2. Financial activities: refers to the movement of funds in the process of enterprise reproduction, that is, the activities of raising, using and distributing funds.
3. Financial relationship: refers to the economic interest relationship between the enterprise and relevant parties in the process of organizing the fund movement.
4. Financial management: refers to the objective financial activities and financial relations in the process of enterprise reproduction. It is a comprehensive management work to organize financial activities and deal with financial relations by using value forms.
5. Company value: refers to the market value of all assets of the company, that is, the sum of the market values of stocks and liabilities.
6. Agency problem: refers to the behavior that the agent deliberately chooses to violate the contract before or during the execution of the contract.
7. Financial market: refers to the place where both fund suppliers and fund demanders conduct transactions through financial instruments.
8. Auction: It is a financial market organized by auction. The transaction price thus determined is formed through public bidding.
9. Counter mode: also known as over-the-counter trading, a financial market organized through a trading network, in which the stock exchange is the most important trading intermediary. The transaction price determined in this way is not realized by bidding, but determined by the stock exchange according to the market situation and the relationship between supply and demand.
10. Financial market interest rate: it is the price of the right to use funds, that is, the price of borrowed funds.
1 1. pure interest rate: also known as real interest rate, refers to the average interest rate of risk-free securities when inflation is zero. Treasury bill rate without inflation is usually regarded as a pure interest rate.
12. Default risk: refers to the risk brought to investors by the borrower's failure to pay interest or repay the principal on time. The risk of default is inversely proportional to the borrower's credit rating.
13. Liquidity: refers to the possibility that an asset can be quickly converted into cash.
14. Maturity risk: refers to the risk of interest rate changes due to different maturity periods.
15. reinvestment risk: refers to the risk that investors who buy short-term bonds cannot find more profitable investment opportunities because of the decline in interest rates when the bonds expire.
16. Time value of money: refers to the appreciation of money over time in its turnover process.
17. Present value: also known as principal, refers to the value of one or more future cash flows equivalent to the current moment.
18. Final value: also known as principal and interest, refers to the value of one or more cash flows that will happen at present or at some time in the future.
19. Compound interest: refers to adding the interest generated from the principal to the principal at a certain interest rate within a certain period of time, and then calculating the interest. That is, "rolling interest".
20. Annuity refers to a series of funds with the same amount recovered at the same time within a certain period of time. Such as depreciation, rent, interest, insurance, etc.
2 1. ordinary annuity: refers to a series of revenue and expenditure with the same amount at the end of each period in a certain period.
22. annuity in advance: Also known as advance annuity, it refers to a series of income and expenditure with equal amount at the beginning of each period in a certain period.
23. Deferred annuity: also known as deferred annuity, refers to a series of income and expenditure with the same amount in the second, third or fourth period.
24. Permanent annuity refers to an annuity paid indefinitely. Permanent annuity has no termination time, that is, there is no final value.
25. Sinking fund: refers to the deposit reserve that must be drawn in equal installments in order to pay off certain debts or accumulate certain funds at the agreed future time.
26. Capital recovery: refers to the equal recovery or repayment of initial capital or debt within a certain period of time, in which the equal amount is the annual capital recovery.
27. Risk: refers to the uncertainty of the event itself or the possibility of adverse events. Risk in financial management usually refers to the uncertainty that affects financial results due to the uncertainty of business activities of enterprises.
28. Operational risk: refers to the uncertainty brought to the profit amount or profit rate of an enterprise due to production and operation reasons.
29. Investment risk: It is also an operational risk, which usually refers to the uncertainty of the expected rate of return of enterprise investment.
30. Financial risk: refers to the uncertainty brought to the enterprise's financial results due to financing reasons. It stems from the uncertainty of the difference between the profit rate of enterprise funds and the interest rate of borrowed funds, and the ratio of borrowed funds to self-owned funds.
3 1. Random variables refer to events that may or may not occur under the same conditions in economic activities.
