公司理財公式總結

1、公司理財公式總結公司理財公式總結公司理財公式總結xxx公司公司理財公式總結文件編號： 文件日期： 修訂次數(shù)：第 1.0 次更改 批 準審 核制 定方案設計，管理制度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(-)

2、 Administrative/marketing costs行政管理/營銷成本, Depreciation折舊(=) Operating Profit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 = O

3、perating Cash Flow營運現(xiàn)金流量 Net Capital Spending凈資本支出 Changes in NWC凈營運資本的變化OCF (I/S)營運現(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 = $87

4、CF to Creditors (B/S and I/S) = interest paid net new borrowing = $24CF to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流動比率= CA / CL 2,256 / 1,995 = timesQuick Ratio 速動比率= (CA Inventory) / CL (2,256 301) / 1,995 = .98 timesCash Ratio 現(xiàn)金比率=

5、 Cash / CL 696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA (2,256 1,995) / 5,394 = .05Interval Measure區(qū)間測量= CA / average daily operating costs 2,256 / (2,006 + 1,740)/365) = daysTotal Debt Ratio資產負債率 = (TA TE) / TA (5,394 2,556) / 5,394 = %Debt/Equity資本負債率 = TD / TE (5,394 2,556) / 2,556 = tim

6、esEquity Multiplier權益乘數(shù)= TA / TE = 1 + D/E1 + = Long-term debt ratio長期債務率 = LTD / (LTD + TE)843 / (843 + 2,556) = %Times Interest Earned息保障倍 = EBIT息稅前利潤 Earnings Before Interest and Tax / Interest 1,138 / 7 = timesCash Coverage現(xiàn)金涵蓋比率= (EBIT + Depreciation) / Interest(1,138 + 116) / 7 = timesInventor

7、y Turnover存貨周轉 = Cost of Goods Sold / Inventory2,006 / 301 = timesDays Sales in Inventory 銷售庫存的天數(shù)= 365 / Inventory Turnover365 / = 55 daysReceivables Turnover應收帳款周轉率= Sales / Accounts Receivable 5,000 / 956 = timesDays Sales in Receivables = 365 / Receivables Turnover 365 / = 70 daysTotal Asset Turn

8、over = 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 / NWC 5,000 / (2,256 1,995) = timesFixed Asset Turnover = Sales / NFA 5,000 / 3,138 = timesProfit Margin利潤率= Net Income / Sales 689 / 5,000 = %Return

9、 on Assets資產收益率(ROA) = Net Income / Total Assets 689 / 5,394 = %Return on Equity股本回報率 (ROE) = Net Income / Total Equity 689 / 2,556 = %PE Ratio市盈率= Price per share每股價格/ Earnings per share每股收益 / = timesMarket-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 / =

10、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年度成本百分率 EAR Effective Annual Rate 此處均為年利率，有時候給了年利率要換成

11、月、季利率、天利率！自己體會！Bond 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= 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 rater = real rateh = expected inflation rateApprox

12、imation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市場風險溢價, E(RM) RfSystematic risk of asset系統(tǒng)性風險的資產, BetawE = E/V = percent financed with equitywD = D/V = percent financed with debtE = market value of equity = # of outstanding share