The Impact of Financial Arrangements

The central bank's interpretation of the new monetary policy instrument: it has more obvious characteristics of marketization, inclusiveness and direct accessOn June 2, the people's Bank of China held a press conference to interpret three documents released on June 1 in detail, including two related to monetary and credit policies and credit instruments, and one related to the policy guidance of financial services for small and medium-sized micro enterprises.The central bank said recently that in the early stage, the people's Bank of China launched RMB 300 billion special anti epidemic re loan and RMB 1.5 trillion inclusive re loan rediscount, which are monetary policy tools directly reaching the real enterprises. Compared with the previous monetary policy tools, such as refinancing and rediscount, the newly created extension support tool and credit loan support plan for inclusive small and micro enterprises have more significant characteristics of marketization, inclusiveness and direct access.szAccording to pan Gongsheng, in order to improve the accuracy and direct access of financial support policies, the people's Bank of China, together with the CBRC and other departments, has released two new monetary and credit policy tools. One is the periodical policy of delaying the repayment of principal and interest for SME loans. The people's Bank of China innovates special purpose tools to support the implementation of this policy. "It is actually a policy arrangement of delaying the repayment of principal and interest plus a supporting tool." Pan Gongsheng said.Another is the support plan of inclusive small and micro enterprise credit loan. This support plan aims to expand the credit loan of financial institutions, "we have issued policy guidelines for further financial services for small and medium-sized micro enterprises from the perspective of combination of short and long term and comprehensive measures." Pan Gongsheng added that we should guide commercial banks to improve their financial service capabilities, promote local governments and relevant departments to optimize the financing environment, and further strengthen the financial services of small and medium-sized micro enterprises.Loan of small and medium-sized micro and micro enterprises is extended to repay principal and interest in stagesZou LAN, director of the financial market department of the people's Bank of China, first introduced the background of the policy on the periodical extension of repayment of principaland interest for loans of small and medium-sized micro enterprises. According to its introduction, in order to cope with the impact of the epidemic, five departments issued a document on March 1 this year, proposing a temporary policy of delaying the repayment of principal and interest, which has achieved good results and played a very positive role in easing the financial tension of enterprises, especially small and medium-sized enterprises."But at that time, it was based on the judgment of the situation at the end of February, and all aspects of the situation showed that the impact was relatively short-term, so the longest time limit for this policy was extended to June 30 this year. From the current overall situation, the period of time affected by the epidemic may be longer, and the extent of the impact will be deeper, which requires further extension of the policy period. " Zou Lan said that the "government work report" proposed that the loan extension policy for SMEs should be extended to the end of March next year, so as to ease the pressure on SMEs to repay the principal and interest within the year and better cope with the current domestic and foreign epidemic and economic pressure.In terms of specific policies and measures, the principal of the Pratt and Whitney small and micro loans due before the end of this year and the interest payable of the existing Pratt and Whitney small and micro loans will be extended to March 31, 2021 at most, free of penalty interest. Inclusive small and micro loans include small and micro enterprise loans with a single credit of 10 million yuan or less, individual businesses and small and micro enterprise owners' operating loans, "as long as the principal and interest payable due from June 1 to December 31 are within the scope of the policy." Zou Lan said.In addition, for loans from other small and medium-sized micro enterprises and large international industrial chain enterprises with special difficulties due before the end of the year, the enterprise can negotiate with the bank on its own the corresponding arrangements for repayment of principal and interest.In response to the problems reflected in the past policy implementation process, the central bank further clearly proposed that for inclusive small and micro loans, banks should "extend as long as possible". Zou LAN mentioned that in the past, there were some enterprises and local reactions in the process of policy implementation, especially for some small and micro enterprises due to their relative weakness. "When they put forward the extension request with the bank, there may be some obstacles to the implementation of the policy due to various reasons, so this policy explicitly proposed that" the extension should be extended as long as possible. "It is understood that in order to encourage local legal person banks to extend their loans to inclusive small and micro enterprises, the people's Bank of China has created an extension support tool for inclusive small and micro enterprise loans, providing 40 billion yuan of re loan funds, and providing incentives to local legal person banks by signing an interest rate exchange agreement with local legal person banks through SPV.Zou Lan said frankly that the loan relationship between enterprises and banks is relatively complex. "The most typical is that some loans are secured by mortgage, and the mortgage security initiative is not the bank, but the guarantee that enterprises contact as loan applicants, or the mortgage they handle." Therefore, the basic requirement of this "extension" is to make it clear that enterprises should maintain effective guarantee or provide alternative arrangements after applying. In terms of policy objectives, enterprises should also commit to maintaining basic stability in employment. As long as this is done, banks should handle it.According to Zou Lan, in order to better implement the policy, an incentive policy arrangement was made this time, including the following aspects:First, the people's Bank of China innovates monetary policy tools. For local corporate banks, that is, small and medium-sized banks, 1% of the principal of inclusive small and micro loans for extension will be given as incentives. Zou LAN predicted that "from the current macro statistics, the amount of incentive loans is close to 4 trillion yuan, and the delayed principal is up to 3.7 trillion yuan."Second, the people's Bank of China will make comprehensive use of monetary policy tools to maintain a reasonable and abundant bank liquidity.。

关于和朋友合伙开一家公司的英文作文Opening a company with a friend can be an exciting and rewarding venture. 与朋友合伙开公司可能是一个令人兴奋和有益的尝试。

It can provide the opportunity to work with someone you trust and respect, while also allowing you to pursue a shared passion or vision. 这可以提供与你信任和尊重的人一起工作的机会，同时也可以追寻共同的激情或愿景。

However, it also comes with its own set of challenges and potential pitfalls. 然而，这也伴随着一系列的挑战和潜在的陷阱。

It's important to carefully consider the implications of entering into a business partnership with a friend before taking the plunge. 在决定与朋友合作之前，认真考虑进入商业伙伴关系的影响是很重要的。

One of the key advantages of starting a business with a friend is the existing trust and rapport that you have with each other. 与朋友创业的一个关键优势是你们之间已经存在的信任和融洽关系。

This can create a strong foundation for your business partnership, as you are likely to have a deep understanding of each other's strengths, weaknesses, and working styles. 这可以为你们的商业合作奠定坚实的基础，因为你们更有可能深刻理解彼此的优缺点和工作风格。

2020年翻译资格初级口译翻译题及答案（卷二）Inscribed in 2016 on the Representative List of the Intangible Cultural Heritage of Humanity二十四节气被正式列入联合国教科文组织人类非物质文化遗产代表作名录。

