资本成本,公司财务和投资理论外文翻译(可编辑)

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 STATEMENTSWe 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 sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

中英文对照外文翻译(文档含英文原文和中文翻译)The effect of capital structure on profitability : an empirical analysis of listed firms in Ghana IntroductionThe capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on a firm’s ability to deal with its competitive environment. The capital structure of a firm is actually a mix of different securities. In general, a firm can choose among many alternative capital structures. It can issue a large amount of debt or very little debt. It can arrange lease financing, use warrants, issue convertible bonds, sign forward contracts or trade bond swaps. It can issue dozens of distinct securities in countless combinations; however, it attempts to find the particular combination that maximizes its overall market value.A number of theories have been advanced in explaining the capital structure of firms. Despite the theoretical appeal of capital structure, researchers in financial management have not found the optimal capital structure. The best that academics and practitioners have been able to achieve are prescriptions that satisfy short-term goals. For example, the lack of a consensus about what would qualify as optimal capital structure has necessitated the need for this research. A better understanding of the issues at hand requires a look at the concept of capital structure and its effect on firm profitability. This paper examines the relationship between capital structure and profitability of companies listed on the Ghana Stock Exchange during the period 1998-2002. The effect of capital structure on the profitability of listed firms in Ghana is a scientific area that has not yet been explored in Ghanaian finance literature.The paper is organized as follows. The following section gives a review of the extant literature on the subject. The next section describes the data and justifies the choice of the variables used in the analysis. The model used in the analysis is then estimated. The subsequent section presents and discusses the results of the empirical analysis. Finally, the last section summarizes the findings of the research and also concludes the discussion.Literature on capital structureThe relationship between capital structure and firm value has been the subject of considerable debate. Throughout the literature, debate has centered on whether there is an optimal capital structure for an individual firm or whether the proportion of debt usage is irrelevant to the individual firm’s value. The capital structure of a firm concerns the mix of debt and equity the firm uses in its operation. Brealey and Myers (2003) contend that the choice of capital structure is fundamentally a marketing problem. They state that the firm can issue dozens of distinct securities in countless combinations, but it attempts to find the particular combination that maximizes market value. According to Weston and Brigham (1992), the optimal capital structure is the one that maximizes the market value of the firm’s outstanding shares.Fama and French (1998), analyzing the relationship among taxes, financing decisions, and the firm’s value, concluded that the debt does not concede tax b enefits. Besides, the high leverage degree generates agency problems among shareholders and creditors that predict negative relationships between leverage and profitability. Therefore, negative information relating debt and profitability obscures the tax benefit of the debt. Booth et al. (2001) developed a study attempting to relate the capital structure of several companies in countries with extremely different financial markets. They concluded thatthe variables that affect the choice of the capital structure of the companies are similar, in spite of the great differences presented by the financial markets. Besides, they concluded that profitability has an inverse relationship with debt level and size of the firm. Graham (2000) concluded in his work that big and profitable companies present a low debt rate. Mesquita and Lara (2003) found in their study that the relationship between rates of return and debt indicates a negative relationship for long-term financing. However, they found a positive relationship for short-term financing and equity.Hadlock and James (2002) concluded that companies prefer loan (debt) financing because they anticipate a higher return. Taub (1975) also found significant positive coefficients for four measures of profitability in a regression of these measures against debt ratio. Petersen and Rajan (1994) identified the same association, but for industries. Baker (1973), who worked with a simultaneous equations model, and Nerlove (1968) also found the same type of association for industries. Roden and Lewellen (1995) found a significant positive association between profitability and total debt as a percentage of the total buyout-financing package in their study on leveraged buyouts. Champion (1999) suggested that the use of leverage was one way to improve the performance of an organization.In summary, there is no universal theory of the debt-equity choice. Different views have been put forward regarding the financing choice. The present study investigates the effect of capital structure on profitability of listed firms on the GSE.MethodologyThis study sampled all firms that have been listed on the GSE over a five-year period (1998-2002). Twenty-two firms qualified to be included in the study sample. Variables used for the analysis include profitability and leverage ratios. Profitability is operationalized using a commonly used accounting-based measure: the ratio of earnings before interest and taxes (EBIT) to equity. The leverage