Tiếng Anh chuyên ngành quản trị kinh doanh - Phần 23

CORPORATE FINANCE

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bài đọc. Bạn có thểtham khảo bảng từvựng ởcuối bài đểbiết nghĩa của các từmới.

Corporations need financing for the purchase of assets and the payment of expenses. The

corporations can issue share in exchange for money and property (sometimes referred to as equity

funding). The holders of the shares together form the ownership of the company. Each share is

presented by the stock certificate. This is negotiable, which means that it can be bought and sold.

The value of the share is determined not only by the net assets divided by the total number of

shares outstanding, but also by any particular rights it gives shareholders. The greater the success

of the company, the more value the shares usually have.

A corporation can also get capital funds by borrowing. This is called debt funding. When

corporation borrows money, they give notes or bonds, which are also negotiable. However,

interest has to be paid out whether business is profitable or not.

Management must consider both the outflow and inflow of capital funds in running the

corporation. The purchase of inventory and supplies, or payment of salaries, results in an outflow.

The sale of goods and services results in an inflow. In the long run, the inflow is much greater

than the outflow to result in a profit. In addition, a company must deduct its costs, expenses and

losses on bad debts, interest on borrowed capital and other items in order to determine whether its

financial management has been profitable. The amount of risk involved is an important factor in

determining fund raising and whether a particular corporation is a good investment.

