公司理财汇总整理.doc

第一章1.1 1The three questions1）What long-term investments Fixed Assets1 Tangible 2 Intangible2）How can the firm raise the money Current Liabilities;Long-Term Debt;Shareholders Equity3）How much short-term cash flow does a company need to pay its bills?2Balance Sheet1)A=S+B Total Value of Assets=Shareholders Equity+The Capital Budgeting Decision2) NWC: Current Assets-Current Liabilities3Capital structure(P4) The answer to this involves the firms Capital structure,which represents the proportions of the firms financing from current and long-term debt and equity这一问题又涉及到资金结构，它表示公司短期及长期负债与股东权益的比例The Capital Structure decision can be viewed as how best to slice up a the pie.v=B+S4Cash Flow v.s. Net Incomecash flow 现金流量：是指一定会计期间企业现金和现金等价物的流入和流出。net income净收益：是指企业当期利润总额减去所得税后的金额price价格，Cash Flow：Identification of Cash Flow;Timing of Cash Flow;Risk of Cash Flow(P7-8)Net Income In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a companys revenues. Net income is sometimes called the bottom line. also called earnings or net profit. For an individual, gross income minus taxes, allowances, and deductions. An individuals net income is used to determine how much income tax is owed.1.2payoff(p9)1.3The corprate Firm(p10)The sole proprietorship（个体业主制）-A sole proprietorship is a business owned by one person The Partnership-General Partnership，Limited Partnership The Corporation Advantages and Disadvantages：Liquidity and Marketability of OwnershipControlLiabilityContinuity of ExistenceTax ConsiderationsThe partnership合伙制：A two or more person can get toghter and form a partnershipThe corporation公司制1.4Goals of the Corporate FirmThe traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth.1.5Financial Markets Primary Market When a corporation issues securities, cash flows from investors to the firm. Usually an underwriter is involved Secondary Markets Involve the sale of “used” securities from one investor to another. Securities may be exchange traded or trade over-the-counter in a dealer market. 第二章 Accounting Statements and Cash Flow (会计报表与现金流量)2.1 The Balance Sheet(资产负债表)The balance sheet is an accountants snapshot of theFirms accounting value on a particular date，as thoughthe firm stood momentarily still.Asset=Liabilities + Stockholders equity资产=负债+股东权益分析资产负债表时应注意三个问题：accounting liquid（会计流动性）、debt versus equity（债务与权益）、Value versus cost（市价与成本）Accounting Liquidity refers to the ease and quickness withWhich assets can be converted to cash.会计流动性是指资产变现的方便与快捷程度。Current assets（流动资产） are the most liquid and include cash and those assets that will be turned into cash within a year from the date of the balance sheet.Fixed assets（固定资产）are the least liquid kind of assets. It include tangible and intangible fixed assets.Tangible fixed (有形资产)assets include property，plant，and equipment. These assets do not convert to cash from normal business activity，and they are not usually used to pay expense， such as payroll. Intangible assets（无形资产） have no physical existence but can be very valuable.Debt versus Equity（债务与权益）Value versus Cost（市价与成本）企业资产的会计价值通常是指置存价值（carry value）或账面价值（book value）。2.21、The income statement measures performance over a specific period of time ,say,a year.The accounting definition of income is Revenue - Expense=Income2、One number of particular importance is earnings before interest and taxes(EBIT),which summarizes earnings before taxes and financing costs.3、Generally Accepted Accounting Principles(GAAP)The matching principal of GAAP dictates that revenues be matched with expenses. Thus, income is reported when it is earned, even though no cash flow may have occurred4、Non Cash ItemsDepreciation is the most apparent. No firm ever writes a check for “depreciation”.Another noncash item is deferred taxes, which does not represent a cash flow.5、 Time and CostsIn the short run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.In the long run, all inputs of production (and hence costs) are variable.Financial accountants do not distinguish between variable costs and fixed costs. Instead, accounting costs usually fit into a classification that distinguishes product costs from period costs23Tax tate书上没有，找不到Average Tax tateMaringal Tax tate2、4Net Working CapitalNWC is usually growing with the firm2.5 Financial Cash Flow In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm. Since there is no magic in finance, it must be the case that the cash from received from the firms assets must equal the cash flows to the firms creditors and stockholders.2.6 Summary and Conclusions Financial statements provide important information regarding the value of the firm. You should keep in mind: Measures of profitability do not take risk or timing of cash flows into account.Financial ratios are linked to one anotherCash Flow from operating activitiesCash flow from investing activitiesCash flow from financing activitiesThe statement of cash flows第四章1Future Value:未来值：The total amount due at the end of the investment is call the Future Value (FV). In the one-period case, the formula for FV can be written as:FV = C(1 + r) 要求已经三个 求另一个；FV C r T例题 If we deposit $5,000 today in an account paying 10%, how long does it take to grow to $10,000?例题Assume the total cost of a college education will be $50,000 when your child enters college in 12 years. You have $5,000 to invest today. What rate of interest must you earn on your investment to cover the cost of your childs education? About 21.15%. 