1、2020年9月21日,1,劍橋金融財務英語,授課老師：楊孫蕾（博士、CPA),Professional English in Use Finance,2020年9月21日,2,1 Money and income 貨幣和收入,A. Currency 貨幣 The money officially used in a country is its currency, such as euros, dollars, RMB, etc. Money is often in the form of cash(現(xiàn)金) and bank deposits(銀行存款). Cash includes note

2、s(紙幣) and coins(硬幣). Bank deposits: money in the bank accounts (銀行賬戶).,2020年9月21日,3,B. Personal finance,1. Income(收入): All the money a person receives or earns. This can include: Salary(工資): money paid monthly; or wages: money paid by the day or the hour, usually received weekly. Overtime (加班費): mon

3、ey received for working extra hours. Commission (傭金): a certain percentage of the income the employee generates, such as sales person. Bonus (紅利): extra money given for meeting a target or for good financial results. Fees (酬金): money paid to professional people such as lawyers and architects. Social

4、 security, or welfare (社會保險): money paid by the government to unemployed and sick people. Pension (養(yǎng)老金): money paid by a company or the government to a retired person.,2020年9月21日,4,Outgoing（開支）: Amounts of money that people have to spend regularly, including: Living expenses (日常開支): money spent on e

5、veryday needs such as food, clothes and public transport. Bills (賬單): requests for the payment of money owed for services such as electricity, gas and telephone connections. Rent (租金): money paid for the use of a house or flat. Mortgage (貸款): repayments of money borrowed to buy a house or flats. Hea

6、lth insurance (人身保險): financial protection against medial expenses for sickness or accidental injuries. tax (稅收):money paid to finance government spending.,2020年9月21日,5,Budget(預算)：a financial plan, showing how much money a person or organization expects to earn and spend .,2020年9月21日,6,2 Business fi

7、nance 公司財務,A. Capital 資本 Capital is the money used to set up (建立) or start a company. Capital can come from loan (借款), borrowed (借入) from banks. The loan must be paid back (償還) with interest (利息). Company（借款人） bank（放款人） Individuals and financial institutions, called investors (投資者), can also lend (借

8、出) money to companies by buying bonds-loans that pay interest and are repaid at a fixed future date. Money that is owed (欠)- have to be paid- is called debt or liabilities (負債).,2020年9月21日,7,Capital (continued),Capital can also come from issuing shares or equities (股票) -certificates representing uni

9、ts of ownership (所有權). The people who invest (投資) money，known as share capital (股本), in shares are called shareholders (股東) and they own (擁有) part of the company.,2020年9月21日,8,Long-term liabilities(長期負債) include bonds; Short-term liabilities (短期負債) include debts to suppliers who provide goods or ser

10、vices on credit (賒銷). The money that a business uses for everyday expenses or has available for spending is called working capital or funds (營運資金).,2020年9月21日,9,B. Revenue All the money coming into a company during a given period is revenue(收入). Revenue minus the cost of sales and operating expenses

11、(費用）, such as rent and salaries, is known as profit, earning or net income (利潤，凈收入). The part of its profit paid to the shareholders is a dividend（股利）, to the government is tax. They also retain (保留), or keep, some of their earnings for future use. This is called retained earnings (留存收益).,2020年9月21日

12、,10,C. Financial statements 會計報表,The financial statements display a companys financial situation. The balance sheet (資產(chǎn)負債表) shows the companys assets, liabilities, and its capital. The profit and loss account(損益表) shows the companys revenues and expenses during a particular period. Profit and loss a

13、ccount（BrE)=income statement (AmE),2020年9月21日,11,3 Accounting and accountancy,A Accounting Accounting(會計） involves recording（記錄） and summarizing an organizations transactions（交易） or business deals, such as purchases and sales, and reporting them in the form of financial statement. In many countries,

14、 the accounting or accountancy （會計師）profession has professional organizations which operate their own training and examination systems, and make technical and ethical rules ：these relate to accepted ways of doing things.,2020年9月21日,12,Financial accounting（財務會計） includes bookkeeping(記賬）, and preparin

