公司理财-期末重点总结

C C 1 1 CorporateCorporate FinanceFinance addresses the following three questions 1 What long term investments should the firm choose Capital Budgeting 资本预 算 2 How should the firm raise funds for the selected investments Capital Structure 资本结构 3 How should short term assets be managed and financed Working Capital Management 营运资本 CapitalCapital Budgeting Budgeting The process of planning and managing a firm s long term investments is called capital budgeting CapitalCapital Structure Structure A firm s capital structure or financial structure is the specific mixture of long term debt and equity the firm uses to finance its operations WorkingWorking CapitalCapital Management Management The term working capital refers to firm s short tern assets and its short term liabilities Managing the firm s working capital is a day to day activity that ensures that the firm has sufficient resources to continue its operations and avoid costly interruptions SoleSole Proprietorship Proprietorship A sole proprietorship is a business owned by one person The owner can keep all the profit However he has unlimited liability for business debts Partnership Partnership A partnership is similar to a proprietorship except that there are two or more owners General Partnership All the partners share in gains or losses and all have unlimited liability for all partnership debts not just some particular share Limited Partnership One or more general partners will run the business and have unlimited liability but there will be one or more limited partners who will not actively participate in the business Primary disadvantages 1 unlimited liability for business debt on the part of the owners 2 limited life of the business 3 difficulty of transferring ownership Corporation Corporation A corporation is a legal person separate and distinct from its owners Disadvantages Double taxation separation of ownership and control rights TheThe goalgoal ofof financialfinancial managementmanagement is to maximize the current value per share of the existing stock A A moremore generalgeneral goalgoal Maximize the market value of the existing owner s equity AgencyAgency relationshiprelationship Principal hires an agent to represent his her interest AgencyAgency problemproblem Separation of ownership and control rights Conflict of interest between principal and agent AgencyAgency costscosts refers to the costs of the conflict of interest between stockholders and management C2C2 GoalGoal cash is king TheThe goalgoal ofof financialfinancial managementmanagement is to maximize the market value of the stock TheThe balancebalance sheetsheet equationequation Balance Balance sheetsheet identity identity Assets liabilities shareholder s equity The value of liabilities and shareholder s equity current liabilities long term debt shareholder s equity NetNet workingworking capitalcapital 净营运资本净营运资本 Current assets current liabilities LiquidityLiquidity 流动性流动性 refers to the speed and ease which an asset can be converted to cash the more liquid business is the less likely it is to experience financial distress DebtDebt versusversus EquityEquity 负债与权益 Shareholders equity Assets Liabilities MarketMarket valuevalue VSVS bookbook valuevalue BookBook valuevalue 账面价值 账面价值 under Generally Accepted Accounting Principles 公认会计 公认会计 原则原则 GAAPGAAP audited financial statements generally show assets at historical cost historicalhistorical costcost 历史成本历史成本 assets carried on the books MV what the asset could sold for BV what the firm paid for them 异同 异同 1 For current assets short term debt many debt market value and book value might be somewhat similar because current assets are brought and converted into cash over a relatively short span of time 2 For fixed assets it would be purely a coincidence if the actual market value of an asset what the asset could be sold for were equal to its book value 3 Many of the most valuable assets that a firm have good management a good reputation talented employees don t appeared on the balance sheet at all 4 For both of them assets debt equity Corporate finance is interested in the market value of the firm FinancialFinancial leverageleverage e e 财务杠杆 财务杠杆 the use of debt in a firm s capital structure the more debt a firm has as a percentage of assets the greater is its degree of financial leverage TheThe incomeincome statementstatement 利润表利润表 measures performance over some period of time TheThe incomeincome statementstatement equation equation Revenues 收益 