capital budgeting process资本预算过程：长于1年的未来现金流项目。
任何对公司未来收入影响的决策可以用此框架测算资本预算过程4个步骤：1.idea generation构思产生。
2.analyzing project proposals分析项目建议。
3.create the firm-wide capital budget制定公司层级的资本预算。
4.monitoring decisions and conducting a post-audit监督决策（的执行）及实施事后审计。
构思产生：产生项目的构思。
分析项目建议：预测项目未来现金流制定公司层级资本预算：根据项目现金流的时间性、公司的可用资源、公司的整体战略计划，对可获利项目进行优先级排序监督决策及实施事后审计：寻找预计与实际的差异，解释原因。
并通过审计找到预测阶段的系统误差，提高公司经营。
可以将capital budgeting project资本预算项目分成如下几类：1.replacement project to maintain the business保持经营而更换项目：不进行深入分析，而是判断现行项目是否需要继续，如果是，现行步骤是否需要保留。
2.replacement projects for cost reduction削减成本而更换项目：决定设备是否过时，但仍然可用；或者需要替代。
此过程需要深入分析。
3.expansion projects扩张项目4.new product or market development新项目或市场开发5.mandatroy projects调整项目：政府代理机构或保险公司可能需要。
特别是在安全相关或者环境相关的项目。
6.other projects其他项目：一些不能简单分析的项目。
资本预算过程的5个重要原则：1.决策是基于现金流的，而不是会计收入。
：incrmental cash flow现金增量。
Investment decision: 投资决策Financing decision: 筹资决策Capital budegting decision: 资本预算决策Tangible assets: 有形资产Intangible assets: 无形资产Debt financing: 债务资金、债务筹资Equity financing: 权益资金、权益筹资Capital structure: 资本结构Corporation: 公司Stockholder/shareholder: 股东financial statements:财务报表Shareholders: 股东Stakeholders: 利益相关者Profit maximization: 利润最大化Principal：委托人Agency problem: 代理问题Creditor: 债权人Takeover: 接管Financial institutions: 金融机构Financial system: 金融系统Intermediary:中介Real assets: 实物资产Stock market: 股票市场Primary market: 初级市场Secondary market: 二级市场Bond market: 债券市场Capital market: 资本市场Money market: 货币市场Options: 期权Derivatives: 衍生金融工具Risk-averse: 风险厌恶型Risk-tolerant: 风险容忍型Cost of capital: 资本成本Superior rate of return: 超额收益率Expected rate of return: 期望收益率Opportunity cost: 机会成本Corporate bond: 公司债Future value: 终值、未来价值Compound interest: 复利Simple interest: 单利Present value: 现值Discounted cash flow: 折现现金流Discounted rate: 折现率、贴现率Discounted factor: 折现系数Multiple cash flow: 多重现金流Installment: 分期付款Deposit: 存款Annuity: 年金Perpetuity: 永续年金Annuity due: 预付年金Delayed perpetuity: 递延永续年金Ordinary annuity:普通年金Deferred annuity:递延年金Inflation: 通货膨胀consumer price index (CPI): 消费者物价指数Nominal interest rate: 名义利率Real interest rate: 实际利率Net present value: 净现值Opportunity cost of capital: 资金的机会成本Mutually exclusive projects: 互斥项目Payback period: 投资回收期Internal rate of return (IRR): 内含报酬率Capital rationing: 资本限额、资本约束Soft rationing: 资本的软约束Hard rationing: 资本的硬约束profitability index: 盈利能力指数Incremental cash flows: 增量现金流量Sunk cost: 沉没成本Working capital: 营运资本Capital investment: 资本投资Investment in working capital: 营运资本投资Cash flow from operations: 营业现金流量、经营活动所产生的现金流量Cash expenses: 付现成本After-tax profit: 税后净利润Tax shield: 税盾效应Straight-line depreciation: 直线折旧法Modified accelerated cost recovery system (MACRS): 修正的加速成本收回制度Salvage value: 残值Percentage return: 收益率Dividend yield: 股利收益率Capital gain: 资本利得Capital loss: 资本损失Real rate of return: 实际收益率Nominal rate of return: 名义收益率Inflation rate: 通胀率Market index: 市场指数Dow Jones Industrial Average: 道琼斯工业股票平均价格指数Standard & Poor’s composite index: 标准普尔综合指数Maturity premium: 期限溢价Risk premium: 风险溢价market portfolio: 市场组合Variance: 方差Standard deviation: 标准差Average return: 平均收益率Diversification: 分散投资Portfolio: 投资组合Unique risk or diversifiable risk: 特有风险或可分散风险Market risk or systematic risk: 市场风险或系统风险True value: 真实价值Efficient capital market: 有效资本市场Commercial paper: 短期融资券、商业票据Treasury stock: 库藏股Issued shares: 已发行股票Outstanding shares: 流通在外股票Authorized share capital: 法定股本Par value: 面值Additional paid-in capital or capital surplus: 附加实缴资本或资本公积Retained earnings: 留存收益Outside directors: 