公司理財-期末重點總結(jié)

1、C 1Corporate Finance addresses the following three questions:1.What long-term investments should the firm choose? Capital Budgeting(資本預(yù)算)2.How should the firm raise funds for the selected investments? Capital Structure(資本結(jié)構(gòu))3.How should short-term assets be managed and financed? Working Capital Mana

2、gement(營運資本)Capital Budgeting: The process of planning and managing a firms long-term investments is called capital budgeting. Capital Structure: A firms capital structure (or financial structure) is the specific mixture of long-term debt and equity the firm uses to finance its operations.Working Ca

3、pital Management: The term working capital refers to firms short-tern assets and its short-term liabilities. Managing the firms working capital is a day-to-day activity that ensures that the firm has sufficient resources to continue its operations and avoid costly interruptions.Sole Proprietorship:

4、A sole proprietorship is a business owned by one person. The owner can keep all the profit. However, he has unlimited liability for business debts. Partnership: A partnership is similar to a proprietorship, except that there are two or more owners.General Partnership: All the partners share in gains

5、 or losses, and all have unlimited liability for all partnership debts, not just some particular share.Limited Partnership: One or more general partners will run the business and have unlimited liability, but there will be one or more limited partners who will not actively participate in the busines

6、s.Primary disadvantages: 1.unlimited liability for business debt on the part of the owners 2.limited life of the business 3.difficulty of transferring ownershipCorporation: A corporation is a legal person separate and distinct from its owners. Disadvantages: Double taxation, separation of ownership

7、and control rights.The goal of financial management is to maximize the current value per share of the existing stock.A more general goal：Maximize the market value of the existing owners equity.Agency relationship：Principal hires an agent to represent his/her interestAgency problem：Separation of owne

8、rship and control rights, Conflict of interest between principal and agent.Agency costs：refers to the costs of the conflict of interest between stockholders and management.C2Goal: cash is king The goal of financial management：is to maximize the market value of the stockThe balance sheet equation (Ba

9、lance sheet identity) Assets = liabilities + shareholders equityThe value of liabilities and shareholders equity = current liabilities + long term debt + shareholders equityNet working capital凈營運資本 =Current assets current liabilitiesLiquidity流動性: refers to the speed and ease which an asset can be co

10、nverted to cash.the more liquid business is, the less likely it is to experience financial distress.Debt versus Equity（負債與權(quán)益）: Shareholders equity= Assets - LiabilitiesMarket value VS book value Book value賬面價值： under Generally Accepted Accounting Principles（公認會計原則GAAP），audited financial statements g

11、enerally show assets at historical cost。historical cost歷史成本：assets carried on the booksMV: what the asset could sold forBV: what the firm paid for them異同：1. For current assets, short-term debt, many debt, market value and book value might be somewhat similar because current assets are brought and co

12、nverted into cash over a relatively short span of time; 2. For fixed assets, it would be purely a coincidence if the actual market value of an asset (what the asset could be sold for) were equal to its book value 3. Many of the most valuable assets that a firm have-good management , a good reputatio

13、n , talented employees-dont appeared on the balance sheet at all.4. For both of them, assets= debt + equity Corporate finance is interested in the market value of the firmFinancial leverage e財務(wù)杠桿：the use of debt in a firms capital structure.the more debt a firm has (as a percentage of assets ), the

14、greater is its degree of financial leverage The income statement (利潤表): measures performance over some period of timeThe income statement equation: Revenues收益 Expenses = IncomeGAPP and the income statement:1.the realization/general principle(實現(xiàn)/一般原則): revenue is recognized at the time of sale, which

15、 need not be the same as the time of collection (accrues權(quán)責(zé)發(fā)生制)2.the matching principle配比原則: expenses shown on the income statement are based on the matching principle3.the figure shown on the income statement may not be at all representative of the actual cash inflows and outflows that occurred duri

16、ng a particular period.Noncash items(非現(xiàn)金項目)1.A primary reason that accounting income differs from cash flow is that an income statement contains noncash items. 2.Depreciation折舊 is one of the most important example. Time and costs： 1.To financial managers: costs are divided into fixed costs and varia

17、ble costs2.To the accountants: costs are divided into production costs（產(chǎn)品成本）and period costs(期間成本)(EPS)Earnings per share每股盈余= Net income/Total shares outstanding (發(fā)行在外的股數(shù))Dividends per share每股股利 = Total dividends/Total shares outstanding TAXES:Average tax rate平均稅率: tax bill divided by taxable incom

18、e （稅額除以應(yīng)稅所得額）Marginal tax rate邊際稅率(relevant for most financial decisions): the rate of extra tax u would pay if u earned one more dollar多賺￥1 所應(yīng)支付的稅CASH FLOW現(xiàn)金流量(free cash flow)：the difference between the number of dollars that come in and went out Calculating cash flow: 特征CF from assets來自資產(chǎn)的現(xiàn)金流= CF

