中英文對照專業(yè)名詞財務成本管理.doc

1、中英文對照 專業(yè)名詞 財務本錢管理PART I Fundamentals to Financial Management第一局部財務管理導論Section I Fundamentals to Financial Management第一節(jié)財務管理概述ma_imization_利潤最大化 1-1 EPS ma_imization_每股收益最大化【講解】EPS, earnings per share 每股收益 1-2 Ma_imization of shareholders wealth_股東財富最大化 .Share holder wealth ma_imization is a fundamen

2、tal principleof financial management.In financial management we assumethat the objective of the business is to ma_imize shareholder wealth.This is not necessarily the same as ma_imizing profit.【講解】1ma_imization ,m?ksimai"zei-n n.最大化，極大化 2minimization ,minimai"zei-n, -mi"z- n.最小化 3ma_i

3、mize "m?ks?ma?z v.最大化，取„„最大值，到達最大值 4minimize "m?n?ma?zv.最小化5minimum n.最小值，最小量 adj.最小的，最低的 6ma_imum n.極大，最大限度，最大量 adj.最高的，最多的7the same as 和„„一樣，與„„一樣 學習成果回憶 【譯】股東財富最大化是財務管理的根本原那么。在財務管理中我們假定企業(yè)的目的就是實現(xiàn)股東財富最大化。該目的與利潤最大化不一定一樣。2.Moral &q

4、uot;m?r(?)l hazard "h?z?d 道德風險 2-1 Adverse choice/selection 逆向選擇 2-2 Business ethics 商業(yè)道德 2-3 Social responsibility 社會道德【講解】choice 與 selection 辨析 choice 意為從眾多當中選取一個，側(cè)重描繪過程。而 selectselection那么強調(diào)根據(jù)某種規(guī)那么進展精心挑選。3.Financial market 金融市場 4.Fi_ed-ine security 固定收益證券 4-1 Equity security 權(quán)益證券 4-2 Derivat

5、ive d?"r?v?t?v security 衍生證券 【講解】Derive d?"ra?v v.于，派生5.Financial intermediary ,?nt?"mi?d-r?金融中介機構(gòu) 【講解】intermediary n.中間人，仲裁者，調(diào)解者，媒介物 adj.中間的 6.Pension "pen?(?)n fund 養(yǎng)老基金 7.Money market 貨幣市場 7-1 Capital market 資本市場 7-2 Debt market 債務市場 7-3 Equity market 股權(quán)市場 8.Primary "pra?

6、m(?)r? market 一級市場 8-1 Secondary "sek(?)nd(?)r? market 二級市場 【講解】公司戰(zhàn)略中價值鏈相關(guān)聯(lián) 1Primary activities 根本活動 2Secondary activities 輔助活動 9.Floor trading market 場內(nèi)市場 9-1 OTC market 場外市場 【講解】OTC, over the counter 場外交易，非處方藥Section II Analysis of Financial Statements_第二節(jié)財務報表分析p _10.Stakeholder_n.利益相關(guān)方 10-1

7、Equity investor n.股權(quán)投資人 10-2 Creditor "kred?t? n.債權(quán)人 10-3 Manager "m?n?d-n.經(jīng)理人員 10-4 Supplier s?"pla- n.供給商客戶 10-5 Government "g?v(?)n,m(?)nt; "g?v?m(?)nt n.政府 10-6 Customer "k?st?m? n.客戶 11.CPA, certified public accountant 注冊會計師 12.Limitation l?m?"te-(?)n n.局限性 13

8、.Financial ratio analysis_財務比率分析p 14.Short-term solvency_短期償債才能 15.Working capital_營運資本 15-1 Working capital = current assets – current liabilities_營運資本 = 流動資產(chǎn) – 流動負債 16.Current ratio_流動比率 16-1 Current ratio = _流動比率 =17.Quick ratio/acid test ratio_速動比率 17-1 Quick ratio = _速度比率 =1

