财务分析复习重点

单词 第四章

1，financial planning 财务计划

2，the percentage of sales approach 销售百分比 3，capital budgeting 资本预算 4，capital structure资本结构 5,net working capital净营运资本 6,planning horizon计划维度 7,pro forma statements预计报表 8,financial statements财务报表 9,Balance sheet资产负债表 10,income statement利润表

11,external financing needed外部融资需求 12,internal growth rate 内部增长率

13,sustainable growth rate可持续增长率

第七章

1，bonds债券

2,discount bond折价债券 3,premium bond溢价债券 4,trail and error插值法 5,interest rate risk利率风险 6,indenture合约

7,sinking fund偿债基金 8,bond rating债券评级 9,government bonds国债

10,convertible bonds可转换债券 11,put bonds退回债券 12,bid-ask spread价差

13,the fisher effect费雪效应 14,nominal rate 名义利率 15,real rate实际利率

16,term structure of interest rates利率的期间结构 17,zero coupon bonds零息债券

18,floating-rate bonds浮动利率债券 19,income bonds收益债券

第十一章

1，cash flow现金流

2,net present value净现值

3,internal rate of return内含报酬率 4,forecasting risk预测风险

5,sensitivity analysis敏感性分析 6,simulation analysis模拟分析

7,break even 保本点

8,break even analysis保本点分析 9,fixed cast固定成本 10,variable cost变动成本

11,accounting break even会计保本点 12,cash break even 现金保本点 13,financial break even财务保本点 14,operating cash flow经营现金流量 15,degree of operating leverage经营杠杆 16,capital rationing资本限额 17,soft rationing软性 18,hard rationing硬性

19,scenario analysis情景分析

第十五章

1，venture capital风险投资 2,venture capitalist风险投资家

3,securities and exchange commission美国证券交易委员会 4,general cash offer一般现金发行 5,right offer权证发行

6,initial public offering首次公开发行 7,seasoned equity offering再次权益发行 8,underwriter /underwriting承销商 9,offering price发行价格 10,gross spread 发行成本 11,syndicate辛迪加（财团）

12,firm commitment underwriting包销 13,best efforts underwriting代销

14,dutch auction underwriting拍卖承销 15,the green shoe provision绿鞋条款 16,lock up agreement牢笼协议

17,right/share warrant股票认购权证 18,ex-rights date除权日

19,standby underwriting余额包销承销 20,dilution稀释

第十七章

1，dividend policy股利政策 2,cash dividend现金股利

3,regular cash dividend正常现金股利 4,distribution分配

5,ex-dividend date除息日 6,record date登记日

7,declaration date股利宣告日

8,payment date发放日

9,homemade dividend policy自制股利政策 10,asymmetric information信息不对称

11,information content effect信息含量效应t 12,clientele effect客户效应 13,repurchase /buybacks回购 14,stock dividend股票股利 15,stock split股票分割

问答题 第四章

1，how to apply the percentage of sales method? （1）Calculate the financing needs of the enterprise （2）Help prepare financial budget tables （3）Forecast cash flow

2，how to compute the external financing needed to fund a firm’ growth?

（1）=Expected total assets-Total liabilities-Expected shareholder rights and interests （2）=Increase in assets-Liability increase-Retained earnings increase

3,the determinants of a firm’s growth? (1)profit margin (2)Dividend policy (3)Financial policy (4)Total asset turnover

4,some of the problems in planning for growth?

（1）How to predict sales

（2）How to forecast the report

（3）How to calculate the demand for assets （4）How to calculate the financing needs （5）Economic hypothesis

5，What is the percentage of sales approach?

It’s refer to a method that compute the company’s sales according to the certain percentage of the specific sales (current or forecast) or the price ratio.

6,How do you adjust the model when operating at less than full capacity?

7,What is the internal growth rate?

it is the maximum growth rate that can be achieved with no external financing of any kind.

=roa*b/(1-roa*b)

8,What is the sustainable growth rate?

It is the maximum growth rate a firm can achieve with no external equity financing while it maintains a constant debt--equity ratio. =roe*b/(1-roe*b)

9,What are the major determinants of growth? (5)profit margin (6)Dividend policy (7)Financial policy (8)Total asset turnover

第七章

1， Important bond features and types of bonds.

Bond features;coupons ,level coupon ,face value or par value ,coupon rate,maturity. Types:discount bond Premium bond Government bond Zero coupon bond Floating--rate bond Incom bond

Convertible bond

2，Bond values and yield and why they fluctuate.

As time passes ,interest rates change in the marketable ,the cash flows from a bond ,however ,stay the same ,as a result ,the value of the bond will fluctuate.

3，Bond ratings and what they mean.

