《财务管理》考试复习纲要(综合全版).pdf

实用文档.（一章）Chapter 1 考 概念题1、Main areas of finance（财务学）?Financial management?Investment?Financial markets and financial intermediaries 2、Financial management（财务管理）?An area of finance that applies financial principles within an organization to create and maintain value through decision making and proper resource management.?Three major categories of financial management decisions:（3类财务管理）1.Investment decisions（投资决策）2.Financing decisions（融资决策）3.Managerial decisions(someone think it should be dividend decisions)（股利决策）3、Finance and Accounting（财务和会计）The fundamental difference between finance and accounting is the viewpoint.Accounting:a historical outlook.Finance:focus on the future.Picking up from an accounting view,which brings us to the current position,finance concentrates on the implications for the future.Finance asks questions like what do we do now and where do we go from here 4、The Goal of a Business（企业目标）Profit Maximization（利润最大化）Shareholder Wealth maximization（股东财富最大化）（第二章）Chapter Two 考 财务管理11个原则的含意Principles of Finance（财务管理原则）1.The Principle of Self-Interested Behavior（自利原则）：This Principle says that when all else（另外，其它）is equal（同等的）,all parties to a financial transaction（交 易）will choose the course of action most financially advantageous（有利的）to themselves.2.The Principle of Two-Side Transactions（双方交易原则，共赢原则）：Each Financial Transaction Has at least（最小、最少）Two sides.3.The Signaling Principle:Actions Convey Information（信号原则）4.The Behavioral Principle（引导原则）：The Signaling Principle says that actions convey information.The Behavioral Principle says“Let s try to use such information 5.The Principle of Valuable Ideas（创意有价原则）：Extraordinary（不寻常的）Returns（统计表、报告）Are Achievable with New Ideas.6.The Principle of Comparative Advantage（比较优势原则）：Expertise（专家）can create value.7.The Principle of Incremental Benefits（净收益原则）：Financial decisions are based on incremental benefits.8.The Principle of Risk-Return Trade-Off（风险和收益的权衡）：There is a trade-off between risk and return.9.The Principle of Diversification（分散化原则）：Spreading（延伸、展开、传播）your investments across several alternatives（取舍，两者择一的）instead（顶替、代替）of concentrating them in a single investment.Because it reduces risk.10.The Principle of Capital Market Efficiency（资本市场有效原则）：Market prices of financial assets（资产）that are traded regularly in the capital（资金、资本）markets reflect all available information and adjust fully and quickly to“new”information。11.The Time-Value-of-Money Principle（货币时间价值）：Money has a Time Value.实用文档.（第三章）Chapter 3.Financial Statement Analysis 考 报表分析，给出财务报表，计算常用比率（考计算）1、Common-Size Financial Statement（百分数表示财务报表）?Common-size statements:Financial statements that show components as percentages instead of dollars.Balance sheet components are expressed as percentages of assets,and income statement components are expressed as percentages of sales.（用百分数表示的财务报表，资产负债表的每一项都除以总资产）?Common-sized statements can be extremely helpful to high light changes over time in the financial performance and financial condition of the company.（不同时期的财务条件不一样，不同规模之间具有可比性）Basis Ratios(can be placed into 6 classes（6 类财务比率）(一)Liquidity Ratio（流动性比率）1、Current Ratio 流动比率=流动资产/流动负责合理数为2/1 Current ratio=Current assets/Current liabilities 2、Quick Ratio 速动比率=（流动资产存货）/流动负责合理数为1/1 Quick ratio=（Current assets Inventories）/Current liabilities 3、Working Capital Ratio 营运资金比率=（流动资产流动负责）/销售收入Working capital ratio=（Currents Current liabilities）/Sales 4、Cash Ratio 现金比率=现金和等价物/总资产Cash ratio=cash and equivalents/Total assets(二)Asset Turnover Ratio（资产周转率）1、Receivable Turnover Ratio 资金周转数=赊销额/应收帐款平均余额越高越好Receivable turnover=Annual