Fundamentals_of_Corporate_Fianance_(7_edition)_公司理财_复习提纲.doc

公司理财 复习Chapter 11. Capital Budgeting Decision (Investment Decision):投资决策Decision to invest in tangible or intangible assets. Capital Structure: The mix of long term debt and equity financing.2. The Financing Decision:融资决策 Capital StructureThe mix of long term debt and equity financing.The form and amount of financing of a firms investment. To raise the money that the firm requires for its investment and operation.3. Real Assets: 实际资产，不动产Assets used to produce goods and services.4. Financial Assets: 金融资产Financial claims to the income generates by the firms real assets.（比如：the share of stock, a bank loan, securities）5. Types of Business Organizations:Sole Proprietorships:（好处：unlimited liabilities,）Partnerships:（好处：pool money, unlimited liabilities, tax advantage, ）Corporations:Types of Corporations:1. Public Corporations: Shares are available for purchase by any investors, have a broad base of shareholders and have professional boards and management.2. Private Corporations: Shares are not available for public, are owned by small groups of managers and investors3. Limited Liability Corporations (LLC): General partners & Limited partners Limited Liability Partnerships（limited）6. Agency Problems：代理问题Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value.Chapter 3:1. The Balance Sheet: 资产负债表A financial statement that shows the firms assets and liabilities at a particular time.2. Assetsrepresent the uses of a firms fundsw Liquid Asset An asset that can be easily converted into cash. 容易转为现金 Note: The balance sheet places the most liquid assets at the top of the list and concludes with the least liquid asset at the bottom. Liquidity (MostLeast): Marketable Securities, Accounts Receivable, Inventoriesw Current Asset Assets that are likely to be used or turned into cash in the near future (usually within the next 12 months).未来可能被使用或转为现金 Examples: include accounts receivable & inventories.包括应收账款和存货 Current Asset: Unsold Inventoriesw Fixed Assets Tangible Assets, Intangible Assets, GoodwillTangible Assets: Property, Production Facilities, Production EquipmentIntangible Assets: Patents, Trademarks, CopyrightsGoodwill: The difference between actual price paid for the acquisition of a firm and its book value.Note: most of the “intangible assets” on a firms balance sheet consist of goodwill. Liabilitiesrepresent the sources of a firms fundingw Current Liabilities Liabilities that are likely to be paid off within the next 12 months. Examples: accounts payable, debt due for repayment. 包括应付帐款和债务w Long-Term Liabilities Liabilities that are not likely to be paid off within the next 12 months. 不需要在未来12个月内支付的债务3. GAAP (Generally Accepted Accounting Principles): 一般公认会计原则Procedures for preparing financial statement.These state that assets must be shown in the balance sheet at their historical cost adjusted for depreciation.4. Book Value: 账面价值Value of assets or liabilities according to the balance sheet.Book values are based on historical or original values.5. Market Value: 市场价值The value of assets or liabilities were they to be resold in a marketMarket values measure current values of assets and liabilities. 6. Common-size balance sheet: 统一度量式资产负债表All balance sheet items are expressed as a percentage of total assets.Income statement: 损益表Some key points:w Different treatment for current expenses and capital expenses.w Focus on income generated but not cash generated, so non-cash items are included.