而需要特別信息的用戶(hù)一般將他們的需求告訴這個(gè)程序員，有著很大的不同其凈利潤(rùn)為典型的產(chǎn)業(yè)，大多數(shù)個(gè)人貸款抵押貸款和信用卡是以復(fù)利計(jì)息的，一規(guī)避風(fēng)險(xiǎn)投資決策者認(rèn)為只有當(dāng)它提供補(bǔ)償風(fēng)險(xiǎn)通過(guò)風(fēng)險(xiǎn)溢價(jià)。
單詞及句子翻譯
第一單元詞匯
collar（項(xiàng)圈）
Startled（大吃一驚）
gasped(氣呼呼)
elicitation(獲取)
collation(校對(duì))
Complexity（復(fù)雜性）
Cabling&Wiring（布電纜和電線）inclusions(加入部分)
compatibility（兼容性）interference(干擾)
side-effects(副作用)
Pilot(試點(diǎn))
Piecewise(分段)
rollingplan(后續(xù)計(jì)劃)
outstandingaccounts(未付清的帳)temptation(誘惑)
contingency(不測(cè)事件)
anticipated(期望)
deviate(偏離軌道)
irresistible(無(wú)法抗拒)
trade-offs(權(quán)衡)
inherent(不可分割)
phenomenon(現(xiàn)象)
axes(中心)
juggle(雜耍)
disabled(殘疾)
handicapped(弱智)
availability(可用性)
1、Fromtimetotime,organizationsneedtochangetheirinformationsystems,inresponsetonewmarketingopportunities,modifiedgovernmentregulations,theintroductionofnewtechnology,mergerwithanothercompany,orotherdevelopments.
不時(shí)，一些機(jī)構(gòu)需改變他們的信息系統(tǒng)，以適應(yīng)新的市場(chǎng)機(jī)會(huì)、修改的政府章程、引進(jìn)的新技術(shù)、公司的合并或其他的發(fā)展。
2、Indeed,inprogressivecompanies,managementmayrequireemployeeinputindevelopingnewsystemsthroughaprocecalledJAD(JointApplicationsDevelopment),whichuseshighlyorganized,intensiveworkshopstobringtogethersystemowners,users,analysts,anddesignerstojointlydefineanddesignsystems.
實(shí)際上，對(duì)于那些能不斷進(jìn)取的公司，其管理需要將員工融入到一個(gè)稱(chēng)之為JAD過(guò)程（聯(lián)合應(yīng)用開(kāi)發(fā)）的新的系統(tǒng)中去，JAD通過(guò)使用高度有組織的、集中式的工作場(chǎng)地將系統(tǒng)所有者、用戶(hù)、分析人員和設(shè)計(jì)人員匯集在一起進(jìn)行定義和設(shè)計(jì)系統(tǒng)。
1、Whereasatonetimethedebateinmostbusinefocusedonwhethertoengageinelectroniccommerce,todaythedebateconcernsexactlyhowtogoaboutengaginginelectroniccommerce.
雖然大多數(shù)企業(yè)的爭(zhēng)論曾一度聚集在是否參與電子商務(wù)，而今天的爭(zhēng)論卻是如何參與電子商務(wù)。
2、Acommonstrategyusedbycompaniesdealinginelectronicproductsistomakereduced-functionalityversionsoftheirproductsavailablefornochargeorfull-functionalityversionsavailableforatestperiod,typically30to90days.
公司在經(jīng)營(yíng)電子產(chǎn)品時(shí)常用的策略是免費(fèi)提供簡(jiǎn)化的版本，或者在試用期內(nèi)提供全功能版本，試用期通常是30或者90天。
1、Mostofdecisiontheoryisnormativeorprescriptive,i.e.itisconcernedwithidentifyingthedecisiontotake,assuminganidealdecisiontakerwhoisfullyinformed,abletocomputerwithperfect
accuracy,andfullyrational.
大多數(shù)的決策理論都是標(biāo)準(zhǔn)化的，例如，它的內(nèi)容涉及標(biāo)志制定的最佳決策，認(rèn)定一個(gè)理想的決策制定者是指能準(zhǔn)確、理性計(jì)算的人。
2、Howeverevenwithallthosefactorstakenintoaccount,humanbehaviouragaindeviatesgreatlyfromthepredictionsofprescriptivedecisiontheory,leadingtoalternativemodelsinwhich,forexample,objectiveinterestratesarereplacedbysubjectivediscountrates.然而即使把所有因素都考慮進(jìn)去，人的行為與推理決策理論的預(yù)測(cè)有較大的差別，并會(huì)導(dǎo)致一個(gè)替換的模型，例如，用主觀認(rèn)定的打折率代替了客觀存在的利息率。
3、Insuchcasestheissueisnotthedeviationbetweenrealandoptimalbehaviour,butthedifficultyofdeterminingtheoptimalbehaviourinthefirstplace.
在這種情況下，問(wèn)題不是真實(shí)和最有行為的差別，而是在最初決策最優(yōu)行為的難度。
1、Thereisnothingnewaboutdatabases—earlyoneswerechiselledinstone,pennedonscrolls,andwrittenonindexcards.
早起的數(shù)據(jù)庫(kù)沒(méi)有任何新特征，他們與將數(shù)據(jù)刻在石頭上，寫(xiě)在卷軸中及標(biāo)在標(biāo)簽上一樣。
2、Youwillseeinthefollowingpagesthatcomplexdatarelationshipsandlinkagesmaybefoundinallbutthesimplestdatabases.
