公司理财公式总结.docx
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公司理财公式总结.docx
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Assets=Liabilities+Stockholders’Equity
Assets=(Current+Fixed)Assets
NetWorkingCapital=CurrentAssets–CurrentLiabilities
Revenues-Expenses=Income
SalesorRevenues(-)Costofgoodssold(=)Grossprofit毛利(-)Administrative/marketingcosts行政管理/营销成本,Depreciation折旧(=)OperatingProfit营业利润(-)Interests,Taxes
(=)Netincome净收益(-)Dividendstopreferredstocks(=)Earningavailabletocommonshareholders
CashFlowFromAssets(CFFA)=CashFlowtoCreditors+CashFlowtoStockholders
CashFlowFromAssets=OperatingCashFlow营运现金流量–NetCapitalSpending净资本支出–ChangesinNWC净营运资本的变化
OCF(I/S)营运现金流=EBIT息税前利润+depreciation–taxes=$547
NCS净资本支出(B/SandI/S)=endingnetfixedassets–beginningnetfixedassets+depreciation=$130
ChangesinNWC(B/S)=endingNWC–beginningNWC=$330
CFFA=547–130–330=$87
CFtoCreditors(B/SandI/S)=interestpaid–netnewborrowing=$24
CFtoStockholders(B/SandI/S)=dividendspaid–netnewequityraised=$63
CFFA=24+63=$87
CurrentRatio流动比率=CA/CL2,256/1,995=1.13times
QuickRatio速动比率=(CA–Inventory)/CL(2,256–301)/1,995=.98times
CashRatio现金比率=Cash/CL696/1,995=.35times
NWCtoTotalAssets=NWC/TA(2,256–1,995)/5,394=.05
IntervalMeasure区间测量=CA/averagedailyoperatingcosts2,256/((2,006+1,740)/365)=219.8days
TotalDebtRatio资产负债率=(TA–TE)/TA(5,394–2,556)/5,394=52.61%
Debt/Equity资本负债率=TD/TE(5,394–2,556)/2,556=1.11times
EquityMultiplier权益乘数=TA/TE=1+D/E
1+1.11=2.11
Long-termdebtratio长期债务率=LTD/(LTD+TE)
843/(843+2,556)=24.80%
TimesInterestEarned利息保障倍數=EBIT息税前利润EarningsBeforeInterestandTax/Interest1,138/7=162.57times
CashCoverage现金涵盖比率=(EBIT+Depreciation)/Interest
(1,138+116)/7=179.14times
InventoryTurnover存货周转=CostofGoodsSold/Inventory
2,006/301=6.66times
Days’SalesinInventory销售库存的天数=365/InventoryTurnover
365/6.66=55days
ReceivablesTurnover应收帐款周转率=Sales/AccountsReceivable5,000/956=5.23times
Days’SalesinReceivables=365/ReceivablesTurnover365/5.23=70days
TotalAssetTurnover=Sales/TotalAssets
5,000/5,394=.93
ItisnotunusualforTAT<1,especiallyifafirmhasalargeamountoffixedassets
NWCTurnover=Sales/NWC5,000/(2,256–1,995)=19.16times
FixedAssetTurnover=Sales/NFA5,000/3,138=1.59times
ProfitMargin利润率=NetIncome/Sales689/5,000=13.78%
ReturnonAssets资产收益率(ROA)=NetIncome/TotalAssets689/5,394=12.77%
ReturnonEquity股本回报率(ROE)=NetIncome/TotalEquity689/2,556=26.96%
PERatio市盈率=Pricepershare每股价格/Earningspershare每股收益87.65/3.61=24.28times
Market-to-bookratio市价与账面值比率=marketvaluepershare/bookvaluepershare每股市价/每股账面价值87.65/(2,556/190.9)=6.55times
ROE=PM*TAT*EM
FutureValues
FV=PV(1+r)tPV=FV/(1+r)t
FV=futurevalue
PV=presentvalue
r=periodinterestrate,expressedasadecimal(用小数表示)
t=numberofperiods
Perpetuity永续年金:
PV=C/r
Annuities年金:
GrowingAnnuity增长年金
永久
APR年度成本百分率EAREffectiveAnnualRate
此处均为年利率,有时候给了年利率要换成月、季利率、天利率!
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自己体会!
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BondValue=PVofcoupons息票+PVofpar票面价值
BondValue=PVofannuity年金+PVoflumpsum总金额
CurrentYield现价息率=annualcoupon/price
Yieldtomaturity=currentyield+capitalgainsyield资本利得收益率
(1+R)=(1+r)(1+h),where
R=nominalrate
r=realrate
h=expectedinflationrate
Approximation近似法R=r+h
requiredreturnwhereD1/P0isthedividendyield股息率andgisthecapitalgainsyield资本利得收益率
averageaccountingreturnAAR=AverageNetIncome/AverageBookValue
thecostofequity
见ppt14的9
Risk-freerate,Rf
Marketriskpremium市场风险溢价,E(RM)–Rf
Systematicriskofasset系统性风险的资产,bBeta
wE=E/V=percentfinancedwithequity
wD=D/V=percentfinancedwithdebt
E=marketvalueofequity=#ofoutstandingsharestimespricepershare
D=marketvalueofdebt=#ofoutstandingbondstimesbondprice
V=marketvalueofthefirm=D+E
100%=D/V+E/V
WACC=wERE+wDRD(1-TC)
after-taxcostofdebtRD(1-TC)
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