Kurs_anglyskogo_yazyka_dlya_finansistov

reference banks and publishes an average of the two sides of the market as the London interbank bid (LIBID) and offered (LIBOR) rates. LIBOR has become the most important floating-rate pricing benchmark for loans and debt instruments ... the global financial markets.

International lending and issuance of debt securities represents the third major segment of the global financial market.

Perhaps the most long-standing form of international lending involves trade financing, whereby a foreign buyer agrees to pay ... imported merchandise after a period of time.

A corporation or government requiring general international bank financing can borrow ... foreign-based financial intermediaries under a variety of structures ranging from revolving credit facilities, term loans and project financing, to various kinds of secured credits.

An alternative ... bank financing available ... many corporate and governmental borrowers is to issue debt securities (like commercial paper or government bills).

The fourth cornerstone of the global financial market involves equities, that is, common and preferred shares. Corporations seeking to raise equity capital may issue shares in the domestic market through the underwriting channels and simultaneously distribute them ... foreign investors.

Words you may need:

web n паутина

regulatory environment правовое поле fundamentals n pl основы

drive v приводить в движение

derivative instruments производные инструменты

Eurocurrency market евровалютный рынок credit facilities кредиты, источники кредитования core n сердцевина, ядро

positioning n установление позиции hedging n хеджирование

claim n требование

primary securities первичные ценные бумаги

Euronote n евронота (1-6 – месячный вексель) sample v отбирать (образцы)

reference banks банки, чьи процентные ставки используются при расчете ЛИБОР и др. ставок-ориентиров London interbank bid rate (LIBID) ставка покупателя на лондонском межбанковском рынке депозитов (ЛИБИД)

London interbank offered rate (LIBOR) ставка продавца (предложения) на лондонском межбанковском рынке депозитов (ЛИБОР)

debt security ценная бумага, представляющая собой долговое свидетельство long-standing adj давнишний, давний

trade financing финансирование торговли merchandise n товары

foreign-based adj расположенный за рубежом revolving credit facilities револьверный кредит term loan срочная ссуда

project financing финансирование проектов

secured credit ломбардный кредит (кредит под обеспечение легко реализуемыми ценными бумагами) commercial paper «коммерческие бумаги», векселя

Ex. 10. a) Open the brackets putting the verbs in the correct form.

b) Explain what are hedging techniques mentioned in the text.

Managing Exchange Rate Risk. Hedging

In general, hedging is a technique of insurance against loss from future price movements. For instance, in Britain in 1970s, when inflation was rampant, people (to buy) property because they thought that it (to keep) its value even if notes and coins did not. Their property was a hedge against future inflation.

Hedging is widely applied in commodity and financial markets, as well as in international trade. Exchange rates between currencies (to fluctuate) over time and companies engaged in international business (to expose) to

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exchange rate risk.

International companies can lower exchange rate risk exposure by hedging.

As to companies involved in international trade, i.e. purchasing goods from a foreign supplier, they can use two basic hedging techniques to protect themselves against transaction exposure:

a) Execute a contract in the forward exchange market, or in the foreign exchange futures market.

Currency contracts for future delivery (to trade) on many organized futures exchanges. Futures contracts (to standardize) with respect to the amount of a foreign currency to be delivered to the buyer from the seller and with respect to the time of delivery. In contrast, forward contracts can be set for any specific amount and any future time of delivery, although they normally are set for 30, 60 or 90 days in the future.

b) Borrow funds and invest in interest-bearing securities.

This technic is called a money market hedge. In that case a firm purchasing some goods (to borrow) the funds from its bank, (to exchange) them for the needed currency at the spot rate, and invests it in interestbearing securities of the Supplier's country. By investing in securities that mature on the same date as the payment is due to the Supplier, the purchaser (to have) the necessary amount of currency available to pay for the goods.

