公司理财词汇表.docx
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COPORATEFINANCE
Glossary
AARAverageaccountingreturn.
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