公司理财期末整理(英文版)(共8页).doc

精选优质文档-倾情为你奉上一、*是什么意思？1）Capital budgeting 资金预算2）Capital Structure 资金结构3）Net working capital二、组织结构图 谁负责谁？三、 The corporate firmForms of Business Organizationl Attributes:l It is the cheapest business to form.l It pay no corporate income taxes.l The owner has unlimited liability.l Its life is limited.l It has difficulty in raising funds.1) The sole proprietorship 独资企业 特点 P72) The Partnership 合伙企业 （The business is owned by two or more persons.）Attributes:特征 Initiation Liability Life Ability to raise fundsTaxationControlling（1）General Partnership All partners agree to provide fraction of the work and cash and to share the profit and loss.Each partner is liable for all of the debts .（2）Limited Partnership One or more partners are designated general partners and other partners are designated limited partners.3）The Corporation: 公司 A corporation is owned by individuals who normally are not active in the day to day operation of that business. It is by far the most important form of business. Features:特征1.Starting Starting a corporation is more complicated Preparing articles of incorporation and a set of by laws:Name of corporationIntended lifeBusiness purposeNumber of shares of stock Nature of the right granted to shareholdersNumber of members of the initial board of directors 2. Three sets of distinct interests: Shareholders Directors Corporation officer3.It is a legal entity.4.Ownership Ownership is represented by shares of stock, it is easy to transfer ownership.5.Life6.The corporation has unlimited life7.Liability Liability is limited to the amounted invested in the ownership .8.Taxation: double taxation9.Raising funds: easy CorporationPartnershipLiquidityShares can be easily exchangedSubject to substantial restrictionsVoting RightsUsually each share gets one voteGeneral Partner is in charge; limited partners may have some voting rightsTaxationDoublePartners pay taxes partnership profitsReinvestment and dividend payoutBroad latitudeAll profits is distributed to partnersLiabilityLimited liabilityGeneral partners may have unlimited liability; limited partners enjoy limited liabilityContinuity Perpetual lifeLimited lifeThe goal of financial management：Maximize the current value per share of the existing stock.1.5 Financial MarketsClassification of financial markets市场分类1.Money market vs capital market1) Money MarketThe market for debt securities that will pay off in the short term 2) Capital MarketThe market for long-term debt and for equity shares (common stock, preferred stock, corporate and government bonds2.Primary Market vs Secondary Markets1) Primary Market一级市场Issuance of a security for the first time2)Secondary Markets二级市场Buying and selling of previously issued securities3.Organized security exchanges vs over-the counter market (Securities may be traded in either a dealer or auction market1) Organized security exchanges are tangible entities NYSE2）OCT include all security markets eccept the organized exchanges. NASDAQ2.3 TaxesThe one thing we can rely on with taxes is that they are always changing Marginal vs. average tax rates Marginal the percentage paid on the next dollar earned Average the tax bill / taxable income1) Average tax rate is tax bill divided your taxable income.2) Marginal tax rate is the tax you would pay (in percent) if you earned one more dollar.例题： Taxable Income Tax Rate $ 0 - 50,000 15% 50,001-75,000 25% 75,001-100,000 34% 100,001-335,000 39% 335,001-10,000,000 34% -The tax rates apply to the part of income in the indicated range only, not all income.Suppose your firm earns $4 million in taxable income. Use table2.1,we can figure out tax bill as: .15($50,000)=$7,500 .25(75,00-50,000)=6250 .34(100,000-75,000)=8500 .39(335,000-100,000)=91,650 .34(4,000,000-335,000)=1246,100 Total tax bill 1,360,000Average tax rate= 1,360,000/4,000,000 =34%EquationCash flows from the assets= Operating cash flow Investment in NWC Investment in fixed assets1. Operating cash flowDefinition: Operating cash flow refers to the cash generated from operations.Calculation: Method 1: OCF= Sales Costs TaxesMethod 2: OCF = EBIT + Depreciation Taxes Eg Nabors, corporation.2005 Income Statement ($ in millions) Net sales $9,610 Less: Cost of goods sold 6,310Less: Depreciation 1,370Earnings before interest and taxes 1,930Less: Interest paid 630 Taxable Income $1,300Less: Taxes 455Net income $ 845Method1: Sales$9,610 Less: cost 6,310 Taxes 455 