32. Probability: it is a numerical value, which is used to indicate the probability of random events.
33. Expected value: refers to the weighted average of random variables with their corresponding probabilities as weights.
34. Variance: It is a numerical value reflecting the degree of dispersion between random variables and expected values.
35. Standard deviation: also known as mean square deviation, also reflects the dispersion degree between random variables and expected values, and is the square root of variance.
36. Standard deviation rate: refers to the ratio of standard deviation to expected value.
37. Indifference curve: It is a cluster of curves, and the utility expectation value of each point on the same indifference curve is the same, and any investment point at the upper left of each indifference curve is better than any investment point at the lower right.
38. A portfolio refers to a collection of more than one kind of securities or assets. Generally refers to a portfolio of securities.
39. Covariance: It is an index used to reflect the degree of linear correlation between two random variables.
40. The correlation coefficient is the relative number used to reflect the relationship between two random variables.
4 1. Non-dispersible risk: also known as system risk or market risk, refers to the possibility that some factors will bring economic losses to all securities in the market.
42. Diversified risk: also known as unsystematic risk or company-specific risk, refers to the possibility that certain factors will bring economic losses to a single security. Nonsystematic risks are related to the company. It is caused by some important events of individual companies.
43.β-coefficient: Indispensable risk indicator, which is used to reflect the sensitivity of the change of individual securities returns to the change of market portfolio returns. It can be used to measure the degree of undivided risk.
44. Capital asset pricing model: Based on some basic assumptions, it is a mathematical model that reveals the relationship between the risk of assets and the required return in a diversified portfolio.
45. Financial indicators refer to economic indicators that collect and transmit financial information, explain capital activities and reflect the production and operation process and achievements of enterprises.
46. Financial indicator system: it is a collection of a series of indicators composed of various financial indicators. Among them, the financial ratio is its core.
47. Financial ratio: the ratio obtained by dividing two related data mainly based on the information in financial statements.
48. Current ratio: It is the ratio of current assets to current liabilities.
49. Quick ratio: the ratio of quick assets to current liabilities.
50. Cash ratio: It is the ratio of cash and cash equivalents to current liabilities.
5 1. Interest guarantee multiple: refers to the ratio of earnings before interest and tax to interest expenses of an enterprise. It is used to measure the ability of an enterprise to repay debt interest at a certain profit level.
52. Asset-liability ratio: also known as debt ratio, refers to the ratio of total liabilities to total assets of an enterprise. It is used to measure the ability of enterprises to use the funds provided by creditors to carry out business activities, and also reflects the security of creditors' loans.
53. Shareholder's equity ratio: also known as owner's equity ratio. It is the ratio of shareholders' equity to total assets. Used to measure the proportion of capital invested by shareholders to total capital.
54. Equity multiplier: refers to the multiple of total assets equivalent to shareholders' equity. It is used to measure the financial risk of an enterprise.
55. Return on net assets: also known as return on net assets, refers to the ratio of net profit to average net assets. It is used to measure the profitability of enterprises using the capital invested by investors.
56. Operational capacity ratio: used to measure the efficiency of an enterprise in asset management, usually referring to the asset turnover rate. It mainly includes accounts receivable turnover, inventory turnover, current assets turnover and total assets turnover.
57. Market measurement ratio: it is the ratio that reflects the market value of an enterprise. The main indicators are: earnings per share, dividends per share, dividend payment rate and price-earnings ratio.
58. Price-earnings ratio: refers to the ratio of the price per share of common stock to the earnings per share. It is used to reflect the price that investors are willing to pay for unit income.
59. Fixed-base comparative analysis method: also known as index analysis method, it is a method to compare the financial ratio data of several consecutive years with a certain base year, so as to analyze and observe its changing trend.
60. Direct comparative analysis: it is a method to analyze various financial ratio data for several years to analyze and observe their changing trends. This analysis can also be compared with the financial ratio data of the same industry, so as to analyze the changing trend compared with the same industry.
