一、判断题(10*2’)
( T )1、A company’s retur n on equity will always equal or exceed its return on assets.
一个公司的权益收益率总是大于或等于其资产收益率。
( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.
一个公司的资产权益比总是等于1加负债权益比。
( F )3、A company’s collection period sho uld always be less than its payables period.
一个公司的应收账款回收期总是小于其应付账款付款期。
( T )4、A company’s current radio must always be larger than its acid-test-radio.
一个公司的流动比率一定大于速动比率。
( F )5、Economic earnings are more volatile than accounting earnings.
经济利润比会计利润更加变动不定。
( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings.
若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。
( F)7、A company’s sustainable growth rate is the highest growth rate in sales it can att ain without issuing new stock.
一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。
( F )8、The stock market is a ready source of new capital when a company is incurring heavy losses
当一家公司蒙受惨重损失时，股票市场即为它随时可动用的新的资本来源。
( T )9、Share repurchases usually increase earnings per share.
股票回购通常增加每股收益。
( T)10、Companies often buy back their stock because managers believe the shares are undervalued.
因为管理者相信股票被低估了，所以公司经常买回它们的股票。
( F )11、Only rapidly growing firms have growth management problems.
只有快速增长的公司才有增长管理的问题。
( F )12、Increasing growth increases stock price.
提高增长增加股票价格。
二、名词解释(5*3’)
1、The balance sheet P6
A balance sheet is a financial snapshot , taken at a point in time , of all the assets the company owns and all the claims against those assets.
资产负债表相当于一张财务快照，它反映了企业在某一时点上拥有的全部资产和与之相对的全部要求权。
2、EBIT P15
EBIT is earnings before interest and taxes , a useful and widely used measure of business’s income before it is divided among creditors , owners , and the taxman.
息税前利润是一项十分有用且被广泛应用的利润度量指标，度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润。
3、Return on Equity P36
ROE is a measure of earnings per dollar of invested equity capital or equivalently of the percentage return to owners on their investment.
净资产收益率是他们的投资每一美元收益投资股权资本的回报率.
4、Return on Assets P39
ROA is measure profit as a percentage of the money provided by owners and creditors.
ROA是用来衡量每单位资产创造多少净利润的指标。
5、The current ratio P51
The current ratio compares the assets that will turn into cash within the year to the liabilities that must be paid within the year.
流动比率比较的是能在一年内变现的资产与一年内必须偿还的债务。
6、The acid-test P51
Quick ratio is the ratio of liquid assets to current liabilities. It is a measure of corporate liquidity assets can be realized immediately used to repay current liabilities.
速动比率是指速动资产对流动负债的比率。它是衡量企业流动资产中可以立即变现用于偿还流动负债的能力。
7、Pro forma financial statements（模拟财务报表）P87
A pro forma statement is simply a prediction of what the company’s financial statements will look like at the end of the forecast period.
模拟财务报表就是预计公司在预测期结束时其财务报表看起来会是什么样。
8、Percent-of-Sales Forecasting（销售百分比预测法）P88
One way to tie many of the income statement and balance sheet figures to future sales.
一种将利润表和资产负债表中的数字与未来的销售联系起来的方法。
9、Sustainable growth rate（可持续增长率）P119
This is the maximum rate at which company sales can increase without depleting financial resources..
可持续增长率指在不需要耗尽财务资源的情况下，公司销售所能增长的最大比率。
10、Product diversification（产品多元化）P130
Companies could reduce risk by combining the income streams of businesses in different product markets.
公司可以通过对不同产品市场上生产经营的收益流量的组合来降低风险。
11、OPM P198
Enterprises make full use of the advantage of scale , Enhance the ability with suppliers for a supply.Will be used in the
inventory and accounts receivable funds and capital costs to suppliers.
企业充分利用做大规模的优势，增强与供应商的讨价还价能力, 将占用在存货和应收账款的资金及其资金成本转嫁给供应商。
12、Financial flexibility（财务弹性）P218
The concern that today’s decision not jeopardize future financing options.
