公司理财期末重点总结

1、1 / 11C 1Corporate Financeaddresses the follow ing three questi ons:1. What I on g-term in vestme nts should the firm choose? Capital Budget ing（资本预算）2. How should the firm raise funds for the selectedinvestments?CapitalStructure（ 资本结构）3. How should short-term assets be man aged and finan ced?Work i

2、ng CapitalManagement（营运资本）Capital Budgeting: The process of planning and managing a firm s Iong-term in vestme nts is calledcapital budgeti ng.Capital Structure:A firm s capital structure （or financial structure） is thespecific mixture of Iong-termdebt and equity the firm uses to finance itsoperati

3、ons.Working Capital Management:The term working capital refers to firm s short-ternassets and its short-term liabilities. Managing the firm s working capital is aday-to-day activity that ensures that the firm has sufficientresources to continueits operations and avoid costly interruptions.Sole Propr

4、ietorship:A sole proprietorship is a bus in ess owned by one pers on. Theowner can keep all the profit. However, he has un limited liability for bus in ess debts.Part nership:A part nership is similar to a proprietorship, except that there aretwo or more own ers.General Partnership: All the partners

5、 share in gains or losses, and all haveun limited liability for all partn ership debts, not just some particular share.Limited Part nership: One or more gen eral part ners will run the bus in ess and have un limitedliability, but there will be one or more limited part ners who will not actively part

6、icipate in the bus in ess.Primary disadva ntages:1.un limitedliability for bus in ess debt on the part of theowners 2.li mited life of the bus in ess 3.difficulty of tran sferri ng own ershipCorporation:A corporation is a legal person separate and distinet from its owners.Disadvantages: Double taxat

7、ion, separation of ownership and control rights.The goal of finan cial man ageme ntis to maximize the curre nt value per share of theexisti ng stock.A more general goal: Maximize the market value of the existing owner s equity.Age ncy relati on ship: Prin cipal hires an age nt to represe nt his/her

8、in terestAgency problem : Separation of ownership and control rights, Conflict of interest betwee n prin cipaland age nt.Agency costs : refers to the costs of the conflictof interestbetween stockholdersand man ageme nt.C2Goal: cash is kingThe goal of financial management: is to maximize the market v

9、alue of the stockThe bala nee sheet equati on （Bala nee sheet ide ntity）2 / 11Assets = liabilities + shareholderThe value of liabilities and shareholder s equity=current liabilities + long term debt + shareholder s equityNet working capital净营运资本 =Current assets - current liabilitiesLiquidity 流动性：ref

10、ers to the speed and ease which an asset can be con verted to cash.the more liquid bus in ess is, the less likely it is to experie nee finan cialdistress.Debt versus Equity（负债与权益）：Shareholders equity= Assets - LiabilitiesMarket value VS book valueBook value 账面价值：un der Gen erally Accepted Acco un ti

11、 ng Prin ciples（公认会计原贝 U GAAP， audited finan cial stateme nts gen erally show assets at historical cost。historical cost历史成本 :assets carried on the booksMV: what the asset could sold forBV: what the firm paid for them异同：1. For current assets, short-term debt, many debt, market value and book value mi

12、ght be somewhatsimilar because curre nt assets are brought and con verted into cash over a relatively short span oftime;2. For fixed assets, it would be purely a coincidence if the actual market valueof an asset （what the asset could be sold for） were equal to its book value3. Many of the most valua

13、ble assets that a firm have-good man ageme nt , a goodreputation , talented employees-don t appeared on the balance sheet at all.4. For both of them, assets= debt + equityCorporate finance is interested in the market value of the firmFinancial leverage e 财务杠杆： the use of debt in a firm s capital str

14、ucture.the more debt a firm has （as a perce ntage of assets ）, the greater is its degreeof finan cial leverageThe in come stateme nt （ 禾 U 润表）: measures performa nce over some period of timeThe in come stateme nt equati on:Revenues 收益 Expe nses = In comeGAPP and the in come stateme nt:1. the realiza

