Stock Valuation

第一章财务管理总论Overview of Financial Man agement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。

记帐:Bookkeeping Service对帐:Auditing Service联行:Associated Banks Service 或Affiliated Banks Service(我还是不明白这与5有何区别,但Associated和Affiliated不是动词原形,是形容词)代理业务: Agency Service银行卡接柜:Inter-Bank Bankcard Business Service现金审批:Cash Approval Service开销户: Account Opening/Closing Service开户的标牌还可以用:New Account/New Clientbig macs, big/large-cap stock, mega-issue 大盘股offering, list 上市bourse 证交所Shanghai Exchange 上海证交所pension fund 养老基金share 股票valuation 股价underwriter 保险商government bond 政府债券saving account 储蓄账户equity market 股市shareholder 股东delist 摘牌inventory 存货traded company, trading enterprise 上市公司market fundamentalist 市场经济基本规则damage-control machinery 安全顾问efficient market 有效市场opportunistic practice 投机行为entrepreneur 企业家cook the book 做假账regulatory system 监管体系portfolio 投资组合money-market 短期资本市场capital-market 长期资本市场volatility 波动diversification 多元化real estate 房地产option 期权call option 看涨期权put option 看跌期权merger 并购arbitrage 套利Securities and Exchange Commission 〈美〉证券交易委员会dollar standard 美元本位制budget 预算deficit 赤字bad debt 坏账macroeconomic 宏观经济fiscal stimulus 财政刺激a store of value 保值transaction currency 结算货币forward exchange 期货交易intervention currency 干预货币Treasury bond 财政部公债pickup in price 物价上涨Federal Reserve 美联储inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易quote 报价常见银行英语词汇account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler's cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票Bandar's note 庄票，银票banker 银行家president 行长savings bank 储蓄银行Chase Bank 大通银行National City Bank of New York 花旗银行Hongkong Shanghai Banking Corporation 汇丰银行Chartered Bank of India, Australia and China 麦加利银行Banque de I'IndoChine 东方汇理银行central bank, national bank, banker's bank 中央银行bank of issue, bank of circulation 发行币银行commercial bank 商业银行，储蓄信贷银行member bank, credit bank 储蓄信贷银行discount bank 贴现银行exchange bank 汇兑银行requesting bank 委托开证银行issuing bank, opening bank 开证银行advising bank, notifying bank 通知银行negotiation bank 议付银行confirming bank 保兑银行paying bank 付款银行associate banker of collection 代收银行consigned banker of collection 委托银行clearing bank 清算银行local bank 本地银行domestic bank 国内银行overseas bank 国外银行unincorporated bank 钱庄branch bank 银行分行trustee savings bank 信托储蓄银行trust company 信托公司financial trust 金融信托公司unit trust 信托投资公司trust institution 银行的信托部credit department 银行的信用部commercial credit company(discount company) 商业信贷公司（贴现公司）neighborhood savings bank, bank of deposit 街道储蓄所credit union 合作银行credit bureau 商业兴信所self-service bank 无人银行land bank 土地银行construction bank 建设银行industrial and commercial bank 工商银行bank of communications 交通银行mutual savings bank 互助储蓄银行post office savings bank 邮局储蓄银行mortgage bank, building society 抵押银行industrial bank 实业银行home loan bank 家宅贷款银行reserve bank 准备银行chartered bank 特许银行corresponding bank 往来银行merchant bank, accepting bank 承兑银行investment bank 投资银行import and export bank (EXIMBANK) 进出口银行joint venture bank 合资银行money shop, native bank 钱庄credit cooperatives 信用社clearing house 票据交换所public accounting 公共会计business accounting 商业会计cost accounting 成本会计depreciation accounting 折旧会计computerized accounting 电脑化会计general ledger 总帐subsidiary ledger 分户帐cash book 现金出纳帐cash account 现金帐journal, day-book 日记帐，流水帐bad debts 坏帐investment 投资surplus 结余idle capital 游资economic cycle 经济周期economic boom 经济繁荣economic recession 经济衰退economic depression 经济萧条economic crisis 经济危机economic recovery 经济复苏inflation 通货膨胀deflation 通货收缩devaluation 货币贬值revaluation 货币增值international balance of payment 国际收支favourable balance 顺差adverse balance 逆差hard currency 硬通货soft currency 软通货international monetary system 国际货币制度the purchasing power of money 货币购买力money in circulation 货币流通量note issue 纸币发行量national budget 国家预算national gross product 国民生产总值public bond 公债stock, share 股票debenture 债券treasury bill 国库券debt chain 债务链direct exchange 直接（对角）套汇indirect exchange 间接（三角）套汇cross rate, arbitrage rate 套汇汇率foreign currency (exchange) reserve 外汇储备foreign exchange fluctuation 外汇波动foreign exchange crisis 外汇危机discount 贴现discount rate, bank rate 贴现率gold reserve 黄金储备money (financial) market 金融市场stock exchange 股票交易所broker 经纪人commission 佣金bookkeeping 簿记bookkeeper 簿记员an application form 申请单bank statement 对帐单letter of credit 信用证strong room, vault 保险库equitable tax system 等价税则specimen signature 签字式样banking hours, business hours 营业时间(Consumer Price Index) 消费者物价指数business 企业商业业务financial risk 财务风险sole proprietorship 私人业主制企业partnership 合伙制企业limited partner 有限责任合伙人general partner 一般合伙人separation of ownership and control 所有权与经营权分离claim 要求主张要求权management buyout 管理层收购tender offer 要约收购financial standards 财务准则initial public offering 首次公开发行股票private corporation 私募公司未上市公司closely held corporation 控股公司board of directors 董事会executove director 执行董事non- executove director 非执行董事chairperson 主席controller 