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information? R: Yes. 
P: Where are the microchips? R: Input error. 
Exercise 3: A computer program. (Một chương trình máy tính) 
David Thompson does not yet understand the documents used in the accounts department. 
This is the situation with six Tranworld customers and what David was planning to do about 
them: 
(David Thompson chưa hiểu những tài liệu sử dụng ở phòng kế toán. Đây là tình huống với 
6 khách hàng của Transworld và những gì David dự định làm.) 
1. We haven’t arranged transportation for BOS this month. 
A. Send a statement at the end of 
the month. 
2. We arranged transportation for GLM and they have 
paid the invoice, but we overcharged them. 
B. Send a credit note. 
3. We arranged transportation for our regular customers, 
JLN, but they haven’t paid us. 
C. Send a debit note. 
4. HEQ have paid their invoice, but we undercharged 
them. 
D. Send a reminder. 
5. Arranged transportation for WRS this month, but we 
haven’t done anything about it yet. 
E. Not do anything. 
6. This is the first time we have arranged transportation 
for ZYZ and they haven’t paid their invoice yet.. 
F. Send an invoice. 
7. BLT has paid their invoice. The amount was correct. G. Send a receipt. 
Unit 9: Financial analysis and corporate finance 
 223
Most of David’s answers are wrong, so Liz wrote a simple ‘computer program’ for him to 
follow. Study the program below, then ask questions from the computer program and give a 
positive or negative answer from the problems above, like this: 
P: The customer is BOS. 
R: Have we arranged transportation for BOS this month? 
P: Negative. 
R: What are you going to do? 
P: Well I was going to send a statement at the end of the month. 
R: The correct answer is E. 
P: In that case, I’m not going to do anything. 
Laboratory drill 
P: What about BOS’s account? R: I was going to send a statement at the end 
 of the month. 
Exercise 4: The alphabet (Bảmg chữ cái) 
This is a list of new customers at Transworld. Put them in alphabetical order before they are 
put on the computer. 
(Đây là danh sách khách hàng mới của Transworld. Hãy sắp xếp họ theo thứ tự trong bảng 
chữ cái rồi đưa vào máy tính.) 
1. JBX Pte Ltd 7. ABD plc 
2. JDR Inc 8. GLM AB 
3. WRS AS 9. VDU SpA 
4. JLN GmbH 11. ZZT 
6. BLT SARL 12. ZYZ NV 
Check which country you think each company is in, like this: 
(Hãy kiểm tra xem những công ty này từ nước nào tới.) 
P: JBX is Singaporean, isn’t it? R: Yes. It’s in Singapore. 
Or No. It’s in ……… 
Laboratory drill A 
P: One. R: JBX. 
Laboratory drill B 
P: JBX is Singaporean. R: JBX is in Singapore, is it? 
Unit 9: Financial analysis and corporate finance 
 224
SUMMARY 
Bài này đã cung cấp cho bạn kiến thức về: 
- Từ vựng và cấu trúc ngữ pháp để hiểu được nội dung bài đọc bằng tiếng Anh về các 
phương thức phân tích tài chính và tài chính doanh nghiệp. 
- Thực hành kỹ năng đọc hiểu về các chủ đề trên. 
- Trả lời được các dạng câu hỏi khác nhau trong phần đọc hiểu, điền từ vào chỗ trống. 
- Sử dụng được tính từ và trạng từ. 
- Thực hành nghe với chủ đề “computerize accounts”, và làm bài tập nghe hiểu. 
VOCABULARY 
accounting procedure n thủ tục kế toán 
accurately adv chính xác 
allocation n sự phân bổ, sự phân bố 
apology n sự tạ lỗi 
asset n tài sản có 
balance of payments n bản thanh toán 
balance sheet n bảng tổng kết tài sản 
bond n trái phiếu 
budget n ngân sách 
calculation n phép tính 
carry out v thực hiện, tiến hành 
central processing unit n bộ xử lý trung tâm 
certificate n chứng chỉ 
component n linh kiện lắp ráp 
computerize v đưa vào máy tính 
contain v chứa 
corporation n công ty 
critical adj quan trọng 
current ratio n tỉ suất hiện thời (khả năng trả nợ ngắn hạn) 
customer n khách hàng 
data processing n sự xử lý dữ liệu, xử lý thông tin 
Unit 9: Financial analysis and corporate finance 
 225
debt funding n huy động vốn 
debtors n các khoản phải thu 
deduct v giảm 
disguise v ngụy trang 
enclose v đính kèm 
equity funding n thu hút vốn tự có 
eventually adv cuối cùng 
excessive adj vượt quá, quá mức 
finance v cấp tiền cho, tài trợ, cấp vốn 
financing n sự cung cấp vốn 
garbage in, garbage out idm dữ liệu nhập sai, kết quả sai 
implement v thực hiện 
induce v khiến 
inflow n luồng tiền vào 
input n dữ liệu nhập 
instruct v chỉ dẫn 
inventory n tài sản 
issue v phát hành 
key broad n bàn phím 
liquidity n khả năng thanh toán, nợ đến hạn 
microchip n vi mạch 
negotiable adj có thể chuyển nhượng được 
note n lệnh phiếu 
out put n kết quả, thông tin đưa ra 
outflow n luồng tiền ra 
owe v nợ 
print v in 
print out v in ra 
printer n máy in 
profitability n khả năng sinh lời 
programmer n người lập trình, lập trình viên 
Unit 9: Financial analysis and corporate finance 
 226
property n tài sản tư bản (máy móc, nhà xưởng) 
public adj or n chính phủ, công chúng, nhân dân 
purchase n mua 
rating n tỉ lệ vay 
real – estate n bất động sản 
regular adj thường xuyên 
restrictive adj chặt chẽ, hạn chế 
return n lợi nhuận 
ridiculous adj buồn cười 
share n cổ phiếu 
shareholder n cổ đông 
stable adj ổn định 
statement n bản quyết toán 
stock n tồn kho 
store v trữ 
taxation n sự đánh thuế 
terminal n bộ phận máy vi tính, thiết bị đầu cuối 
turnover n doanh thu 
unavoidable adj không thể tránh được 
usual adj thường lệ 
visual display unit n màn hình hiển thị 
vulnerability n dễ bị thiệt hại 
CONSOLIDATION EXERCISES 
Exercise 1. Read the passage and answer the questions. 
FISCAL AND MONETARY POLICY 
The two main types of macroeconomic policies are fiscal and monetary policies. The two 
policies are interrelated. 
Fiscal policy is carried out by the Ministry of Finance and can be divided into two parts, 
government expenditures and taxation. These two parts determine whether the government has a 
deficit or surplus in its budget. A careful fiscal policy is the basic of a stable macro economy. 
Taxes and public (public = government) spending can affect resource allocation. Fiscal deficits 
affect both the balance of payments and the rate of inflation. 
Unit 9: Financial analysis and corporate finance 
 227
Monetary policy in developing countries follows fiscal policy. Printing of money is often 
the source of financing for government spending. If the central bank has to finance a big deficit, it 
may be unable to implement a restrictive monetary policy to control inflation. 
If a deficit is financed by printing more money than the public wants to have, prices will 
rise. Inflation causes the real value of personal financial assets to fall. But it also induces people to 
buy assets such as gold, dollars or real – estate which will not lose value with inflation. 
When a budget deficit is financed by excessive domestic borrowing, it can lead to higher 
interest rates because of the high demand for money. These high rates can make it too expensive 
for the private sector to borrow money. 
Government deficits must be brought down with cuts in spending, or through higher taxes. 
If spending cuts are not made, government eventually have to print money to finance their deficit, 
making inflation unavoidable. 
Comprehension questions 
1. What are the 2 main types of macroeconomic policies? 
……………………………………………………………………………………………… 
2. What are the 2 parts of fiscal policy? 
……………………………………………………………………………………………… 
3. What do these 2 parts determine? 
……………………………………………………………………………………………… 
4. What do fiscal deficits affect? 
……………………………………………………………………………………………… 
5. In developing countries what does monetary policy follow? 
……………………………………………………………………………………………… 
6. How do some governments finance government spending? 
……………………………………………………………………………………………… 
7. What is needed to control inflation? 
……………………………………………………………………………………………… 
8. What happens if the government prints more money than people want to have? 
……………………………………………………………………………………………… 
9. What does inflation induce people to do? 
……………………………………………………………………………………………… 
10. How can domestic borrowing lead to high interest rates? 
Unit 9: Financial analysis and corporate finance 
 228
……………………………………………………………………………………………… 
Exercise 2. Read the passage and answer the questions. 
Debt financing is classified as short term or long term. Short term debt issues must be 
repaid within three to five years. Loans obtained from commercial banks are a common form of 
short - term debt. Bank lines of credit allow a firm to borrow up to a specified maximum but 
require that the loan balance be zero for one or more months during a year. Banks will also 
provide 2 – to – 3 year loans, but these are often secured by a claim to inventories or account 
receivable if they are not paid on time. 
Factoring and pledging are used by smaller, less stable companies. Factoring is the physical 
sale of the firm’s receivable due from customers. Pledging is a loan secured by the firm’s 
receivable due from customers. Because of their increased risk, pledging and factoring bear a 
larger interest cost to the firm than commercial paper. 
Comprehension question 
1. How is debt financing classified? 
……………………………………………………………………………………………… 
2. What is a common form of short - term debt? 
……………………………………………………………………………………………… 
3. What are often secured by a claim to inventories or account receivable if they are not 
paid on time? 
……………………………………………………………………………………………… 
4. What is factoring? 
……………………………………………………………………………………………… 
5. Why do pledging and factoring bear a larger interest cost to the firm than commercial 
paper? 
……………………………………………………………………………………………… 
Exercise 3. Change these sentences into the future with will. 
Example: I can play tennis. (tomorrow) 
 I’ll be able to play tennis tomorrow. 
 1. I have to wear a uniform. (at the weekend) 
…………………………………………………………………………………………… 
 2. I can’t tell you. (tomorrow) 
…………………………………………………………………………………………… 

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