ratios used include:. short-term debt to the total capital;. long-term debt to total capital;. total debt to total capital.Firm size and sales growth are also included as control variables.The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross-section of units over several time periods and provides results that are simply not detectable in pure cross-sections or pure time-series studies. A general model for panel data that allows the researcher to estimate panel data with great flexibility and formulate the differences in the behavior of thecross-section elements is adopted. The relationship between debt and profitability is thus estimated in the following regression models:ROE i,t =β0 +β1SDA i,t +β2SIZE i,t +β3SG i,t + ëi,t (1) ROE i,t=β0 +β1LDA i,t +β2SIZE i,t +β3SG i,t + ëi,t (2) ROE i,t=β0 +β1DA i,t +β2SIZE i,t +β3SG i,t + ëi,t (3)where:. ROE i,t is EBIT divided by equity for firm i in time t;. SDA i,t is short-term debt divided by the total capital for firm i in time t;. LDA i,t is long-term debt divided by the total capital for firm i in time t;. DA i,t is total debt divided by the total capital for firm i in time t;. SIZE i,t is the log of sales for firm i in time t;. SG i,t is sales growth for firm i in time t; and. ëi,t is the error term.Empirical resultsTable I provides a summary of the descriptive statistics of the dependent and independent variables for the sample of firms. This shows the average indicators of variables computed from the financial statements. The return rate measured by return on equity (ROE) reveals an average of 36.94 percent with median 28.4 percent. This picture suggests a good performance during the period under study. The ROE measures the contribution of net income per cedi (local currency) invested by the firms’ stockholders; a measure of the efficiency of the owners’ invested capital. The variable SDA measures the ratio of short-term debt to total capital. The average value of this variable is 0.4876 with median 0.4547. The value 0.4547 indicates that approximately 45 percent of total assets are represented by short-term debts, attesting to the fact that Ghanaian firms largely depend on short-term debt for financing their operations due to the difficulty in accessing long-term credit from financial institutions. Another reason is due to the under-developed nature of the Ghanaian long-term debt market. The ratio of total long-term debt to total assets (LDA) also stands on average at 0.0985. Total debt to total capital ratio(DA) presents a mean of 0.5861. This suggests that about 58 percent of total assets are financed by debt capital. The above position reveals that the companies are financially leveraged with a large percentage of total debt being short-term.Table I.Descriptive statisticsMean SD Minimum Median Maximum━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ROE 0.3694 0.5186 -1.0433 0.2836 3.8300SDA 0.4876 0.2296 0.0934 0.4547 1.1018LDA 0.0985 0.1803 0.0000 0.0186 0.7665DA 0.5861 0.2032 0.2054 0.5571 1.1018SIZE 18.2124 1.6495 14.1875 18.2361 22.0995SG 0.3288 0.3457 20.7500 0.2561 1.3597━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Regression analysis is used to investigate the relationship between capital structure and profitability measured by ROE. Ordinary least squares (OLS) regression results are presented in Table II. The results from the regression models (1), (2), and (3) denote that the independent variables explain the debt ratio determinations of the firms at 68.3, 39.7, and 86.4 percent, respectively. The F-statistics prove the validity of the estimated models. Also, the coefficients are statistically significant in level of confidence of 99 percent.The results in regression (1) reveal a significantly positive relationship between SDA and profitability. This suggests that short-term debt tends to be less expensive, and therefore increasing short-term debt with a relatively low interest rate will lead to an increase in profit levels. The results also show that profitability increases with the control variables (size and sales growth). Regression (2) shows a significantly negative association between LDA and profitability. This implies that an increase in the long-term debt position is associated with a decrease in profitability. This is explained by the fact that long-term debts are relatively more expensive, and therefore employing high proportions of them could lead to low profitability. The results support earlier findings by Miller (1977), Fama and French (1998), Graham (2000) and Booth et al. (2001). Firm size and sales growth are again positively related to profitability.The results from regression (3) indicate a significantly positive association between DA and profitability. The significantly positive regression coefficient for total debt implies that an increase in the debt position is associated with an increase in profitability: thus, the higher the debt, the higher the profitability. Again, this suggests that profitable firms depend more on debt as their main financing option. This supports the findings of Hadlock and James (2002), Petersen and Rajan (1994) and Roden and Lewellen (1995) that profitable firms use more debt. In the Ghanaian case, a high proportion (85 percent)of debt is represented by short-term debt. The results also show positive relationships between the control variables (firm size and sale growth) and profitability.Table II.Regression model results━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Profitability (EBIT/equity)Ordinary least squares━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Variable 1 2 3SIZE 0.0038 (0.0000) 0.0500 (0.0000) 0.0411 (0.0000)SG 0.1314 (0.0000) 0.1316 (0.0000) 0.1413 (0.0000)SDA 0.8025 (0.0000)LDA -0.3722(0.0000)DA -0.7609(0.0000)R²0.6825 0.3968 0.8639SE 0.4365 0.4961 0.4735Prob. (F) 0.0000 