5《財(cái)務(wù)管理》考試復(fù)習(xí)綱要

（一早）Chapter1考概念題1、Mainareasoffinance（財(cái)務(wù)學(xué)）?Financialmanagement?Investment?Financialmarketsandfinancialintermediaries2、Financialmanagement（財(cái)務(wù)管理）?Anareaoffinancethatappliesfinancialprincipleswithinanorganizationtocreateandmaintainvaluethroughdecisionmakingandproperresourcemanagement.?Threemajorcategoriesoffinancialmanagementdecisions:（3類財(cái)務(wù)管理）Investmentdecisions（投資決策）Financingdecisions（融資決策）Managerialdecisions（someonethinkitshouldbedividenddecisions）（股利決策）3、FinanceandAccounting（財(cái)務(wù)和會計(jì)）Thefundamentaldifferencebetweenfinanceandaccountingistheviewpoint.Accounting:ahistoricaloutlook.Finance:focusonthefuture.Pickingupfromanaccountingview,whichbringsustothecurrentposition,financeconcentratesontheimplicationsforthefuture.Financeasksquestionslikewhatdowedonowandwheredowegofromhere4、TheGoalofaBusiness（企業(yè)目標(biāo)）ProfitMaximization（利潤最大化）ShareholderWealthmaximization（股東財(cái)富最大化）（第二章）ChapterTwo考財(cái)務(wù)管理11個(gè)原則的含意PrinciplesofFinance（財(cái)務(wù)管理原則）ThePrincipleofSelf-InterestedBehavior（自利原則）：ThisPrinciplesaysthatwhenallelse（另夕卜，其它）isequal（同等的），allpartiestoafinancialtransaction（交易）willchoosethecourseofactionmostfinanciallyadvantageous（有利的）tothemselves.ThePrincipleofTwo-SideTransactions（雙方交易原則，共贏原則）：EachFinancialTransactionHasatleast（最小、最少）Twosides.TheSignalingPrinciple:ActionsConveyInformation（信號原貝U）TheBehavioralPrinciple（引導(dǎo)原則）:TheSignalingPrinciplesaysthatactionsconveyinformation.TheBehavioralPrinciplesays"Let'tsytousesuchinformationThePrincipleofValuableIdeas（創(chuàng)意有價(jià)原則）：Extraordinary（不尋常的）Returns（統(tǒng)計(jì)表、報(bào)告）AreAchievablewithNewIdeas.ThePrincipleofComparativeAdvantage（比較優(yōu)勢原貝U）:Expertise（專家）cancreatevalue.ThePrincipleofIncrementalBenefits（凈收益原貝U）:Financialdecisionsarebasedonincrementalbenefits.ThePrincipleofRisk-ReturnTrade-Off（風(fēng)險(xiǎn)和收益的權(quán)衡）：Thereisatrade-offbetweenriskandreturn.ThePrincipleofDiversification（分散化原則）：Spreading（延伸、展開、傳播）yourinvestmentsacrossseveralalternatives（取舍，兩者擇一的）instead（頂替、代替）ofconcentratingtheminasingleinvestment.Becauseitreducesrisk.ThePrincipleofCapitalMarketEfficiency（資本市場有效原則）:Marketpricesoffinancialassets（資產(chǎn)）thataretradedregularlyinthecapital（資金、資本）marketsreflectallavailableinformationandadjustfullyandquicklyto"new"informationTheTime-Value-of-MoneyPrinciple（貨幣時(shí)間價(jià)值）:MoneyhasaTimeValue.（第三章）Chapter3.FinancialStatementAnalysis考報(bào)表分析，給出財(cái)務(wù)報(bào)表，計(jì)算常用比率（考計(jì)算）1、Common-SizeFinancialStatement（百分?jǐn)?shù)表示財(cái)務(wù)報(bào)表）?Common-sizestatements:Financialstatementsthatshowcomponentsaspercentagesinsteadofdollars.Balancesheetcomponentsareexpressedaspercentagesofassets,andincomestatementcomponentsareexpressedaspercentagesofsales.