The ancient Chinese divided the sun’s annual circular motion into 24 segments. Each segment was called a specific ‘Solar Term’. The element of Twenty-Four Solar Terms originated in the Yellow River reaches of China.The criteria for its formulation were developed through the observation of changes of seasons, astronomy and other natural phenomena in this region and has been progressively applied nationwide.It starts from the Beginning of Spring and ends with the Greater Cold, moving in cycles. The element has been transmitted from generation to generation and used traditionally as a timeframe to direct production and daily routines.It remains of particular importance to farmers for guiding their practices. Having been integrated into the Gregorian calendar, it is used widely by communities and shared by many ethnic groups in China.Some rituals and festivities in China are closely associated with the Solar Terms for example, the First Frost Festival of the Zhuang Peopleand the Ritual for the Beginning of Spring in Jiuhua.The terms may also be referenced in nursery rhymes, ballads and proverbs. These various functions of the element have enhanced its viability as a form of intangible cultural heritage and sustain its contribution to the community’s cultural identity. Knowledge of the element is transmitted through formal and informal means of education.立春Beginning of Spring雨水Rain Water惊蛰Insects Awakening春分Spring Equinox清明Fresh Green谷雨Grain Rain立夏Beginning of Summer小满Lesser Fullness芒种Grain in Ear夏至Summer Solstice小暑Lesser Heat大暑Greater Heat立秋Beginning of Autumn处暑End of Heat白露White Dew秋分Autumnal Equinox寒露Cold Dew霜降First Frost立冬Beginning of Winter小雪Light Snow大雪Heavy Snow冬至Winter Solstice小寒Lesser Cold大寒Greater Cold“小暑”是中国传统二十四节气(the 24 traditional Chinese solar terms)中的第十一个节气。

全面的伙伴关系协议范本(优化版)英文版Comprehensive Partnership Agreement Template (Optimized Version)This document serves as a template for a comprehensive partnership agreement between parties. The purpose of this agreement is to establish the terms and conditions of the partnership and to ensure clear communication and cooperation between all parties involved.1. Parties Involved:- This partnership agreement is entered into between [Party A] and [Party B], collectively referred to as the "Parties."2. Purpose of Partnership:- The Parties agree to collaborate on [specific purpose or project] with the goal of [achieving specific objectives].3. Duration of Partnership:- This partnership agreement shall commence on [start date] and continue until [end date].4. Roles and Responsibilities:- Each Party agrees to fulfill their respective roles and responsibilities as outlined in the attached schedule [Schedule A].5. Financial Arrangements:- The Parties agree to share any costs and profits associated with the partnership in the following manner: [details of financial arrangements].6. Confidentiality:- The Parties agree to keep all confidential information shared during the partnership confidential and not to disclose it to any third parties.7. Dispute Resolution:- In the event of any disputes arising between the Parties, they agree to resolve them through mediation or arbitration.8. Termination of Partnership:- This partnership agreement may be terminated by either Party with written notice of [number of days] days.9. Amendments:- Any amendments to this partnership agreement must be agreed upon by both Parties in writing.10. Governing Law:- This partnership agreement shall be governed by and construed in accordance with the laws of [jurisdiction].11. Signatures:- This agreement shall be signed by both Parties and shall be deemed effective as of the date of the last signature.This comprehensive partnership agreement template is intended to provide a clear framework for the collaboration between the Parties. It is important for all Parties to review and understand the terms andconditions outlined in this agreement before proceeding with the partnership.。