19、to creditors + CF to stockholders CF(A) = CF(B) + CF(S) CF from assets = operating CF- net capital spending change in NWCOperating CF經(jīng)營現(xiàn)金流量: results from the firms day-to-day activities of producing and selling Capital spending資本性支出: money spent on fixed assets- $ received from the sale of it Change

20、 in net working capital凈營運資本變動: the net change in current assets relative to current liabilities for the period being examined and represents the amount spent on net working capitalOperating CF（經(jīng)營現(xiàn)金流）=EBIT +Depreciation TaxNet capital spending = ending net fixed assets beginning net fixed assets+ de

21、preciationChange in NWC= Ending NWC-Beginning NWC CF to creditors債權(quán)人=interest paid net new borrowing 利息支出-新的借款凈額CF to stockholders= dividend paid net equity raised 派發(fā)的股利-新籌集的凈權(quán)益C3sources of cash(現(xiàn)金來源): Activities that bring in cashuses of cash（現(xiàn)金運用）：Activities that involve spending cashthe statement

22、 of Cash Flow 現(xiàn)金流量表 ：there is some flexibility in summarizing the sources and uses of cash in the form of a financial statement, the result is called.Common-size statements 同比報表: a useful way of standardizing financial statements（財務(wù)報表） is to express each item on the balance sheet as a percentage of

23、assets and to express each item on the income statement(利潤表) as a percentage of sales.Common-base year financial statements: trend analysis同基年度財務(wù)報表： a useful way of standardizing financial statements in this case is to choose a base year and then express each item relative to the base amount. 一、Shor

24、t-term solvency/liquidity ratios短期償債能力/流動性比率：1Current ratio流動比率=current assets /current liabilities 2. 速動比率/酸性比率 The Quick (acid-test ratio) =（current assets inventory存貨）/current liabilities3. Cash ratio現(xiàn)金比率= cash/ current liabilities4NWC to total assets凈營運資本對資產(chǎn)總額的比率=net working capital/total assets

25、5Interval measure間隔時間指標= current assets/ average daily operating costs二、Long-term solvency/financial leverage ratios長期償債能力/財務(wù)杠桿比率：1.Total debt ratio資產(chǎn)負債率=(total assets total equity)/total assets2.Debt-equity ratio負債權(quán)益率=total debt/total equity3.Equity multiplier權(quán)益乘數(shù)= total assets/ total equity4.Long-

26、term debt ratio長期負債率=Long-term debt/(long-term debt + total equity)5.利息保障倍數(shù)比率(衡量公司兌現(xiàn)其利息義務(wù)的能力)（也叫interest coverage ratio利息保障倍數(shù)比率（TIE）Times interest earned ratio=EBIT/ interest6.Cash coverage ratio現(xiàn)金償債比率=EBITD/interest=（EBIT + depreciation）/interest（Ps. EBDIT 折扣前息稅前盈余，計量企業(yè)從經(jīng)營活動中產(chǎn)生現(xiàn)金的能力的指標，計量可用以應(yīng)付籌資義務(wù)的

27、現(xiàn)金）三、Asset management or turnover ratios資產(chǎn)周轉(zhuǎn)比率1.存貨周轉(zhuǎn)率Inventory turnover =銷售商品成本/存貨= cost of goods sold /inventory(average)存貨周轉(zhuǎn)天數(shù)Days sales in inventory =365 days /inventory turnover2. 應(yīng)收賬款周轉(zhuǎn)率Receivable turnover= sales /accounts receivable應(yīng)收賬款(average) 應(yīng)收賬款周轉(zhuǎn)天數(shù)Days sales in receivable（ACP：平均回收期）=365

28、days /receivables turnover（收回賒賬銷售收入的時間）3.資產(chǎn)周轉(zhuǎn)率 asset turnover ratios凈營運資本周轉(zhuǎn)率NWC Turnover=sales /NWC固定資產(chǎn)周轉(zhuǎn)率Fixed asset turnover =sales/net fixed assets總資產(chǎn)周轉(zhuǎn)率Total asset turnover =sales /total assets4.Profitability ratios獲利能力計量指標Profit margin銷售凈利潤率=net income/sales=凈利潤/銷售收入(計量經(jīng)營效率)（ROA）資產(chǎn)報酬率Return on

29、assets = net income/total assets(ROE) 權(quán)益報酬率Return on equity= net income/total equity轉(zhuǎn)化：ROE= ROA* Equity multiplier= ROA* (1+ debt-equity ratio)5.Market value measures市場價值計量指標市盈率(市價-盈余比率)(PE ratio)Price-earnings ratio= price per share /earnings per share（每股價格/每股收益EPS）市銷率Price-sales ratio= price per s