在下面的內(nèi)容中，你們將看到復(fù)雜的數(shù)據(jù)關(guān)系及在除了最簡(jiǎn)單的數(shù)據(jù)庫(kù)以外，其他所有的數(shù)據(jù)庫(kù)中找到連接關(guān)系。
3、Inafile-orientedsystem,usersneedingspecialinformationmaycommunicatetheirneedstoaprogrammer,who,whentimepermits,willwriteoneormoreprogrammestoextractthedataandpreparetheinformation.
在面向文件的系統(tǒng)中，當(dāng)時(shí)間允許的情況下，程序員可能會(huì)編寫(xiě)一個(gè)或者更多的程序來(lái)提取數(shù)據(jù)并準(zhǔn)備信息。而需要特別信息的用戶(hù)一般將他們的需求告訴這個(gè)程序員。
4、Forourpurposes,anMIScanbedefinedasanetworkof
computer-baseddataprocessingproceduresdevelopedinanorganizationandintegratedasnecessarywithmanualandotherproceduresforthepurposeofprovidingtimelyandeffectiveinformationtosupportdecisionmakingandothernecessarymanagementfunctions.
對(duì)我們來(lái)說(shuō)，在組織中開(kāi)發(fā)和為了手工的需要被整合的基于電腦的數(shù)據(jù)處理程序與為了提供適時(shí)的有效的信息來(lái)支持決策制定及其他必需的管理功能而開(kāi)發(fā)的程序組成一個(gè)網(wǎng)絡(luò)，管理信息系統(tǒng)就被定義為這個(gè)網(wǎng)絡(luò)。
財(cái)務(wù)管理專(zhuān)業(yè)英語(yǔ)句子及單詞翻譯
Financialmanagementisanintegrateddecision-makingproceconcernedwithacquiring,financing,andmanagingassetstoaccomplishsomeoverallgoalwithinabusineentity.
財(cái)務(wù)管理是為了實(shí)現(xiàn)一個(gè)公司總體目標(biāo)而進(jìn)行的涉及到獲娶融資和資產(chǎn)管理的綜合決策過(guò)程。
Decisionsliabilitiesinvolvingrefertoaworkingfirm’scapitalshort-termmanagement.assetsand決斷涉及一個(gè)公司的短期的資產(chǎn)和負(fù)債提到營(yíng)運(yùn)資金管理
Theright-handfirm’ http://m.emrowgh.com cisionsconcernthe該公司的長(zhǎng)期融資決斷股份資產(chǎn)負(fù)債表的右邊。
Thisaffectsiscompany.
theanfinancialimportantriskdecisionfacedasbythethelegalownersstructureofthe這是一個(gè)重要的決定作為法律結(jié)構(gòu)影響金融風(fēng)險(xiǎn)面對(duì)附近的的業(yè)主的公司。
Themanagement(executiveboardincludesindividualssomedirectors),butmembersoftop
directors).
fromoutsidethecompany(non-executiveshouldalsoinclude董事會(huì)包括有些隸屬于高層管理人員(執(zhí)行董事)，但將也包括個(gè)體從外公司(非執(zhí)行董事)。
Maximizationstockholdersofshareholderwealthfocusesonlyencompassescommonwhereasallfinancialmaximizationoffirmvalueonstockholders.
stockholders,debtclaimholdersholders,andpreferredincluding股東財(cái)富最大化只集中于股東，而企業(yè)價(jià)值最大化包含所有的財(cái)務(wù)債券持有者，包括普通股股東，債權(quán)人和優(yōu)先股股東。
Givenmaximizationthesestakeholdersassumptionsandisconsistent，societyinshareholders’withthethelongbestwealthrun。interests
of根據(jù)這些假設(shè)，從長(zhǎng)期來(lái)看，股東財(cái)富最大化與利益相關(guān)者和社會(huì)的最好利潤(rùn)是相一致的。
Nocomprehensivecompetingtheseconsistentassumptions,shareholders’wealthmeasureameasurethatofcanafirm’sprovideas
maximizationstanding.Givenissocietyinthelongwiththerun.
bestinterestsofstakeholdersand沒(méi)有競(jìng)爭(zhēng)措施，能提供由于全面的一個(gè)措施的一個(gè)公司的站。給這些臆說(shuō)，股東'財(cái)富最大化一貫不比任何人差項(xiàng)目干系人項(xiàng)目利益相關(guān)者的利益，社會(huì)從長(zhǎng)遠(yuǎn)說(shuō)來(lái)。
Inshareholders,andreality,managersandfinancingdecisionschoosemayignoretheinterestsof
thatinsteadbenefittomakethemselves.
investment在現(xiàn)實(shí)中，經(jīng)理可能忽視股東的利益，而是選擇利于自身的投資和融資決策。
Financialofstakeholders(otherinformationstatementsfromareprobablytheimportantsourcefirm’sfinancialhealth.thanwhich
management)canthesevariousassess
a財(cái)務(wù)報(bào)表可能是最重要的信息來(lái)源，除管理者以外的各種利益相關(guān)者可以利用這些報(bào)表來(lái)評(píng)估一個(gè)公司的財(cái)務(wù)狀況。
Thecommonstockholders’equitysectionlistspreferredretainedstockearnings.
andcapitalsurplusandaccumulatedstock,股東權(quán)益列示有優(yōu)先股，普通股，資本盈余和累積留存收益。
Theassets,whicharethe“things”thecompanyowns,arelistedintheorderofdecreasingliquidity,orlengthoftimeittypicallytakestoconvertthemtocashatfairmarketvalues,beginningwiththefirm’scurrentassets.
