EMBA財(cái)務(wù)管理課件

1、EMBA財(cái)務(wù)管理李志宏政大財(cái)務(wù)管理系教授兼EMBA執(zhí)行長(zhǎng) 2. 代理問(wèn)題代理問(wèn)題(agency problem) 股東股東 VS. 經(jīng)理人經(jīng)理人 股東股東 VS. 債權(quán)人債權(quán)人 3. 金融市場(chǎng)金融市場(chǎng)(Financial Markets) a. Money Market Capital Market。 b. Primary Market Secondary Market 。 4. 利率決定因素利率決定因素 K = K* + IP + DP + LP + MP K：名目利率(nominal interest rate) K* ：真實(shí)利率(real interest rate) IP ：通貨膨脹溢

2、酬(inflation premium) DP ：違約風(fēng)險(xiǎn)溢酬(default premium) LP ：變現(xiàn)力溢酬(liquidity premium) MP ：到期風(fēng)險(xiǎn)溢酬(maturity risk premium) 5. 利率期間結(jié)構(gòu)利率期間結(jié)構(gòu) 描述殖利率(yield to - maturity)與到期期間(time to - maturity)的關(guān)係。(見(jiàn)圖) 美國(guó)國(guó)庫(kù)券的利率期間結(jié)構(gòu) 解釋期間結(jié)構(gòu)之理論 a. 預(yù)期理論 (Expectation Theory) b. 變現(xiàn)力偏好理論 (Liquidity Preference Theory) c. 市場(chǎng)區(qū)隔理論 (Market S

3、egmentation Theory) Balance SheetsAssets 2006 2007 Cash$ 52,000$ 57,600Receivables402,000351,200Inventories836,000715,200 Total current assets$ 1,290,000$ 1,124,000Gross fixed assets $ 527,000$ 491,000Less : Accumulated Depreciation166,200146,200 Net fixed assets$ 360,800$ 344,800Total assets$ 1,650

4、,800$ 1,468,800Liabilities and EquityAccounts payable$ 175,200$ 145,600Notes payable225,000200,000Accruals140,000136,600 Total current liabilities $ 540,200$ 481,600Long-term debt$ 424,612$ 323,432Common stock$ 460,000$ 460,000Retained earnings225,988203,768 Total equity$ 685,988663,768Total Liabili

5、ties and Equity$ 1,650,800 $ 1,468,800Income Statements 2006 2007Sales$ 3,850,000$ 3,432,000Cost of goods sold3,250,0002,864,000Other expenses430,300340,000Depreciation20,00018,900 Total operating costs$ 3,700,000$ 3,222,900Earnings before interest and taxes(EBIT)$ 149,700$ 209,100Less interest expe

6、nse76,00062,500Earnings before taxes (EBT)73,700$ 146,600Income taxes (40%)29,48058,640Net income$ 44,220$ 87,960Other DataEPS$0.442$0.880December 31 stock price$6.00$8.50Shares outstanding (December 31 )100,000100,000Dividends per share$0.22$0.22Lease payments$40,000$40,000Statement of Cash Flows (

7、2007)Operating Activities: Net income$ 44,220 Additions (sources of cash): Depreciation20,000 Increase in accounts payable29,600 Increase in accruals 4,000 Subtractions (Uses of cash): Increase in receivables(50,800) Increase in inventories(120,800) Net cash flow from operations($ 73,780)Long-Term I

8、nvesting Activities: Investment in fixed assets($ 36,000)Financing Activities: Increase in notes payable$ 25,000 Increase in long-term debt101,180 Payment of cash dividends(22,000) Net cash flow from financing $104,180Net Increase (Decrease) in Cash ($ 5,600)Cash at Beginning of year57,600Cash at En

9、d of Year$ 52,000 Financial Ratio Analysisn Short-Term Solvencyu Ability to pay bills in the short-run n Long-Term Solvencyu Ability to meet long-term obligationsn Assets Managementu Intensity and efficiency of assets usen Profitabilityn Market Valueu Going beyond financial statementssliabilitieCurr