主计长treasurer 司库revenue 收入profit 利润earnings per share 每股盈余return 回报market share 市场份额social good 社会福利financial distress 财务困境stakeholder theory 利益相关者理论value (wealth) maximization 价值（财富）最大化common stockholder 普通股股东preferred stockholder 优先股股东debt holder 债权人well-being 福利diversity 多样化going concern 持续的agency problem 代理问题free-riding problem 搭便车问题information asymmetry 信息不对称retail investor 散户投资者institutional investor 机构投资者agency relationship 代理关系net present value 净现值creative accounting 创造性会计stock option 股票期权agency cost 代理成本bonding cost 契约成本monitoring costs 监督成本takeover 接管corporate annual reports 公司年报balance sheet 资产负债表income statement 利润表statement of cash flows 现金流量表statement of retained earnings 留存收益表fair market value 公允市场价值marketable securities 油价证券check 支票money order 拨款但、汇款单withdrawal 提款accounts receivable 应收账款credit sale 赊销inventory 存货property,plant,and equipment 土地、厂房与设备depreciation 折旧accumulated depreciation 累计折旧liability 负债current liability 流动负债long-term liability 长期负债accounts payout 应付账款note payout 应付票据accrued espense 应计费用deferred tax 递延税款preferred stock 优先股common stock 普通股book value 账面价值capital surplus 资本盈余accumulated retained earnings 累计留存收益hybrid 混合金融工具treasury stock 库藏股historic cost 历史成本current market value 现行市场价值real estate 房地产outstanding 发行在外的a profit and loss statement 损益表net income 净利润operating income 经营收益earnings per share 每股收益simple capital structure 简单资本结构dilutive 冲减每股收益的basic earnings per share 基本每股收益complex capital structures 复杂的每股收益diluted earnings per share 稀释的每股收益convertible securities 可转换证券warrant 认股权证accrual accounting 应计制会计amortization 摊销accelerated methods 加速折旧法straight-line depreciation 直线折旧法statement of changes in shareholders’equity 股东权益变动表source of cash 现金来源use of cash 现金运用operating cash flows 经营现金流cash flow from operations 经营活动现金流direct method 直接法indirect method 间接法bottom-up approach 倒推法investing cash flows 投资现金流cash flow from investing 投资活动现金流joint venture 合资企业affiliate 分支机构financing cash flows 筹资现金流cash flows from financing 筹资活动现金流time value of money 货币时间价值simple interest 单利debt instrument 债务工具annuity 年金future value 终至present value 现值compound interest 复利compounding 复利计算pricipal 本金mortgage 抵押credit card 信用卡terminal value 终值discounting 折现计算discount rate 折现率opportunity cost 机会成本required rate of return 要求的报酬率cost of capital 资本成本ordinary annuity普通年金annuity due 先付年金financial ratio 财务比率deferred annuity 递延年金restrictive covenants 限制性条款perpetuity 永续年金bond indenture 债券契约face value 面值financial analyst 财务分析师coupon rate 息票利率liquidity ratio 流动性比率nominal interest rate 名义利率current ratio 流动比率effective interest rate 有效利率window dressing 账面粉饰going-concern value 持续经营价值marketable securities 短期证券liquidation value 清算价值quick ratio 速动比率book value 账面价值cash ratio 现金比率marker value 市场价值debt management ratios 债务管理比率intrinsic value 内在价值debt ratio 债务比率mispricing 给……错定价格debt-to-equity ratio 债务与权益比率valuation approach 估价方法equity multiplier 权益乘discounted cash flow valuation 折现现金流量模型long-term ratio 长期比率undervaluation 低估debt-to-total-capital 债务与全部资本比率overvaluation 高估leverage ratios 杠杆比率option-pricing model 期权定价模型interest coverage ratio 利息保障比率contingent claim valuation 或有要求权估价earnings before interest and taxes 息税前利润promissory note 本票cash flow coverage ratio 现金流量保障比率contractual provision 契约条款asset management ratios 资产管理比率par value 票面价值accounts receivable turnover ratio 应收账款周转率maturity value 到期价值inventory turnover ratio 存货周转率coupon 息票利息inventory processing period 存货周转期coupon payment 息票利息支付accounts payable turnover ratio 应付账款周转率coupon interest rate 息票利率cash conversion cycle 现金周转期maturity 到期日asset turnover ratio 资产周转率term to maturity 到期时间profitability ratio 盈利比率call provision赎回条款gross profit margin 毛利润call price 赎回价格operating profit margin 经营利润sinking fund provision 偿债基金条款net profit margin 净利润conversion right 转换权return on asset 资产收益率put provision 卖出条款return on total equity ratio 全部权益报酬率indenture 债务契约return on common equity 普通权益报酬率covenant 条款market-to-book value ratio 市场价值与账面价值比率trustee 托管人market value ratios 市场价值比率protective covenant 保护性条款dividend yield 股利收益率negative covenant 消极条款dividend payout 股利支付率positive covenant 积极条款financial statement财务报表secured deht担保借款profitability 盈利能力unsecured deht信用借款viability 生存能力creditworthiness 信誉solvency 偿付能力collateral 抵押品collateral trust bonds 抵押信托契约debenture 信用债券bond rating 债券评级current yield 现行收益yield to maturity 到期收益率default risk 违约风险interest rate risk 利息率风险authorized shares 授权股outstanding shares 发行股treasury share 库藏股repurchase 回购right to proxy 代理权right to vote 投票权independent auditor 独立审计师straight or majority voting 多数投票制cumulative voting 积累投票制liquidation 清算right to transfer ownership 所有权转移权preemptive right 优先认股权dividend discount model 股利折现模型capital asset pricing model 资本资产定价模型constant growth model 固定增长率模型growth perpetuity 增长年金mortgage bonds 抵押债券。

