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Ｊｏｕｒｎａｌ　ｏｆＭｏｄｅｍ　Ａｃｃｏｕｎｔｉｎｇ　ａｎｄ　Ａｕｄｉｔｉｎｇ，ＩＳＳＮ　１５４８－６５８３　Ａｕｇｕｓｔ　２０１２，Ｖｏ１．８，Ｎｏ．８，１２０４—１２１３　暑ＬＩ薯ＨｌＮ《　

Ｔｈｅ　Ｒｅｌａｔｉｏｎｓｈｉｐ　Ｂ　ｅｔｗｅｅｎ　Ｗｏｒｋｉｎｇ　Ｃａｐｉｔａｌ　Ｍａｎａｇｅｍｅｎｔ　ａｎｄ　

Ｐｒｏｆｉｔａｂｉｌｉｔｙ　ｏｆ　Ｃｏｍｐａｎｉｅｓ　Ｌｉｓｔｅｄ　ｏｎ　ｔｈｅ　Ｊｏｈａｎｎｅｓｂｕｒｇ　Ｓｔｏｃｋ　

Ｅｘｃｈａｎｇｅ　—　

Ｓａｍ　Ｎｇｗｅｎｙａ　

Ｕｎｉｖｅｒｓｉｔｙ　ｏｆ　Ｓｏｕｔｈ　Ａｆｒｉｃａ，Ｐｒｅｔｏｒｉａ，Ｓｏｕｔｈ　Ａｆｒｉｃａ　

Ｅｆｆｉｃｉｅｎｔ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｉｓ　ａｎ　ｉｎｔｅｇｒａｌ　ｃｏｍｐｏｎｅｎｔ　ｏｆ　ｔｈｅ　ｏｖｅｒａｌｌ　ｃｏｒｐｏｒａｔｅ　ｓｔｒａｔｅｇｙ　ｔｏ　ｃｒｅａｔｅ　

ｓｈａｒｅｈｏｌｄｅｒｓ’ｗｅａｌｔｈ．Ｔｈｉｓ　ｐａｐｅｒ　ｓｅｅｋｓ　ｔｏ　ｅｘｔｅｎｄ　ｆｉｎｄｉｎｇｓ　ｒｅｇａｒｄｉｎｇ　ｔｈｅ　ｒｅｌａｔｉｏｎｓｈｉｐ　ｂｅｔｗｅｅｎ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　

ｍａｎａｇｅｍｅｎｔ　ａｎｄ　ｐｒｏｆｉｔａｂｉｌｉｔｙ．Ａ　ｓａｍｐｌｅ　ｏｆ　６９　ｃｏｍｐａｎｉｅｓ　ｌｉｓｔｅｄ　ｏｎ　ｔｈｅ　Ｊｏｈａｎｎｅｓｂｕｒｇ　Ｓｔｏｃｋ　Ｅｘｃｈａｎｇｅ（ＪＳＥ）ｆｏｒ　ｔｈｅ　

ｐｅｒｉｏｄ　ｆｒｏｍ　１９９８　ｔｏ　２００８　ｗａｓ　ｓｅｌｅｃｔｅｄ．Ｔｈｅ　ｒｅｓｕｌｔｓ　ｒｅｖｅａｌｅｄ　ａ　ｓｔａｔｉｓｔｉｃａｌｌｙ　ｓｉｇｎｉｆｉｃａｎｔ　ｎｅｇａｔｉｖｅ　ｒｅｌａｔｉｏｎｓｈｉｐ　ａｍｏｎｇ　

ｐｒｏｆｉｔａｂｉｌｉｔｙ（ａｓ　ｍｅａｓｕｒｅｄ　ｔｈｒｏｕｇｈ　ｇｒｏｓｓ　ｏｐｅｒａｔｉｎｇ　ｐｒｏｆｉｔ），ｔｈｅ　ｃａｓｈ　ｃｏｎｖｅｒｓｉｏｎ　ｃｙｃｌｅ（ｃｃｃ），ａｎｄ　ｎｕｍｂｅｒ　ｏｆ　ｄａｙｓ　

