华南农业大学公司理财财务管理复习重点 白金版

C1 IntroductiontoCorporateFinanceC2 FinancialStatementsandCashFlowC3 FinancialStatementsAnalysisAndlong termplanningC4 DiscountsCashFlowValuationC5 InterestRatesandBondValuationC6 StockValuationC7 NetPresentValueandOtherInvestmentRulesC10 RiskandReturnLessons 启示 教训 FromMarketHistoryC11 ReturnandRisk TheCapitalAssetPricingModelC12 Risk CostOfCapital AndCapitalBudgetingC14 CapitalStructure LimitstotheUseOfDebtC15 DividendsRevisionandExamination FormsofBusinessOrganization TheSoleProprietorship 独资企业 ThePartnership 合伙制 GeneralPartnership 一般合伙制 LimitedPartnership 有限合伙制 TheCorporation 公司制 1 3TheGoalofFinancialManagement Whatisthecorrectgoal Maximizeprofit Minimizecosts Maximizemarketshare Maximizeshareholderwealth 2 4NetWorkingCapital净营运资本 NetWorkingCapital CurrentAssets CurrentLiabilitiesThechangeinNWCisusuallypositioninagrowingfirm 3 3TheDuPontIdentity ROE NI TEMultiplyby1andthenrearrange ROE NI TE TA TA ROE NI TA TA TE ROA EMMultiplyby1againandthenrearrange ROE NI TA TA TE Sales Sales ROE NI Sales Sales TA TA TE ROE PM TAT EMPM profitmarginTAT TotalassetsturnoverEM equitymultiplier 3 3财务综合分析 杜邦分析体系 推导过程 教材P74 数字启示 WhatcanyoudoifyouwereCFOorCEO FutureValueInterestFactor 复利终值系数 4 2TheMultiperiodCase 4 2TheMultiperiodCase Thegeneralformulaforthefuturevalueofaninvestmentovermanyperiodscanbewrittenas FV C0 1 r TWhereC0iscashflowatdate0 ristheappropriateinterestrate andTisthenumberofperiodsoverwhichthecashisinvested Thealgebraicformulate PV C1 1 r PV C2 1 r 2 4 4Simplifications Perpetuity永续年金AconstantstreamofcashflowsthatlastsforeverGrowingperpetuity永续增长年金AstreamofcashflowsthatgrowsataconstantrateforeverAnnuity年金AstreamofconstantcashflowsthatlastsforafixednumberofperiodsGrowingannuity增长年金Astreamofcashflowsthatgrowsataconstantrateforafixednumberofperiods Perpetuity Aconstantstreamofcashflowsthatlastsforever GrowingPerpetuity Agrowingstreamofcashflowsthatlastsforever Annuity 重点掌握 Aconstantstreamofcashflowswithafixedmaturity 5 1BondsandBondValuation Abondisalegallybindingagreementbetweenaborrowerandalenderthatspecifies 详尽说明 the Par face value 面值 票面价值 Couponrate 票面利率 Coupon Couponpayment 票息 MaturityDate 到期日 SupposetheXanthCo weretoissueabondwith10yearstomaturity TheXanthbondhasanannualcouponof 80 similarbondshaveayieldtomaturityof8percent Whatwouldthisbondsellfor PV Totalbondvalue SupposetheXanthbondhas10yearstomaturity Iftheinterestrateinthemarkethasrisento10percent whatwillthebondbeworth PV 1000 1 1010 1000 2 5937 385 55AnnuityPV 80 PVIFA 80 6 1446 491 57TotalPV 385 55 491 57 877 12 1000 Discountbond折价债券 thebondsellsforlessthanthefacevaluePremiumbond溢价债券 thebondsellsformorethanthefacevalue 6 1ThePVofCommonStocks Anasset svalueisthepresentvalueofitsfuturecashflows Astockprovidestwokindsofcashflows DividendsCapitalGains资本利得 Case1 ZeroGrowth零增长 Assumethatdividendswillremainatthesamelevelforever Sincefuturecashflowsareconstant thevalueofazerogrowthstockisthepresentvalueofaperpetuity 由 得 Case2 ConstantGrowth固定增长 Sincefuturecashflowsgrowataconstantrateforever thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity Assumethatdividendswillgrowataconstantrateg asfollows DGM dividendgrowthmodel UsingtheDGMtoFindR StartwiththeDGM RearrangeandsolveforR R 股利收益率 资本利得收益率 P5 D6 R g 2 2125 15 10 44 25P0 5 44 25 1 155 27 R 15 TheNetPresentValue NPV Rule EstimatingNPV 1 Estimatefuturecashflows howmuch andwhen 2 Estimatediscountrate3 Estimateinitialcosts 7 2ThePaybackPeriodMethod PaybackPeriod numberofyearstorecoverinitialcostsAcceptanceCriteria Setbymanagement 7 5TheInternalRateofReturnMethod Supposeyoupurchased100sharesofstockatthebeginningoftheyearatapriceof 37pershare C0 3700IfD 1 85 Attheendoftheyearthemarketpriceofthestockis 40 33pershare Capitalgain 40 33 37 100 333TotalDollarReturns 4218 3700 518PercentageReturns 1 85 37 40 33 37 37 5 9 14 11 2ExpectedReturn Variance andCovariance协方差 Considerthefollowingtworiskyassetworld Thereisa1 3chanceofeachstateoftheeconomy andtheonlyassetsareastockfundandabondfund probability Returns TotalReturn expectedreturn unexpectedreturnUnexpectedreturn systematicportion unsystematicportionTherefore totalreturncanbeexpressedasfollows TotalReturn expectedreturn正常收益 systematicportion unsystematicportion 不确定性收益 意外收益 11 10RiskandReturn CAPM ExpectedReturnontheMarket Expectedreturnonanindividualsecurity MarketRiskPremium Thisappliestoindividualsecuritiesheldwithinwell diversifiedportfolios Example SupposethestockofStansfieldEnterprises apublisherofPowerPointpresentations hasabetaof2 5 Thefirmis100percentequityfinanced Assumearisk freerateof5percentandamarketriskpremiumof10percent Whatistheappropriatediscountrateforanexpansionofthisfirm TheCostofCapitalwithDebt TheWeightedAverageCostofCapital S 企业权益RS 权益成本 率 B 企业负债RB 负债成本 率 RWACC 加权平均成本 Summary NoTaxes Inaworldofnotaxes thevalueofthefirmisunaffectedbycapitalstructure ThisisM MPropositionI VL VUPropositionIholdsbecauseshareholderscanachieveanypatternofpayoutstheydesirewithhomemadeleverage Inaworldofnotaxes M MPropositionIIstatesthatleverageincreasestheriskandreturntostockholders Summary Taxes Inaworldoftaxes butnobank