工商管理英語Chapter 10 財務(wù)管理
[00:00.84]為……開發(fā)票
[00:01.67]reminder n.
[00:02.39]催詢
[00:03.11]statement n.
[00:03.88]財務(wù)報表
[00:04.65]supplier n.
[00:05.39]供應(yīng)商
[00:06.14]measure n. vt. vi.
[00:06.92]測量，測量，測量
[00:07.71]investment n.
[00:08.48]投資
[00:09.25]straight adv. a.
[00:09.95]直接地，直
[00:10.66]MD：There's no doubt we've got to tighten up on financial control.
[00:12.88]毫無疑問我們必須加強(qiáng)財務(wù)管理。
[00:15.10]Peter,you're in charge of credit control.What do you suggest?
[00:17.65]彼得，你是負(fù)責(zé)信借貸管理的，你有什么建議?
[00:20.19]FC:Well,I've been looking at our payment terms,in other words how long we have to wait for payment,we must reduce the average delay in payment.
[00:26.03]我一直在考慮我們的支付條件，也就是說，要等多長時間顧客才付款必須縮短平均拖欠的付款期限。
[00:31.87]It's nearly 45 days now from the date we send out the invoice.We've got to get it down to nearly 30 days.It's not easy.
[00:37.36]現(xiàn)在從我們寄出發(fā)貨清單差不多要過45天，必須把期限縮短到差不多30天。這不容易做到。
[00:42.84]The sales people always argue it is better to wait for payment rather than lose a customer,but I think we can tighten up on reminders,statements and so on.
[00:48.55]搞銷售的人總是說寧肯等待支付貨款也不要失去顧客，可是我認(rèn)為可以把催款信、財務(wù)報表等這類工作抓得更緊一些。
[00:54.26]MD:What about our payments to suppliers?
[00:55.92]我們給供貨單位的支付情況怎么樣?
[00:57.57]FC:Well,that's more difficult.
[00:58.68]嗯，這更困難。
[00:59.79]We are a small company dealing with large suppliers.
[01:01.84]我們是與大供應(yīng)商打交道的小公司。
[01:03.90]They don't have to help us.
[01:04.90]他們不是非幫助我們不可。
[01:05.91]Still,maybe one or two of our older suppliers could give us better payment terms.
[01:08.39]不過，也許有一兩家我們的老供應(yīng)商可以提供給我們更優(yōu)惠的支付條件。
[01:10.87]MD:Right,let's look at some more general cost_cutting measures we can take.
[01:13.85]好的，我們再看看還能采取些什么更一般的措施來降低成本。
[01:16.83]I'm interested in support services such as training and personnel development.
[01:19.14]我對培訓(xùn)和人才開發(fā)這類輔助性業(yè)務(wù)感興趣。
[01:21.45]PM:Look,I must say something here.
[01:22.59]喂，這里我必須講幾句。
[01:23.72]We simply mustn't cut these services.
[01:25.26]根本不可以降低這些業(yè)務(wù)的開支。
[01:26.80]They are our long_term investment in people.
[01:28.65]這是我們在人員方面的長期投資。
[01:30.49]MD:Maybe,but we've got to reduce costs somehow.
[01:32.47]也許是這樣，但我們必須把成本降下來。
[01:34.46]We can't cut in the production area.I...
[01:36.03]生產(chǎn)領(lǐng)域不能降了，我……
[01:37.59]PM:Ture,but our training budget is already very limited.
[01:39.83]對，但是培訓(xùn)開支已經(jīng)是非常有限。
[01:42.06]Most of the training programmes are long term.
[01:43.85]大部分培訓(xùn)課程又都是長期的。
[01:45.64]MD:I'm not saying we have to stop any existing programmes,but perhaps we should look carefully at future training courses.
[01:50.48]我不是說要停掉哪一門現(xiàn)有的課程，但應(yīng)慎密考慮今后的培訓(xùn)課程。
[01:55.33]PM:Well,I can let you have details of what we plan.I think you'll see that they are all worthwhile investments.
[01:59.44]好吧，我可以把我們制訂的計劃細(xì)節(jié)提供給你。我相信你會發(fā)現(xiàn)所有這些投資都是值得進(jìn)行的。
[02:03.56]MD:I'm sure.Anyway,let me have the programme and we'll discuss it later.
[02:06.29]肯定會的。無論如何，先讓我看看這份計劃，然后我們再來討論。
[02:09.02]We'll have to stop now.I've got another meeting at 2.
[02:11.06]現(xiàn)在只好先討論到這里了，我兩點鐘還有另一個會。
[02:13.09]PM:I must go too.I've got a meeting right away.
[02:14.49]我也得走了，馬上就得去開會。
[02:15.89]maximization
[02:16.84]最大化
[02:17.80]obligation n.
[02:18.61]義務(wù)
[02:19.42]payback n.
