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這是財務管理專業英語ppt下載,主要介紹了Teaching objectives;Wisdom;The objection of financial management;Mini Case;Words Study;Types of Business Organization;Corporate Structure of the Company;Objectives of Financial Management;Separation of Ownership and Control;Agency Relationships,歡迎點擊下載。

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 The objection of financial management Maximize the profit (revenue) of the firm (利潤最大化) Maximize the stakeholders’ wealth (相關利益者財富最大化) Maximize the value of the firm (or the shareholders’ wealth) (企業價值最大化或股東財富最大化) Mini case In 1990, two of General Motor’s largest institutional shareholders, unhappy with the company’s declining market share and profits during the 1980s, sought to talk to GM’s leaders about a successor to the retiring CEO. GM’s senior managers rebuffed the shareholders. They could do that because the two large stockholders each owned less than 1% of the company’s stock. 1990年,通用汽車公司的兩個最大的機構投資者股東,因為對公司在20世紀80年代的市場份額減少、利潤下降及公司業績欠佳不滿,試圖借總裁退休,在繼任者的選擇問題上發表自己的意見,但他們的要求遭到公司管理層的斷然拒絕。公司管理層的反對之所以有效,是因為這兩個最大股東所持有公司股票的份額都不超過1%。這就是公司所有權分散、公司經理主導的美國公司治理模式的特點。 這是美國主流的公司治理模式,股權的分散化使得決策權從股東轉向了職業經理。這種公司治理機制是利弊互現的,即公司管理的職業經理化與代理成本的存在。那么在以后設計出的種種公司治理機制就是為了減少公司代理成本。 Words Study 1.business 企業,商業 business circle 企業界 2.financial risk 財務(金融)風險 There is no financial risk in selling to East European countries on credit.  向東歐國家賒銷沒有財務風險。 3.sole proprietorship 私人業主制企業 proprietorship(所有權) A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 單一業主指一人擁有公司,它是企業家經營的典型模式。 4.partnership 合伙制企業 partner 合伙人 limited partnership 有限合伙制企業 general partner 一般合伙人 A partnership may have unlimited liability as well as limited liability.  合營可以是無限責任也可以是有限責任。 5.separation of ownership and control 所有權與經營權分離 The reason of the agency relationship is the separation of ownership and control. 代理關系產生的原因就是所有權與經營權的分離。 6.claim 要求權 have a claim on (to) 有對...要求權 claim a large amount against him 要求他賠償大量金額 7.Management buyout 管理層收購 管理層收購在英文中簡稱MBO,是指公司的經營 管理者利用借貸融資買斷或控制公司的股份,旨在改 變公司的所有者結構、控制權結構和資產結構,使公 司原經營者變成企業所有者的一種收購行為。MBO的 主要投資者是目標公司的管理人員,或是管理人員與 投資者結成的聯盟,通過MBO,他們的身份由單一的 經營者角色變為所有者與經營者合一的雙重身份。 8.tender offer take over bid (要約收購) 收購上市公司,有兩種方式:協議收購和要約收購,而后者是更 市場化的收購方式。從協議收購向要約收購發展,是資產重組 市場化改革的必然選擇。 要約收購(即狹義的上市公司收購),是指通過證券交易 所的買賣交易使收購者持有目標公司股份達到法定比例(《證 券法》規定該比例為30%),若繼續增持股份,必須依法向目 標公司所有股東發出全面收購要約。 hostile tender offer 惡意收購 9.New York Stock Exchange 紐約股票交易所 New York Stock Exchange composite index  紐約證券交易所混合指數 10.Financial standards 財務準則 11.initial public offering (IP0) 首次公開發行股票 A $100 investment in Dell stock at the 1988 initial public offering is worth more than $56,000 today 在1988年最初上市時僅投資100美元的戴爾股票今天價值56000美元 12.private corporation 私募公司 closely held corporation 控股公司 13.board of directors 董事會 executive director 執行董事 Non-ececutive 非執行董事 chairperson(chairman)主席、董事長 independent director 獨立董事 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.  “獨立董事”是一個能夠在執行審計委員會的功能時,做出獨立判斷 的上市公司董事 。 14.controller 主計長、管理者 The controller of BBC Radio  英國廣播公司廣播電臺負責人 15.treasurer 司庫、出納、財務主任 Who can we have as treasurer?  我們能讓誰掌管財務呢? 16.Master of Financial Management 財務管理專業碩士 Master of Accounting 會計學碩士 Master of Business Administration (MBA)工商管理碩士 17.revenue 收入 profit 利潤 earnings per share 每股盈余(EPS) 18.return 回報 market share 市場份額 Thomsons have a 48% market share.  湯姆森公司有48%的市場占有率. social good 社會福利 financial distress 財務困境 19.stakeholder theory 利益相關者理論 1984年,弗里曼《戰略管理:利益相關者管理的分析方法》,明確提出了利益相關者管理理論。利益相關者管理理論是指企業的經營管理者為綜合平衡各個利益相關者的利益要求而進行的管理活動。與傳統的股東至上主義相比較,該理論認為任何一個公司的發展都離不開各利益相關者的投入或參與,企業追求的是利益相關者的整體利益,而不僅僅是某些主體的利益。這些利益相關者包括企業的股東、債權人、雇員、消費者、供應商等交易伙伴,也包括政府部門、本地居民、本地社區、媒體、環保主義等的壓力集團,甚至包括自然環境、人類后代等受到企業經營活動直接或間接影響的客體。 20.value(wealth)maximization 價值(財富)最大化 21.common stockholder or shareholder 普通股股東 preferred stockholder or shareholder 優先股股東 debt holder (creditor)債權人 22.well-being 福利 diversify 多樣化 She worked for the well-being of the underprivileged. 她為下層貧困民眾的福利而努力。 We must diversify our products.  我們必須于產品多樣化。 23.learning curve 學習曲線 going concern 持續的 24.agency problem 代理問題 25.free-riding problem 搭便車問題 搭便車理論首先由美國經濟學家曼柯·奧爾遜于1965年發表的 《集體行動的邏輯:公共利益和團體理論》(The Logic of Collective Action Public Goodsand the Theory of Groups)一 書中提出的。