财务管理财务分析中英文对照外文翻译文献.docx
- 文档编号:8887778
- 上传时间:2023-02-02
- 格式:DOCX
- 页数:19
- 大小:36.93KB
财务管理财务分析中英文对照外文翻译文献.docx
《财务管理财务分析中英文对照外文翻译文献.docx》由会员分享,可在线阅读,更多相关《财务管理财务分析中英文对照外文翻译文献.docx(19页珍藏版)》请在冰豆网上搜索。
财务管理财务分析中英文对照外文翻译文献
中英文对照外文翻译
(文档含英文原文和中文翻译)
原文:
FinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andapplicationsoffinance.Thepurposeofthistextbookistocommunicatethefundamentalsoffinancialmanagementandfinancialanalysis.Thistextbookiswritteninawaythatwillenablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdecision-makinganditsroleinthedecision-makingprocessoftheentirefirm.
Throughoutthetextbook,you’llseehowweviewfinance.Weseefinancialdecision-makingasanintegralpartofthefirm’sdecision-making,notasaseparatefunction.Financialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccounting,marketing,andproductionaspectsofthefirm.
Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessenterprises,notonlytolargecorporations.Justastherearespecialproblemsandopportunitiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),therearespecialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthatarisewhenmanagementofthefirmisseparatedfromthefirm’sowners).Butthefundamentalsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.Forexample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouaremakingdecisionsforasoleproprietorshiporalargecorporation.
Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,theprinciples,theories,andtoolsoffinancialmanagementdonot.Forexample,inevaluatingwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstothefirm’sfuturecashflows(Howmuchwilltheybe?
Whenwilltheyoccur?
Howuncertainarethey?
),whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.
Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelatedmathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancingdecisionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetrytohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingintuition,insteadofwithproofsandtheorems.Forexample,wewalkyouthroughtheintuitionofcapitalstructuretheorywithnumericalandrealworldexamples,notequationsandproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,step-by-stepexamplesandnumerousgraphs.
ORGANIZATION
FinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(PartsOneandTwo)coverthebasics,includingtheobjectiveoffinancialmanagement,valuationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingiscoveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagement(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsourcesoffunds,andworkingcapitalmanagement.PartSixcoversfinancialstatementanalysiswhichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastpart(PartSeven)coversseveralspecializedtopics:
internationalfinancialmanagement,borrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanningandstrategy.
DISTINGUISHINGFEATURESOFTHETEXTBOOK
Logicalstructure.Thetextbeginswiththebasicprinciplesandtools,followedbylong-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThreethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe“rightside”ofthebalancesheet(theliabilitiesandequity).Workingcapitaldecisions,whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFive.PartSixprovidesthetoolsforanalyzingafirm’sfinancialstatements.Inthelastchapterofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:
themaximizationofowners’wealth.
Graphicalillustrations.Graphsandillustrationshavebeencarefullyanddeliberatelydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.Forexample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways:
mathematically,inatime-line,andwithabargraph.
Applications.Asmuchaspossible,wedevelopconceptsandmathematicsusingexamplesofactualpractice.Forexample,wefirstpresentfinancialanalysisusingasimplifiedsetoffinancialstatementsforafictitiouscompany.Afteryou’velearnedthebasicsusingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.Actualexampleshelpyoubettergraspandretainmajorconceptsandtools.Weintegrateover100actualcompanyexamplesthroughoutthetext,soyou’renotapttomissthem.Consideringboththeexamplesthroughoutthetextandtheresearchquestionsandproblems,youareexposedtohundredsofactualcompanies.
Extensivecoverageoffinancialstatementanalysis.Whilemosttextbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmoredetailinPartSixofthetextbook.Chapter6andthethreechaptersinPartSixallowaninstructortofocusonfinancialstatementanalysis.
Extensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsinthedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InChapter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemostpopularalternativetocorporatebondissuance,thecreationandissuanceofasset-backedsecurities.
Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasinginChapter27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasingyoutoooftenreadaboutinsometextbooksandprofessionalarticles.Projectfinancinghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelopinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingprojectfinancing.
Earlyintroductiontoderivativeinstruments.Derivativeinstruments(futures,swaps,andoptions)playanimportantroleinfinance.YouareintroducedtotheseinstrumentsinChapter4.Whilederivativeinstrumentsareviewedascomplexinstruments,youareprovidedwithanintroductionthatmakescleartheirbasicinvestmentcharacteristics.Bytheearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficultiesofevaluatingsecuritiesthathaveembeddedoptions(Chapter9),howtherearerealoptionsembeddedincapitalbudgetingdecisions(Chapter14),andhowderivativeinstrumentscanbeusedtoreduceortohedgethecostofborrowing(Chapter15).
Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasilyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansthatinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthecourseandtheirstudents’preparation(forexample,ifstudentsenterthecoursewithsufficientbackgroundinaccountingandtaxation,Chapters5and6canbeskipped).Webelievethatourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyouunderstandthekeyissuesandprovidethefoundationfordevelopingaskillsetnecessarytodealwithrealworldfinancialproblems.
1IntroductiontoFinancialManagementandAnalysis
Financeistheapplicationofeconomicprinciplesandconceptstobusinessdecision-makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebroadcategories:
financialmanagement,investments,andfinancialinstitutions:
■Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisareaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessentity.Financialmanagementdecisionsincludemaintainingcashbalances,extendingcredit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.
■Investments.Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepricingofsecurities.Aninvestmentmanager’stasks,forexample,mayincludevaluingcommonstocks,selectingsecuritiesforapensionfund,ormeasuringaportfolio’sperformance.
■Financialinstitutions.Thisareaoffinancedealswithbanksandotherfirmsthatspecializeinbringingthesuppliersoffundstogetherwiththeusersoffunds.Forexample,amanagerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,settinginterestratesonloans,anddealingwithgovernmentregulations.
Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheapplicationofthetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting(usingfunds)orfinancing(raisingfunds).
Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffinance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowitisusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfinancialmanagement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancialinstitutions.Inthisintroductorychapter,we’llconsiderthetypesofdecisionsfinancialmanagersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheobjectiveofmanagers’decisions.Finally,wewilldescribetherelationshipbetweenownersandmanagers.
FINANCIALMANAGEMENT
Financialmanagementenco
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 财务管理 财务 分析 中英文 对照 外文 翻译 文献