[02:19.96]償還
[02:20.51]payback period
[02:21.34]回收期
[02:22.16]Preferred stock
[02:23.03]優(yōu)先股
[02:23.91]Common stock
[02:24.69]普通股
[02:25.48]income
[02:26.05]收入
[02:26.63]cost of capital
[02:27.37]資本成本
[02:28.11]debt
[02:28.53]債務(wù)
[02:28.95]promissory note
[02:29.90]本票
[02:30.86]Financial management is concerned with the maintenance and creation of wealth.
[02:34.06]財務(wù)管理是關(guān)于財富的保值和增值的理論。
[02:37.26]The goal of the firm is maximization of shareholder wealth.
[02:39.99]企業(yè)的目標(biāo)是使股東財富最大化。
[02:42.72]Capital gains(or losses)are gains(or losses)from the sale of assets not bought or sold in the ordinary course of business.
[02:47.64]資本收益(或損失)是指除正常業(yè)務(wù)外企業(yè)出售資產(chǎn)的收益(或損失)。
[02:52.56]Money market refers to all institutions and procedures that provide for transactions in short_term debt instruments.
[02:57.36]貨幣市場指所有為了短期債務(wù)融資工具的交易而設(shè)置的機(jī)構(gòu)和程序。
[03:02.15]The capital market refers to all institutions and procedures that provide for transactions in long_term financial instruments.
[03:06.93]資本市場是指所有為了長期金融工具的交易而設(shè)置的機(jī)構(gòu)和程序。
[03:11.71]Real assets are tangible assets like houses,equipment,and inventories.
[03:14.36]實物資產(chǎn)是指有形資產(chǎn)，如房屋、設(shè)備和存款。
[03:17.02]Financial assets represent claims for future payment on other economic units.
[03:20.01]金融資產(chǎn)代表對其他經(jīng)濟(jì)單位未來付款的求償權(quán)。
[03:23.00]Common and preferred stocks,bonds,bills,and notes are all types of financial assets.
[03:26.48]普通股、優(yōu)先股、債券、票據(jù)等都屬于金融資產(chǎn)。
[03:29.97]Three basic financial statements are commonly used to describe the financial condition and performance of the firm:
[03:34.69]通常用三種基本財務(wù)報表來描述財務(wù)狀況和公司業(yè)績：
[03:39.40]the balance sheet,the income statement and the cash flow statement.
[03:42.16]資產(chǎn)負(fù)債表、損益表和現(xiàn)金流量表。
[03:44.91]Three basic financial statements are commonly used to describe the financial condition and performance of the firm:
[03:48.77]通常用三種基本財務(wù)報表來描述財務(wù)狀況和公司業(yè)績：
[03:52.62]the balance sheet,the income statement and the cash flow statement.
[03:55.26]資產(chǎn)負(fù)債表、損益表和金流量表。
[03:57.90]balance sheet
[03:58.60]資產(chǎn)負(fù)債表
[03:59.31]Financial ratio analysis helps us identify some of the financial strengths and weaknesses of a company.
[04:03.57]財務(wù)比率分析有助于我們了解公司經(jīng)營狀況的好壞和財務(wù)地位的強(qiáng)弱。
[04:07.82]The liquidity of a business is defined as its ability ot meet maturing debt obligations.
[04:10.92]公司資產(chǎn)的流動性通常定義為公司償還到期債務(wù)的能力。
[04:14.01]Forecasting in financial management is used to estimate a firm's future financial needs.
[04:17.15]財務(wù)管理中的預(yù)測是指估計公司未來的融資需求。
[04:20.28]Compound interest occurs when interest paid on the investment during the first period is added to the principal and then,during the second period,interest is earned on this new sum.
[04:26.62]復(fù)利是指以上一期的利息加上本金為基數(shù)計算當(dāng)期利息的方法。
[04:32.95]Present value is the current value of a future payment.
[04:35.13]現(xiàn)值是指未來一筆收入折合到現(xiàn)在的價值。
[04:37.32]The expected returns an investment generates come in the form of cash flows.
[04:40.07]期望收益來源于投資產(chǎn)生的預(yù)期現(xiàn)金流。
[04:42.83]The expected rate of return is a weighed average of all the possible returns,weighed by the probability that each return will occur.
[04:48.56]投資的預(yù)期收益率是所有可能的收益率的概率加權(quán)平均。
[04:54.30]The investor's require rate of return can be defined as the minimum rate of return necessary to attract an investor to purchase or hold a security.
[05:00.17]投資者要求的收益率可以定義為吸引投資者購買或持有某種證券的最低收益率。
[05:06.05]Risk for our purposes in the variability of returns and may be measured by the standard deviation.
[05:10.15]風(fēng)險是預(yù)期收益不能實現(xiàn)的可能性，可用標(biāo)準(zhǔn)差來度量。
[05:14.25]A bond is a type of debt or long_term promissory note,issued by the borrower,
[05:17.35]債券是由借債者發(fā)行，
[05:20.44]promising to pay its holder a predetermined and fixed amount of interest per year.