MONEY, BANKING AND FINANCECEU, Economics DepartmentLecturer: Prof. Jacek RostowskiCourse: 4 creditsAims of the courseThe aim of the course is to develop the students' understanding of the microeconomics of money and banking, of the role of the monetary and banking systems in a market economy, and of the macroeconomic impact of the behaviour of banking firms. Students should also develop a knowledge of the structure of banking systems, their place in the wider environment of the financial system and of the economy as a whole, as well as the implications both for microeconomic regulatory policy and national and global macroeconomic policy of bank behaviour. Lectures will concentrate on the structure of financial and banking systems and on the microeconomic theory of banking, as well as the impact of the banking sector on macroeconomic fluctuations and policy. A final section will address the issue of banking reform in the transition from Communism. Seminars will address a wide range of historical, empirical and policy topics, and will require broad reading, critical analysis of the recommended material and its succinct presentation in class.***Assessment:The course will consist of lectures and seminars. Students will be required to present a seminar paper on a specific topic relating to the course, to submit this paper after revision, as a term paper and to pass a written 3 hour essay-type exam at the end of the course.The purpose of this form of assessment is to help develop students’ presentational and writing skills, as well as their ability to summarize arguments, cogently and convincingly.GradingTerm paper 45%Term examination 55%Course Outline:PART ONE: INTRODUCTION - THE STRUCTURE OF FINANCIAL SYSTEMSPART TWO: REASONS FOR THE EXISTENCE OF BANKS.PART THREE: BANK RUNS AND BANK REGULATION.PART FOUR: OTHER REASONS FOR BANK REGULATION.PART FIVE: THE EVOLUTION OF BANKING REGULATION SINCE THE 1930s.PART SIX: INTEREST RATES, MONEY AND CENTRAL BANKS IN MACROECONOMIC POLICY.PART SEVEN: DEBT DEFLATION, BANKING AND THE MONETARY TRANSMISSION MECHANISM.PART EIGHT: BANKING REFORM IN TRANSITION.ECONOMICS OF MONEY AND BANKINGPART ONE: INTRODUCTION - THE STRUCTURE OF FINANCIAL SYSTEMS1. Wealth, real assets, financial assets and capital markets.2. Financial development and growth.3.Macro-financial ratios and the structure of the financial sector.4. Bank based v. Market based financial systems.5. Credit as a short term facilitator of investment.5. The interaction of bank credit and equity finance.PART TWO: REASONS FOR THE EXISTENCE OF BANKS.1. Traditional explanations for the existence of banks.2. Adverse selection, the ex-post verification problem and moral hazard.3. The bank - lender relation: why lenders need banks.4. Firm size and the relevance of the Diamond model.5. Firm bankruptcy costs and the existence of banks.PART THREE: BANK RUNS AND BANK REGULATION.1. Unconvincing arguments for bank regulation.2. Causes of bank runs: individual bank runs and runs on the system.3. Information based and irrational runs.4. What the authorities can do about bank runs.5. What banks can do to prevent bank runs.PART FOUR: OTHER REASONS FOR BANK REGULATION.1. Justifications of bank regulation.2. Neo-classical and Neo-Austrian views of banking competition.PART FIVE: THE EVOLUTION OF BANKING REGULATION SINCE THE 1930s.1. Main mechanisms of regulation during the "Keynesian" period.2. The erosion of controls since the 1960s and inflation.3. Changes in supply conditions: telecoms and computers.4. The decline of the banking industry.5. Implications of the decline of the banking industry for regulation.6. The "new regulatory framework".7. International harmonisation in the "New Framework".PART SIX: INTEREST RATES, MONEY AND CENTRAL BANKS IN MACROECONOMIC POLICY.1. Monetarist and Keynesian transmission mechanisms.2. Should central banks control interest rates or the monetary base?3. International capital mobility on the term structure of interest rates.4. Credit rationing and the "credit channel" for monetary policy.5. Other channels for the monetary transmission mechanism.PART SEVEN: DEBT DEFLATION, BANKING AND THE MONETARY TRANSMISSION MECHANISM.1. Net worth, equity rationing and business cycles.2. The Greenwald-Stiglitz model and credit rationing.3. Debt deflation and the Greenwald-Stiglitz model.4. Unemployment in the Greenwald-Stiglitz model.5. Anatomy of a debt deflation.6. Debt deflation via the aggregate demand channel.7. Including asset prices in the price level for monetary policy purposes.8. Asset prices in the inter-war period in the US.PART EIGHT: MONEY AND BANKING IN TRANSITION1. The Monobank system, Active and Passive Money, the MFO.2. The "Main Sequence" of banking reforms in Central Europe and the FSU Model.3. Radical Proposals for banking Sector Reform.4. The Payments System, Settlement Risk and Inter-enterprise Arrears.5. Banking Crises in PCEs and their Remedies.6. Progress with the wrong model?MONEY, BANKING AND FINANCE- SEMINAR TOPICS -[* marks reqired reading for all students, not just presenters]1. Assess the "real bills doctrine"and the "principle of reflux" which figured prominently in the three cornered debates between the currency school, the banking school and the free banking school in mid-nineteenth century England.A.J. Schwartz "Banking School, Currency School, Free Banking School" in TheNew Palgrave Dictionary of Economics: Volume on Money, eds. J. Eatwell, M. Millgate and P. Newman, MacMillan, 1989.*R. Green "The Real Bills doctrine" in The New Palgrave Dictionary of Economics:Volume on Money, eds. J. Eatwell, M. Millgate and P. Newman, MacMillan, 1989.V.Smith The Rationale for Central Banking and the Free Banking Alternative, Liberty Press, Indianapolis, 1990.2. Discuss the controversy between bullionists and the currency school on the one hand and supporters of the banking school on the other.D. Laidler "The Bullionist Controversy" in The New Palgrave Dictionary of Economics: Volume on Money, eds. J. Eatwell, M. Millgate and P. Newman, MacMillan, 1989.*A.J. Schwartz "Banking School, Currency School, Free Banking School" in TheNew Palgrave Dictionary of Economics: Volume on Money, eds. J. Eatwell, M. Millgate and P. Newman, MacMillan, 1989.3. Why are middle developed countries particularly subject to banking crises?Kaminsky,G. and C.Reinhart (1996) "The Twin Crises: the Causes of Banking andBalance of Payments Problems" International Finance Discussion Papers, no. 544,Federal Reserve, washington,D.C.*Sundararajan, V. and Balino, J.T., Banking Crises: Cases and Issues, IMF, 1991,Chapter 1.*4. Does a "hard-peg" exchange rate system make a country more susceptible to banking crises?Temzelides, T. (1997) "Are Bank Runs Contagious?" Business Review, Federalreserve Bank of Philadelphia, November, Philadelphia.*Santiprabhob,V. (1997) "Bank Soundness and Currency Board Arrangements",Working Paper PPAA/97/11, International Monetary Fund, Washington,D.C. 5. Discuss the arguments for and against the independence of central banks.A.S. Posen "Why Central bank Independence Does Not Cause Low Inflation: Thereis no Institutional Fix for Politics", Finance and the International Economy: 7, TheAMEX BANK Review 1993.*Alesina "Politics and Business Cycles in the Industrial Democracies", EconomicPolicy, April 1989.C.A.E. Goodhart "Central Bank Independence" in The Central Bank and the Financial System, C.A.E. Goodhart, 1995.6. Should central banks supervise the banking system, and if so should they supervise non-bank financial institutions as well?Goodhart, C. (2001)"The Organizational Structure of Banking Supervision”, in Financial Stability and Central Banks, a global perspective, eds. J.Healey and P.Sinclair, Routledge and Bank of England, pp.254.Peek,J., E.Rosengren and G.Tootell (2001) in Prudential Supervision: What Works and What doesn’t ed. F.Mishkin, NBER and Chicago University Press, Chicago, pp.368.7. How do regulation and ownership affect banking sector performance and stability?Barth, J.R., G.Caprio and R.Levine (2001) “Banking Systems around the Globe: Do Regulation and Ownership affect Performance and Stability?” in Prudential Supervision: What Works and What doesn’t ed. F.Mishkin, NBER and Chicago University Press, Chicago, pp.368.Brealey,R. (2001) “Bank capital requirements and the control of bank failure”, in Financial Stability and Central Banks, a global perspective, eds. J.Healey and P.Sinclair, Routledge and Bank of England, pp.254.8. Assess Argentina’s attempt at creating a credible and partly market-based system of bank regulation. Does it hold lessons for other emerging market and transition economies?Calomiris, C. and A.Powell (2001) “Can Emerging Market Regulators Establish Credible Discipline? The Case of Argentina, 1992-99” in Prudential Supervision: What Works and What doesn’t ed. F.Mishkin, NBER and Chicago University Press, Chicago, pp.368.De la Torre, A., E.Levy Yeyati,S.Schmukler (2002) “Argentina’s Financial Crisis: Floating Money, Sinking Banking”, mimeo, paper presented at the London School of Economics Conference on Euroization and Dollarisation, March 18-19, available on /~ely/papers.html .9. Does the stringency of bank supervision affect the macroeconomy? Berger,A., M.Kyle and J.Scalise (2001) “Did US Bank Supervisors get tougher during the Credit Crunch? Did they get easier during the Banking Boom? Did it matter to Bank Lending?” in Prudential Supervision: What Works and What doesn’t ed. F.Mishkin, NBER and Chicago University Press, Chicago, pp.368.10. Can the ECB’s monetary policy function properly given the differences in legal and financial structure among the states participating in EMU?Cecchetti, S. (1999) “Legal Structure, Financial Structure and the Monetary Transmission Mechanism”, National Bureau of Economic Research Working Paper No 7151, available on /papers/w7151 *11. Does a "pensions overhang" threaten the macroeconomic stability of the developed countries?International Monetary Fund World Economic Outlook, Focus on Fiscal Policy, pp50-60.*E. Phillip Davis "The Development of Pension Funds: an approaching FinancialRevolution for Continental Europe" Finance and the International Economy: 7, TheAMEX BANK Review 1993.The World Bank Averting the Old Age Crisis, Oxford UP, 1994.12. How convincing is the evidence that financial sector development leads to faster economic growth?Levine,R. (1997) "Financial development and economic growth: views and agenda",Journal of Economic Literature, Vol.35 (June), pp.688-726.*King,R.G. and R.Levine (1993) "Finance, Entrepreneurship and Growth: Theory andEvidence", Journal of Monetary Economics, Vol.32, pp.513-542.13. Account for the existence of credit rationing. Is this phenomenon likely to be important in practice?Freixas, X. and Rochet,J-C. (1997) The Microeconomics of Banking, Chapter 5.*Stiglitz,J. and Weiss,A. (1981) "Credit Rationing in Markets with Imperfect Information", American Economic Review, 71(3):393-410.Bester,H. (1985) "Screening v. rationing in credit markets with imperfect information", American Economic Review, 75(4):850-55.14. How important is the lending channel for macroeconomic policy? Kashyap, A. and Stein, J. "Monetary Policy and Bank Lending" in G, Mankiw ed.Monetary Policy, Chicago UP, 1994.*Miron, J., Romer, C. and Weil, D. "Historical Perspecties on the Monetary Transmission Mechanism", in G. Mankiw ed. Monetary Policy, Chicago UP, 1994.15. Assess the empirical evidence on the imperfection of capital markets.Fazzari, S., Hubbard, R. and Petersen, B. (1988) "Financing Constrains and Corporate Investment", Brookings Papers in Economic Activity, I, 141-206.*Kashyap,A., Lamont, O. and Stein, J. (1994) "Credit Conditions and the CyclicalBehavoiour of Inventories", Quarterly Journal of Economics.Deveroux, M. and Schiantarelli, F. (1990) "Investment, Financial Factors and CashFlow: Evidence from UK Panel Data", in Assymetric Information, Capital Marketsand Investment, ed. R. Hubard, Chicago UP.16. Is "relationship banking" superior to other kinds of banking? Ongena,S. and D.Smith (2000) "Bank Relationships: a Review" in Performance ofFinancial Institutions: efficiency, innovation, regulation, eds. P.Harker andS.Zenios,Cambridge UP.*Dewenter,K. and A.Hess (2000) "Risks and Returns in Relationship and Transactional Banks: evidence from returns in Germany, Japan, the UK and theUS." in Performance of Financial Institutions: efficiency, innovation, regulation, eds.P.Harker and S.Zenios, Cambridge UP.17. Should financial institutions specialise or diversify so as to maximise their efficiency and profits?Meador, J., H.Ryan and C,Schellhorn (2000) "Product focus vs. Diversification: estimates of X-efficiency for the US life insurance industry" in Performance of Financial Institutions: efficiency, innovation, regulation, eds. P.Harker andS.Zenios,Cambridge UP.*Eicholtz, P., H. Op t’Veld and M.Schweitzer (2000) "REIT Performance: does managerial specialization pay?" in Performance of Financial Institutions: efficiency,innovation, regulation, eds. P.Harker and S.Zenios, Cambridge UP.18. Discuss the effectiveness of the following financial institutions in Transition Economies:All presenters and students:Buiter,W., go and H.Rey (1999) "Financing Transition: Investing in Enterprises during Macroeconomic Transition" in Financial sectorTransformation: Lessons from Economies in Transition, eds. M.Blejer and M.Skreb, Cambridge UP, 401pp.*a) Universal Banks.Rostowski,J., 1998, "Universal Banking and Economic Growth in Post-Communist Economies" in Macroeconomic Instability in Post-Communist Countries, Chap. 13,Oxford UP.*Perotti,E. and Gelfer,S., (1998), "Investment Financing in RussianFinancial-Industrial Groups" CASE-CEU Working Papers Series, no10.*Fan, Q., Lee,U. and M.Schaffer, (1996), "Firms, Banks and Credit in Russia" in Enterprise Restructuring and Economic Policy in Russia, eds.mander,Fan,Q. and M.Schaffer, The World Bank.b) Commercial Banks.Pinto,B. and van Wijnbergen,S. 1994, "Ownership and Corporate Control in Poland:why State Enterprises Defied the Odds", Policy Research Working Paper No.1308, World Bank, Washington, D.C.*Baer,H. and Gray,C., (1996), "Debt as a Control Device in Transitional Economies:the experiences of Hungary and Poland" in Corporate governance in Central Europe and Russia, Vol.1, eds. R.Frydman, C.Gray and A.Rapaczynski, CEU Press.*Bratkowski,A., Grosfeld,I. And Rostowski,J., 1999, "Investment and Finance in de novo Private Firms: Empirical Results from the Czech Republic, Hungary and Poland", CASE_CEU Working Papers Series No.21, Budapest-Warsaw.Carare,O. and Perotti,E., (1997), "The Evolution of Bank Credit Quality in Romania since 1991" in Lessons from the Economic Transition: Central and Eastern Europe in the 1990s, ed. S.Zecchini, Kluwer.c) Privatization Funds:Coffee,J., (1996), "Institutional Investors in Transitional Economies: Lessons from the Czech Experience", pp.111-8 and pp.145-85 in Corporate governance in Central Europe and Russia, Vol.1, eds. R.Frydman, C.Gray and A.Rapaczynski,CEU Press.*Frydman,R., Pistor,K. and rapaczynski,A., (1996) "Investing in Insider Dominated Firms: a Study of Russian Voucher Privatization Funds" in Corporate governance in Central Europe and Russia, Vol.1, eds. R.Frydman,C.Gray and A.Rapaczynski,CEU Press.19. To what extent are the problems of the financial sector in China special?Mundell,R. "Monetary and Financial Market Reform in Transition Economies: the special case of China" in Financial sector Transformation: Lessons from Economies in Transition, eds. M.Blejer and M.Skreb, Cambridge UP, 401pp.* Li, David. , Qian,Yingyi , Wang, Yijiang and Bai, Chong-en. " Anonymus Banking and Financial Repression: How Does China's Reform Limit Government Predation without Reducing its Revenue?" CEPR Discussion Paper Series No. 2221.。