CFA InstituteA Simplified Common Stock Valuation ModelAuthor(s): Russell J. Fuller and Chi-Cheng HsiaSource: Financial Analysts Journal, Vol. 40, No. 5 (Sep. - Oct., 1984), pp. 49-56Published by: CFA InstituteStable URL: /stable/4478774Accessed: 19/10/2010 21:09Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use.Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at/action/showPublisher?publisherCode=cfa.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@.CFA Institute is collaborating with JSTOR to digitize, preserve and extend access to Financial AnalystsJournal.。

SAP移动类型设置！?(2009-08-1510:45:52SAP系统中的货物移动是由移动类型控制的，移动类型是用3位数的数值代码(3位数字或字母数据组合)来表示的，用来区分不同的货物移动。

SAP系统除了有IM库存管理移动类型外，还有WM仓库管理移动类型。

下面，我主要来谈WM移动类型以及它和IM移动类型之间的联系。

IM移动类型IM移动类型主要用来控制MM的库存数量更新、库存变化引起的价值更新，以及输入移动凭证时的字段显示等。

它在MM-FI接口的自动过帐中起到决定性的作用。

主要分为入库、转储(库存转储和转储记帐)、出库三种形式。

相关的设置，可通过事务OMJJ来访问，这里将不详述，有兴趣的可以参照MM有关移动类型的相关帮忙，你可以在我的博客或ITPUB上找到一些资料。

值得一提的是，在OMJJ中，有包含了WM关联的相关设置，如图1：?WM移动类型WM移动类型则用来控制仓库号的内部货物移动，它是通过ShipmentType，即所谓的装运类型来把具有相同移动性质的物料移动归集成组，标准系统定义了如下四种形式：A??????Stockrmvl(出库/拣配)E??????Stockplcmnt(入库/库存放置)U??????Postingchge(记帐变更/转储记帐)X??????Whsesuperv.(仓库监控/仓库内部调仓)WM移动类型相关配置如图2：TCODE:OMLJ?其中，装运类型可通过事务OMLI来定义，如图3：?WM作货物移动时，会考虑以下问题：1）货物要作做样的移动？（入库、出库、记帐变更、仓位调整？）2）货物从哪里移动？（源存储类型是什么？源仓位是什么？）3）货物移动到哪里？（目的地存储类型是什么？目的地仓位是什么？）WM移动类型为货物移进或移出仓库提供了以下一些所需要的信息：·?????临时存储区·?????临时仓位的类型（预定义，动态，固定）·?????用于处理、确认和打印转储订单的控制标识·?????是否允许手工创建TR及TO·?????TO创建时相关控制参数(如是否允许预分配库存、超量交货等)·?????TO的创建方式(是否自动)及确定方式·?????用于搜索仓库内存储类型的标识(干预存储类型检索的因子)IM移动类型与WM移动类型的关联那么，IM移动类型是如何跟WM移动类型联系到一块呢？这里，我们需要引入一个新概念：“IM-WM参考移动类型”(ReferenceMovementtype)，它是架起IM移动类型与WM移动类型之间的桥梁。

