财务管理资料整理.docx

一、名称解释（1）机会成本Opportunity CostOpportunity cost: The difference between the value of one action and the value of the best alternative action.When the opportunity cost is small, the cost of an incorrect choice is small. When the opportunity cost is large, the cost of not making the best choice is large.（2）Agency Theory 代理理论An important application of the Principle of Self-Interested Behavior- Agency TheoryAgency Theory: The analysis of participant behavior in a principal-agent relationship（委托代理关系）Principal-Agent Relationship: A situation in which one participant, the agent, makes decisions that affect another participant, the principal.Agent（代理人）: One of the participants in a principal-agent relationships.Principal（委托人）: One of the participants in a principal-agent relationship.（3）Moral Hazard道德风险Moral Hazard: A situation in which an agent can take unseen actions（不可观测的行为）for personal benefit even though such actions are costly to the principal.Agency theory helps us develop more effective provisions（条款）for contracts（契约）between a principal and an agent.A typical goal of such contract provision is to reduce conflicts of interest（利益冲突）, thereby reducing moral hazard problem.（4）The Signaling Principle: Actions Convey Information信号原则：行为传递信息The Signaling Principle is anther extension of the Principle of Self-Interested Behavior.Assuming self-interested behavior, we can guess at the information or options behind the decisions that we observe.（5）Probability and Statistics（概率统计）The risk of an assets is the likelihood its realized return will vary substantially from its expected return. Random Variables（随机变量）: A random variable is not perfectly predictable.Probabilities（概率）: Probabilities must satisfy two conditions: (1) A probability cant be negative (2). The probabilities of all possible outcomes must sum to 1.0.（1）概率不为负（2）概率之和为1 （6）Beta贝塔系数Beta: The covariance of an assets return with the market portfolios return divided by the variance of the market portfolios return. Beta is a measure of nondiversifiable or market risk（不可分散风险和市场风险）.（7）The Assumptions of the Capital Pricing Model资本资产定价模型的假设Assumption 1: Investors can choose between portfolios on the basis of expected return and variance.假设1：投资者能够从基于期望收益和方差的投资组合中选择 Assumption 2: All investors are in agreement regarding the planning horizon and the distributions of security returns.假设2：所有投资者对证券收益的计划期距和分布观点一致 Assumption 3: There are no Frictions in the capital market. 