翻译,假设，我们目标是实现这一价值最大化，企业就应该寻求这三个相互联络决议进行优化组合，综合给予处理。譬如，决定投资一新资本项目，必定要为该项目融资。,necessitates,necessitate 使需要，迫使,15/84,6-2,Comprehensive Reading,The financing decision,in turn,influences and is influenced by the dividend decision,for retained earnings used in internal financing represent dividends by stockholders.With a proper conceptual framework,joint decisions that tend to be optimal can be reached.3,翻译,而这项融资决议又会影响到分配决议，而且也受分配决议影响。因为，用于内部融资那部分提留利润就是股东放弃红利。具备了正确理念框架，到达最正确目标综合决议就会应运而生。关键在于财务经理要考虑每一项决议对企业价值提升所产生影响。,forgone,forgo 摒绝，放弃,16/84,6-2,Comprehensive Reading,2 The investment decision is the most important of the three decisions when it comes to the creation of value.4 Capital investment is the allocation of capital to investment proposals whose benefits are to be realized in the future.,翻译,谈及实现资产增值这个问题时，投资决议就成了三项决议中最主要一项。资本投资就是为那些未来才能实现收益投资计划进行资金配置。,17/84,6-2,Comprehensive Reading,Because the future benefits are not known with certainty,investment proposals necessarily involve risk.Consequently,they should be evaluated in relation to their expected return and risk,for these are the factors that affect the firms valuation in the marketplace.,翻译,因为未来收益存在着不确定性，所以投资计划必定有风险。因为未来收益存在着不确定性，所以投资计划必定有风险。最终，投资计划还得结合预期收益和预期风险进行评定，因为这些原因会影响市场对企业评定。,18/84,6-2,Comprehensive Reading,Included also under the investment decision is the decision to reallocate capital when an asset no longer economically justifies the capital committed to it.5,翻译,当某项资产不再带来应有经济利益时，投资决议还要对资本重新配置。,19/84,6-2,Comprehensive Reading,The investment decision,then,determines the total amount of assets held by the firm,the composition of these assets,and the businessrisk of the firm as perceived by suppliers of capital.Using an appropriate acceptance criterion,or required rate of return,is fundamental to the investment decision.,翻译,另外，投资决议还得对企业拥有资产总额、资产结构以及投资人觉察到经营风险问题做出决议。利用适当、可接收标准或者预期投资回报率是投资决议基本标准。,complexion,complexion 情况，局面,20/84,6-2,Comprehensive Reading,Because of the and importance of this issue,we shall pay considerable attention to determining the appropriate required rate of return for an investment project,for a division of a company,for the company as a whole,and for a prospective acquisition.,翻译,因为决议问题至关主要，所以对每个投资项目、企业每个部门、整个企业和每一预期收益，我们都要慎重考虑其回报率是否能够接收而且切合实际。,paramount,paramount 最重 要,integrative,integrative 整体，综合,21/84,6-2,Comprehensive Reading,In addition to selecting new investments,a firm must manage existing assets efficiently.Financial managers have varying degrees of,operating responsibility for existing assets;they are more concerned with the management of current assets than with fixed assets.,翻译,除了选择新投资项目外，企业必须有效地管理现有资产。财务经理人员对现有资产负有不一样程度经营责任。他们更关心流动资产管理，而不是固定资产。,22/84,6-2,Comprehensive Reading,Determining a proper level of liquidity is very much a part of this management,and its determination should be in keeping with the companys overall valuation.7 Although financial managers have little or no operating responsibility for fixed assets and inventories,they are in allocating capital to these assets by of their involvement in capital investment.8,翻译,为企业清偿能力设定一个恰当水平是财务管理一项主要工作，必须与企业整体价值保持一致。尽管，财务经理人员对固定资产和库存几乎不负经营责任，不过，因为他们参加资本投资决议工作，所以在这些项目划拨资金时，他们起着指导性作用。,virtue,virtue 优点，优点,instrumental,instrumental 有指导性作用,23/84,6-2,Comprehensive Reading,4 Financing decision is the second major decision of a firm and the financial manager is concerned with determining the best financing mix or capital structure.If a company can change its total valuation by varying its capital structure,an optimal financing mix would exist,in which market,price per share could be maximized.9,翻译,融资决议是企业第二项主要决议。财务经理人员要重视怎样确定最正确融资组合或资本结构。假如企业能经过资本结构变更来实现企业整体价值改观，最正确融资组合就会诞生，企业每股市场价就可能到达最大化。,24/84,6-2,Comprehensive Reading,Dividend decision is the third important decision of a firm.The dividend decision includes the percentage of earnings paid to stockholders in cash dividends,stock dividends,and the dividend investment plans,which automatically use the cash dividend to purchase additional shares for the shareholders.10,翻译,分配决议是企业第三项主要决议。分配决议包含对盈利中提取多少百分比用于现金分红、股票红利以及送配股等红利投资计划。,25/84,6-2,Comprehensive Reading,The dividerdpayout ratio determines the amount of earnings retained in the firm and must be evaluated in the light of the objective of maximizing shareholderswealth.,翻译,支付红利百分比决定了企业提留盈利金额，必须以股东财富最大化作为目标进行评定。,26/84,6-2,Comprehensive Reading,The value of a dividend to investors must be balanced against the opportunity cost of the retained reinvested in the business.Thus,we see that the dividend decision should be,analyzed in relation to the financing decision.,翻译,假如有红利可分，投资者必须要权衡利弊：取得一份红利机会成本就等于放弃用提留盈利进行股权融资机会。所以，我们认为要将分配决议与融资决议一起进行分析。,27/84,6-2,Notes,Notes,1 investment decision：投资决议,financing decision：融资决议,dividend decision：分配决议,2 an optimal combination of the three interrelated decisions solved jointly.,三个相互联络决议进行优化组合，综合给予处理。