1. Working capital management 营运资本管理
raw materials 原材料
work-in-progress 在产品
finished goods inventories 产成品
accounts receivable 应收账款
accounts payable(cash 应付账款)
net working capital 净营运资本
current assets - current liabilities
cash operating cycle 现金运营周期
Liquidity ratios 流动性比率
over-capitalization 投资过热/ overtrading 过度交易
1. the current ratio 流动比率
2. the quick ratio 速动比率
3. the accounts receivable payment period 应收账款回收期
4. the inventory turnover period 存货周转期
5. the accounts payable payment period 应付账款付款期
2. Investment appraisal 投资评估
投资评估
三个概念
discounted cash flow 现金流折现
compounding 复利
discounting 折现
三种方法
net present value (NPV) 净现值
IRR （the internal rate of return method）内部收益率(NPV=0)
payback period 回收期
5. Risk management 风险管理
foreign currency risk 外汇风险
控制的两种方法
forward exchange contracts 远期合约
foreign currency derivatives 衍生品
currency futures 外汇期货
currency options 外汇期权
currency swaps 货币互换
money market hedging 货币市场对冲
interest rate risk 利率风险
控制方法
forward rate agreements (FRAs) 远期合约
interest rate derivatives 衍生品
futures contracts 利率期货
interest rate options 利率期权
interest rate caps, collars and and floors 利率上下限协议
interest rate swaps 利率互换