9、8.Cash ratio_現(xiàn)金比率 18-1 Cash ratio = _現(xiàn)金比率=.The cash ratio is a more conservative liquidity measure than the current or quick ratio.The cash ratio is too conservative to accurately reflect a firms liquidity position because it assumes that firms can fund their current liabilities with only cash and m

10、arketable securities.【譯】較流動比率或速動比率而言，現(xiàn)金比率是更加保守的流動性指標。但現(xiàn)金比率過于保守，往往不能準確的反映公司的流動性狀況，這主要是因為該比率假定公司只能依靠現(xiàn)金和有價證券來對其流動負債進展融資?！局v解】too„to„句型 太„„以致于不能„„19.Cash flow ratio_現(xiàn)金流量比率 19-1 Cash flow ratio = _現(xiàn)金流量比率 =20.Long-term solvency_長期償債才能【講解】Solvency

11、"s?lv?ns? n.償付才能，清償才能 Insolvency ?n"s?lv(?)ns? n.破產(chǎn)，無力歸還，倒閉 21.Debt ratio_資產(chǎn)負債率21-1 Debt ratio = _資產(chǎn)負債率 =22.Debt-to-equity ratio/equity ratio_產(chǎn)權(quán)比率 22-1 Equity ratio = _產(chǎn)權(quán)比率 =23.Equity multiplier_權(quán)益乘數(shù) 23-1 Equity multiplier = _權(quán)益乘數(shù) =24.Debt to long-term capital ratio_長期資本負債率 24-1 Debt to lo

12、ng-term capital ratio = _長期資本負債率 =25.Interest cover_利息保障倍數(shù) 25-1 Interest cover = _利息保障倍數(shù) =26.Cash flow cover ratio_現(xiàn)金流量利息保障倍數(shù) 26-1 Cash flow cover ratio = _現(xiàn)金流量利息保障倍數(shù) =27.Cashflow-to-debt ratio_現(xiàn)金流量債務比 27-1 Cashflow-to-debt ratio = _現(xiàn)金流量債務比 =28.Operating ratio_營運才能比率 29.Asset management ratio_資產(chǎn)管理比率

13、 30.Accounts receivable turnover ratio_應收賬款周轉(zhuǎn)率 30-1 Accounts receivable turnover ratio = _應收賬款周轉(zhuǎn)率 =【講解】Turnover "t-n-v? n.營業(yè)額，流通量，人員流動強調(diào)辭職人員的多寡31.Inventory turnover ratio_存貨周轉(zhuǎn)率 31-1 Inventory turnover ratio = _存貨周轉(zhuǎn)率 =32.Current assets turnover ratio_流動資產(chǎn)周轉(zhuǎn)率 32-1 Current assets turnover ratio =

14、_流動資產(chǎn)周轉(zhuǎn)率 =33.Working capital turnover ratio_營運資本周轉(zhuǎn)率 33-1 Working capital turnover ratio = _營運資本周轉(zhuǎn)率 =34.Non-current assets turnover ratio_非流動資產(chǎn)周轉(zhuǎn)率 34-1 Non-current assets turnover ratio =非流動資產(chǎn)周轉(zhuǎn)率 =35.Total assets turnover ratio_總資產(chǎn)周轉(zhuǎn)率 35-1 Total assets turnover ratio = _總資產(chǎn)周轉(zhuǎn)率 =36.Profitability ratio

15、_盈利才能比率 37.N N et profit margin_銷售凈利率 37-1 profit margin = _銷售凈利率 =【講解】Margin "m?d-nn.邊緣，利潤，保證金，余裕 v.加邊于，加旁注于38. profit on total assets 總資產(chǎn)凈利率38-139.ROE, return on equity_權(quán)益報酬率 39-1 profit on equity_權(quán)益凈利率 profit on equity = _權(quán)益凈利率 =value ratio_市價比率 E ratio, price earningsra tio_市盈率41-1 P/E rati