（非现金项目是包括在内的）w Income generated when goods sold. 商品销售时便会产生income。A financial statement that shows the revenues, expenses, and net income of a firm over a period of time.Common-size income statement:All items on a common-size income statement are expressed as a percentage of revenues.7. Profit Flow VS. Cash Flow: 利润流VS现金流w Depreciation (non-cash item) : 利润流要剔除折旧，现金流不需要。w Accrual accounting vs. cash basis accounting: (实收实付制VS权责发生制):在period 2（sell goods阶段）考虑利润流；在period 1(buy goods阶段，有cash outflow)和period 3(collect payment阶段，有cash inflow)考虑现金流。现金流出=销售成本+存货变量公司所得现金=销售额未收帐款 8. The Statement of Cash Flows：现金流量表（收支一览表）Key points:w Net income is the starting point. w Non-cash items are excluded, depreciation should be added back.w Timing of the cash flows is relevant.（非现金项目部包括在内，折旧要被加回来）w Current assets() cash inflow (outflow)w Current liabilities()cash inflow (outflow) w NCF（净现金流量）= cash inflows cash outflowsFinancial statement that shows the firms cash receipts and cash payment over a period of time.9. Free Cash Flow:自由现金流（公式6）Cash available for distribution to investors after the firm pays for new investments or additions to working capital. 即企业生产的，在满足了再投资需要后的剩余现金流量，是可供分配给企业资本供应者的最大现金额10. Taxes（公式7）Marginal Tax Rate:（边际税率）is the tax that the individual pays on each extra dollar of taxable income. Average Tax Rate:（平均税率）is the total taxes bill divided by total income before tax.Corporate Tax: 在计算taxable income前要扣除expenses（包括depreciation）和debt interest.（expenses的增加可以使taxable income减少）Personal Tax: Taxable Income = Total IncomeTotal income = net income + total tax liability; Total Tax Liability = Tax BillChapter 4:1. 衡量corporate performance的三种指标： Market value added：反映整体表现 Economic value added：反映整体表现 Book rates of return：有的反映整体，有的反映局部1) 衡量Market Value & Market Value Added（公式8、9、11）Market Capitalization: 市场资本总额total market value of equityMarket Value Added: Limitations of MVA:1. Market value reflects investors expectations about future performance, complete with the imprecision that come with all forecasting. 市场价值反映了投资者对未来业绩的预期2. Market value fluctuates frequently due to reasons outside of the financial managers control. 市场价值的波动不受金融管理者控制3. Privately owned corporations do not have a public market value. Market Capitalization Book Value of Equity（不考虑资本成本）Market-to-Book Ratio=(Market Value of Equity)/(Book Value of Equity)市价与账面价值比率2) Economic Value Added:经济增加值（公式12）把企业经营中所有的成本都考虑进去，再扣除所有成本后的剩余才是EVA（既考虑了债务成本，还考虑了股权资本的机会成本）3) 计算Rate of Return (收益率) （公式13）w ROC: Return on Capital资本回报率（反映盈利能力）w ROA: Return on Asset资产回报率w ROE: 没有debt时，相当于没有interest，此时ROA=ROEReturn on Equity股东回报率（反映融资决策）2. 衡量效率Ratios which measure how efficiently a firm uses its assets（公式14）w Asset Turn Ratio:资产周转率w Inventory Turnover:存货周转率w Receivables Turnover:应收账款周转率赊账时间短时，要考虑销量3. Profitability ratios盈利能力比率ROC, ROA, ROA and EVA are also typically considered profitability ratios（公式15）Profit Margin：利润率Operating Profit Margin：OPM盈利利润率4. Leverage ratios杠杆借贷比率Leverage Capital：通过借贷获得的长期资本measuring the amount of debt financingFocus on long-term debt. in relation to the amount of equity financing.