credit sales/Accounts receivables 2、Day s Sales Outstanding周转天数=365/周转次数越短越好DSO=365/Receivable turnover 3、Aging Schedule（帐龄分析）超期应收帐款的表格，有0 30 天、3060 天、60 90 天4、Inventory Turnover Ratio 存货周转率=销货成本/存货Inventory turnover=Cost of goods sold/Inventory 5、Day s Sales in Inventory Ratio存货周转天数=365/周转次数Day s sales in inventory=365/Inventory turnover=Inventory/Cost of goods sold/365 6、Fixed Asset Turnover Ratio 固定资产周转率=销售收入/固定资产净值（原值折旧）Fixed asset turnover=Sales/Net fixed assets 7、Total Asset Ratio Total asset turnover=Sales/Total assets(三)Leverage Ratio（杠杆比率）1、Leverage Ratio 负债率=总负债/总资产Debt ratio=Total debt/Total assets 2、Debt/Equity ratio=Total debt/Stockholders equity=Debt ratio/1.0 Debt ratio 负债/权益3、Equity multiplier=Total assets/Stockholders equity权益乘数=总资产/股东权益=Debt/equity ratio+1.0=1.0/（1.0 Debt ratio）=负债/权益率+1=1/（1-负债率）(四)Coverage Ratio（保障比率）实用文档.1、Time-interest-earned ratio 利息保障倍数=利息和所得税之前的收益（毛利）/利息Time-interest-earned ratio=EBIT/Interest expense 2、Fixed-charge coverage ratio 固定费用保障率=（息税前收益+租金）/（应付利息+租金）Fixed-charge coverage ratio=（EBIT+Rental payments）/（Interest charge+Rental payments）3、Cash flow coverage ratio 现金流保障率=（息税前收益+租金+折旧）/（租金+利息+优先股股息+债务本金）Cash flow coverage ratio=（EBIT+Rental payments+Depreciation）/（Rental+Interest+Preferred stock+Debt）Payments charge dividends payment 1-T 1-T(五)Profitability Ratios（赢利能力比率）1、Gross profit margin Gross profit margin=Gross profit/Sales=Sales cost of goods sold/Sales 销售毛利率=销售利润/销售额=（销售额-销货成本）/销售额2、Net profit margin 净利比率=净利/销售额Net profit margin=Net income before extraordinary items/Sales 3、Return on assets(ROA)总资产收益率=收益（净收入）/总资产ROA=Net income/Total assets 4、Return on equity(ROE)Net income available to common stockholders divided by common stockholders equityROE=Return o n common stockholders equity=Earnings available for common stockbefore extraordinary items/Common stockholders equity权益报酬率（净资产收益率）=公司息税后利润/股东权益得到,即净资产收益率（Rate of Return on Common Stockholders Equity）的英文简称，净资产收益率又称股东权益收益率，是净利润与股东权益的百分比。该指标反映股东权益的收益水平，指标值越高，说明投资带来的收益越高。净资产收益率是的百分比率，用以衡量公司运用自有资本的效率。还以上述公司为例。其税后利润为2 亿元，净资产为15 亿元，净资产收益率就是13 33（即*100）。(六)Market value ratio（市盈率）市盈率=每股市价/每股收益Market-To-Book Ratio=market price per share/book value per share（第四章）Chapter 4 Managing Growth（对增长的管理）1、计算?The sustainable equation（可持续增长率）1.G*=Change in equity/Beginning-of-period equity 可持续增长率=权益的增量/期初的权益2.G*=PRAT 可持续增长率=PRAT P-profit margin 销售利润率A-asset turnover ratio 资产周转率T-asset-to-equity ratio 权益乘数R-retention rate,defined as the fraction of earnings retained in the business.收益留在企业的比率实用文档.留存收益比率：扣除分红后剩余的未分配利润/未分配利润。老师让我们计算增长率时，会给出相应的数据。这个数据不会让我们计算的。G*=RT*ROA G*=RT*总资产报酬率2、2 种可选择的方案，进行抉择（简答）3、简答：1）公司实际增长超过可持续增长怎么办？What to Do When Actual Growth Exceeds Sustainable Growth（1）Sell New Equity（股票）（2）Increase Leverage（杠杆作用）（3）Reduce the Payout（支出）Ratio（比率）（4）Profitable（有利可图的）Pruning（修剪）（5）Sourcing（来源，出处）（6）Pricing（7）Merger（合并）2）公司实际增长低于可持续增长怎么办？What to Do When Sustainable Growth Exceeds Actual Growth Ignore（忽视）the Problem Return（归还）the Money to Shareholder（股东）Buy（购买）Growth Sustainable Growth and Inflation（通货膨胀）3）如何保持可持续增长？（1）The equation（等式、方程式）says that a companys sustainable growth rate in sales,g*,equals（同等）the product of four ratios,P,R,A,and T.G*=Change in equity/Beginning-of-period equity=PRAT。P-profit margin（边缘）A-asset（资产）turnover（周转）ratio T-asset-to-equity（公平）ratio R-retention（保留）rate,defined（限定）as the fraction（分数）of earnings（收入）retained（保持）in the business.（2）P and A summarize（概括，概述）the operating（经营）performance（执行、表现）of the business,while the R and T describe（形容、描写）the firms（牢固的）principal financial polices.