⾦融市场与机的构Madura第九版题库ch11Chapter 11Stock Valuation and Risk1. The common price-earnings valuation method applied the ______ price-earnings ratio to ________earnings per share in order to value the firm’s stock.A) firm’s; industryB) firm’s; firm’sC) average industry; industryD) average industry; firm’sANSWER: D2. A firm is expected to generate earnings of $2.22 per share next year. The mean ratio of share price toexpected earnings of competitors in the same industry is 15. Based on this information, the valuation of the firm’s shares based on the price-earnings (PE) method isA) $2.22.B) $6.76.C) $33.30.D) none of the aboveANSWER: C3. The PE method to stock valuation may result in an inaccurate valuation for a firm if errors are madein forecasting the firm’s future earnings or in choosing the industry composite used to derive the PE ratio.A) TrueB) FalseANSWER: A4. Bolwork Inc. is expected to pay a dividend of $5 per share next year. Bolwork’s dividends areexpected to grow by 3 percent annually. The required rate of return for Bolwork stock is 15 percent.Based on the dividend discount model, a fair value for Bolwork stock is $_______ per share.A) 33.33B) 166.67C) 41.67D) 60.00ANSWER: C5. Protsky Inc. just paid a divid end of $2.20 per share. The dividend growth rate for Protsky’s dividendsis 3 percent per year. If the required rate of return on Protsky stock is 12 percent, the stock should be valued at $_______ pershare according to the dividend discount model.A) 24.44B) 25.182 Stock Valuation and RiskC) 18.88D) 75.53ANSWER: B6. The limitations of the dividend discount model are more pronounced when valuing stocksA) that pay most of their earnings as dividends.B) that retain most of their earnings.C) that have a long history of dividends.D) that have constant earnings growth.ANSWER: B7. Hancock Inc. retains most of its earnings. The company currently has earnings per share of $11.Hancock expects its earnings to grow at a constant rate of 2 percent per year. Furthermore, theaverage PE ratio of all other firms in Hancock’s industry is 12. Hancock is expected to pay dividends per share of $3.50 during each of the next three years. If investors require a 10 percent rate of return on Hancock stock, a fair price for Hancock stock today is $________.A) 113.95B) 111.32C) 105.25D) none of the aboveANSWER: A8. When evaluating stock performance, ______ measures variability that is systematically related tomarket returns; ______ measures total variabili ty of a stock’s returns.A) beta; standard deviationB) standard deviation; betaC) intercept; betaD) beta; error termANSWER: A9. The ___________ is commonly used as a proxy for the risk-free rate in the Capital Asset PricingModel.A) Treasury bond rateB) prime rateC) discount rateD) federal funds rateANSWER: A10. Arbitrage pricing theory (APT) suggests that a stock’s price is influenced only by a stock’s beta.A) TrueB) FalseANSWER: BStock Valuation and Risk 3 11. Stock prices of U.S. firms primarily involved in exporting are likely to be ________ affected by aweak dollar and __________ affected by a strong dollar.A) favorably; adverselyB) adversely; adverselyC) favorably; favorablyD) adversely; favorablyANSWER: A12. A weak dollar may enhance the value of a U.S. firm whose sales are dependent on the U.S. economy.A) TrueB) FalseANSWER: A13. The January effect refers to the __________ pressure on ______ stocks in January of every year.A) downward; largeB) upward; largeC) downward; smallD) upward; smallANSWER: D14. The expected acquisition of a firm typically results in ____________ in the target’s stock price.A) an increaseB) a decreaseC) no changeD) none of the aboveANSWER: A15. The _______ index can be used to measure risk-adjusted performance of a stock while controlling forthe stock’s volatility.A) SharpeB) TreynorC) arbitrageD) marginANSWER: A16. The _______ index can be used to measure risk-adjusted performance of a stock while controlling for the stock’s beta.A) SharpeB) TreynorC) arbitrageD) marginANSWER: B4 Stock Valuation and Risk17. Stock price volatility increased during the credit crisis.A) TrueB) FalseANSWER: A18. The Sharpe Index measures theA) average return on a stock.B) variability of stock returns per unit of returnC) stock’s beta adjusted for risk.D) excess return above the risk-free rate per unit of risk.ANSWER: D19. A stock’s average return is 11 percent. The average risk-free rate is 9 percent. The stock’s beta is 1and its standard deviation of returns is 10 percent. What is the Sharpe Index?A) .05B) .5C) .1D) .02E) .2ANSWER: E20. A stock’s average return is 10 percent. The average risk-free rate is 7 percent. The standarddeviation of the stock’s return is 4 percent, and the stock’s beta is 1.5. What is the Treynor Index for the stock?A) .03B) .75C) 1.33D) .02E) 50ANSWER: D21. If security prices fully reflect all market-related information (such as historical price patterns) but do not fully reflect all other public information, security markets areA) weak-form efficient.B) semi-strong form efficient.C) strong form efficient.D) B and CE) none of the aboveANSWER: A22. If security markets are semi-strong form efficient, investors cannot solely use ______ to earn excess returns.A) previous price movementsB) insider informationStock Valuation and Risk 5C) publicly available informationD) A and CANSWER: D23. The ______ is commonly used to determine what a stock’s price should have been.A) Capital Asset Pricing ModelB) Treynor IndexC) Sharpe IndexD) B and CANSWER: A24. A stock’s beta is estimated to be 1.3. The risk-free rate is 5 percent, and the market return is expected to be 9 percent. What is the expected return on the stock based on the CAPM?A) 5.2 percentB) 11.7 percentC) 16.7 percentD) 4 percentE) 10.2 percentANSWER: E25. According to the text, other things being equal, stock prices of U.S. firms primarily involved inexporting could be ______ affected by a weak dollar. Stock prices of U.S. importing firms could be ______ affected by a weak dollar.A) adversely; favorablyB) favorably; adverselyC) favorably; favorablyD) adversely; adverselyANSWER: B26. The demand by foreign investors for the stock of a U.S. firm sold on a U.S. exchange may be higherwhen the dollar is expected to ______, other things being equal. (Assume the firm’s operations are unaffected by the value of the dollar.)A) strengthenB) weakenC) stabilizeD) B and CANSWER: A27. A higher beta of an asset reflectsA) lower risk.B) lower covariance between the asset’s returns and market returns.C) higher covariance between the asset’s returns and the market returns.D) none of the above6 Stock Valuation and RiskANSWER: C28. The “January effect” refers to a largeA) rise in the price of small stocks in January.B) decline in the price of small stocks in January.C) decline in the price of large stocks in January.D) rise