16、o = _市盈率 =.A firm can have negative earnings, which produces a meaningless P/E ratio.翻譯：公司可能會有負的收益，這會使市盈率指標失去意義?！局v解】Negative adj.負的，消極的，否認的，陰性的 n.負數(shù)，否認 v.否認，回絕 Negative confirmation 消極函證 42.P/Bratio, price- - to- - book ratio_市凈率 42-1 P/B ratio =or _市凈率 =或43.P/S ratio, price- - to- - sales ratio_市銷率

17、 43-1 P/S ratio = _市銷率 =yield_股利收益率 44-1 Dividend yield = _股利收益率 =【講解】yield ji?ld n.產(chǎn)量，收益 v.屈從，放棄，出產(chǎn) 45.D D ividend payout_股利支付率 45-1 dividend payout = _股利支付率 =46.DuPontAnalysis System_杜邦分析p 體系 46-1 profit on equity =_ _權(quán)益凈利率 = _ _46-2 improved profit on equity =–= _– _= ) &n

18、dash; _= profit on operating assets + ( profit on operating assets – interest rate after ta_) _ financial leverage_改良后權(quán)益凈利率 =–= _– _= ) – _= 凈經(jīng)營資產(chǎn)凈利率 + 凈經(jīng)營資產(chǎn)凈利率 – 稅后利息率 _ 凈財務杠桿S S ection III Long- - term Planning and Financial Forecast第三節(jié)長期方案與財務預測47.

19、F F inancial forecasting 財務預測 【講解】Forecast "f-k?st v&n.預測48.P P ercentage- - of- - sales method 銷售百分比法 49.G G rowth rate 增長率 49-1 Sales growth rate 銷售增長率 50.I I nternal growth rate 內(nèi)含增長率 51.Sustainablegrowth rate 可持續(xù)增長率 【講解】Sustainable s?"sten?bl adj.可持續(xù)的，可以忍受的，足可支撐的 PART II Financial

20、Valuation第二局部：財務估價Section I Fundamental Concepts to Financial Valuation第一節(jié)財務估價的根底概念valuation _財務估價 53.I I ntrinsic value_內(nèi)在價值【講解】Intrinsic ?n"tr?ns?k adj.固有的，本質(zhì)的 53-1 Economic value_經(jīng)濟價值 53-2 Fair market value_公平市場價值 53-3 Book value_賬面價值 53-4 Market value_市場價值 53-5 Liquidation value_清算價值 54.T T

21、 ime value of money_貨幣的時間價值 55.poundinte rest_復利 【講解】pound "k?mpa?ndadj.復合的，混合的 n.化合物，混合物，復合詞 v.合成，混合，和解妥協(xié) 56.I In nterest rate for ation kw?(?)"te-(?)n _報價利率【講解】ation kw?(?)"te-(?)n n.報價，引用，引證_?"nju-t? n.年金 57-1 Nominal"n?m?n(?)l interest rate_名義利率 58.FV, future value/final

22、 value_終值59.PV, present value_現(xiàn)值 59-1 NPV, present value_凈現(xiàn)值60.S S inking fund_償債基金 【講解】Sink s-k v.下沉，消沉 不規(guī)那么動詞，過去式和過去分詞均為 sunkSunk cost 漂浮本錢61.P P erpetuity_永續(xù)年金；不可兌換的公司債券 62.R R andom event_隨機事件 62-1 Discrete d?"skri?t distribution_離散型分布 62-2 Normal distribution_正態(tài)分布 【講解】Normal adj.正常的，標準的，正規(guī)

23、的 n.正常，標準，常態(tài) 62-3 Variance_方差 62-4 SD, standard deviationdi?v?"e-(?)n _標準差portfolio_投資組合rate of return_預期報酬率 _相關(guān)性 65-1 Correlation coefficient,k-?"f-(?)nt_相關(guān)系數(shù) 65-2 Covariance_協(xié)方差 65-3 Covariance k-"ve?r-ns matri_ "me?tr?ks _協(xié)方差矩陣 66.O O pportunity set_時機集 67.D Dn iversification