15、g financial statements for shareholders and creditors（債權人）; Management accounting（管理會計） involves the use of accounting data by managers, for making plans and decisions. Bookkeeping is the day-to-day recording of transactions,2020年9月21日,13,Who set accounting standards,In most continental European cou

16、ntries, and in Japan ,there are laws relating to accounting ,established by the government. In the US, companies whose stocks are traded on public stock exchanges have to follow rules set by the Securities and Exchange Commission（SEC），a government agency. In Britain, the rules ,which are standards(準

17、則），have established by independent organizations such as the Accounting Standard Board (ASB), and by the accountancy profession itself.,2020年9月21日,14,Who is accounting information users?,Companies in most English-speaking countries are largely by shareholders, both individuals and financial institut

18、ions .in these countries .the financial statements are prepared for shareholders . In many continental European countries businesses are largely funded by banks ,so accounting and financial statements are prepared for creditors and the tax authorities.,10 Auditing,A Internal auditing(內(nèi)部審計) After boo

19、kkeepers complete their accounts, and accountants prepare their financial statements ,these are checked by internal auditors（內(nèi)部審計師）. An internal audit is an examination of a companys accounts by its own internal auditors or controllers. They evaluate(評價) the accuracy or correctness of the accounts,

20、and check for errors. They make sure that the accounts comply with（遵守）, or follow, established policies, procedures, standards, laws and regulations.,The internal auditors also check the companys systems of control, related to recording transactions, valuing assets and so on. They check to see that

21、these are adequate or sufficient and, if necessary, recommend（勸告） changes to existing policies and procedures.,-,B External auditing(外部審計) Public companies have to submit（遞交） their financial statements to external auditors-independent auditors who do not work for the company. The auditors have to gi

22、ve an opinion about whether the financial statements represent a true and fair view of the companys financial situation and results. The type of opinion： Unmodified opinion Unqualified opinion無保留意見 Modified opinion ，Qualified opinion 保留意見 Adverse opinion 否定意見 Disclaimer of opinion 無法表示意見,During the

23、aduit, the external auditors examine the companys systems of internal control（內(nèi)部控制系統(tǒng)）, to see whether transactions have been recorded （記錄）correctly. They check whether the assets metioned on the balance sheet actually exist, and whether their valuation is correct. For example, they usually check the

24、 annual stock take（盤點）-the count of all the goods held ready for sale.They always look for any unusual items in the companys account books or statements.,Until recently,the big auditing firms also offered consulting（咨詢） services to the companies whose accounts they auditing, giving them advice about

25、 business planning, strategy and restructuring（改組）. But after a number of big financial scandals（財務丑聞）,most accounting firms separated their auditing and consulting divisions, because an auditor who is also getting paid to advise a client is no longer totally independent.,2020年9月21日,20,5 Company law

26、,There are many description for a business. We may hear terms such as firm, company, organization or corporation. These term do not always mean the same thing and there exist different types of business.,2020年9月21日,21,partnerships (合伙) is a business arrangement in which several people work together,

27、 and share the risks and profit . In Britain and the US, Partners(合伙人） are fully liable or responsible for any debts the business has. Partnerships are not legal entities(法律實體） 在中國，合伙也不是法律實體。 In most continental European countries ,there are various kinds of partnership which are legal entites. 合伙制分

28、為兩類：一般合伙制（general partnership，簡稱GP）和有限合伙制（limited partnership，簡稱LP）。,2020年9月21日,22,Sole trader （獨資經(jīng)營） An enterprise owned and operated by a single person - unlimited liability for debts liability means obligation to pay ones debt,2020年9月21日,23,B limited liability 有限責任(公司） A company is legal entity ，

29、 it has a separate legal existence from its owners It is treated like a private person under the law. It can enter into contracts, and can be sued or taken to court if it breaks a contract . In theory a company can continue for ever, even if all the staff and owners change. Most companies have limit

30、ed liability - the owners are not fully liable for the businesss debts - limited companies. Their liability is limited to the value of their share capital - the amount of cash that the shareholders have contributed to the company.,2020年9月21日,24,corporate governance(公司治理) -the way a company is run by