（用百分?jǐn)?shù)表示的財(cái)務(wù)報(bào)表，資產(chǎn)負(fù)債表的每一項(xiàng)都除以總資廣*）?Common-sizedstatementscanbeextremelyhelpfultohighlightchangesovertimeinthefinancialperformanceandfinancialconditionofthecompany.（不同時(shí)期的財(cái)務(wù)條件不一樣，不同規(guī)模之間具有可比性）BasisRatios（canbeplacedinto6classes（6類財(cái)務(wù)比率）（一）LiquidityRatio（流動性比率）1、CurrentRatio流動比率=流動資產(chǎn)/流動負(fù)責(zé)合理數(shù)為2/1Currentratio=Currentassets/Currentliabilities2、QuickRatio速動比率=（流動資產(chǎn)一存貨）/流動負(fù)責(zé)合理數(shù)為1/1Quickratio=（Currentassets-Inventories）/Currentliabilities3、WorkingCapitalRatio營運(yùn)資金比率=（流動資產(chǎn)一流動負(fù)責(zé)）/銷售收入Workingcapitalratio=（Currents-Currentliabilities）/Sales4、CashRatio現(xiàn)金比率=現(xiàn)金和等價(jià)物/總資產(chǎn)Cashratio=cashandequivalents/Totalassets（二）AssetTurnoverRatio（資產(chǎn)周轉(zhuǎn)率）1、ReceivableTurnoverRatio資金周轉(zhuǎn)數(shù)=賒銷額/應(yīng)收帳款平均余額越高越好Receivableturnover=Annualcreditsales/Accountsreceivables2、Day'sSalesOutstanding周轉(zhuǎn)大數(shù)=365/周轉(zhuǎn)次數(shù)越短越好DSO=365/Receivableturnover3、AgingSchedule（帳齡分析）超期應(yīng)收帳款的表格，有0—30天、30-60天、60-90夭4、InventoryTurnoverRatio存貨周轉(zhuǎn)率=銷貨成本/存貨Inventoryturnover=Costofgoodssold/Inventory5、Day'sSalesinInventoryRatio存貨周轉(zhuǎn)大數(shù)=365/周轉(zhuǎn)次數(shù)Day'salesininventory=365/Inventoryturnover=Inventory/Costofgoodssold/3656、FixedAssetTurnoverRatio固定資產(chǎn)周轉(zhuǎn)率=銷售收入/固定資產(chǎn)凈值（原值一折舊）Fixedassetturnover=Sales/Netfixedassets7、TotalAssetRatioTotalassetturnover=Sales/Totalassets（三）LeverageRatio（杠桿比率）1、LeverageRatio負(fù)債率=總負(fù)債/總資產(chǎn)Debtratio=Totaldebt/Totalassets2、Debt/Equityratio=Totaldebt/Stockholdersequity=Debtratio/1.0-Debtratio負(fù)債/權(quán)益3、Equitymultiplier=Totalassets/Stockholders'equity權(quán)益乘數(shù)=總資產(chǎn)/股東權(quán)益=Debt/equityratio+1.0=1.0/（1.0-Debtratio）=負(fù)債/權(quán)益率+1=1/（1-負(fù)債率）（四）CoverageRatio（保障比率）1、Time-interest-earnedratio利息保障倍數(shù)=利息和所得稅之前的收益（毛利）/利息Time-interest-earnedratio=EBIT/Interestexpense2、Fixed-chargecoverageratio固定費(fèi)用保障率=（息稅前收益+租金）/（應(yīng)付利息+租金）Fixed-chargecoverageratio=（EBIT+Rentalpayments）/（Interestcharge+Rentalpayments）3、Cashflowcoverageratio現(xiàn)金流保障率=（息稅前收益+租金+折舊）/（租金+利息+優(yōu)先股股息+債務(wù)本金）Cashflowcoverageratio=（EBIT+Rentalpayments+Depreciation）/（Rental+Interest+Preferredstock+Debt）Paymentschargedividendspayment1-T1-T（五）ProfitabilityRatios（贏利能力比率）1、GrossprofitmarginGrossprofitmargin=Grossprofit/Sales=Sales-costofgoodssold/Sales銷售毛利率=銷售利潤/銷售額=（銷售額-銷貨成本）/銷售額2、Netprofitmargin凈利比率=凈利/銷售額Netprofitmargin=Netincomebeforeextraordinaryitems/Sales3、Returnonassets（ROA）總資產(chǎn)收益率=收益（凈收入）/總資產(chǎn)ROA=Netincome/Totalassets4、Returnonequity（ROE）Netincomeavailabletocommonstockholdersdividedbycommonstockholders'equityROE=Returnoncommonstockholders'equity=Earningsavailableforcommonstockbeforeextraordinaryitems/Commonstockholders'equity權(quán)益報(bào)酬率（凈資產(chǎn)收益率）=公司息稅后利潤/股東權(quán)益得到，即凈資產(chǎn)收益率（RateofReturnonCommonStockholders'Equity）的英文簡稱，凈資產(chǎn)收益率又稱股東權(quán)益收益率，是凈利潤與股東權(quán)益的百分比。該指標(biāo)反映股東權(quán)益的收益水平，指標(biāo)值越高，說明投資帶來的收益越高。凈資產(chǎn)收益率是的百分比率，用以衡量公司運(yùn)用自有資本的效率。還以上述公司為例。其稅后利潤為2億元，凈資產(chǎn)為15億元，凈資產(chǎn)收益率就是13.33%（即＜2億元/15億元＞*100%）。（六）Marketvalueratio（市盈率）市盈率=每股市價(jià)/每股收益Market-To-BookRatio=marketpricepershare/bookvaluepershare（第四章）Chapter4ManagingGrowth（對增長的管理）1、計(jì)算?Thesustainableequation（可持續(xù)增長率）G*=Changeinequity/Beginning-of-periodequity可持續(xù)增長率=權(quán)益的增量/期初的權(quán)益G*=PRAT可持續(xù)增長率=PRATP---profitmargin銷售利潤率A---assetturnoverratio資產(chǎn)周轉(zhuǎn)率T---asset-to-equityratio權(quán)益乘數(shù)R---retentionrate,definedasthefractionofearningsretainedinthebusiness.收益留在企業(yè)的比率

留存收益比率：扣除分紅后剩余的未分配利潤/未分配利潤。老師讓我們計(jì)算增長率時(shí)，會給出相應(yīng)的數(shù)據(jù)。這個(gè)數(shù)據(jù)不會讓我們計(jì)算的。G*=RT*ROAG*=RT*總資產(chǎn)報(bào)酬率2、2種可選擇的方案，進(jìn)行抉擇（簡答）3、簡答：1）公司實(shí)際增長超過可持續(xù)增長怎么辦？WhattoDoWhenActualGrowthExceedsSustainableGrowth（1）SellNewEquity（股票）（2）IncreaseLeverage（杠桿作用）（3）ReducethePayout（支出）Ratio（比率）（4）Profitable（有利可圖的）Pruning（修剪）（5）Sourcing（來源,出處）（6）Pricing（7）Merger（合并）2）公司實(shí)際增長低于可持續(xù)增長怎么辦？WhattoDoWhenSustainableGrowthExceedsActualGrowthIgnore（忽視）theProblemReturn（歸還）theMoneytoShareholder（股東）Buy（購買）GrowthSustainableGrowthandInflation（通貨膨脹）3）如何保持可持續(xù)增長？（1）Theequation（等式、方程式）saysthatacompany'ssustainablegrowthrateinsales,g*,equals（同等）theproductoffourratios,P,R,A,andT.G*=Changeinequity/Beginning-of-periodequity=PRAT。P---profitmargin（邊緣）A---asset（資產(chǎn)）turnover（周轉(zhuǎn)）ratioT---asset-to-equity（公平）ratioR---retention（保留）rate,defined（限定）asthefraction（分?jǐn)?shù)）ofearnings（收入）retained（保持）inthebusiness.（2）PandAsummarize（概括，概述）theoperating（經(jīng)營）performance（執(zhí)行、表現(xiàn)）ofthebusiness,whiletheRandTdescribe（形容、描寫）thefirm's（牢固的）principalfinancialpolices.（3）Whenacompanygrowsatarate（比率）inexcessofitssustainablegrowthrate,ithadbetterimproveoperations（操作）orpreparetoalter（改變）itsfinancialpolices.（第五章）Chapter5.FinancialPlanning財(cái)務(wù)計(jì)劃編制編制現(xiàn)金預(yù)算計(jì)算題，以前做過課堂練習(xí)標(biāo)準(zhǔn)化的假設(shè)財(cái)務(wù)計(jì)劃編制的好處BenefitsofFinancialPlanning標(biāo)準(zhǔn)化的假設(shè)?1Standardizedassumptions.?2.Futureorientation.?3.Objectivity.?4.Employeedevelopment.?5.Lenderrequirements.