24、d?,v?s?f?"ke-n effect_分散化效應 68.P P erfect positivecorrelation_完全正相關(guān) 68-1 Perfect negative correlation_完全負相關(guān) 69.CML, ca pital market line_資本市場線 70.R R isk- - free assets_無風險資產(chǎn) 71.M Mm arket equilibrium ,i?kw?"l?br-m; ,ekw?- point_市場平衡點 72.S S ystematic s?st?"m?t?k risk_系統(tǒng)風險 73.CAPM, ca

25、pital asset pricing model_資本資產(chǎn)定價模型 74.SML, security market line_證券市場線 75.B B eta coefficie nt_貝塔β系數(shù)Section II Valuation of Bond and Share第二節(jié)債券和股票股價_b?ndn.債券 76-1 Bond valuation_債券估價 76-2 Par value/face value_債券面值 76-3 Coupon rate_債券票面利率 【講解】coupon "ku?p?nn.息票，優(yōu)惠券 76-4 Maturity date/e_p

26、iry date_債券的到期日 77.C C oupons bond_平息債券 77-1 Zero coupon bond_零息債券 77-2 Perpetual bonds_永久債券 78.O O rdinary share valuation_普通股票的估價 79.O O pening price_開盤價 79-1 Closing price_收盤價 80.T T he value of zero growth share_零增長股票的價值 80-1 The value of constant growth share_固定增長股票的價值 【講解】Constant "k?nst(

27、?)nt n.常量，恒量 adj.不變的，恒定的，經(jīng)常的 yield_期望收益率Section III Cost of Capital_第三節(jié)資本本錢_82.C C ost of capital_資本本錢 83.WACC, weighted averagecost of capital_加權(quán)平均資本本錢of ordinary share_普通股本錢 85.R R isk- - free interest rate_無風險利率 free mobile85-1 Market risk premium_市場風險溢價 【講解】Premium "pri?m-m n.溢價，額外費用，獎金，保險費

28、Discount n.折扣，貼現(xiàn)率，折現(xiàn)率 v.貼現(xiàn)，打折扣 At premium 溢價，按溢價 issue at premium 溢價發(fā)行 At discount 按折價，低價發(fā)行 issue at discount 折價發(fā)行 86.DCF model_折現(xiàn)現(xiàn)金流量模型 87.D D ividend growth model_股利增長模型 88.C C ost of d ebt_債務本錢 89.H H istorical cost_歷史本錢 89-1 Future cost_將來本錢 90.C C ommitted ine_承諾收益 【講解】mit k?"m?t v.承諾，使&am

29、p;bdquo;„承當義務，犯罪，做錯事 91.YTM, yield to maturity_到期收益率pany method_可比公司法 92-1 Risk adjustment method_風險調(diào)整法 93.C C ost of debt after ta_稅后債務本錢 94.P P rofit after ta_稅后利潤 95.I I ssuing costs_發(fā)行本錢 Section IV Business Valuation_第四節(jié)企業(yè)價值評估_96.B B usiness valuation_企業(yè)價值評估 97.E E ntity value_實體價值 97-

30、1 Equity value_股權(quán)價值 97-2 Going concern value_持續(xù)經(jīng)營價值 97-3 Liquidation value_清算價值 98.V V alue of non- - contr olling interest (NCI) _少數(shù)股權(quán)價值 MIcash flow model_股利現(xiàn)金流量模型 99-1 Equity cash flow model_股權(quán)現(xiàn)金流量模型growth model_永續(xù)增長模型 100-1 Two-phase growth model_兩階段增長模型 100-2 Entity cash flow model_實表達金流量模型 .D D