0.0000 0.0000━━━━━━━━━━━━━━━━━━━━━━━━━━━━ConclusionsThe capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on an organization’s ability to deal with its competitive environment. This present study evaluated the relationship between capital structure and profitability of listed firms on the GSE during a five-year period (1998-2002). The results revealed significantly positive relation between SDA and ROE, suggesting that profitable firms use more short-term debt to finance their operation. Short-term debt is an important component or source of financing for Ghanaian firms, representing 85 percent of total debt financing. However, the results showed a negative relationship between LDA and ROE. With regard to the relationship between total debt and profitability, the regression results showed a significantly positive association between DA and ROE. This suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion (85 percent) of the debt is represented in short-term debt.译文加纳上市公司资本结构对盈利能力的实证研究论文简介资本结构决策对于任何商业组织都是至关重要的。

Unit 1Raising funds 融资capital market 资本市场financial statement 财务报表capita l budgeting 资本预算portfolio theory 证券组合理论capital structure theory 资本结构理论chief financial officer 财务总监financial controller 财务长financial decision 财务决策Mutually exclusive investment 互斥投资dividend decision 股利决策agency costs 代理成本efficient market 有效市场risk—return trade—off 风险收益权衡company 公司partnership 合伙sole trader 独资going concern 持续经营capital gains 资本利得retaining profits 留存收益financial leverage 财务杠杆operating leverage 营业杠杆accounts receivable 应收账款accounts payable 应付账款working capital 营运资本Maximization of the total market value of the existing shareholders’ ordinary shares. Agency costs as the costs, such as a reduced share price, associated with potential conflict between managers and investors when these two groups are not the same.Unit 2Since a dollar received today is worth more than a dollar received in the future. All dollar flows must be moved back to the present or out to a common future date.An annuity is a series of equal dollar payments for a specified number of periods.The interest rate that converts a future value to the present value.Compound interest 复利The future value 终值The present value 现值Original principal 本金Future-value interest factor 终值系数Discount rate 贴现率Annuity 年金Mortgage loan 抵押贷款Term loan 定期贷款Superannuation 养老金Interpolation 差值法Market share 市场份额Perpetuity 永续年金Annuity due 先付年金Deferred annuity 延期年金Ordinary annuity 普通年金Unit 3Current ratio 流动股利Working capital 营运资金Liquidity 流动性Hedging principle 对冲原则Permanent and temporary assets 永久和临时资产Unsecured bank loan 无担保银行贷款Commercial bills 汇票Promissory notes 本票Debentures 信用债券Trade credit 商业信用Accrued interest 应计利息Accrued taxes 应缴税款Low-yield assets 低收益Permanent asset investments are financed with permanent sources, and temporary investments are financed with temporary sources.Net working capital refers to the difference between current assets and current liabilities.A firm’s ability to pay its bills on time.Unit 4Collection and disbursement of cash 现金收支Financial policies 财务政策Creditworthiness 信誉Marketable securitiesNear cash 准现金Near-cash assets 准现金资产Cash balances 现金余额External financing 外部融资Productive capacity 生产能力Capital expenditure 资本性支出Fixed assets 固定资产Idle cash 闲置资金Float 浮游量Electronic-funds-transfer 电子汇款Automated teller machines 自动柜员机Investment banks 投资银行Commercial bills 商业汇票Terms of sale 销售条件Past-due 过期账款Default costs 违约成本Collection costs 收账成本Credit scoring 信用评分Bad debts 坏账Cash discount 现金折扣Economic-order-quantity 经济进货批量Cash the currency and coin the firm has on hand in petty cash,cash registers, or in cheque accounts.Insolvency the situation in which a firm is unable to meet its maturing liabilities on time. They are generally stated in the form a/b net c,indicating that the customer can deduct a% if the account is paid within b days;otherwise, the account must be paid within c days.The general categories of inventory include raw materials inventory,work-in-process inventory and finished goods inventory.Unit 5Expected rate of return 期望收益率Discrete probability distribution 离散型概率分布Square root 平方根Standard deviation 标准差Perfectly negatively correlated 完全负相关Positively correlated 正相关Stock exchange 证券交易所Characteristic line 特征线The risk-free rate of return 无风险收益率The risk premium 风险议价Capital assets pricing model 资本资产定价模型Security market line 证券市场线Arbitrage pricing model 套利定价模型Required rate of return the minimum rate return necessary to attract an investor to purchase or hold a security.Company-unique risk can also be called diversifiable(unsystematic)risk,since it can be diversified away.Market risk is nondiversifiable(systemaic)risk as it cannot be eliminated, no matter how much an investor diversifies.Unit 6Financial assets 金融资产Book value 账面价值Contributed equity 实收资本Liquidation or disposal value 清算价值Going-concern value 持续经营价值Par value 票面价值Maturity date 到期日Constant growth ordinary-share valuation 固定增长普通股定价模型Earnings per share (每股收益)is equal to net profit (after tax) divided by the number of ordinary shares issued.Prince earnings ratio (市盈率) the price that the market places on $1 of a firm’s earnings. The intrinsic value of an asset can be defined as the present value of the asset’s expected future cash flows.Unit 7Initial outlay 初始投资Depreciation expenses 折旧费用Discounted-cash-flow 贴现现金流量Terminal cash flow 终结现金流量Profitability index（benefit-cost ratio）获利指数（收益—成本比率）Internal rate of return 内部收益率Payback period 投资回收期Accounting rate of return AROR 会计回收率Capital rationing 资本限量Capital budgeting 资本预算the decision-making process with respect to investment in fixed assets.Net present value A capital-budgeting concept defined as the present value of the project’s annual net cash flows less the project’s initial outlay.Whenever the project’s NPV is greater than zero,the project will be accepted;and whenever there is a negative value