in the price of large stocks in January.ANSWER: A29. Technical analysis relies on the use of ______ to make investment decisions.A) interest ratesB) inflationary expectationsC) industry conditionsD) recent stock price trendsANSWER: D30. The arbitrage pricing theory (APT) differs from the capital asset pricing model (CAPM) in that it suggests that stock pricesA) are influenced only by the market itself.B) can be influenced by a set of factors in addition to the market.C) are not influenced at all by the market.D) cannot be influenced at all by the industry factors.ANSWER: B31. According to the capital asset pricing model, the required return by investors on a security isA) inversely related with the risk-free rate.B) inversely related with the firm’s beta.C) inversely related with the market return.D) none of the aboveANSWER: D32. Boris stock has an average return of 15 percent. Its beta is 1.5. Its standard deviation of returns is 25 percent. The average risk-free rate is 6 percent. The Sharpe index for Boris stock isA)0.35.B)0.36.C)0.45.D)0.28.E)none of the aboveANSWER: B33. Morgan stock has an average return of 15 percent, a beta of 2.5, and a standard deviation of returns of20 percent. The Treynor index of Morgan stock isA)0.04.B)0.05.Stock Valuation and Risk 7C)0.35.D)0.03.E)none of the above34. Zilo stock has an average return of 15 percent, a beta of 2.5, and a standard deviation of returns of 20percent. The Sharpe index of Zilo stock isA)0.36.B)0.35.C)0.28.D)0.45.E)none of the aboveANSWER: B35. Sorvino Co. is expected to offer a dividend of $3.2 per share per year forever. The required rate ofreturn on Sorvino stock is 13 percent. Thus, the price of a share of Sorvino stock, according to the dividend discount model, is $_________.A) 4.06B) 4.16C)40.63D)24.62E)none of the aboveANSWER: D36. Kudrow stock just paid a dividend of $4.76 per share and plans to pay a dividend of $5 per share nextyear, which is expected to increase by 3 percent per year subsequently. The required rate of return is15 percent. The value of Kudrow stock, according to the dividend discount model, is $__________.A)39.67B)41.67C)33.33D)31.73E)none of the aboveANSWER: B37. LeBlanc Inc. currently has earnings of $10 per share, and investors expect that the earnings per sharewill grow by 3 percent per year. Furthermore, the mean PE ratio of all other firms in the sameindustry as LeBlanc Inc. is 15. LeBlanc is expected to pay a dividend of $3 per share over the next four years, and an investor in LeBlanc requires a return of 12 percent. What is the forecasted stock price of LeBlanc in four years, using the adjusted dividend discount model?A)$150.00B)$163.91C)$45.00D)$168.83E)none of the above8 Stock Valuation and Risk38. Tarzak Inc. has earnings of $10 per share, and investors expect that the earnings per share will growby 3 percent per year. Furthermore, the mean PE ratio of all other firms in the same industry asTarzac is 15. Tarzac is expected to pay a dividend of $3 per share over the next four years, and an investor in Tarzac requires a return of 12 percent. The estimated stock price of Tarzak today should be __________ using the adjusted dividend discount model.A)$116.41B)$104.91C)$161.15D)none of the aboveANSWER: A39. The standard deviation of a stock’s returns is used to measure a stock’sA)volatility.B)beta.C)Treynor Index.D)risk-free rate.ANSWER: A40. The formula for a stock portfolio’s volatility does not contain theA)weight (proportional investment) assigned to each stock.B)variance (standard deviation squared) of returns of each stock.C) correlation coefficients between returns of each stock.D) risk-free rate.ANSWER: D41. If the returns of two stocks are perfectly correlated, thenA) their betas should each equal 1.0.B) the sum of their betas should equal 1.0.C) their correlation coefficient should equal 1.0.D) their portfolio standard deviation should equal 1.0.ANSWER: C42. A stock’s beta can be measured from the estimate of the using regression analysis.A) interceptB) market returnC) risk-free rateD) slope coefficientANSWER: D43. A beta of 1.1 means that for a given 1 percent change in the value of the market, theis expected to change by 1.1 percent in the same direction.A)risk-free rateB)stock’s valueStock Valuation and Risk 9C)s tock’s standard deviationD)correlation coefficientANSWER: B44. Stock X has a lower beta than Stock Y. The market return for next month is expected to be either–1 percent, +1 percent, or +2 percent with an equal probability of each scenario. The probability distribution of Stock X returns for next month isA)the same as that of Stock Y.B)more dispersed than that of Stock Y.C)less dispersed than that of Stock Y.D)zero.ANSWER: C45. The beta of a stock portfolio is equal to a weighted average of theA)betas of stocks in the portfolio.B)betas of stocks in the portfolio, plus their correlation coefficients.C)standard deviations of stocks in the portfolio.D)correlation coefficients between stocks in the portfolio.ANSWER: A46. Value at risk estimates the a particular investment for a specified confidence level.A)beta ofB)risk-free rate ofC)largest expected loss toD)standard deviation ofANSWER: C47. A stock has a standard deviation of daily returns of 1 percent. It wants to determine the lowerboundary of its probability distribution of returns, based on 1.65 standard deviations from theexpected outcome. The stock’s expected daily return is .2 percent. The lower boundary isA)–1.45 percent.B)–1.85 percent.C)0 percent.D)–1.65 percent.ANSWER: A48. A stock has a standard deviation of daily returns of 3 percent. It wants to determine the lower boundary of its probability distribution of returns, based on 1.65 standard deviations from the expected outcome. The stock’s expected daily return is .1 percent. The lower boundary isA)–1.65 percent.B)–3.00 percent.C)–4.85 percent.D)–5.05 percent.10 Stock Valuation and RiskANSWER: C49. Which of the following is not commonly used as the estimate of a stock’s volatility?A)the estimate of its standard deviation of returns over a recent periodB)the trend of historical standard deviations of returns over recent periodsC)the implied volatility derived from an option pricing modelD)the estimate of its option premium derived from an option pricing modelANSWER: D50. The credit crisis only affected the stock performance of stocks in the U.S.A) TrueB) FalseANSWER: B51. When new information suggests that a firm will experience lower cash flows than previously anticipated or lower risk, investors will revalue the corresponding stock downward.A) TrueB) FalseANSWER: B52. A relatively simple method of valuing a stock is to apply the mean price-earnings (PE) ratio of all publicly traded competitors in the respective industry to the firm’s expected earnings for the year.ANSWER: A53. While the previous