财务管理专业英语翻译(老师划的重点)Word文档下载推荐.docx

1、这样的人通常直接报告总裁或首席执行官在当今瞬息万变的环境、财务经理必须有灵活的时间来适应外部因素如经济不确定性、国际竞争、技术变革、利息和汇率波动变化的法律、法规,伦理问题。In todays rapidly changing environment, the financial manager must have the flexibility to adapt to external factors such as economic uncertainty, global competition, technological change, volatility of interest a

2、nd exchange rates, changes in laws and regulations, and ethical concerns.As the head of the major functional areas of the firm, the financial manager plays a pivotal leadership role in a companys overall efforts to achieve its goals.作为一个公司主要职能区域的领导，财务经理在一个公司整体努力实现他的目标中扮演者关键的领导作用1.2.3So far we have f

3、ocused on long-term investment and financing decision. Now we turn the day-to-day investment and financing decisions of a firm.到目前为止,我们主要集中在长期投资和融资决策。现在我们转向公司的日常投资和融资决策Decisions involving a firms short-term assets and liabilities refer to working capital management.决策涉及企业的短期资产和负债指的是营运资金管理Net working

4、 capital is defined as current assets minus current liabilities.净营运资本定义为流动资产减去流动负债。The financial manager has varying degrees of operating responsibility over current assets and liabilities.财务经理对流动资产和负债有不同程度的操作责任。Some key questions that the financial manager faces involving working capital management

5、 include涉及财务经理面临的营运资金管理一些关键问题包括第二单元This is the simplest form of business structure. A sole proprietorship is an unincorporated business owned by one person. Sole proprietorship include small services run by an individual, retail stores and professional practices. The advantage of this structure is t

6、hat it is easy to form and there is no double taxation. The drawbacks are that it is non- transferable, has a limiter life and a limited pool of funds, and the proprietor has unlimited liability, which can result in losses that exceed the money he or she invested in the company（ creditors may even b

7、e able to seize a proprietors house or other personal property）.私人业主制企业这是最简单的企业形式结构。独资企业是由一个人拥有的。独资经营的小服务包括个体经 营的，零售店和专业的培训。这种结构的优点是易于形成且不存在双重征税。缺点是，它 不可以背书转让，具有一定的限制性和有限的资金，且业主负有无限责任，从而导致损失 超过他或她投资于该公司的钱（债权人甚至可以夺取任何一个业主的房屋或其他个人财产）。PartnershipA partnership is a business owned by two or more individu

8、als （called partners）. Partnerships may operate under different degrees of formality, ranging from informal, oral understandings to formal agreements filed with the secretary of the state in which the partnership was formed. Partnership agreement, whether formal or informal, define the ways any prof

9、its and losses are shared between partners. Partners have unlimited liability and their ownership in the partnership is not transferable. Partnerships have a limited life in that the death or departure of a partner dissolves the partnership structure. 合伙制企业合伙制企业是由两个或两个以上的个人（称为合伙人）所拥有。合伙制企业可以根据不同的手续形

10、式，从非正式、口头协议到正式文件合同的形成，之后合伙公司成立。伙伴关系的协议，不论是正式或非正式的,都定义了合作伙伴之间共享的利益和亏损。合伙人有无限的连带责任和他们合作中的所有权不得转让。合伙关系的一个有限的时间就是其中一个合伙人死亡或者是离开时合伙结构就解散。CorporationA corporation is a legal entity separate from its owners. This means that the corporation can own assets, enter into contracts, sue and be sued. Being a sepa

11、rate legal entity also implies that corporate income is taxable, thus giving rise to double taxation, i.e.,corporate tax on profits plus personal tax on after-corporate-tax profits distributed to shareholders （the exception being a full imputation system）. There is a separation of ownership （shareho

12、lders） and control （managers）. 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 payout, （e.g., management buyouts and tender offers）. Shareholders have l

13、imiter liability.有限公司公司是一个所有者独立的法人实体。这意味着公司可以拥有自有资产，签订合同，起诉和被起诉（的权利）。作为一个独立的法人实体，也意味着企业的收入是应纳税的，因而形成双重征税，等等。即对企业利润税加上个人所得税后，公司税后利润分配给股东（例外是一个完整的归集系统）。有一个所有权（股东）和控制（经理）的分离。股东持有的公司股份的公司。股份代表了对企业利润的索取（要求），这是在对股息，股票回购，或收购支付的形式的分布，（例如，管理层收购和要约收购）。股东负有限责任。TOPIC3Financial statements are probably the most i

14、mportant source of information from which these various stakeholders （other than management） can assess a firms financial health. But it should be intuitively clear that it is not easy to assess a firms real financial status. The numbers shown on balance sheet generally represent the historical cost

15、s of assess. However, inventories may be spoiled, obsolete, or even missing; fixed assets such as machinery and buildings may have higher or lower values than their historical costs; and accounts receivable may uncollectible. Also, some liabilities such as obligations to pay retirees medical costs m

16、ay not even show up on the balance sheet. Similarly, some costs reported on the income statement may be understated, as would be true if a plane with a useful life of 10 years were being depreciated over 40 years. When you examine a set of financial statements, you should keep in mind that a physica

