财管公式总结

Chapter 2:. The cash flow identity Cash flow from assets= cash flow to creditors(bondholders) + cash flow to stockholders(owners). Cash flow from assets cash flow from assets= operating cash flow- Net capital spending- Change in net working capital(NWC) Where Operating cash flow= EBIT + depreciation taxes （折旧不消耗现金，因为原来的折旧被减了） Net capital spending= ending net fixed assets beginning net fixed assets + depreciationChange in NWC= ending NWC beginning NWC NWC= CA CL. Cash flow to creditors (bondholders) Cash flow to creditors= interest paid net new borrowing 在”long-term debt”里看. Cash flow to stockholders (owners) Cash flow to stockholders= dividends paid net new equity raised 在”common stock and paid-in surplus”里看Chapter 3. Short-term solvency, or liquidity, ratios Current ratio=current assetscurrent liabilities Quick ratio=current assets-inventorycurrent liabilities Cash ratio=cashcurrent liabilities Net working capital to total assets=net working capitaltotal assets Interval measure（间隔时间指标）=current assetsaverage daily operating costs. Long-term solvency, or financial leverage, ratios Total debt ratio= total assets-total equitytotal assets Debt-equity ratio= total debttotal equity Equity multiplier= total assetstotal equity Long-term debt ratio= long-term debtlong-term debt+total equity Times interest earned ratio= EBITinterest Cash coverage ratio= EBIT+depreciationinterest. Asset management, or turnover, ratios Inventory turnover= cost of goods inentory (COGS!) Days sales in inventory= 365 daysinventory turnover Receivables turnover= salesaccounts receivable NWC turnover= salesNWC Fixed asset turnover= salesnet fixed assets Total asset turnover= salestotal assets. Profitability ratios Profit margin= net incomesales ROA= net incometotal assets ROE= net incometotal equity ROE= net incomesalessalesassetsassets equity. Market value ratios Price-earnings ratio= price per shareearnings per share EPS= net incomeshares outstanding PEG ratio= price-earnings ratioearnings growth rate(%) Price-sales ratio= price per sharesales per share Market-to-book-ratio= market value per sharebook value per share Tobins Q ratio= market value of assetsreplacement cost of assets Enterprise value-EBITDA ratio=enterprise valueEBITDAChapter 4. Internal Growth Rate Internal growth rate= ROAb1-ROAb . Sustainable Growth Rate Sustainable growth rate= ROEb1-ROEbb=plowback (intention) ratio= addition to retained earningsnet incomeAddition to retained earnings= net income dividends资产负债表：CA,FACL,LTD,EE=CS+RE利润表：S,NI,RE,DivChapter 5. FVt=C(1+r)t The term (1+r)t is called the future value factor. PV=C(1+r)t The term 1(1+r)t is called the present value factor. PV=FVt(1+r)tChapter 6. FVt= C(1+r)t-1r The term (1+r)t-1r is called the annuity future value factor. PV= C1-1(1+r)tr The term 1-1(1+r)tr is called the annuity present value factor. PV fo