[05:24.00]并承諾按期付給債券持有者預(yù)先約定的固定利息的一種長期票據(jù)。
[05:27.55]In the case of insolvency,claims of debt in general,including bonds,are honored before those of both common stock and preferred stock.
[05:32.81]公司清償時，債權(quán)人對公司資產(chǎn)的追償權(quán)要先于普通股股東及優(yōu)先股股東。
[05:38.08]The value of a bond is the present value both of future interest to be received and the par or maturity value of the bond.
[05:42.86]債券的價值等于投資者將來所收到的利息收入和本金以及票面溢值的現(xiàn)值之和。
[05:47.64]Preferred stock is often referred to as a hybrid security because it has many characteristics of both common stock and bond.
[05:52.25]優(yōu)先股常常被人稱為混合證券，因為它兼有普通股和債券的特點。
[05:56.86]Common stock is a certificate that indicates a share of ownership in the corporation.
[05:59.55]普通股票是表明公司所有權(quán)的一種證書。
[06:02.24]The payback period is the number of years needed to recover the initial cash outlay.
[06:05.19]回收期是指收回最初現(xiàn)金投入所需要的年數(shù)。
[06:08.14]The net present value(NPV)of an investment proposal is equal to the present value of its annual net cash flows after taxes less the investment's initial outlay.
[06:14.67]一項投資的凈現(xiàn)值等于預(yù)值未來每年稅后凈現(xiàn)金流的現(xiàn)值減去項目初始投資支出。
[06:21.20]The profitability index(P1),or benefit_cost ratio,is the ratio of the present value of the future net cash flows to the initial outlay.
[06:27.47]獲利能力指數(shù)，又稱收益/費用比率，是指未來凈現(xiàn)金流的現(xiàn)值與初始現(xiàn)金流比值的比率。
[06:33.74]The internal rate of return(IRR)is defined as the discount rate that equates the present value of the project's future net cash flows with the project's initial cash outlay.
[06:40.35]內(nèi)部收益率是指使項目未來凈現(xiàn)金流量的現(xiàn)值與該項目初始投資支出值相等時的貼現(xiàn)率。
[06:46.96]The weighted average cost of capital is the average of the aftertax costs of each of the sources of capital used by a firm to finance a project where the weights reflect the proportion of total financing arising from each source.
[06:56.44]資本加權(quán)平均成本由若干個單個融資成本加權(quán)平均而成，以和每項融資在全部資本中所占的百分?jǐn)?shù)為權(quán)重。
[07:05.93]Capital structure is the mix of the long_term sources of funds used by the firm.
[07:08.59]資本結(jié)構(gòu)是指公司長期資本的組合結(jié)構(gòu)。
[07:11.26]Target capital structure mix is the mix of financing sources that the firm plans to maintain through time.
[07:15.75]目標(biāo)資本結(jié)構(gòu)組合是公司一定時期計劃擁有的融資組合。
[07:20.24]The dividend payout ratio indicates the amount of dividends paid relative to the company's earnings.
[07:24.43]紅利支付率即現(xiàn)金紅利占公司凈收益的百分比。
[07:28.63]A firm's dividend policy includes two basic components:the dividend payout ratio and the stability of the dividends over time.
[07:33.51]公司的紅利政策包含兩個基本因素：紅利支付率和紅利的穩(wěn)定性。
[07:38.40]A stock repurchase(stock buyback)is when a firm repurchases its own stock,resulting in a reduction in the number of shares outstanding.
[07:44.05]股票回購是指公司購買自己的股票，以使流通的股票數(shù)量減少。
[07:49.71]An integral part of dividend policy is the use of stock dividends and stock splits.
[07:52.76]股票紅利和股票分割的應(yīng)用是紅利政策中的必要組成。
[07:55.82]Working_capital management involves managing the firm's liquidity,which in turn involves managing the firm's investment in current assets,and its use of current liabilities.
[08:02.02]營運資本管理可以看作管理公司的流動性，包括流動資產(chǎn)管理和流動負(fù)債管理。
[08:08.23]The risk_return trade_off involved in managing the firm's working capital involves a trade_off between the firm's liquidity and its profitability.
[08:14.48]營運資本管理中的風(fēng)險收益權(quán)衡就是在公司的流動性和盈利性之間進(jìn)行權(quán)衡。
[08:20.74]A company-wide cash management program must be concerned with minimizing the firm's risk of insolvency.
[08:25.70]公司現(xiàn)金管理的目標(biāo)是使公司的支付風(fēng)險率降低到最低限度。
[08:30.67]Insolvency describes the situation where the firm is unable to meet its maturing liabilities on time.
[08:35.70]支付風(fēng)險是指公司無力按期償還到期的各種債務(wù)。
[08:40.72]Inventory management involves the control of the assets that are used and produced to be sold in the normal course of the firm's operations.
[08:46.04]庫存管理包括對公司生產(chǎn)過程中使用的資產(chǎn)及公司生產(chǎn)出來用于銷售的資產(chǎn)的控制。
