1、财务知识ACCA财务管理英语（财务知识）ACCA财务管理英语ACCA-财务管理英语solepropsietorship独资企业partnership合伙企业corporatefinance公司财务corporate公司closelyheld私下公司publiccompany公众公司GoldmanSachs高盛银行pensionfund养老基金insurancecompany保险公司boardofdirector董事会separationofownershipandmanagement所有权与管理权的分离limitedliability有限责任articlesofincorporation公司章
2、程realasset实物资产financialasset金融资产security证券financialmarket金融市场capitalmarket资本市场moneymarket货币市场investmentdecision投资决策capitalbudgetingdecision资本预算决策financingdecision融资决策financialmanager财务经理treasurer司库controller总会计师CFO首席财务官principal-agentproblem委托问题principal委托人agent人agencycost成本informationasymmetry信息不对称
3、signal信号efficientmarketshypothesis有效市场假说presentvalue现值discountfactor贴现因子rateofreturn收益率discountrate贴现率hurdlerate门坎比率opportunitycostofcapital资本机会成本netpresentvalue净现值cashoutflow现金支出netpresentvaluerule净现值法则rate-of-returnrule收益率法则profitmaximization利润最大化doingwell经营盈利doinggood经营造益collateral抵押品warrant认股权证c
4、onvertiblebond可转换债券primaryissue一级发行prinarymarket一级市场secondarytansaction二级交易secondarymarket二级市场over-the-counter(OTC)场外交易financialintermediary金融中介zero-stage启动阶段businessplan创业计划书first-stagefinancing第一阶段融资after-the-moneyvaluation注资后的价值papergain账面利润mezzaninefinancing引渡融资angelinvestor天使投资者venturecapitalfu
5、nd创业投资基金limitedprivatepartnership有限合伙企业generalpartner普通合伙人limitedpartner有限合伙人small-businessinvestmentcompanies（IC）小企业投资公司initialpublicoffering(IPO)首次公开发行primaryoffering首次发行secondaryoffering二次发行underwriter承销商syndicateofunderwriter承销辛迪加registrationstatement注册说明书prospectus招股说明书roadshow路演greenshoeoption
6、绿鞋期权spread差价offeringprice发售价格underpricing抑价winnerscurse成功者灾难bookbuilding标书登记fixedpriceoffer定价发售auction拍卖discriminationauction差价拍卖uniform-priceauction一价拍卖generalcashoffer一般现款发行rightissue附权发行shelfregistration上架注册priorapproval事前许可boughtdeal买方交易seasonedissue新增发行knowledgeableinvertor成熟的投资者qualifiedinstit
7、utionalbuyer有资格的机构买者recorddate登记日withdividend附有红利cumdividend附息exdividend除息legalcapital法定资本regularcashdividend正常现金红利extra额外的specialdividend特别红利stockdividend股票红利automaticdividendreinvestmentplans(DRIP)红利自动转投计划transferofvalue价值转移capitalstructure资本结构MMspropositionMM定理weighted-averagecostofcapital(WACC)加
8、权平均资本成本margindebt保证金借款floating-ratenote浮动利率票据money-marketfund货币市场基金interest-rateceiling利率上限trade-offtheory权衡理论righttodefault违约权leveragebuy-out(LBO)杠杆收购asymmetricinformation信息不对称financialslack银根宽松costofdebt负债成本costofequity权益成本terminalvalue价值cashflowtoequity权益现金流rebalancing重整projectfinancing项目融资adjust
9、edcostofcapital调整资本成本equivalentloan等值贷款offsettingtransaction反向交易depreciablebasis折旧基数adjustedpresentvalue(APV)调整现值calloption看涨期权exerciseprice执行价格strikeprice敲定价格exercisedate到期日Europeancall欧式看涨期权Americancall美式看涨期权positiondiagram头寸图putoption看跌期权SalomonBrothers所罗门兄弟公司termstuctureofinterestrate利率期限结构annui
10、ty年金perpetuity永久年金annuityfactor年金因子annuitydue即期年金futurevalue终值conmpoundinterest复利simpleinterest单利continuouslycompoundedrate连续复利率ConsumerPriceIndex(CPI)消费物价指数currentdollar当期货币nominaldollar名义货币constantdollar不变货币realdollar实际货币realrateofreturn实际收益率inflationrate通货膨胀率principal本金deflation滞胀yieldtomaturity到
