工商管理英語(yǔ)Chapter 10 財(cái)務(wù)管理

[00:00.00]invoice vt. [00:00.84]為……開(kāi)發(fā)票 [00:01.67]reminder n. [00:02.39]催詢 [00:03.11]statement n. [00:03.88]財(cái)務(wù)報(bào)表 [00:04.65]supplier n. [00:05.39]供應(yīng)商 [00:06.14]measure n. vt. vi. [00:06.92]測(cè)量，測(cè)量，測(cè)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(wú)疑問(wèn)我們必須加強(qiáng)財(cái)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(shuō)，要等多長(zhǎng)時(shí)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(guò)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(shuō)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(cái)務(wù)報(bào)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(guò)，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?cè)倏纯催€能采取些什么更一般的措施來(lái)降低成本。 [01:16.83]I'm interested in support services such as training and personnel development. [01:19.14]我對(duì)培訓(xùn)和人才開(kāi)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(kāi)支。 [01:26.80]They are our long_term investment in people. [01:28.65]這是我們?cè)谌藛T方面的長(zhǎng)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(lái)。 [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(duì)，但是培訓(xùn)開(kāi)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(zhǎng)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(shuō)要停掉哪一門(mén)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(jì)劃細(xì)節(jié)提供給你。我相信你會(huì)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(huì)的。無(wú)論如何，先讓我看看這份計(jì)劃，然后我們?cè)賮?lái)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(diǎn)鐘還有另一個(gè)會(huì)。 [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(kāi)會(huì)。 [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(cái)務(wù)管理是關(guān)于財(cái)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(cái)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(chǎng)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(chǎng)是指所有為了長(zhǎng)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(shí)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(duì)其他經(jīng)濟(jì)單位未來(lái)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(cái)務(wù)報(bào)表來(lái)描述財(cái)務(wù)狀況和公司業(yè)績(jī)： [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(cái)務(wù)報(bào)表來(lái)描述財(cái)務(wù)狀況和公司業(yè)績(jī)： [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(cái)務(wù)比率分析有助于我們了解公司經(jīng)營(yíng)狀況的好壞和財(cái)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(dòng)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(cái)務(wù)管理中的預(yù)測(cè)是指估計(jì)公司未來(lái)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(jì)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(lái)一筆收入折合到現(xiàn)在的價(jià)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(lái)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(gòu)買(mǎi)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(xiǎn)是預(yù)期收益不能實(shí)現(xiàn)的可能性，可用標(biāo)準(zhǔn)差來(lái)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(zhǎng)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(shí)，債權(quán)人對(duì)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(jià)值等于投資者將來(lái)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?yàn)樗嬗衅胀ü珊蛡奶攸c(diǎn)。 [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(shū)。 [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(xiàng)投資的凈現(xiàn)值等于預(yù)值未來(lái)每年稅后凈現(xiàn)金流的現(xiàn)值減去項(xiàng)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(fèi)用比率，是指未來(lái)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(xiàng)目未來(lái)凈現(xiàn)金流量的現(xiàn)值與該項(xiàng)目初始投資支出值相等時(shí)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(gè)單個(gè)融資成本加權(quán)平均而成，以和每項(xiàng)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(zhǎng)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(shí)期計(jì)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(gè)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(gòu)是指公司購(gòu)買(mǎi)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(yíng)運(yùn)資本管理可以看作管理公司的流動(dòng)性，包括流動(dòng)資產(chǎn)管理和流動(dòng)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(yíng)運(yùn)資本管理中的風(fēng)險(xiǎn)收益權(quán)衡就是在公司的流動(dòng)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(xiǎn)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(xiǎn)是指公司無(wú)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(kù)存管理包括對(duì)公司生產(chǎn)過(guò)程中使用的資產(chǎn)及公司生產(chǎn)出來(lái)用于銷售的資產(chǎn)的控制。

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