两家公司有关联的英文范文Intercompany Relationships: A Comprehensive Guide.Introduction.Intercompany relationships refer to the connections and interactions between two or more companies that are legally separate entities but share a common ownership or control structure. These relationships can range from simple contractual arrangements to complex organizational structures involving multiple subsidiaries and holding companies. Understanding the legal, financial, and operational implications of intercompany relationships is crucial for businesses seeking to optimize their operations and mitigate potential risks.Types of Intercompany Relationships.There are numerous types of intercompany relationships, each with its own unique characteristics and implications.Some of the most common include:Parent-Subsidiary Relationships: A parent company owns a controlling interest (typically over 50%) in a subsidiary company. The parent company exerts significant influence over the subsidiary's operations, including its financial and operational decisions.Sister Companies: Two or more companies are owned by the same parent company or group of shareholders. They operate independently but may share resources, expertise, or customers.Joint Ventures: Two or more companies create a new entity for a specific purpose or project. The joint venture is jointly owned and controlled by the participating companies.Affiliated Companies: Companies that have a close relationship but do not necessarily have common ownership. This relationship can be based on factors such as shared customers, suppliers, or business practices.Legal Implications.Intercompany relationships raise several legal considerations, including:Piercing the Corporate Veil: In certain circumstances, a court may disregard the separate legal identities of related companies and hold them jointly liable for obligations. This can occur when the companies are used to evade legal responsibilities or to perpetrate fraud.Transfer Pricing: When related companies engage in transactions with each other, they must determine the appropriate prices for goods and services. Transfer pricing rules aim to ensure that these prices are set at arm's length, as if they were between unrelated entities.Loan Guarantees and Cross-Collateralization: Companies may provide financial support to their related entities through loan guarantees or cross-collateralization of assets. These arrangements can impact the financialstability and liability of the participating companies.Financial Implications.Intercompany relationships can have significantfinancial implications, both positive and negative:Consolidated Financial Statements: When a parent company controls a majority of a subsidiary's voting rights, it is required to prepare consolidated financial statements that combine the financial results of both entities. This provides a comprehensive view of the group's financial position and performance.Intra-Group Transactions: Transactions between related companies can affect the financial reporting of both entities. Eliminating intercompany balances andtransactions is necessary to prevent the double counting of revenues and expenses.Tax Implications: The tax treatment of intercompany relationships can vary depending on the specific structureand the applicable tax laws. Proper planning is essential to minimize tax liabilities and ensure compliance.Operational Implications.Intercompany relationships can also present operational challenges and opportunities:Coordination and Control: Managing intercompany relationships requires effective coordination and control mechanisms. It is important to establish clear lines of communication, decision-making processes, and policies to ensure alignment and minimize conflicts.Resource Sharing and Synergies: Related companies can benefit from sharing resources, such as technology, expertise, or distribution channels. This can lead to operational efficiencies and cost savings.Risk Management: Intercompany relationships can also introduce additional risks, such as concentration risk, reputation risk, and financial risk. Companies mustimplement adequate risk management strategies to mitigate these risks.Governance and Transparency.Strong governance and transparency are essential for managing intercompany relationships effectively. This includes:Board Oversight: Boards of directors should oversee intercompany transactions and ensure that they are in the best interests of all shareholders.Disclosure and Reporting: Public companies are required to disclose material intercompany relationships and transactions in their financial statements and SEC filings.Internal Controls: Companies should establish internal controls to ensure the accuracy and completeness of intercompany transactions and to mitigate the risk of fraud and abuse.Conclusion.Intercompany relationships are a complex and multifaceted aspect of business operations. Understanding the legal, financial, and operational implications of these relationships is crucial for businesses seeking to optimize their performance and mitigate potential liabilities. Through careful planning, effective governance, and transparent reporting, companies can harness the benefits of intercompany relationships while managing the associated risks effectively.。