10、ent sInventorie-assetsCurrent ratioQuick sliabilitieCurrent assetsCurrent ratioCurrent 20062007IndustryCurrent ratio2.3X2.4X2.7XQuick ratio0.8X0.8X1.0XRatio Analysis: Asset Management Ratios.assets TotalSales turnoverassets Total.assets fixedNet Sales turnoverassets Fixed.Sales/360sReceivabledayper

11、sales AveragesReceivable(DSO) goutstandin sales Days.InvetoriesSalesturnoverInventory 20062007IndustryInventory turnover4.8X4.6X7.0XDSO36.8 days37.6 days32.0 days Fixed assets turnover10.0X10.7X10.7XFixed assets turnover2.3X2.3X2.6XRatio Analysis: Debt Management Ratios TpaymentfundinkingpaymentLeas

12、eenseInterest1 S exp payments LeaseEBITFCCexpenseInterest EBITTIEassets Totaldebt TotalratioDebt 20062007IndustryDebt ratio54.8%58.4%50.0% TIE3.3X2.0X2.5XFCC2.4X1.6X2.1XRatio Analysis: Profitability Ratios20062007IndustryPM2.6%1.1%3.5%BEP 14.2 9.1 19.1 ROA 6.0 2.7 9.1ROE 13.3 6.4 18.2. sstckholderco

13、mmon toavailiable income )( Re. income )(assets total Re. )( . )(arg PequityCommonNetROEequityonturnAssetsTotalNetROAonturnAssetsTotalEBITBEPpowerearningBasicSalesincomeNetPMinmrofitRatio Analysis: Market Value Ratios.shareper Book valueshareper Market )/(arket/.shareper Earnings shareper Pr)/(/Prpr

14、iceratioBMbookMiceratioEPearningice20062007IndustryP/E9.7X13.6X14.2XM/B 1.3X0.9X1.4X Common Financial RatiostsoperatingdailyAverageassetsCurrentmeasureIntervalassetstotalcapitalworkingNetassetstotaltocapitalworkingNetsliabilitieCurrentCashratioCashsliabilitieCurrentInventoryassetsCurrentratioQuicksl

15、iabilitieCurrentassetsCurrentratioCurrentRatioLiquidityorSolvencyTermShortcos 1.Common Financial Ratios (continued)assetsTotal Salesturnover assetsTotal assets fixed NetSalesturnover assets FixedNWCSalesturnover NWCturnover sReceivabledays 365sreceivable in sales Dayssreceivable AccountsSalesturnove

16、r sReceivableturnover Inventorydays 365inventory in sales DaysInventorysold good of Coststurnover InventoryRatios Turnover or nUtilizatio Assets III.Common Financial Ratios (continued)InterestonDepreciatiEBITratio coverage CashInterestEBITratio earned interest TimesequityTotal debt termLongdebt term

17、Longratio debt termLongequityal assets/TotTotal multiplier Equityequity debt/TotalTotal ratio yDebt/equitassetsTotal equityTotal assetsTotal ratio debtTotal Ratios leverageFinancial or Solvency termLong IICommon Financial Ratios (continued)share per value Bookshsre per value Marketratio booktomarket

18、share per Earningsshare per Priceratio ngsPrice/eariRatios Value Market V.EquityAssetsAssetsSalesSalesincome NetROEequityTotal income Net)equity(ROE on ReturnassetsTotal income Net)assets(ROA on ReturnSalesincome Netmargin ProfitRatios ityProfitabil IV.報(bào)酬與風(fēng)險(xiǎn)報(bào)酬與風(fēng)險(xiǎn) Return and Risk The Concept of Portf

19、olio Management jijiijjjiiji2iiiiR,RCov:tCoefficien nCorrelatioRRRRER,RCov:CovarianceRRE:RiskRE:Return lyrespective, B&A securities on return expected the is : R & Rportfolio the on return expected the is : R B security in held portfolio the of fraction the is : XA security in held portfolio the of fraction the is : XR X R X RSe