31、 ebt cash flow_債務現(xiàn)金流量 102.E E ntity value = forecas t period value + follow- - up period value_企業(yè)實體價值 = 預測期價值 + 后續(xù)期價值 【講解】Follow-up "f?l- ?p n.跟進，后續(xù)行動 adj.后續(xù)的，增補的 103.R R elative value method_相對價值法 【講解】Relative "rel?t?v adj.相對的，有關(guān)系的，成比例 n.親戚，103-1 Multiplier valuation method_乘數(shù)估值法 【講解】Mult

32、iplier "m?lt?pla- n.乘數(shù) 104.P P rice earnings ratio model (P/E ratio) _市價/凈收益比率模型市盈率104-1 Price-to-book ratio model (P/B ratio) _市價/凈資產(chǎn)比率模型市凈率104-2 Price-to-sales ratio (P/S ratio, also called ine multiplier) _市價/收入比率模型收入乘數(shù)PART III Long- - term Invest tment 長期投資g Section ICapital Budgeting 資本預算1

33、05.Capitalbudgeting_資本預算 106.DCF method, discounted cash flow method _現(xiàn)金流量折現(xiàn)法 107.C C ash outflow_現(xiàn)金流出 107-1 Cash inflow_現(xiàn)金流入 107-2 cash flow_現(xiàn)金凈流量 108.R R elevant cost_相關(guān)本錢 108-1 Irrelevant cost 非相關(guān)本錢 108-2 sunk cost 漂浮本錢 109.O O pportunity cost_時機本錢 110.fi_ed assets replacement 固定資產(chǎn)更新 111.A A vera

34、ge annual cost of non- - current assets 固定資產(chǎn)的平均年本錢 112.D D epreciation allowed for ta_ 折舊抵稅 113.NPV method_凈現(xiàn)值法 113-1 IRR, Internal rate of return_內(nèi)含報酬率法 113-3 ARR, accounting rate of return 會計報酬率法 114.M My utually"mjut?u?li e_clusive ?k"sklu?s?v; ek- projects _互斥工程 .When pared to the NPV,

35、 each of the other profitability measures has serious flaws, especially when evaluating mutually e_clusive projects.【譯】與凈現(xiàn)值法相比，其他的盈利性計量方法均有嚴重的缺陷，特別是在評估互斥工程時。【講解】Flaw fl- n.缺點，瑕疵 115.EAC, equivalent annual costs_等額年金法 116.C C apital rationing _資本約束，資本限額 【講解】ration n.定量，定額，理性，配給量 v.配給，定量供給risk to proj

36、ect/project- - specific risk _工程特有風險 118.A A djusted cash flow 調(diào)整現(xiàn)金流量 119.R R isk adjusted discount rate method_風險調(diào)整折現(xiàn)率法 120.D D egearing β of parable pany_卸載可比公司財務杠桿 120-1 Regearing βof target pany_加載目的企業(yè)財務杠桿 【講解】De-前綴，意為“除去，取消，分開” Gear "g-r- n.齒輪，傳動裝置 v.搭上齒輪，合適121.S S ensiti

37、vity sens?"t?v?t? s analysis 敏感性分析p 121-1 Ma_imin "m?ks?m?nmethod 最大最小法 121-2 Scenarios?"n?r-? analysis 情景分析p condition 基準情景analysis Section II Option Valuation期權(quán)估價124.O O ption "?p?(?)n n.期權(quán) 125.Underlyingassets 標的資產(chǎn) 126.C C all option 看漲期權(quán) 127.E E _ercise price/strike price 行權(quán)價

38、 128.A A merican option 美式期權(quán) 129.Premium 期權(quán)金 130.T T raded option 在交易所買賣的期權(quán) 131.OTC option 場外期權(quán) 132.O O ption value 期權(quán)價值 133.B Bl inomial ba?"n-m-lmodel 二叉樹模型 134.B B lack- - Scholes option pricing model 布萊克-斯科爾斯期權(quán)定價模型 135.R R eal options 實物期權(quán) 135-1 Options to delay/defer 延遲期權(quán) 135-2 Options to