Firms with direct investment in foreign subsidiaries also (tо face) exchange rate risk in the form of translation exposure. Changes in the exchange rate (to affect) the value of the subsidiary's assets and liabilities and, ultimately, the income of the multinational parent company. A company can hedge against translation exposure by financing its foreign assets with debt denominated in the same currency.

A multinational company can also minimize its exchange rate risk by developing a portfolio of foreign investments. The firm should spread its foreign investments among a number of different countries, thus limiting the risk of losses in one country.

Words you may needs:

to manage the risk управлять риском

rampant adj безудержный, быстро расширяющийся over time со временем

interest-bearing securities процентные ценные бумаги mature v подлежать оплате, подлежать погашению hedge (against) v хеджировать

Ex. 11. a) Fill each gap with a suitable word from the box.

b)Sum up the text in 5-7 sentences. Present your sentences to the class.

c)Describe the basic functions of the Eurocurrency markets.

function	conducted	restrictions
fry	need	organized
borrow	offer	perform
deal	leading	client
bank	borrowers	operating
	The Eurocurrency Market

One of the most well-developed sectors of the Global Financial Market is the Eurocurrency Market. The Market refers to funds channelled via financial intermediaries from international lenders to international________. The large multinational banks dominate this business and have played a________role in the development and growth of these "offshore" markets.

The Eurocurrency markets_________the short to medium term debt required by banks, corporate customers, and government borrowers. The sources of these funds are domestic _________ deposits whose ownership is transferred to banks outside the controlled domestic monetary systems.

The Eurocurrency market is therefore_________and sustained by the large international banks and operates at two levels. Firstly, there is the very competitive wholesale market_________in London, in which these banks sell their funds to each other at the London interbank offering rate (LIBOR). This business is mainly________

via telephone, and thus only the highest quality banks can________ in the wholesale market. Secondly, smaller

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banks, corporate borrowers, national governments (in the late 1970s from Eastern Europe or developing countries and now primarily the Western industrialized countries) can_________loans from this market. In this large-scale "retail" loan market the large international banks only lend the offshore deposits after detailed credit investigation of the The Eurocurrency markets _________ three basic functions.

Firstly, they are extensively used for foreign exchange hedging purposes as the banks_________to balance out their foreign assets and liabilities. The banks therefore take positions in the Eurocurrency market to cover the forward commitments they have made with their customers. Secondly, Eurocurrency markets can at times bypass domestic channels of financial intermediation, especially when governments impose tight credit

_________ . For example, US corporations can acquire Eurodollars in London. These deposits may be US domestic dollar deposits that have been transferred abroad, during a US domestic credit squeeze. The third_________is the full international intermediation role of channelling surplus liquid resources from, say, OPEC countries to those countries or corporations who________to borrow.

Words you may need:

via через, посредством

to take position устанавливать позицию at times по временам, время от времени bypass v обходить

credit squeeze «сжатие кредита» (мероприятия государства по ограничению кредита потребителям)

DISCUSSION

Ex. 12. a) Read the text and single out its main facts.

b)Present them in a short review.

c)Discuss the problem raised in the text, offer your solution to the problem.

Tougher Measures Needed to Counter Macroeconomic Effects of Money Laundering

The globalization of the world economy and the growing efficiency of capital markets allow individuals and firms to shift vast amounts of money relatively freely between domestic financial markets and from one country to another. The efficiency of capital markets and their freedom from restrictions on capital movements have also provided criminal elements with an easy means to launder internationally money acquired from illegal activities in particular countries. Although difficult to measure, the magnitude of the sums involved and the extent of the criminal activities that generate this "income" have implications for both the domestic and the international allocation of resources and macroeconomic stability.

Money laundering and measures to counter it have therefore become the focus of intense international attention in recent years.

Money laundering is, by definition, a concealed activity. The-"dirty" money that is cycled through the international capital "laundromats" is generated by criminal activities that take place far from the eyes of the authorities. These activities include, in particular, the production and distribution of illegal drugs, as well as theft and embezzlement, insider trading, traffic in nuclear materials, usury, and prostitution. Although it is impossible to measure directly the size of the net financial gains that accrue annually to those who engage in these activities worldwide, the value of the total stock of laundered money is probably much larger than the GDP of many countries.