有两种形式： balance sheet ratios（资产负债表比率）：用于比较leverage capital和total capital or total assets，包括long-term debt ratio & total debt ratio（公式16） coverage ratios（偿还能力比率/保付比率）:用于衡量一个企业支付固定成本的能力，包括times interest earned (利息保障倍数) & cash coverage ratio（公式17）5. The DuPont SystemROA是两因素Du Pont System（两因素：Asset Turnover& Operating Profit Margin）ROE是四因素Du Pont System（四因素：Leverage ratios & Asset Turnover& Operating Profit Margin & debt burden）（公式13）A process of analyzing component ratios (also called decomposition分解) of the ROA and ROE to explain their level or changes6. 衡量Liquidity（流动性）（公式18）w Liquidity is the ability of an asset to be turned into cash quickly at low costw Liquidity ratios：流动比率。资产转化成现金来偿还债务的能力w NWC to Total Assets ratios: 流动性资产越多，偿还能力越高w Current ratio: 流动比率。一般是2:1，但如果流动性太高，要考虑可能是这个企业的投资机会少，盈利少。更快速地衡量企业偿还债务的能力w Quick ratio: 速动比率。 w Cash ratio: 现金比率。7. 计算Sustainable GrowthGrowth in Equity from Plowback = Sustainable Growth = Growth that relies only on internal financing, keeping the long-term debt ratio constant. 此处的可持续增长是利润再投资产生的增长，它仅仅依靠内部融资，且长期借债率不变（公式19）w Payout ratio: 股息支付率w Plowback ratio: 利润再投资比率 （=1-Payout Ratio）w Sustainable growth rate: 可持续增长率Chapter 51. Interest and Future Value（公式20）w Future Value（期值、终值FV）：Amount to which an investment will grow after earning interest.w Compound Interest（复利）： Interest earned on interest.w Simple Interest（单利）：Interest earned only on the original investment2. Present Value（公式21） Present Value（现值PV）:Value today of a future cash flow Discount Rate（贴现率r）:Interest rate used to compute present values of future cash flows Discount Factor（贴现因子DF）贴现因子：1/(1+r)t): Present value of a $1 future payment Discounted Cash Flow（现金流量贴现法DCF）：Another term for the present value of a future cash flow(用资产未来可以产生现金流的折现值，来评估资产的价值)3. Multiple Cash Flows（复合现金流）（公式22） PV of Multiple Cash Flows：The present value of an entire investment can be computed by summing the present values of each individual cash flow.每一次PV的总和 FV of Multiple Cash Flows: The value at some future date of a stream of cash flows, calculate what each cash flow will be worth at that future date and then add up these future values.每一次FV的总和4. Level Cash Flows:水平的分期付款（公式23） Perpetuity（永续年金）：首付款在一年内（or第一年的付款）：PV=C/r首付款在第t+1年内（or第t+1年内的付款）：PV=C/(r*(r+1)t) 从第一年到第t+1年的年金：PV= C/r - C/(r*(r+1)t) =C*年金因子年金因子：1/r - 1/(r*(r+1)t)年金的终值FV=PV*(1+r)t A stream of level cash payments that never ends.无限期支付的年金 Annuity（年金）： Equally spaced level stream of cash flows lasting for a limited period of time Annuity Factor（年金因子）：The present value of $1 paid every year for each of t years5. Annuities Due(期初应付年金/预付年金) （公式24） Annuity Due: Level stream of cash flows starting immediately. 是在每期期初等额的系列收款、付款的年金 Ordinary annuity: 普通年金（一般年金）。在每次付款期期末进行支付的年金形式。6. Effective Annual Interest Rates: (EAR有效年利率/实际年利率)（公式25）Interest rate that is annualized using compound interest.一年中支付利息的次数1Annual percentage rate(APR名义年利率): Interest rate that is annualized using simple interestMR：月利率7. Inflation and the Time Value of Money（公式26）Inflation: The rate at which prices as a whole are increasing.通货膨胀是货币时间价值的折损Nominal interest rate当期货币现金流用名义利率来计算，实际现金流用实际利率来计算: The rate at which money invested grows.Real interest rate: The rate at which the purchasing power of an investment increasesChapter 61. Bonds债券 Bond：功能性定义：政府和企业通过向投资者销售债券来筹集资金 结构性定义：强迫发行人对债券投资人进行支付 Face Value票面价值（也叫par value） Payment at the maturity of the bond. 票面利率：票面利息与面值的比例 Coupon息票The interest payments paid to the bondholder.到付息日期时，凭息票领取利息。 Coupon Rate息票率Annual interest payment as a percentage of face value.