有关财务管理中的一些概念解释本文由高顿ACCA整理发布，转载请注明出处 1. European option, American option European option can only be exercised at expiration, whereas American option can be exercised any time prior to expiration. 2. Determinants of option values Exercise price The price of the underlying The time to expiration The interest rate The intrinsic and time value 3. Letter of credit A financial institution(such as a bank) which issues a letter of credit is obliged to reimburse any losses incurred up to the required credit enhancement amount, in return for a fee. It represents a written undertaking given by a bank on behalf of an importer to pay a specified sum of money to the exporter within a certain time. 4. Pecking order theory Retained earnings Debt secured debt should be issued first, followed by unsecured debt. Equity-last resort 5. Degree of financial leverage Earnings before interest and tax/(Earnings before interest and tax-Interest) 6. Expectation theory It looks at the relationship between difference in forward and spot rates and the expected changes in spot rates. 7. EVA= Net operating profit after tax(NOPAT)－(WACC×Book value of capital employed) 8. Financial reconstruction 高顿财经ACCA Debt-equity swaps-all specified shareholders are given the right to exchange their stock for a predetermined amount of debt in the same company. Leveraged buy-out- It is a transaction in which a group of private investors uses debt financing to purchase a company or part of a company. 9. Certificates of deposit It is a certificate of receipt for funds deposited at a bank or other financial institution for a specified term and paying interest at a specified rate. Banker’s acceptance are negotiable bills issued by companies and guaranteed by a bank. 10. Cash operating cycle is the period of time which elapses between the point at which cash begins to be expended on the production of a product and the collection of cash from a purchaser. 更多ACCA资讯请关注高顿ACCA官网：http://acca.gaodun.cn 高顿财经ACCA 本文来源：https://www.wddqw.com/doc/f91dbf97e87101f69e3195ed.html