它所关心的事情是今天的决策不会危害到未来的筹资抉择.
三、简答题(3*5’)
P31问：Why do you suppose financial statements are constructed on an accrual basis rather than a cash basis when cash accounting is so much easier to understand?
（为什么尽管收付实现制更加浅显易懂，财务报表却是以权责发生制而非收付实现制为基础编制？）
Because the accountant’s primary goal is to mea sure earnings , not cash generated. She sees earnings as a fundamental indicator of viability , not cash generation. A more balanced perspective is that over the long run successful companies must be both profitable and solvent , that is , they must be profitable and have cash in the bank to pay their bills when due, This means that you should pay attention to both earnings and cash flows.
（因为会计师的主要目的是计量利润，而非现金。会计师认为切实可行的衡量指标是利润，而不是产生的现金。从一个更为全面的角度看，就长期而言，成功的公司必定兼具盈利性和流动性，即，一方面有良好的盈利能力，另一方面债务到期时有足够的银行存款来偿还。因此，既要注重利润，也要关注现金流量。）
P52 问：Is ROE a Reliable Financial Yardstick?
（ROE是不是值得信赖的衡量指标？）
NO.ROE suffers from three critical deficiencies as a measure of financial performance,which I will refer to as the timing problem,the risk problem,and the value problem.
（不是。作为财务业绩指标的ROE存在三个方面的不足，将其称为时效问题、风险问题和价值问题。）
1、ROE is precisely the opposite:backward looking and focused on a single year.
（ROE反映的是过去并着眼于当个期间。）
2、ROE necessarily includes only one year’s earnings,it fails to capture the full impact of multiperiod decisions.
（ROE指考虑一年的盈利，所以它无法揭示多期决策所产生的全部影响。）
3、ROE looks only at return while ignoring risk,it can be an inaccurate yardstick of financial performance.
（ROE注重收益而忽视风险，所以它作为财务业绩的衡量尺度可能不准确。）
4、ROE measures the return on shareholders’ investm ent;however,the investment figure used is the book value of shareholders’ equity,not the market value.
（ROE衡量股东的投资所取得的收益率，但是投资所使用的是股东权益的账面价值而非
市场价值。）
P55 问：Is earnings yield a useful measure of financial performance?
（盈利收益率是衡量财务业绩的有效尺度吗？）
No.The problem is that a company’s stock price is very sensitive to investor expectations about the future.
（不是。问题在于一个公司的股票价格对投资者的未来预期相当敏感。）
1、A bright future,a high stock price,and a low earnings yield go together.A high earnings yield is not an indicator of superior performance;in fact,it is more the reverse.
（美好的前景，高的股票价格和低的收益率相联系。高的盈利收益率不是公司业绩卓越的指标，实际上恰恰相反。）
2、The earnings yield suffers from a severe timing problem of its own that invalidates it as a performance measure.
（它自身存在严重的时效问题，这使得它丧失了衡量业绩的功能。）
P126 问：What to Do When Actual Growth Exceeds Sustainable Growth?
（当时机增长超过可持续增长时怎么办？）
1、The first step is to determine how long the situation will continue.If the company reaches maturity , it can probably be solved by further borrowing.
（第一步是判断这种状况将要持续多久。假如公司接近成熟期，通过再多借款就可以解决。）
2、For longer-term sustainable growth problems,some combination of the following strategies will be necessary.
（对于长期的可持续增长问题，以下策略的某些组合是必不可少的）
①Sell new equity （发售新股）
②Increase financial leverage （提高财务杠杆）
③Reduce the dividend payout （减少股利支付率）
④Prune away marginal activities （非核心业务的剥离）
⑤Outsource some or all of production （寻求外购）
⑥Increase prices （提高价格）
⑦Merge with a “cash cow” （兼并“现金牛”）
P133 问：What to Do When Sustainable Growth Exceeds Actual Growth?