ａｃｃｏｕｎｔｓ　ｒｅｃｅｉｖａｂｌｅ（ＡＲ）．Ｔｈｅ　ｒｅｓｕｌｔｓ　ａｌｓｏ　ｒｅｖｅａｌｅｄ　ａ　ｐｏｓｉｔｉｖｅ　ａｎｄ　ｓｉｇｎｉｆｉｃａｎｔ　ｒｅｌａｔｉｏｎｓｈｉｐ　ａｍｏｎｇ　ｐｒｏｆｉｔａｂｉｌｉｔｙ，ｔｈｅ　

ｎｕｍｂｅｒ　ｏｆ　ｄａｙｓ　ａｃｃｏｕｎｔｓ　ｐａｙａｂｌｅ（ＡＰ），ａｎｄ　ｔｈｅ　ｎｕｍｂｅｒ　ｏｆ　ｄａｙｓ　ｉｎｖｅｎｔｏｒｙ（ｒＮＶ）．Ｔｈｅ　ｒｅｓｕｌｔｓ　ｓｕｇｇｅｓｔｅｄ　ｔｈａｔ　

ｍａｎａｇｅｒｓ　ｃｏｕｌｄ　ｉｎｃｒｅａｓｅ　ｔｈｅｉｒ　ｃｏｍｐａｎｙ’ｓ　ｐｒｏｆｉｔａｂｉｌｉｔｙ　ｂｙ　ｅｆｆｅｃｔｉｖｅｌｙ　ｍａｎａｇｉｎｇ　ｔｈｅ　ＣＣＣ　ａｎｄ　ｉｔｓ　ｃｏｍｐｏｎｅｎｔｓ．　

Ｋｅ３￣ｏｒｄｓ．＂ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ，ｃａｓｈ　ｃｏｎｖｅｒｓｉｏｎ　ｃｙｃｌｅ（ｃｃｃ），ｐｒｏｆｉｔａｂｉｌｉｔｙ　

ＩｎｔｒＯｄｕｃｔｉＯｎ　

Ｉｎ　ｔｈｅ　ｐｒｅｓｅｎｔ　ｅｎｖｉｒｏｎｍｅｎｔ　ｏｆ　ｃｕｔ－ｔｈｒｏａｔ　ｃｏｍｐｅｔｉｔｉｏｎ，ｂｕｓｉｎｅｓｓ　ｄｏｅｓ　ｎｏｔ　ｈａｖｅ　ａｎｙ　ｏｔｈｅｒ　ｏｐｔｉｏｎ　ｔｈａｎ　ｃｕｔｔｉｎｇ　

ｔｈｅ　ｃｏｓｔ　ｏｆ　ｉｔｓ　ｏｐｅｒａｔｉｏｎｓ　ｉｎ　ｏｒｄｅｒ　ｔｏ　ｂｅ　ｃｏｍｐｅｔｉｔｉｖｅ　ａｓ　ｗｅｌｌ　ａｓ　ｆｉｎａｎｃｉａｌｌｙ　ｖｉａｂｌｅ．Ｃｕｓｔｏｍｅｒ　ｄｅｍａｎｄｓ．　

ｃｏｍｐｅｔｉｔｉｏｎ，ｌａｂｏｕｒ　ｃｏｓｔｓ，ａｎｄ　ｏｐｅｒａｔｉｎｇ　ｅｎｖｉｒｏｎｍｅｎｔ　ｖｏｌａｔｉｌｉｔｙ　ｈａｖｅ　ａ　ｎｅｇａｔｉｖｅ　ｉｍｐａｃｔ　ｏｎ　ｔｈｅ　ｒｅｔｕｍ　ｏｎ　

ｉｎｖｅｓｔｍｅｎｔ．Ｆｏｒ　ｃｏｍｐａｎｉｅｓ，ｉｎ　ｏｒｄｅｒ　ｔｏ　ｂｅ　ｃｏｍｐｅｔｉｔｉｖｅ　ａｎｄ　ｔｏ　ｍａｘｉｍｉｚｅ　ｓｈａｒｅｈｏｌｄｅｒｓ’ｗｅａｌｔｈ，ｔｈｅｒｅ　ｉｓ　ａ　ｎｅｅｄ　ｆｏｒ　

ｅｆｆｅｃｔｉｖｅ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ．Ｉｎ　ｐｒａｃｔｉｃｅ，ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｈａｓ　ｂｅｃｏｍｅ　ｏｎｅ　ｏｆ　ｔｈｅ　ｍｏｓｔ　