associated with the acceptance of a project,it will be rejected. Internal rate of return it is the discount rate that equates the present value of the inflows with the present value of the outflows.Unit 8This term is frequently used interchangeably with the firm’s required rate of return, the burdle rate for new investments,the discount rate for wvaluating a new ivestment,and the firm’s opportunity cost of funds.Economic conditions 经济条件Purchasing power 购买力Floating costs 发行成本Dividend payout ratio 股利支付率Weighted cost of capital 加权资本成本Unit 9Earnings before interest 息税前利润Coefficient of variation 变异系数Financial leverage 财务杠杆Operating leverage 经营杠杆Cost-volume-profit analysis 本量利分析Break-even analysis 临界点分析Contribution margin 边际贡献Fixed costs,also referred to as indirect costs,do not vary in total amount as sales volume or the quantity of output changes over some relevant range of output.Variable costs are sometimes referred to as direct costs.Variable costs are fixed per unit of output but vary in total as output changes.Unit 10Dividend payout ratio(股利支付率) The amount of dividends relative to the company’s net income or earnings per share.Residual-dividend theory (剩余股利政策) A theory asserting that the dividends to be paid should equal the equity capital left over after the financing of profitable investments.Brokerage 佣金Clientele effect 群落效应Information asymmetry 信息不对称Inside information 内部信息Announcement date 决议通过日Declaration date 宣布日Date of record 登记日Ex-dividend 除息日Cum-dividend 付息股利Payment date 支付日。

外文翻译原文The Cost of Capital, Corporation Finance and Theory of InvestmentMaterial Source: http://ww.jstor.or Author: Franco Modigliani; Merton H. MillerA. Capital Structure and Investment PolicyOn the basis of our propositions with respect to cost of capital and financial structure (and for the moment neglecting tans), we can coercive the following simple rule for optimal investment policy by the firm:Proposition III. If a firm in class is acting in the best interest of the stockholders at the time of the decision, it will exploit an investment opportunity if and only if the rate of return on the investment, say , is as large as or larger than . That is, the cut-off point for investment in the firm will in all cases be and will be completely unaffected by the type of security used to finance the investment. Equivalently, we may say that regardless of the financing used, the marginal cost of capital to a firm is equal to the average cost of capital, which is in turn equal to the capitalization rate for an unlevered stream in the class to which the firm belongs.To establish this result we will consider the three major financing alternatives open to the firm-bonds, retained earnings, and common stock issues-and show that in each case an investment is worth undertaking if, and only if,.Consider first the case of an investment financed by the sale of bonds. We know from Proposition I that the market value of the firm before the investment was undertaken was:(20)And that the value of the common stock was:（21）If now the firm borrows I dollars to finance an investment yielding its market value will become:（22）And the value of its common stock will be:（23）Or using equation 21,（24）HenceTo illustrate, suppose the capitalization rate for uncertain streams in the class is 10 per cent and the rate of interest is 4 per cent. Then if a given company had an expected income of 1,000 and if it were financed entirely by common stock we know from Proposition I that the market value of its stock would be 10,000. Assume now that the managers of the firm discover an investment opportunity which will require an outlay of 100 and which is expected to yield 8 per cent. At first sight this might appear to be a profitable opportunity since the expected return is double the interest cost. If, however, the management borrows the necessary 100 at 4 per cent, the total expected income of the company rises to 1,008 and the market value of the firm to 10,080. But the firm now will have 100 of bonds in its capital structure so that, paradoxically, the market value of the stock must actually be reduced from 10,000 to 9,980 as a consequence of this apparently profitable investment. Or, to put it another way, the gains from being able to tap cheap, borrowed funds are more than offset for the stockholders by the market's discounting of the stock for the added leverage assumed.Consider next the case of retained earnings. Suppose that in the course of its operations the firm acquired I dollars of cash (without impairing the earning power of its assets). If the cash is distributed as a dividend to the stockholders their wealth , after the distribution will be:(25)Where represents the expected return from the assets exclusive of I in question. If however the funds are retained by the company and used to finance newassets whose expected rate of return is , then the stockholders' wealth would become:(26)Clearly as so that an investment financed by retained earnings raises the net worth of the owners if and only if .Consider finally, the case of common-stock financing. Let Po denote the current market price per share of stock and assume, for simplicity, that this price reflects currently expected earnings only, that is, it does not reflect any future increase in earnings as a result of the investment under consideration. Then if N is the original number of shares, the price per share is:(27)And the number of new shares, M, needed to finance an investment of I dollars is given by:(28)As a result of the investment the market value of the stock becomes:And the price per share:(29)Since by equation (28), I= M Po, we can add M Po and subtract from the quantity in bracket, obtaining:(30)and only if.Thus an investment financed by common stock is advantageous to the current stockholders if and only if its