财管英语讲议

财管英语讲议 第一章 财务管理总5４７１１８７９５论Overview of Financial Management 一、主要专业术语或概念中英文对照财务管理 financial management财务管理的目标 the goal of financial management关于企业财务目标的三种综合表述：利润最大化 profit maximization (maximize profit)每股盈余最大化 earnings per share maximization股东财富最大化 stockholder (shareholder) wealth maximization利益相关者 stakeholder股东 stockholder/shareholder债权人 creditor/bondholder顾客 customer职工 employee政府 government股东价值的影响因素 the factors that affect the stockholder value （2008注会财管教材P4图1-1）经营现金流量 operating cash flows资本成本 cost of capital销售及其增长/成本费用 revenues and its growth/cost and expense资本投资/营运资本 capital investment/working capital资本结构/破产风险/税率/股利政策 capital structure/bankruptcy risk/tax rate/dividend policy经营活动 operating activity投资活动 investing activity筹资活动 financing activity股东、经营者和债权人利益的冲突与协调Conflicts of interest between shareholders， managers and creditors and their reconciliationAn agency relationship(代理关系) exists whenever a principal (委托人) hires an agent（代理人）to act on their behalf。Within a corporation，agency relationships exist between：Shareholders and managersManagers and creditors道德风险 moral risk逆向选择 adverse selection企业社会责任 corporate social responsibility金融市场 financial markets金融资产 financial asset金融市场的分类 1．短期资金市场和长期资金市场 money markets/capital markets2．现货市场和期货市场 spot markets/future markets3．发行市场和流通市场 primary markets（一级市场）/secondary markets（二级市场）primary markets（一级市场）按照对象不同，分为：public offer markets （向公众发行的市场，首次公开发行市场：initial public offer 即IPO）和 private placement markets（私募市场）。4．同业拆借市场 inter-bank loan market 国债市场 treasury bill/note/bond market 企业债券市场 corporate bond market股票市场 stock market 金融期货市场 financial future market利率=纯粹利率+通货膨胀附加率+风险附加率Interest rate=real risk-free rate +inflation premium +risk premium (default risk premium违约风险附加率， liquidity risk premium流动性风险附加率，maturity risk premium到期风险附加率)二、练习题1. What’s the primary goal of the corporation?Answer：Stockholder (shareholder) wealth maximization2. Do firms have any responsibilities to society at large?Answer：Firms should assume a social responsibilities。3. Should firms behave ethically?4. What mechanisms exist to influence managers to act in shareholders’best interests?Answer：Supervision and motivation5. What factors affect shareholder value?Answer：Expect future cash flows and the risks第二章 财务报表 分析 定性数据统计分析pdf销售业绩分析模板建筑结构震害分析销售进度分析表京东商城竞争战略分析 Analysis of Financial Statements一、主要专业术语或概念中英文对照财务比率分析 financial ratio analysis四类财务比率 four major categories of financial ratios短期偿债能力比率 liquidity ratios长期偿债能力比率 long-term liquidity ratios资产管理比率 asset management ratios盈利能力比率 profitability ratios短期偿债能力比率营运资本 working capital流动比率 current ratio速动比率 quick ratio现金流量比率 cash flow ratio长期偿债能力比率资产负债率 debt ratio产权比率和权益乘数 debt-to-equity ratio/equity multiplier长期资本负债率 debt-to-long capital ratio利息保障倍数 time of interest earned based on earnings (TIE)Earnings-based interest coverage ratio现金流量利息保障倍数 time of interest earned based on cash flowsCash flow-based interest coverage ratio现金流量债务比 debt-to-cash flow ratio资产管理比率应收账款周转率/应收账款周转天数accounts receivable turnover/days sales outstanding (DSO) 存货周转率 inventory turnover流动资产周转率 current assets turnover非流动资产周转率 non-current assets turnover/fixed assets turnover（固定资产周转率）总资产周转率 total assets turnover盈利能力比率销售毛利率 gross profit margin销售利润率 net profit margin资产利润率 return on assets (ROA)权益净利率 return on equity (ROE)杜邦财务分析体系 Du Pont system改进的财务分析体系 improved financial analysis system净经营资产 net operating assets净金融负债 net financial liabilities税后经营利润 after-tax operating profit税后利息费用 after-tax interest expense净财务杠杆 net financial leverage   第四章 财务估价 Financial Valuation 一、主要专业术语或概念中英文对照 账面价值 book value 市场价值 market value 清算价值 