39、switch/redeploy 轉(zhuǎn)換期權(quán) 135-3 Options to e_pand/contract 擴張期權(quán) 135-4 Options to abandon ?"b?nd(?)n 放棄期權(quán) PART IV Long- - term Financing長期籌資Section I Capital Structure 資本構(gòu)造136.C C apital structure_資本構(gòu)造 137.L L ong- - term financing_長期籌資 138.O O perating leverage_經(jīng)營杠桿 139.EBIT, earningsbefore interest

40、s and ta_es_息前稅前利潤 140.F F inancial e leverage "li?v(?)r?d?; "lev(?)r?d? _財務杠桿 141.DTL, degree of total leverage_總杠桿系數(shù) 142.F F inancial structure_財務構(gòu)造 143.H H_omogeneous_,h?m?(?)"d?i?n-s; -"d?en- adj.同類的，同質(zhì)的，同種的，均勻的 144.P P erfect capital market_完美資本市場 145.M MM theory_MM 理論 146.T

41、 T rade- - off theory_權(quán)衡理論 147.F F inancial distress_財務困境 【講解】Trade-off "treid?f,-?:f n.交換，權(quán)衡，取舍 Distress n.危難，不幸，貧困 v.使悲哀，使貧困148.A A gency theory_代理理論 149.A A sse t substitution problem_資產(chǎn)替代問題 150.P P ecking order theory_有序融資理論 151.I I ndifferent point to EPS_每股收益無差異點法 【講解】Indifferent ?n"

42、d?f(?)r(?)nt adj.漠不關(guān)心的,無關(guān)緊要的,中立的 Section II Dividend Distribution 股利分配152.D D ividend distribution_股利分配 153.L L egal reserve_法定公積金 154.D D ividend_"d?v?dend n.股利 155.Announcement date 股利宣告日 155-1 Record date_股權(quán)登記日 155-2 e_-dividend date_除息日dividend_現(xiàn)金股利 156-1 Property dividend_財產(chǎn)股利 156-2 Liabil

43、ity dividend_負債股利 156-3 Scrip dividend_票據(jù)股利以本公司期票 notes 發(fā)給的股利，是一種 liability dividend【講解】scrip skr?p n.臨時憑證，臨時股票，紙條，紙片 157.D D ividend theory_股利理論 158.T T a_ difference theory_稅差理論 159.Clienteleeffect theory_客戶效應理論 【講解】clientele ,kli-n"tel n.客戶，老主顧，訴訟委托人160.Signaling "sin?li? theory_信號理論 16

44、1.Dividend distribution policy161-1 Residual r?"z?dj-l dividend policy_剩余股利政策161-2 Constant or sustainable growth dividend policy_固定或持續(xù)增長股利政策 161-3 Constant dividend payout ratio_固定股利支付率政策 161-4 Low regular plus specially designated dividends_低正常股利加額外股利政策 【講解】Designate "dez?gne?tv.指定，指派，標出

45、 adj.指定的，選定的 162.share dividend_股票股利 163.share split_股票分割 164.S S hare repurchase_股票回購 Section III Ordinary share and long- - term debt financing普通股和長期負債籌資165.O O rdinary share_普通股 166.Registered share 記名股 166-1 Bearer share_不記名股 【講解】Bearer "be?r? n.出票人，持有人with face value_面值股票 168.sale on missi

46、on_委托銷售 169.U U nderwrite_?nd?"ra?t; "?nd?ra?tv.承購包銷 170.S S ales by pro_y _代銷 【講解】Pro_y "pr?ks? n.代理人，委托書，代用品 171.N N et value of assets method_資產(chǎn)凈值法又稱為凈資產(chǎn)倍率法172.O Ov v er the counter market (OTC market) _店頭市場 173.S S easoned equity offering_股權(quán)再融資 174.F F inancing by issuing new shar

