公司理财公式总结.pdf

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1、文档收集于互联网，已重新整理排版.word版本可编辑.欢迎下载支持.Assets=Liabilities+Stockholders EquityAssets=(Current+Fixed)AssetsNet Working Capital=Current Assets Current LiabilitiesRevenues-Expenses=IncomeSales or Revenues(-)Cost of goods sold(=)Gross profit 毛利(-)Administrative/marketing costs行政管理/营销成本,Depreciation折旧(=)Operat

2、ing Profit营业利润(-)Interests,Taxes(=)Net income 净 收 益(-)Dividends to preferred stocks(=)Earning available to commonshareholdersCash 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

3、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)=ending net fixed assets beginning net fixed assets+depreciation=$130Changes in NWC(B/S)=ending NWC beginning NWC=$330CFFA=547 130 330=$87CF to Creditors(B/S and I/S)=interest paid net new borrowing=$24CF to Stockholders(B/S and

4、I/S)=dividends paid net new equity raised=$63CFFA=24+63=$87Current Ratio流动比率=CA/CL2,256/1,995=1.13 timesQuick Ratio速动比率=(CA Inventory)/CL(2,256 301)/1,995=.98 timesCash Ratio现金比率=Cash/CL696/1,995=.35 timesNWC to Total Assets=NWC/TA(2,256 1,995)/5,394=.05Interval Measure区间测量=CA/average daily operatin

5、g costs2,256/(2,006+1,740)/365)=219.8 daysTotal Debt Ratio资产负债率=(TA TE)/TA(5,394 2,556)/5,394=52.61%Debt/Equity资本负债率=TD/TE(5,394 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 Interest Earned息保障倍=EBIT 息税前利润 Earnin

6、gs Before Interest and 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/Inventory2,006/301=6.66 timesDays Sales in Inventory销售库存的天数=365/Inventory Turnover365/6.66=55 daysReceivables Turnover应收帐款周转率=Sal

7、es/Accounts Receivable5,000/956=5.23 timesDays Sales in Receivables=365/Receivables Turnover 365/5.23=70 daysTotal Asset Turnover=Sales/Total Assets5,000/5,394=.93It is not unusual for TAT 1,especially if a firm has a large amount of fixed assets1 文档来源为:从网络收集整理.word版本可编辑.文档收集于互联网，已重新整理排版.word版本可编辑.欢

8、迎下载支持.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 Rati

9、o 市盈率=Price per share每股价格/Earnings per share每股收益87.65/3.61=24.28timesMarket-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=PV(1+r)tPV=FV/(1+r)tFV=future valuePV=present valuer=period interest rate,expressed as a

10、 decimal（用小数表示）t=number of periodsPerpetuity永续年金:PV=C/r11 t(1 r)Annuities年金:PVCrGrowing Annuity增长年金永久PVCrgAPR 年度成本百分率EAR Effective Annual RateAPREAR 1 有时候给了年利率要换成月、有时候给了年利率要换成月、季利率、季利率、1此处均为年利率，此处均为年利率，m天利率！天利率！自己体会！自己体会！Bond Value=PV of coupons息票+PV of par 票面价值Bond Value=PV of annuity年金+PV of lump

11、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+r)(1+h),whereR=nominal rater=real rateh=expected inflation rateApproximation近似法R=r+hrequired returnR mD0(1 g)D g 1 gwhere D1/P0 is the dividend yield 股息率 and gP0P0is the capital gains yield资

12、本利得收益率1 文档来源为:从网络收集整理.word版本可编辑.文档收集于互联网，已重新整理排版.word版本可编辑.欢迎下载支持.average accounting returnAAR=Average Net Income/Average Book ValueREthe cost of equityRED1g见 ppt14 的 9P0Risk-free rate,RfMarket risk premium市场风险溢价,E(RM)RfSystematic risk of asset系统性风险的资产,BetawE=E/V=percent financed with equitywD=D/V=percent financed with debtE=market value of equity=#of outstanding shares times price per shareD=market value of debt=#of outstanding bonds times bond priceV=market value of the firm=D+E100%=D/V+E/VWACC=wERE+wDRD(1-TC)after-tax cost of debt RD(1-TC)1 文档来源为:从网络收集整理.word版本可编辑.