外部董事Majority voting: 多数表决投票制度Cumulative voting: 累积投票权Proxy contest: 代理权争夺Preferred stock: 优先股Net worth: 净值、资本净值Floating-rate preferred: 浮动利率优先股Counterbalance:使平衡,抵销Floating interest rate: 浮动利率Prime rate: 最优惠利率London interbank offered rate (LIBOR): 伦敦银行同业拆借利率Funded debt: 长期债务Sinking fund: 偿债基金Callable bond: 可赎回债券Subordinated debt: 次级债券或后偿债务Secured debt: 有抵押债务或有担保债务Default risk: 违约风险Eurodollars: 欧洲美元Warrant: 认股权证Convertible bond: 可转换债券Convertible preferred stock: 可转换优先股Internally generated funds: 内部资金Financial deficit: 财务赤字Income statement: 利润表Common-size income statement: 共同尺度利润表、百分率利润表Balance sheet: 资产负债表Common-size balance sheet: 共同尺度资产负债表Leverage ratios: 负债比率、杠杆比率Financial leverage: 财务杠杆Long-term debt ratio: 长期负债比率Long-term debt-equity ratio: 长期债务权益比Total debt ratio: 资产负债率Times interest earned ratio: 已获利息倍数Cash coverage ratio: 现金流偿债能力比率Liquidity ratio: 变现能力比率Net working capital to total assets ratio: 净营运资本占总资产比Current ratio: 流动比率Quick (or acid-test) ratio: 速动比率或酸性测试比率Cash ratio: 现金比率Marketable securities: 有价证券Asset turnover ratio: 资产周转率Average collection period: 平均收账期Inventory turnover ratio: 存货周转率Profitability ratios: 盈利能力比率Profit margin: 销售净利率、利润边际Operating profit margin: 营业利润率Return on assets (ROA): 总资产收益率Return on equity (ROE): 净资产收益率Payout ratio: 股利支付率Plowback ratio: 留存收益率Long-term debt ratio: 长期负债比率Long-term debt-equity ratio: 长期债务权益比Total debt ratio: 资产负债率Times interest earned ratio: 已获利息倍数Interest cover ration:利息保障倍数Cash coverage ratio: 现金流偿债能力比率Du Pont system: 杜邦财务分析体系ROA: 总资产收益率ROE: 净资产收益率Creditor 债权人Deflation 通货紧缩Expenses 费用Financial statement 财务报表Financial activities 筹资活动Liabilities 负债Negative cash flow 负现金流量Operating activities 经营活动Owners equity 所有者权益Partnership 合伙企业Positive cash flow 正现金流量Retained earning 留存利润Revenue 收入Sole proprietorship 独资企业Solvency 清偿能力财会名词汉英对照表（1）会计与会计理论会计accounting决策人Decision Maker投资人Investor股东Shareholder债权人Creditor流动资产Current assets流动负债Current Liabilities长期负债Long-term Liabilities投入资本Contributed Capital留存收益Retained Earning应收帐款Account receivable应收票据Note receivable起运点交货价F.O.B shipping point目的地交货价F.O.B destination point商业折扣Trade discount现金折扣Cash discount销售退回及折让Sales return and allowance 坏帐费用Bad debt expense备抵法Allowance method备抵坏帐Bad debt allowance出票人Maker受款人Payee本金Principal利息率Interest rate到期日Maturity date本票Promissory note贴现Discount背书Endorse拒付费Protest fee（4）存货存货Inventory商品存货Merchandise inventory产成品存货Finished goods inventory在产品存货Work in process inventory原材料存货Raw materials inventory市价Market value重置成本Replacement cost可变现净值Net realizable value上限Upper limit下限Lower limit毛利法Gross margin method零售价格法Retail method成本率Cost ratio（5）长期投资长期投资Long-term investment长期股票投资Investment on stocks长期债券投资Investment on bonds成本法Cost method权益法Equity method合并法Consolidation method股利宣布日Declaration date股权登记日Date of record除息日Ex-dividend date付息日Payment date债券面值Face value, Par value债券折价Discount on bonds债券溢价Premium on bonds票面利率Contract interest rate, stated rate 市场利率Market interest ratio, Effective rate 普通股Common Stock优先股Preferred Stock现金股利Cash dividends股票股利Stock dividends清算股利Liquidating dividends到期日Maturity date到期值Maturity value（6）固定资产固定资产Plant assets or Fixed assets原值Original value预计使用年限Expected useful life预计残?nbsp;Estimated residual value折旧费用Depreciation expense累计折旧Accumulated depreciation帐面价值Carrying value应提折旧成本Depreciation cost净值Net value在建工程Construction-in-process磨损Wear and tear过时Obsolescence直线法Straight-line method （SL）工作量法Units-of-production method （UOP）加速折旧法Accelerated depreciation method双倍余额递减法Double-declining balance method （DDB）年数总和法Sum-of-the-years-digits method （SYD）以旧换新Trade in经营租赁Operating lease融资租赁Capital lease廉价购买权Bargain purchase option （BPO）资产负债表外筹资Off-balance-sheet financing最低租赁付款额Minimum lease payments（7）无形资产无形资产Intangible assets专利权Patents商标权Trademarks, Trade names著作权Copyrights特许权或专营权Franchises商誉Goodwill开办费Organization cost租赁权Leasehold摊销Amortization（8）流动负债负债Liability流动负债Current liability应付帐款Account payable应付票据Notes payable贴现票据Discount notes长期负债一年内到期部分Current maturities of long-term liabilities 应付股利Dividends payable预收收益Prepayments by customers存入保证金Refundable deposits应付费用Accrual expense增值税value added tax营业税Business tax应付所得税Income tax payable应付奖金Bonuses payable产品质量担保负债Estimated liabilities under product warranties赠品和兑换券Premiums, coupons and trading stamps或有事项Contingency或有负债Contingent或有损失Loss contingencies或有利得Gain contingencies永久性差异Permanent difference时间性差异Timing difference应付税款法Taxes payable method （9）长期负债长期负债Long-term Liabilities应付公司债券Bonds payable有担保品的公司债券Secured Bonds抵押公司债券Mortgage Bonds保证公司债券Guaranteed Bonds信用公司债券Debenture Bonds一次还本公司债券Term Bonds分期还本公司债券Serial Bonds可转换公司债券Convertible Bonds可赎回公司债券Callable Bonds可要求公司债券Redeemable Bonds记名公司债券Registered Bonds无记名公司债券Coupon Bonds普通公司债券Ordinary Bonds收益公司债券Income Bonds名义利率，票面利率Nominal rate实际利率Actual rate有效利率Effective rate溢价Premium折价Discount面值Par value直线法Straight-line method实际利率法Effective interest method 到期直接偿付Repayment at maturity 提前偿付Repayment at advance偿债基金Sinking fund长期应付票据Long-term notes payable 抵押借款Mortgage loan（10）业主权益权益Equity业主权益Owners equity股东权益Stockholders equity投入资本Contributed capital缴入资本Paid-in capital股本Capital stock资本公积Capital surplus留存收益Retained earnings核定股本Authorized capital stock实收资本Issued capital stock发行在外股本Outstanding capital stock库藏股Treasury stock普通股Common stock优先股Preferred stock累积优先股Cumulative preferred stock非累积优先股Noncumulative preferred stock完全参加优先股Fully participating preferred stock部分参加优先股Partially participating preferred stock非部分参加优先股Nonpartially participating preferred stock现金发行Issuance for cash非现金发行Issuance for noncash consideration股票的合并发行Lump-sum sales of stock发行成本Issuance cost成本法Cost method面值法Par value method捐赠资本Donated capital盈余分配Distribution of earnings股利Dividend股利政策Dividend policy宣布日Date of declaration股权登记日Date of record除息日Ex-dividend date股利支付日Date of payment现金股利Cash dividend股票股利Stock dividend拨款appropriation（12）财务状况变动表财务状况变动表中的现金基础SCFP.Cash Basis（现金流量表）财务状况变动表中的营运资金基础SCFP.Working Capital Basis （资金来源与运用表）营运资金Working Capital全部资源概念All-resources concept直接:)业务Direct exchanges正常营业活动Normal operating activities财务活动Financing activities投资活动Investing activities（13）财务报表分析财务报表分析Analysis of financial statements比较财务报表Comparative financial statements趋势百分比Trend percentage比率Ratios普通股每股收益Earnings per share of common stock股利收益率Dividend yield ratio价益比Price-earnings ratio普通股每股帐面价值Book value per share of common stock 资本报酬率Return on investment总资产报酬率Return on total asset债券收益率Yield rate on bonds已获利息倍数Number of times interest earned债券比率Debt ratio优先股收益率Yield rate on preferred stock营运资本Working Capital周转Turnover存货周转率Inventory turnover应收帐款周转率Accounts receivable turnover流动比率Current ratio速动比率Quick ratio酸性试验比率Acid test ratio（14）合并财务报表合并财务报表Consolidated financial statements吸收合并Merger创立合并Consolidation控股公司Parent company附属公司Subsidiary company少数股权Minority interest权益联营合并Pooling of interest购买合并Combination by purchase权益法Equity method成本法Cost method。
