2008c100财管英语讲义.doc

第一章 财务管理总论Overview of Financial Management 一、主要专业术语或概念中英文对照财务管理 financial management财务管理的目标 the goal of financial management关于企业财务目标的三种综合表述：利润最大化 profit maximization (maximize profit)每股盈余最大化 earnings per share maximization股东财富最大化 stockholder (shareholder) wealth maximization利益相关者 stakeholder股东 stockholder/shareholder债权人 creditor/bondholder顾客 customer职工 employee政府 government股东价值的影响因素 the factors that affect the stockholder value （2008注会财管教材P4图1-1）经营现金流量 operating cash flows资本成本 cost of capital销售及其增长/成本费用 revenues and its growth/cost and expense资本投资/营运资本 capital investment/working capital资本结构/破产风险/税率/股利政策 capital structure/bankruptcy risk/tax rate/dividend policy经营活动 operating activity投资活动 investing activity筹资活动 financing activity股东、经营者和债权人利益的冲突与协调Conflicts of interest between shareholders， managers and creditors and their reconciliationAn agency relationship(代理关系) exists whenever a principal (委托人) hires an agent（代理人）to act on their behalf。Within a corporation，agency relationships exist between：Shareholders and managersManagers and creditors道德风险 moral risk逆向选择 adverse selection企业社会责任 corporate social responsibility金融市场 financial markets金融资产 financial asset金融市场的分类 1．短期资金市场和长期资金市场 money markets/capital markets2．现货市场和期货市场 spot markets/future markets3．发行市场和流通市场 primary markets（一级市场）/secondary markets（二级市场）primary markets（一级市场）按照对象不同，分为：public offer markets （向公众发行的市场，首次公开发行市场：initial public offer 即IPO）和 private placement markets（私募市场）。4．同业拆借市场 inter-bank loan market 国债市场 treasury bill/note/bond market 企业债券市场 corporate bond market股票市场 stock market 金融期货市场 financial future market利率=纯粹利率+通货膨胀附加率+风险附加率Interest rate=real risk-free rate +inflation premium +risk premium (default risk premium违约风险附加率， liquidity risk premium流动性风险附加率，maturity risk premium到期风险附加率) 二、练习题1. What’s the primary goal of the corporation?Answer：Stockholder (shareholder) wealth maximization2. Do firms have any responsibilities to society at large?Answer：Firms sh