A credit rating of the object of the price of a bond issued by an enterprise or the economic entity They mean default risk

4，The impact of inflation on interest rates. Intlation=nominal rate -real rate

5，The term structure of interest rates and the determinants of bond yields.

The relationship between short-term and long-term interest rates is know as the term stucture of interest rates( real rate ,inflation premium,interest rate risk premium)

the determinants of bond yields;Coupon rate maturity date coupon

Purchase price Sell price

6,What is a bond indenture?

The indenture is the written agreement between the corporation and its creditors.

7,How does inflation affect interest rates? Inflation up, interest rates down Inflation down, interest rates up

8,What is the term structure of interest rates?

The relationship between short-term and long-term interest rates is know as the term stucture of interest rates( real rate ,inflation premium,interest rate risk premium)

9,What factors determine the required return on bonds?

Coupon rate maturity date coupon

Purchase price Sell price 第十一章

1， How to preform and interpret a sensitivity analysis for a proposed investment.

The basic ideal with a sensitivity analysis is to freeze all of the variable except one and then see how sensitivity our estimate of NPV is to changes in that one variable .

if you NPV estimate turns out to be very sensitive to relatively small changes in the projected value of some component of project cash flow,then the forecasting risk associated with that variable is high.

2， How to preform and interpret a scenario analysis for a proposed investment.

The basic form of what--if analysis is called scenario analysis.(The best case ,the worst case .) Choice high income,low cost.

3， How to determine and interpret cash, accounting, and financial break-even points. Accounting break--even where NI=0 Q=(FC+D)/(P-V) Csah break--even where OCF=0 Q=FC/(P-V)

Financial break--even where NPV=0 Q=(FC+OCF*)/(P-V)

4， How the degree of operating leverage can affect the cash flows of a project. By fixed production costs affect the cash flows of a project

The fixed production costs Increase,the cash flows of a project decrease.

5， How capital rationing affects the ability of a company to accept projects.

Limited the funds.If you have only a small amount of money, you can't choose the expensive project.

6， What is sensitivity analysis, scenario analysis?

The basic ideal with a sensitivity analysis is to freeze all of the variable except one and then see how sensitivity our estimate of NPV is to changes in that one variable . The basic form of what--if analysis is called scenario analysis

7， What are the three types of break-even?

Accounting break--even where NI=0 Q=(FC+D)/(P-V) Csah break--even where OCF=0 Q=FC/(P-V)

Financial break--even where NPV=0 Q=(FC+OCF*)/(P-V)

8，What is degree of operating leverage?

Operating leverage is the degree to which a project or firm is committed to fixed production costs.

第十五章

1，The venture capital market and its role in the financing of new, high-rish ventures.

Although there is a large venture capital market,the truth is that access to venture capital is really very limited.but the new, high-rish ventures get venture capital more easily.

2,How securities are sold to the public and the role of investment banks in the process.

3， Initial public offerings and some of the costs of going public.

4， How rights are issued to existing shareholders and how to value those rights. Stock option right.

Have the value that buy the new shares issued by the company (or treasury stock).,Before the expiry date.

5，What is venture capital ?

It generally refers to financing for new ,often high--risk ventures

6，What are some of the important services provided by underwriters? Formulating the method used to issue the securities Pricing the new securities Selling the new securities

7，What type of underwriting is the most common in the United States? Firm commitment underwriting Best effort underwriting Dutch auction underwriting

8，What are some of the costs associated with issuing securities? (1)gross spread

(2)Other direct expenses (3)Indirect expenses (4)Abnormal returns (5)Underpricing (6)Green shoe option

第十七章

1，Dividend types and how they are paid. Regular cash dividends Extra dividends Special dividends Liquidating dividends

2，The issues surrounding dividend policy decisions.

Taxes , flotaion costs , dividend restrictions ,disire for current incom, tax and other benefits from high dividends.

3，The difference between cash and stock dividends. Cash dividends;pay cash ,effect cash flow

Stock dividends;pay stock,no contact with cash flow

4， Why share repurchases are an alternative to dividends. Because it Return the remaining funds to shareholders

5，What are the different types of dividends, and how is a dividend paid?

Cash dividend( Regular cash dividends, Extra dividends, Special dividends, Liquidating dividends)

Stock dividend(stock)

6，What is the clientele effect, and how does it affect dividend policy relevance? Different clientele pursue different values,

As long as enough high--dividend firms satisfy the dividend-loving investors,a firm won’t be able to boost its share price by paying hiah dividend.

7，What is the information content of dividend changes?

The change of dividend policy will not change the value of stock of the company

8，What are stock dividends, and how do they differ from cash dividends?

The stock dividend is the dividend paid by the company in the way of issuing stock. Cash dividends;pay cash ,effect cash flow

Stock dividends;pay stock,no contact with cash flow

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