2,PV: Present Value:现值：Refers to the discounted value of future cash flows to the appropriate discount rate3、The Net Present Value (NPV) of an investment is the present value of the expected cash flows, less the cost of the investment. Suppose an investment that promises to pay $10,000 in one year is offered for sale for $9,500. Your interest rate is 5%. Should you buy?In the one-period case, the formula for NPV can be written as:If we had not undertaken the positive NPV project considered on the last slide, and instead invested our $9,500 elsewhere at 5-percent, our FV would be less than the $10,000 the investment promised and we would be unambiguously worse off in FV terms as well:$9,500(1.05) = $9,975 R,Higher retention ratio ,better for shareholdersROE 0 Ranking Criteria: Choose the highest NPV3、three Good Attributes of the NPV Rule 1. Uses cash flows 2. Uses ALL cash flows of the project 3. Discounts ALL cash flows properly6.2 The payback period rule1. Definition:Payback period=number of years to recover initial costs2.Criterion:Acceptance-set by managementRanking-set by managent3.Problems with the Payback Method: (1)Does not consider the timing of the cash flows within the payback period. (2)Ignores all cash flows occurring after the payback period. (3)Arbitrary standard for payback period.4.Advantage of payback period (1)Easy to understand and quick decision. (2)Quick result. (3)Small projects. (4)Small firm difficult to finance. 6.3 The discounted payback period rule The discounted payback period method:折现回收期法Aware of the pitfalls of payback,some decision makers use a variant called the discounted payback period method.缺陷：At first glance discounted payback may seem like an attractive alternative,but on closer inspection we see that it has some of the same major falws as payback.Like payback,discounted payback first requires us to make a somewhat magical choice of an arbitrary cutoff period,and then it ignores all of the flows after that date6.5 The internal rate of return Definition(下定义)：IRR is the rate that causes the NPV of the project to be zero。 General criterion（一般准则）：Accept the project if IRR is greater than the discount rate. Rejectthe project if IRR is less than the discount rate.若内部收益率大于贴现率，项目可以接受；若内部收益率小于贴现率，项目不能接受。这就是基本的内部收益率法则6.6 Problems with the IRR Approach1.Independent Projects: accepting or rejecting one project does not affect the decision of the other projects.独立项目：是其接收或者放弃的决策不受其他项目投资决策影响的投资项目。Mutually Exclusive Projects: only one of several potential projects can be chosen.互斥项目：是只能在一些潜在的项目选择只有一个。2.Two general problems affecting both independent and mutually exclusive projectsProblem 1:Investing or Financing1)InvestingAccept: IRRs discount rate 内部收益率贴现率Reject :IRRs discount rate2)FinancingAccept: IRRs discount rate 内部收益率 discount rateProblem 2:Multiple Rates of ReturnMixture1) NPV Rule：Accept a project if the NPV is greater than zero;Reject a project if NPV is less than zero.NPV=-cost+2) Modified IRR (MIRR) 3)The Guarantee against Multiple IRRsGeneral Rules FlowsNumber of IRRsIRR CriterionNPV CriterionFirst cash flow is negative and all remaining cash flows are positive.1Accept if IRRrReject if IRR0Reject if NPV0First cash flow is positive and all remaining cash flows are negative.1Accept if IRRrAccept if NPV0Reject if NPV0Reject if NPV03.Problems Specific to Mutually Exclusive Projects( 1).The Scale Problem: Example with incremental IRR.Incremental IRR is the IRR on the incremental investment from choosing the large project instead of the small one.Furthermore, we can calculate the NPV for incremental Cash Flows.In review, we can handle this example (or any mutually exclusive example) in one of three ways:1. Compare the NPVs of the two choices.2. Compare the incremental NPV from making the large-budget picture instead of the small-budget picture.3. Compare the incremental IRR to the discount rate.(2).The Timing ProblemWe can select the better project with one of three different methods:1. Compare NPVs of the two projects2. Compare incremental IRR to discount rate.3. Calculate NPV on incremental cash flows.The IRR probably survives because it fills a need that the NPV does not. People seem to want a rule that summarizes the information about a project in a single rate of return.To their credit, however, companies that employ the IRR approach seem to understand its deficiencies.6.8 The Practice of Capital Budgeting1.IRR2.NPV3.Payback第10章1Individual Securities(单个证券):1.The characteristics of Individual Securities（单个证券的特点）return（期望收益） risk（风险）10.2Expected Return,Variance,and Covariance（期望收益、方差、协方差）1.Expected Return（期望收益）：Arithmetic mean of historical return（算术平均的历史回归）2. Variance and standard Deviation（方差与标准差）3. Covariance and Correlation（协方差和相关系数）10.3 The Return and Risk for Portfolios1. The expected return on a portfolio is simply a weighted average of the expected returns on the individual securities.(组合的期望收益是构成组合的各个证券的期望收益的简单加权平均)Expected return on portfolio(组合的期望收益)=XAA+XBB=P2. The variance of the portfolio(投资组合的方差) Var(portfolio)=XAA+2XAXBA,B+XBB3. The diversification effect Variance of portfolios return=Xsupersuper+2XsuperXslowsuper,slowsuper,slow+XslowslowAs long as 1,the standard deviation of a portfolio of two securities is less than the weighted average of the standard deviations of the individual securities.(当由两种证券构成投资组合时，只要AB1，组合的标准差就小于这两种证券各自的标准差的加权平均数)10.4 The efficient set for two assets两种资产组合的有效集图：1.Portfolio1 is composed of 90 percent slowpoke and 10 percent supertech.(p=-0.1639).2. Portfolio2 is composed of 50 percent slowpoke and 50 percent supertech.(p=-0.1639)3. Portfolio3 is composed of 10 percent slowpoke and 90 percent supertech.(p=-0.1639)P0, backward bending may or may not occur(可能出现也有可能不出现后弯)。4.nonsystematic risk can be diversified away (非系统性风险可以消除)；systematic risk can not be delimitated (系统性风险不可以消除)。10.5：The Efficient Set for Many S