The concentration of vast sums of money in laundering operations has generated progressively more sophisticated attempts to launder the assets. Laundering transactions now involve a broad range of financial instruments, including derivatives. And the intermediaries have increasingly included such traditional financial institutions as banks and near-banks, brokers and dealers in securities, and foreign exchange dealers, as well as unconventional and parallel financial markets.

This huge money stream may exert an impact on macroeconomy.

At the national level, large financial flows related to money laundering could influence variables such as exchange rates and interest rates. At the international level, capital movements originating in one center can easily spread to others, thus transforming a national problem into a systemic one.

The transparency and soundness of financial markets are key elements in the effective functioning of economies, and money laundering can threaten both. Criminally obtained money can corrupt financial market

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officials, and the damage can be long-lasting, because the credibility of markets, though quickly lost, takes a long time to be rebuilt.

Although domestic money laundering can often be fought at the national level, an effective solution to the international money laundering problem is only possible at the international level.

Words you may need:

money laundering отмывание денег counter v противостоять magnitude n размер(ы), масштаб(ы) implication n подтекст, смысл

concealed activity тайная деятельность drugs n наркотики

theft n кража embezzlement n растрата

traffic (in) (зд.) торговля (чём-л.) usury n ростовщичество

accrue v увеличиваться, расти, (зд.) поступать derivatives n pl производные ценные бумаги to exert an impact оказывать воздействие

Ex. 13. Read the dialogue, sum up its content and act it out:

Russian: I know that starting from January 1999, the new European currency-the Euro-has been traded in the foreign exchange markets. How will the introduction of the Euro affect the European Union countries?

Foreigner: First of all it is an important step towards European integration. European countries have already

	set up the EU Council, the European Parliament and the European Central Bank.
R.: How will the monetary policy of the EU be regulated?
F.:	By the European Central Bank and its system. It will be using usual financial	instruments: interest
	rates, open-market operations, reserve requirements, etc.
R.: Who will benefit from the Euro?
F.:	We all, particularly our business. Business firms will get wider possibilities, first	of all, in the money
	and capital markets. Frontiers are being eliminated, business is becoming international.

R.: As far as I know, some countries of Europe failed to enter the Euro zone, didn't they?

F.: To be exact, the UK and Switzerland refused to enter the Euro system. Others simply failed to comply with some economic and legal requirements.

R.: At the moment the Euro is used in parallel with the currencies tied to it and only for non-cash payments. When will the cash Euro be introduced?

F.: Starting with July 1, 2002, when the national currencies will cease to exist.

R.: I foresee a serious problem here. As soon as the currency issuance and monetary policy become the function of the European Central Bank, the countries will lose their independence.

F.: Yes, it is a serious drawback. But the economic benefits will outweigh it.

Ex. 14. Give extensive answers to these discussion questions:

1. Do rates of exchange influence the external trade of a country? 2. What are the meaning and purpose of Forward Exchange?

3. What are the objectives and methods of Exchange Control? 4. What is "convertibility" as applied to a currency?

In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:

a) The composition of the exchange market. b) The structure of the global financial market.

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Ex. 15. Prepare a short talk on the following:

a)The major participants of the foreign exchange markets.

b)What is the rate of exchange determined by?

c)Instruments and transactions made in the currency markets (spot trading, futures and forward contracts, swaps, options).

d)Explain the global character of the exchange market.

e)What is arbitrage?

f)Russia's efforts to fight money laundering.

Ex. 16. Find a table of foreign exchange rates in a daily paper. Which currencies have a higher value relative to the Rouble? How does it affect the situation?

READING PRACTICE

Ex. 17. Read the text quickly to find the types of most widely used swaps:

Foreign Exchange Swaps

Swaps are transactions in which two parties swap financial assets by linking a foreign exchange transaction in cash to an opposite futures business in the same currency.