假设3：资本市场是有效的 （8）Common-Size Financial Statement共同比财务报表Common-size statements: Financial statements that show components as percentages instead of dollars. Balance sheet（资产负债表）components are expressed as percentages of assets（资产）, and income statement（利润表）components are expressed as percentages of sales（销售收入）.Common-sized statements can be extremely helpful to high light changes over time in the financial performance（财务业绩） and financial condition of the company（财务状况）. （9）Sustainable growth rate可持续增长率Sustainable growth rate is the maximum rate at which company sales can increase without depleting financial resources.可持续增长率 - 可持续增长率是指公司不增发新股并保持目前经营效率和财务政策条件下的公司销售所能增长的最大比率。 - 可持续增长率=留存收益率净资产收益率 （10）budget 预算A budget is a detailed schedule of a financial activity, such as an advertising budget（广告预算）, a sales budget（销售收入预算）, or a capital budget（资本预算）.Companies use both short- and long-term financial planning models. Models are classified by their planning horizon. （11）Cash budgeting 现金预算Cash budgeting is the process of projecting (forecasting) and summarizing a companys cash inflows（流入）and outflows（流出）expected during the planning horizon. （12）资本结构capital structureOther factors to consider when establishing the firms target capital structure?Industry average debt ratio TIE ratios under different scenarios Lender/rating agency attitudesReserve borrowing capacityEffects of financing on control Asset structure Expected tax rate(13) Optimal Capital Structure最优资本结构That capital structure (mix of debt, preferred, and common equity) at which P0 is maximized. Trades off higher E(ROE) and EPS against higher risk. The tax-related benefits of leverage are exactly offset by the debts risk-related costs.(14)The target capital structure（目标资本结构）The target capital structure（目标资本结构）is the mix of debt（债务）, preferred stock（优先股）, and common equity（普通股）with which the firm intends to raise capital.二、问答题1、Why Not Profit Maximization?为什么不是利润最大化？First, profit maximization is vague.Second, profit maximization ignores difference in when we get the money.Third, profit maximization ignores risk difference between alternative courses of action.2、Shareholder Wealth Maximization股东财富最大化Shareholder wealth maximization: Maximizing the value of the company to its owners. The ownership value of the company is the market value of the shares owned.3、Alternatives When Funds Are Inadequate当资金不充足时的可选方法Reduce the growth rate. 降低增长率Sell assets. 销售资产Obtain new external financing. 获得新的外部筹资Reduce or stop paying dividends. 降低或停止支付股利4、Importance of Capital Budgeting资本预算的重要性First, since the effects of capital budgeting decisions continue over many years, the decision maker loses some of his or her flexibility（灵活性）.Second, an erroneous forecast of asset requirements can have serious consequences.Finally, asset expansion（资产扩张） typically involves substantial expenditures, and before a firm spends a large amount of money, it must make the proper planslarge amounts of funds are not available