公司金融知识点总结.pdf

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1、公 司 金 融 知 识 点总 结 第 一章 公司 金融 概述 1. Forms of business organization 3 1 proprietorship Unlimited liability 2 partnership Unlimited liability limited partnership general partners limited partners Limited liability Unlimited liability 3 corporation Limited liability agenda cost a conflict of interest (Th

2、e Agency Problem): managers agents Stockholders principal 2. Managerial Goals Maximize shareholder wealth = 3. 第 二章 财务 报表 3 GAAP 1 The balance sheet at a point in time book values market values Assets = order by the length of time 2 The income statement over a period of time Revenue Expenses= Income

3、 EBIT EBITDA EBIT = EBITDA = EBIT + non-cash items net cash flow accounting profit = + depreciation deferred taxes = + net income = EBIT * 1 3 The cash flow statement during a period of time Operating Activity + Investing Activity + Financing Activity = Net Change in Cash Balance Sources and Uses of

4、 Cash Sources Cash inflow account Decrease in asset account Accounts receivable, inventory, and net fixed assets Increase in liability or equity account Accounts payable, other current liabilities, and common stock Uses Cash outflow Increase in asset account Cash and other current assets Decrease in

5、 liability or equity account Notes payable and long-term debt a. OCF = = = + = EBIT + OCF= OCF= + c - 1 - t t OCF c tc b. c. net working capital = ratio analysis 1. liquidity ratios 1 current ratio = / current asset/ current liabilities 2 quick ratio = - / current asset- Inventory/ current liabiliti

6、es Cash Ratio = Cash / CL 2. financial leverage ratio long-term solvency 1 debt ratio = / ( TD/TA=TA-TE/TA ) TE: Total Equity 2 = / TD/TE TD Total debt 3 Equity Multiplier = / TA/TE=1+TD/TE 4 time-interest-earned ratio, TIE ratio = / EBIT / interest 5 Cash Coverage = (EBIT + Depreciation) / Interest

7、 3. asset management ratios 1 inventory turnover ratio = / cost of Goods Sold / Inventory = 365 / Inventory Turnover 2 Receivables Turnover = / Sales / Accounts Receivable = 365 / Receivables Turnover 3 fixed assets turnover ratio = / Sales / NFA 4 total assets turnover ratio = / Sales / Total Asset

8、s NWC Turnover = Sales / NWC = current assets current liabilities 4. profitability ratios sales=revenues 1 profit margin on sales,ROS = / Net Income / Sales EBITDA Margin = EBITDA / Sales 2 return on assets, ROA ROA = / Net Income(EBITDA) / Total Assets 3 return on equity, ROE ROE= / Net Income(EBIT

9、DA) / Total Equity ROE 5. market value ratios 1 PE = / = Price per share / Earnings per share 1 per share Market-to-book ratio = Market value per share / book value per share 2 The EBITDA ratio = the Enterprise Value / EBITDA The Enterprise Value = Total market value of the stock + Book value of all

10、 liabilities - Cash Du Pont equation ROA = x = / x / ROE=ROA x = / x / = / x / x / ROE 3 If there is no debt or ROA = r, ROE will simply equal ROA(1 - t). If ROA r, the firm earns more than it pays out to creditors and ROE increases. If ROA r, ROE will decline as a function of the debt-to-equity rat

11、io. 第 三章 长期 财务 计划 1. percentage of sales approach full capacity dividend payout ratio = / retention ratio = / = 1 2. external financing needed EFN 1 = / * / * PM* * 1 d PM = / d = 2 = 3. internal growth rate 4. sustain growth rate b 1 = 5. ROE 第 四章 货币 的时 间价值 和现 金流贴 现分 析 1. Discounting simple interes

12、t and compound interest PV FV 2. simple cash flows 1 PV = CFt / (1+r) t 2 FV = CF0 (1+ r) t 3. Annuity PMT regular annuity due annuity 4. 1 r: m: n: 2 APR EAR: 5. Growing Annuities g 6. Perpetuity 7. Growing Perpetuities 1 2 PV= CF1 / (r-g) 8. 9. 72 r=72/n n r 10. amortized 第 五章 债券 估值 与利率 1. Coupon

13、interest rate Par value Maturity Date 2. t t r) (1 FV r r) (1 1 - 1 C Value Bond C = * FV r n 3. 1 Coupon rate par value/face value 2 Yield to Maturity YTM NPV=0 3 current yield = + = / = Yield to maturity = current yield + capital gains yield 4. 1 discount bond 2 premium bond 3 par bond = = 5. 1 2

14、6. callable bond convertible bond 第 六章 普通 股价 值评估 Dividend Discount Model, DDM dividends (DCF): 1 3 3 2 2 1 0 ) 1 ( n . ) 1 ( ) 1 ( 1 t t r D r D r D r D P Dt r P0 1. Zero Growth D1=D2=D3= =Dn P0 = D1 / r 2. Constant Growth g P0 = D1 / r g 1 Dividend Growth Model ,DGM r= D1 / P0 +g g gr 2 r g r : P0 = D1 / r g r= D1 / P0 +g g = + r= D1 / P0 +(P1 P0)/ P0 g=(P1 P0)/ P0 3. Earnings and Investment Opportunities 1. P0 =EPS / r + NPVGO EPS earnings per share NPVGO 1 P0 =EPS / r 2 2. g=b * ROE b ROE