Foreign Exchange Swap Markets have developed since the early 1980s. The oldest type of swap is the conventional foreign exchange deal whereby one currency is simultaneously bought spot and sold forward against another – meaning an immediate exchange of cash followed by a further reverse exchange at a specified date in the future.

The idea of swapping has now spread further. By far the largest business volume amongst swaps occurs in the so-called "vanilla interest rate swap". A "plain vanilla", or fixed-to-fixed foreign exchange, or currency swap is an exchange of the principal and interest payments associated with a fixed-rate loan in one currency for the principal and interest payments on a similar loan in a second currency. The first such swap between IBM and the World Bank was done in 1981. Since then the swap market has grown to over $ 1 billion and, in the process, has evolved several additional types of currency swaps.

Words you may need:

Foreign Exchange Swap валютный «своп» to buy spot купить на условиях «спот» followed by за которым следует ...

vanilla interest rate swap «своп» процентный plain vanilla простой процентный «своп» evolve v развиваться, эволюционировать

Ex. 18. a) Read the text quickly to find answers to the following questions:

What does the price of a foreign exchange option depend on?

What are the prospects for the option markets?

Foreign Exchange Options

Options as a financial instrument have a reasonably short history in financial markets, with the first option contracts being traded in Chicago in 1973. In foreign exchange, a call option on the US dollar is the right to buy the US dollar, and a put option is the right to sell the US dollar. To purchase an option, the buyer has to pay a premium. To write an option, the seller receives a premium.

There are three different types of users of foreign exchange options: the corporate treasury, the fund manager, and the commercial bank trading room. For example, in the currency option markets, the corporate treasury can buy the right, but not the obligation, to sell or buy currency forward, if required. This option, to decide whether to buy or sell currency, is particularly important when the firm is unsure about the timing or size

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of foreign currency receipts or payment.

International banks, hi their turn, use currency options for their customers and for their own trading. In the past few years, nearly all dealing rooms have seen a large growth in the use of currency options and banks have started employing traders purely to trade currency options for the bank's own account.

Options are also sold "over the counter" (OTC) in a manner similar to currency forward contracts. OTC contracts have very flexible terms arranged by negotiation between the (normal bank) supplier and corporate buyer. Thus the currencies to be bought and sold can vary according to the corporate customer's needs and do not have to correspond to exchange market conventions. Amounts, duration of the option, and price can all be negotiated and matched to the corporate customers' exposure.

The volume of trading on the OTC market between banks is even higher than on the listed options market. There is no public secondary market in OTC currency options but trading is conducted by telephone using prices available on screen systems provided by large international (commercial and investment) banks. MNCs are major users of OTC options and are key participants in the screen markets. These OTC markets are closely linked to spot and forward markets in currency in which the banks and MNCs also play central roles.

The organised currency option exchanges provide an important public pricing mechanism for the MNC treasurer and may also provide a suitable currency option contract for foreign cash flows of known size but uncertain likelihood of occurrence.

The price of a foreign exchange option depends on: the length of a period desired to be covered by the option; the underlying volatility of the foreign exchange market; the relationship between the spot exchange rate and the desired price or the desired strike price; option premium; foreign interest rate.

Moreover, the type of currency option that financial institutions, corporations and the like can trade in vary from the extremely simple to the very sophisticated. It is possible to design tailor-made foreign exchange options to suit requirements, as essentially a foreign exchange option is akin to an insurance premium on the foreign exchange market. All this makes this instrument very attractive.

Within the past fifteen years the use of options has grown in all financial markets. It seems quite likely that foreign exchange options will grow further in coming years.

Words you may need:

call option опцион «колл» put option опцион «пут»

to write an option исполнить опцион

corporate treasury подразделение в корпорации, занимающееся управлением ее свободными средствами to sell (buy) forward продать (купить) на срок

convention и конвенция, соглашение strike price цена исполнения

and the like и тому подобное

tailor-made adj с учетом потребностей заказчика to be akin (to) быть сродни, быть близким (чему-л.)