liquidation value 折现现金流量估价法 the valuation of discounted cash flow method 货币的时间价值 the time value of money 复利与贴现 compounding and discounting 复利终值与现值 future value and present value 普通年金、预付年金、递延年金、永续年金 ordinary annuity/annuity due/deferred annuity/perpetuity 偿债基金 sinking fund 债券估价 bond valuation 债券面值、票面利率、到期日 par value (face value, principal)/coupon rate/maturity date 名义利率、周期利率、实际利率 nominal annual rate/periodic rate/effective annual rate 纯贴现债券、平息债券、永久债券、流通债券 real discount bond/zero bond/perpetual bond/outstanding bond 债券到期收益率 yield to maturity 股票估价 stock valuation 普通股、优先股 ordinary stock/preferred stock 开盘价、收盘价、最高价、最低价 open price/close price/high price/low price 零增长股票估价 zero growth model valuation 固定增长股票估价 constant growth model valuation 非固定增长股票估价 non-constant growth model valuation 股票的总收益率=股利收益率+资本利得收益率 Total rate of return=dividend yield + capital gains yield 风险和报酬 risk and rate of return 单项资产的风险和报酬 stand-alone risk and rates of return 概率、期望值、方差、 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 差、变化系数 Probability/expected value/variance/standard deviation/coefficient of variation(CV) 投资组合的风险和报酬 portfolio risk and return 预期报酬率 expected rate of return 相关性、完全正相关、完全负相关、不相关 Correlation/perfectly positive correlation/perfectly negative correlation/no correlation 相关系数、协方差、有效集 Coefficient of correlation/co-variance/efficient set 资本市场线、均衡点 capital market line/equilibrium 系统风险、非系统风险 systematic risk (market risk, non-diversifiable risk)/non systematic risk (company-specific risk, diversifiable risk) 资本资产定价模型 capital asset pricing model (CAPM) β系数、证券市场线 βcoefficient/security market line (SML) 二、练习题 1. You plan to borrow $212,000 now and repay it in 11 equal annual installments (payments will be made at the end of each year). If the annual interest rate is 14%, how much will your annual payments be? ($38,879.59)你计划借款21 2000美元，在以后的每年分11期等额偿还（每年年末支付）。如果年利率是14%，那么你每年的偿款额是多少？ 2. How many years will it take for $152,000 to grow to be $405,000 if it is invested in an account with an annual interest rate of 10%? (10.28)如果将152000美元投资到一个年利率10%的账户中，需要多少年，才能增长为405000美元？ 3. If you wish to accumulate $234,000 in 12 years, how much must you deposit today in an account that pays an annual interest rate of 11%? ($66,886.75)如果你想在12年之后得到234000美元，那么现在你必须存入年利率为11%的账户多少钱？ 4. You are considering buying bonds in ACBB, Inc. The bonds have a par value of $1,000 and mature in 40 years. The annual coupon rate is 9.0% and the coupon payments are annual. If you believe that the appropriate discount rate for the bonds is 20.0%, what is the value of the bonds to you? ($450.37)你正在考虑购买ACBB公司的股票。股票的面值是1000美元，期限为40年，年利率为9%，每年付息一次。如果你认为债券的实际的折现率是20%，那么对你而言，债券的价值是多少？ 5. Within Year, Inc. has bonds outstanding with a $1,000 par value and a maturity of 39 years. The bonds have an annual coupon rate of 8.0% with semi-annual coupon payments. You would expect a quoted annual return of 9.0% if you purchased these bonds. What are the bonds worth to you? ($892.48)Within Year公司在外发行了面值为1000美元，39年到期的债券。债券的年利率为9.0%，每半年付息一次。如果购买该股票，你期望的报酬率是9%，那么，对你而言，债券的价值是多少？ 6. One year ago, Paul purchased a $1,000 face value corporate bond with a 12 percent annual coupon rate and a 10-year maturity. At the time of the purchase, the bonds had an expected yield-to-maturity of 10.5 percent. Today he sold the bond for $1125. What is the one-year return that Paul earned on this investment? (3.2%)一年前，Paul 购买了面值为1000元、年利息率为12%的10年期的公司债券。在购买的时候，预期的到期收益率为10.5%。现在，他以1125元的价格出售。请问，Paul的该项投资获得的投资回报率是多少呢？ 