year’s earnings are often used as a base for forecast ing future earnings, the recent year’s earnings do not always provide an accurate forecast of the future.A) TrueB) FalseANSWER: A54. If investo rs agree on a firm’s forecasted earnings, they will derive the same value for that firm using the PE method to value the firm’s stock.A) TrueB) FalseANSWER: B55. The dividend discount model states that the price of a stock should reflect the present value of the stock’s future dividends.A) TrueB) FalseStock Valuation and Risk 11 ANSWER: A56. The dividend discount model can be adapted to assess the value of any firm, even those that retain most or all of their earnings.A) TrueB) FalseANSWER: A57. For firms that do not pay dividends, a more suitable valuation may be the free cash flow model.A) TrueB) FalseANSWER: A58. The capital asset pricing model (CAPM) is based on the premise that the only important risk of a firm is unsystematic risk.A) TrueB) FalseANSWER: B59. The prime rate is commonly used as a proxy for the risk-free rate in the capital asset pricing model60. A stock with a beta of 2.3 means that for every 1 percent change in the market overall, the stock tends to change by 2.3 percent in the same direction.A) TrueB) FalseANSWER: A61. Stocks that have relatively little trading are normally subject to less price volatility.A) TrueB) FalseANSWER: B62. A firm’s stock price is affected not only by macroeconomic and market conditions but also by firm specific conditions.A) TrueB) FalseANSWER: A12 Stock Valuation and Risk63. Stock repurchases are commonly viewed as an unfavorable signal about the firm.A) TrueB) FalseANSWER: B64. The main source of uncertainty in computing the return of a stock is the dividend to be received next year.A) TrueB) FalseANSWER: B65. A stock portfolio has more volatility when its individual stock returns are uncorrelated.A) TrueB) FalseANSWER: B66. Beta serves as a measure of risk because it can be used to derive a probability distribution of return67. The value-at-risk method is intended to warn investors about the potential maximum loss that couldoccur.A) TrueB) FalseANSWER: A68. Regarding the value-at-risk method, the same methods used to derive the maximum expected loss ofone stock can be applied to derive the maximum expected loss of a stock portfolio for a givenconfidence level.A) TrueB) FalseANSWER: A69. Portfolio managers who monitor systematic risk rather than total risk are more concerned about stockvolatility than about beta.A) TrueB) FalseANSWER: BStock Valuation and Risk 13 70. Regarding the implied standard deviation, by plugging in the actual option premium paid by investorsfor a specific stock in the option-pricing model, it is possible to derive the anticipated volatility level.A) TrueB) FalseANSWER: A71. One way to forecast a portfolio’s beta is to first forecast the betas of the individual stocks in theportfolio and then sum the individual forecasted betas, weighted by the market value of each stock.A) TrueB) FalseANSWER: B72. If beta is thought to be the appropriate measure of risk, a stock’s risk-adjusted returns should bedetermined by the Sharpe index.ANSWER: B73. The Treynor index is similar to the Sharpe index, except that is uses beta rather than standarddeviation to measure the stock’s risk.A) TrueB) FalseANSWER: A74. Fabrizio, Inc. is expected to generate earnings of $1.50 per share this year. If the mean ratio of shareprice to expected earnings of competitors in the same industry is 20, then the stock price per share is $_________.A)13.33B) 3.00C)20.00D)30.00E)none of the aboveANSWER: D75. Which of the following is not a reason the PE ratio method may result in an inaccurate valuation for afirm?A)potential errors in the forecast of the firm’s betaB)potential errors in the forecast of the firm’s future earningsC)potential errors in the choice of the industry composite used to derive the PE ratioD)All of the above are reasons the PE ratio method may result in an inaccurate valuation for a firm.ANSWER: A14 Stock Valuation and Risk76. Sorvino Co. is expected to offer a dividend of $3.2 per share per year forever. The required rate ofreturn on Sorvino stock is 13 percent. Thus, the price of a share of Sorvino stock, according to the dividend discount model, is $_________.A) 4.06B) 4.16C)24.62D)40.63E)none of the aboveANSWER: Csubsequently. The required rate of return is 15 percent. The value of Kudrow stock, according to the dividend discount model, is $__________.A)39.67B)33.33C)31.73D)41.67E)none of the aboveANSWER: D78. The limitations of the dividend discount model are most pronounced for a firm thatA)has a high beta.B)has high expected future earnings.C)distributes most of its earnings as dividends.D)retains all of its earnings.E)none of the aboveANSWER: D79. Which of the following is incorrect regarding the capital asset pricing model (CAPM)?A)It is sometimes used to estimate the required rate of return for any firm with publicly traded stock.B)It is based on the premise that the only important risk of a firm is systematic risk.C)It is concerned with unsystematic risk.D)All of the above are true.ANSWER: C80. The _______________ is not a factor used in the capital asset pricing model (CAPM) to derive thereturn of an asset.A)prevailing risk-free rateB)dividend growth rateC)market returnD)covariance between the asset’s returns and market returnsE)All of the above are factors used in the CAPM.NSWER: BStock Valuation and Risk 15 81. Schwimmer Corp. has a beta of 1.5. The prevailing risk-free rate is 5 percent and the annual marketreturn in recent years has been 11 percent. Based on this information, the required rate of return on Schwimmer Corp. stockB) 6.5C)16.5D)14.0E)none of the aboveANSWER: D82. Which of the following is not a type of factor that drives stock prices, according to your text?A)economic factorsB)market-related factorsC)firm-specific factorsD)All of the above are factors that affect stock prices.ANSWER: D83. ______________ is (are) not a market-related factor(s) that affect(s) stock prices.A)Interest ratesB)Noise tradingC)TrendsD)January effectE)All of the above are market-related factors that affect stock prices.ANSWER: A84. _____________ is (are) not a firm-specific factor(s) that affect(s) stock prices.A)Exchange ratesB)Dividend policy changesC)Stock offerings and repurchasesD)Earnings surprisesE)All of the above are firm-specific factors that affect stock prices.ANSWER: A85. The ____________ is not a measure of a st ock’s risk.A)stock’s price volatilityB)stock’s returnC)stock’s betaD)value-at-risk methodE)All of the above are measures of a stock’s risk.ANSWER: B86. If the standard deviation of a stock’s returns over the last 12 quarters i s 4 percent, and if there is no16 Stock Valuation and RiskB)68; 8C)95; 8D)95; 6E)none of the above ANSWER: A。