automatically.5、Capital Budgeting Decision Rules资本预算决策规则Six primary methods are used to rank（排序） projects and to decide whether or not they should be accepted for inclusion in the capital budget:Payback period（回收期法）Discounted payback（折现的回收期期）Net present value (NPV)（净现值法）Internal rate of return (IRR)（内部收益率法）Modified IRR (MIRR)（修正的内部收益率法）Profitability index (PI)（盈利能力指数法）6、Why is the cost of retained earnings cheaper than the cost of issuing new common stock? 为什么留存收益的成本比新发行普通股的成本低？When a company issues new common stock they also have to pay flotation costs to the underwriter（承销商）.Issuing new common stock may send a negative signal to the capital markets, which may depress stock price.7、What factors influence a companys composite WACC? 影响公司加权资本成本的因素Market conditions（市场条件）.The firms capital structure and dividend policy（公司的资本结构和股利政策）.The firms investment policy（公司的投资政策）. Firms with riskier projects generally have a higher WACC.8、What the sustainable growth equation tell us可持续增长方程告诉我们什么The equation says that a companys sustainable growth rate in sales, g*, equals the product of four ratios, P,R,A,and T.P and A summarize the operating performance（经营绩效） of the business, while the R and T describe the firms principal financial polices（主要财务政策）.When a company grows at a rate in excess of its sustainable growth rate, it had better improve operations or prepare to alter its financial polices.三、计算题1、概率分析法期望值EA=Xi*Pi=10%*0.3+15%*0.5+21%*0.2标准离差A=(10%-Ea）2*0.3+（15%-Ea）2*0.5+（21%-Ea）2*0.2标准利差率=AEA2、（第八章）资本资产定价模型（CAPM）=无风险收益率+（社会平均报酬率-无风险收益率）Kc=Rf+ (Rm-Rf) 无风险收益率+（社会平均报酬率-无风险收益率）Kc：为普通股成本；Rm：为市场投资组合的期望收益率；Rf：为无风险利率 ：为某公司股票收益率相对于市场投资组合期望收益率的变动幅度。 CAPM: ks = kRF + (kM kRF)b.3、资产报酬率、净资产收益率Return on assets (ROA)、总资产周转率（Total asset turnover ratio）、销售息税前利润率、流动比率（Current Ratio ）、速动比率（Quick Ratio ）资产报酬率=(净利润+利息费用+所得税)/平均资产总额*100%资产平均总额=（期初资产总额+期末资产总额）/2。资产息税前利润率=息税前利润/总资产平均余额净资产收益率Return on assets (ROA)销售毛利率Gross profit margin（毛利润率）=毛利收入销售利润率=营业利润总额收入流动比率（Current Ratio ）速动比率（Quick Ratio ）总资产周转率（Total Assets Turnover Ratio ）总资产周转率=主营业务收入净额/平均资产总额X100% 4、可持续增长率（第四章）Sustainable growth rate可持续增长率=留存收益率净资产收益率 The sustainable equation（可持续增长方程）1. G* = Change in equity/Beginning-of-period equity2. G* = PRAT P-profit margin（利润率）A-asset turnover ratio（资产周转率）T-asset-to-equity ratio（资产权益比率）R-retention rate, defined as the fraction of earnings retained in the business.（留存收益率）5、现金预算（第五章）6、净现值（NPV）、内涵报酬率(IRR)、回收期、投资利润率、修正的内部报酬率（MIRR）（1）NPVX=-10000+6500*1(1+12%)+3000(1+12%)2+30001+12%3+10001+12%4NPV0表示项目实施后，除保证可实现预定的收益率外，尚可获得更高的收益。NPV0表示项目实施后，未能达到预定的收益率水平，而不能确定项目已亏损。NPV=0表示项目实施后的投资收益率正好达到预期，而不是投资项目盈亏平衡。（2）IRR：算内涵报酬率设NPV为0，求利率I，原利率为12%，分别假设为14%、16%计算，计算为0为止。所用的方法是将每笔现金流量以利率rate折现，然后令所有现金流量的净现值(NPV)等于零。若C0、C1、C2、C3.Cn分别代表为期初到n期的现金流量，正值代表现金流入，负值代表现金流出。 