7. You are considering buying common stock in Grow On, Inc. The firm yesterday paid a dividend of $8.00. You have projected that dividends will grow at a rate of 10.0% per year indefinitely. The firm's beta is 1.93, the risk-free rate is 7.0%, and the market return is 15.9%. What is the most you should pay for the stock now? ($62.07)你正在考虑购买Grow On公司的普通股股票。该公司昨天刚刚发放了每股8元的股利。你预计该公司的股利每年的股利增长率为10%，该公司的贝塔系数为1.93，无风险利率为7%，市场收益率为15.9%。你最有可能以什么样的价格购买该股票？ 8. Growing, Inc. is a firm that is experiencing rapid growth. The firm yesterday paid a dividend of $7.70. You believe that dividends will grow at a rate of 25.0% per year for two years, and then at a rate of 5.0% per year thereafter. If you expect an annual rate of return of 23.0% on this investment and you plan to hold the stock indefinitely, what is the most you would pay for the stock now? ($62.17)Growing公司正处于一个高速的发展期。公司昨天派发了每股7.7元的股利。你认为在以后的两年内，股利将以25%的增长率增长，然后，在以后的年度的股利增长率将固定在5%的水平上。如果你期望该投资的每年的股利报酬率为23%，并计划永久持有该股票，那么现在购买该股票最有可能支付的价格是多少？ 第五章 投资管理 Investment Management 一、主要专业术语或概念中英文对照 资本的机会成本 opportunity cost of capital 投资的必要报酬率 required rate of return on investment 净现值 net present value (NPV) 现值指数 profitability index (PI) 内含报酬率 internal rate of return (IRR) 回收期、会计收益率 payback period (PP)/accounting rate of return (ARR) 现金流量、现金流出量、现金流入量 cash flows/cash outflows/cash inflows 营业现金流量、付现成本、残值 operating cash flows/cash costs/salvage value 相关成本、非相关成本 relevant cost/irrelevant cost 差额成本、未来成本、重置成本、机会成本 Differential cost/future cost/replacement cost/opportunity cost 沉没成本、过去成本、账面成本 Sunk cost/historical cost/book cost 固定资产更新决策、固定资产的平均年成本 Replacement decision of fixed asset/average annual cost of fixed asset 调整现金流量法、风险调整折现率法 Adjusted cash flow method/adjusted discount rate method 加权平均资本成本、项目风险、项目系统风险 Weighted average cost of capital/project risk/project systematic risk 可比企业 comparable firms 二、练习题 1. Parker Products manufactures a variety of household products. （Parker公司生产各种家用产品） The company is considering introducing a new detergent（公司正在计划生产一种新的洗涤剂）. The company’s CFO has collected the following information about the proposed product（公司的财务总监收集了以下关于新产品的的信息）. (Note：You may or may not need to use all of this information, use only relevant information.注意：你有可能也有可能会用不到所有的信息，仅仅是用到相关的信息) (1) The project has an anticipated economic life of 4 years.新项目预计的经济寿命是4年。 (2) The company will have to purchase a new machine to produce the detergent（为生产新的洗涤剂，公司需要购买一个新的机器设备）. The machine has an up-front cost (t = 0) of $2 million（机器设备的初始购买成本为200万）. The machine will be depreciated on a straight-line basis over 4 years (that is, the company’s depreciation expense will be $500,000 in each of the first four years (t = 1, 2, 3, and 4)（该机器设备按照直线法计提折旧，折旧年限为4年，也就是每年的折旧额为50万）. The company anticipates that the machine will last for four years, and that after four years, its salvage value will equal zero（公司预计该机器设备能够使用4年，四年后的净残值为0）. (3) If the company goes ahead with the proposed product, it will have an effect on the company’s net operating working capital（如果公司投资该项目，将会对公司的经营现金流量产生影响）. At the outset, t = 0, inventory will increase by $140,000 and accounts payable will increase by $40,000. At t = 4, the net operating working capital will be recovered after the project is completed（在初始的投资时点上，存货将会增加14万，应付账款将会增加4万。