15、tion/general principle（实现 / 一般原贝 U ）: revenue is recognized at thetime of sale, which n eed not be the same as the time of collecti on （accrues权责发生制）2. the match ing prin ciple 酉己比原贝 U : expe nses show n on the in come stateme nt are based onthe match ing prin ciple3. the figure show n on the in com

16、e stateme nt may n ot be at all represe ntative of theactual cash in flows and outflows that occurred duri ng a particular period.Non cash items（非现金项目）1. A primary reas on thatacco unting in come differs fromcash flow is that an in comestateme nt contains non cash items.s equity3 / 112. Depreciati o

17、n折旧 is one of the most importa nt example.Time and costs :1. To financial managers: costs are divided into fixed costs and variable costs2. To the acco untan ts:costs are divided into product ion costs （产品成本） and period costs（ 期间成本 ）（EPS）Earnings per share 每股盈余 = Net income/Total shares outstanding

18、（ 发行在外 的股数 ）Dividends per share 每股股利 = Total dividends/Total shares outstandingTAXES:Average tax rate 平均税率 : tax bill divided by taxable income （税额除以应税所得 额）Marginal tax rate 边际税率 （relevant for most financial decisions）: the rate of extra tax u would pay ifu earned one more dollar多赚Y1 所应支付的税CASH FLOW

19、 现金流量（free cash flow） : the differenee between the number of dollars that come inand went outCalculating cash flow:特征 CF from assets 来自资产的现金流 = CF to creditors + CF to stockholdersCF（A） = CF（B） + CF（S）CF from assets = operat ing CF- net capital spe nding cha nge in NWCOperating CF 经营现金流量 : results f

20、rom the firm s day-to-day activities ofproducing and sellingCapital spending 资本性支出 : money spent on fixed assets- $ received from the sale of itChange in net working capital净营运资本变动 : the net change in current assetsrelative to current liabilities for the period being examined and represents the amou

21、nt spent on networking capitalOperating CF （经营现金流）=EBIT +Depreciation- TaxNet capital spe nding = ending net fixed assets begi nning net fixed assets+depreciationChange in NWC= Ending NWC-Beginning NWCCF to creditors 债权人=interest paid- net new borrowing禾 U 息支出-新的借款净额CF to stockholder s= divide nd pa

22、id - net equity raised 派发的股利-新筹集的净权益C3sources of cash（ 现金来源 ）: Activities that bring in cash uses of cash （现金运用） : Activities thatinvolve spending cash the statement of Cash Flow 现金流量表 : there is some flexibility in summarizingthe sources and uses of cash in the form of a financial statement, the re

23、sult is called.Common-size statements 同比报表 : a useful way of standardizing financialstatements （财务报表） is to express each item on the balance sheet as a percentage of assets andto express each item onthe income statement（ 禾润表 ） as a percentageof sales.Common-baseyear financial statements: trend analy

24、sis 同基年度财务报表 : a useful way ofstandardizing financial statements in this case is to choose a base year and then express each item4 / 11relative to the base amount.一、 Short-term solvency/liquidity ratios短期偿债能力 / 流动性比率:1 Current ratio流动比率 =current assets /current liabilities2. 速动比率 / 酸性比率The Quick (ac

25、id-test ratio) = (current assets inventory 存货)/current liabilities3. Cash ratio 现金比率 = cash/ current liabilities4 NWC to total assets 净营运资本对资产总额的比率 =net working capital/total assets 5Intervalmeasure 间隔时间指标 = current assets/ average daily operating costs、 Long-term solvency/financial leverage ratios长

26、期偿债能力 / 财务杠杆比率：1.Total debt ratio2.Debt-equity ratio3.Equity multiplier资产负债率 =(total assets- total equity)/total assets负债权益率 =total debt/total equity 权益乘数 = total assets/ total equity4.Long-term debt ratio长期负债率 =Long-term debt/(long-term debt + total equity)5. 利息保障倍数比率 ( 衡量公司兑现其利息义务的能力 ) (也叫 interes

