公司理财词汇表文档格式.docx

公司理财词汇表文档格式.docx

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ACRSAcceleratedcostrecoverysystem.

APTArbitragepricingtheory.

Absolutepriorityrule（APR）Establishespriorityofclaimsunderliquidation.

Acceleratedcostrecoverysystem（ACRS）Asystemusedtodepreciateassetsfortaxpurposes.Thecurrentsystem,enactedbythe1986TaxReformAct,isverysimilartotheACRSestablishedin1981.Thecurrentsystemspecifiesthedepreciablelives（recoveryperiods）andratesforeachofseveralclassesofproperty.

AccountinginsolvencyTotalliabilitiesexceedtotalassets.Afirmwithnegativenetworthisinsolventonthebooks.

AccountingliquidityTheeaseandquicknesswithwhichassetscanbeconvertedtocash.

AccountspayableMoneythefirmowestosuppliers.

AccountsreceivableMoneyowedtothefirmbycustomers.

AccountsreceivablefinancingAsecuredshort-termloanthatinvolveseithertheassigningofreceivablesorthefactoringofreceivables.Underassignment,thelenderhasalienonthereceivablesandrecoursetotheborrower.Factoringinvolvesthesaleofaccountsreceivable.Thenthepurchaser,calledthefactor,mustcollectonthereceivables.

AccountsreceivableturnoverCreditsalesdividedbyaverageaccountsreceivable.

AdditionstonetworkingcapitalComponentofcashflowoffirm,alongwithoperatingcashflowandcapitalspending.

AdvancecommitmentApromisetosellanassetbeforethesellerhaslineduppurchaseoftheasset.Thissellercanoffsetriskbypurchasingafuturescontracttofixthesalesprice.

AgencycostsCostsofconflictsofinterestamongstockholders,bondholders,andmanagers.Agencycostsarethecostsofresolvingtheseconflicts.Theyincludethecostsofprovidingmanagerswithanincentivetomaximizeshareholderwealthandthenmonitoringtheirbehavior,andthecostofprotectingbondholdersfromshareholders.Agencycostsarebornebystockholders.

AgencytheoryThetheoryoftherelationshipbetweenprincipalsandagents.Itinvolvesthenatureofthecostsofresolvingconflictsofinterestbetweenprincipalsandagents.

AggregationProcessincorporatefinancialplanningwherebythesmallerinvestmentproposalsofeachofthefirm5soperationalunitsareaddedupandineffecttreatedasabigpicture.

AgingscheduleAcompilationofaccountsreceivablebytheageofaccount.

AmericanDepositoryReceipt（ADR）AsecurityissuedintheUnitedStatestorepresentsharesofaforeignstock,enablingthatstocktobetradedintheUnitedStates.

AmericanoptionAnoptioncontractthatmaybeexercisedanytimeuptotheexpirationdate.AEuropeanoptionmaybeexercisedonlyontheexpirationdate.

AmortizationRepaymentofaloanininstallments.

AngelsIndividualsprovidingventurecapital.

Annualizedholding-periodreturnTheannualrateofreturnthatwhencompoundedTtimes,wouldhavegiventhesame「periodholdingreturnasactuallyoccurredfromperiod1toperiodT.

AnnuityAlevelstreamofequaldollarpaymentsthatlastsforafixedtime.Anexampleofanannuityisthecouponpartofabondwithlevelannualpayments.

AnnuityfactorThetermusedtocalculatethepresentvalueofthestreamoflevelpaymentsforafixedperiod.

AnnuityinadvanceAnannuitywithanimmediateinitialpayment.

AnnuityinarrearsAnannuitywithafirstpaymentonefullperiodhence,ratherthanimmediately.Thatis,thefirstpaymentoccursondate1ratherthanondate0.

AppraisalrightsRightsofshareholdersofanacquiredfirmthatallowthemtodemandthattheirsharesbepurchasedatafairvaluebytheacquiringfirm.

ArbitrageBuyinganassetinonemarketatalowerpriceandsimultaneouslysellinganidenticalassetinanothermarketatahigherprice.Thisisdonewithnocostorrisk.Arbitragepricingtheory（APT）Anequilibriumassetpricingtheorythatisderivedfromafactormodelbyusingdiversificationandarbitrage.Itshowsthattheexpectedreturnonanyriskyassetisalinearcombinationofvariousfactors.

ArithmeticaverageThesumofthevaluesobserveddividedbythetotalnumberofobservations一sometimesreferredtoasthemean.

AssetsAnythingthatthefirmowns.

AssetsrequirementsAcommonelementofafinancialplanthatdescribesprojectedcapitalspendingandtheproposedusesofnetworkingcapital.

AuctionmarketAmarketwherealltradersinacertaingoodmeetatoneplacetobuyorsellanasset.TheNYSEisanexample.

AutocorrelationThecorrelationofavariablewithitselfoversuccessivetimeintervals.AvailabilityfloatReferstothetimerequiredtoclearacheckthroughthebankingsystem.Averageaccountingreturn（AAR）Theaverageprojectearningsaftertaxesanddepreciationdividedbytheaveragebookvalueoftheinvestmentduringitslife.

AveragecollectionperiodAverageamountoftimerequiredtocollectanaccountreceivable.Alsoreferredtoasdayss