英文版 MBA Financial Analysis Glossary.docx

英文版 MBA Financial Analysis Glossary.docx

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英文版MBAFinancialAnalysisGlossary

A

Accelerateddepreciation

Amethodofdepreciationthatresultsingreaterdepreciationexpensesintheearlieryearsofanasset'slife.

Accountingprofit

Thedifferencebetweenrevenuesandexpensesofabusinessenterprise,determinedaccordingtoasetofaccountingprinciples（e.g.,intheU.S.,accountingprofitisdeterminedaccordingtogenerallyacceptedaccountingprinciples,GAAP）.

Accountspayable

Amountsduetosuppliersforgoodsorservicespurchasedoncredit.

Accountsreceivable

Amountsduefromcustomersarisingfromtheextensionoftradecredit.

Accountsreceivableturnover

Theratioofnetcreditsalestoaccountsreceivables;ameasureofthenumberoftimesinaperiodthatcreditsaleshavebeencreatedandcollected.

Accumulateddepreciation

Thesumofdepreciationtakenforphysicalassetsinthefirm'spossession.

Activityratio

Aratiothatrelatesinformationonafirm'sabilitytomanageitsresourcesefficiently.

Additionpaid-incapital

Anamountpaidforsharesofstockinexcessoftheparorstatedvalueoftheshares.

Add-oninterest

Aninterestarrangementinwhichinterestisaddedtotheloanedamount,andtheprincipal（amountborrowed）andinterestarerepaidinequal,periodicpayments.

Adjustableratemortgage

Aloan,securedbyrealestate,withaninterestratethatvariesaccordingtosomeother,specifiedrate.

Agencyrelationship

Arelationbetweentwopartiesinwhichoneparty（theagent）isauthorizedbytheotherparty（theprincipal）tomakedecisionsortakeactionsforthebenefitoftheauthorizingparty.

Agent

Apersonauthorizedbyanotherperson（theprincipal）toactforhim.

Amortized

Apresentvaluethathasbeentransformedintoanequivalentseriesofcashflowsconsideringthetimevalueofmoney.

Annualizedrate

Arateofintereststatedonanannualbasis（i.e.,asarateperyear）.

Annualpercentagerate,APR

Astandardforreportinginterestrates,inaccordancetotheTruthinLendingAct,thatresultsinasimplifiedmannerofannualizingandcomparingrates.Theinterestratepercompoundperiodismultipliedbythenumberofcompoundperiodsinayear,producinganannualizedrateofinterest.

Annualpercentageyield,APY

Anannualizedratethatconsiderstheeffectsofcompoundingwiththeyear.SeealsoEAR.

Annuity

Aseriesofevencashflowsthatoccuratevenintervalsoftime.

Annuitydue

Aseriesofperiodic,evencashflowsinwhichthefirstcashflowoccurstoday.

APR

Seeannualpercentagerate.

Arbitrage

Theprocessofbuyingandsellingidenticalassetsindifferentmarketsatdifferentpricesuntiltheassethavethesamepriceeverywhere.

ArbitragePricingModel

Amodelofassetpricesthatstatesthattheexpectedreturnonanassetisthesumoftheriskfreerateandtheexpectedreturnassociatedwithunanticipatedfactors.

ArbitragePricingTheory

AnassetpricingtheorydevelopedbyStephenRossthatisbasedontheideathatidenticalassetsindifferentmarketsshouldbepricedidentically.

Articlesofincorporation

Adocumentthatisfiledwiththestatebyabusinessentitythatseeksincorporation;thedocumentdescribesthebusinessandtherightsandresponsibilitiesofitsowners.

Asset

Property,eitherreal,personal,tangible,orintangible.

Asset-backedsecurity

Asecuritycreatedbypoolingtogetherassets（e.g.,homemortgages,creditcardaccountsreceivable）andsellinginterestsintheseassets.

Assumablemortgage

Amortgagethatallowstheborrowertosellthepropertytoanotherpartyandthispartyassumesthedebtobligation.

Averagetaxrate

Theaveragerateoftaxonadollaroftaxableincome,calculatedastheratiooftaxestotaxableincome.Thetaxratepaid,onaverage,perdollaroftaxableincome.

B

Balancesheet

Astatementofassets,liabilities,andnetworthatapointintime.Alsoreferredtoasthestatementoffinancialposition.

Basicearningspershare（BasicEPS）

Netincome,lesspreferreddividends,dividedbythenumberofsharesofstockoutstanding.

Basicearningpowerratio

Theratioofafirm'soperatingincometoitstotalassets;ameasureofthereturnonafirm'sinvestmentinassets.

Beta

Ameasureofthesensitivityofanasset'sreturnstothechangesinthereturnsonthemarketportfolio.

Blindtrust

Atrustinwhichthegrantorhasnoinfluenceorinformationregardingthedecisionsofthetrustee.

Boardofdirectors

Thegoverningbodyofacorporationthatiselectedbyandmakesdecisionsintheinterestofthecorporation'sowners.

Bond

Anagreementbetweenalender（theissuer）andaborrower（theinvestor）.