27、t coverage ratio 利息保障倍数比率( TIE) Times interest earned ratio=EBIT/ interest6.Cash coverage ratio 现金偿债比率 =EBITD/interest= ( EBIT + depreciation ) /interest ( Ps.EBDIT 折扣前息税前盈余，计量企业从经营活动中产生现金的能力的指标，计量可用以应付筹资义务的现金）三、 Asset management or turnover ratios资产周转比率1.存货周转率 Inventory turnover =销售商品成本 /存货 = cost

28、of goods sold /inventory(average)存货周转天数 Days sales in inventory =365 days /inventory turnover2. 应收账款周转率 Receivable turnover = sales /accounts receivable (average)应收账款周转天数Days sales in receivable (ACP 平均回收期)=365 days/receivablesturnover (收回赊账销售收入的时间)3. 资产周转率 asset turnover ratios净营运资本周转率 NWC Turnover

29、=sales /NWC 固定资产周转率 Fixed asset turnove r =sales/net fixedassets 总资产周转率 Total asset turnover =sales /total assets4. Profitability ratios获利能力计量指标Profit margin 销售净利润率 =net income/sales= 净利润 /销售收入 (计量经营效率 )(ROA 资产报酬率 Return on assets = net income/total assets(ROE) 权益报酬率 Return on equity = net income/to

30、tal equity转化： ROE= ROA* Equity multiplier= ROA* (1+ debt-equity ratio)5. Market value measures市场价值计量指标1市盈率 ( 市价 - 盈余比率 )(PE ratio)Price-earnings ratio = price per share /earnings per share(每股价格 /每股收益 EPS)2市销率 Price-sales ratio = price per share /sales per share3市净 /账率(市价-账面价值比率 )Market-to-book ratio

31、 =market value per share /book value per shareBook value per share =equity/ shares outstandingThe Du Pont Identity( 杜邦恒等式 )ROE=profit margin* Total asset turnover * Equity multiplier 利润边际(率) * 总资产周转率 * 权益指数应收账款5 / 11等式说明 Roe is affected by three things:经营效率（用利润率来计量）资产使用效率财务杠杆C4Discounted cash flow (

32、DCF) valuation :贝占现现金流量估价calculating the present valueof a future cash flow to determ ine its worth today.Discount rate :贴现率 use to discount a future cash flow (是指将未来支付改变为现值所使用的利率)future value factor FVIF (i%, n)利息终值系数(1+)代PV=FV PVIF(r,t)C5Ann uities:年金 con sta nt cash flow that occur for some fixed

33、 nu mber of periodsOrdinary annuity:普通年金 a series of constant or level cash flows that occur atthe end of each period for.Annuity due: 期初应付年金 occur at the begi nningPerpetuities:永续年金 the level stream of cash flow continues forever普通年金现值 PV=CX1-1/(1+r)At/r终值 FV=CX (1+r)At-1/r p161永续年金现值 PV=C/r (优先股)A

34、nnual percentage rate(ARP):年百分率 it is equal to the interest rate per periodmultiplied by the number of periods in a year一年中每期的利率乘以复利期数Effective annual rate(EAR):实际年禾 U 率 it is actually the rate that you will earnEAR=(1+APR/m)Fm-1 P164Loa n types:P ure discount loans: 纯贴现贷款 the borrow receives money

35、today and repays a single lump sum atsome time in the futureInterest-onlyloans:仅付息贷款 to pay interesteach period and to repay the entireprincipal at some time in the futureAmortized loans:分期偿还贷款 to repay parts of the principal over time等本还息 amortization with equal principal payments每年本金清偿额相等等额还款 amor

36、tization with equal payments每年总支付额相等Partial amortizatio n:部分分期偿还贷款(每个月所付的钱并不能完全还清贷款，最后需要支付一笔更高的金额)C6Bond: Securities issued by corporationsmay be classical roughly as equitysecurities and debts securities.Debt securities means the issuer borrows mon ey.differe nces betwee n debt and equity:1. Debt i