Expenses Income GAPPGAPP andand thethe incomeincome statement statement 1 the1 the realization generalrealization general principle principle 实现实现 一般原则一般原则 revenue is recognized at the time of sale which need not be the same as the time of collection accrues 权责发生制 2 the2 the matchingmatching principleprinciple 配比原则配比原则 expenses shown on the income statement are based on the matching principle 3 the figure shown on the income statement may not be at all representative of the actual cash inflows and outflows that occurred during a particular period NoncashNoncash items items 非现金项目非现金项目 1 A primary reason that accounting income differs from cash flow is that an income statement contains noncash items 2 Depreciation 折旧 is one of the most important example TimeTime andand costscosts 1 To financial managers costs are divided into fixed costs and variable costs 2 To the accountants costs are divided into production costs 产品成本 and period costs 期间成本 EPS Earnings EPS Earnings perper shareshare 每股盈余每股盈余 Net income Total shares outstanding 发行在外 的股数 DividendsDividends perper shareshare 每股股利每股股利 Total dividends Total shares outstanding TAXES TAXES AverageAverage taxtax raterate 平均税率平均税率 tax bill divided by taxable income 税额除以应税所 得额 MarginalMarginal taxtax raterate 边际税率边际税率 relevant for most financial decisions the rate of extra tax u would pay if u earned one more dollar 多赚 1 所应支付的税 CASHCASH FLOWFLOW 现金流量现金流量 free cash flow the difference between the number of dollars that come in and went out CalculatingCalculating cashcash flow flow 特征特征 CFCF fromfrom assetsassets 来自资产的现金流 CF to creditors CF to stockholders CF A CF B CF S CFCF fromfrom assetsassets operating CF net capital spending change in NWC OperatingOperating CFCF 经营现金流量经营现金流量 results from the firm s day to day activities of producing and selling CapitalCapital spendingspending 资本性支出资本性支出 money spent on fixed assets received from the sale of it ChangeChange inin netnet workingworking capitalcapital 净营运资本变动净营运资本变动 the net change in current assets relative to current liabilities for the period being examined and represents the amount spent on net working capital OperatingOperating CFCF 经营现金流 EBIT Depreciation Tax NetNet capitalcapital spendingspending ending net fixed assets beginning net fixed assets depreciation ChangeChange inin NWCNWC Ending NWC Beginning NWC CFCF toto creditorscreditors 债权人债权人 interest paid net new borrowing 利息支出 新的借款净额 CFCF toto stockholderstockholders dividend paid net equity raised 派发的股利 新筹集的净权益 C3C3 sourcessources ofof cash cash 现金来源现金来源 Activities that bring in cash usesuses ofof cashcash 现金运用 现金运用 Activities that involve spending cash thethe statementstatement ofof CashCash FlowFlow 现金流量表现金流量表 there is some flexibility in summarizing the sources and uses of cash in the form of a financial statement the result is called Common sizeCommon size statementsstatements 同比报表同比报表 a useful way of standardizing financial statements 财务报表 is to express each item on the balance sheet as a percentage of assets and to express each item on the income statement 利润表 as a percentage of sales Common baseCommon base yearyear financialfinancial statements statements trendtrend analysisanalysis 同基年度财务报表同基年度财务报表 a useful way of standardizing financial statements in this case is to choose a base year and then express each item relative to the base amount 一 一 Short termShort term solvency liquiditysolvency liquidity ratiosratios 短期偿债能力短期偿债能力 流动性比率 流动性比率 1 1 CurrentCurrent ratioratio 流动比率流动比率 current assets current liabilities 2 2 速动比率速动比率 酸性比率酸性比率 The Quick acid test ratio current assets inventory 存货 current liabilities 3 3 CashCash ratioratio 现金比率现金比率 cash current liabilities 4 4 NWCNWC toto totaltotal assetsassets 净营运资本对资产总额的比率净营运资本对资产总额的比率 net working capital total assets5 5 IntervalInterval measuremeasure 间隔时间指标间隔时间指标 current assets average daily operating costs 二 二 Long termLong term solvency financialsolvency financial leverageleverage ratiosratios 长期偿债能力长期偿债能力 财务杠杆比率 财务杠杆比率 1 Total1 Total debtdebt ratioratio 资产负债率资产负债率 total assets total equity total assets 2 Debt equity2 Debt equity ratioratio 负债权益率负债权益率 total debt total equity 3 Equity3 Equity multipliermultiplier 权益乘数权益乘数 total assets total equity 4 Long term4 Long term debtdebt ratioratio 长期负债率长期负债率 Long term debt long term debt total equity 5 5 利息保障倍数比率利息保障倍数比率 衡量公司兑现其利息义务的能力 也叫 interest coverage ratio 利息保障倍数比率 TIE Times interest earned ratio EBIT interest 6 Cash6 Cash coveragecoverage ratioratio 现金偿债比率现金偿债比率 EBITD