0=C0+C1/(1+rate)1+C2/(1+rate)2+C3/(1+rate)3.+Cn/(1+rate)n找出符合这方程式的rate，就称为内部报酬率。（3）修正的内部报酬率MIRR：计算MIRR用X/Y方案各年之间的差额，求差额=0时的I即为MIRR每个项目投资10000元，利率均为12%年份X项目现金流量Y项目现金流量差额0（10000）即-10000（10000）1650035003000230003500-500330003500-500410003500-2500（4）总资产报酬率总资产报酬率的计算公式：总资产报酬率=（利润总额+利息支出）/平均资产总额X100% 总资产报酬率的计算举例： 据资料，XYZ公司2001净利润为800万元，所得税375万元，财务费用480万元，年末资产总额8400万元；2002年净利润680万元，所得税320万元，财务费用550万元，年末资产总额10000万元。假设2001年初资产总额7500万元，则XYZ公司总资产报酬率计算如下： 2001年总资产报酬率=（800+375+480）/（7500+8400）/2*100%=20.82%2002年总资产报酬率=（680+320+550）/（8400+10000）/2*100%=16.85%由计算结果可知XYZ公司2002年总资产报酬率要大大低于上年需要对公司资产的使用情况增产节约情况结合成本效益指标一起分析，以改进管理，提高资产利用效率和企业经营管理水平，增强盈利能力（5）投资利润率投资利润率（ROI）=息税前利润(EBIT)/总投资(TI)*100%息税前利润=年利润总额+利息支出。利润总额=营业利润+投资净收益+营业外收支净额营业利润=产品销售收入产品销售税金及附加总成本费用+其它业务利润总投资=固定资产投资+无形资产投资+递延资产+建设期利息+流动资金计算出的投资利润率应与行业的标准投资利润率或行业的平均投资利润率进行比较，若大于（或等于）标准投资利润率或平均投资利润率，则认为项目是可以考虑接受的，否则不可行。（6）回收期每个项目投资10000元，利率均为12%年X项目现金流量Y项目现金流量0（10000）即-10000（10000）165003500230003500330003500410003500年X项目现金回收Y项目现金回收0（10000）（10000）1（3500）（6500）2（500）（3000）32500500435004000X项目回收期=2+5003000=2.17Y项目回收期=2+30003500=2.867、资金成本Cost of Capital（第八章）（1）债务资本成本Debt（负债） 公司长期债券的资本成本率例题1：某企业发行一笔期限为10年的债券，债券面值为1000万元，票面利率为12，每年付一次利息，发行费率为3，所得税税率为40，债券按面值等价发行。则该笔债券资本成本为： 例题2：债务资本成本例题某公司发行一张5年期债券，债券面值为100元，票面利率为10%，实际利率为8%，债券的筹资费率为5%。所得税率为40%。计算：1、债券的发行价格. 2、债券的资本成本1、发行价格=年利息总额*年金现值系数 + 到期面值*复利现值系数= 100*10%*P/A,8%,5 + 100*P/F,8%,5=10*3.9927 + 100*0.6806 = 39.927+68.06 =107.987（2）银行借款的资本成本率由于银行借款的筹资费用很低，常常忽略不计。长期借款的资本成本率（简化公式）资本成本率 = 利息率*（1所得税率）（3）优先股资本成本Preferred stock（优先股） 企业发行优先股，既要支付筹资费用，又要定期支付股利。它与债券不同的是股利在税后支付，且没有固定到期日。优先股成本的计算公式为：优先股资本成本例题：某企业按面值发行100万元的优先股，筹资费率为4，每年支付12的股利，则优先股的成本为：（4）普通股的资本成本Common equity（普通股）股利折现模型固定股利模型 若公司采用固定股利政策，每年分配现金股利D元，则普通股成本的计算公式为：股利固定增长模型DCF ks = D1/P0 + g. Retention growth rate（保留增长率）许多公司的股利都是不断增加的，假设年增长率为g，则普通股成本的计算公式为：ks = D1/P0 + g.普通股的资本成本例题：东方公司普通股每股发行价为100元，筹资费率为5，预计第一年末发放股利12元，以后每年增长4，则：资本资产定价模型CAPM=无风险收益率+（社会平均报酬率-无风险收益率）资本资产定价模型给出了普通股期望收益率Kc与它的市场风险之间的关系： Kc=Rf+ (Rm-Rf) 无风险收益率+（社会平均报酬率-无风险收益率）Kc：为普通股成本；Rm：为市场投资组合的期望收益率；Rf：为无风险利率 ：为某公司股票收益率相对于市场投资组合期望收益率的变动幅度。 CAPM: ks = kRF + (kM kRF)b.例题：假定某公司发行的普通股的 系数为0.8。市场无风险利率为4%，市场投资组合的期望收益率为8%，请计算该公司普通股的资本成本。答：普通股的资本成本= Rf+ (Rm-Rf) = 4%+0.8（8%-4%） = 4% + 3.2%= 7.2%无风险利率加风险溢价法（Own-Bond-Yield-Plus-RiskPremium: ks = kd + RP.）因普通股股东的风险高，其必然要求获得一定的风险补偿，即风险溢价。则普通股的资金成本为：Kc=Rf+ Rp （Kc：为普通股成本；Rf：为无风险利率；Rp：为市场风险溢价；）（5）留存收益的资本成本Retained earnings（留存收益）留存收益成本的计算与普通股基本相同，但不用考虑资本取得成本。 Ke=D/C股利不断增加的企业则为：Ke=D/C+g （6）综合资本成本（加权平均资金成本）Kw=W jKj式中：Kw为加权平均的资金成本；W j为第j种资金占总资金的比重；Kj为第j种资金的成本。综合资本成本例题1：某企业共有资金100万元，其中债券30万元，优先股10万元，普通股40万元，留存收益20万元，各种资金的成本分别为：Kb=6，Kp=12，KS=15.5%，Ke=15，试计算该企业加权平均的资金成本。 答：Kw=Wb Kb +WpKp+WSKS +WeKe =30 6+1012+4015.5+20 15=12.2%综合资本成本例题