其基本含義是不付成本而坐享他人之利。 26.information asymmetry 信息不對稱 該理論認為:市場中賣方比買方更了解有關商品的各種信息;掌 握更多信息的一方可以通過向信息貧乏的一方傳遞不可靠信息在 市場中獲益;買賣雙方中擁有信息較少的一方會努力從另一方獲 取信息;市場信號顯示在一定程度上可以彌補信息不對稱的問 題;信息不對稱是市場經濟的弊病,要想減少信息不對稱對經濟 產生的危害,政府應在市場體系中發揮強有力的作用。 The Influences of Information Asymmetry on IPO Pricing  信息不對稱對于IPO競價發行的影響 27. retail investor 散戶投資者 institutional investor 機構投資者 28.principal-agent or agency relationship 委托-代理關系 委托代理理論的主要觀點認為:委托代理關系是隨著生產力大 發展和規?;笊某魷侄?。其原因一方面是生產力 發展使得分工進一步細化,權利的所有者由于知識、能力和精 力的原因不能行使所有者的權利了;另一方面專業化分工產生了 一大批具有專業知識的代理人,他們有精力、有能力代理行使 好被委托的權利。但在委托代理的關系當中,由于委托人與代 理人的效用函數不一樣,委托人追求的是自己的財富更大,而 代理人追求自己的工資津貼收入、奢侈消費和閑暇時間最大 化,這必然導致兩者的利益沖突。在沒有有效的制度安排下代 理人的行為很可能最終損害委托人的利益。 29.net present value (NPV)凈現值 Thus AAI should invest its available cash in the package of projects having the largest aggregate net present value. 因此AAI應該投資能夠投資于有最大的合計凈現值的項目組合。 30.creative accounting 創造性會計 創造性會計是指通過包裝或粉飾公司財務報表以求達到某種目的 的會計處理方式,不同于做假賬,其本身并非違法行為,但使得 公司財務報表信息嚴重失實。它是一種在不違背會計準則和有關 會計法規的條件下,為達到某種目的而有意識地選擇會計程序和 會計方法的活動。 31.stock option 股票期權 股票期權是指買方在交付了期權費后即取得在合約規 定的到期日或到期日以前按協議價買入或賣出一定數 量相關股票的權利。 32、agency cost 代理成本 資產所有權與使用權的分離會產生委托代理關系,這 種委托代理關系會產生代理成本。 33、bonding cost 契約成本 monitoring costs監督成本 34、takeover 接管 The takeover cause 250 redundancy.  接管移交造成250人的裁員。 //www.tingroom.com/lesson/criroom/46580.html Lesson Ten Closing Procedures (1)Sole Proprietorship an unincorporated business owned by one person What’s the advantage and drawbacks of this structure? the advantage: easy to form No double taxation the drawbacks: Non-transferable (2)Partnership owned by two or more individuals (called partners) general partnership ——general partners 普通合伙企業 由普通合伙人組成,合伙人對合伙企業債務承擔無限連帶責任。 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 partnership——general partners limited partners 有限合伙企業 由普通合伙人和有限合伙人組成,普通合伙人對合伙企業債務承 擔無限連帶責任,有限合伙人以其認繳的出資額為限對合伙企業債務承擔責任。 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. (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 Stakeholder Theory Managers should make decisions that take into account the interests of all of a firm’s 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 company’s resources (management) Professional managers’ superior ability To grow to an optimal size in terms of business efficiency Efficient diversification’s need The “learning curve” or “going concern” effect Separation of Ownership and Control agency problem free-riding problem increased costs of information gathering. information asymmetry 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). 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 management’s actions to ensure compliance. Monitoring costs 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 The Effects of Business Transactions The Effects of Business Transactions The Effects of Business Transactions The Effects of Business Transactions The Effects of Business Transactions The Effects of Business Transactions The Effects of Business Transactions The Effects of Business Transactions Case study 1 Case案例1: Michael’s dental clinic incurred following transactions: 1) Initial Investment of $4000 started the business投資4000美元開業。 2) Bought office supplies by cash $300支付300美元現金買辦公用品。 3) Bought office furniture from Brown Furniture Co. on credit $2000從布朗家具公司賒賬購買家具2000美元。 Case案例2: the business transaction for John. Watt Co. in Jan. 1) Received $1000 in cash for the service performed提供服務,收取現金1000美元. 2) Paid wages to an employee $500 for cash以現金支付雇員工資500美元 case study 2 You recently invested $ 12000of your savings in a security issued by a large company. The security agreement pays you 7% per year and has a maturity two years from the day you purchased it. What is the total cash flow you expect to receive from this investment,separated into return on your investment and the return of your investment? Hand in next friday with group, which have to including accounting process and explaination in English

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《財務管理專業英語ppt》是由用戶huangyixuan于2019-12-27上傳,屬于英語課件PPT。

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