P2. Financial ReportingIAS 1 Presentation of financial statementsIAS 2 InventoriesIAS 7 Statements of cash flowsIAS 8 Accounting policies, changes in accounting estimates and errors IAS 10 √ Events after the reporting periodIAS 11 √ Construction contractsIAS 12 ★★ Income taxesIAS 16 √ Property, plant and equipmentIAS 17 √ LeasesIAS 18 RevenueIAS 19 ★★★ Employee benefitsIAS 20 Accounting for government grants and disclosure of government assistanceIAS 21 ★★★ The effects of changes in foreign exchange ratesIAS 23 Borrowing costsIAS 24 √ Related party disclosuresIAS 27 Separate financial statementsIAS 28 Investments in associatesIAS 31 Interests in joint venturesIAS 32 Financial instruments: presentationIAS 33 Earnings per shareIAS 34 Interim financial reportingIAS 36 √ Impairment of assetsIAS 37 ★★★ Provisions, contingent liabilities and contingent assetsIAS 38 √ Intangible assetsIAS 39 Financial instruments: recognition and measurementIAS 40 √ Investment propertyIAS 41 √ AgricultureIFRS 2 ★★★ Share‐based paymentIFRS 3 ★ Business combinationsIFRS 5 ★★★ Non‐current assets held for sale and discontinued operations IFRS 7 Financial instruments: disclosuresIFRS 8 ★★★ Operating segmentsIFRS 9 ★★ Financial InstrumentsIFRS 10 ★ Consolidated financial statementsIFRS 11 ★★★ Joint arrangementsIFRS 13 ★★★ Fair value measurementIFRS 15 ★★★ Revenue from contracts with customersIFRS 16 √ Leases不考or非重点：IAS 26 * Accounting and reporting by retirement benefit plans IAS 29 * Financial reporting in hyperinflationary economiesIAS 30 * Disclosure in the financial statements of banks and similar financial institutions (not examinable)IFRS 1* First time adoption of International Financial Reporting StandardsIFRS 4 * Insurance contractsIFRS 6 * Exploration for and evaluation of mineral resourcesIFRS 12* Disclosures of interests in other entitiesIFRS 14* Regulatory deferral accountsPart 1.The IASB’s Conceptual Framework for Financial Reporting1.财报的目的：The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit.2.财报提供的信息：General purpose financial reports do not and cannot provide all of the information，需要结合其他信息，譬如整个经济环境和预期，政治风向和事件，行业及公司展望等。

英⽂写作翻译频道为⼤家整理的温总理达沃斯论坛英⽂演讲翻译节选，供⼤家参考:) Strengthen Confidence and Work Together for A New Round of World Economic GrowthSpecial Message by H.E. Wen JiabaoPremier of the State Council of the People's Republic of China At the World Economic Forum Annual Meeting 200928 January 2009Professor Klaus Schwab, Executive Chairman of the World Economic Forum, Ladies and Gentlemen,I am delighted to be here and address the World Economic Forum Annual Meeting 2009. Let me begin by thanking Chairman Schwab for his kind invitation and thoughtful arrangements. This annual meeting has a special significance. Amidst a global financial crisis rarely seen in history, it brings together government leaders, business people, experts and scholars of different countries to jointly explore ways to maintain international financial stability, promote world economic growth and better address global issues. Its theme -- "Shaping the Post-Crisis World" is highly relevant. It reflects the vision of its organizers. People from across the world are eager to hear words of wisdom from here that will give them strength to tide over the crisis. It is thus our responsibility to send to the world a message of confidence, courage and hope. I look forward to a successful meeting.尊敬的施⽡布主席，⼥⼠们，先⽣们，朋友们：我⾸先在中国⽜年到来的时候给⼤家拜年。