11、期收益率marketcapitalizationrate市场资本化率dividendyield红利收益率costofequitycapital权益资本成本payoutratio红利发放率earningspershare(EPS)每股收益returnonequity(ROE)权益收益率discountcashflow贴现现金流growthstock成长股incomestock绩优股presentvalueofgrowthopportunity(PVGO)成长机会的现值price-earningsratio(P/E)市盈率freecashflow(FCF)自由现金流量bookrateofretur
12、n账面收益率capitalinvestment资本投资operatingexpense经营费用paybackperiod回收期discounted-paybackrule贴现回收期法则discounted-cash-flowrateofreturn贴现现金流量的收益率internalrateofreturn(IRR)内部收益率lending贷出borrowing借入profitabilitymeasure盈利指标standardofpfofitability赢利标准modifiedinternalrateofreturn修正内部收益率mutuallyexclusiveprojects互相排斥的
13、项目capitalrationing资本约束profitabilityindex盈利指标softrationing软约束hardrationing硬约束incrementalpayoff增量收入networkingcapital净营运资本sunkcost沉没成本sunk-costfallacy沉没成本悖论overheadcost间接费用salvagevalue残值straight-linedepreciation直线法折旧InternalRevenueService国内税收署taxshield税盾acceleratedcostrecoverysystem加速成本回收折旧法alternative
14、minimumtax另类最低税taxpreference税收优惠accelerateddepreciation加速折旧projectanalysis项目分析equivalentannualcashflow等价年度现金流marginalinvestment边际投资defaultrisk违约风险riskpremium风险溢酬standarderror标准误差standarddeviation标准差marketportfolio市场组合marketreturm(rm)市场收益率variance方差thelossofadgreeoffreedom自由度损失Delphic德尔菲uniquerisk独特风
15、险unsystematicrisk非系统风险residualrisk剩余风险specificrisk特定风险diversifiablerisk可分散风险marketrisk市场风险systematicrisk系统风险undiversifiablerisk不可分散风险convariance协方差well-diversified有效分散valueadditivity价值可加性efficientportfolio有效投资组合quadraticprogramming二次规划bestefficientportfolio最佳有效投资组合capitalassetpricingmodel(CAPM)资本资产定
16、价模型separationtheorem分离定理securitymarketline证券市场线marketcapitalization市场资本总额small-capstocks小盘股book-to-marketration账面-市值比datamining数据挖掘datasnooping数据侦察consumptionbeta消费贝塔consumptionCAPM消费型资本资产定价模型riskaversion风险厌恶arbitragepricingtheory套利定价理论sensitivityofeachstocktothesefactors每种股票对这些因素的敏感度three-factormod
17、el三因素模型companycostofcapital公司资本成本industrybeta行业贝塔firmvalue公司价值debtvalue负债价值assetvalue资产价值blue-chipfirm蓝筹股financialleverage财务杠杆gearing举债经营financialrisk财务风险unlever消除杠杆relativemarketvaluesofdebt(E/V)负债的相对市场价值taxableincome应税利润after-taxcost税后成本marginalcorporatetaxrate公司边际税率after-taxweighted-averagecostof
18、capital税后加权平均资本成本cyclicality周期性cyclicalfirms周期性公司operatingleverage经营杠杆revenue收入fixedcosts固定成本variablecosts可变成本rateofoutput产出率certaintyequivalent确定性等价值certainty-equivalentcashflow确定性等价现金流risk-adjusteddiscountrate风险相应贴现率underlyingvariables基础变量sample抽样realoption实物期权decisiontree决策树timingqption安排期权produc
19、tionoption生产性期权optiontobailout选择权economicrent经济租金futuremarket期货市场capitalbudget资本预算strategicplanning战略规划appropriationrequest拨款申请postaudit事后审计stockoptions股票期权privatebenefit私下利益perks特权享受perquisite特权享受overinvestment过度投资generallyacceptedaccountingprinciple(GAAP)公认会计原则qualifieddoption保留意见delegated委托econom