yield exceeds the capitalization rate .Once again a numerical example may help to illustrate the result and make it clear why the relevant cut-off rate is and not the current yield on common stock,i.e. Suppose that is 10 per cent, r is 4 per cent, that the original expected income of our company is 1,000 and that management has the opportunity of investing 100 having an expected yield of 12 per cent. If the original capital structure is 50 per cent debt and 50 per cent equity, and 1,000 shares of stock are initially outstanding, then, by Proposition I, the market value of the common stock must be 5,000 or 5 per share. Furthermore, since the interest bill is .045,000 =200, the yield on common stock is 800/5,000=16 per cent. It may then appear that financing the additional investment of 100 by issuing 20 shares to outsiders at 5 per share would dilute the equity of the original owners since the 100 promises to yield 12 per cent whereas the common stock is currently yielding 16 per cent. Actually, however, the income of the company would rise to 1,012; the value of the firm to 10,120; and the value of the common stock to 5,120. Since there are now 1,020 shares, each would be worth 5.02 and the wealth of the original stockholders would thus have been increased. What has happened is that the dilution in expected earnings per share (from .80 to .796) has been more than offset, in its effect upon the market price of the shares, by the decrease in leverage.Our conclusion is, once again, at variance with conventional views, so much so as to be easily misinterpreted. Read hastily, Proposition III seems to imply, that the capital structure of a firm is a matter of indifference; and that, consequently, one of the core problems of corporate finance-the problem of the optimal capital structure for a firm-is no problem at all. It may be helpful, therefore, to clear up such possible misunderstandings.B. Proposition III and Financial Planning by FirmsMisinterpretation of the scope of Proposition III can be avoided by remembering that this Proposition tells us only that the type of instrument used to finance an investment is irrelevant to the question of whether or not the investment is worth while. This does not mean that the owners (or the managers) have no grounds whatever for preferring one financing plan to another; or that there are no other policy or technical issues in finance at the level of the firm.That grounds for preferring one type of financial structure to another will still exist within the framework of our model can readily be seen for the case of common-stock financing. In general, except for something like a widely publicized oil-strike, we would expect the market to place very heavy weight on current and recent past earnings in forming expectations as to future returns. Hence, if the owners of a firm discovered a major investment opportunity which they feltwould yield much more than ,they might well prefer not to finance it via common stock at the then ruling price, because this price may fail to capitalize the new venture. A better course would be a pre-emptive issue of stock (and in this connection it should be remembered that stockholders are free to borrow and buy). Another possibility would be to finance the project initially with debt. Once the project had reflected itself in increased actual earnings, the debt could be retired either with a11 equity issue at much better prices or through retained earnings. Still another possibility along the same lines might be to combine the two steps by means of a convertible debenture or preferred stock, perhaps with a progressively declining conversion rate. Even such a double-stage financing plan may possibly be regarded as yielding too large a share to outsiders since the new stockholders are, in effect, being given an crest in any similar opportunities the firm may discover in the future. If there is a reasonable prospect that even larger opportunities may arise in the near future and if there is some danger that borrowing now would preclude more borrowing later, the owners might find their interests best protected by splitting off the current opportunity into a separate subsidiary with independent financing. Clearly the problems involved in making the crucial estimates and in planning the optimal financial strategy are by no means trivial, even though they should have no bearing on the basic decision to invest (as long as ) .Another reason why the alternatives in financial plans may not be matter of indifference arises from the fact that managers are concerned with more than simply furthering the interest of the owners. Such other objectives of the management-which need not be necessarily in conflict with those of the owners-are much more likely to be served by some types of financing arrangements than others. In many forms of borrowing agreements, for example, creditors are able to stipulate terms which the current management may regard as infringing on its prerogatives or restricting its freedom to maneuver. The creditors might even be able to insist on having a direct voice in the formation of policy. To the extent, therefore, that financial policies have these implications for the management of the firm, something like the utility approach described in the introductory section becomes relevant to financial (as opposed to investment) decision-making. It is, however, the utility functions of the managers per se and not of the owners that are now involved.In summary, many of the specific considerations which bulk so large in traditional discussions of corporate finance can readily be superimposed on our simple framework without forcing any drastic (and certainly no systematic)alteration of the conclusion which is our principal concern, namely that for investment decisions, the