UNIT 12. FINANCIAL MANAGEMENT

A. TEXT

FINANCE FUNCTION

Any business – whether large or small, profit-seeking or not-for-profit – has important financial concerns: How to get the funds needed to run the business on favourable terms and how to make sure that the funds are

used effectively?

In this connection modern businesses have financial managers to look after these problems, whose major objective is to maximize the value of the firm for its owners, i.e. to maximize the shareholders' wealth, which is represented by the market price of a firm's common stock.

Managers daily face questions like the following:

•What assets to acquire?

•Will a particular investment be profitable?

•Where will the funds come from to finance the investment?

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•How much to maintain as equity capital?

•Does the firm have adequate cash or access to cash – through bank borrowing agreements, for example, to meet its daily operating needs?

•Which customers should be offered credit and how much should they be offered?

•How much inventory should be held?

•Is the merger or acquisition advisable?

•How should profits be used or distributed? What is the optimal dividend policy?

•How should the firm behave in the situation of exchange rate variations and interest rate changes?

•How should risk to which the firm is exposed and return be balanced?

Financial managers are primarily concerned with the management of fixed assets, working capital management, including management of current assets and current liabilities, cash management, receivables management and inventory management; they are responsible for designing capital structure, choosing longand short-term financing techniques.

The financial manager has to take these decisions with reference to the objectives of the firm.

To have a better understanding of how managers go about all these concerns one should know what resources managers typically have at their disposal. The position of an enterprise, its assets and capital are best illustrated by its financial statements – the balance sheet and the income statement.

The first major component of the balance sheet of an enterprise is its assets, which are the resources owned by the enterprise. The standard classification of assets divides them into: 1) fixed assets, 2) current assets, 3) investments and 4) other assets.

Fixed assets are assets purchased for use in the business on a permanent basis, e.g. land and buildings, plant and machinery, furniture, motor vehicles, etc.

Current assets are short-term in nature. They are also known as liquid assets and include cash, marketable securities, accounts receivable (debtors), notes/bills receivable and inventory, including finished goods or work in process.

Investments represent investment of funds in the securities of another company, the purpose of which is either to earn a return or/and to control another company.

The second major component of the balance sheet is liabilities of the enterprise, which represent the amount that the enterprise owes to other enterprises, or the outside sources which the enterprise uses to finance its assets. They are: long-term liabilities (obligations payable after the accounting period) – debentures, bonds, mortgages, secured loans – and current liabilities (obligations usually repayable within the accounting period) – accounts payable, bills/notes payable, accrued expenses, deferred income and short-term bank credit.

The third major component of a balance sheet is the owners' equity-part of the resources of a firm which are supplied by its owners – shareholders. The owners' equity may consist of two elements: paid-up capital (the initial amount of funds contributed by the shareholders) and retained earnings (part of the profits of the shareholders which is not paid out to them as dividends but ploughed back in the business).

Capital is the store of accumulated wealth contributed to the firm by its proprietors – it is the net worth of the business to the owners. Fixed capital is capital tied up in fixed assets. Working capital is the capital available for working the business. When an enterprise has bought fixed assets it still needs further capital to buy raw materials, etc., or money to pay wages.

The finance function in a firm is usually headed by a chief financial officer (CFO), who reports to the firm's president.

The chief financial officer distributes the financial management responsibilities between the controller and the treasurer.

B. TEXT

FINANCIAL RATIOS

A financial ratio is a relationship between particular groups of assets or liabilities of an enterprise and corresponding totals of assets or liabilities, or between assets or liabilities and flows like turnover or revenue.

A leading example is the price/earnings ratio which is the ratio of the current quoted stock exchange price of an equity to the most recent declared dividend per share.