股指期货的四种定价方法[摘要]我国金融市场已经推出沪深300股票指数期货,本文吸收借鉴了国内外的研究成果,说明了股指期货四种定价理论和相关的实证结果,并提出今后理论研究的方向。

[关键词]股指期货定价定价理论实证研究研究方向一、定价理论1、持有成本定价模型Comell&French(1983)最早提出在无摩擦市场以及借贷利率相等且保持不变情况下的股指期货持有成本定价公式,股指期货的理论价格为■。

该模型假设条件较多,且定价偏差大,但是最经典的定价模型。

2、连续时间模型Ramaswamy&Sundaresan(1985)修正了期权定价模型进而推导出随机利率条件下无套利股指期货的理论价格。

该模型有四个假设条件:采用单因子CIR描述无风险利率,无风险贴现债券用局部期望假设来描述,无摩擦市场,股指服从对数正态分布。

Cakici&Chatterjee(1999)引入另一种利率模型,通过对S&P500实证比较发现,利率的平方根过程和对数正态过程对定价没有显著性影响。

3、一般均衡定价模型Cox和Ross等人在1985年推出资产定价的一般均衡模型, 随后Hemler&Longstaff(1991)推导出利率随机波动和市场随机波动情况下的股指期货一般均衡定价模型。

该模型有四个假设:经济个体同质预期,企业产品被消费或被投资,投资回报率是随机过程,经济体状态变量X 和Y均值复归。

股指期货的偏微分方程的PDE解析解和持有成本定价模型异曲同工。

4、区间定价模型Klemkosky&Lee(1991)考虑交易成本、股利和借贷利率不相等因素,“做多指数现货,做空指数期货”得到套利区间的上限,“做多指数期货,做空指数现货”得到套利区间的下限,在此区间内不可套利,在此区间外可套利。

