公司理財公式總結

1、Equity一 Current LiabilitiesAssets 二 Liabilities + StockholdersAssets 二(Current + Fixed) AssetsNet Working Capital= Current AssetsRevenues 一 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III (=) Operating Profit

2、營業(yè)利潤(-)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 營運現(xiàn)金流量-Net Capital Spending 凈資本支出-Cha nges in NWC凈營運資本的變

3、化OCF (1/S 營運現(xiàn)金流二EBIT 息稅前利潤 + depreciation - taxes = $547NCS 凈資本支出(B/S and I/S)二 en di ng net fixed assets 一 begi nning net fixed assets + depreciation 二 $130Cha nges in NWC (B/S) = en di ng NWC一 begi nning NWC = $330CFFA = 547- 130- 330 二 $87CF to Creditors (B/S and I/S)二 interest paid一 net new borr

4、owing = $24CF to Stockholders (B/S and I/S) 二 divide nds paid一 n et new equity raised = $63CFFA = 24 + 63 二 $87Current Ratio 流動比率二 CA / CL 2, 256 / 1, 995 = timesQuick Ratio 速動比率=(CA - Inventory) / CL2, 256- 301) / 1, 995 = . 98 timesCash Ratio 現(xiàn)金比率二 Cash / CL 696 / 1, 995 = . 35 timesNWC to Total A

5、ssets = NWC / TA (2, 256- 1,995) / 5, 394 = .05Interval Measure 區(qū)間測量二 CA / average daily operating costs 2, 256 / (2, 006 + 1, 740)/365) days-2, 556) / 5, 394 二 %/ 2,556 =imesEarnings Before Interest and Tax /I nterestTotal Debt Ratio 資產(chǎn)負債率二(TA - TE) / TA, 394Debt/Equity 資本負債率=TD / TE (5, 394- 2, 55

6、6)Equity Multiplier 權益乘數(shù)二 TA / TE = 1 + D/ELong-term debt ratio 長期債務率二 LTD / (LTD + TE) 843 / (843 + 2,556)二 Times Interest Earned利息保障倍數(shù)=EBIT息稅前利潤Interest 1,138 / 7 = timesCash Coverage 現(xiàn)金涵蓋比率=(EBIT + Depreciatio n) / (1, 138 + 116) / 7 = timesInventory Turnover 存貨周轉(zhuǎn) =Cost of Goods Sold / Inventory

7、2, 006 / 301 二 timesDays Sales in Inven tor 銷售庫存的天數(shù)=365 / Inven tory Turnover365 /= 55 daysReceivables Turnover 應收帳款周轉(zhuǎn)率=Sales / Accou nts Receivable 5, 000 / 956 = timesDays， Sales in Receivables 二 365 / Receivables Turnover365 /= 70 daysTotal Asset Turno ver = Sales / Total Assets5, 000 / 5, 394 =

8、. 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- l,99ffi)iesFixed Asset Turnover = Sales / NFA 5,000 / 3,138 = timesProfit Margin 利潤率二Net In come / Sales 689 / 5, 000 = %Retur n on Assets 資產(chǎn)收益率(ROA) = Net In come / Tot

9、al Assets 689 / 5, 394 = %Retur n on Equity 股本回報率(ROE) = Net In come / Total Equity 689 / 2, 556 = %PE Ratio 市盈率二Price per share 每股價格 / Earnings per share 每股收益 / = times Market-to-book ratio 市價與賬面值比率 market value per share / book value per share 每股市 價/每股賬面價值/ (2, 556 / = timesROE 二 PM * TAT * EMFutu

10、re ValuesFV = PV(1 + r)t PV = FV / (1 + r)tFV = future valuePV = prese nt valuer = period interes t :rate, expressed as a decimal (用 小數(shù)農(nóng)刀C t 二 nu mb er of periodsPerpetuity 永續(xù)年金：PV = C / r1Annuities 年金：FVGrowing Annuity 增長年金tPV (I g)(1 r)永久PV-APREAR 1此處均為年利率，有時候給了年利率要換成月、季利率、m天利率！!自己體會！ ！FV(1 F1 -Bo

11、 nd Value CBond Value = PV of coupons 息票 + PV of par 票面價值Bond Value = PV of annuity 年金 + PV of lump sum 總金額Current Yield 現(xiàn)價息率ual coup on / priceYield to maturity = curre nt yield + capital gains yield 資本利得收益率(1 + R) = (1 + r) (1 + h), whereR = nominal rater = real rate h = expected in flati on rateA

12、pproximation 近似法 R = r + hpDo(i g)DR- gR- grequired return RDQ g) gDPsgwhere D1/P0 is the divide nd yield 股息率 andis the capital gains yield 資本利得收益率average acco unting :retur n AAR = Average Net In come/Average Book ValueRe the cost of equityRe D1 g 見 pptl4 的 9Re R e( E( Rm R )Risk-free rate, RfMarket risk premium 市場風險溢價E (RM) - RfSystematic risk of asset 系統(tǒng)性風險的資產(chǎn)，Beta wE = E/V = percent financed with equity wD 二 D/V = percent financed with debtE = market value of equity 二# of outstending sha