Charles H.Meyer, Accounting and Finance for Lawyers, Thomson/West:2006
この本も、言葉をざっと確認して分からない言葉を調べるだけでよい。
Sarbanes -Oxley Act of 2002 SOX
Asset 資産
tangible 有形資産
intangible or legal right of business 無形資産 法的所有権（特許権ほか知的財産権）
deferred expense or deferred charge 未払い経費 繰り延べ経費
assets = liabilities + owner's equity 資産＝負債＋株主資本
accrued expense 時間の経過とともに次第に増える経費 人件費とか税金とか
deferred revenues 時間の経過とともには膨らむ収入 賃貸料とか
depreciation or amorotization 減価償却
cost of goods sold
historical cost 取得原価
market value 時価
earning per share, EPS
basic EPS 加工する前の1株あたり利益
diluted EPS includes the effecy of all potentially dilutive securities or agreements
effect of stock options
effect of convertible securities
financial ratios
measures of liquidity 流動性
current ratio 2:1 is an acceptable ratio, in fact there is no single standard
quick ratio
measures of leverage レバレッジ比率
debt-equity ratio
debt to asset ratio
times interest earned : net income before interest and taxes/interest expense
activity ratios
回転率（分析指標）
asset turnover sales revenue/average assets
receivables turnover sales revenue/average receivables
inventory turnover cost of goods sold/average inventory
measures of profitability
収益性（分析指標）
profit margin net income/sales
return on assets net income/average assets
return on equity
earnings per share
price/earnings ratio
payout ratio 配当性向のこと
dividend yield 配当率（株価配当利回り）のこと
bond valuation 債券
coupon rate
the face amount payable at the date of maturity
credit risk /issuer's financial condition/secured by a mortgage or not, (in another words)collateral securing
unsecured bonds sometimes called debentures 無担保債をdebentureと呼ぶ
call feature: the right of the issuer or the right of the holder to put the bonds at a fixed price prior to maturity コール 期限前償還
convertibel feature: are convertible into stock of the issuer
preferred stock 優先株
straight preferred stock is smilar in many respects to the valuation of bonds
優先株は債券と似ている点が多い。
redeemable preferred stock
valuation of common stock 普通株の評価
constant dividend the value of the stock = dividend/required rate of return
example 150/3%=5000 収益還元法による評価
dividends growing at a constant rate 定率成長モデル
the value = dividend /(required rate-expected growth rate)
example 200/(10%-5%) =200/5%
=4000
present value analysis 正味価値現在法
price/earning multiples 倍数法
determing the required rate of return 期待収益率の求め方
RRS = RF + (RRM-RF) × Sβ
RRS required rate of stock
RF risk free interest rate
RRM expected rate for the market portfolio
Sβ stock's beta
example RRS= 1%+ (2%-1%)×2.5
=3.5%
valuation of business 事業価値の評価
discounted cash flow analysis 割引キャッシュフロ―分析
valuation analysis : reasonably comparable businesses, book value multiples are extremely unreliable, the more reliable is the price paid for comparable businesses and the earning or cash flow of those businesses
asset values difficult to determine the value of goodwill or goig concern value of business のれん（無形資産）あるいは持続力（going concern）の価値評価はむつかしい。