（当可持续增长超过实际增长怎么办？）
1、If temporary,management can simply continue accumulating resources in anticipation of future growth.
（如果这种现象是暂时的，管理者应将多余的现金积累起来。）
2、When the difficulty is longer term,the issue becomes lack of growth is unique to the company，the management must look carefully at its own performance to identify and remove the internal constraints on company growth.
（如果困难是长期的，这个问题是企业自身的原因，管理者应检讨自身的经营方式，找出内部妨碍企业快速增长的因素并予以消除。）
3、When a company is unable to generate sufficient growth from within,it has three options:ignore the problem,return the money to shareholders,or buy growth.
（当企业无法从内部挖掘增长的潜力时，有三种选择：忽视问题的存在，将多余资金回馈给股东，购买增长。）
P217 问：What do these musings about the relative importance of taxes and financial distress costs imply about how to finance a business?
（关于税收和财务困境成本之间相对重要性的沉思暗示有关融资业务如何处理？）
1、The ability of the company to utilize additional interest tax shields over the life of the debt.
（公司在整个债务年限内利用税盾的能力。）
2、The increased probability of bankruptcy created by added leverage.
（由提高财务杠杆产生的新增的破产风险。）
3、The cost to the firm if bankruptcy occurs. （假如破产产生，它会给公司带来的成本。）
四、业务题(50’)
P31 课后第5题
P79 课后第5题
P80 课后第7题
7、问：Answer the questions below based on the following information.Taxes are 35 percent and all dollars are in millions.
译：计算下表回答以下问题，所得税是35%，所有美元以十亿位单位。
Company X Company Z
$400 $420
Earnings before interest and
taxes
Debt(at 10% interest) 200 1200
Equity 800 300
问：a. Calculate each company’s ROE,ROA,and ROIC
译：计算每间公司的ROE、ROA和ROIC
答：
Company X Company Z
ROE(净资产收益率) 31% 65%
ROA（资产收益率）25% 13%
ROIC（资本回报率）26% 18%
译：X公司净资产收益率=净利润/权益
答：
ROE x =Net income/equity=(400-200*10%)*(1-35%)/800=31%
译：Z公司净资产收益率=净利润/权益
答：
ROE z =Net income/equity=(420-1200*10%)*(1-35%)/300=65%
译：X公司资产收益率=净利润/资产
答：
ROA x =Net income/assets=(400-200*10%)*(1-35%)/1000=25%
译：Z公司资产收益率=净利润/资产
答：
ROA z =Net income/assets=(420-1200*10%)*(1-35%)/1500=13%
译：X公司资本回报率=息税前利润*（1-税率）/（有息负债+权益）
答：
ROICx=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=400*(1-35%)/(200+800)=26%
译：Z公司资本回报率=息税前利润*（1-税率）/（有息负债+权益）
答：
ROICz=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=420*(1-35%)/(1200+300)=18%
问：b. Why is company Z’s ROE so much higher than X’s? Dode this me an Z is a better company?Why or why not?
译：为什么Z公司的ROE远远高于X公司的ROE？这是否意味着公司Z更好？如果是，为什么？
答：
Because company Z has a higher financial leverage than company X.
It does not mean that company Z is the better company because company Z’s higher financial leverage m akes it a very uncertain enterprise and it is much risker than company X.
财务杠杆=资产/所有者权益
X=（200+800）/800=1.25 Z=（1200+300）/300=5
译：因为Z公司比X公司有更高的财务杠杆，但这并不意味着Z公司比X公司好。因为Z公司的高财务杠杆使得它有更多的不确定因数，要比X公司承担更大的风险。
问：c. Why is company X’s ROA higher than Z’s? What does this tell you about the two companies?
译：为什么X公司的ROA高于Z公司？对于这两家公司，这说明了什么？
答：
This is also due to Z’s higher financial leverage .