interest EBIT depreciation interest Ps EBDIT 折扣前息税前盈余 计量企业从经营活动中产生现金的能力的指标 计量可用以应付筹资义务的现金 三 三 AssetAsset managementmanagement oror turnoverturnover ratiosratios 资产周转比率资产周转比率 1 1 存货周转率存货周转率 InventoryInventory turnoverturnover 销售商品成本 存货 cost of goods sold inventory average 存货周转天数 Days sales in inventory 365 days inventory turnover 2 2 应收账款周转率应收账款周转率 ReceivableReceivable turnoverturnover sales accounts receivable 应收账款 average 应收账款周转天数应收账款周转天数 Days Days salessales inin receivablereceivable ACPACP 平均回收期 365 days receivables turnover 收回赊账销售收入的时间 3 3 资产周转率资产周转率 assetasset turnoverturnover ratiosratios 净营运资本周转率净营运资本周转率 NWCNWC TurnoverTurnover sales NWC 固定资产周转率固定资产周转率 FixedFixed assetasset turnoveturnover sales net fixed assets 总资产周转率总资产周转率 TotalTotal assetasset turnoverturnover sales total assets 4 Profitability4 Profitability ratiosratios 获利能力计量指标获利能力计量指标 ProfitProfit marginmargin 销售净利润率销售净利润率 net income sales 净利润 销售收入 计量经营效率 ROAROA 资产报酬率 资产报酬率 ReturnReturn onon assetsassets net income total assets ROE ROE 权益报酬率权益报酬率 ReturnReturn onon equityequity net income total equity 转化 转化 ROE ROA Equity multiplier ROA 1 debt equity ratio 5 Market5 Market valuevalue measuresmeasures 市场价值计量指标市场价值计量指标 市盈率市盈率 市价市价 盈余比率盈余比率 PE PE ratio ratio Price earningsPrice earnings ratioratio price per share earnings per share 每股价格 每股收益 EPS 市销率市销率 Price salesPrice sales ratioratio price per share sales per share 市净市净 账率账率 市价市价 账面价值比率账面价值比率 Market to bookMarket to book ratioratio market value per share book value per share BookBook valuevalue perper shareshare equity shares outstanding TheThe DuDu PontPont Identity Identity 杜邦恒等式杜邦恒等式 ROE profit margin Total asset turnover Equity multiplier 利润边际 率 总资产周转率 权益指数 等式说明 Roe is affected by three things operating efficiency 经营效率 用利润率来计量 1 asset use efficiency 资产使用效率 2 financial leverage 财务杠杆 3 C4C4 DiscountedDiscounted cashcash flowflow DCF DCF valuationvaluation 贴现现金流量估价贴现现金流量估价 calculating the present value of a future cash flow to determine its worth today DiscountDiscount raterate 贴现率 use to discount a future cash flow 是指将未来支付改变为现 值所使用的利率 futurefuture valuevalue factorfactor FVIF i n 利息终值系数 1 r t PV FV PVIF r t C5C5 Annuities Annuities 年金年金 constant cash flow that occur for some fixed number of periods OrdinaryOrdinary annuity annuity 普通年金普通年金 a series of constant or level cash flows that occur at the end of each period for AnnuityAnnuity due due 期初应付年金期初应付年金 occur at the beginning Perpetuities Perpetuities 永续年金永续年金 the level stream of cash flow continues forever 普通年金现值普通年金现值 PV C 1 1 1 r t r PV C 1 1 1 r t r 终值终值 FV C 1 r t 1 rFV C 1 r t 1 r p161p161 永续年金现值永续年金现值 PV C rPV C r 优先股 优先股 AnnualAnnual percentagepercentage rate ARP rate ARP 年百分率年百分率 it is equal to the interest rate per period multiplied by the number of periods in a year 一年中每期的利率乘以复利期 数 EffectiveEffective annualannual rate EAR rate EAR 实际年利率实际年利率 it is actually the rate that you will earn EAR 1 APR m m 1EAR 1 APR m m 1 P164P164 LoanLoan types types P P ureure discountdiscount loans loans 纯贴现贷款纯贴现贷款 the borrow receives money today and repays a single lump sum at some time in the future Interest onlyInterest only loans loans 仅付息贷款仅付息贷款 to pay interest each period and to repay the entire principal at some time in the future AmortizedAmortized loans loans 分期偿还贷款分期偿还贷款 to repay parts of the principal over time 等本还息等本还息 amortization with equal principal payments 每年本金清偿额相等 等额还款等额还款 amortization with equal payments 每年总支付额相等 PartialPartial amortization amortization 部分分期偿还贷款部分分期偿还贷款 每个月所付的钱并不能完全还清贷款 最后 需要支付一笔更高的金额 C6C6 Bond Bond Securities issued by corporations may be classical roughly as equity securities and debts securities DebtDebt securitiessecurities means the issuer borrows money differencesdifferences betweenbetween debtdebt andand equity equity 1 Debt is not an ownership interest in the form Creditors generally do not have voting power 2 The payment of interest on debt is considered as cost of doing business and is fully tax deductible Dividends paid to stockholders are not tax deductible 3 Unpaid debt is liability of the firm If it is not paid the corporation can go into bankruptcy This possibility does not arise when equity is issued BondBond features features 票面利息票面利息 Coupons Coupons regular interest payments that the issuer promises to make 债券的面值债券的面值 FaceFace oror parpar value value the amount that will be repaid at the end of the loan 票面利率票面利率 CouponCoupon rate rate The annual coupon divided by the face value 到期期限到期期限 Maturity Maturity the