30、hare /sales per share市凈/賬率(市價-賬面價值比率)Market-to-book ratio=market value per share /book value per shareBook value per share =equity/ shares outstanding The Du Pont Identity(杜邦恒等式)ROE=profit margin* Total asset turnover * Equity multiplier 利潤邊際（率） * 總資產(chǎn)周轉(zhuǎn)率 * 權(quán)益指數(shù)等式說明Roe is affected by three things: op

31、erating efficiency 經(jīng)營效率（ 用利潤率來計量） asset use efficiency資產(chǎn)使用效率 financial leverage財務(wù)杠桿C4 Discounted cash flow (DCF) valuation:貼現(xiàn)現(xiàn)金流量估價calculating the present value of a future cash flow to determine its worth today.Discount rate:貼現(xiàn)率 use to discount a future cash flow (是指將未來支付改變?yōu)楝F(xiàn)值所使用的利率)future value fa

32、ctor FVIF（i%，n）利息終值系數(shù)(1+r)tPV=FVPVIF(r,t) C5Annuities:年金 constant cash flow that occur for some fixed number of periodsOrdinary annuity:普通年金a series of constant or level cash flows that occur at the end of each period for. Annuity due:期初應(yīng)付年金 occur at the beginning Perpetuities:永續(xù)年金the level stream o

33、f cash flow continues forever普通年金現(xiàn)值PV=C1-1/(1+r)t/r終值FV=C(1+r)t-1/r p161永續(xù)年金現(xiàn)值 PV=C/r（優(yōu)先股）Annual percentage rate(ARP):年百分率it is equal to the interest rate per period multiplied by the number of periods in a year一年中每期的利率乘以復(fù)利期數(shù)Effective annual rate(EAR):實際年利率 it is actually the rate that you will earn

34、EAR=(1+APR/m)m-1 P164Loan types:P ure discount loans:純貼現(xiàn)貸款 the borrow receives money today and repays a single lump sum at some time in the futureInterest-only loans:僅付息貸款to pay interest each period and to repay the entire principal at some time in the futureAmortized loans:分期償還貸款 to repay parts of

35、the principal over time等本還息amortization with equal principal payments 每年本金清償額相等等額還款 amortization with equal payments 每年總支付額相等Partial amortization: 部分分期償還貸款（每個月所付的錢并不能完全還清貸款，最后需要支付一筆更高的金額）C6Bond: Securities issued by corporations may be classical roughly as equity securities and debts securities. Deb

36、t securities means the issuer borrows money. differences between debt and equity:1. Debt is not an ownership interest in the form .Creditors generally do not have voting power.2. The payment of interest on debt is considered as cost of doing business and is fully tax deductible. Dividends paid to st

37、ockholders are not tax deductible.3. Unpaid debt is liability of the firm. If it is not paid, the corporation can go into bankruptcy. This possibility does not arise when equity is issued.Bond features:票面利息Coupons: regular interest payments that the issuer promises to make 債券的面值Face or par value: th

38、e amount that will be repaid at the end of the loan.票面利率Coupon rate: The annual coupon divided by the face value到期期限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= C1-1/(1+r)t /r +F/(1+r)t 194票面利息現(xiàn)值（年金現(xiàn)值）+票面價值的

39、現(xiàn)值（YTM=r）EAR（實際利率）=（1+APR/n）n 1 1.YTM Coupon rate , premium bond溢價債券 到期收益率 Coupon rate， discount bond current yield當(dāng)期收益率= Annual coupon/ it price yield to maturity到期收益率: the average rate of return that will be earned on a bond if it is bought now and held until maturity. realized yield實現(xiàn)報酬率:YTM equa

40、ls the rate of return realized over the life of the bond if all coupons are reinvested at an interest rate equal to the bonds YTM 實現(xiàn)報酬率PN/PO =(1+R)(1+R)(1+R) =（1+R）n 即，R=（PN/PO 1）1/n 這個是ppt上的，書上我沒看到。Interest rate risk: the risk that arises for bond owners from fluctuating interest rate The Fisher Ef

41、fect: 1+R=（1+r）（1+h）The call provision（提前贖回條款）: allows the company to repurchase or call part of all the bond issue at stated prices over a specific period.Deferred call provision(延期贖回條款)：call provisions are often not operative during the first part of a bonds life. During this period of prohibition

42、, the bond is said to be called protected.The indenture（債券合約）: is the written agreement between the corporation and its creditors.Includes the following provisions: the basic terms of the bonds; the total amount of bonds issued; a description of property used as security; the repayment arrangements;