ROA penalizes levered companies by comparing the net income available to equity to the capital provided by owners and crediors.It does not mean that Z is a worse company than X
译：这也是因为Z公司的财务杠杆比较高的缘故。
ROA将所产生的净利润与所有者和债权人共同提供的资本进行对比，这对财务杠杆高的公司不利，但这并不意味着Z公司是比X差的公司。
问：d. How do the two companies'ROICs compare? What does this suggest about the two companies?
译：如何比较这两家的ROIC？对于这两家公司有什么建议？
答：
ROIC abstracts from differences in leverage to provide a direct comparison of the earning power of the two companies’ assets. On this metric,X is the superior performer.Before drawing any firm conclusions,however,it is important to ask how the business risks faced by the companies compare and whether the observed ratios reflect long-run capabilities or transitory events.
译：资本回报率（ROIC）剔除融资策略上的差异，将两个公司资产的获得能力直接进行比较。按照这个尺度，X公司的业绩更好一些。不过，在得出严密结论之前，还有必要考虑一下两个公司所面临的经营风险，以及所观察到的比率反映的是公司的长期能力还是短期活动。
P81 课后第11题
11、问：Given the following information ,complete the balance sheet shown below.
译：根据以下信息，完成资产负债表
Collection period应收账款回收期50 days
Days sales in cash现金的的销售天数15 days
Current ratio流动比率 2.4
Inventory turnover存货周转率 6 times
Liabilities to assets资产负债比80%
Payables period应付账款周转天数28 days
(All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost of goods sold) 译：（假定所有销售均为赊销，按365/年计算，应付账款付款期按销售成本计算。）
Assets资产
Current:流动
Cash现金$500,000
Accounts receivable应收账款1,666,667
Inventory存货1,000,000
Total current assets全部流动资产3,166,667
Net fixed assets净固定资产1,833,333
Total assets全部资产$5,00000,0
Liabilities and shareholders’ equity负债和所有者权益
Current liabilities流动负债
Accounts payable应付账款$460,274
Short-term debt短期借款859,170
Total current liabilities全部流动负债1,319,444
财务管理术语表 Absorption costing 吸收成本法： Total Cost Methods全部成本法: 将某会计期间内发生的固定成本除以销售量，得出单位产品的固定成本，再加上单位变动成本，算出单位产品的总成本。 Accounting 会计：对企业活动的财务信息进行测量和综合，从而向股东、经理和员工提供企业活动的信息。请参看管理会计和财务会计。 Accounting convention会计原则:会计师在会计报表的处理中所遵循的原则或惯例。正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性。如果会计原则在实行中发生了一些变化，那么审计师就应该在年度报表附注中对此进行披露。 Accounts 会计报表和账簿: 这是英国的叫法，在美国，会计报表或财务报表叫做Financial Statements,是指企业对其财务活动的记录。Chief financial officer Accounts payable应付账款: 这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款。 Accounts receivable 应收账款:这是美国的叫法，在英国，应收账款叫做Debtors,是指客户从公司购买商品或服务，公司已经对其开具发票，但客户尚未支付的货款。 Accrual accounting 权责发生制会计:这种方法在确认收入和费用时，不考虑交易发生时有没有现金流的变化。比如，公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。Accumulated depreciation 累计折旧:它显示截止到目前为止的折旧总额。将资产成本减去累计折旧，所得结果就是账面净值。 Acid test 酸性测试:这是美国的叫法，请参看quick ratio速动比率（英国叫法）。 Activity ratio 活动比率: 资产周转率，即销售收入除以净资产（或总资产）。它表明企业在销售过程中利用资产的效率，而不考虑资本的来源。零售业和服务业的活动比率通常比较高。制造业通常是资本密集型的，固定资产的流动资产较多，因此其活动比率也就比较低。 Allcation of costs 成本的分配:将成本分配给“拥有”它们的产品或分部，比如用某产品的广告成本抵减该产品的收入。 Amortization 摊销: 将资产或负债价值的逐渐减少记录在各期费用里。通常是指商誉、专利或其他无形资产，或者债券的发行费用。 Assets 资产: 企业所拥有的财产，可能包括固定资产、流动资产和无形资产。 Asset turnover: 资产周转率 Auditing 审计对公司账簿和会计系统进行检查，从而确认公司的会计报表是否真实、公正地披露其财务状况的过程。 Auditors’ report审计报告:根据法律规定，有限公司每年都应当公布一份会计报表，同时审计师应当出具意见，以确认公司是否对其商业活动进行了真实、公正的披露。为了确认这一点，审计师需要检查公司的会计报表。如果他们对报表不满意，他们就会出具“保留意见”，提了同报表中他们认为错误或不确定的项目。审计师出具的保留意见可能会对公司的公众形象和股票价格产生灾难性的影响。Authorized capital 核定资本:经过核定允许发行的实收资本额。在核定资本的时候，公司需要支付印花税。如果在核定资本额的全部股票都发行完之后，董事们还希望发行新的股票，则需要得到股东的允许。一旦批准之后，公司的董事会就可以在批准的额度内随意发行新的股票。
一、判断题(10*2’) ( T )1、A company’s retur n on equity will always equal or exceed its return on assets. 一个公司的权益收益率总是大于或等于其资产收益率。 ( T)2、A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio. 一个公司的资产权益比总是等于1加负债权益比。 ( F )3、A company’s collection period sho uld always be less than its payables period. 一个公司的应收账款回收期总是小于其应付账款付款期。 ( T )4、A company’s current radio must always be larger than its acid-test-radio. 一个公司的流动比率一定大于速动比率。 ( F )5、Economic earnings are more volatile than accounting earnings. 经济利润比会计利润更加变动不定。 ( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings. 若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。 ( F)7、A company’s sustainable growth rate is the highest growth rate in sales it can att ain without issuing new stock. 一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。 ( F )8、The stock market is a ready source of new capital when a company is incurring heavy losses 当一家公司蒙受惨重损失时，股票市场即为它随时可动用的新的资本来源。 ( T )9、Share repurchases usually increase earnings per share. 股票回购通常增加每股收益。 ( T)10、Companies often buy back their stock because managers believe the shares are undervalued. 因为管理者相信股票被低估了，所以公司经常买回它们的股票。 ( F )11、Only rapidly growing firms have growth management problems. 只有快速增长的公司才有增长管理的问题。 ( F )12、Increasing growth increases stock price. 提高增长增加股票价格。 二、名词解释(5*3’) 1、The balance sheet P6 A balance sheet is a financial snapshot , taken at a point in time , of all the assets the company owns and all the claims against those assets. 资产负债表相当于一张财务快照，它反映了企业在某一时点上拥有的全部资产和与之相对的全部要求权。
LAURENTIAN BAKERIES The decision-maker must make a recommendation on a large expansion project. Discounted cash flow analysis is required. In late May, 1995, Danielle Knowles, vice-president of operations for Laurentian Bakeries Inc., was preparing a capital expenditure proposal to expand the company’s frozen pizza plant in Winnipeg Manitoba. If the opportunity to expand into the U.S. frozen pizza market was taken, the company would need extra capacity. A detailed analysis, including a net present value calculation, was required by the company’s Capital Allocation Policy for all capital expenditures in order to ensure that projects were both profitable and consistent with corporate strategies. COMPANY BACKGROUHD Established in 1984, Laurentian Bakeries Inc. (Laurentian) manufactured a variety of frozen baked food products at plants in Winnipeg (pizzas), Toronto (cakes) and Montreal (pies). While each plant operated as a profit center, they shared a common sales force located at the company’ head office in Montreal. Although the Toronto plant was responsible for over 40% of corporate revenues in fiscal 1994, and the other plants was accounted for about 30% each, all three divisions contributed equally to profits. The company enjoyed strong competitive positions in all three markets and it was the low cost producer in the pizza market. Income Statements and Balance Sheets for the 1993 to 1995 fiscal years are in Exhibits 1 and 2, respectively. Laurentian sold most of its products to large grocery chains, and in fact, supplying several Canadian chains with private label brand pizzas generated much of the sales growth. Other sales were made to institutional food services. The company’s success was, in part, the product of its management’s philosophies. The cornerstone of Laurentian’s operations was its including a commitment to a business strategy promoting continuous improvement; for example all employees were empowered to think about and make suggestions for ways of reducing waste. As Danielle Knowles saw it: “Continuous improvement is a way of life at Lauremtian.” Also, the company was known for its above –average consideration for the human resource and environmental impact of its business decisions. These philosophies drove all policy-making, including those policies governing capital allocation. Danielle Knowles Danielle Knowles’s career, which spanned 13 years in the food industry, had included p ositions in other functional areas such as marketing and finance. She had received an undergraduate degree in mechanical engineering from Queen’s University in Kingston, Ontario, and a master of business administration from the Western Business School. THE PIZZA INDUSTRY Major segments in the pizza market were frozen pizza, deli-fresh chilled pizza, restaurant pizza and take-out pizza. Of these four, restaurant and take-out were the largest. While these segments consisted of thousands of small-owned establishments, a few large North American chains, which included Domino’s, Pizza Hut and Little Caesar’s, dominated.