指债券的年利率 Bond Pricing Asked Price（卖价、要价） The price that investors need to pay to buy the bond. Bid Price（买价、投标价） The price asked by an investor who owns the bond and wishes to sell it. Spread 卖价与买价之间的差异，卖债券者可从中获取利润Note: While Treasury bonds are quoted in 32nds, corporate bonds are quoted in decimals. （P127）（公式27）两种方法计算债券价值Treasury bond prices are quoted in 32nds rather than in decimals.1) The value of a bond is the present value of all cash flows generated by the bond (coupons and repayment of face value), discounted at the required rate of return. 债券价值是债券现金流的PV，贴现率是required rate of return（预期收益率）2)A bond is a package of two investments: an annuity & a final repayment.计算债券价值的时候要加上2. Bond Prices and Interest Rates当市场利率超过债券利率时，债券会以低于票面价值的价格出售。 When the interest rate rises, the present value of the payments to be received by the bondholder falls and bond prices fall.利率增加时，债券持有者可获的付款的现值减少，债券价格下降 When the interest rate decreases, the present value of the payments to be received by the bondholder increases and bond prices rise. 利率降低时，债券持有者可获的付款增加，债券价格上升 Interest rate risk The risk in bond prices due to fluctuations in interest rates. 债券价格与利率的波动成负相关关系3. Bond Yields（两种方式计算在债券投资中的收益率）（公式28） Current Yield当期收益率此利率按债券规定价，不受期满时降价或溢价影响：Annual coupon paymentsbond price. Yield to Maturity到期收益率仅在债券持有者想要持有债券直至其到期为止时，这条公式才有用：Interest rate for which the present value of the bonds payments equals the price4. Bond Rates of Return收益率不受债券持有期影响。若债券持有者持有债券的时期=债券到期时期，此时的收益率=到期收益率（公式29） Total income per period per dollar invested5. The Yield Curve收益曲线 由图可说明： long term bonds generally earn higher yields than short-term bonds When interest rates are expected to rise, the yield curve is often upward sloping6. Interest Rates & Inflation（公式26） Nominal & Real Interest Rates：通货膨胀存在时，实际利率总是低于名义利率 TIPS（Treasury Inflation Protected Securities）：通货膨胀保值债券7. Default Risk违约风险债务投资两大风险：利率风险信用风险 Default Premium违约风险补贴 The additional yield on a bond that investors require for bearing default risk.Usually the difference between the promised yield on a corporate bond and the yield on a U.S. Treasury bond with the same coupon and maturity. Credit Agencies信用机构 Bond Classifications债券分类8. Variations in Corporate Bonds Zero-Coupon Bonds零息债券 Floating-Rate Bonds浮息债券 Convertible Bonds可转债券Chapter 71. The Stock MarketPrimary Markets初级市场（证券发行机构）Market for the sale of new securities by corporations Secondary Markets二级市场Market in which previously issued securities are traded among investorsInitial Public Offering (IPO)初始公开发行（新股首发） First offering of stock to the general public.Primary Offering（初次向公众出售） Occurs when a corporation sells shares in the firmCommon Stock普通股 Market cap (market capitalization)市场资本额 The total value of a companys outstanding shares.公司所发行股票的总价值 P/E Ratio市盈率 Ratio of stock price to earnings per share.（price/earning当前价格/每股利润） Dividend Yield股息生息率Dividend yield和债券的current yield类似，不受未来资本降价或溢价的影响。 The ratio of dividends paid and share price.（dividend/price每股股利/当前股票价格）用于衡量公司股票质量如何。2. Measures of Value Book Value帐面价值 Net worth of the firm according to the balance sheet. 没有体现公司的真实价值 BV= Assets - liabilities Liquidation Value清算价值 Net proceeds that could be realized by selling the firms assets and paying off its creditors. 没有体现成功的持续经营的价值 LV = Assets selling price Liabilities Market Value市场价值 Unlike book value and liquidation value, market value treats the firm as a going concern（持续经营）. The value of the firm as determined by investors who would be willing to purchase the company.