31、 the management for the shareholders ,and how the managers are accountable to the shareholders. These managers and full time executive directors(執(zhí)行董事) run company for its owners.,2020年9月21日,25,Separating the job of chairman(董事長) from that of managing director(首席執(zhí)行官） Having several non-executive dire

32、ctors(非執(zhí)行董事）on the board of directors (董事會）who do not work full-time for the company but can offer it expert advice. Non-executive directors are ofter more objective(客觀）:less influenced by their opinions and beliefs. There is also an audit committee(審計委員會），containing several non-executive directors,

33、 to which the auditors report.,Founding companies(成立公司） When people found or start companies, they draw up (草擬）or prepare Articles of Association(公司章程）and a Memorandum of Association(營業(yè)執(zhí)照）。,2020年9月21日,26,The Articles of Association state： The right and duties of the shareholders and directors; The r

34、elationship among different classes of shareholder The relationship between shareholders and the company and its directors.,2020年9月21日,27,The Memorandum of Association states: The companys name The location of the companys registered office(注冊地）-where to send official documents. The companys purpose

35、(目標）-its aims or objectives The authorized share capital(額定股數(shù)）-the maximum share capital it can have.,2020年9月21日,28,5 company A. Private and public cornpanies Private companies （私人公司）usually haveLimitedorLtd at the end of their name. They are not allowed to sell their stocks or shares on an open mar

36、ket。Most companies are private；there are about one million private companies in Britain,2020年9月21日,29,There are about one million private companies in Britaincompared to around 2，000 public limited companies (公開股份有限公司，PLCs),These companies haveplcat the end of their name，and their shares are publicl

37、y traded on the London Stock Exchange.,2020年9月21日,30,2020年9月21日,31,The US equivalent of a PLC is a company or corporation registered with the Securities and Exchange Commission(證券交易所，SEC).SEC-registered companies，also known as listed companies(上市公司)，have to make to quarterly reports（ie. every three

38、months)They report on： -sales revenue or turnover(營業(yè)額) the money received by the company in that period from selling goods or services -gross profit(毛利) turnover less cost of sales -net profit(凈利潤) gross profit less administrative expenses(管理費用) and tax,Companies on the London Stock Exchange known a

39、s quoted registered companies(上市公司)，have to produce a half-yearly interim report(中期報告) which informs shareholders about the companys progress. These reports are not audited. All companies with shareholders of stockholders have to send them an Annual Report(年度報告)each financial year. This contains a r

40、eview of the years activity, and an examination and explanation of the companys financial position and results There are also financial statement and notes(報表附注),and the auditors report on the financial statements.,2020年9月21日,32,AGMs Public companies have to hold an Annual General Meeting(年度股東機構大會，A

41、GM)，and most private ones do too. At this meeting the shareholders can question directors about the content of the Annual Report and the financial statements，vote to accept or reject the dividend recommended by the directors，and vote on replacements for retiring members of the board. The meeting can

42、 also carry out any other business stated in the companys Memorandum of Association or Certificate of Incorporation(營業(yè)執(zhí)照), and Articles of Association（公司章程） or Bylaws（規(guī)章制度）.,2020年9月21日,33,If there is a crisis, the directors or the shareholder can request to hold an Extraordinary General Meeting (非常股

43、東大會，EGM)to discuss the situation. For example，if there are claims of misconduct （行為不當）by the directors，where they have behaved illegally, there could be an EGM.,2020年9月21日,34,29 Stocks and shares,A.Stocks, shares and equities Stocks and shares (股票)are certificates representing part ownership of a co

44、mpany. The people who own them are called stockholders and shareholders（股東，股票持有者）. In Britain, stock is also used to refer to all kinds of securities. including government bonds（政府債券）. The word equity or equities is also used to describe stocks and shares. The places where the stocks and shares of l

45、isted or quoted companies are bought and sold are called stock markets or stock exchanges(證券交易所).,2020年9月21日,35,B.Going public（公開上市）,A Successful existing company wants to expand, decides to go public The company gets advice from an investment bank( 投資銀行)about how many shares to offer and at what pr