number of years until the face value is paid 到期收益率到期收益率 YieldYield toto maturitymaturity YTM YTM interest rate in the market on a bond BondBond value value C 1 1 1 r t C 1 1 1 r t r r F 1 r t F 1 r t 194194 票面利息现值 年金现值 票面利息现值 年金现值 票面价值的现值 票面价值的现值 YTM r EAREAR 实际利率 实际利率 1 APR n1 APR n n n 1 1 1 YTM Coupon rate premiumpremium bondbond 溢价债券溢价债券 到期收益率到期收益率 Coupon rate discountdiscount bondbond currentcurrent yieldyield 当期收益率当期收益率 Annual coupon it price yieldyield toto maturitymaturity 到期收益率到期收益率 the average rate of return that will be earned on a bond if it is bought now and held until maturity realizedrealized yieldyield 实现报酬率实现报酬率 YTM equals the rate of return realized over the life of the bond if all coupons are reinvested at an interest rate equal to the bond s YTM 实现报酬率实现报酬率 PN PO 1 R 1 R 1 R 1 R n 即 R PN PO 1 1 n 这个是这个是 pptppt 上的 书上我没看到 上的 书上我没看到 InterestInterest raterate riskrisk the risk that arises for bond owners from fluctuating interest rate TheThe FisherFisher Effect Effect 1 R 1 r 1 h TheThe callcall provisionprovision 提前赎回条款 提前赎回条款 allows the company to repurchase or call part of all the bond issue at stated prices over a specific period DeferredDeferred callcall provision provision 延期赎回条款延期赎回条款 call provisions are often not operative during the first part of a bond s life During this period of prohibition the bond is said to be called protected TheThe indentureindenture 债券合约 债券合约 is the written agreement between the corporation and its creditors IncludesIncludes the following provisions the basic terms of the bonds the total amount of bonds issued a description of property used as security the repayment arrangements the call provisions details of the protective covenants ProtectiveProtective covenantscovenants 保护性条款 保护性条款 a protective covenant is that part of the indenture or loan agreement that limits certain actions company might otherwise wish to take during the term of the loan C7C7 Stock valuation threethree difficultiesdifficulties forfor stockstock valuationvaluation not even the promised cash flows are known the life of the investment is essentially forever there is no way to easily observe the rate of return that the market return 股票股票 241241 generalgeneral cascase eP0 D1 1 R D2 1 R 2 D3 1 R 3 zerozero growth preferredgrowth preferred P D R constantconstant growthgrowth D1 D0 1 g dividenddividend growthgrowth modelmodel 股利增长模型股利增长模型 P0 D0 1 g R g nonconstantnonconstant growth growth P0 D1 1 R D2 1 R 2 Dt 1 R t Pt 1 R t Pt Pt Dt 1 g R g TheThe requiredrequired returnreturn 要求收益率要求收益率 R D1 P0 g dividend yield capital gains yield 股票分类股票分类 commoncommon stockstock stock that has no special preference either in paying dividends or in bankruptcy 普通股特性普通股特性 1 shareholder rights elect the directors 2 Dividend right dividends paid to shareholders represent a return on the capital directly or indirectly contributed to the corporation by the shareholders 3 Residual claim some firms have more than one class of common stock Often the classes are created with unequal voting rights preferredpreferred stockstock 优先股优先股 it has preference over common stock in the payment of dividends and in the distribution of corporation assets in the event of liquidation 优先股特性优先股特性 1 is a form of equity from illegal and tax standpoint 2 the holders of preferred stock sometimes have no voting privileges 3 stated value preferred shares have a stated liquidating value usually 100 per share 4 cumulative and noncumulative dividends 累积和非累积的股利 most are cumulative If preferred dividends are cumulative and are not paid in a particular year they will be carried forward to later years as an arrearage C8C8 净现值净现值 NPVNPV a measure of how much value is created or added today by undertaking an investment NPVNPV rulerule 0 0 accepted rejectedaccepted rejected 回收期回收期 多久回本多久回本 the length of time it takes to recover our initial investment TheThe PaybackPayback RuleRule An investment is accepted if its calculated payback period is less than some prespecified number of years Advantages Advantages Easy to understand Adjusts for uncertainty of later cash flow Biased towards liquidity Disadvantages Disadvantages Ignore the time value of money Ignores cash flow beyond the cutoff date 忽视回收期后的现金流 Requires an arbitrary cutoff point 取舍时限 Biased against long term projects 贴现回收期贴现回收期 thethe discounteddiscounted paybackpayback periodperiod it is the length of time until the sum of the discounted cash flows is equal to the initial investment Rule Rule acceptted if its