Operating cash flow $ 2845Nabors, corporation2005 Income Statement ($ in millions) Net sales$9,610 Less: Cost of goods sold 6,310Less: Depreciation 1,370Earnings before interest and taxes 1,930Less: Interest paid 630 Taxable Income $1,300Less: Taxes 455Net income$ 845Method2:Earnings before interest and taxes $1,930Plus depreciation 1,370Less taxes 455Operating cash flow $ 2845Positive cash flows were generated from operations of $2845.2.Change in NWCDefinition: Net Working Capital =current assets current liabilities NWC usually grows with the firmChange in NWC= ending net working capital beginning net working capital 3.Change in fixed assets Method 1: Ending gross fixed assets- Beginning gross fixed assets = Change in fixed assets Method 2: Ending net fixed assts - Beginning net fixed assets+ Depreciation = Change in fixed assets.Free cash flowCommon-Size Balance SheetsCompute all accounts as a percent of total assets(express each item as percentage of total assetsCommon-Size Income StatementsCompute all line items as a percent of sales(express each item as a percentage of total sales)Categories of Financial RatiosShort-term solvency or liquidity ratiosLong-term solvency, or financial leverage, ratiosAsset management or turnover ratiosProfitability ratiosMarket value ratiosComputing Liquidity Ratios Meaning Liquidity ratios are intended to provide information about a firms liquidity. Who are interested in liquidity ratios short-term creditor Features Their book value and market value are likely to be similar.Calculation Current Ratio = CA / CL (dollar or times) 708 / 540 = 1.31 times Quick Ratio (acid-test)= (CA Inventory) / CL (708 - 422) / 540 = .53 timesCash Ratio = Cash / CL 98 / 540 = .18 times3.3 The Du Pont IdentityIt is an integrative approach to ratio analysis.It evaluates firms return on equity (ROE)Definition of ROE ROE = Net income / Total equityMultiply by 1(TA / TA) and then rearrange: ROE = (NI / TE) (TA / TA) ROE = (NI / TA) (TA / TE) = ROA * EM Multiply by 1 again and then rearrange: ROE = (NI / TA) (TA / TE) (Sales / Sales) ROE = (NI / Sales) (Sales / TA) (TA / TE) ROE = PM * TAT * EMROE = PM * TAT * EM Profit margin is a measure of the firms operating efficiency how well it controls costs. Total asset turnover is a measure of the firms asset use efficiency how well it manages its assets. Equity multiplier is a measure of the firms financial leverage.3.5 Long-Term Financial PlanningAnother use of financial statementsThe most comprehensive means of financial planning is to develop a series of pro forma, or projected, financial statements. External Financing Needed (EFN)The difference between the forecasted increase in assets and the forecasted increase in liabilities and equity. Formula: EFN=Assets×g- Spontaneous liabilities×g- PM×Projected sales×(1-d)External Financing Needed (EFN) can also be calculated as:The Internal Growth RateThe internal growth rate tells us how much the firm can grow assets using retained earnings as the only source of financing.The Sustainable Growth RateThe sustainable growth rate tells us how much the firm can grow by using internally generated funds and issuing debt to maintain a constant debt ratio.4.4 SimplificationsPerpetuityA constant stream of cash flows that lasts foreverGrowing perpetuityA stream of cash flows that grows at a constant rate foreverAnnuityA stream of constant cash flows that lasts for a fixed number of periodsGrowing annuityA stream of cash flows that grows at a constant rate for a fixed number of periodsZero Coupon BondsMake no periodic interest payments (coupon rate = 0%)The entire yield to maturity comes from the difference between the purchase price and the par valueCannot sell for more than par valueSometimes called zeroes, deep discount bonds, or original issue discount bonds (OIDs)Treasury Bills and principal-only Treasury strips are good examples of zeroesThe Fisher EffectThe Fisher Effect defines the relationship between real rates, nominal rates, and inflation.(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected inflation rateApproximationR = r + h例子If we require a 10% real return and we expect inflation to be 8%, what is the nominal rate?R = (1.1)(1.08) 1 = .188 = 18.8%Approximation: R = 10% + 8% = 18%Because the real return and expected inflation are relatively high, there is a significant difference between the actual Fisher Effect and the approximation.专心-专注-专业