《财务管理基础（双语）》教学大纲课程编号：课程类型：专业课总学时：32 讲课学时：32 实验（上机）学时：0 学分：2适用对象：先修课程：财务会计、概率与统计一、课程的教学目标Financial management is a foundation course for undergraduate students in accounting school. Financial management draws on the knowledge acquired in other areas of accounting, including terms and concepts from the fields of financial accounting, managerial economics, and quantitative methods. A solid understanding of basic mathematics and its application in business contexts is required.Financial management emphasizes on the major decisions made by financial executives of an organization. Topics introduced in this course include the following: • Financial planning• Working capital management• Capital budgeting• Strategic decision making• Cost of capital• Security valuation二、教学基本要求1.Teaching RequirementsFirstly, a learning bridge between theory and practice should be built. While teaching, teachers should emphasize on the financial theories and the role in guiding practice. The ability of using theory knowledge to analysis typical financial cases andsolve practical problems should be trained. Thirdly, a variety of teaching methods should be used. Theory teaching should combine with case study and classroom teaching should combine with students’self-study. Various learning methods are encouraged to be adopted to help students to consolidate the learned knowledge.2. Selection Principles of Teaching MaterialsThe content of teaching materials should cover the main points and basic methods of corporate finance and the framework of teaching materials should be universally accepted in China. However, the framework of the teaching materials should be strict in structure and have a clear logic relationship. While explaining the basic theories and methods of finance, the teaching materials should combine those theories with practice to conform the trend. The latest development of corporate finance should also be included in the teaching materials.3. Teaching Method and Grade sTeaching Method: While teaching, the key points should be focused and difficult points should be taught clearly. Modern means of teaching are encouraged to be used. Exercises are used to help students to prepare and review the lessons. Extra newspapers, magazines and website should be provided, and students are encouraged to use these channels to collect information combined with theory principles learned in the class to analyze and solve practical problems. Homework are required to be completed by individuals or discussed in groups according to the difficulty of the problems.Grades:Homework and test in classroom: 30%;Final Examination: 70%.三、各教学环节学时分配教学课时分配四、教学内容Part 1 Introduction of Financial ManagementChapter 1 The Role of Financial ManagementWhat is Financial Management?The Goal of the FirmCorporate GovernanceOrganization of the Financial Management FunctionKey Learning Points：What is Financial Management?The Goal of the FirmObjectives：After Studying Chapter 1, you should be able to: Explain why the role of the financial manager today is so important. Describe "financial management" in terms of the three major decision areas that confront the financial manager.Identify the goal of the firm and understand why shareholders' wealth maximization is preferred over other goals. Understand the potential problems arising when management of the corporation and ownership are separated (i.e., agency problems). Demonstrate an understanding of corporate governance.Discuss the issues underlying social responsibility of the firm. Understand the basic responsibilities of financial managers and the differences between a "treasurer" and a "controller."Questions：1. If all companies had an objective of maximizing shareholder wealth, would people over-all tend to be better or worse off?2. Contrast the objective of maximizing earnings with that of maximizing wealth.3. What is financial management all about?4. Explain why judging the efficiency of any financial decision requires the existence of a goal?5. What are the three major function of the financial manager? How are they related?6. Should the managers of a company own sizable amounts of common stock in the company? Why are the pros and cons?7. As an investor, do you think that some managers are paid too much? Do their rewards come at your expense?8. How does the notion of risk and reward govern the behavior of financial managers?9. What is corporate governance? What role does a corporation’s board of directors play in corporate governance?10. Compare and contrast the role that a firm’s treasurer and controller have in the operation of the firm.Chapter 2 The Business, Tax, and Financial EnvironmentsThe Business EnvironmentThe Tax EnvironmentThe Financial EnvironmentKey Learning Points：The Tax EnvironmentThe Financial EnvironmentObjectives：After Studying Chapter 2, you should be able to: Describe the four basic forms of business organization in the United States – and the advantages and disadvantages of each. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal. Understand various methods of depreciation. Understand why acquiring assets through the use of debt financing offers a tax advantage over both common and preferred stock financing. Describe the purpose and make up of financial markets. Demonstrate an understanding of how letter ratings of the major rating agencies help you to judge a security’s default risk. Understand what is meant by the term “term structure of interest rates”and relate it to a “yield curve.”Questions：1. What is the principal advantage of the corporate form of business organization? Discuss the importance of this advantage to the owner of a small family restaurant. Discuss the importance of this advantage to a wealthy entrepreneur who owns several businesses.2. What are some of the disadvantages of (a) a sole proprietorship? (b) a partnership? (c) a limited liability company (LLC)?3. Are individual tax rates progressive or regressive in the sense of increasing or decreasing with income levels?4. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important?5. What is the purpose of financial markets? How can this purpose be accomplished efficiently?6. What is meant by making the financial markets more efficient? More complete?7. What are the major sources of external financing for business firms?8. In addition to financial intermediaries, what other institutions andarrangements facilitate the flow of funds to and from business firms?Part 2 ValuationChapter 3 The Time Value of MoneyThe Interest RateSimple InterestCompound InterestAmortizing a LoanCompounding More Than Once per YearKey Learning Points：Simple InterestCompound InterestObjectives：After Studying Chapter 3, you should be able to: Understand what is meant by "the time value of money." Understand the relationship between present and future value. Describe how the interest rate can be used to adjust the value of cash flows – both forward and backward – to a single point in time. Calculate both the future and present value of: (a) an amount invested today; (b) a stream of equal cash flows (an annuity); and (c) a stream of mixed cash flows.Distinguish between an “ordinary annuity” and an “annuity due.” Use interest factor tables and understand how they provide a shortcut to calculating present and future values. Use interest factor tables to find an unknown interest rate or growth rate when the number of time periods and future and present values are known. Build an “amortization schedule” for an installment-style loan.Questions：1. What is simple interest?2. What is compound interest? Why is it important?3. What kinds of personal financial decisions have you made that involve compound interest?4. What is an annuity? Is an annuity worth more or less than a lump sum payment received now that would be equal to the sum of all the future annuity payment?5. What type of compounding would you prefer in your savings account? Why?6. Contrast the calculation of future (terminal) value with the calculation of present value. What is the difference?7. What is the advantage of using present value tables rather than formulas? Chapter 4 The Valuation of Long-Term SecuritiesDistinctions Among Valuation ConceptsBond ValuationPreferred Stock ValuationCommon Stock ValuationRates of Return (or Yields)Key Learning Points：Bond ValuationPreferred Stock ValuationCommon Stock ValuationObjectives：After Studying Chapter 4, you should be able to: Distinguish among the various terms used to express value. Value bonds, preferred stocks, and common stocks. Calculate the rates of return (or yields) of different types of long-term securities. List and explain a number of observations regarding the behavior of bond prices.Questions：1. What connection, if any, does a firm’s market value have with its liquidationand/or going-concern value?2. Could a security’s intrinsic value to an investor ever differ from the security’s market value? If so, under what circumstances?3. In what sense is the treatment of bonds and preferred stock the same when it comes to valuation?4. A20-year bond has a coupon rate of 8%, and another bond of the same maturity has a coupon rate of 15%. If the bonds are alike in all other respects, which will have the greater relative market price decline if interests increase sharply? Why?5. Why are dividends the basis for the valuation of common stock?6. Why is the growth rate in earnings and dividends of a company likely to taper off in the future? Could the growth rate increase as well? If it did, what would be the effect on stock price?7. Using the constant perpetual growth dividend valuation model, could you havea situation in which a company grows at 30% per year (after subtracting out inflation) forever? Explain.Chapter 5 Risk and ReturnDefining Risk and ReturnUsing Probability Distributions to Measure RiskAttitudes Toward RiskRisk and Return in a Portfolio ContextDiversificationThe Capital Asset Pricing Model (CAPM)Efficient Financial MarketsKey Learning Points：Using Probability Distributions to Measure RiskAttitudes Toward RiskDiversificationThe Capital Asset Pricing Model (CAPM)Objectives：After Studying Chapter 5, you should be able to: Understand the relationship (or “trade-off”) between risk and return. Define risk and return and show how to measure them by calculating expected return, standard deviation, and coefficient of variation. Discuss the different types of investor attitudes toward risk. Explain risk and return in a portfolio context, and distinguish between individual security and portfolio risk. Distinguish between avoidable (unsystematic) risk and unavoidable (systematic) risk and explain how proper diversification can eliminate one of these risks. Define and explain the capital-asset pricing model (CAPM), beta, and the characteristic line. Calculate a required rate of return using the capital-asset pricing model (CAPM). Demonstrate how the Security Market Line (SML) can be used to describe this relationship between expected rate of return and systematic risk. Explain what is meant by an “efficient financial market” and describe the three levels (or forms) of market efficiency.Questions：1. If investors were not risk averse on average, but rather were either risk indifferent (neutral) or even liked risk, would the risk- return concepts presented in this chapter be valid?2. Define the characteristic line and its beta.3. Why is beta a measure of systematic risk? What is its meaning?4. What is the required rate of return of a stock? How can it be measured?5. Is the security market line constant over time? Why or why not?6. Suppose that you are highly risk averse but that you still invest in common stocks. Will the beta of the stocks in which you invest be more or less than 1.0? Why?7. If a security is undervalued in terms of the capital-asset pricing model, whatwill happen if investors come to recognize this undervaluation?Part 3 Tools of Financial Analysis and PlanningChapter 6 Financial Statement AnalysisFinancial StatementsA Possible Framework for AnalysisBalance Sheet RatiosIncome Statement and Income/Balance Sheet RatiosTrend AnalysisCommon-Size and Index AnalysisKey Learning Points：Balance Sheet RatiosIncome Statement and Income/Balance Sheet RatiosObjectives：After Studying Chapter 6, you should be able to: Understand the purpose of basic financial statements and their contents. Understand what is meant by “convergence” in acco unting standards. Explain why financial statement analysis is important to the firm and to outside suppliers of capital. Define, calculate, and categorize (according to liquidity, financial leverage, coverage, activity, and profitability) the major financial ratios and understand what they can tell us about the firm. Define, calculate, and discuss a firm’s operating cycle and cash cycle. Use ratios to analyze a firm's health and then recommend reasonable alternative courses of action to improve the health of the firm.Analyze a firm’s return on investment (i.e., “earning power”) and return on equity using a DuPont approach. Understand the limitations of financial ratio analysis. Use trend analysis, common-size analysis, and index analysis to gainadditional insights into a firm's performance.Questions：1. What is the purpose of a balance sheet? An income