公司理财公式总结;

1、assets = liabilities + stockholders equityassets = (current + fixed) assetsnet working capital= current assets current liabilitiesrevenues - expenses = incomesales or revenues(-) cost of goods sold(=) gross profit毛利(-) administrative/marketing costs行政管理/营销成本, depreciation折旧(=) operating profit营业利润(-

2、) interests, taxes(=) net income净收益(-) dividends to preferred stocks(=) earning available to common shareholderscash flow from assets (cffa) = cash flow to creditors + cash flow to stockholderscash flow from assets = operating cash flow营运现金流量 net capital spending净资本支出 changes in nwc净营运资本的变化ocf (i/s)

3、营运现金流= ebit息税前利润+ depreciation taxes = $547ncs净资本支出( b/s and i/s) = ending net fixed assets beginning net fixed assets + depreciation = $130changes in nwc (b/s) = ending nwc beginning nwc = $330cffa = 547 130 330 = $87cf to creditors (b/s and i/s) = interest paid net new borrowing = $24cf to stockho

4、lders (b/s and i/s) = dividends paid net new equity raised = $63cffa = 24 + 63 = $87current ratio 流动比率= ca / cl 2,256 / 1,995 = 1.13 timesquick ratio 速动比率= (ca inventory) / cl (2,256 301) / 1,995 = .98 timescash ratio 现金比率= cash / cl 696 / 1,995 = .35 timesnwc to total assets = nwc / ta (2,256 1,995

5、) / 5,394 = .05interval measure区间测量= ca / average daily operating costs 2,256 / (2,006 + 1,740)/365) = 219.8 daystotal debt ratio资产负债率 = (ta te) / ta (5,394 2,556) / 5,394 = 52.61%debt/equity资本负债率 = td / te (5,394 2,556) / 2,556 = 1.11 timesequity multiplier权益乘数= ta / te = 1 + d/e1 + 1.11 = 2.11long

6、-term debt ratio长期债务率 = ltd / (ltd + te)843 / (843 + 2,556) = 24.80%times interest earned息保障倍 = ebit息税前利润 earnings before interest and tax / interest 1,138 / 7 = 162.57 timescash coverage现金涵盖比率= (ebit + depreciation) / interest(1,138 + 116) / 7 = 179.14 timesinventory turnover存货周转 = cost of goods so

7、ld / inventory2,006 / 301 = 6.66 timesdays sales in inventory 销售库存的天数= 365 / inventory turnover365 / 6.66 = 55 daysreceivables turnover应收帐款周转率= sales / accounts receivable 5,000 / 956 = 5.23 timesdays sales in receivables = 365 / receivables turnover 365 / 5.23 = 70 daystotal asset turnover = sales

8、/ total assets5,000 / 5,394 = .93it is not unusual for tat 1, especially if a firm has a large amount of fixed assetsnwc turnover = sales / nwc 5,000 / (2,256 1,995) = 19.16 timesfixed asset turnover = sales / nfa 5,000 / 3,138 = 1.59 timesprofit margin利润率= net income / sales 689 / 5,000 = 13.78%ret

9、urn on assets资产收益率(roa) = net income / total assets 689 / 5,394 = 12.77%return on equity股本回报率 (roe) = net income / total equity 689 / 2,556 = 26.96%pe ratio市盈率= price per share每股价格/ earnings per share每股收益 87.65 / 3.61 = 24.28 timesmarket-to-book ratio市价与账面值比率=market value per share / book value per

10、share每股市价/每股账面价值 87.65 / (2,556 / 190.9) = 6.55 timesroe = pm * tat * emfuture values fv = pv(1 + r)t pv = fv / (1 + r)tfv = future valuepv = present valuer = period interest rate, expressed as a decimal（用小数表示）t = number of periodsperpetuity永续年金: pv = c / rannuities年金: growing annuity增长年金永久 apr年度成本百

11、分率 ear effective annual rate 此处均为年利率，有时候给了年利率要换成月、季利率、天利率！自己体会！bond value = pv of coupons息票+ pv of par票面价值bond value = pv of annuity年金+ pv of lump sum总金额current yield现价息率= annual coupon / priceyield to maturity = current yield + capital gains yield资本利得收益率(1 + r) = (1 + r)(1 + h), wherer = nominal ra

12、ter = real rateh = expected inflation rateapproximation近似法 r = r + hrequired returnwhere d1/p0 is the dividend yield股息率and g is the capital gains yield资本利得收益率average accounting return aar = average net income/average book value the cost of equity见ppt14的9risk-free rate, rfmarket risk premium市场风险溢价, e(rm) rfsystematic risk of asset系统性风险的资产, bbetawe = e/v = percent financed with equitywd = d/v = percent financed with debte = market value of equity = # of outstanding sh