資產(chǎn)，也就是公司擁有的東西，是按照流動(dòng)性遞減的順序或?qū)⑺鼈冝D(zhuǎn)換為公允市場(chǎng)價(jià)值所需要的時(shí)間來(lái)排列的，通常從流動(dòng)資產(chǎn)開(kāi)始。Themarketvalueofafirm’sequityisequaltothenumberofsharesofcommonstockoutstandingtimesthepricepershare,whiletheamounthecumulativeamountthefirmraisedwhenissuingcommontreportedonthefirm’sbalancesheetisbasicallystockandanyreinvestednetincome(retainedearnings).
公司權(quán)益的市場(chǎng)價(jià)值等于其發(fā)行在外的普通股份數(shù)乘以每股價(jià)格，而資產(chǎn)負(fù)債表上的總額則主要是公司在發(fā)行普通股以及分配任何再投資凈收益（留存收益）時(shí)累積的數(shù)額。
Whendepreciationcomparedearlyexpenseyearsbuthasofhigherassettoloweracceleratednetlife,whichdepreciationmethods,straight-lineincome.
tendsexpensetoainhigherthe
tax與加速折舊法相比,直線折舊法在資產(chǎn)使用年限的早期折舊費(fèi)用較低，這也會(huì)趨向于較高的稅金費(fèi)用和較高的凈收入。Thestatementofcashsections:(1)operatingcashflowsconsistsofthree
and(3)financingbringactivitiesincashflows.flows,(2)investingActivitiesineachareacashflows,thatcash.
thatcashinvolverepresentspendingsourcescashofcashareuseswhileof該聲明現(xiàn)金流量表包含三個(gè)部分:(1)經(jīng)營(yíng)現(xiàn)金流,(2)投資的現(xiàn)金流,(3)融資現(xiàn)金流。在每個(gè)地區(qū)活動(dòng)帶來(lái)現(xiàn)金來(lái)源的現(xiàn)金而代表活動(dòng)涉及到花錢(qián)是使用現(xiàn)金
Financingrepaymentsactivitiesandcashdividendorretirements,stockincludenewpayments.
salesdebtissuances,debtandrepurchases,籌資活動(dòng),包括發(fā)行新債券，償還債務(wù)，股票銷(xiāo)售和回購(gòu)，以及現(xiàn)金股利支付。
Not$750millionsurprisingly,Enron’sexecutivesoptionsinthe12monthsinsalaries,bonusesandhadprofitsrealizedfromsomestockbankrupt.
beforethecompanywent毫不奇怪,公司破產(chǎn)前的十二個(gè)月里，安然的高管們實(shí)現(xiàn)了7.5億美金的工資、獎(jiǎng)金和股票期權(quán)利潤(rùn)。First,financialthearemanyfinancialratiostextbooksarenotstandardized.Aandothersourcesperusalofcalculateavailablesomewillratios.oftenshowdifferencesinhowthatto首先,財(cái)務(wù)比率不規(guī)范。一個(gè)參考的許多金融教科書(shū)及來(lái)源,可將經(jīng)常表現(xiàn)出差異如何計(jì)算一些率。
Liquidityobligationsratiosintheindicateshortrun.
afirm’sabilitytopayits流動(dòng)性比率表明公司的支付能力在短期內(nèi)它的義務(wù)。
Excessivelyfirmhighcurrentratios,however,mayindicateinvestor-suppliedcapitalmayhavetoomuchofitslong-term
acurrentassets.
investedinshort-termlow-earning當(dāng)前的比率過(guò)高,然而,可能表明,一個(gè)公司可能有太多的長(zhǎng)期investor-suppliedInaninflationary資本投資于短期first-out(LIFO)inventoryenvironment,firmslow-earningthat流動(dòng)資產(chǎn)use
currentvaluationwilllikelyhavelast-in,
lowerfirst-out(FIFO).
ratiosthanfirmsthatusefirst-in,在一個(gè)通貨膨脹的環(huán)境下,企業(yè)選擇使用后進(jìn)先出法對(duì)存貨計(jì)價(jià)的公司比采用先進(jìn)先出法的公司有一個(gè)低的流動(dòng)比率。
Thereflectcashthatafirm’sratioliquidityistooconservativepositionbecausetoaccuratelycashfirmsandmarketablecanfundtheiritassumessecurities.
currentliabilitieswithonly流動(dòng)比率太穩(wěn)健不能正確反映一個(gè)公司的流動(dòng)性狀況，因?yàn)樵谶@一比率假定公司僅僅用現(xiàn)金和有價(jià)證券就可以?xún)斶�流動(dòng)負(fù)債。
Debtofprovidetherelativemanagementmixratiosofdebtcharacterizeafirmintermsabilityofmeasuresthefirm.
ofthelong-termandequitydebtfinancingpayingand描述一個(gè)公司債務(wù)管理比率從相對(duì)的混合的債務(wù)和股權(quán)融資的措施,提供長(zhǎng)期償債能力的公司。
Totalequity,andcapitalthusincludesexcludesallshort-termnon-currentdebt.
liabilitiesplus資本總額包括所有非流動(dòng)負(fù)債加上股本,從而排除短期貸款。Netindustry.
