公司金融复习公式

1、公司金融复习公式作者:日期:公司金融复习第二章：财务报表、税收和现金表the b a l a nc e sh e et（资产负债表）assets= li a bili ties + s h a rehol d c r s equit yass e t s : c ur r ent asset s; fix e d ass e tsc u rrent as s et s : c a sh; ac c o u n ts r eceiva b le; i nventor yliabi 1 i t ies: current 1 iabili ties; 1 ong- t e rm debtcurren

2、t l iab il i ties: ace o unt s p a y ab 1 e ; n o tes payab 1 eowne r s equit : y co m mon st o ck and p a i d-in s u r p 1 us; ret a ined e a r n ing s the i n co m e st ate m e nt （损益表）reve n ues - expen s e s = incomee bit= n e t sale s cos t ofgoo ds s o ld- d e p r e ciati o nt a x ab 1 e incom

3、 e=ebit- int erest pai dne t inc o me = tax a b 1 e i n come - taxe s =d i vidend s + addition to r e t ai n e d e arningsearn i ngs pe r sh ar e = n et i n come/ t otal sh a res ou t s ta n dingdi v idend s per share = tota 1 d i vide n ds/ tota 1 s hares o u tstanding averag e ve r su s m a r g in

4、a 1 ta x ra te s （平均税率和边际税率 ）average ta xr ate=totalt ax e spaid/ to t altax ablei ncomema r g inalt ax rate: theam o untof tax payableont he nex t dollarearn edcash flow（现金流量）nwc = c urr ent assets curr entliabilit iescash flo wfrom assets= cashflowto credi tors+cas hf1ow tostockh o lde r scash f 1

5、ow from a ssets= opera ting cashflow netinvestm ent infixed as set s-cha n geinnw co p era ti n g cashflow =ebit+dep r e cia t ion taxesn e ti nves tmenti n fixedass e t=end i ng netfixeda sset s-begin n in g net fixed ass e ts + depreciatio nc hange in n wc = e n d i n g n wc - begin n i n g nwc ca

6、sh flow to cred itors=inter e sting paid-net new b orr o wingcash f low to stoc k holders= d i v idends p aid - n et new e q u i ty rais e d 第三章：与财务报表相关的工作s tanda r d i zed finan c ial statement s （标准化的财务报表 ）co mmon-si z e ba lan c e s he e t s（共同比报表）:用百分比代替具体金额的报表 common-s izc income sheet s（共同比损益表

7、）：同上rat i o ana 1 y s i s （比率分析）短期偿债能力比率curr e nt ratio = curre n t asse t s / c urre n t liab i li t ie s （流动比率）qui c k ratio =（curr ent a s s ets - inv e n tor y ）/cu rrent 1 iabiliti e s （速动比率）c a sh ratio = c a sh/current li a bil i t ies长期偿债能力比率to t al d ebt ratio（tot a l assets - total c qui t

8、y） / total as s etsd ebt equ i ty r ati o = total d e bt/t o tal equi t ye q u ity mu 1 t ip lier = tota 1 assets/ t ot a 1 equ i tytimes interes t earn e d=e b it/inte r es tcash cove rage rat i o =(eb i t+ d e preciatio n )/in teres t资产管理比率或周转率in v ento r y tur n ov e r = cost of g ood so 1 d /in

9、v e ntoryd a ys sale si n i nv e n t or y =365d a ys/ i nventoryt u r n o verrece i v a b le s turnover=sale s /a c co unts re c e i v ab ledays s a es in receivable =3 6 5 da y / r ece i va b 1 e tu r nov e rtotal asset turnover = sales /total asset scapi tal i n t e ns ity=total a sset s / s a les

10、 获利能力比率pro f it margin = net i n c ome/salesr e turn on assets (ro a) = n e t inc o m e /to t al ass et sr e t urn o n equi t y ( ro e)= n et i n co me/t o tal equityro e =(n e t inc o m e /sale s ) * (sales/a s s ets)* ( a sset s /equi t y)(杜邦等式) 市场价值比率eps=n e t i ncome/ s h ares outs t and i n gp

11、ri c e e a rn i ngs ratio=pri c e per sha re/ earnings per shareprice -s a les rat i o = price per sha r e/s a les per sharemarket to-b o ok ratio = ma rket value pershar e /book value per shareb o ok v a lue per sh a re=bo o k va 1 u e of eq uity/shares内部增长率和可持续增长率d ivid end pa you t ratio = cas h

12、d iv i dends/ n et inc o me(股利支付率)r e tentio n rati o = a d dition to r e ta i ned earning s / n et in c om e = 1- divide n d pa y o u t rat i o(盈利留存率b)inter n al g r owth rate = (r o a*b ) / (1-ro a *b)(内部增长率)sus tain able growth rat e = (roe *b)/(1- r oe*b)(可持续增长率)roe =pr o f i t ma rgin * to t al

13、 asse t s t urnover * e q u ity multiplier 第四章货币的时间价值 t f uture v a 1 ue fac t o r= (1+r)prese n t v a 1 ue fac t or= 1 / ( 1+r) tbasic presen t value eq uati o n ： pv = fv/(1+r) t,3151000ent n1/ypmt pvfvsolve for-657.50so we need invest 657.50 today答题格式第五章：折现现金流的价值评估多重现金流的终值和现值根据贴现率计算即可fv=c * ( (1

14、+ r)：1)/ rpv=c*( 1-(1 /(1+r)，)/ r年金(区别普通年金和预付年金付款时间)永续年金 p v=c/rear (有效年利率)=(1+quoted rate (名义利率)/m ) m-1 ear侑效年利率)=(1 +apr (贷款的年百分率)/1 2 ) 12-1 贷款类型：pu r e d iscou n t l o n ns(纯贴现贷款)in t eres t -o n l y loans (仅付息贷款)amo r t ize d loans(分期摊销贷款)第六章：利率与债券价值pv=汇?=1.?+后条 用好这个公式即可 (|)(, 一)名义收益率与实际收益率(费雪效应) 1+r=(1+r)(1+h)r:名义收益率r :实际收益率h :通货膨胀率第七章：股票市场与股票定价pt= dt+1/ (r- g) g为股利增长率r为要求收益率?= g?=1(i+?p?+ (1+?)7?考试有关事项1零息债券必出题2债券面值若未指出默认10 003未给出付息频次则默认年付息4 计算结果统一保留两位小数5 p19 8 t23