财管公式总结.doc

1、财管公式总结Chapter 2: .The cash flow identityCash flow from assets= cash flow to creditors(bondholders)+ cash flow to stockholders(owners) .Cash flow from assetscash flow from assets= operating cash flow - capital spending - Change in working capital(NWC)WhereOperating cash flow= EBIT + depreciation &

2、;ndash; ta_es 折旧不消耗现金，因为原来的折旧被减了 capital spending= ending fi_ed assets – beginning fi_ed assets + depreciation Change in NWC= ending NWC – beginning NWC NWC= CA – CL .Cash flow to creditors (bondholders)Cash flow to creditors= interest paid – new borrowing 在”l

3、ong-term debt”里看 .Cash flow to stockholders (owners)Cash flow to stockholders= dividends paid – new equity raised 在”mon stock and paid-in surplus”里看 Chapter 3 .Short-term solvency, or liquidity, ratios Current ratio=Quick ratio=Cash ratio= working capital to total assets=Interval measure间隔

4、时间指标=.Long-term solvency, or financial leverage, ratiosTotal debt ratio=Debt-equity ratio=Equity multiplier=Long-term debt ratio=Times interest earned ratio=Cash coverage ratio=.Asset management, or turnover, ratiosInventory turnover=(COGS!)Days sales in inventory=Receivables turnover=NWC turnover=F

5、i_ed asset turnover=Total asset turnover=.Profitability ratiosProfit margin=ROA=ROE=ROE=.Market value ratiosPrice-earnings ratio=EPS= PEG ratio=Price-sales ratio=Market-to-book-ratio=Tobins Q ratio=Enterprise value-EBITDA ratio=Chapter 4 .Internal Growth RateInternal growth rate=.Sustainable Growth

6、RateSustainable growth rate=b=plowback (intention) ratio= Addition to retained earnings= ine – dividends 资产负债表：CA, FA CL, LTD, EE=CS+RE 利润表：S,NI,RE,Div Chapter 5 .=CThe termis called the future value factor .PV=The termis called the present value factor .PV=Chapter 6 .= CThe termis called the annuity future value factor .PV= CThe termis called the annuity present value factor .PV for a perpetuity=.