Bookvalueofequity

Thevalueoftheownershipinterestinacompanyaccordingtotheaccountingconventionsapplied;thesumoftheparvalueofequity,additionalpaidincapital,retainedearnings,lesstreasurystock.

Bookvalueofequitypershare

Theratioofthebookvalueofshareholders'equitytothenumberofsharesofstockoutstanding.

Bond

Adebtobligationinwhichtheborrowerpromisestorepaytheamountoftheborrowedloanataspecifiedpointoftimeinthefuture,plus（ifagreedupon）payinterestontheborrowedfunds.

Bondingcosts

Costsincurredbyanagentinanagencyrelationshiptoensurethathe/shewillactinthebestinterstsoftheprincipals.

Bondsandnotes

Promisestorepayborrowedfundsandtomakeperiodicinterestpayments.

Budget

Awrittenplanthatorganizesactualandprojectedcashinflowsandoutflowsoveraperiodoftime.

Budgeting

Theprocessoforganizing,projecting,monitoringandcontrollingfuturecashinflowsandoutflows.

Businesscycle

Economicactivitythatspanstemporaryphasesofactivityofexpansion,recessionandrecovery,producingawave-likepatternofeconomicactivity.

Businessrisk

Theuncertaintyassociatedwiththeoperatingcashflowsofbusinessenterprise.

Bylaws

Therulesofgovernanceofanorganization;foracorporation,thebylaws（alongwiththearticlesofincorporation）becomepartofitscorporatecharter.

C

Callrisk

Theuncertaintyregardingwhetheracallablesecurity（e.g.,callablebond）willbecalled（i.e.,purchased）fromtheinvestorbytheissuer.

Capital

Afirm'sresources;fundsraisedfromlong-termsources,suchasbondsandstocks.

Capitalassetpricingmodel,CAPM

Atheoryofhowassetsarepriced,wheretheexpectedreturnonanassetisthesumoftheriskfreerateofinterestandapremiumforbearingmarketrisk.

Capitalbudgeting

Theprocessofidentifyingandselectinginvestmentsinlong-livedassets.

Capitalgain

Again（profit）onthesaleofanassetusedinbusiness,whichmayreceivepreferentialtaxtreatmentthroughanexclusionofaportionofthegainfromtaxationorsimplyfromalowertaxrate.

Capitalizationrate

Thediscountratethattranslatesafutureseriesofcashflowsintoapresentvalue.

Capitallease

Arentalobligationthatisconsideredalong-termdebt.

Capitalmarketline

Thepreferredsetofportfoliosforriskaverseinvestorsthatareacombinationoftheoptimalportfolio（i.e.,marketportfolio）andeitherborrowingorlendingopportunities.

Capitalrationing

Asituationinwhichthereisalimitontheamountofspendingonlong-terminvestmentprojects.

Capitalrecoveryperiod

Seepaybackperiod

Cashflowfromfinancingactivities

Cashflowsarisingfromtheissuance,retirement,orrepurchaseofdebtandequitysecurities.

Cashflowfrominvestingactivities

Cashflowsrelatedtothepurchaseorsaleofphysicalassets.

Cashflowfromoperatingactivities

Cashflowsofthefirmarisingfromday-to-dayoperations.

Cashflowinterestcoverageratio

Theratioofafirm'scashflowavailabletopayinteresttoitsinterestexpense;ameasureofafirm'suseoffinancialleverage.

Cashflowrisk

Theuncertaintyassociatedwiththeamountandtimingoffuturecashflowsfromaninvestment.

Cashflowstatement

Asummaryofcashinflowsandoutflows.Foranindividualusingthecashbasisofaccounting,thisstatementisasummaryofincome（i.e.,cashinflows）andexpenses（i.e.,cashoutflows）duringaperiodoftime（e.g.,ayear）.Alsoreferredtoastheincomeandexpendituresstatementandtheincomestatement.

CertifiedFinancialPlannerBoard

Anon-profitprofessionalregulatoryorganizationthatregulatesfinancialplannersbymeansofthetrademarklaw,licensingindividualswhomeetitscertificationrequirementstousetheregisteredCFPmarks.

Commercialbank

Acorporationthatischarteredunderfederalandstateregulationstoprovidefinancialservicestobothindividualandbusinesscustomers.

Commonstock

Theresidual（last-in-line）ownershipofacorporation,representedbysharesofstock.

Common-sizeanalysis

Thestudyoffinancialstatementsthathavebeenrestatedsuchthateachitemisreportedasapercentageofabase,wherethebaseforthebalancesheetistotalassetsandthebasefortheincomestatementissalesrevenues.

Communityproperty

Propertyownedbybothpartiestoamarriage.Instateswithcommunitypropertylaws,anypropertyacquiredaftermarriagebecomescommunityproperty.

Compounding

Translatingavaluetodayintoafuturevalue,consideringthatinterestisearnedoninterest.

Compoundinterest

Thepaymentofinterestbothontheprincipalamountandaccumulated,earnedinterest.

Consensusforecast

Ameasureoftheforecastsaboutaparticularitem,suchasgrossdomesticproductoracompany'searnings;inthecaseofanalysts'earningsforecasts,theaverageoftheavailableforecastsisoftenusedastheconsensusforecast.

Consumercredit

Debtthatiscreated