FinancialModeling财务模型简介

1、introduction to financial modelingbrought to you by:the eds financial trading and technology centerteaching assistantsthe financial modeling classninitiated by the department of finance and assembled by fttc proctorsntwo classes 1 hour + 1 hour exercisenfinancial modeling i (w/ exercise)nfinancial m

2、odeling ii (w/ exercise)nconducted two or three times per semesterclass outlinenintroduction to financial modelingndefinitionntypes of models usednformatntips for modeling in excelnstructuring the modelnmaking the model easy to usensome excel tools and keyboard shortcutsnexample build-out of several

3、 financial modelsndcfnddmnwaccncomparablesnq&anbreaknpractical exercise (1 hour)what does a financial model do?ncompute many different types of finance problemsnbond immunizationnportfolio weightingsnequity valuationsnvaluations of mergers, acquisitions, or divestituresnforecast financial perfor

4、mancenearnings growthnprofitabilitynoptions nanalyze different economic and financial scenariosnoptions payoffs given different expirationsnsales growth given different economies/business cyclesnprofitability given different product demand quantitiestypes of financial models (investment banking)ndyn

5、amic forecast modelnmerger consequences model - mergers, acquisitions, divestituresnleveraged buy-out (lbo) modelndiscounted cash flow (dcf) modelnrecapitalization modelsome examples of financial modelssome examples of financial modelssome examples of financial modelswhat makes a good financial mode

6、l?flexibility: design the model so that it can be modified easily. tip: any assumption that was made to create the model, such as revenue growth, or discount rate, should be easy to changevisibility: create the model under the premise that anyone should be able to review/audit and understand it quic

7、kly. tip: refrain from embedding hard coded data in formulas or hiding/grouping rows/columnsorganization and design: organize workbook so that worksheets flow together logically. tip: group all assumptions on separate tab; name all other tabs according to the information or function each contains (e

8、.g. income statement, balance sheet, depreciation schedule, output, etc.)what makes a good financial model?depth: construct model to reflect the reality of the business while making as few simplifying assumptions as possible. tip: build separate schedules for capital expenditures, depreciation, debt

9、, etc.realistic depiction of business operations: choose assumptions that are reasonable and defensible. tip: most assumptions will be determined by a senior banker or researcher, but research or industry reports can provide guidanceformatting: use formatting for a purpose. tip: use one color for ha

10、rd coded data (i.e. constants or historical data), another for links and a third for formulasformat of a financial modelndata and assumptions - inputsncalculationsnsolutions to calculations - outputsnlinks between calculations (outputs become inputs)ntitles and notes for clarificationnmodel maintenance check (dashboard)ass