客觀性員工發(fā)展債權(quán)人的要求?6.Betterperformance客觀性員工發(fā)展債權(quán)人的要求?7.Preparingforcontingencies（第六章）Chapter6RiskandReturn風(fēng)險(xiǎn)大小計(jì)算：對以外意外事件提前準(zhǔn)備風(fēng)險(xiǎn)與收益?Variance對以外意外事件提前準(zhǔn)備風(fēng)險(xiǎn)與收益?StandardDeviation標(biāo)準(zhǔn)差求：？（貝塔）計(jì)算風(fēng)險(xiǎn)大小，排序（詳見掃描文件）1、預(yù)期收益率：各種可能情況下收益率（ri）的加權(quán)平均數(shù)?計(jì)算公式：E(r)rR2、方差、標(biāo)準(zhǔn)差、標(biāo)準(zhǔn)離差率方差和標(biāo)準(zhǔn)差都是從絕對量的角度衡量風(fēng)險(xiǎn)的大小，方差和標(biāo)準(zhǔn)差越大，風(fēng)險(xiǎn)也越大。n方差2rE(r)2Pii12\i1riE(r)P標(biāo)準(zhǔn)離差率是指標(biāo)準(zhǔn)差與預(yù)期收益率的比率?計(jì)算公式：CVE(r)3、資本資產(chǎn)定價(jià)模型計(jì)算題資本資產(chǎn)定價(jià)模型：某種證券(或組合)的預(yù)期收益率等于無風(fēng)險(xiǎn)收益率加上該種證券的風(fēng)險(xiǎn)溢價(jià)(指系統(tǒng)風(fēng)險(xiǎn)溢價(jià))。E(rJrfjrmrf(第七章)Chapter7TheBasicsofCapitalBudgeting(預(yù)算一預(yù)測收入，預(yù)測支出)、考決策規(guī)劃，不計(jì)算1、資本預(yù)算和決策方法CapitalBudgetingDecisionRulesSixprimarymethodsareusedtorank(行歹U、隊(duì)伍)projects(方案、計(jì)戈U)andtodecidewhetherornottheyshouldbeacceptedforinclusioninthecapitalbudget:?Paybackperiod投資回收期?Discountedpayback折現(xiàn)投資回收期?Netpresentvalue(NPV)凈現(xiàn)值「?Internalrateofreturn(IRR)內(nèi)部收益率L貼現(xiàn)項(xiàng)目評價(jià)標(biāo)準(zhǔn)?Profitabilityindex(PI)獲利指數(shù)_j?ModifiedIRR(MIRR)PaybackDecisionRules?Theshorterthepaybackthebetter.?如果PPv基準(zhǔn)回收期，可接受該項(xiàng)目；反之則應(yīng)放棄。?NPVDecisionRules凈現(xiàn)值決策規(guī)則?IftheNPVispositive,theprojectshouldbeaccepted.?IftheNPVisnegative,itshouldberejected.?Iftwoprojectsaremutuallyexclusive,theonewithhigherpositiveNPVshouldbechosen?NPV>0時(shí)，項(xiàng)目可行；NPVv0時(shí)，項(xiàng)目不可行。當(dāng)一個(gè)投資項(xiàng)目有多種方案可選擇時(shí)，應(yīng)選擇凈現(xiàn)值大的方案，或是按凈現(xiàn)值大小進(jìn)行項(xiàng)目排隊(duì)，對凈現(xiàn)值大的項(xiàng)目應(yīng)優(yōu)先考慮。IRRDecisionRules內(nèi)行報(bào)酬率?IftheIRRexceedthecostofcapital,theprojectshouldbeaccepted.?IfthecostofcapitalexceedtheIRR,theprojectshouldberejected.?Iftwoprojectsaremutuallyexclusive,theonewiththehigherIRRshouldbechosen.?IRRA項(xiàng)目資本成本或投資最低收益率，則項(xiàng)目可行；?IRRv項(xiàng)目資本成本或投資最低收益率，則項(xiàng)目不可行。?應(yīng)選擇高的內(nèi)行報(bào)酬率PIDecisionRules?AprojectisacceptedifitsPIisgreaterthan1.0,?ThehigherthePI,thehighertheproject'sranking.?PI>1時(shí)，項(xiàng)目可行；PIv1時(shí)，項(xiàng)目不可行。2、PIDecisionRules獲利指數(shù)?AprojectisacceptedifitsPIisgreaterthan1.0,獲利指數(shù)大于1就選擇?ThehigherthePI,thehighertheproject'sranking于1,誰排在前面就選擇誰3、編制現(xiàn)金預(yù)算CashBudget,April—SeptemberMonthAprilMaySeptemberJuneJulyAugustSalesCashReceipts:Collections(current)20%(previousmonth)50%(2ndmonthprevious)30%Totalcashrec