Financing analysis/财务分析
1.investment analysis tools/投资分析工具
1.1The cash flow model/现金流模型
1.1.1Investor preferences/投资者偏好
1.2Time value of money/货币时间价值
1.2.1Compounding and discounting/复利和贴现
1.2.2Time value of money T-bar/货币时间价值T型图
1.2.3Components of compounding and discounting/复利和贴现的组成要素
1.2.4Consistency of the n and I components/n和i的一致性
1.3Six functions of the dollar/六个货币函数
1.3.1Compounding a single amount to a FV/复利计算单一金额终值
1.3.2Compounding an annuity to a FV/复利计算年金终值
1.3.3Sinking fund payments/沉淀资金支付额
1.3.4Discount a single future amount to a FV/单一金额现值计算
1.3.5Discounting a stream of equal payments to a present value/系列等额支付金额现值计算
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
1.4Discounted cash flow analysis/贴现现金流分析
1.4.1Internal rate of return (IRR)/内部收益率
1.4.2Net present value (NPV) /净现值
2.The real estate cash flow model-without financing/before tax
2.1Net operating income/营业净收入
2.1.1Potential rental income (PRI)/潜在租金收入
2.1.2Vacancy and credit losses/空置及欠租损失
2.1.3Operating expenses/运营费用
2.1.4Annual property operating data worksheet/年度物业运营数据表
2.2Determining investment value and performance/确定投资价值与绩效
2.2.1Gross rent multiplier/总租金乘数
2.2.2Direct capitalization/直接资本化法
2.2.3Cash on cash/现金比率
3.0Tax/税务
3.1Tax world versus real world/税务领域与实际业务领域
3.1.1Tax characteristics/税务特征
3.1.2Tax classifications/税务分类
3.1.3Taxation/税款
3.2Taxable income and the cash flow model/应税收入与现金流模型
3.2.1Initial investment/初始投资额
3.2.2Annual cash flows after tax/税后年度现金流
3.2.3Sale proceeds after tax/税后销售收益
3.2.4Calculating tax liability/计算应税额
3.3Without financing/after-tax analysis-非融/税后分析
3.3.1Effective tax rate/有效（实际）税率
4.Financing real estate investment/房地产融资
4.1Financial leverage/融资杠杆
4.1.1Types of leverage/杠杆类型
4.1.2Reasons for using debt financing/债务融资原因
4.1.3The effects of leverage on a before-tax basis/税前杠杆影响
4.2Commercial real estate loan structure/贷款结构
4.2.1Initial loan amount/初始贷款额
4.2.2Nominal interest rate/名义利率
4.2.3Amortization period/分期偿还期
4.2.4Loan term/贷款期限
4.2.5Period payment/定期还款额
4.2.6Mortgage constant/贷款常数
4.2.7Loan balance/贷款余额
4.3Calculating loan components /计算贷款构成
4.3.1Determining loan amount/确定贷款金额
4.3.2Annual debt service/年度还款额
4.3.3Note on debt coverage/贷款偿付说明
4.4Loan fees and loan costs/贷款费用和贷款成本
4.4.1Impact of loan fees/贷款费用的影响
4.4.2After-tax effective cost of funds/税后有效资金成本
4.5Loan underwriting/贷款审核
4.5.1Loan sources/贷款来源
4.5.2Underwriting criteria/审核标准
4.5.3Underwriting process/审核流程
5.Investment analysis with financing/融资投资分析
5.1Cash flow model-with financing/before tax-融资/税前现金流模型
5.2With financing/before tax analysis/融资/税前分析
5.3Cash flow model ‘with financing/after tax’/融资/税后现金流模型
5.4Effective tax rate/有效税率
6.Comparing real estate investments/房地产投资比较
6.1Risk considerations/风险考虑
6.2Real estate values/房地产价值
6.3Discount rates/贴现率
6.3.1Selecting a discount rate/选择贴现率
6.3.2Build-up method to obtain a discount rate/贴现率的累加法
6.3.3Discount rate based on alternative investments/贴现率替代投资法
6.3.4Discount rate from surveys/贴现率的调查法
6.4.5Discount rate implied by capitalization rate/贴现率的资本化率法
6.4IRR and the capital accumulation process/IRR和资本累计过程