Classification of Manufacturing Costs and Expenses Introduction Management accounting, as previously explained, consists primarily of planning, performance evaluation, and decision?making models useful to management in making better decisions. In every case, these tools require cost and revenue infor?mation. A basic assumption of management accounting is that it is the responsibility of the management accountant to provide the needed cost and revenue information. Consequently, the management accountant needs a complete understanding of the different types of costs required by the various models. In Figure 4.1, the major costs associated with each management accounting tool is listed. In management accounting, as in financial accounting, it may be said that a major building block in the conceptual foundation is cost. Both the financial and manage?ment accountant must have a sound understanding of the varied and complex rami?fications of cost. From a financial accounting viewpoint, a faulty understanding of cost may cause financial statements to be incorrectly prepared. From a management accounting viewpoint, an inadequate understanding or use of costs will result in poor decisions. There are two broad aspect of the term cost that needs to be understood: cost classification and cost behavior. Cost classification refers to the separation of costs into categories for proper preparation of financial statements or for use in deci?sion?making models. Cost behavior refers to the effect that volume (production or sales ) has on total expenses or costs. In this chapter, both aspects will be discussed in some depth.
Financial Statement Analysis To develop techniques for evaluating firms using financial statement analysis for equity and credit analysis. Integrates financial statement analysis with corporate finance, accounting and fundamental analysis. Adopts activist point of view to investing: the market may be inefficient and the statements may not tell all the truth. What Will You Learn From the Course ? How statements are generated ? The role of financial statements in determining firms’ values ? How to pull ap art the financial statements to get at the relevant information ? How ratio analysis aids in valuation ? The relevance of cash flow and accrual accounting information ? How to calculate what the P/E ratio should be ? ? How to calculate what the price-to-book ratio ? Need for financial statement analysis GAAP – Complex Economic events about the firm to be reported to the public Relevance vs Reliability Reporting: Recognition vs Disclosure (where)
财务管理案例分析-英文版(doc 10页)
LAURENTIAN BAKERIES The decision-maker must make a recommendation on a large expansion project. Discounted cash flow analysis is required. In late May, 1995, Danielle Knowles, vice-president of operations for Laurentian Bakeries In c., was preparing a capital expenditure proposal to expand the company’s frozen pizza plant in Winnipeg Manitoba. If the opportunity to expand into the U.S. frozen pizza market was taken, the company would need extra capacity. A detailed analysis, including a net present value calculation, was required by the company’s Capital Allocation Policy for all capital expenditures in order to ensure that projects were both profitable and consistent with corporate strategies. COMPANY BACKGROUHD Established in 1984, Laurentian Bakeries Inc. (Laurentian) manufactured a variety of frozen baked food products at plants in Winnipeg (pizzas), Toronto (cakes) and Montreal (pies). While each plant operated as a profit center, they shared a common sales force located at the co mpany’ head office in Montreal. Although the Toronto plant was responsible for over 40% of corporate revenues in fiscal 1994, and the other plants was accounted for about 30% each, all three divisions contributed equally to profits. The company enjoyed strong competitive positions in all three markets and it was the low cost producer in the pizza market. Income Statements and Balance Sheets for the 1993 to 1995 fiscal years are in Exhibits 1 and 2, respectively. Laurentian