在第四年，项目结束后，净营运资本将会被收回）. (4) The detergent is expected to generate sales revenue of $1 million the first year (t = 1), $2 million the second year (t = 2), $2 million the third year (t = 3), and $1 million the final year (t = 4)（洗涤剂预计产生的销售收入第一年为100万，第二年为200万，第三年为300万，第四年100万）. Each year the operating costs (not including depreciation) are expected to equal 50 percent of sales revenue（每年的预计的营业成本等于销售收入的50%）. (5) The company’s interest expense each year will be $100,000（公司的利息费用每年为10万）. (6) The new detergent is expected to reduce the after-tax cash flows of the company’s existing products by $250,000 a year (t = 1, 2, 3, and 4)（新的洗涤剂预计每年将会使现有的产品的现金流量减少25万）. (7) The company’s overall WACC is 10 percent. However, the proposed project is riskier than the average project for Parker; the project’s WACC is estimated to be 12 percent（公司的加权平均资本成本为10%，然而，目标项目的风险要大于企业的平均风险，所以该项目的预计资本成本率为12%）. (8) The company’s tax rate is 40 percent（公司的所得税率为40%）. What is the net present value of the proposed project?（新项目的目前的价值是多少？） 2. Blair Bookstores is thinking about expanding its facilities（Blair书店正在考虑扩大经营设施）. In considering the expansion, Blair’s finance staff has obtained the following information（Blair公司的财务人员取得了以下的关于扩张的信息）： (1) The expansion will require the company to purchase today (t = 0) $5 million of equipment. The equipment will be depreciated over the following four years at the following rate（扩张需要购买价值500万的设备，该设备的折旧在4年的期限内按照以下的方式计算： Year 1：33% Year 2：45% Year 3：15% Year 4：7% (2) The expansion will require the company to increase its net operating working capital by $500,000 today (t = 0)（该扩张需要公司在初始投资的时候增加50万的净营运资本）. This net operating working capital will be recovered at the end of four years (t = 4)（该营运资本将会在四年后收回）. (3) The equipment is not expected to have any salvage value at the end of four years（预计该设备在4年后没有残值）. (4) The company’s operating costs, excluding depreciation, are expected to be 60 percent of the company’s annual sales（公司的经营成本不包括折旧在内，预计为年销售收入的60%）. (5) The expansion will increase the company’s dollar sales. The projected increases, all relative to current sales are扩张后将会增加公司的销售收入，各年的增加情况如下）： Year 1：$3.0 million Year 2：3.5 million Year 3：4.5 million Year 4：4.0 million (For example, in Year 4 sales will be $4 million more than they would have been had the project not been undertaken.例如，在第4年，销售收入将会比没有扩张前增加400万) After the fourth year, the equipment will be obsolete, and will no longer provide any additional incremental sales（在第4年以后，设备就会过时，将不会再提供额外的收入）. (6) The company’s tax rate is 40 percent and the company’s other divisions are expected to have positive tax liabilities throughout the project’s life（公司的所得税率为40%，并且公司的其他的分支机构在整个的项目周期内都有正的税负负担）. (7) If the company proceeds with the expansion, it will need to use a building that the company already owns（如果公司进行扩张，将需要使用公司现有的一栋建筑）. The building is fully depreciated; however, the building is currently leased out（该建筑已经计提完了折旧，并且正在出租）. The company receives $300,000 before-tax rental income each year (payable at year end)（公司收到的税前的租金收入为30万，每年年末支付）. If the company proceeds with the expansion, the company will no longer receive this rental income（如果公司继续扩张的话，就失去了租金的收入）. (8) The project’s WACC is 10 percent（该项目的加权平均资本成本为10%）. What is the proposed project's NPV?（预计该项目的净现值是多少？）、 第六章 流动资金管理 Working Capital Management 一、主要专业术语或概念中英文对照 交易性需要、预防性需要、投机性需要 Transaction demand/precautionary demand/speculative demand 现金收支管理 the management of cash receipts and expenditures 力争现金流量同步 synchronize cash inflows and outflows 使用现金浮游量 use cash floats 加速收款 accelerate cash receipts 推迟应付款的支付 defer the disbursement of payables 最佳现金持有量 optimal cash balance 成本分析模式 cost analysis model 机会成本、管理成本、短缺成本 opportunity cost/management cost/stock-out cost 存货模式、交易成本 inventory model/transaction cost 随机模式 random model 应收账款管理 the management of accounts receivable 信用政策、信用期间、信用标准、现金折扣政策、应收账款账龄、收账政策 Credit policy/credit term/credit standard/cash discount policy/the ages of accounts receivable/collection policy 存货管理 inventory management 取得成本、订货成本、购置成本 acquisition cost/ordering cost/purchase cost 储存成本、固定成本、变动成本 