17、l reality lies behind the numbers, and you should also realize that the translation from physical asset to “correct” numbers is far from precise.财务报表可能是这些不同的利益相关者（除管理）可以评估一个企业财务的财务状况最重要的信息来源。但是，应该清晰地明白一家公司的真实财务状况是不容易评估的。资产负债表上显示的数字一般代表评估的历史成本。然而，库存有可能是损坏的，过时的，甚至丢失的;固定资产如机械和建筑的价值可能高于或低于其历史成本价值，还有，应收账

18、款可能无法收回。此外,一些负债如义务支付退休人员的医疗费用可能甚至都没有表述在资产负债表。同样，利润表报告出的一些成本可能被低估，一个拥有十年寿命的设备在使用四十年以后会贬值，这可能是真实的。当你检查了一套财务报表，你应该记住，真实的东西是隐藏在数字背后的，你也应该意识到，实物资产转化成“正确的”数字是很难做到精确的。The next section of SunFood Products balance sheet contains its property, plane, and equipment （PPE）. Rather than entire purchase price of P

19、PE as a capital expense in the purchase year, accounts “spread” the cost over the assets useful life. The amount they charge each year is called the depreciation expense. SunFood Products reports PPE on a net basis by subtracting the accumulated depreciation and amortization that has been taken as a

20、n expense on the income statements.而 SunFood 产品的资产负债表下一节包含其土地、厂房与设备。会计人员会在资产使用年限内按资产的价值进行摊销，帐目“扩展”的成本超过资产的使用寿命。他们每年收取的金额称为折旧费用。sunfood 产品报告，在 PPE 净额基础上减去的累计折旧和摊销被视为利润表的费用。Historical Cost versus Current Market Value（历史成本与现行市场价值）The values of most items reported on a firms balance sheet are reported i

21、n terms of their accounting book values, which are based on historical cost or original value. The historical cost of an asset is the price paid when the firm acquires the asset. The historical cost of liability is the amount involved when the firm incurs the liability.资产负债表报告的大部分项目的价值依据其会计帐面价值，这是以历

22、史成本或原始价值为基础计算。一项资产的历史成本是当公司获得该资产时所付出的价格。历史成本所涉及的金额就是公司应当承担的责任。Financial managers and analysts recognize that these historical values may differ substantially from their current market values. This is especially true for real estate and stockholders equity. The reported value may understate the true

23、market value of these assets. This understatement problem is avoided with the long-term investment reported on the balance sheet. Long-term investments are reported at their fair market value.财务经理和分析师认为这些历史价值与当前的市场价值大不相同。这一点尤其适用于房地产和股东权益。报告的值可能低估了这些资产的真正市场价值。这种轻描淡写的问题是为了避免在资产负债表上报告长期投资。长期投资报告的其公允市场价

24、值。单元 4The current ratio is computed by dividing the firms current assets by its current liabilities.流动比率是由该公司的流动资产除以流动负债得来的For example, a large portion of a firms current liabilities may be due now but the company has much of its current assets tied up in accounts receivable and inventories, which t

25、ake time to convert into cash in order to pay current obligations.例如，公司的流动负债中的大部分现在也许是应付款，但公司中大部分流动资产和应收账款和存货是绑定在一起的，为了偿还债务他们需要时间转换成现金In an inflationary environment, firms that use last-in, first-out inventory valuation will likely have lower current ratios than firms that use first-in, first-out.在通

26、货膨胀的经济环境下，公司用后进先出的存货估计方法会得到比那些采用先进先出估价方法的公司更低的流动比率Equal absolute changes in the numerator and denominator may lead to apparent improvements or deterioration in ratios that do not reflect real changes in performance. Analysts should be aware that a firms managers may undertake year-end transactions,

27、such as the one described above, to make certain ratios appear better following a period of disappointing performance. This process is often called “window dressing” because it makes specific ratios from the financial statements look better than without making such changes.分子和分母相同绝对值的变化，会导致比率明显提高或减少

28、，这个变化的实质不能反映真实情况的。正如以上所述，分析家认为公司的管理者经过一段令人失望的表现后，在进行年终时，计算出更具吸引力的比率。这个过程通常称为账面粉饰。因为从报表中得出的经过加工的比率会比那些原始比率好看。The rationale for excluding inventory is that it is the least liquid of a firms current assets and may not be as readily available to meet a short-term maturing obligation as the other more li

29、quid current assets.原理（不包含存货）是一个公司流动性最小的流动资产，不象其他更具流动性的流动资产那样。它们比较不能完全履行到期义务。单元 55.2Simple vs. compound interest rates and future vs. present value,单利和复利与现在价值和未来价值。The interest rate（利率） is in essence（本质上） a specialized form（形式） of time value of money（货币的时间价值）,and pertains（适合） generally（一般的） to the use of debt instruments 债务工具.Interest rates are also often（常常） used as riskless 无风险 or base 基础的 rates to draw 吸引 comparison to alternative riskier investments. There are two forms of interest rates : simple and compound.利率在本质上仍然是