6 1. Vertical percentage analysis method: it is an analysis method that takes a certain data in the financial statement as 100%, such as the total assets in the balance sheet and the sales income in the income statement as 100%, and then calculates the percentage equivalent to this data by vertically arranged items.
62. Horizontal percentage analysis: it is a method of horizontal percentage analysis of the same items in the financial statements of the previous and later periods.
63. Financial plan: It is part of the overall plan of the enterprise. It is a quantitative description, which shows the objectives and resource allocation of all business activities in a specific period in the future in monetary form.
64. Sales percentage method: it is a method to predict the fund demand of each project according to the proportional relationship between sales income and related projects in the balance sheet and income statement.
65. Capital cost: refers to the price paid by an enterprise to raise and use funds, including raising expenses and using expenses.
66. Raising fees: refers to various fees paid in the process of raising funds, including the handling fees paid for obtaining bank loans; Advertising fees, printing fees, evaluation fees, notarization fees, agency distribution fees, etc. Fees paid for issuing stocks and bonds.
67. Use cost: refers to the expenses incurred by an enterprise to occupy funds. Including: bank loan interest, bond interest, stock dividend, etc. Generally speaking, the use fee is the main component of the capital cost.
68. The weighted average cost of capital, also known as comprehensive cost of capital, is a weighted average based on the capital cost of various financing methods and the proportion of various financing methods in the total capital.
69. Marginal cost of capital: refers to the extra cost of capital formed by each additional unit of capital of an enterprise.
70. The cut-off point of the total amount of financing refers to the total amount of funds that can be raised under the existing target capital structure and maintaining a certain capital cost, that is, the cut-off point of the change of capital cost under a specific financing method.
7 1. Long-term loans refer to all kinds of loans borrowed by enterprises from banks, non-bank financial institutions and other units with a term of more than one year. Mainly used for the purchase and construction of fixed assets and to meet the needs of long-term liquidity occupation.
72. Fixed interest rate: The loan interest rate is usually unchanged after being agreed by both borrowers and borrowers.
73. Changing interest rates: Interest rates can be adjusted periodically according to the financial market, usually once every six months or once a year. The adjusted loan balance will bear interest at the new interest rate to repay the principal and interest.
74. Floating interest rate: The interest rate can be adjusted at any time according to the change of market interest rate. Common basic interest rate plus calculation. Usually, the loan interest rate or commercial paper interest rate of the most reputable enterprises in the market is set as the basic interest rate, and on this basis, 0.5 to 2 percentage points are added as the floating interest rate. Repay the principal at face value at maturity, and pay interest at floating rate according to the specified interest payment period.
75. Bonds: securities issued by fund-raising units to raise funds, with the agreement to repay the principal and interest to creditors within a certain period of time. Its purpose is to raise long-term funds for large-scale construction projects.
76. Bond rating is the basis for measuring default risk. It is a special bond rating agencies to judge the bond quality of different companies. Bond quality is usually expressed by credit rating. The higher the credit rating, the better the bond quality, indicating that the smaller the bond risk, the safer it is.
77. Bond issue price: the discounted value of the future cash outflow of the enterprise calculated at the market interest rate within the validity period of the bond. That is, the sum of the future interest payable and the discounted value of the enterprise principal.
78. Bond swap analysis: It is an analysis of the debt cost and cost savings of old and new bonds, and a decision is made accordingly.
79. Stock issue price: refers to the price used by a joint-stock company to sell shares to investors when it issues shares, and it is also the price that investors must pay when they subscribe for shares.
80. Option: refers to an option at some future time.
8 1. option contracts: a standardized contract that can be negotiated between the buyer and the seller. This is an asymmetric contract. It keeps option holders active all the time; The option contractor is in a passive position.
82. Royalty: that is, the option price refers to the fee paid by the option contract holder for owning the option. Its determination is mainly influenced by contract terms, performance price and transaction activity of the subject matter.