storage cost/fixed cost/variable cost 经济订货量基本模型 basic economic order quantity model (EOQ model) 经济订货量扩展模型 extended economic order quantity model 订货提前期、保险储备、再订货点 Ordering lead time/safety stocks/reorder points 二、练习题 1. The Galbraith Corp. buys a part that costs $5. The carrying cost of inventory is approximately 20% of the part’s dollar value per year. It costs $45 to place, process and receive an order. The firm uses 1,000 of the $5 parts per year. What ordering quantity minimizes inventory costs and how many orders will be placed each year if that order quantity is used? What inventory costs are incurred for the part with this ordering quantity?（Galbraith公司购买某一零部件的单位成本是5美元。该零部件的年储存成本为零件价格的20%，一次订货成本为45美元。公司每年对该零部件的需求量为1000件。求能使存货成本最小的订货批量以及该订货量下的年订货次数，在该订货量下的存货的总成本是多少？） ANS：Since the unit carrying cost is 20% of the part’s price, the annual carrying cost per unit in dollars is $1, or 20% x $5（因为单位年储存成本为价格的20%，所以单位年储存成本为1美元）. Substituting the known information into the EOQ equation, we have（把已知条件代入经济订货量模型的计算 公式 小学单位换算公式大全免费下载公式下载行测公式大全下载excel公式下载逻辑回归公式下载 ，我们得出）： The annual number of reorders is 1,000÷300, or 3.33（每年的订货次数为3.33）. Carrying costs are $150 a year, or (300÷2) x $5 x 20%; and ordering costs are $45 x 3.333, or $150. The total inventory cost of the part is $300（年储存成本为150美元，订货成本为150美元，零部件的总成本为300美 第七章 筹资管理 Management of Financing 一、主要专业术语或概念中英文对照 债券评级 bond ratings 可转换证券、可转换债券 convertibles/convertible bonds 标的股票、转换价格、转换比率、转换期 Underlying stock/conversion price/conversion ratio/conversion period 赎回条款、不可赎回期、赎回期、赎回价格 Call provisions/non-callable period/callable period/call price 赎回条件、回售条款、强制性转换条款 Call conditions/put provisions/force conversion provision 租赁、租赁合约、出租人、承租人 Leases/lease contract/lessor/lessee 经营租赁、融资租赁、直接租赁、杠杆租赁、售后租回 Operating leases/financial leases(capital leases)/direct leases/leveraged leases/sale and lease-back 出租人的损益平衡租金：the break-even lease income for lessor 可撤销租赁、不可撤销租赁、表外融资 Cancellable leases/non-cancellable leases/off-balance sheet financing 租赁存在的主要原因：减税、降低交易成本、减少不确定性 Good reasons for leasing 1. Taxes may be reduced by leasing. 2. The lease contract may reduce certain types of uncertainty. 3. Transactions costs can be higher for buying an asset and financing it with debt or equity than for leasing the asset. 营运资本政策、营运资本持有政策、营运资本筹集政策 Working capital policies/current asset investment policies/current asset financing policies 宽松的/紧缩的/适中的营运资本政策 Relaxed/restricted/moderate current asset investment policy 配合型/激进型/稳健型筹资政策 Maturity matching(self-liquidating) /aggressive/conservative current asset financing policy 借款的信用条件：信贷限额、周转信贷 协议 离婚协议模板下载合伙人协议 下载渠道分销协议免费下载敬业协议下载授课协议下载 、补偿性余额、借款抵押 Credit terms for borrowing：line of credit/revolving credit agreement/compensating balances/loan mortgage 借款利息的支付 方法 快递客服问题件处理详细方法山木方法pdf计算方法pdf华与华方法下载八字理论方法下载 ：收款法、贴现法、加息法 Forms of interest payment：collection approach/discount interest approach/add-on interest approach 二、练习题 Wolfson Corporation has decided to purchase a new machine that costs $3 million（Wolfson公司决定购买一台新设备价值300万）. The machine will be worthless after three years（三年后，该设备将毫无价值）. Only straight-line method is allowed by the IRS for this type of machine（税务部门规定该设备只能采用直线法计提折旧）. Wolfson is in the 35-percent tax bracket（该公司的所得税率为35%）. The Sur Bank has offered Wolfson a three-year loan for $3 million（Sur银行已经提供给公司3年期的贷款300万）. The repayment schedule is three yearly principal repayments of $1 million and an interest charge of 12 percent on the outstanding balance of the loan at the beginning of each year（还款方式为每年归还本金100万，按照年初借款的余额以及12%的年利率计算每年支付的利息）. Twelve percent is the market wide rate of interest（12%是市场的利率）. Both principal repayments and interest are due at the end of each year（本金以及利息都是在年末支付）. Cal Leasing Corporation offers to lease the same machine to Wolfson. Lease payments of $1.2 million per year are due at the end of each of the three years of the lease（Cal 租赁公司可以提供同样的设备，租金支付额为120万每年，年末支付租金）. a. Should Wolfson lease the machine or buy it with bank financing? 