ｉｍｐｏｒｔａｎｔ　ｉｓｓｕｅｓ　ｉｎ　ｏｒｇａｎｉｚａｔｉｏｎｓ，ｗｈｅｒｅ　ｍａｎｙ　ｆｉｎａｎｃｉａｌ　ｍａｎａｇｅｒｓ　ａｒｅ　ｓｔｒｕｇｇｌｉｎｇ　ｔｏ　ｉｄｅｎｔｉｆｙ　ｔｈｅ　ｂａｓｉｃ　ｗｏｒｋｉｎｇ　

ｃａｐｉｔａｌ　ｄｒｉｖｅｒｓ　ａｎｄ　ａｎ　ａｐｐｒｏｐｒｉａｔｅ　ｌｅｖｅｌ　ｏｆ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ（Ｎａｚｉｒ＆Ａｆｚａ，２００９）．Ｉｔ　ｉｓ　ｉｎ　ｔｈｉｓ　ｃｏｎｎｅｃｔｉｏｎ　ｔｈａｔ　

ｅｆｆｅｃｔｉｖｅ　ｍａｎａｇｅｍｅｎｔ　ｏｆ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｐｌａｙｓ　ａ　ｖｉｔａｌ　ｒｏｌｅ．　

Ａ　ｓｔｕｄｙ　ｃｏｎｄｕｃｔｅｄ　ｂｙ　Ｆｏｒｔｕｎｅ　ｏｎ　１，０００　ｆｉｒｍｓ　ｆｉｎｄｓ　ｔｈａｔ　ｍｏｒｅ　ｔｈａｎ　ｏｎｅ—ｔｈｉｒｄ　ｏｆ　ｆｉｎａｎｃｉａｌ　ｍａｎａｇｅｍｅｎｔ　ｔｉｍｅ　

ｉｓ　ｓｐｅｎｔ　ｏｎ　ｍａｎａｇｉｎｇ　ｃｕｒｒｅｎｔ　ａｓｓｅｔｓ　ａｎｄ　ａｂｏｕｔ　ｏｎｅ—ｆｏｕｒｔｈ　ｏｆ　ｆｉｎａｎｃｉａｌ　ｍａｎａｇｅｍｅｎｔ　ｔｉｍｅ　ｉｓ　ｓｐｅｎｔ　ｏｎ　ｍａｎａｇｉｎｇ　

ｃｕｒｒｅｎｔ　ｌｉａｂｉｌｉｔｉｅｓ（Ｇｉｔｍａｎ，２００９）．Ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｉｓ　ａｎ　ｅｓｓｅｎｔｉａｌ　ｃｏｍｐｏｎｅｎｔ　ｏｆ　ａｌｌ　ｂｕｓｉｎｅｓｓ　

ａｃｔｉｖｉｔｉｅｓ，ａｎｄ　ｍａｎｙ　ｃｏｍｐａｎｉｅｓ　ｉｎｖｅｓｔ　ａ　ｌａｒｇｅ　ｐｒｏｐｏｒｔｉｏｎ　ｏｆ　ｔｈｅｉｒ　ｆｕｎｄｓ　ｉｎ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ，ｉｎ　ｓｏｍｅ　

ｃａｓｅｓ　ｕｐ　ｔｏ　７０％ｏｆｔｈｅｉｒ　ｔｏｔａｌ　ｉｎｖｅｓｔｍｅｎｔ　ｉｎ　ａｓｓｅｔｓ（Ｓｍｉｔｈ＆Ｆｌｅｔｃｈｅｒ．２００９）．Ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｉｓ　ｅｓｓｅｎｔｉａｌ　ｆｏｒ　ｔｈｅ　

ｄａｙ—ｔｏ－ｄａｙ　ｏｐｅｒａｔｉｏｎｓ　ｏｆ　ａ　ｂｕｓｉｎｅｓｓ，ａｎｄ　ｉｔ　ｗａｓ　ｔｈｅ　ｌｉｆｅ－ｂｌｏｏｄ　ｏｆ　ａｎｙ　ｂｕｓｉｎｅｓｓ（Ｃｈａｋｒａｂｏｒｔｙ，２００８）．　