statement?2. Why is the analysis of trends in financial ratios important?3. Auxier Manufacturing Company has a current ratio of 4 to 1 but is unable to pay its bills. Why?4. Can a firm generate a 25% return on assets and still be technically insolvent (unable to pay its bills)? Explain.5. The traditional definitions of collection period and inventory turnover are criticized because in both cases balance sheet figures that are a result of approximately the last month of sales are related to annual sales (in the former case) or annual cost of goods sold (in the latter case). Why do these definitions present problems? Suggest a solution.6. Explain why a long-term creditor should be interested in liquidity ratios?7. Which financial ratios would you be most likely to consult if you were the following?a. A banker considering the financial of seasonal inventoryb. A wealthy equity investorc. The manager of a pension fund considering the purchase of a firm’sbondsd. The president of a consumer products firm8. In trying to judge whether a company has too much debt, what financial ratios would you use and for that purpose?9. Why might it be possible for a company to make large operating profits, yet still be unable to meet debt payments when due? What financial ratios might be employed to detect such a condition?10. Does increasing a firm’s inventory turnover ratio increase its profitability? Why should this ratio be computed using cost of goods sold (rather than sales, asis done by some compilers of financial statistics)?Chapter 7 Fund Analysis, Cash-Flow Analysis, and Financial Planning Flow of Funds (Sources and Uses) StatementAccounting Statement of Cash FlowsCash-Flow ForecastingRange of Cash-Flow EstimatesForecasting Financial StatementsKey Learning Points：Forecasting Financial StatementsObjectives：After Studying Chapter 7, you should be able to: Explain the difference between the flow of funds (sources and uses of funds) statement and the statement of cash flows –and understand the benefits of using each. Define "funds" and identify sources and uses of funds. Create a sources and uses of funds statement, make adjustments, and analyze the final results. Describe the purpose and content of the statement of cash flows as well as implications that can be drawn from it. Prepare a cash budget from forecasts of sales, receipts, and disbursements – and know why such a budget should be flexible. Develop forecasted balance sheets and income statements. Understand the importance of using probabilistic information in forecasting financial statements and evaluating a firm's condition.Questions：1. Contrast flow of funds (sources and uses) statements with cash budgets as planning tools.2. What is the purpose of a statement of cash flow?3. Discuss the benefits that can be derived by the firm from cash budgeting.4. Explain why selling inventory to credit customers is considered a source offunds when in fact no “funds” were generated?5. Is depreciation a source of funds? Under what conditions might the “source”dry up?6. Why do bankers closely analyze cash flow statements and/or sources and usesof funds statements in considering credit applications?7. What are the major points of difference between a cash budget and the sourcesand uses of funds statement?8. On what items should the financial manager concentrate in order to improvethe accuracy of the cash budget? Explain your reasoning.9. Why is the sales forecast so important in preparing the cash budget?10. What are the two principal ways by which one can prepare forecast financialstatements?Part 4 Working Capital ManagementChapter 8 Overview of Working Capital ManagementWorking Capital ConceptsWorking Capital IssuesFinancing Current Assets: Short-Term and Long-Term MixCombining Liability Structure and Current Asset DecisionsKey Learning Points：Working Capital ConceptsCombining Liability Structure and Current Asset DecisionsObjectives：After Studying Chapter 8, you should be able to: Explain how the definition of "working capital" differs between financial analysts and accountants. Understand the two fundamental decision issues in working capital management –and the trade-offs involved in making these decisions. Discusshow to determine the optimal level of current assets. Describe the relationship between profitability, liquidity, and risk in the management of working capital. Explain how to classify working capital according to its “components” and according to “time” (i.e., either p ermanent or temporary). Describe the hedging (maturity matching) approach to financing and the advantages/disadvantages of short- versus long-term financing. Explain how the financial manager combines the current asset decision with the liability structure decision.Questions：1. What does working capital management encompass? What functional decisions are involved, and what underlying principle or trade-off influences the decision process?2. Utilities hold 10% of total assets in current assets; retail trade industries hold 60% of total assets in current assets. Explain how industry characteristics account for this difference.3. Distinguish between “temporary” and “permanent” working capital.4. If the firm adopts a hedging (maturity matching) approach to financing, how would it finance its current assets?5. Some firms finance their permanent working capital with short-term liabilities (commercial paper and short-term notes). Explain the impact of this decision on the profitability and risk of these firms.6. Suppose that a firm finances its seasonal (temporary) current assets with long-term funds. What is the impact of this decision on the profitability and risk of this firm?7. At times, long-term interest rates are lower than short-term rates, yet the discussion in the chapter suggests that long-term financing is more expensive. If long-term rates are lower, should the firm finance itself entirely with long-term debt?8. How does shortening the maturity composition of outstanding debt increase the firm’s risk? Why does increasing the liquidity of the firm’s assets reduce the risk?9. What are the costs of maintaining too large a level of working capital? Too small a level of working capital?10. How is a margin of safety provided for in working capital management? Chapter 9 Cash and Marketable Securities ManagementMotives for Holding CashSpeeding Up Cash ReceiptsS-l-o-w-i-n-g D-o-w-n Cash PayoutsElectronic CommerceOutsourcingCash Balances to MaintainInvestment in Marketable SecuritiesKey Learning Points：Cash Balances to MaintainInvestment in Marketable SecuritiesObjectives：After Studying Chapter 9, you should be able to: List and explain the motives for holding cash. Understand the purpose of efficient cash management. Describe methods for speeding up the collection of accounts receivable and methods for controlling cash disbursements. Differentiate between remote and controlled disbursement, and discuss any ethical concerns raised by either of these two methods. Discuss how electronic data interchange (EDI) and outsourcing each relates to a company’s cash collections and disbursements. Identify the key variables that should be considered before purchasing any marketable securities. Define the most common money-market instruments that a marketable securities portfolio manager would consider for investment.Describe the three segments of the marketable securities portfolio and note which securities are most appropriate for each segment and why. Questions：1. Define the function of cash management?2. Explain the concept of concentration banking.3. Explain how the lockbox system can improve the efficiency of cash management.4. Money market instruments are used as investment vehicles for otherwise idle cash. Discuss the most important criterion for asset selection in investing temporarily idle cash.5. Discuss the impact of lockbox banking on corporate cash balance.6. What are compensating ban balance, and why are they not the same for all depositors?7. What is net float? How might a company “play the float” in its disbursements?8. Under what conditions would it be possible for a company to hold no cash or marketable securities? Are these conditions realistic?9. What are the three motives for holding cash?10. What is outsourcing? Why might a company outsource some or all of its cash management processes? What is business processing outsourcing (BPO)? Chapter 10 Accounts Receivable and Inventory ManagementCredit and Collection PoliciesAnalyzing the Credit ApplicantInventory Management and ControlKey Learning Points：Analyzing the Credit ApplicantInventory Management and ControlObjectives：After Studying Chapter 10, you should be able to: List the key factors that can be varied in a firm's credit policy and understand the trade-off between profitability and costs involved. Understand how the level of investment in accounts receivable is affected by the firm's credit policies. Critically evaluate proposed changes in credit policy, including changes in credit standards, credit period, and cash discount. Describe possible sources of information on credit applicants and how you might use the information to analyze a credit applicant. Identify the various types of inventories and discuss the advantages and disadvantages of increasing/decreasing inventories. Describe, explain, and illustrate the key concepts and calculations necessary for effective inventory management and control, including classification, economic order quantity (EOQ), order point, safety stock, and just-in-time (JIT).Questions：1. Is it always good policy to reduce the firm’s bad debts by “getting rid of the deadbeats”?2. Is an increase in the collection period necessarily bad? Explain.3. What are the principal factors that can be varied in setting credit policy?4. If credit standards for the quality of accounts accepted are changed, what things are affected?5. Why is the saturation point reached in spending money on collections?6. What is the purpose of establishing a line of credit for an account? What are the benefits of this arrangement?7. The analysis of inventory policy is analogous to the analysis of credit policy. Propose a measure to analyze inventory policy that is analogous to the aging of accounts receivable.8. What are the principal implications to the financial manager of ordering costs, storage costs, and cost of capital as they relate to inventory?9. Explain how efficient inventory management affects the liquidity and profitability of the firm.10. How can the firm reduce its investment in inventories? What costs might the firm incur from a policy of very low inventory investment?11. Do inventories represent an investment in the same sense as fixed assets?12. Should the required rate of return for investment in inventories of raw materials be the same as that for finished goods?Chapter 11 Short-Term FinancingSpontaneous FinancingNegotiated FinancingFactoring Accounts ReceivableComposition of Short-Term FinancingKey Learning Points：Factoring Accounts ReceivableComposition of Short-Term FinancingObjectives：After Studying Chapter 11, you should be able to: Understand the sources and types of spontaneous financing. Calculate the annual cost of trade credit when trade discounts are forgone. Explain what is meant by "stretching payables" and understand its potential drawbacks. Describe various types of negotiated (or external) short-term borrowing. Identify the factors that affect the cost of short-term borrowing. Calculate the effective annual interest rate on short-term borrowing with or without a compensating balance requirement and/or a commitment fee. Understand what is meant by factoring accounts receivable.Questions：1. Explain why trade credit from suppliers is a “Spontaneous source of funds”.2. Trade credit from suppliers is very costly source of funds when discounts arelost. Explain why many firms rely on this source of funds to finance their temporary working capital.3. Suppose that a firm elected to tighten its trade credit policy from “2/10, net 90”to “2/3f0”. What effect could the firm expect this change to have on its liquidity?4. Why are accrued expenses a more spontaneous source of financing than tradecredit from suppliers?5. Why is the rate on commercial paper usually less than the prime rate chargedby bankers and more than the Treasury bill rate?6. Why would a firm borrow bank funds at higher rates instead of issuingcommercial papers?7. Who is able to issue commercial paper and for what purpose?8. How do bankers’acceptances differ from commercial paper as a means offinancing?9. Compare and contrast a line of credit and a revolving credit agreement.10. Would you rather have your loan on a “collect basis” or a “discount basis” ifyou were a borrower, all other things being the same? If you were a lender?11. What determines whether a lending arrangement is unsecured or secured?12. As a lender, how would you determine the percentage you are willing toadvance against a particular type of collateral?13. As a financial consultant to a company, how would you go aboutrecommending whether to use an assignment of accounts receivable or a factoring arrangement?14. In choosing the composition of short-term financing, what factors should beconsidered?Part 5 Investment in Capital Assets。