marginal cost of capital isC. The Effect of the Corporate Income Tax on Investment DecisionsIn Section I it was shown that when an disintegrated corporate income tax is introduced, the original version of our Proposition I,Must be rewritten as:(11)Throughout Section I we found it convenient to refer to as the cost of capital. The appropriate measure of the cost of capital relevant to investment decisions, however, is the ratio of the expected return before taxes to the market value, i.e. , . From (11) above we find:（31）Which shows that the cost of capital now depends on the debt ratio, decreasing, as D/V rises, at the constant rate . Thus, with a corporate income tax under which interest is a deductible expense, gains can accrue to stockholders from having debt in the capital structure, even when capital markets are perfect. The gains however are small, as can be seen from (31), and as will be shown more explicitly below.From (31) we can develop the tax-adjusted counterpart of Proposition III by interpreting the term D/V in that equation as the proportion of debt used in any additional financing of V dollars. For example, in the case where the financing is entirely by new common stock, D=0 and the required rate of return S on a venture so financed becomes:（32）For the other extreme of pure debt financing D= V and the required rate of return, D, becomes:(33)For investments financed out of retained earnings, the problem of defining the required rate of return is more difficult since it involves a comparison of the tax consequences to the individual stockholder of receiving a dividend versus having a capital gain. Depending on the time of realization, a capital gain produced by retained earnings may be taxed either at ordinary income tax rates,50 per cent of these rates, 25 per cent, or zero, if held till death. The rate on any dividends received in the event of a distribution will also be a variable depending on the amount of other income received by the stockholder, and with the added complications introduced by the current dividend-credit provisions. If we assume that the managers proceed on the basis of reasonable estimates as to the average values of the relevant tax rates for the owners, then the required return for retained earnings R can be shown to be:（34）Where the assumed rate of personal income tax on dividends and is the assumed rate of tax on capital gains.A numerical illustration may perhaps be helpful in clarifying the relationship between these required rates of return. If we take the following round numbers as representative order-of-magnitude values under present conditions: an after-tax capitalization rate of 10 per cent, a rate of interest on bonds of 4 per cent, a corporate tax rate of 50 per cent, a marginal personal income tax rate on dividends of 40 per cent (corresponding to an income of about $25,000 on a joint return), and a capital gains rate of 20 per cent (one-half the marginal rate on dividends), then the required rates of return would be: (1) 20 per cent for investments financed entirely by issuance of new common shares; (2) 16 per cent for investments financed entirely by new debt; and (3) 15 per cent for investments financed wholly from internal funds.These results would seem to have considerable significance for current discussions of the effect of the corporate income tax on financial policy and on investment. Although we cannot explore the implications of the results in any detail here, we should at least like to call attention to the remarkably small difference between the "cost" of equity funds and debt funds. With the numerical valuesassumed, equity money turned out to be only 25 per cent more expensive than debt money, rather than something on the order of 5 times as expensive as is commonly supposed to be the case. The reason for the wide difference is that the traditional view starts from the position that debt funds are several times cheaper than equity funds even in the absence of taxes, with taxes serving simply to magnify the cost ratio in proportion to the corporate rate. By contrast, in our model in which the repercussions of debt financing on the value of shares are taken into account, the only difference in cost is that due to the tax effect, and its magnitude is simply the tax on the "grossed up" interest payment. Not only is this magnitude likely to be small but our analysis yields the further paradoxical implication that the stockholders' gain from, and hence incentive to use, debt financing is actually smaller the lower the rate of interest. In the extreme case where the firm could borrow for practically nothing, the advantage of debt financing would also be practically nothing.译文资本成本,公司财务和投资理论资料来源: / 作者：莫迪格利尼和米勒A 资本结构和投资政策在我们假设的基础上关于资本成本和财务结构，我们可以得出以下简单的关于企业最优投资政策的规律：命题Ⅲ：如果一个属于k 层级的企业在做决策的时候总是在股票持有者认为的最佳利率的行动，那么他将开发一个投资机会仅且仅当投资的期望回收利率*ρ大于或者等于k ρ时。

PARTIFundamentalstoFinancialManagement第一部分财务管理导论SectionIFundamentalstoFinancialManagement第一节财务管理概述1.profitmaximization*利润最大化1-1EPSmaximization*每股收益最大化【讲解】EPS,earningspershare每股收益1-2Maximizationofshareholderswealth*股东财富最大化e.g.Shareholderwealthmaximization isa fundamentalprinciple offinanc ialmanagement.Infinancialmanagementwe assume thatthe objective ofthebusin essisto maximizeshareholderwealth.Thisisnotnecessarilythesameas maximi zingprofit.【讲解】（1）maximization[,mksimai'zein]n.最大化，极大化（2）minimization[,minimai'zein,-mi'z-]n.最小化（3）maximize['mksmaz]v.最大化，取……最大值，达到最大值（4）minimize['mnmaz]v.最小化（5）minimumn.最小值，最小量adj.最小的，最低的（6）maximumn.极大，最大限度，最大量adj.最高的，最多的（7）thesameas和……一样，与……相同学习成果回顾【译】股东财富最大化是财务管理的基本原则。

在财务管理中我们假定企业的目标就是实现股东财富最大化。

该目标与利润最大化不一定相同。

2.Moral['mr()l]hazard['hzd]道德风险2-1Adversechoice/selection逆向选择2-2Businessethics商业道德2-3Socialresponsibility社会道德【讲解】choice与selection辨析choice意为从众多当中选取一个，侧重描述过程。