sold most of its products to large grocery chains, and in fact, supplying several Canadian chains with private label brand pizzas generated much of the sales growth. Other sales were made to institutional food services. The company’s success was, in part, the product of its management’s ph ilosophies. The cornerstone of Laurentian’s operations was its including a commitment to a business strategy promoting continuous improvement; for example all employees were empowered to think about and make suggestions for ways of reducing waste. As Danielle Knowles saw it: “Continuous improvement is a way of life at Lauremtian.” Also, the company was known for its above – average consideration for the human resource and environmental impact of its business decisions. These philosophies drove all policy-making, including those policies governing capital allocation. Danielle Knowles Danielle Knowles’s career, which spanned 13 years in the food industry, had included positions in other functional areas such as marketing and finance. She had received an underg raduate degree in mechanical engineering from Queen’s University in Kingston, Ontario, and a master of business administration from the Western Business School. THE PIZZA INDUSTRY Major segments in the pizza market were frozen pizza, deli-fresh chilled pizza, restaurant pizza and take-out pizza. Of these four, restaurant and take-out were the largest. While these segments consisted of thousands of small-owned establishments, a few large North American chains, which included Domino’s, Pizza Hut and Little Caesar’s, dominated.
WULIANGYE YIBIN CO.,LTD Corporate Finance Assignment ——Analysis report of WULIANGYE YIBIN CO.,LTD Group members： 杨旭祥 0920010304 张菁 0904020085 杜泽薇 0917010020 林绳业 0920010156 汪雪霁 0920010235 刘欢 0911030045 December 5, 2010 Total words :1999(without appendix)
Contents 1.Abstract····································page 3 2.Introduction to the company···················page 3 3.Financial ratios······························page 3 4.Calculations and analysis······················page 5 5.Conclusion·································page 12 6. Appendix ·································page 13
1. Abstract Our group analyse the major ratios of Wuliangye by using techniques of time-trend analysis and peer group analysis.We choose the year 2006,2008 and 2009 to do the time-trend analysis.As for the peer group analysis, we choose Luzhoulaojiao, Guizhoumaotai, Shanxifenjiu and Tuopaiqujiu to get the industry average level and make a comparison. 2. Introduction to the company Wuliangye Yibin Company Limited is located in Yibin Sichuan province.Wuliangye is one of the most famous white spirit and it is a well-known trademark in China. The company distributes its products all over the domestic market and exports to overseas markets.It also produces other products.As a whole,Wuliangye is a company with deep enterprise culture. 3. Financial ratios (1)Short-term solvency Current ratio: (current assets)/ (current liabilities). The higher of the ratio,the richer of a firm’s capital turnover and the stronger of the firm’s solvency.Current ratio is a firm’s representative indicator to evaluate the solvency.The world’s universally acknowleged criterion is 2:1. Quick ratio: (current assets-inventory)/(current liabilities).It is a measure of a company’s liquidity and ability to meet its obligations.The general criterion is 1:1 (2)Long-term solvency Total debt ratio: (total assets-total equity)/(total assets).For the creditors，The higher of the firm’s total debt ratio, the more liabilities it has and it may have a high potential profit margin,but at the same time, they have a high loan risk to take on. (3)Asset Management, or Turnover ,Measures Inventory turnover: (cost of goods sold)/inventory.The faster this turnover is, the stronger the liquidity will be, so high inventory turnover ratio shows that the firm is able to change directions quickly.