profitmarginsvarywidelybythetypeof有著很大的不同,其凈利潤(rùn)為典型的產(chǎn)業(yè)。
Notethaninterestthatnetincome,Isearningsbeforeusedininterestthenumeratorandtaxes,ratherbecauseabilitytaxes.
toispaypaidcurrentwithpre-taxinterestdollars,andisnotaffectedthefirm’sby注意,分子中用的是息稅前利潤(rùn)而不是凈收入，這是因?yàn)槔⑹嵌惽爸Ц兜�，公司支付現(xiàn)金利息的能力不受稅收的影響。
Managersincreasedshouldanalyzethetradeoffbetweenanyandandtheassociatedsalesfromcostsamoreoflongerlenientcollectioncreditpolicywhethermoreincreasechanginguncollectedshareholder’sthereceivableswefirm’salth.
credittosalesdetermineperiodspolicy
could管理者應(yīng)該分析權(quán)衡增加的銷(xiāo)售從一個(gè)更為寬松的信貸政策和相關(guān)費(fèi)用較長(zhǎng)的周期和更多的應(yīng)收賬款收集來(lái)決定是否改變公司的信用銷(xiāo)售的政策可能會(huì)增加股東的財(cái)富。
Ifcreditthereceivablescollectionperiodexceedsafirm’sineffectivetermscredittomarginalinthiscollectingmaycustomers.
indicateitscreditthatsalesafirmorisisgranting
如果應(yīng)收賬款采集時(shí)間超過(guò)公司的信用條款這也許說(shuō)明了企業(yè)信用銷(xiāo)售收集它無(wú)效或給予客戶(hù)信用邊緣。
Acontinuedlow,decliningratiomaysuggesttheweakeningoutdatedtodemandbuildorupinventoryinthefirmfacehasof
soldatreducedorobsoleteprices,ifinventorymaybeatall.
thatcarryingcouldandonlyreportingbe一個(gè)低稅率、下降率可能顯示這個(gè)公司已經(jīng)持續(xù)不斷地加強(qiáng)庫(kù)存面對(duì)需求不斷減弱或可能攜帶和報(bào)告過(guò)期或過(guò)時(shí)的庫(kù)存,只能減價(jià)出售。Thus,theoperatingmeasuresoperatingprofitprofitmargin,whichindicatesthefinancinggeneratedperdollarofnetsales,costs.
thefirm’soperatingprofitabilitybefore因此,經(jīng)營(yíng)利潤(rùn),預(yù)示著美元營(yíng)業(yè)利潤(rùn)產(chǎn)生的凈銷(xiāo)售額,公司的經(jīng)營(yíng)利潤(rùn)措施在融資成本。
Ifdepreciatedthefirm’sfixedassetsareoldandhavebeen
notdenominatorlosttheirtowillaproductivelowbookinflateROA.
ability,thelowvalue,andthefigureintheassetshave如果公司固定資產(chǎn)比較舊,分母的減少會(huì)是ROA折舊到低的賬面價(jià)值，但是資產(chǎn)并沒(méi)有失去生產(chǎn)能力。
Returnreturnoncommonequity(ROCE)focusesonjusttheremovingtonetthecommondividendsshareholderstopreferredandisshareholderscomputedfrombycommonincomeshareholders.
anddividingbythecapitalprovidedby普通股權(quán)益報(bào)酬率僅僅關(guān)注普通股股東的報(bào)酬率，用凈收入扣除優(yōu)先股股利除以普通股股東提供的資本計(jì)算得到。
Dividendreturn;anotheryieldappreciation.
partrepresentsofapartsstock’softotalastock’sreturntotalisprice
代表部分股息率的股票總回報(bào);另一部分是一個(gè)股票的總回報(bào)價(jià)格上漲。
Inmorefact,ofalltheconceptsusedinfinance,noneiscalledimportantdiscountedthancashtheflow(DCF)analysis.
timevalueofmoney,also事實(shí)上,財(cái)務(wù)上所有的概念中，貨幣時(shí)間價(jià)值是最重要的，也稱(chēng)作是折現(xiàn)調(diào)整現(xiàn)金流量折價(jià)分析。
Thus,investorsbearingprinciplesandtherequiretimecompensationvalueofmoney.Theseforbothrisktwodecision-makinglieatconcepts.
theheartofthefinancial因此,投資者需要為風(fēng)險(xiǎn)負(fù)擔(dān)和貨幣時(shí)間價(jià)值提供補(bǔ)償，這兩個(gè)原則的核心在于財(cái)務(wù)決策的概念。
Interestbaseratesareinvestments.
ratestodrawalsocomparisonoftenusedtoasalternativeriskleriskieror利率也常常作為無(wú)風(fēng)險(xiǎn)利率或基準(zhǔn)利率來(lái)對(duì)可替代的風(fēng)險(xiǎn)投資進(jìn)行比較。
Mostoperatepersonalonaloans,mortgagescompoundingbasis.
andcreditcards大多數(shù)個(gè)人貸款、抵押貸款和信用卡是以復(fù)利計(jì)息的。
Therefore,theistoreducetothecorrectdiscountingadjustmentfactorforbyanoneannuityandtoduestream.
thereducedcalculationanon-discountedcashflowadd因此,正確的調(diào)整年金是為了減少由于貼現(xiàn)因子,增加減少的一個(gè)non-discountedIfrate,theinterest計(jì)算現(xiàn)金流量
bondrateswillmovesellabove(below)thebelow(above)itsbond’ http://m.emrowgh.com upon如果利率移動(dòng)高(低)債券的票面利率,債券將出售低于(以上)其票面金額.