该公司是应该租赁设备，还是应该通过银行贷款购买设备？ b. What is the annual lease payment that will make wolfson indifferent to whether it leases the machine or purchases it? 每年支付的租金额为多少时，无论是购买设备还是租赁设备是没有差别的？元） . 第八章 股利分配 Dividend Distribution 一、主要专业术语或概念中英文对照 利润分配 Distributions to shareholders/dividend distribution 股利宣告日、股权登记日、股利支付日、除息日 Declaration date/Holder-of-record date/payment date/Ex-dividend date 现金股利、财产股利、负债股利、股票股利 Cash dividend/asset (property)dividend/liability dividend/stock dividend 股利无关论、股利相关论 Dividend irrelevance theory/dividend relevance theory 剩余股利政策、固定或持续增长的股利政策、固定股利支付率政策、低正常股利加额外股利政策 Residual dividend policy/constant or continuing growth dividend policy/constant payout ratio dividend policy/low-regular-dividend-plus-extras policy 目标资本结构、股票分割 Target capital structure/stock splits 二、练习题 1．Petersen Co. has a capital budget of $2,400,000. The company wants to maintain a target capital structure that consists of 40 percent debt and 60 percent equity（Petersen公司有一个240万元的资本预算，想要维持的目标的资本结构为40%的负债，60%的权益）. The company forecasts that its net income this year will be $1,800,000（公司预计今年的净利润为180万）. If the company follows a residual dividend policy, what will be its payout ratio?（如果公司的股利政策为剩余股利政策，那么他的股利支付率为多少） （20% Calculate the funds needed from equity as the capital budget times the percent of equity in the target capital structure根据目标资本机构中权益的比例计算出需要的权益资金. Subtract the funds needed from equity from the net income to determine the amount remaining to be paid as dividends从净利润中减去需要的权益资金，剩下的就是可以作为股利分配的利润. Divide the dividends by the net income to calculate the payout ratio.用分派的股利除以净利润就得到了股利支付率） 2．Brock Brothers wants to maintain its capital structure that consists of 60 percent debt and 40 percent equity（Brock Brothers想要维持的资本结构为负债比例为60%、权益比例为40%）. The company forecasts that its net income this year will be $2,000,000（预计公司今年的净利润为200万）. The company follows a residual dividend policy and anticipates a dividend payout ratio of 30 percent（公司的股利政策为剩余股利政策，股利支付率预计为30%）. The company does not plan to issue new stock（公司并不准备发行新股）. Given these constraints, what is the maximum size of the company’s total capital budget（在上述的限制条件下，公司可以达到的最大的资本预算是多少）? （$3,500,000 Equity available for reinvestment equals the net income times the retention ratio which is one minus the dividend payout ratio可以利用的权益资金等于净利润乘以留存收益率即“1-股利支付率”. To determine the maximum total capital budget without using external equity divide the equity available for reinvestment by the percentage equity of the capital structure.用留存的权益资金除以目标资本结构中权益资金的比例，就得到了在不使用外部权益融资的情况下，可以达到的最大的资本预算）。 3．Albany Motors recently completed a 2-for-1 stock split（Albany汽车公司最近完成了每一股拆为两股的股利分割）. Prior to the split, the company had 20 million shares outstanding and its stock price was $45 per share（ 在实施股票分割前，该公司在外发行的股票数为2000万，每股市价为45美元）. After the split, the total market value of the company’s stock equaled $900 million（股票分割后，公司股票的总的市价为9亿美元）. What was the price per share of the company’s stock following the stock split（股票分割后的每股市价是多少）? （$22.50 The market value of the company’s stock was the same before and after the split股票分割前后的股票的总的市价是一样的. The split doubles the number of shares股票分割使股数增加了1倍. So the post-split share price is the pre-split price divided by two因此，股票分割后的市价等于分割前市价的一半