第一章 1 CORRECT Which of the following are microeconomic variables that help define and explain the discipline of finance? D A) risk and return B) capital structure C) inflation D) all of the above Feedback: All of the above are relevant in explaining finance. 2 CORRECT One primary macroeconomic variable that helps define and explain the discipline of finance? C A) capital structure B) inflation C) technology D) risk Feedback: Technology is very important in explaining the field of finance. 3 CORRECT The money markets deal with _________. B A) securities with a life of more than one year B) short-term securities C) securities such as common stock D) none of the above Feedback: The money markets are concerned with short-term securities, those with a life less than one year. 4 CORRECT The ability of a firm to convert an asset to cash is called ___A_________. A) liquidity B) solvency C) return D) marketability Feedback: Liquidity also means how close an asset is to cash. 5 CORRECT Early in the history of finance, an important issue was: A A) liquidity B) technology C) capital structure D) financing options Feedback: Maintaining liquidity was a major concern historically. 6 INCORRECT
中英文对照外文翻译文献 (文档含英文原文和中文翻译) 原文： ANALYSIS OF FINANCIAL STATEMENTS We need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency. We may make comparisons between items in the comparative financial statements as follows: 1. Between items in the comparative balance sheet
中英文对照外文翻译文献 中英文对照翻译 (文档含英文原文和中文翻译) 附录A 财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。 通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。 无论企业的形式和规模如何，财务原理和财务工具均适用。就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。 我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方? 此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。但是建立这种依据比不费力。我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。而不是原理和证据。例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。
财务管理和财务分析分为7个部分。前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。 逻辑结构。本文从基本原理和工具开始，接着提出长期投资和财务决策。前两个部分摆出基本原理；第三部分接着关注于资产负债表的左侧（资产部分）和第四部分在资产负债表的右侧（负债和所有者权益部分）。营运资本决策要支持日常的公司经营，在第五部分讨论。第六部分提供了企业财务报表的分析工具。在本书的最后一个部分，你又被带回到财务管理的目标：股东权益最大化。 图例。数学概念利用表格和插图在视觉上被仔细谨慎动态的描述。例如我们指出银行的资产负债增长率通过复利的方式，在数学上表示为次数和柱状图。 实用性。尽可能的，我们要通过实务例子提出的概念和数学公式。例如，我们首先提出财务分析要通过假设一个公司的简化财务报表。最后，你会学到基础的使用假设的公司数据，我们通过沃尔玛超市的数据来证明分析工具，真实的案例帮助我们更好的理解和记住主要的概念和工具。我们对本书中100个真实的公司的案例求积，你不会希望错过它们。考虑到本书案例和研究问题和难题，你将看到无数的真实公司数据。 覆盖大量的财务报表分析的内容。而大部分的文章只提供一些财务报表分析的内容，我们在本书的第六部分提供给你更多的描述。在第六部分的第六章和第三章主要讲解财务报表分析。 覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。 覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28
财务管理基础英文版选择题 - 第一章 1 CORRECT Which of the following are microeconomic variables that help define and explain the discipline of finance? D A) risk and return B) capital structure C) inflation D) all of the above Feedback: All of the above are relevant in explaining finance. 2 CORRECT One primary macroeconomic variable that helps define and explain the discipline of finance? C A) capital structure B) inflation C) technology D) risk Feedback: Technology is very important in explaining the field of finance. 3 CORRECT The money markets deal with _________. B A) securities with a life of more than one year
B) short-term securities C) securities such as common stock D) none of the above Feedback: The money markets are concerned with short-term securities, those with a life less than one year. 4 CORRECT The ability of a firm to convert an asset to cash is called ___A_________. A) liquidity B) solvency C) return D) marketability Feedback: Liquidity also means how close an asset is to cash. 5 CORRECT Early in the history of finance, an important issue was: A A) liquidity B) technology C) capital structure D) financing options Feedback: Maintaining liquidity was a major concern historically.