83. Call option: Also called call option, it gives investors the right to buy a certain amount of securities or futures at a certain price within the validity period of the contract.
84. Put option: Also called put option, it gives investors the right to sell a certain number of securities or futures at a certain price within the validity period of the contract.
85. Two-way option: Also known as double option, it means that investors can buy a call option and a put option of a certain security or futures at the same time, thus making a profit when the price of the security or futures changes frequently.
86. Lease: It is the economic behavior of the lessor to lease the assets to the lessee for use within the time limit stipulated in the contract or contract on the condition of collecting rent.
87. Financial lease and operating lease: If all risks or benefits related to asset ownership have been substantially transferred in one lease, this lease is called financial lease; Otherwise, it is operating lease.
88. Direct leasing: refers to a leasing method in which the lessor raises funds in the capital market, pays the equipment manufacturer for the goods, obtains the equipment, and then leases it directly to the lessee.
89. Sale-and-leaseback: refers to a leasing method in which the equipment manufacturer rents back the equipment from the buyer immediately after selling the equipment.
90. Leveraged leasing means that if part of the funds (10%-20%) required for the equipment purchase cost is borne by the lessor, most of the remaining funds are obtained from the lender by the lessor with the leased equipment as the asset as collateral. This kind of leasing is called leveraged leasing.
9 1. Warrant is the certificate for the holder to buy company shares, which allows the holder to buy a certain number of company shares at a certain price within a specified time.
92. Warrants attached: Warrants are usually issued together with the company's long-term bonds, which can be called warrants attached bonds.
93. Warrant premium: refers to the difference between the market value and theoretical value of warrants, and the size of warrant premium is closely related to the changes in the market value of related stocks.
94. Convertible bonds: financial instruments that take corporate bonds (including preferred shares) as carriers and allow holders to convert them into common shares of issuing companies or other companies within a specified time and at a specified price.
95. Conversion ratio: refers to the number of shares that each convertible bond can be converted into common stock.
96. Short-term financing refers to financing activities to meet the temporary liquidity needs of enterprises. The short-term capital of an enterprise is generally obtained through current liabilities, and short-term financing is also called current liabilities financing or short-term liabilities financing.
97. Steady financing strategy: This is a more cautious financing strategy. According to this financing strategy, part of the temporary current assets of enterprises should be solved by long-term financing, that is, the short-term financing of enterprises is less than the temporary current assets of enterprises.
98. Active financing strategy: This is an expansionary financing strategy. According to this financing strategy, the funds raised by short-term financing of enterprises can not only meet the needs of temporary current assets of enterprises, but also solve the capital needs of some permanent current assets.
99. Compromise financing strategy: This is a financing strategy between the above two.
100. Commercial credit: refers to the loan relationship between enterprises due to deferred payment or advance payment in the process of commodity trading. It is a kind of natural financing in the process of enterprise transaction. Including accounts payable, notes payable and accounts received in advance.
10 1. Natural financing: In the process of enterprise production and operation, there are often some expenses that benefit first and then pay, and the payment period is later than the occurrence period. These expenses can be regarded as the natural financing of enterprises.
102. Credit line: refers to the maximum amount of short-term unsecured loans provided by banks to borrowers.
103. Revolving credit agreement: refers to the agreement that banks are legally obligated to provide loans not exceeding a certain maximum limit. This is a formal loan commitment.
104. Compensatory balance: refers to the minimum deposit balance that the bank requires the enterprise to keep in the bank according to the loan limit or a certain proportion of the actual loan amount. A certain percentage here is usually 10%-20%.
105. cash inflow: cash inflow refers to the increased cash income or cash expenditure savings of investment projects, including: (1) cash sales income. That is, the total cash sales revenue realized every year. (2) Income and tax gains and losses from realizing the residual value of fixed assets at the time of sale. If the residual income of fixed assets is greater than the amount stipulated in the tax law, it should be turned over to income tax to form a cash outflow, otherwise,