Ifperiod,asanannuitynotbeginitspaymentinwithdeferredanordinarywithandue,thenordinaryitannuity,orisimmediately,asthefirststreamsubsequentannuity-antoannuitythefirstthatperiod.
beginsclassifieditsascasha
flow如果一項(xiàng)年金不像普通年金那樣在第一期支付，也不像預(yù)付年金那樣馬上支付，那么我們就把它劃分為遞延年金，這種年金在第一期后的期間支付。
Thehighereffectivewhenyear.
interestthantherateofaninvestmentwillalwaysbeisnominalcompoundedorstatedmoreinterestthanoncerateper當(dāng)利息用復(fù)利計(jì)算一年多于一年的時(shí)候，一項(xiàng)投資的有效利率將永遠(yuǎn)比名義利率高。
Nonetheless,intrinsicdeterminingwhencomparedwhethervaluetoitstomarketbuyservesorvaluesellasabasisfor
aorfinancialprice.asset盡管如此,內(nèi)在價(jià)值作為基礎(chǔ),與市場(chǎng)價(jià)值或價(jià)格作比較，來(lái)決定是否購(gòu)買(mǎi)或賣(mài)出一項(xiàng)金融資產(chǎn)。
Thetherelatedamountvalueoftotheofaamountexpectedfinancialofcashassetisdirectlyrelatedtorisk.
flows,butinversely一項(xiàng)金融資產(chǎn)的價(jià)值與期望的現(xiàn)金流量正相關(guān)，與風(fēng)險(xiǎn)程度負(fù)相關(guān)。Iffallinterestratesincrease,causingthebackbelowtothepar,theissuerbondholderatparormayahighersellbondthepriceprice.
bondto如果利率上升,導(dǎo)致債券價(jià)格跌破面值,場(chǎng)所將該債券交付可能賣(mài)債券回發(fā)行人的面值,或一個(gè)更高的價(jià)格。
Inaclaimthecaseofpledgedontotheotherassetsunsecuredsecurities.
thatdebt,thetheissuerbondholdershasnothave就信用借貸來(lái)說(shuō)，債券所有人對(duì)發(fā)行人未抵押給其他擔(dān)保人的資產(chǎn)有要求全。
Anratinginverseoryieldandtoqualityrelationshipmaturity.
ofagenerallybondandexistsitsbetweeninteresttherate評(píng)級(jí)和債券的質(zhì)量與利息率或到期收益率程相反關(guān)系。
Commontheirstockholdersareafterandclaimpreferredsatisfyingtoearningsandtheassetsresidualisownerswhatremainsbecausestockholders.
thepriorclaimofvariouscreditors普通股股東是剩余所有者，這是因?yàn)樗麄儗?duì)收益和資產(chǎn)的要求權(quán)是在滿足各債權(quán)人和優(yōu)先股股東優(yōu)先選擇權(quán)后剩余的。
Inbutsomeinstances,existingstockholderspurchasenotthecompanytheofallobligation,tosells.
newsharesshareofcommonproportionatelyhavethestockinright,thatthe在某些情況下,現(xiàn)有的股東也有這個(gè)權(quán)利,但不是義務(wù),在購(gòu)買(mǎi)比例分享所有新股的公司的普通股票賣(mài)出。
Futuredividendcashprice(gainspaymentsflowsorlosses)overmayand/orbechangesinthetheholdinginformtheofperiod.
stock’scash未來(lái)現(xiàn)金流的形式可能是現(xiàn)金股利支付和/或改變股票的價(jià)格(收益或虧損)控股的時(shí)期
Itinfinitesuggestsinvestorsmustvaluevalueatandofthethencommonrequireddiscountforecastthembackdividendstopresentto
stock.
rateofreturntoestimatethe建議投資者必須預(yù)測(cè)派發(fā)股息的無(wú)限,然后他們回到現(xiàn)值折扣在所需的收益率的估計(jì)價(jià)值普通股。
Theriskiergreatertheinvestmentthevariabilityis.
ofthepossiblereturns,the大的可變性的回報(bào)，投資將會(huì)有冒險(xiǎn)性。
Investmentactuallyrisk,then,isrelatedtothethechanceearninginvestment.
ofaalowloworornegativenegativethereturn,thereturn-theprobabilityriskiergreaterof投資風(fēng)險(xiǎn),然后,涉及的概率低或者消極實(shí)際獲得回報(bào)，更大的機(jī)會(huì)或負(fù)回報(bào)低,風(fēng)險(xiǎn)投資。
Thisasstandardtwoassumptionparameters,thegreatlyexpectedsimplifiesreturn(mean)andinvestmentanalysis,thecompletelydeviation(orfinancialreturns.
describethevariance),areprobabilitysufficientdistributionto
ofall這個(gè)假設(shè),極大地簡(jiǎn)化了投資分析的兩個(gè)參數(shù),預(yù)期回報(bào)(平均)和標(biāo)準(zhǔn)偏差(或方差),能夠完整地描述所有財(cái)務(wù)回報(bào)的概率分布。
Financialbeingtheorytypicallyconsidersrisk-averse.Aviewsdecisionmakersascompensationariskyrisk-aversedecisionmakerforriskinvestmentthroughonlyariskifitpremium.