Ｐｒｅｖｉｏｕｓ　ｓｔｕｄｉｅｓ　ｃｏｎｄｕｃｔｅｄ　ｏｎ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｓｕｐｐｏｒｔｅｄ　ｔｈｅ　ｆａｃｔ　ｔｈａｔ　ａｇｇｒｅｓｓｉｖｅ　ｗｏｒｋｉｎｇ　

Ｓａｍ　Ｎｇｗｅｎｙａ，ａｓｓｏｃｉａｔｅ　ｐｒｏｆｅｓｓｏｒ，Ｄｅｐａｒｔｍｅｎｔ　ｏｆ　Ｆｉｎａｎｃｅ，Ｒｉｓｋ　Ｍａｎａｇｅｍｅｎｔ，ａｎｄ　Ｂａｎｋｉｎｇ，Ｕｎｉｖｅｒｓｉｔｙ　ｏｆ　Ｓｏｕｔｈ　Ａｆｒｉｃａ．　Ｅｍａｉｌ：ｎｇｗｅｎｍｓ＠ｕｎｉｓａ．ａｃ．ｚａ．

　ＴＨＥ　ＲＥＬＡＴＩＯＮＳＨＩＰ，ＷＯＲＫＩＮＧ　ＣＡＰＩＴＡＬ　ＭＡＮＡＧＥＭＥＮＴ　ＡＮＤ　ＰＲＯＦＩＴＡＢＩＬＩＴＹ　１　２０５　

ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｐｏｌｉｃｉｅｓ　ｅｎｈａｎｃｅｄ　ｐｒｏｆｉｔａｂｉｌｉｔｙ（Ｅｒａｓｍｕｓ，２０　１　０；Ｎａｚｉｒ＆Ａｆｚａ，２００９；Ｕｙａｒ，２００９；　

Ａｐｐｕｈａｍｉ。２００８；Ｃｈａｋｒａｂｏｒｔｙ，２００８；Ｇａｒｃｉａ－Ｔｅｒｕｅｌ＆Ｍａｒｔｉｎｅｚ－Ｓｏｌａｎｏ，２００７；Ｃｈｉｏｕ＆Ｃｈｅｎｇ，２００６；Ｊｏｓｅ，　

Ｌａｎｃａｓｔｅｒ，＆Ｓｔｅｖｅｎｓ，１　９９６；Ｌａｚａｒｉｄｉｓ＆Ｔｒｙｆｏｎｉｄｉｓ，２００６；Ｄｅｌｏｏｆ，２００３；Ｓｍｉｔｈ＆Ｂｅｇｅｍａｎｎ，１　９９７）．　

Ｔｈｉｓ　ｓｔｕｄｙ　ａｄｄｓ　ｔｈａｔ　ｔｈｅ　ｋｎｏｗｌｅｄｇｅ　ｏｆ　ｔｈｅ　ｒｅｌａｔｉｏｎｓｈｉｐ　ｂｅｔｗｅｅｎ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ａｎｄ　

ｐｒｏｆｉｔａｂｉｌｉｔｙ　ｉｎ　ｔｗｏ　ｗａｙｓ　ｔｏ　ｔｈｅ　ｅｘｉｓｔｉｎｇ　ｋｎｏｗｌｅｄｇｅ．Ｆｉｒｓｔｌｙ，ｔｈｅ　ｓｔｕｄｙ　ｄｉｆｆｅｒｓ　ｆｒｏｍ　ｐｒｅｖｉｏｕｓ　ｓｔｕｄｉｅｓ　ｃｏｎｄｕｃｔｅｄ　

ｉｎ　Ｓｏｕｔｈ　Ａｆｒｉｃａ　ｉｎ　ｔｈａｔ　ｔｈｅ　ｃａｓｈ　ｃｏｎｖｅｒｓｉｏｎ　ｃｙｃｌｅ（ｃｃｃ）ｉｓ　ｕｓｅｄ　ａｓ　ａ　ｐｒｏｘｙ　ｆｏｒ　ｍｅａｓｕｒｉｎｇ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　

