公司理財(cái)公式總結(jié)

1、Assets = Liabilities + StockholdersEquityAssets = (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(yíng)銷成本 , Depreciation 折舊 (=) Operating Profit

2、 營(yíng)業(yè)利潤(rùn) (-) 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(yíng)運(yùn)現(xiàn)金流量Net Capital Spending凈資本支出 Changes in NWC凈營(yíng)運(yùn)資本的變

3、化OCF (I/S)營(yíng)運(yùn)現(xiàn)金流 = EBIT息稅前利潤(rùn) + depreciation taxes = $547NCS 凈資本支出 ( B/S andI/S) = ending net fixedassets beginningnet fixedassets +depreciation = $130Changes in NWC (B/S) = ending NWCbeginning NWC = $330CFFA = 547130 330 = $87CF to Creditors (B/S and I/S) = interest paid net new borrowing = $24CF to

4、Stockholders (B/S and I/S) = dividends paid net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流動(dòng)比率 = CA / CL2,256 / 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 / CL696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA(2,2561

5、,995) / 5,394 = .05Interval Measure 區(qū)間測(cè)量 = CA / average daily operating costs2,256 / (2,006 + 1,740)/365) =219.8 daysTotal Debt Ratio 資產(chǎn)負(fù)債率= (TATE) / 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 = 2.11L

6、ong-term debt ratio 長(zhǎng)期債務(wù)率 = LTD / (LTD + TE)843 / (843 + 2,556) = 24.80%Times Interest Earned 利息保障倍 數(shù) = EBIT 息稅前利潤(rùn) Earnings BeforeInterest and Tax /Interest1,138 / 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 G

7、oods Sold / Inventory2,006 / 301 = 6.66 times銷售庫(kù)存的天數(shù)= 365 / Inventory TurnoverDays Sales in Inventory365 / 6.66 = 55 daysReceivables Turnover 應(yīng)收帳款周轉(zhuǎn)率 = Sales / Accounts Receivable 5,000 / 956 = 5.23 times Days Sales in Receivables = 365 / Receivables Turnover365 / 5.23 = 70 daysTotal Asset Turnover

8、= Sales / 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 / NWC5,000 / (2,256 1,995) = 19.16 timesFixed Asset Turnover = Sales / NFA5,000 / 3,138 = 1.59 timesProfit Margin 利潤(rùn)率 = Net Income / Sales689 / 5,000

9、 = 13.78%Return on Assets 資產(chǎn)收益率 (ROA) = Net Income / Total Assets689 / 5,394 = 12.77%Return on Equity 股本回報(bào)率(ROE) = Net Income / Total Equity689 / 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 = 24.28timesMarket-to-book ratio市價(jià)與賬面值比率=market value per share / b

10、ook value per 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 ValuesFV = PV(1 + r)tPV = 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 / r11r )tAnnuities 年金 : PVC( 1FVCr(1r

11、 )t1rGrowing Annuity 增長(zhǎng)年金tPVC( 1g )g1r )r( 1C永久 PVgrAPR年度成本百分率EAR Effective Annual RatemAPREAR11此處均為年利率， 有時(shí)候給了年利率要換成月、季利率、m天利率！自己體會(huì)！11 -FVBond ValueC(1 r) tr(1 r) tBond 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 / pri

12、ceYield to maturity = current yield + capital gains yield資本利得收益率(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected inflation rateApproximation 近似法 R = r + hD0(1g)D1P0gR -gR -required return RD0( 1g)gD1gwhere D1/P0 is the dividend yield股息率 and gPP00is the capital gains yield 資本利

13、得收益率average accounting returnAAR = Average Net Income/Average Book ValueRE the cost of equityD1REg 見 ppt14 的 9P0RERfE( E( RM )Rf )Risk-free rate, RfMarket risk premium市場(chǎng)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),BetawE = E/V = percent financed with equitywD = D/V = percent financed with debtE = market value of equity = # of outstand