,3 With a proper conceptual framework,joint decisions that tend to be optimal can be,reached.,具备了正确理念框架，到达最正确目标综合决议就会应运而生。,28/84,6-2,Notes,4 when it comes to the creation of value,谈及资产增值这个问题,5 Included also under the investment decision is the decision to reallocate capital when anasset no longer economically justifies the capital committed to it.,当某项资产不再带来应有经济利益时,投资决议还要对资本重新配置。,6 a prospective acquisition：预期收益,7 Determining a proper level of liquidity is very much a part of this management，and itsdetermination should be in keeping with the companys overall valuation.,为企业清偿能力设定一个恰当水平是财务管理一项主要工作,而且评定应该与企业整体价值保持一致。,29/84,6-2,Notes,8 they are instrumental in allocating capital to these assets by virtue of their involvement,in capital investment,因为他们参加了资本投资决议工作，所以在这些项目划拨资金时，他们起着指导性作用。,9 market price per share could be maximized,每股股票市场价可能到达最大化,10 The dividend decision includes the percentage of earnings paid to stockholders in cash dividends,stock dividends,and the dividend investment plans,which automatically use the cash dividend to purchase additional shares for the shareholders.,分配决议包含对盈利中提取多少百分比用于现金分红、股票红利以及送配股等红利投资计划。“送配股”即企业自动利用现金红利为股东购置额外股份而不是分配现金红利。,30/84,6-2,Task 2,Answer the following questions without looking back at the text.You may answer in a,word,a short phrase,or a complete sentence,just as you like.This task is just to check whether,you have got a general idea of the text.Do you remember how you do for getting a general idea,of a text in the last unit?Do it again.,1 What are the three major decisions financial management involved in?,Investment decision,financing decision and dividend decision,31/84,3-3,Task 2,2 What is the function of each of the three decisions?,Capital investment is to allocate capital to investment proposals whose benefits are to be realized in the future;financing decision is to determine the best financing mix or capital structure;dividend decision is to determine the amount of earnings retained in the firm and must be evaluated in the light of the objective of maximizing shareholders wealth.,32/84,3-3,Task 2,3 What is the relationship of the three major decisions?,When making a decision to invest a new project,the manager needs to consider how to finance the investment.The financing decision is also related to the dividend decision in that the earnings retained for internal financing represent dividends given up by stockholders.The manager needs to make joint decisions that are optimal.,33/84,6-2,Task 3,Now read the text again.Try to remember the important details and pay more attention to,points that seem difficult.If there is a word you are not familiar with,do not waste too much,time worrying about what it might mean.Just look at what comes before and after,make an,intelligent guess and then go on.When you have finished the second reading,do the following,multiple choice exercises.You may look back at the text if you want to.,1.Financial management is required to make _ major decisions.,A.two B.three C.four D.many,B,34/84,6-2,Task 3,2.If the objective of the firm is to maximize its value to the stockholders，the financial,manager should _.,A.consider the major decisions separately and then determine the most suitable option first,B.consider the major decisions relatively and then determine the most favorablecombination,C.consider each of the major decisions independently and join each solution into a,whole combination,D.analyze the relation between them and then determine which of them is the optimal combination,B,35/84,6-2,Task 3,3.Which of the following will not necessarily happen if a decision to invest a new capital,project has been made？,A.To finance the project with a financing decision.,B.To solve the problem about how to influence a proper conceptual framework.,C.To retain more dividends to support the new project.,D.To sacrifice part of cash dividends paid to stockholders.,B,36/84,6-2,Task 3,4.The firm should strive for an optimal combination of the three interrelated decisions,solved jointly.In this sentence“optimal combination”means _.,A.the investment decision should be made in relation to the other two decisions,B.the financing decision should be made in relation to the other two decisions,C.the dividend decision should be made in relation to the other two decisions,D.all of the above,D,37/84,6-2,Task 3,5.The investment decision is the most important because _.,A.it can create value to a firm,B.it can allocate capital to investment proposals,C.the future benefits are not known with certainty,D.investment proposals necessarily involve risk,6.The most important issue to the investment decision is _.,A.to notice the businessrisk nature of the firm,B.to allocate capital to a project,C.to set the right percentage of the assets as a return,D.to pay great attention to a division of the firm,A,C,38/84,6-2,Task 3,7.Financial managers are responsible for _.,A.allocating capital to fixed assets,B.operating of existing assets,C.operating of inventories,D.ov