provides金融理論的觀點(diǎn)是典型的決策者風(fēng)險(xiǎn)。一規(guī)避風(fēng)險(xiǎn)投資決策者認(rèn)為只有當(dāng)它提供補(bǔ)償風(fēng)險(xiǎn)通過(guò)風(fēng)險(xiǎn)溢價(jià)。
Rationalsomeconstraintsobjectivebehaviorthatfunction-theirmeansthattheyface.
utilityindividualsfunction-undermaximize
the理性行為意味著個(gè)人一些目標(biāo)函數(shù)最大化效用函數(shù)下-他們的效用函數(shù)-他們所面臨的約束條件的。
Inforreality,itisorindividualprobablyorretailmoreinvestorslikelyastobetrueonlystocksinstitutionalasopposedinvestors,andtothinlyfortradedfrequentlyopposedstocks.
tradedtolarge事實(shí)上,它可能是更有可能是真的只是為了個(gè)人或散戶(hù)投資者反對(duì)大或機(jī)構(gòu)投資者的交易,因?yàn)楹芏喙善苯灰追磳?duì)稀疏的股票。Basedmarket,Fama(1970)distinguishesonthetypeinformationinformationallyefficientmarkets.
threeavailableformstoofthe基于類(lèi)型資料提供給市場(chǎng),現(xiàn)有(1970)區(qū)分成三種形式的信息的有效率的市常
Banks,insurancefinancialdiversifiedinstitutionscompanies,mutualportfolios.
arerequiredfunds,andbylawtootherhold銀行、保險(xiǎn)公司、基金和其他金融機(jī)構(gòu)依法舉辦多種組合。
Astheanumberrule, http://m.emrowgh.com clineas一般來(lái)說(shuō),投資組合的風(fēng)險(xiǎn)也會(huì)下降股票的數(shù)目在組合增加。
Theisbecalledparteliminateddiversifiableofastock’siscalledrisk,whileriskthatcanbeeliminatedmarketrisk.
thepartthatcannot部分股票的風(fēng)險(xiǎn)可以省略,被稱(chēng)為可分散風(fēng)險(xiǎn),而無(wú)法消除的部分叫做市場(chǎng)風(fēng)險(xiǎn)。
Inaddinggeneral,theanswerisno,buttheextenttowhichinsmallerthestocksdegreetoofaportfolioreducesitsriskdependstherisktheinpositivecorrelationalargecorrelationamongportfolio.
coefficients,thestocks:thethelower通常來(lái)說(shuō)，答案是否定的，但是向證券投資組合中增加股票種類(lèi)能使風(fēng)險(xiǎn)減小的程度取決于組合中股票的關(guān)聯(lián)性：正相關(guān)系數(shù)越小，一個(gè)大的證券投資組合的風(fēng)險(xiǎn)就越低。
Inindividualtherealworld,wherethe+1.0,some,butstocksnotarecorrelationsamongtheall,riskgenerallycanpositiveeliminated.
butlethan在現(xiàn)實(shí)世界中,在相關(guān)個(gè)股通常是積極的,但是低于+1.0,有些,但不是全部,風(fēng)險(xiǎn)就會(huì)消除。
Yousecurities,thefindoutbereduced,withouttotalthatriskbyreducingcombiningofthetheinvestmenttwoorexpectedmore
pay-off.
canactually你發(fā)現(xiàn)結(jié)合兩個(gè)或兩個(gè)以上的證券,總投資者的投資風(fēng)險(xiǎn)會(huì)減少,而不減少預(yù)期的收益。
MostannualpublictheshareholderSecuritiesreportsfirms。annualandTheseinExchangetheincludeUnited（US）preparetworeport。
Commissiontheannual（SECreport）andtothe在美國(guó)大多數(shù)上市公司都準(zhǔn)備兩份年度報(bào)告，這包括給證券交易委員會(huì)的一份，和給股東的一份。
Theowners’(stockholders’)equitybalancesheetreportsafirm’sattheendofareportingasperiod.
ofagivenassets,anddate,usually
資產(chǎn)負(fù)債表報(bào)告的是特定日期公司的資產(chǎn)，負(fù)債和所有者權(quán)益，通常是在報(bào)告期末。
Netbecauseincomeandactualnetcashflowmayfortherecognizingaccountantstreatmentofrevenuesusedepreciationanandaccrualaccountingdifferprocess
expenses,andandtaxes.
becauseof凈利潤(rùn)和實(shí)際的凈現(xiàn)金流量可能不同，這是因?yàn)闀?huì)計(jì)人員用應(yīng)機(jī)制會(huì)計(jì)過(guò)程來(lái)確認(rèn)收入和費(fèi)用，也可能是因?yàn)閷?duì)折舊和稅收的處理不同。
Usestheshareholderwealthmaximizationtotakethegoal,bothhassupportedtheenterpriseoperationpropertyrightfoundation,andsufficientlyconsidersandhasrespectedtheenterprisefunder(shareholder)thereasonablebenefit,causestheentireenterprisemanagementandoperationtosetupinonemayholdwithabovetherealityfoundation.“shareholderwealthmaximization”managesfinancesthegoalinAtthesametime,
thecapitalmarketdevelopedenvironment,alsoisadvantageousforthebalanceandtheoperation,thefeasibilityisstrongest.