国内对股指期货定价的理论探索较少,其中陈晓杰,黄志刚(2007)在无风险套利原理下,改良B-S方程通解,推导出股指期货的定价模型。

仓库盘点英语仓库盘点英语仓库盘点是一项重要的工作，旨在确保仓库存货的准确性和完整性。

通过进行盘点，我们可以对仓库中的存货进行清点和核对，以便及时发现并纠正任何差异或问题。

以下是一些与仓库盘点相关的常用英语词汇和短语，供参考和学习。

1. Inventory（存货）- 所有存放在仓库中的商品、物料和产品的总称。

2. Stocktaking（盘点）- 对仓库的存货进行清点和核对的过程。

3. Physical count（实物盘点）- 对存货进行实地清点的过程，通常使用人工或计数设备。

4. Cycle count（循环盘点）- 根据计划和排定的时间表，定期对仓库的一部分存货进行盘点。

5. Bin location（储位）- 用于存放特定商品的特定位置或区域。

6. Variance（差异）- 盘点结果与记录数量之间的差异。

7. Overstock（库存过多）- 存货数量超过需求或可保持的水平。

8. Understock（库存不足）- 存货数量低于需求或可保持的水平。

9. Damaged goods（破损货物）- 经检查发现有缺陷或受损的商品或物料。

10. Expiry date（过期日期）- 商品或物料的有效期限。

11. Reconciliation（调节）- 将盘点结果与记录进行核对和调整的过程。

12. FIFO (First-In, First-Out)（先进先出）- 一种存货管理方法，根据存货的进货日期来优先销售最早进入仓库的商品。

13. LIFO (Last-In, First-Out)（后进先出）- 一种存货管理方法，根据存货的进货日期来优先销售最晚进入仓库的商品。

14. Barcode scanner（条码扫描器）- 用于扫描商品或物料上的条码，以便快速而准确地记录数量和信息。

15. Recordkeeping（记录保管）- 对存货相关信息和交易进行准确记录的过程。

在仓库盘点过程中，以下是一些常用的英语对话和表达方式，可供参考：1. Asking for assistance and instructions: - Could you please guide me through the inventory check process? - Can you explain how to use the barcode scanner? - What should I do if I find any damaged goods during the inventory?2. Reporting discrepancies: - I have noticed a variance between the recorded and physical count of this product. - The inventory count suggests an understock of item X. - There seems to be an overstock of item Y according to the physical count.3. Seeking clarification: - Could you clarify the location of this product in the warehouse? - What is the procedure forreconciling the inventory discrepancies? - Is there a specific order in which I should conduct the cycle count?4. Confirming actions: - I will scan each barcode to ensure accurate recording of quantities. - I will report any damaged goods immediately for further action. - I will review the expiry dates of perishable items during the inventory check.5. Concluding the inventory process: - The inventory check has been completed for all items in this section. - All discrepancies have been reconciled, and the inventory count now matches the records. - The final inventory report will be prepared and submitted to the management.以上是关于仓库盘点英语的一些常用词汇、短语和对话，希望能对您的工作有所帮助。

英语课程中的投资与证券交易词汇在如今全球化的商业环境下，掌握英语对于从事金融和投资领域的人来说至关重要。

尤其是在投资与证券交易方面，了解相关词汇和术语是提高沟通能力和拓宽职业发展的关键因素之一。

本文将介绍一些在英语课程中常见的投资与证券交易词汇，以帮助读者更好地理解和运用这些词汇。

一、投资词汇1. Investment（投资）指将资金或其他资源用于期望获取回报的行为或活动。

2. Portfolio（投资组合）指个人或机构持有的所有投资项目的集合。

3. Asset（资产）指拥有的有价值的物品或权益，如股票、债券、不动产等。

4. Equity（股权）指投资者在公司中所持有的股份或股权。

5. Risk（风险）指投资可能面临的损失或不确定性。

6. Return（回报）指投资所产生的利润、收益或回报。

7. Diversification（分散投资）指将资金投资于多个不同的资产类别或领域，以降低风险。

二、证券交易词汇1. Stock（股票）指公司向公众发行的股份，代表持有者在公司中的权益。

2. Shareholder（股东）指持有某公司股份的个人或机构。

3. Dividend（红利）指公司根据盈利情况向股东支付的利润分配。

4. Bond（债券）指借款人以借款为基础发行给债权人的债务证券。

5. Coupon（票息）指债券上规定的每年支付给债券持有者的利息。

6. Principal（本金）指债券上规定的借款人要偿还给债权人的原始金额。

7. Maturity（到期日）指债券或其他金融产品到期的日期。

8. Yield（收益率）指投资产品的盈利能力及其相对于投资成本的比例。

三、其他相关词汇1. Broker（经纪人）指在买卖证券或货币等产品过程中充当中介的个人或公司。

2. Exchange（交易所）指进行证券交易的市场，例如纽约证券交易所（NYSE）。

3. Bull market（牛市）指证券市场价格持续上涨的市场状态。

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股票术语中英文对照以及解释套利(Arbitrage)在不同的市场同时买入和卖出单一证券，以赚取差价。

ffffff资产(Assets)公司的所有权，可以是有形的、无形的、固定或流动的。

ffffff自行处理权(At Discretion)客户给经纪买或卖处理权的指示类型。

限额(At Limit)客户给股票经纪不能买超过或卖低于某一价位的限制。

At The Market以现行价格买或卖证券的订单。

额定资本(Authorized Capital)在公司联合备忘录中协订的实缴资本的最高金额。

平均(Averaging)以不同的价格买或卖同样的股票的过程，以建立平均成本。

基本点(Basic Points)指债券收益率。

债券收益率中每一个百分点等于100个基本点。

如果债券收益率从7.25%变为7.39%，即升高了14个基本点。

熊市(Bear)预测股价将跌落而抛售股票。

熊市是股价下跌的延伸期，通常为下跌20％或更多。

牛市(Bull)预期股价将上扬而买入股票。

牛市表明市场持续上扬走势。

B系数(Beta)衡量股市风险的一种尺度。

0.7意味着股价可能按市场同样方向移动70％。

-1.3意味着股价可能与市场相反方向移动130%。

fffff蓝筹股(Blue Chip)在投资中级别最高的普通股。

债券(Bond)记录借款的凭证，承诺在特定时间支付债券持有人特别利息，并于到期日偿还借款额。

发行红（利）股(Bonus Issue)以无偿发行股票的形式（通常是以资本项目）分配资金给股东。

簿记截止日(Book Closing Date)公司股东记录截止登记日，以决定股息、红利或附加股的授权。

簿记价值(Book value)公司资产簿记帐面价值。

簿记价值不必与购买成本或市场价值一致。

经纪费，佣金(Brokerage)股票经纪人因其买或卖股票服务而收取的费用。

业务循环(Business Cycle)经济活动的周期性变动，带动收入和就业变动。