Another is the ratio of equity to debt finance (gearing ratio) within a company's overall capital structure. Financial ratios are used to give summary indications of the financial performance, prospects or strength of a

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company which help financial managers to make a comparison of a firm's financial condition over time or in relation to other firms.

No single financial ratio can answer all questions analysts may have. In fact, five different groups of ratios have been developed:

a)liquidity ratios indicating a firm's ability to meet short-term financial obligations;

b)activity ratios indicating how efficiently a firm is using its assets to generate sales;

e) financial leverage ratios indicating a firm's capacity to meet shortand long-term debt obligations;

d)profitability ratios measuring how effectively a firm's management generates profits on sales, assets, and stockholders' investments;

e)market-based ratios measuring the financial market's evaluation of a company's stock.

C.DIALOGUE

RATIO ANALYSIS

Russian: Are there any guidelines which enable the businessman to conduct his affairs efficiently and profitably and to compare his company's performance with those of other companies?

American: Yes, there are. One of the major tools is ratio analysis. Ratios make it easy to see trends, risks and to assess the results. All most important decisions are based on ratios.

R.: What are the most commonly used ratios?

Am.: We in the US operate with three main categories of ratios. We use ratios measuring solvency, efficiency, and profitability.

R.: Could you give some examples of each?

Am.: Yes, sure. Let's begin with measuring solvency.

R.: Solvency is the ability of a firm to meet its short-term liabilities as they come due, isn't it?

Am.: Yes, you are absolutely right. And one of the most commonly used measures of solvency is the current ratio.

R.: How is it found?

Am.: This is the ratio of all current assets, liquid assets, accounts receivable and inventories to current liabilities.

R.: When is a firm considered solvent on this measure?

Am.: If its current ratio is 2 to 1 or above. There is another ratio related to this one. It's the-debt-to- equity ratio. It is found by dividing total debt by the equity.

R.: I see. It's the indebtedness of a firm compared to its equity capital. But it's really more a measure of leverage than a measure of solvency.

Am.: Yes, you are right in a way. A highly leveraged company is one with a high proportion of bank loans to equity. But the ratio has some bearing on solvency, too. A low debt-to-equity ratio makes it easier for a firm to borrow to meet its short-term cash needs.

R.: That's clear. A ratio higher than 1 to 1 would make a firm a risky borrower. And what ratios help to measure a firm's efficiency?

Am.: One such ratio is that of sales to inventory, called the inventory turnover ratio.

R.: We say that stock or inventory has "turned over" when it has been sold and replaced with new stock. If we want to double our profit one way is to double the rate of stock turnover.

Am.: Yes, and this ratio varies widely from one industry to another. We can't say whether the ratio is good or poor until we know the product we are discussing. And now let's turn to measuring profitability.

R.: It's the figure that really matters in the end to any businessman, isn't it?

Am.: Yes, practically there are two measures that compare profit to the capital invested in a firm. One such measure is return on equity and the other is return on assets. Both are very important for investors.

R.: No doubt. Knowing the payback of an investment is important because the earlier the payback, the quicker the money can be reinvested, and also the less the risk investors are exposed to.

Am.: You are right, the ratios show how the capital "works". Investors' decisions totally depend on the ratios.

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VOCABULARY LIST

A.financial management управление финансовой деятельностью, финансовый менеджмент

Finance function организация финансовой деятельности concern n (зд.) интерес, озабоченность

maximize v довести до максимума common stocks обычные акции

acquisition n поглощение (компании)

to be exposed to risks быть подверженным риску management of fixed assets управление основными средствами working capital management управление текущими активами management of current assets управление оборотными средствами

management of current liabilities управление краткосрочными обязательствами cash management управление денежными операциями

receivables management управление дебиторской задолженностью

inventory management управление запасами, материально-техническим снабжением capital structure структура капитала

long-term/short-term financing долгосрочное/краткосрочное финансирование assets n pl активы

financial statements финансовая отчетность

balance sheet балансовый отчет income statement отчет о прибылях и убытках liquid assets ликвидные средства