ｍａｎａｇｅｍｅｎｔ．Ｓｅｃｏｎｄｌｙ，ｔｈｅ　ｓｔｕｄｙ　ｖａｌｉｄａｔｅｓ　ｔｈｅ　ｆｉｎｄｉｎｇｓ　ｏｆ　ｐｒｅｖｉｏｕｓ　ｓｔｕｄｉｅｓ　ｃｏｎｄｕｃｔｅｄ　ｉｎｔｅｒｎａｔｉｏｎａｌｌｙ　ｏｎ　ｔｈｅ　

ｒｅｌａｔｉｏｎｓｈｉｐ　ｂｅｔｗｅｅｎ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ａｎｄ　ｃｏｒｐｏｒａｔｅ　ｐｒｏｆｉｔａｂｉｌｉｔｙ．Ｔｈｅ　ｒｅｓｔ　ｏｆ　ｔｈｅ　ｐａｐｅｒ　ｉｓ　ｓｔｒｕｃｔｕｒｅｄ　ａｓ　ｆｏｌｌｏｗｓ：　

Ｓｅｃｔｉｏｎ　ｔｗｏ　ｒｅｖｉｅｗｓ　ｔｈｅ　ｌｉｔｅｒａｔｕｒｅ　ｆｏｒ　ｔｈｅ　ｒｅｌｅｖａｎｔ　ｔｈｅｏｒｅｔｉｃａｌ　ａｎｄ　ｅｍｐｉｒｉｃａｌ　ｗｏｒｋ　ｏｎ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　

ｍａｎａｇｅｍｅｎｔ　ａｎｄ　ｉｔｓ　ｅｆｆｅｃｔ　ｏｎ　ｐｒｏｆｉｔａｂｉｌｉｔｙ．Ｓｅｃｔｉｏｎ　ｔｈｒｅｅ　ｐｒｅｓｅｎｔｓ　ｔｈｅ　ｍｅｔｈｏｄｏｌｏｇｙ　ａｎｄ　ｆｒａｍｅｗｏｒｋ　ｗｈｉｃｈ　

ｉｎｃｌｕｄｅ　ｓａｍｐｌｅ　ａｎｄ　ｖａｒｉａｂｌｅｓ　ｕｓｅｄ　ｉｎ　ｔｈｅ　ｅｍｐｉｒｉｃａｌ　ａｎａｌｙｓｉｓ．Ｉｎ　ｓｅｃｔｉｏｎ　ｆｏｕｒ．ｔｈｅ　ａｎａｌｙｓｉｓ　ｉｓ　ｃａｒｒｉｅｄ　ｏｕｔ　ａｎｄ　ｔｈｅ　

ｒｅｓｕｌｔｓ　ａｒｅ　ｐｒｅｓｅｎｔｅｄ，ａｎｄ　ｆｉｎａｌｌｙ，ｔｈｅ　ｍａｉｎ　ｃｏｎｃｌｕｓｉｏｎｓ　ａｎｄ　ｍａｎａｇｅｒｉａｌ　ｉｍｐｌｉｃａｔｉｏｎｓ　ａｒｅ　ｄｉｓｃｕｓｓｅｄ．　

Ｌｉｔｅｒａｔｕｒｅ　Ｒｅｖｉｅｗ　

Ｖａｒｉｏｕｓ　ｍｅｔｈｏｄｓ　ｈａｖｅ　ｂｅｅｎ　ａｐｐｌｉｅｄ　ｉｎ　ｍｅａｓｕｒｉｎｇ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ．Ｔｈｅ　ｔｒａｄｉｔｉｏｎａｌ　ｍｅｔｈｏｄｓ　ｏｆ　

ｍｅａｓｕｒｉｎｇ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｓｕｃｈ　ａｓ　ｃｕｒｒｅｎｔ　ｒａｔｉｏ（ＣＲ），ｑｕｉｃｋ　ｒａｔｉｏ，ａｎｄ　ｎｅｔ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｈａｖｅ　

ｂｅｅｎ　ｃｒｉｔｉｃｉｚｅｄ　ｆｏｒ　ｉｎｃｏｎｓｉｓｔｅｎｃｙ．ａｓ　ｔｈｅｉｒ　ｕｓｅｆｕｌｎｅｓｓ　ｅｎｔｉｒｅｌｙ　ｄｅｐｅｎｄｓ　ｏｎ　ａ　ｓｋｉｌｆｕｌ　ｉｎｔｅｒｐｒｅｔａｔｉｏｎ（Ｓｍｉｔｈ＆　