37、s not an own ership in terest in the form .Creditors gen erally do not have voti ng power.1operating efficiency2asset use efficiency3financial leverage6 / 112. The payme nt of in terest on debt is con sidered as cost of doing bus in ess and is fully tax deductible.Divide nds paid to stockholders are

38、 not tax deductible.3. Un paid debt is liability of the firm. If it is not paid, the corporati on can gointo ban kruptcy. This possibility does not arise whe n equity is issued.Bond features:票面利 丿息、 Coup ons: regular in terest payme nts that the issuer promises to make债券的面值 Face or par value: the am

39、ount that will be repaid at the end of the loa n.票面禾 率 Coup on rate: The annual coup on divided by the face value 至 U 期期限Maturity: the number of years until the face value is paid 到期收益率 Yield to maturity(YTM): interest rate in the market on a bond Bond value= c x 1-1/(1+r)t /r +F/(1+r)t194票面利息现值(年金现

40、值)_+票面价值的现值(_YTM=r)EAR(实际利率)=(1+APR/n) 5 - 11. YTM Coupon rate , premium bond 溢价债券到期收益率 Coup on rate ， disco unt bondcurre nt yield当期收益率=Annual coup on / it priceyield to maturity至 U 期收益率:the average rate of return that will beearned on a bond if it is bought now and held until maturity.realized yie

41、ld 实现报酬率:YTM equals the rate of return realized over the life of thebond if all coup ons are reinv ested at an in terest rate equal to the bond s YTM实现报酬率 PN/PO=(1+R)(1+R)(1+R) = (1+R)An 即，R= (PN/PO- 1)A1/n 这个是 ppt 上的，书上我没看到。Interest rate risk : the risk that arises for bond owners from fluctuatingi

42、nterest rateThe Fisher Effect:1+R= (1+r) (1+h)The call provisi on(提前赎回条款)：allows the compa ny torepurchase orcall part of all the bond issue at stated prices over a specific period.Deferred call provision( 延期赎回条款 ):call provisions are often not operative duringthe first part of a bond s life. During

43、 this periodof prohibiti on, the bond is said to be called protected.The indenture (债券合约):is the written agreement between the corporation and itscreditors.In cludes the follow ing provisi ons:the basic terms of the bon ds; the totalamount of bonds issued; a descriptio n of property used as security

44、; the repayme ntarra ngeme nts; the call provisi ons; details of the protective cove nantsProtective covenants (保护性条款)：a protective covenant is that part of the indentureor loan agreement that limits certain actions companymight otherwise wish to takeduring the term of the loan.C77 / 11Stock valuati

45、 onthree difficulties for stock valuation : not even the promised cash flows are known； the life of theinvestment is essentially forever ； there is no way to easily observe the rate of return that the marketreturn。股票241general case P0=D1/(1+R)+D2/(1+R)A2+ - .+D3/(1+R)A3+zero growth/preferred: P=D/R

46、; constant growth :D1= D0*(1+g)ide nd growth model股利增长模型 P0-D0* (1+g)/(R-g)nonconstant growth:P0=D1/(1+R)+D2/(1+R)A2+ .+Dt/(1+R)At+Pt/(1+R)AtPt= Dt (1+g) /(R-g)The required return要求收益率 R=D1/P0+g=dividend yield + capital gains yield_股票分类com mon stock : stock that has no special prefere nee either in

47、pay ing divide nds or in ban kruptcy.普通股特性：1. shareholder rights: elect the directors.2. Divide ndright : divide ndspaid to shareholders represe nt a retur non the capitaldirectly or in directly con tributed to the corporati on by the shareholders.3. Residual claim: some firms have more tha n one cl