accounts receivable счета дебиторов notes/bills receivable векселя к получению work in process незавершенное производство

liabilities n обязательства accounting period отчетный период

mortgage n закладная

accounts payable кредиторская задолженность bills/notes payable векселя к оплате

accrued expenses начисленные издержки deferred income доходы будущих лет equity (зд.) акционерный капитал

paid-up capital оплаченная часть акционерного капитала

retained earnings нераспределенная прибыль dividends n дивиденды

to plough back превращать в капитал

net worth of the business собственный капитал фирмы fixed capital основные средства (фонды)

working capital оборотный капитал (средства, фонды)

chief financial officer вице-президент корпорации по финансам

controller n финансист-контролер, ведущий анализ хозяйственной и учетнофинансовой деятельности

treasurer n казначей компании

B.financial ratios финансовые коэффициенты/показатели

price/earnings ratio отношение рыночной цены (акции) к чистой прибыли компании (в расчете на одну акцию)

gearing ratio (debt-to-equity ratio) отношение задолженности к собственному капиталу indication n показатель

analyst n экономист-аналитик liquidity ratio коэффициент ликвидности

financial leverage ratios доля заемных средств в совокупном капитале

C.ratio analysis кредитный и инвестиционный анализ solvency n платежеспособность

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efficiency n эффективность

profitability n доходность, рентабельность

current ratio отношение оборотного капитала к краткосрочным обязательствам debt-to-equity ratio соотношение собственных и заемных средств

indebtedness n задолженность

inventory turnover ratio оборачиваемость товарных запасов to turn over оборачиваться

return on equity доход от акций, доход на собственный (акционерный) капитал return on assets доход от имущества

payback of an investment окупаемость инвестиций

EXERCISES

Ex. 1. Answer these questions:

A.1. What financial concerns face every enterprise?

2.What problems do finance managers face daily?

3.What does financial management involve?

4.What are financial managers concerned with?

5.What are the major components of a balance sheet?

6.How is the finance function most commonly organized?

B.1. What is a financial ratio?

2.What do financial ratios help to measure?

3.What groups of ratios have been developed?

C.1. Can you give examples of ratios measuring solvency, efficiency and profitability?

Ex. 2. Give derivatives of:
management n	effectively adv	maintain v	acquisition n
behave v	expose v	determine v	control v
convince v	relationship n	quote v	indicate v
profit n	assess v	analysis n	measure n
receive v	debt n	risk n	turn v
replacement n	invest v	pay back v	total n

Ex. 3. Find English equivalents for the following Russian phrases from the text:

A. управление финансовой деятельностью; на выгодных условиях; эффективно использовать финансовые средства; приобретать активы; необходимые наличные средства; слияния и поглощения; дивидендная политика; быть подверженным риску; управление основными средствами; управление текущими активами; управление оборотными средствами; управление краткосрочными обязательствами; управление дебиторской задолженностью; управление запасами; структура капитала; финансовая отчетность; балансовый отчет; отчет о прибылях и убытках; основные средства; оборотные средства; счета дебиторов; векселя к получению; незавершенное производство; закладная; кредиторская задолженность; векселя к оплате; начисленные издержки; доходы будущих лет; оплаченная часть акционерного капитала; нераспределенная прибыль; собственный капитал; основные фонды; оборотный капитал;

B. финансовые коэффициенты; отношение рыночной цены (акции) к чистой прибыли компании; отношение задолженности к собственному капиталу; коэффициент ликвидности; коэффициенты, характеризующие долю заемных средств в совокупном капитале компании; коэффициент доходности; прибыль от продаж;

С. кредитный и инвестиционный анализ; вести дела эффективно; оценивать результаты; платежеспособность; выполнять краткосрочные обязательства; отношение оборотного капитала к краткосрочным обязательствам; соотношение собственных и заемных средств; иметь отношение к чему-л.; удовлетворять потребности в наличных средствах; оборачиваемость товарных запасов;

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