2022年公司理财公式总结.docx
Assets = Liabilities + Stockholders Equity Assets = Current + Fixed AssetsNet Working Capital= Current Assets Current Liabilities Revenues - Expenses = IncomeSales or Revenues- Cost of goods sold= Gross profit 毛利 - Administrative/marketing costs行政治理 / 营销成本 , Depreciation 折旧 = Operating Profit 营业利润 - Interests, Taxes= Netincome净收益 - Dividendstopreferredstocks= Earning availabletocommon shareholdersCash Flow From Assets CFFA = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash Flow 营运现金流量Net Capital Spending 净资本支出 Changes in NWC净营运资本的变化OCF I/S营运现金流 = EBIT息税前利润 + depreciation taxes = $547NCS 净资本支出 B/S and I/S = endingnetfixed assets beginningnet fixedassets + depreciation = $130Changes in NWC B/S = ending NWCbeginning NWC = $330 CFFA = 547130 330 = $87CF to Creditors B/S and I/S = interest paid net new borrowing = $24CF to Stockholders B/S and I/S = dividends paid net new equity raised = $63 CFFA = 24 + 63 = $87Current Ratio流淌比率 = CA / CL2,256 / 1,995 = 1.13 timesQuick Ratio 速动比率 = CA Inventory / CL2,256 301 / 1,995 = .98 times Cash Ratio 现金比率 = Cash / CL696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA2,2561,995 / 5,394 = .05Interval Measure 区间测量 = CA / average daily operating costs2,256 / 2,006 + 1,740/365 =219.8 daysTotal Debt Ratio 资产负债率 = TATE / TA5,394 2,556 / 5,394 = 52.61% Debt/Equity 资本负债率 = TD / TE5,394 2,556 / 2,556 = 1.11 timesEquity Multiplier权益乘数 = TA / TE = 1 + D/E1 + 1.11 = 2.11Long-term debt ratio长期债务率 = LTD / LTD + TE 843 / 843 + 2,556 = 24.80%Times InterestEarned 利息保证倍 數 = EBIT 息税前利润Earnings Before Interestand Tax / Interest1,138 / 7 = 162.57 timesCash Coverage现金涵盖比率 = EBIT + Depreciation / Interest 1,138 + 116 / 7 = 179.14 timesInventory Turnover 存货周转 = Cost of Goods Sold / Inventory 2,006 / 301 = 6.66 timesDays Sales in Inventory销售库存的天数 = 365 / Inventory Turnover 365 / 6.66 = 55 daysReceivables Turnover 应收帐款周转率 = Sales / Accounts Receivable5,000 / 956 = 5.23 times Days Sales in Receiveasbl= 365 / Receivables Turnover365 / 5.23 = 70 daysTotal Asset Turnover = Sales / Total Assets 5,000 / 5,394 = .93It is not unusual for TAT < 1, especially if a firm has a large amount of fixed assets NWC Turnover = Sales / NWC5,000 / 2,256 1,995 = 19.16 timesFixed Asset Turnover = Sales / NFA5,000 / 3,138 = 1.59 timesProfit Margin 利润率 = Net Income / Sales689 / 5,000 = 13.78%Return on Assets 资产收益率 ROA = Net Income / Total Assets689 / 5,394 = 12.77% Return on Equity 股本回报率 ROE = Net Income / Total Equity689 / 2,556 = 26.96%PE Ratio 市盈率 = Price per share 每股价格 / Earnings per share每股收益 87.65 / 3.61 = 24.28 timesMarket-to-book ratio市价与账面值比率 =market value per share / book value per share每股市价/ 每股账面价值 87.65 / 2,556 / 190.9 = 6.55 timesROE = PM * TAT * EMFuture ValuesFV = PV1 + rtPV = FV / 1 + rtFV = future value PV = present valuer = period interest rate, expressed as a decimal （用小数表示）t = number of periodsPerpetuity 永续年金 : PV = C / r11 1r tAnnuities 年金:PVCrFVC 1r t1rGrowing Annuity 增长年金tPVC1 1g rg 1r 永久 PVCrgAPR年度成本百分率EAR Effective Annual RatemEAR1APRm1此处均为年利率, 有时候给了年利率要换成月、季利率、天利率！自己体会！ ！ ！BondValue1 -C1r1r tFV1r tBond Value = PV of coupons 息票 + PV of par 票面价值Bond Value = PV of annuity 年金 + PV of lump sum 总金额Current Yield 现价息率 = annual coupon / priceYield to maturity = current yield + capital gains yield资本利得收益率1 + R = 1 + r1 + h, where R = nominal rater = real rateh = expected inflation rate Approximation 近似法 R = r + hPD01g0R - gD1R - grequired returnRD0 1gg P0D1Pg where D1/P0 is the dividend yield股息率 and g0is the capital gains yield 资本利得收益率average accounting returnAAR = Average Net Income/Average Book ValueRE the cost of equityERD1P0g 见 ppt14 的 9RERfE E RM Rf Risk-free rate, RfMarket risk premium 市场风险溢价 , ERM Rf Systematic risk of asset 系统性风险的资产 , Beta wE = E/V = percent financed with equitywD = D/V = percent financed with debtE = market value of equity = # of outstanding shares times price per share D = market value of debt = # of outstanding bonds times bond priceV = market value of the firm = D + E 100%= D/V + E/VWACC = wERE + wDRD1-TCafter-tax cost of debt R D1-TC