48、ass of com mon stock. Often, the classes arecreated with un equal vot ing rights.preferred stock 优先股:it has prefere nee over com mon stock in the payme nt of divide nds and inthe distributi on of corporati onassets in the event of liquidati on.优先股特性 :1) is a form of equity from illegal and tax stand

49、point. 2) the holders of preferred stocksometimes have no voti ng privileges. 3)stated value: preferred shares have a stated liquidating value,usually $100 per share. 4)cumulative andnon cumulative divide nds(累积和非累积的股禾 U ) : most are cumulative. If preferreddivide ndsare cumulative and are not paid

50、in a particular year, they will be carriedforward to later years as an arrearage.C8净现值NPV：a measure of how much value is created or added today byun dertak ing an in vestme nt.NPV rule : 0 accepted/rejected回收期(多久回本 ):the length of time it takes to recover our initial investment.The Payback Rule : An

51、 investment is accepted if its calculated payback period isless tha n some prespecified nu mber of yearsAdva ntages:Easy to un dersta ndAdjusts for un certa inty of later cash flowBiased towards liquidityDisadva ntages:8 / 11Ignore the time value of moneyIgnores cash flow beyond the cutoff date 忽视回收

52、期后的现金流Requires an arbitrary cutoff point （ 取舍时限 ）Biased against long-term projects 贴现回收期 the discounted payback period : it is the length of timeuntil the sum of the discounted cash flows is equal to the initial investment.Rule: acceptted if its discounted payback is less than some prespecifiednumbe

53、r ofyears.Advantages ；Include time value of moneyEasy to understandDoes not accept negative estimated NPV investmentsBiased towards liquidity. disadvantages: The cutoff still has to be arbitrarily set cash flow beyond thatpoint are ignored.One project has a shorter discounted payback than anther doe

54、s not meanit has a larger NPV.Biased against long-term projects, such as research and development, and new projects.平均会计报酬率 The Average Accounting Return （ AAR）： A project is acceptable if its averageaccounting return exceeds a target average accounting return.AAR=average net income/average book val

55、ue 平均净利润 / 平均账面价值 Advantages:Easy to calculateNeeded information will usually be availableDisadvantages:Not a true rate of return; time value of money is ignored.Uses an arbitrary benchmark cutoff rateBased on accounting （book） values ,not cash flow and market valuesInternal rate of return 内部报酬率（ IR

56、R ）： The discounted rate that makes the NPV equal to zero 项投资的 IRR 是使得 NPV=0 时被用作折现率的要求收益率Internal rate of return rule： accepted IRR required return.Ps. 现金流一定，贴现率越低， NPV 越大。Advantages:Closely related to NPV, often leading to identical decisionsEasily to understand and communicateDisadvantages:May re

57、sult in multiple answer or not deal with nonconventional cash flowsMay lead to incorrect decisions in comparisons of mutually exclusive investments（ 互 斥投资项目）【多重报酬率时选NPV 最大】Profitability index 获利能力指数PI= Total PV of future cash flows/ initial investment未来现金流量的现值 /初始投资Judgment ： Accepted , if PI1 (NPV0

58、)Advantages:Closely related to NPV, often leading to identical decisions Easily to understand and communicateMay be useful when available investments are limited. Disadvantages:9 / 11May lead to incorrect decisions of mutually exclusive investmentsC91. Incremental cash flows 增量现金流 : evaluate consist

59、s of any all changes in the firm s future cashflow that are direct consequence of taking the project.项目评估中的增量现金流量包括所有接受该项目而直接导致的公司未来现金流量的变动。 沉没成本 Sunkcosts ： a cost we have already paid or have already incurred the liability to pay. ( Not relevant )机会成本 Opportunity costs ： requires us to give up a b

60、enefit. Dont require us to actually spend someamount of cash . Opportunity costs is what the assetwould sell fortoday. ( relevant )Side effects( 外部效应 )Erosion: a negative impact on the cash flows of an existing product from the introduction of a newproduct. 侵蚀只有在不引进新产品，销售就不会减少的情况下， 才是相关的。 Spill over