（3）When a company grows at a rate（比率）in excess of its sustainable growth rate,it had better improve operations（操作）or prepare to alter（改变）its financial polices.（第五章）Chapter 5.Financial Planning 财务计划编制编制现金预算计算题，以前做过课堂练习财务计划编制的好处Benefits of Financial Planning?1 Standardized assumptions.标准化的假设?2.Future orientation.?3.Objectivity.客观性?4.Employee development.员工发展?5.Lender requirements.债权人的要求?6.Better performance evaluation.可以更好的绩效评价?7.Preparing for contingencies 对以外意外事件提前准备（第六章）Chapter 6 Risk and Return 风险与收益风险大小计算：?Variance 方差?Standard Deviation 标准差求：?（贝塔）计算风险大小，排序（详见扫描文件）1、预期收益率：各种可能情况下收益率（ri）的加权平均数实用文档.2、方差、标准差、标准离差率方差和标准差都是从绝对量 的角度衡量风险的大小，方差和标准差越大，风险也越大。标准离差率是指标准差与预期收益率的比率3、资本资产定价模型计算题资本资产定价模型：某种证券(或组合)的预期收益率等于无风险收益率加上该种证券的风险溢价（指系统风险溢价）。（第七章）Chapter 7 The Basics of Capital Budgeting（预算 预测收入，预测支出）考决策规划，不计算1、资本预算和决策方法Capital Budgeting Decision RulesSix primary methods are used to rank（行列、队伍）projects（方案、计划）and to decide whether or not they should be accepted for inclusion in the capital budget:?Payback period投资回收期?Discounted payback折现投资回收期?Net present value(NPV)净现值?Internal rate of return(IRR)内部收益率贴现项目评价标准?Profitability index(PI)获利指数?Modified IRR(MIRR)（1）Payback Decision Rules?The shorter the payback the better.?如果PP基准回收期，可接受该项目；反之则应放弃。?（2）NPV Decision Rules 净现值决策规则?If the NPV is positive,the project should be accepted.?If the NPV is negative,it should be rejected.?If two projects are mutually exclusive,the one with higher positive NPV should be chosen?NPV 0 时，项目可行；NPV0 时，项目不可行。当一个投资项目有多种方案可选择时，应选择净现值大的方案，或是按净现值大小进行项目排队，对净现值大的项目应优先考虑。（3）IRR Decision Rules 内行报酬率?If the IRR exceed the cost of capital,the project should be accepted.?If the cost of capital exceed the IRR,the project should be rejected.?If two projects are mutually exclusive,the one with the higher IRR should be chosen.?IRR项目资本成本或投资最低收益率，则项目可行；?IRR项目资本成本或投资最低收益率，则项目不可行。计算公式：niiiPrrE1)(niiiPrEr122)(方差niiiPrEr12)(标准差 计算公式：)(rECVfmjfjrrrrE)(实用文档.?应选择高的内行报酬率（4）PI Decision Rules?A project is accepted if its PI is greater than 1.0,?The higher the PI,the higher the project s ranking.?PI1 时，项目可行；PI1 时，项目不可行。2、PI Decision Rules 获利指数?A project is accepted if its PI is greater than 1.0,获利指数大于1 就选择?The higher the PI,the h igher the project s ranking.都大于 1，谁排在前面就选择谁实用文档.3、编制现金预算Cash Budget,April September Month April May June July August September Sales Cash Receipts:Collections(current)20%(previous month)50%(2nd month previous)30%Total cash receipts Cash Disbursements:Purchases Wages and salaries Rent Cash operating expenses Tax installments Capital expenditure Mortgage payment Total cash disbursments Ending Cash Balance:Net cash flow Beginning cash balance Available blance Monthly borrowing Monthly repayment Ending cash balance Cumulative loan balance 中文翻译MP 公司的现金预算销售现金预算（4-9 月）4 月600 000 5 月700 000 6 月800 000 7 月800 000 8 月700 000 9 月600 000 现金收入收回（本月）20%120 000 140 000 160 000 160 000 140 000 120 000（上个月）50%250 000 300 000 350 000 400 000 400 000 350 000（前二个月）30%120 000 150 000 180 000 210 000 240 000 240 000 现金收入合计490 000 590 000 690 000 770 000 780 000 710 000 现金支出：采购420 000 480 000 480 000 420 000 360 000 300 000 薪金72 000 84 000 96 000 96 000 84 000 72 000 租金10 000 10 000 10 000 10 000 10 000 10 000 现金营业费用30 000 30 000 30 000 30 000 25 000 25 000 税金20 000 30 000 资本支出150 000 偿还抵押款60 000 现 金 支 出 合552 000 664 000 766 000 586 479 000 407 000 期末现金余额：净现金净量-62 000-74 000-76 000 184 000 301 000 303 000 期初现金余额150 000 100 000 100 000 100 000 122 000 423 000 可用的余额88 000 26 000 24 000 284 000 423 000 726 000 月度借款12 000 74 000 76 000 实用文档.月度偿还162 000 期末现金余额100 000 100 000 100 000 122 000 423 000 726 000 累计贷款余额12 00086 000 162 000 0 0 0