外文翻译THE COST OF CAPITAL, CORPORATION FINANCE AND THETHEORY OF INVESTMIENTMaterial Source: American Economics Review,V ol.48,No.3(Jun,1958),261-297 Author:Franco Modigliani and Merton H. MillerWhat is the "cost of capital" to a firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money fixed claims, to pure equity issues, giving holders only the right to a prorata share in the uncertain venture.? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.In much of his formal analysis, the economic theorist at least has tended to sidestep the essence of this cost of capital problem by proceeding as though physical assets like bonds could be regarded as yielding known, sure streams. Given this assumption, the theorist has concluded that the cost of capital to the owners of a firm is simply the rate of interest on bonds; and has derived the familiar proposition that the firm, acting rationally, will tend to push investment to the point where the marginal yield on physical assets is equal to the market rate of interest. This proposition can be shown to follow from either of two criteria of rational decision making which are equivalent under certainty, namely (1) the maximization of profits and (2) the maximization of market value.According to the first criterion, a physical asset is worth acquiring if it will increase the net profit of the owners of the firm. But net profit will increase only if the expected rate of return, or yield, of the asset exceeds the rate of interest. According to the second criterion, an asset is worth acquiring if it increases the value of the owners' equity, i.e., if it adds more to the market value of the firm than the costs of acquisition. But what the asset adds is given by capitalizing the stream it generates at the market rate of interest, and this capitalized value will exceed its costif and only if the yield of the asset exceeds the rate of interest. Note that, under either formulation, the cost of capital is equal to the rate of interest on bonds, regardless of whether the funds are acquired through debt instruments or through new issues of common stock. Indeed, in a world of sure returns, the distinction between debt and equity funds reduces largely to one of terminology.It must be acknowledged that some attempt is usually made in this type of analysis to allow for the existence of uncertainty. This attempt typically takes the form of superimposing on the results of the certainty analysis the notion of a "risk discount" to be subtracted from the expected yield (or a "risk premium" to be added to the market rate of interest). Investment decisions are then supposed to be based on a comparison of this "risk adjusted" or "certainty equivalent" yield with the market rate of interest. No satisfactory explanation has yet been provided, however, as to what determines the size of the risk discount and how it varies in response to changes in other variables.Considered as a convenient approximation, the model of the firm constructed via this certainty or certainty equivalent approach has admittedly been useful in dealing with some of the grosser aspects of the processes of capital accumulation and economic fluctuations. Such a model underlies, for example, the familiar Keynesian aggregate investment function in which aggregate investment is written as a function of the rate of interest the same riskless rate of interest which appears later in the system in the liquidity preference equation. Yet few would maintain that this approximation is adequate. At the macroeconomic level there are ample grounds for doubting that the rate of interest has as large and as direct an influence on the rate of investment as this analysis would lead us to believe. At the microeconomic level the certainty model has little descriptive value and provides no real guidance to the finance specialist or managerial economist whose main problems cannot be treated in a framework which deals so cavalierly with uncertainty and ignores all forms of financing other than debt issues.Only recently have economists begun to face up seriously to the problem of the cost of capital cum risk. In the process they have found their interests and endeavors merging with those of the finance specialist and the managerial economist who have lived with the problem longer and more intimately. In this joint search to establish the principles which govern rational investment and financial policy in a world of uncertainty two main lines of attack can be discerned. These lines represent, in effect, attempts to extrapolate to the world of uncertainty each of the two criteriaprofitmaximization and market value maximization which were seen to have equivalent implications in the special case of certainty. With the recognition of uncertainty this equivalence vanishes. In fact, the profit maximization criterion is no longer even well defined. Under uncertainty there corresponds to each decision of the firm not a unique profit outcome, but a plurality of mutually exclusive outcomes which can at best be described by a subjective probability distribution. The profit outcome, in short, has become a random variable and as such its maximization no longer has an operational meaning. Nor can this difficulty generally be disposed of by using the mathematical expectation of profits as the variable to be maximized. For decisions which affect the expected value will also tend to affect the dispersion and other characteristics of the distribution of outcomes. In particular, the use of debt rather than equity funds to finance a given venture may well increase the expected return to the owners, but only at the cost of increased dispersion of the outcomes.Under these conditions the profit outcomes of alternative investment and financing decisions can be compared and ranked only in terms of a subjective "utility function" of the