公司理财公式总结

1、Assets = Liabilities + Stockholders?EquityAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets - Current LiabilitiesRevenues 一 Expenses = IncomeSales or Revenues (-) Cost of goods sold (=) Gross profit 毛利 (-) Adminis trative/niarketing costs 行 政管理 / 营销成木， Depreciation 折旧(二)Opera ting

2、 Profit 营业利润(-)Interests, Taxes(=) Net income 净收益(-)Dividends to preferred stocks (=)Earning available to common shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + CashFlow to StockholdersCash Flow From Assets = Operating Cash Flow 营运现金流量 - Net Capital Spending净资木支出- Changes in NWC净

3、营运资木的变化 OCF (I/S)营运现金流二 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 ne

4、w borrowing = $24CF to Stockholders (B/S and I/S) = dividends paid - net new equity raised 二 $63CFFA = 24 + 63 二 $87Current Ratio 流动比率二 CA / CL2, 256 / 1,995 = 1. 13 timesQuick Ratio 速动比率二(CA - Inventory) / CL(2,256 - 301) / 1,995 = . 98 timesCash Ratio 现金比率二 Cash / CL696 / 1,995 = .35 timesNWC to T

5、otal Assets = NWC / TA (2, 256 - 1,995) / 5, 394 = . 05 Interval Measure 区间测量二 CA / average daily operating costs 2,256 / (2,006 + 1,740) /365) = 219.8 daysTotal Debt Ratio 资产负债率二(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 t imesEquit

6、y Multiplier 权益乘数二 TA / TE = 1 + D/E1 + 1. 11 = 2. 11Long-term debt ratio 长期债务率=LTD / (LTD + TE)843 / (843 + 2, 556) = 24. 80%Times Interest Earned利息保障倍數=EBIT息税前利润Earnings Before Interest and Tax / Interest 1, 138 / 7 = 162. 57 times Cash Coverage 现金涵盖比率二(EBIT + Depreciation) / Interest (1, 138 + 11

7、6) / 7 = 179. 14 timesInventory Turnover 存货周车令=Cost of Goods Sold / Inventory 2, 006 / 301 = 6. 66 timesDays' Sales in Inventory 销售库存的天数二 365 / Inventory Turnover365 / 6. 66 = 55 daysReceivables Turnover 应收 帐款周 转率二 Sales / Accounts Receivable 5,000 / 956 = 5. 23 timesDays' Sales in Receivabl

8、es = 365 / Receivables Turnover365 / 5. 23 = 70 daysTotal Asset Turnover = Sales / Total Assets5, 000 / 5, 394 二.93It is not unusual for TAT < 1, especially if a firm has a large amount of fixed assetsNWC Turnover = Sales / NWC5, 000 / (2, 256 - 1, 995) = 19. 16 times Fixed Asset Turnover = Sales

9、 / NFA5, 000 / 3, 138 = 1. 59 times Profit Margin 利润率二 Net Income / Sales 689 / 5, 000 = 13. 78% Return on Assets 资产收益率(ROA) = Net Income / Total Assets 689 / 5, 394 二 12. 77%Return on Equity 股木回报率(ROE) = Net Income / Total Equity689 / 2, 556 = 26. 96%PE Ratio 市盈率二 Price per share 每股价格/ Earnings per

10、 share 每股收益 87. 65 / 3. 61 = 24. 28 timesMarket-to-book ratio 市价与账而值比率=market value per share / book value per share 每股市价/每股账面价值 87. 65 / (2, 556 / 190. 9) = 6. 55 timesROE 二 PM * TAT * EMFuture ValuesFV = PV(1 + r) tPV = FV / (1 + r)tFV 二 future valuePV = present valuer = period interest rate, expr

11、essed as a decimal (用小数表不)t = number of periodsPerpetuity 永续年金：PV = C / rAnnuities 年金:Growing Annuity 增长年金APR 年度成木百分率 EAR Effective Annual RateI x 1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 现价息率二 an

12、nual coupon / priceYield to maturity = current yield + capital gains yield 资木 利得收益率(1 + R) = (1 + r) (1 + h), whereR = nominal :rater = real rateh = expected inflation rateApproximation 近似法 R = r + hrequired returnwhere D1/P0 is thedividend yield 股息率 and g is the capital gains yield 资木利得收益率average a

13、ccounting returnAAR = Average Xet Income/Average BookValue3 the cost of equityE 见pptl4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，BetawE = E/V = percent financed with equitywD = D/V 二 percent financed with debtE = market value of equity = # of outs tending