financialmanagementdecision-making財(cái)務(wù)管理acquire決策，決策的publiclytradedcorporations獲得，取得
vicepresidentoffinancechieffinancialofficer財(cái)務(wù)副總裁公開(kāi)上市公司公眾chiefexecutiveofficer首席財(cái)務(wù)官balancesheet首席執(zhí)行官capitalbudgeting資產(chǎn)負(fù)債表workingcapitalmanagement資本預(yù)算
hurdlerate營(yíng)運(yùn)資本管理capitalstructure最低報(bào)酬率mixofdebtandequity資本結(jié)構(gòu)
cashdividendstockholder現(xiàn)金股利負(fù)債與股票的組合dividendpolicy股東
dividend-payoutratio股利政策
stockrepurchase股利支付率stockofferingtradeoff股票發(fā)行股票回購(gòu)commonstock權(quán)衡，折中currentliabilitycurrentasset普通股流動(dòng)負(fù)債marketablesecurity流動(dòng)資產(chǎn)
inventorytangiblefixedassets存貨
流動(dòng)性資產(chǎn)，有價(jià)證券intangiblefixedassets有形固定資產(chǎn)patenttrademark專(zhuān)利無(wú)形固定資產(chǎn)creditor
商標(biāo)stockholders’equity債權(quán)人financingmixriskaversion融資組合
股東權(quán)益volatility風(fēng)險(xiǎn)規(guī)避allocate易變性不穩(wěn)定性capitalallocation配置
businefinancialrisk企業(yè)商業(yè)資本配置業(yè)務(wù)soleproprietorship財(cái)務(wù)風(fēng)險(xiǎn)partnership
limitedpartner合伙制企業(yè)私人業(yè)主制企業(yè)generalpartner有限責(zé)任合伙人
separationofownershipandcontrol一般合伙人
claimmanagementbuyout要求主張要求權(quán)所有權(quán)與經(jīng)營(yíng)權(quán)分離tenderoffer管理層收購(gòu)
financialstandards要約收購(gòu)initialpublicoffering財(cái)務(wù)準(zhǔn)則
privatecorporationcloselyheldcorporation私募公司首次公開(kāi)發(fā)行股票
未上市公司boardofdirectors控股公司executivedirectornon-executivedirector董事會(huì)執(zhí)行董事
chairperson非執(zhí)行董事controllertreasurer主計(jì)長(zhǎng)主席revenueprofitearningspershare利潤(rùn)收入司庫(kù)
return每股盈余marketshare回報(bào)
socialgood市場(chǎng)份額financialdistress社會(huì)福利
stakeholdertheory財(cái)務(wù)困境value(wealth)maximization利益相關(guān)者理論
commonstockholderpreferredstockholder普通股股東價(jià)值（財(cái)富）最大化debtholderwell-being優(yōu)先股股東diversity福利債權(quán)人goingconcern多樣化agencyproblem持續(xù)的free-ridingproblem代理問(wèn)題
informationasymmetry搭便車(chē)問(wèn)題retailinvestorinstitutionalinvestor散戶(hù)投資者信息不對(duì)稱(chēng)
agencyrelationshipnetpresentvalue代理關(guān)系機(jī)構(gòu)投資者creativeaccounting凈現(xiàn)值
stockoptionagencycost股票期權(quán)創(chuàng)造性會(huì)計(jì)bondingcost代理成本monitoringcosts契約成本takeover監(jiān)督成本corporateannualreports接管
balancesheet公司年報(bào)incomestatement資產(chǎn)負(fù)債表statementofcashflows利潤(rùn)表
statementofretainedearnings現(xiàn)金流量表fairmarketvalue留存收益表
marketablesecurities公允市場(chǎng)價(jià)值check油價(jià)證券moneyorder支票
withdrawal撥款但、匯款單accountsreceivable提款
creditsale應(yīng)收賬款inventorypropertyplantandequipment存貨賒銷(xiāo)
depreciation折舊土地、廠房與設(shè)備accumulateddepreciationliability累計(jì)折舊currentliability負(fù)債
long-termliability流動(dòng)負(fù)債accountspayoutnotepayout應(yīng)付賬款長(zhǎng)期負(fù)債accruedexpense應(yīng)付票據(jù)
deferredtaxpreferredstock遞延稅款應(yīng)計(jì)費(fèi)用commonstockbookvalue普通股優(yōu)先股capitalsurplus賬面價(jià)值accumulatedretainedearnings資本盈余
hybrid累計(jì)留存收益treasurystock混合金融工具h(yuǎn)istoriccost庫(kù)藏股currentmarketvalue歷史成本
realestateoutstanding房地產(chǎn)
現(xiàn)行市場(chǎng)價(jià)值aprofitandlostatement發(fā)行在外的
netincome損益表operatingincome凈利潤(rùn)
earningspershare經(jīng)營(yíng)收益simplecapitalstructure每股收益
dilutivebasicearningspershare沖減每股收益的
簡(jiǎn)單資本結(jié)構(gòu)complexcapitalstructures基本每股收益dilutedearningspershare復(fù)雜的每股收益convertiblesecurities稀釋的每股收益warrantaccrualaccounting認(rèn)股權(quán)證
可轉(zhuǎn)換證券amortization應(yīng)計(jì)制會(huì)計(jì)acceleratedmethods攤銷(xiāo)
straight-linedepreciation加速折舊法
statementofchangesinshareholders直線折舊法
sourceofcashuseofcash現(xiàn)金來(lái)源’equity股東權(quán)益變動(dòng)表operatingcashflows現(xiàn)金運(yùn)用
