公司金融复习公式

1、第二章：财务报表、税收和现金表The balance shee资t（ 产负债表 ）Assets= Liabilities + shareholders' equityAssets: current assets; fixed assetsCurrent asset:s cash; accounts receivable; inventoryLiabilities: current liabilities; long-term debtCurrent Liabilities :Accounts payable; Notes payableOwners ' equit:y comm

2、on stock and paid-in surplus; retained earningsThe income statement损（ 益表 ）Revenues expenses = incomeEBIT= net sales cost of goods sold depreciationTaxable income = EBIT interest paidNet income = taxable income taxes=dividends + addition to retained earningsEarnings per share = net income/ total shar

3、es outstandingDividends per share = total dividends/ total shares outstandingAverage versus Marginal Tax Rate平s（均税率和边际税率 ）Average tax rate=total taxes paid/ total taxable incomeMarginal tax rate: the amount of tax payable on the next dollar earnedCash flow（现金流量 ）NWC=current assets-current liabilitie

4、sCash flow from assets = cash flow to creditors + cash flow to stockholdersCash flow from assets = operating cash flow-net investment in fixed assets-change in NWCoperating cash flow=EBIT +depreciation-taxesnet investment in fixed asse=tending net fixed assets-beginning net fixed assets + depreciati

5、onchange in NWC=ending NWC beginning NWCcash flow to creditors=interesting paid net new borrowingcash flow to stockholders=dividends paid net new equity raised第三章：与财务报表相关的工作Standardized financial statemen标ts（准化的财务报表 ）Common-Size Balance shee共ts（同比报表 ） ：用百分比代替具体金额的报表Common-Size Income sheet共s（ 同比损益表

6、）：同上Ratio analysis 比（ 率分析 ）短期偿债能力比率Current ratio = current assets / current liabilitie（s 流动比率）Quick ratio = （current assets - inventory）/current liabilities速（动比率 ）Cash ratio = cash/current liabilities长期偿债能力比率Total debt ratio = （total assets total equity）/total assetsDebt-equity ratio=total debt/tota

7、l equityEquity multiplier = total assets/ total equityTimes interest earned=EBIT/interestCash coverage ratio= （EBIT+ depreciation）/interest资产管理比率或周转率Inventory turnover=cost of good sold/inventoryDays ' sales in inventory=365 days/inventory turnoverReceivables turnover=sales/accounts receivableDa

8、ys ' sales in receivable =365 /d raeyceivable turnoverTotal asset turnover = sales/total assetsCapital intensity=total assets/sales 获利能力比率Profit margin = net income/salesReturn on assets (ROA)= net income/total assetsReturn on equity(ROE)= net income/total equityROE=(net income/sales)*(sales/ass

9、ets)*(assets/equit杜y)邦( 等式 ) 市场价值比率EPS=net income/shares outstandingPrice-earnings ratio=price per share/earnings per sharePrice-sales ratio=price per share/sales per shareMarket-to-book ratio = market value per share/book value per sharebook value per share=book value of equity/shares内部增长率和可持续增长率Di

10、vidend payout ratio=cash dividends/net incom(e 股利支付率)Retention ratio=addition to retained earnings/net income=1- Dividend payout ratio (盈利留存率 b)Internal growth rate=(ROA*b)/(1-ROA*b) ( 内部增长率 )Sustainable growth rate=(ROE*b)/(1-ROE*b) (可持续增长率 )ROE=profit margin * total assets turnover * equity multip

11、lier 第四章：货币的时间价值Future value factor=(1+r)tPresent value factor=1/(1+r)tBasic present value equation: pv=fv/(1+rt)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+r) t-1)/r pv=c*(1-(1/(1+r) t)/r 年金(区别普通年金和预付年金付款时间) 永续年金 pv=c/rEAR(有效年利率 )=(1+quoted rate(名义利率) /m) m-1EAR(有效年利率 )=(1+APR(贷款的年百分率) /12) 12-

12、1 贷款类型：Pure discount loans纯（ 贴现贷款 ）Interest-only loans仅( 付息贷款 )Amortized loans (分期摊销贷款 )第六章：利率与债券价值? ? PV= ?=1(1+?)? + (1+?)?用好这个公式即可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=D t+1/(R-g)g为股利增长率 R 为要求收益率?1 ? +1 ( 1+ ?)? (1+?)?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 10003 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 P198 T23 会考类似个人建议选做习题 第二章 4 5 6 8 9 11 14 15 19 20