Ｆｌｅｔｃｈｅｒ，２００９）．Ｏｔｈｅｒ　ｋｎｏｗｎ　ｍｅｔｈｏｄｓ　ｕｓｅｄ　ａｓ　ｐｒｏｘｉｅｓ　ｔｏ　ｍｅａｓｕｒｅ　ｗｏｒｋｉｎｇ　ｃａｐｉｔａｌ　ｍａｎａｇｅｍｅｎｔ　ｉｎｃｌｕｄｅ　ｔｈｅ　

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关于杜邦分析法的外文翻译

关于杜邦分析法的外文翻译

外文资料及中文译文

作 者 姓 名 ***

专 业 财务管理

指导教师姓名 ***

专业技术职务 副教授

外文资料

FIVE WAYS TO IMPROVE RETURN ON EQUITY

The Du Pont Model: A Brief History

The use of financial ratios by financial analysts, lenders, academic researchers, and

small business owners has been widely acknowleged in the literature. (See, for

example, Osteryoung & Constand (1992), Devine & Seaton (1995), or Burson (1998)

The concepts of Return on Assets (ROA hereafter) and Return on Equity

(ROEhereafter) are important for understanding the profitability of a business

enterprise. Specifically, a “return on” ratio illustrates the relationship between

profits and the investment needed to generate those profits. However, these concepts

are often “too far removed from normal activities” to be easily understood and useful

杜邦财务分析体系外文文献翻译最新译文

杜邦财务分析体系外文文献翻译最新译文

文献信息

标题： The research on DuPont financial analysis system and profitability of listed

companies

作者： McGowan J

期刊： Accounting and Finance Research

页码： 52-63，第 1 卷，第 2 期， 2022 年

原文

The research on DuPont financial analysis system and profitability of listed

companies

McGowan J

Abstract

In order for the company's level of profitability for the correct assessment of

financial analysis, have the certain ability is necessary, among them, more applicable

to listing Corporation to evaluate the profitability of Du Pont financial analysis system.

Financial analysis is not only the historical situation and the present situation analysis

of the company also can rely on the analysis of the historical situation and the present

situation carries on the forecast to the company's future profitability, so as to be able

财务管理专业英语

财务管理专业英语

财务管理专业英语

财务管理专业英语 1 财务管理专业英语financial management 财务管理

decision-making决策,决策的

acquire获得，取得

publicly traded corporations公开上市公司

公众

vice president of finance财务副总裁

chief financial officer首席财务官

chief executive officer首席执行官

balance sheet资产负债表

capital budgeting资本预算

working capital management营运资本管理

hurdle rate最低报酬率

capital structure资本结构

mix of debt and equity负债与股票的组合

cash dividend现金股利

stockholder股东

dividend policy股利政策

dividend-payout ratio股利支付率

stock repurchase股票回购 stock offering股票发行

tradeoff权衡,折中

common stock普通股

current liability流动负债

current asset流动资产

marketable security流动性资产,有价证券

inventory存货

tangible fixed assets有形固定资产

in tangible fixed assets无形固定资产

patent专利

trademark商标

creditor债权人

stockholds’ equity股东权益

financing mix融资组合

risk aversion风险规避

volatility易变性 不稳定性

allocate 配置

capital allocation 资本配置business 企业 商业 业务

《剑桥金融财务英语》重点篇章简答题

《剑桥金融财务英语》重点篇章简答题

5

When people found or start companies, they draw up or prepare Articles of Association and a

Memorandum of Association.

The Articles of Association state:（公司规章制度；对内）

1.the right and duties of the shareholders and directors

2.the relationships among different classes of shareholder

3.the relationships between shareholders and the company and its directors.

The Memorandum of Association state:（公司注册证，组织大纲；对外）

1.the company’s name

2.the location of the company’s registered office - where to send official documents

3.the company’s purpose - its aims or objectives

4.the authorized share capital - the maximum share capital it can have.

32

Share prices depend on a number of factors:（股票价格取决于）

1.the financial situation of the company

2.the situation of the company

3.the state of the economy in general

4.the beliefs of investors - whether they believe the share price will rise or fall, and whether