cashflowfromoperations經(jīng)營(yíng)現(xiàn)金流directmethod經(jīng)營(yíng)活動(dòng)現(xiàn)金流
indirectmethod直接法bottom-upapproach間接法
investingcashflows倒推法cashflowfrominvesting投資現(xiàn)金流jointventure投資活動(dòng)現(xiàn)金流
affiliatefinancingcashflows分支機(jī)構(gòu)合資企業(yè)
cashflowsfromfinancing籌資現(xiàn)金流
timevalueofmoneysimpleinterest貨幣時(shí)間價(jià)值籌資活動(dòng)現(xiàn)金流debtinstrument單利annuity債務(wù)工具
futurevalue年金
presentvalue終值compoundinterest現(xiàn)值
compoundingprincipal復(fù)利計(jì)算復(fù)利mortgage本金creditcard抵押terminalvalue信用卡discountingdiscountrate折現(xiàn)計(jì)算終值opportunitycost折現(xiàn)率
requiredrateofreturn機(jī)會(huì)成本costofcapital要求的報(bào)酬率
ordinaryannuity資本成本annuitydue普通年金financialratio先付年金
deferredannuity財(cái)務(wù)比率restrictivecovenants遞延年金perpetuity限制性條款
bondindenture永續(xù)年金facevalue債券契約
financialanalyst面值
liquidityratiocouponrate息票利率財(cái)務(wù)分析師nominalinterestrate流動(dòng)性比率
currentratio名義利率
effectiveinterestrate流動(dòng)比率windowdressinggoing-concernvalue賬面粉飾有效利率
marketablesecurities持續(xù)經(jīng)營(yíng)價(jià)值quickratioliquidationvalue清算價(jià)值短期證券
bookvalue速動(dòng)比率cashratio現(xiàn)金比率賬面價(jià)值
debtmanagementratiosmarkervalue市場(chǎng)價(jià)值
intrinsicvaluedebtratio內(nèi)在價(jià)值債務(wù)管理比率mispricing債務(wù)比率debt-to-equityratio給……錯(cuò)定價(jià)格
valuationapproach債務(wù)與權(quán)益比率equitymultiplierdiscountedcashflowvaluation權(quán)益乘估價(jià)方法數(shù)
long-termratioundervaluation長(zhǎng)期比率折現(xiàn)現(xiàn)金流量模型debt-to-total-capital低估
overvaluation高估
債務(wù)與全部資本比率
leverageratios杠桿比率option-pricingmodel期權(quán)定價(jià)模型
interestcoverageratio利息保障比率contingentclaimvaluation或有要求權(quán)估價(jià)
earningsbeforeinterestandtaxes息稅前利潤(rùn)promissorynote本票
cashflowcoverageratio現(xiàn)金流量保障比率contractualprovision契約條款
assetmanagementratios資產(chǎn)管理比率parvalue票面價(jià)值
accountsreceivableturnoverratio應(yīng)收賬款周轉(zhuǎn)率maturityvalue到期價(jià)值
inventoryturnoverratio存貨周轉(zhuǎn)率coupon息票利息
inventoryprocessingperiod存貨周轉(zhuǎn)期couponpayment息票利息支付
accountspayableturnoverratio應(yīng)付賬款周轉(zhuǎn)率couponinterestrate息票利率cashconversioncycle現(xiàn)金周轉(zhuǎn)期maturity到期日
assetturnoverratio資產(chǎn)周轉(zhuǎn)率termtomaturity到期時(shí)間profitabilityratio盈利比率callprovision贖回條款
groprofitmargin毛利潤(rùn)callprice贖回價(jià)格
operatingprofitmargin經(jīng)營(yíng)利潤(rùn)sinkingfundprovision償債基金條款netprofitmargin凈利潤(rùn)conversionright轉(zhuǎn)換權(quán)returnonasset資產(chǎn)收益率putprovision賣(mài)出條款
returnontotalequityratio全部權(quán)益報(bào)酬率indenture債務(wù)契約
returnoncommonequity普通權(quán)益報(bào)酬率covenant條款
market-to-bookvalueratio市場(chǎng)價(jià)值與賬面價(jià)值比率trustee托管人
marketvalueratios市場(chǎng)價(jià)值比率protectivecovenant保護(hù)性條款dividendyield股利收益率negativecovenant消極條款dividendpayout股利支付率positivecovenant積極條款financialstatement財(cái)務(wù)報(bào)表secureddebt擔(dān)保借款profitability盈利能力unsecureddebt信用借款viability生存能力
creditworthiness信譽(yù)solvency償付能力collateral抵押品
collateraltrustbonds抵押信托契約debenture信用債券portfolio組合
diversifiablerisk可分散風(fēng)險(xiǎn)marketrisk市場(chǎng)風(fēng)險(xiǎn)expectedreturn期望收益stand-alonerisk個(gè)別風(fēng)險(xiǎn)standarddeviation標(biāo)準(zhǔn)離差variance方差
normaldistribution正態(tài)分布
efficientmarkethypothesis（EMH）有效市場(chǎng)假設(shè)pricetaker價(jià)格接受者
investorrationality投資者的理性institutionalinvestor機(jī)構(gòu)投資者retailinvestor個(gè)人，散戶(hù)投資者anomaly異常（人或物）
post-earningsannouncementdrift期后盈余披露behavioralfinance行為財(cái)務(wù)
expectedutilitytheory期望效用理論
mean-varianceefficientfrontier均值-方差有效前沿covariance協(xié)方差
correlationcoefficient相關(guān)系數(shù)
company-specificfactor公司特有風(fēng)險(xiǎn)
arbitragepricingtheory（APT）套利定價(jià)理論