43、 the call provisions; details of the protective covenantsProtective covenants（保護性條款）:a protective covenant is that part of the indenture or loan agreement that limits certain actions company might otherwise wish to take during the term of the loan.C7Stock valuationthree difficulties for stock valuat

44、ion：not even the promised cash flows are known；the life of the investment is essentially forever；there is no way to easily observe the rate of return that the market return。股票 241general caseP0=D1/(1+R)+D2/(1+R)2+.+D3/(1+R)3+.zero growth/preferred：P=D/R ; constant growth : D1=D0*(1+g) dividend growt

45、h model股利增長模型 P0=D0*（1+g）/(R-g)nonconstant growth:P0=D1/(1+R)+D2/(1+R)2+.+Dt/(1+R)t+Pt/(1+R)tPt= Dt（1+g）/(R-g)The required return 要求收益率R=D1/P0+g=dividend yield + capital gains yield 股票分類common stock：stock that has no special preference either in paying dividends or in bankruptcy. 普通股特性: 1.shareholde

46、r rights: elect the directors.2.Dividend right：dividends paid to shareholders represent a return on the capital directly or indirectly contributed to the corporation by the shareholders. 3.Residual claim: some firms have more than one class of common stock. Often, the classes are created with unequa

47、l voting rights.preferred stock優(yōu)先股: it has preference over common stock in the payment of dividends and in the distribution of corporation assets in the event of liquidation. 優(yōu)先股特性:1）is a form of equity from illegal and tax standpoint. 2) the holders of preferred stock sometimes have no voting privi

48、leges. 3)stated value: preferred shares have a stated liquidating value, usually $100 per share. 4)cumulative and noncumulative dividends(累積和非累積的股利)： most are cumulative. If preferred dividends are cumulative and are not paid in a particular year, they will be carried forward to later years as an ar

49、rearage.C8凈現(xiàn)值NPV：a measure of how much value is created or added today by undertaking an investment.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 investment is accepted if its calculated payback period is less than some pr

50、especified number of yearsAdvantages:Easy to understand Adjusts for uncertainty of later cash flow Biased towards liquidity Disadvantages:Ignore the time value of money Ignores cash flow beyond the cutoff date 忽視回收期后的現(xiàn)金流Requires an arbitrary cutoff point (取舍時限)Biased against long-term projects貼現(xiàn)回收期t

51、he discounted payback period: it is the length of time until the sum of the discounted cash flows is equal to the initial investment.Rule: acceptted if its discounted payback is less than some prespecified number of years.Advantages；Include time value of moneyEasy to understand Does not accept negat

52、ive estimated NPV investmentsBiased towards liquidity.disadvantages:The cutoff still has to be arbitrarily set cash flow beyond that point are ignored.One project has a shorter discounted payback than anther does not mean it has a larger NPV.Biased against long-term projects, such as research and de

53、velopment, and new projects. 平均會計報酬率 The Average Accounting Return（AAR）：A project is acceptable if its average accounting return exceeds a target average accounting return.AAR=average net income/average book value 平均凈利潤/平均賬面價值A(chǔ)dvantages:Easy to calculate Needed information will usually be availableD

54、isadvantages: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內(nèi)部報酬率（IRR ）：The discounted rate that makes the NPV equal to zero一項投資的IRR是 使得NPV=0時被用作折現(xiàn)率的要求收益率Interna

55、l rate of return rule： accepted IRR required return. Ps. 現(xiàn)金流一定，貼現(xiàn)率越低，NPV 越大。Advantages:Closely related to NPV, often leading to identical decisionsEasily to understand and communicate Disadvantages:May result in multiple answer or not deal with nonconventional cash flowsMay lead to incorrect decisio

56、ns in comparisons of mutually exclusive investments(互斥投資項目) 【多重報酬率時選NPV最大】Profitability index獲利能力指數(shù)PI= Total PV of future cash flows/ initial investment 未來現(xiàn)金流量的現(xiàn)值/初始投資Judgment：Accepted , if PI1 (NPV0)Advantages:Closely related to NPV, often leading to identical decisionsEasily to understand and comm

57、unicate May be useful when available investments are limited.Disadvantages:May lead to incorrect decisions of mutually exclusive investmentsC9 1. Incremental cash flows增量現(xiàn)金流: evaluate consists of any all changes in the firms future cash flow that are direct consequence of taking the project. 項目評估中的增量現(xiàn)金流量包括所有接受該項目而直接導(dǎo)致的公司未來現(xiàn)金流量的變動。沉沒成本Sunk costs： a cost we have already paid or have already incurred the liability to pay. （Not relevant）機會成本Opportunity costs：requires us to give up a benefit. Dont require us to actually spend some amoun