华南农业大学公司理财财务管理复习重点 白金版ppt课件

C1.IntroductiontoCorporateFinanceC2.FinancialStatementsandCashFlowC3.FinancialStatementsAnalysisAndlong-termplanningC4.DiscountsCashFlowValuationC5.InterestRatesandBondValuationC6.StockValuationC7.NetPresentValueandOtherInvestmentRulesC10.RiskandReturnLessons(启示,教训)FromMarketHistoryC11.ReturnandRisk:TheCapitalAssetPricingModelC12.Risk,CostOfCapital,AndCapitalBudgetingC14.CapitalStructure:LimitstotheUseOfDebtC15.DividendsRevisionandExamination,1,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）,2,1.3TheGoalofFinancialManagement,Whatisthecorrectgoal?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizeshareholderwealth?,3,2.4NetWorkingCapital净营运资本,NetWorkingCapitalCurrentAssetsCurrentLiabilitiesThechangeinNWCisusuallypositioninagrowingfirm.,4,3.3TheDuPontIdentity,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,5,3.3财务综合分析:杜邦分析体系,推导过程：教材P74,6,7,数字启示？WhatcanyoudoifyouwereCFOorCEO?,8,9,10,FutureValueInterestFactor（复利终值系数）,4.2TheMultiperiodCase,11,4.2TheMultiperiodCase,Thegeneralformulaforthefuturevalueofaninvestmentovermanyperiodscanbewrittenas:FV=C0(1+r)TWhereC0iscashflowatdate0,ristheappropriateinterestrate,andTisthenumberofperiodsoverwhichthecashisinvested.,12,Thealgebraicformulate,PV=C1/(1+r)PV=C2/(1+r)2,13,4.4Simplifications,Perpetuity永续年金AconstantstreamofcashflowsthatlastsforeverGrowingperpetuity永续增长年金AstreamofcashflowsthatgrowsataconstantrateforeverAnnuity年金AstreamofconstantcashflowsthatlastsforafixednumberofperiodsGrowingannuity增长年金Astreamofcashflowsthatgrowsataconstantrateforafixednumberofperiods,14,Perpetuity,Aconstantstreamofcashflowsthatlastsforever,15,GrowingPerpetuity,Agrowingstreamofcashflowsthatlastsforever,16,Annuity（重点掌握）,Aconstantstreamofcashflowswithafixedmaturity,17,5.1BondsandBondValuation,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）,18,SupposetheXanthCo.weretoissueabondwith10yearstomaturity.TheXanthbondhasanannualcouponof$80.similarbondshaveayieldtomaturityof8percent.Whatwouldthisbondsellfor?,PV,Totalbondvalue,19,SupposetheXanthbondhas10yearstomaturity.Iftheinterestrateinthemarkethasrisento10percent,whatwillthebondbeworth?PV=1000/1.1010=1000/2.5937=$385.55AnnuityPV=80PVIFA=806.1446=$491.57TotalPV=385.55+491.57=$877.121000,Discountbond折价债券:thebondsellsforlessthanthefacevaluePremiumbond溢价债券:thebondsellsformorethanthefacevalue,20,6.1ThePVofCommonStocks,Anassetsvalueisthepresentvalueofitsfuturecashflows.Astockprovidestwokindsofcashflows:DividendsCapitalGains资本利得,21,Case1:ZeroGrowth零增长,Assumethatdividendswillremainatthesamelevelforever,Sincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:,由：得：,22,Case2:ConstantGrowth固定增长,Sincefuturecashflowsgrowataconstantrateforever,thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity:,Assumethatdividendswillgrowataconstantrateg,asfollows:,DGM:dividendgrowthmodel,23,UsingtheDGMtoFindR,StartwiththeDGM:,RearrangeandsolveforR:,R=股利收益率+资本利得收益率,？,24,P5=D6/(R-g)=2.2125/(.15-.10)=44.25P0=5+44.25/1.155=27,R=15%,25,TheNetPresentValue(NPV)Rule,EstimatingNPV:1.Estimatefuturecashflows:howmuch?andwhen?2.Estimatediscountrate3.Estimateinitialcosts,26,7.2ThePaybackPeriodMethod,PaybackPeriod=numberofyearstorecoverinitialcostsAcceptanceCriteria:Setbymanagement,27,7.5TheInternalRateofReturnMethod,28,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%,29,11.2ExpectedReturn,Variance,andCovariance协方差,Considerthefollowingtworiskyassetworld.Thereisa1/3chanceofeachstateoftheeconomy,bability,30,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,31,11.10RiskandReturn(CAPM),ExpectedReturnontheMarket:,Expectedreturnonanindividualsecurity:,MarketRiskPremium,Thisappliestoindividualsecuritiesheldwithinwell-diversifiedportfolios.,32,Example,SupposethestockofStansfieldEnterprises,apublisherofPowerPointpresentations,hasabetaof2.5.Thefirmis100percentequityfinanced.Assumearisk-freerateof5percentandamarketriskpremiumof10percent.Whatistheappropriatediscountrateforanexpansionofthisfirm?,33,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,34,35,36,Summary:NoTaxes,Inaworldofnotaxes,thevalueofthefirmisunaffectedbycapitalstructure.ThisisM&MPropositionI:VL=VUPropositionIholdsbecauseshareholderscanachieveanypatternofpayoutstheydesirewithhomemadeleverage.Inaworldofnotaxes,M&MPropositionIIstatesthatleverageincreasestheriskandreturntostockholders.,37,Summary:Taxes,Inaworldoftaxes,butnoba