国际双语教材

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Financing analysis/财务分析

FINANCING ANALYSIS/财务分析

1.investment analysis tools/投资分析工具... 1

1.1The cash flow model/现金流模型... 1

1.1.1Investor preferences/投资者偏好... 1

1.2Time value of money/货币时间价值... 2

1.2.1Compounding and discounting/复利和贴现... 2

1.2.2Time value of money T-bar/货币时间价值T型图... 2

1.2.3Components of compounding and discounting/复利和贴现的组成要素... 3

1.2.4Consistency of the n and I components/n和i的一致性... 3

1.3Six functions of the dollar/六个货币函数... 3

1.3.1Compounding a single amount to a FV/复利计算单一金额终值... 4

1.3.2Compounding an annuity to a FV/复利计算年金终值... 4

1.3.3Sinking fund payments/沉淀资金支付额... 5

1.3.4Discount a single future amount to a FV/单一金额现值计算... 5

1.3.5Discounting a stream of equal payments to a present value/系列等额支付金额现值计算... 6

1.3.6Determine a series of equal payments necessary to amortize a PV/固定现值计算系列等额支付金额... 6

1.4Discounted cash flow analysis/贴现现金流分析... 7

1.4.1Internal rate of return (IRR)/内部收益率... 7

1.4.2Net present value (NPV) /净现值... 9

2.The real estate cash flow model-without financing/before tax. 14

2.1Net operating income/营业净收入... 14

2.1.1Potential rental income (PRI)/潜在租金收入... 15

2.1.2Vacancy and credit losses/空置及欠租损失... 15

2.1.3Operating expenses/运营费用... 16

2.1.4Annual property operating data worksheet/年度物业运营数据表... 18

2.2Determining investment value and performance/确定投资价值与绩效... 18

2.2.1Gross rent multiplier/总租金乘数... 19

2.2.2Direct capitalization/直接资本化法... 19

2.2.3Cash on cash/现金比率... 20

3.0Tax/税务... 23

3.1Tax world versus real world/税务领域与实际业务领域... 23

3.1.1Tax characteristics/税务特征... 24

3.1.2Tax classifications/税务分类... 24

3.1.3Taxation/税款... 25

3.2Taxable income and the cash flow model/应税收入与现金流模型... 25

3.2.1Initial investment/初始投资额... 26

3.2.2Annual cash flows after tax/税后年度现金流... 26

3.2.3Sale proceeds after tax/税后销售收益... 26

3.2.4Calculating tax liability/计算应税额... 26

3.3Without financing/after-tax analysis-非融/税后分析... 30

3.3.1Effective tax rate/有效(实际)税率... 31

4.Financing real estate investment/房地产融资... 33

4.1Financial leverage/融资杠杆... 33

4.1.1Types of leverage/杠杆类型... 33

4.1.2Reasons for using debt financing/债务融资原因... 34

4.1.3The effects of leverage on a before-tax basis/税前杠杆影响... 34

4.2Commercial real estate loan structure/贷款结构... 37

4.2.1Initial loan amount/初始贷款额... 37

4.2.2Nominal interest rate/名义利率... 37

4.2.3Amortization period/分期偿还期... 38

4.2.4Loan term/贷款期限... 38

4.2.5Period payment/定期还款额... 39

4.2.6Mortgage constant/贷款常数... 39

4.2.7Loan balance/贷款余额... 40

4.3Calculating loan components /计算贷款构成... 41

4.3.1Determining loan amount/确定贷款金额... 41

4.3.2Annual debt service/年度还款额... 42

4.3.3Note on debt coverage/贷款偿付说明... 43

4.4Loan fees and loan costs/贷款费用和贷款成本... 43

4.4.1Impact of loan fees/贷款费用的影响... 44

4.4.2After-tax effective cost of funds/税后有效资金成本... 45

4.5Loan underwriting/贷款审核... 45

4.5.1Loan sources/贷款来源... 45

4.5.2Underwriting criteria/审核标准... 46

4.5.3Underwriting process/审核流程... 46

5.Investment analysis with financing/融资投资分析... 49

5.1Cash flow model-with financing/before tax-融资/税前现金流模型... 49

5.2With financing/before tax analysis/融资/税前分析... 50

5.3Cash flow model ‘with financing/after tax’/融资/税后现金流模型... 52

5.4Effective tax rate/有效税率... 53

6.Comparing real estate investments/房地产投资比较... 55

6.1Risk considerations/风险考虑... 55

6.2Real estate values/房地产价值... 57

6.3Discount rates/贴现率... 58

6.3.1Selecting a discount rate/选择贴现率... 59

6.3.2Build-up method to obtain a discount rate/贴现率的累加法... 59

6.3.3Discount rate based on alternative investments/贴现率替代投资法... 60

6.3.4Discount rate from surveys/贴现率的调查法... 60

6.4.5Discount rate implied by capitalization rate/贴现率的资本化率法... 60

6.4IRR and the capital accumulation process/IRR和资本累计过程

... 61

2020-05-20 19:03
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