公司理財(cái)公式總結(jié);

1、assets = liabilities + stockholders equityassets = (current + fixed) assetsnet working capital= current assets current liabilitiesrevenues - expenses = incomesales or revenues(-) cost of goods sold(=) gross profit毛利(-) administrative/marketing costs行政管理/營銷成本, depreciation折舊(=) operating profit營業(yè)利潤(-

2、) interests, taxes(=) net income凈收益(-) dividends to preferred stocks(=) earning available to common shareholderscash flow from assets (cffa) = cash flow to creditors + cash flow to stockholderscash flow from assets = operating cash flow營運(yùn)現(xiàn)金流量 net capital spending凈資本支出 changes in nwc凈營運(yùn)資本的變化ocf (i/s)

3、營運(yùn)現(xiàn)金流= ebit息稅前利潤+ depreciation taxes = $547ncs凈資本支出( 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 new borrowing = $24cf to stockho

4、lders (b/s and i/s) = dividends paid net new equity raised = $63cffa = 24 + 63 = $87current ratio 流動(dòng)比率= ca / cl 2,256 / 1,995 = 1.13 timesquick ratio 速動(dòng)比率= (ca inventory) / cl (2,256 301) / 1,995 = .98 timescash ratio 現(xiàn)金比率= cash / cl 696 / 1,995 = .35 timesnwc to total assets = nwc / ta (2,256 1,995

5、) / 5,394 = .05interval measure區(qū)間測(cè)量= ca / average daily operating costs 2,256 / (2,006 + 1,740)/365) = 219.8 daystotal debt ratio資產(chǎn)負(fù)債率 = (ta te) / ta (5,394 2,556) / 5,394 = 52.61%debt/equity資本負(fù)債率 = td / te (5,394 2,556) / 2,556 = 1.11 timesequity multiplier權(quán)益乘數(shù)= ta / te = 1 + d/e1 + 1.11 = 2.11long

6、-term debt ratio長期債務(wù)率 = ltd / (ltd + te)843 / (843 + 2,556) = 24.80%times interest earned息保障倍 = ebit息稅前利潤 earnings before interest and tax / interest 1,138 / 7 = 162.57 timescash coverage現(xiàn)金涵蓋比率= (ebit + depreciation) / interest(1,138 + 116) / 7 = 179.14 timesinventory turnover存貨周轉(zhuǎn) = cost of goods so

7、ld / inventory2,006 / 301 = 6.66 timesdays sales in inventory 銷售庫存的天數(shù)= 365 / inventory turnover365 / 6.66 = 55 daysreceivables turnover應(yīng)收帳款周轉(zhuǎn)率= sales / accounts receivable 5,000 / 956 = 5.23 timesdays sales in receivables = 365 / receivables turnover 365 / 5.23 = 70 daystotal asset turnover = sales

8、/ total assets5,000 / 5,394 = .93it is not unusual for tat 1, especially if a firm has a large amount of fixed assetsnwc turnover = sales / nwc 5,000 / (2,256 1,995) = 19.16 timesfixed asset turnover = sales / nfa 5,000 / 3,138 = 1.59 timesprofit margin利潤率= net income / sales 689 / 5,000 = 13.78%ret

9、urn on assets資產(chǎn)收益率(roa) = net income / total assets 689 / 5,394 = 12.77%return on equity股本回報(bào)率 (roe) = net income / total equity 689 / 2,556 = 26.96%pe ratio市盈率= price per share每股價(jià)格/ earnings per share每股收益 87.65 / 3.61 = 24.28 timesmarket-to-book ratio市價(jià)與賬面值比率=market value per share / book value per

10、share每股市價(jià)/每股賬面價(jià)值 87.65 / (2,556 / 190.9) = 6.55 timesroe = pm * tat * emfuture values fv = pv(1 + r)t pv = fv / (1 + r)tfv = future valuepv = present valuer = period interest rate, expressed as a decimal（用小數(shù)表示）t = number of periodsperpetuity永續(xù)年金: pv = c / rannuities年金: growing annuity增長年金永久 apr年度成本百

11、分率 ear effective annual rate 此處均為年利率，有時(shí)候給了年利率要換成月、季利率、天利率！自己體會(huì)！bond value = pv of coupons息票+ pv of par票面價(jià)值bond value = pv of annuity年金+ pv of lump sum總金額current yield現(xiàn)價(jià)息率= annual coupon / priceyield to maturity = current yield + capital gains yield資本利得收益率(1 + r) = (1 + r)(1 + h), wherer = nominal ra

12、ter = real rateh = expected inflation rateapproximation近似法 r = r + hrequired returnwhere d1/p0 is the dividend yield股息率and g is the capital gains yield資本利得收益率average accounting return aar = average net income/average book value the cost of equity見ppt14的9risk-free rate, rfmarket risk premium市場風(fēng)險(xiǎn)溢價(jià), e(rm) rfsystematic risk of asset系統(tǒng)性風(fēng)險(xiǎn)的資產(chǎn), bbetawe = e/v = percent financed with equitywd = d/v = percent financed with debte = market value of equity = # of outstanding sh