损失分担说名词解释英文回答：Loss Sharing Theory (LST) is a risk-sharing mechanism that is used to allocate losses among the members of an organization or group. The basic principle of LST is that the losses of an individual member are shared among the other members of the group, according to a predetermined formula. This formula can be based on a variety of factors, such as the size of the member's contribution to the group, the level of risk that the member faces, or the member's ability to absorb losses.LST is often used in insurance arrangements, where the losses of individual policyholders are shared among the entire pool of policyholders. This helps to spread the risk of loss, and it ensures that no single policyholder is financially devastated by a large loss. LST can also be used in other areas, such as banking and finance, where it can be used to share the risks of credit default orinvestment losses.There are a number of advantages to using LST. First,it can help to spread the risk of loss, which can reducethe financial impact of a loss on any individual member. Second, it can help to create a sense of community and cooperation among the members of a group, as they know that they are all in it together. Third, it can provide a safety net for members who are unable to absorb losses on their own.However, there are also some disadvantages to using LST. First, it can be difficult to determine the appropriate formula for allocating losses. Second, LST can lead tomoral hazard, as members may be less likely to take stepsto reduce their risk if they know that their losses will be shared by the other members of the group. Third, LST can be expensive to administer, as it requires a system fortracking and allocating losses.Overall, LST is a useful risk-sharing mechanism thatcan be used in a variety of settings. However, it isimportant to be aware of the advantages and disadvantages of LST before using it.中文回答：损失分担理论 (LST) 是一种风险分担机制，用于在组织或群体的成员之间分配损失。