47、es_增發(fā)新股融資 175.R R ight issue_附權(quán)發(fā)行；配股 176.G G eneral protective provisions_一般性保護條款 177.L L ong- - term bond_長期債券 178.R R egistered bond_記名債券 179.C C onv ertible bond_可轉(zhuǎn)換債券 180.M Mortgage ortgage "m-g?d? bond_bond_抵押債券 181.R R eal estate mortgage bond_不動產(chǎn)抵押債券 【講解】Real estate?"ste?t; e- 不動產(chǎn)，房

48、地產(chǎn) Property "pr?p?t? n.財產(chǎn)，所有權(quán)，屬性182.E E quipment mortgage bond_設(shè)備抵押債券 183.R R eal estate mortgage bond_不動產(chǎn)抵押債券 184.Deben ture d?"bent- bonds_信譽債券 185.C C orporate bond_公司債券 【講解】Debenture 和 bond 辨析 Debenture 通常指信譽債券，而 bond 指有風險緩釋物的債券。186.participating participating p:"tisipeiti? corpor

49、ate bond corporate bond_參加公司債券 187.F F i_ed interest rate bond_固定利率債券 187-1 Floating "fl-t- interest rate bond_浮動利率債券 188.L L isted bond/publicly traded bond_上市債券 【講解】List l?st v.使公司上市bond 到期一次債券 189-1 Serial bond/installment bond_分期債券 【講解】Serial "s-r-l adj.分期歸還的，連續(xù)的，連載的 Installment in&quo

50、t;st?:lm?nt n.分期付款，安裝，就職 190.R R epayment at maturity_到期歸還 190-1 Repayment in advance_提早歸還 190-2 Repayment in arrears_滯后歸還 【講解】1in advance adv.預先，提早 2advance ?d"v?ns n.開展，前進，預付款 adj.預先的，先行的 v.預付，將„„提早 3in arrears 拖欠，拖延 4arrears ?"r-z n.拖欠，待完成的事，應付欠款 Section IV Other lon

51、g- - term financing其他長期籌資191.W W ar rants_w?:r?nts n.認股權(quán)證 192.Convertible_k?n"v-t?b(?)ladj.可轉(zhuǎn)換的 193.C C all provision_贖回條款 194.C C all provision_贖回條款 194-1 Put provision_回售條款 .Some bonds have a put provision, which gives the bondholder the right to sell the bond back to the issuer at the put pr

52、ice on certain dates before maturity.【譯】一些債券含有回售條款，該條款賦予債券持有者在債券到期日前以回售價格將債券賣回發(fā)行人的權(quán)利?！局v解】put price 回售價格 195.M M andatory "m?nd?t(?)r? conversion provision_強迫性轉(zhuǎn)換條款 t PART V Working Capital Management 營運資本管理196.M Moderate oderate"m?d(?)r?t current currentassets investing policy_適中的流動資產(chǎn)投資政策 【

53、講解】Moderate adj.適度的，中等的，穩(wěn)健的 196-1 Rela_ed current assets investing policy_寬松的流動資產(chǎn)投資政策 196-2 Constrictive k?n"striktiv current assets investing policy_緊縮的流動資產(chǎn)投資政策 【講解】Constrictive k?n"striktiv adj.緊縮的，壓縮性的，束緊的197.S S peculative "spekj?l?t?v motive_投機動機 197-2 Precautionary pr?"k-?n

54、,?ri motive_預防動機 198.N N egotiable n?"g-b(?)l; -?-securities_有價證券 199.F F loat_fl-t n.浮游量，浮差 20_.A A ccelerate collections_加速收款 20_-1 Delayed payment for payables_推延應付賬款的支付 201.I I nventory_"?nv(?)nt(?)r? n.存貨 201-1 R R_eceivables_ri"si:v?blz n.應收賬款 201-2 Payables_"pe-b(?)lz n.應付賬款 202.EOQ, economic order quantity_經(jīng)濟訂購量 203.M M anagement cost_管理本錢 204.S S hortage cost_短缺本錢 205.B B aumol cash management m