20、icvalueadded(EVA)经济附加值tradeloading贸易超载economicdepreciation经济折旧nationalincomeandproductaccounts国民收入与产出账户cap上限合约strip本息剥离债券swap互换bookrunner股份登记员efficientcapitalmarket有效资本市场randomwalk随机游走positivedrift正漂移autocorelationcoefficient自相关系数weakformofefficiency弱有效性semistrongformofefficiency半强有效性strongformofeff
21、iciency强有效性marketmodel市场模型acquiringfirm兼并公司acquiredfirm被兼并公司superiorprofit超常利润overreaction反应过度underreaction反应不足indexarbitrageur指数套利者portfolioinsurancescheme证券组合保险策略superiorratesofreturn超常收益exchange-ratepolicy汇率政策applicationdate申购日long-termasset长期资产retainedearnings留存收益financialdeficit资金缺口internalfund
22、内部资金debtpolicy负债政策dividendpolicy红利政策long-termfinancing长期融资totalcapitalization资本总额reserve准备金issuedandoutsanding已发行流通股份issuedbutnotoutsanding已发行未流通股份authorizedsharecapital法定股本总额financialinstitution金融机构cash-flowright现金流要求权controlright控制劝dominantstockholder控股股东majorityvotingsystem多数投票制cumulativevoting累计
23、投票制supermajority绝对多数制proxycontest投票权角逐minoritystockholder小股东reversestocksplit逆股票拆细masterlimitedpartnership业主有限责任合伙企业realestateinvestmenttrust(REIT)房地产信托投资基金preferredstock优先股cumulativepreferredstock红利累积优先股lineofcredit授信额度fixed-rate固定利率floating-rate浮动利率coupon息票LondonInterbankOfferedRate(LIBOR)伦敦银行间拆借利
24、率eurobond欧洲债券eurocurrency欧洲货币euro欧元senior优级junior次级subordinated从属secured有担保的collateral抵押品warrant认股权证convertiblebond可转换债券primaryissue一级发行prinarymarket一级市场secondarytansaction二级交易secondarymarket二级市场over-the-counter(OTC)场外交易financialintermediary金融中介zero-stage启动阶段businessplan创业计划书first-stagefinancing第一阶段
25、融资after-the-moneyvaluation注资后的价值papergain账面利润mezzaninefinancing引渡融资angelinvestor天使投资者venturecapitalfund创业投资基金limitedprivatepartnership有限合伙企业generalpartner普通合伙人limitedpartner有限合伙人small-businessinvestmentcompanies（IC）小企业投资公司initialpublicoffering(IPO)首次公开发行primaryoffering首次发行secondaryoffering二次发行underw
26、riter承销商syndicateofunderwriter承销辛迪加registrationstatement注册说明书prospectus招股说明书roadshow路演greenshoeoption绿鞋期权spread差价offeringprice发售价格underpricing抑价winnerscurse成功者灾难bookbuilding标书登记fixedpriceoffer定价发售auction拍卖discriminationauction差价拍卖uniform-priceauction一价拍卖generalcashoffer一般现款发行rightissue附权发行shelfregis
27、tration上架注册priorapproval事前许可boughtdeal买方交易seasonedissue新增发行knowledgeableinvertor成熟的投资者qualifiedinstitutionalbuyer有资格的机构买者recorddate登记日withdividend附有红利cumdividend附息exdividend除息legalcapital法定资本regularcashdividend正常现金红利extra额外的specialdividend特别红利stockdividend股票红利automaticdividendreinvestmentplans(DRIP)
28、红利自动转投计划transferofvalue价值转移capitalstructure资本结构MMspropositionMM定理weighted-averagecostofcapital(WACC)加权平均资本成本margindebt保证金借款floating-ratenote浮动利率票据money-marketfund货币市场基金interest-rateceiling利率上限trade-offtheory权衡理论righttodefault违约权leveragebuy-out(LBO)杠杆收购asymmetricinformation信息不对称financialslack银根宽松cost
29、ofdebt负债成本costofequity权益成本terminalvalue价值cashflowtoequity权益现金流rebalancing重整projectfinancing项目融资adjustedcostofcapital调整资本成本equivalentloan等值贷款offsettingtransaction反向交易depreciablebasis折旧基数adjustedpresentvalue(APV)调整现值calloption看涨期权exerciseprice执行价格strikeprice敲定价格exercisedate到期日Europeancall欧式看涨期权Americancall美式看涨期权positiondiagram头寸图putoption看跌期权