46、ice. The company gets independent accountants to produce a due diligence report(盡職調查報告).,2020年9月21日,36,The company produces a prospectus(招股說明書) which explains its financial position, and gives details about the senior managers and the financial results（財務業(yè)績） from previous years. The company makes a

47、flotation or IPO (Initial public offering,首次公開發(fā)行) An investment bank underwrites(包銷) the stock issue.,2020年9月21日,37,C.Ordinary and preference shares(普通股和優(yōu)先股),If a company has only one type of share these are ordinary shares(普通股). Some companies also have preference shares whose holders receive a fix

48、ed dividend (e.g. 5% of the shares nominal value(票面價值) )that must be paid before holders of ordinary shares receive a dividend. HoIders of preference shares have more chance of getting some of their capital back if a company goes bankrupt(破產(chǎn)) - stops trading because it is unable to pay its debts.,20

49、20年9月21日,38,If the company goes into liquidation(清算破產(chǎn)) - has to sell all its assets to repay part of its debts holders of preference shares are repaid before other shareholders. but after owners of bonds and other debts. If shareholders expect a company to grow. however they generally prefer ordinar

50、y shares to preference shares. because the dividend is likely to increase over time.,2020年9月21日,39,30 Stocks and shares 2,A.Buying and selling shares(買賣股票) After newly issued shares have been sold (usually by investment banks) for the first time -this is called the primary market(初級市場，一級市場) . they c

51、an be repeatedly traded at the stock exchange on which the company is listed, on what is called the secondary market（次級市場，二級市場）.,2020年9月21日,40,Major stock exchanges, such as New York and London. have a lot of requirements about publishing financial information for shareholders. Most companies use ov

52、er-the-counter(OTC) markets（場外市場）, such as NASDAQ in New York and the Alternative Investment Market(AIM，創(chuàng)業(yè)板市場) in London, which have fewer regulations.,2020年9月21日,41,The nominal value（票面價值） of a share - the price written on it - is rarely the same as its market price（市場價格） - the price it is currentl

53、y being traded at on the stock exchange. This can change every minute during trading hours，because it depends on supply and demand （供求）- how many sellers and buyers there are. who trades with the market makers。,2020年9月21日,42,2020年9月21日,43,Some stock exchanges have computerized automatic trading syst

54、ems（自動交易系統(tǒng)） that match up buyers and sellers. Other markets have market makers（做市商）: traders in stocks who quote bid（出價 ）(buying) and offer（出價） (selling) prices. The spread or difference between these prices is their profit or mark-up（加價）.,Most customers place their buying and selling orders with a

55、stockbroker（股票經(jīng)紀人）: someone who trades with the market makers。 B.New share issues（新股發(fā)行） Companies that require further capital can issue new shares. If these are offered to existing shareholders first this is known as a rights issue（優(yōu)先認股權） - because the current shareholders have the first right to b

56、uy them.,2020年9月21日,44,Companies can also choose to capitalize part of their profit or retained earnings. This means turning their profits into capital by issuing new shares to existing shareholders instead of paying them a dividend. There are various names for this process. including scrip issue(發(fā)行

57、紅利股). capitalizations issue and bonus Issue. Companies with surplus cash can also choose to buy back some of their shares on the Secondary market. These are then called own shares(回購).,2020年9月21日,45,C. Categories of stocks and shares（股票的分類）,Investors tend to classify the stocks and shares available

58、in the equity markets(股票市場） in different categories . Blue chips（藍籌股，績優(yōu)股）: Stocks in large companies with a reputation for quality, reliability and profitability. More than two -thirds of all blue chips in industrialized countries are owned by institutional investors（機構投資者） such as insurance compani

59、es（保險公司） and pension funds（養(yǎng)老基金）,2020年9月21日,46,Growth stocks（成長股）：Stocks that are expected to regularly rise in value. Most technology companies are growth stocks. and dont pay dividends. So the shareholders equity or owners equity increases. This causes the stock price to rise。 Income stocks(收益股票): Stocks that have a history of paying consistently high dividends.,2020年9月21日,47,Defensive stocks（防御股）: Stocks that provide a regular dividend and stable earnings. but whose value is not expected to rise or fall very much. Value stocks(價值股): Stocks that i