以当前资产的收益能力和未来投资的预期获利能力为基础 MV = Tangible & intangible assets + Inv. Opportunities Going-Concern Value连续经营价值体现连续经营价值的三个因素：1. Extra earning power收益能力（公司有能力获取更高的资产收益率，而这些资产的价值高于其账面价值）2. Intangible assets无形资产3. Value of future investments未来投资的价值 衡量企业的实际价值)实际价值（市场价值market value）与帐面价值（book value）或清算价值（liquidation value）之差。指在持续经营的条件下公司的价值，持续经营价值假设现有资产将被用于产生未来现金流并且不会被出卖，如果持续经营价值超过生产终止时价值，那么进行经营是有意义的。3. Valuing Stocks计算股票价格 Stock Price & Intrinsic ValueIntrinsic Value内在价值 Present value of future cash payoffs from a stock or other security是指股票本身应该具有的价值，而不是它的市场价值。可用每年股利收入的PV之和来求。（所以r在这里是discount rate贴现率）V0=PVDIV：股息P1：一年后的预期股价r：预期现金流的贴现率（联系债券价格的计算） Measuring Expected Return（公式30）At each point in time all securities of the same risk are priced to offer the same expected rate of return. This is a fundamental characteristic of priced to in well-functioning markets. The Dividend Discount Model股利贴现模型：Computation of todays stock price which states that share value equals the present value of all expected future dividends.未来获得的所有股利的贴现值之和（PV之和）=这个股票的价值（r：discount rate在这里是required rate of return预期收益率）三种简化的情况：Case 1: DDM with No Growth Firms零增长模式（这里的discount rate是由其他同等风险的股票投资者决定的rate of return） Case 2: DDM with Constant Growth Firms持续增长模式题目提到股利利率变化或提到股利增长率的话，用此公式计算股票价值（r=discount rate; g=dividend growth rate 股利增长率） Estimating Expected Rates of Return可以借此公式倒推出r（expected rate of return）Case 3: DDM with Nonconstant Growth Firms非持续增长模式的计算是用的公式来计算。若题目没有直接说说明股票最终的价值，而是说明了g的变化，则在计算股票价值或证券价值时要用此公式求Div在此处的计算是：4. Valuing Growth Stocks 成长股（可望增值的股票）& Income Stock（绩优股）（将大部分收入分红分给股东） Payout Ratio股息支付率 Fraction of earnings paid out as dividends.股利dividend/每股盈余EPSEPS=book equity per share at start of year * ROE Plowback Ratio利润再投资率（b） - Fraction of earnings retained by the firmNote: Plowback Ratio = 1 Payout Ratio g (sustainable growth rate) 可持续增长率利润再投资后带来的收益持续增加，尤其是股东回报率return on equity的增加，同时保持debt ratio不变g=b*ROE Present Value of Growth Opportunities (PVGO)增长机会价值：Net present value of a firms future investments上司公司股票的价值可以分为两部分，一部分来自于资产未来产生现金流的现值（即EPS），另一部分来自于未来投资的价值（即PVGO）5. Methods of Analysis（看课本P168）Technical Analysis技术分析Random Walk Theory随机游走Fundamental Analysis基础分析6. Efficient Market Hypotheses有效市场假定Weak-form EfficiencySemi-strong-form EfficiencyStrong-form Efficiency7. Market Anomalies市场异常The Earnings Announcement PuzzleThe New-Issue PuzzleBubbles8. Behavioral Finance Chapter 8Valuation Techniques评估技巧1) Net Present Value Rule在互不兼容的项目里选择NPV大的项目，但在时间使用不同时和买租问题时，要先折成EAA再比较。Opportunity Cost of Capital资本的机会成本 - Expected rate of return given up by investing in a project. 为了得到某种东西而放弃另一种东西的最大价值。在投资中，指的是投资者所放弃的预期收益Net Present Value净现值 - Present value of cash flows minus initial investments.Net Present Value Rule（NPV规则）the NPV Rule的挑战（遇到的问题）1. The Investment Timing Decision（解决：选择当期能创造最高NPV的投资方案）2. The Choice between Long and Short-Lived Equipment（P192）“租还是买”的问题（解决：选择拥有最低等值年金equivalent annual annuity的机器）3. When to Replace an Old Machine Managers increase shareholders wealth by accepting all projects that are worth more than they cost. Therefore, they should accept all projects with a positive net present value. 接受所有positive NPV，选择项目时，选择highest positive NPV早期流入现金较多的项目后期比较快收回，即NPV会比较高The four steps in NPV decision model process: 计算NPV的四个步骤. 预测未来项目的cash flow. 估算资本的机会成本. 计算PV（of the future cash flow）