首页 > ACCA > 复习指导

财务管理中的概念讲解

普通 来源:正保会计网校 2014-05-06

1. Degree of operating gearing

Operating leverage=Contribution/Profit before interest and tax (PBIT)

It measures the business risk of the company.

2. Covariance

The covariance of two shares measures the extent to which the returns of the individual shares vary in relation to each other.

Covariance ab = Sa× Sb×rab

3 . Value at Risk (VAR)

It is the minimum amount by which the value of and investment or portfolio will fall over given period of time at given level of probability. Alternatively it is defined as the maximum amount that it may lose at a given level of confidence.

4. Letter of credit

A financial institution usually a bank which issues a letter of credit is obliged to reimburse any losses incurred up to the required credit-enhancement amount in return for a fee. A letter of credit represents a written undertaking given by a bank on behalf of an importer to pay a specified sum of money to the exporter within a certain time. In order to be entitled to the payment however, the exporter must be able to produce necessary documentation that complies with the terms stated in the letter of credit.

5. Defensive tactics

Golden parachute-Large compensation payments made to the top management of the target firm if their position are eliminated due to hostile takeover.

Poison pill-It is an attempt to make a company unattractive by giving the right to existing shareholders to buy shares at very low price.

White knights-It refers to inviting a firm that would rescue the targeted from the unwanted bidder. The white knight would act as a friendly counter-bidder.

Crown jewels-Company’s most valuable assets may be the main reason that the firm became a takeover target in the first place.

Pacman defence-It is an aggressive tactic, it is applicable for the original acquirer is a public company with diverse shareholdings. It is carried out by mounting a counter-bid for the attacker.

6. Unbundling

Divestments-It is the partial or complete sale or disposal of physical and organizational assets, the shut down of facilities and reduction in workforce in order to free funds for investment in other areas of strategic interest.

Demerger-It is the splitting up of corporate bodies into two or more separate bodies to ensure share prices reflect the true value of underlying operations.

Sell-off-It is a form of divestment involving the sale of part of a company to a third party, sually another company. Generally, cash will be received in exchange.

Spin-off-It is the creation of a new company , where the shareholders of the original company own the shares.

Carve-out-It is the creation of a new company by detaching parts of the company and selling the shares of the new company to the public.

Management buy-out-It refers to the purchase of all or part of the business by its managers

我要纠错】 责任编辑:Sarah
打开APP 订阅最新报考消息

报考指南

今日热搜

热点推荐

热销好课

acca辅导课程

ACCA精品录播班

Get学霸同款

精品好课免费试听

ACCA-MA免费试听!

ACCA-MA免费试听!

申请购课优惠

正保会计网校ACCA

截图保存到相册

微信识别二维码

申请千元优惠

有奖原创征稿
客服 首页
取消
复制链接,粘贴给您的好友

复制链接,在微信、QQ等聊天窗口即可将此信息分享给朋友