owners which weighs the expected yield against other characteristics of the distribution. Accordingly, the extrapolation of the profit maximization criterion of the certainty model has tended to evolve into utility maximization, sometimes explicitly, more frequently in a qualitative and heuristic form.The utility approach undoubtedly represents an advance over the certainty or certainty equivalent approach. It does at least permit us to explore (within limits)some of the implications of different financing arrangements, and it does give some meaning to the "cost" of different types of funds. However, because the cost of capital has become an essentially subjective concept, the utility approach has serious drawbacks for normative as well as analytical purposes. How, for example, is management to ascertain the risk preferences of its stockholders and to compromise among their tastes? And how can the economist build a meaningful investment function in the face of the fact that any given investment opportunity might or might not be worth exploiting depending on precisely who happen to be the owners of the firm at the moment?Fortunately, these questions do not have to be answered; for the alternative approach, based on market value maximization, can provide the basis for an operational definition of the cost of capital and a workable theory of investment. Under this approach any investment project and its concomitant financing plan mustpass only the following test: Will the project, as financed, raise the market value of the firm's shares? If so, it is worth undertaking; if not, its return is less than the marginal cost of capital to the firm. Note that such a test is entirely independent of the tastes of the current owners, since market prices will reflect not only their preferences but those of all potential owners as well. If any current stockholder disagrees with management and the market over the valuation of the project, he is free to sell out and reinvest elsewhere, but will still benefit from the capital appreciation resulting from man agement's decision.The potential advantages of the marketvalue approach have long been appreciated; yet analytical results have been meager. What appears to be keeping this line of development from achieving its promise is largely the lack of an adequate theory of the effect of financial structure on market valuations, and of how these effects can be inferred from objective market data.Our procedure will be to develop in Section I the basic theory itself and to give some brief account of its empirical relevance. In Section II, we show how the theory can be used to answer the cost of capital question and how it permits us to develop a theory of investment of the firm under conditions of uncertainty. Throughout these sections the approach is essentially a partial equilibrium one focusing on the firm and "industry." Accordingly, the "prices" of certain income streams will be treated as constant and given from outside the model, just as in the standard Marshallian analysis of the firm and industry the prices of all inputs and of all other products are taken as given. We have chosen to focus at this level rather than on the economy as a whole because it is at the level of the firm and the industry that the interests of the various specialists concerned with the cost-of-capital problem come most closely together. Although the emphasis has thus been placed on partial equilibrium analysis, the results obtained also provide the essential building blocks for a general equilibrium model which shows how those prices which are here taken as given, are themselves determined.With the development of Proposition III the main objectives we out- lined in our introductory discussion have been reached. We have in our Propositions I and II at least the foundations of a theory of the valuation of firms and shares in a world of uncertainty. We have shown, moreover, how this theory can lead to an operational definition of the cost of capital and how that concept can be used in turn as a basis for rational investment decision making within the firm. Needless to say, however, much remains to be done before the cost of capital can be put away on the shelfamong the solved problems. Our approach has been that of static, partial equilibrium analysis. It has assumed among other things a state of atomistic competition in the capital markets and an ease of access to those markets which only a relatively small (though important) group of firms even come close to possessing. These and other drastic simplifications have been necessary in order to come to grips with the problem at all. Having served their purpose they can now be relaxed in the direction of greater realism and relevance, a task in which we hope others interested in this area will wish to share.译文资本成本，公司财务和投资理论资料来源:美国经济评论作者：弗兰克·莫迪格利尼和莫顿·米勒对于一个企业来说什么是资本成本？资金用于收购资产的收益是不确定的，资本可以通过许多不同的渠道获取，可以发行债券、要求代表固定资金、发行普通股；只在不确定性风险下给予持有者同比例增长的权利。

英语定义资本成本English:Capital cost, also known as the cost of capital, refers to the cost of obtaining funds for a business through equity or debt. It is the cost of using a company's funds to finance an investment. It includes the cost of equity, which is the return required by shareholders, and the cost of debt, which is the interest paid to lenders. The capital cost is an important consideration for businesses when making investment decisions, as it represents the opportunity cost of using funds in one investment rather than another. This concept is crucial for businesses to determine the feasibility and profitability of potential projects and to make decisions regarding their capital structure.中文翻译:资本成本，也称为资本成本，是指通过股权或债务为企业筹集资金的成本。

这是使用公司资金来进行投资融资的成本。

它包括权益成本，即股东要求的回报，以及债务成本，即向贷款人支付的利息。

资本成本是企业在做出投资决策时的重要考虑因素，因为它代表了把资金用于一项投资而不是另一项投资的机会成本。