1、公司金融復(fù)習(xí)第二章：財務(wù)報表、稅收和現(xiàn)金表The balance sheet（ 資產(chǎn)負債表 ）Assets= Liabilities + shareholders ' equityAssets : current assets; fixed assetsCurrent assets : cash; accounts receivable; inventoryLiabilities: current liabilities; long-term debtCurrent Liabilities: Accounts payable; Notes payableOwners' equi

2、ty: common stock and paid-in surplus; retained earningsThe income statement（ 損益表 ）Revenues -expe nses = in comeEBIT= net sales-cost of goods sold-depreciati onTaxable income = EBIT -interest paidNet income = taxable income -taxes=dividends + addition to retained earningsEarnings per share = net inco

3、me/ total shares outstandingDividends per share = total dividends/ total shares outstandingAverage versus Marginal Tax Rates（ 平均稅率和邊際稅率 ）Average tax rate=total taxes paid/ total taxable incomeMarginal tax rate: the amount of tax payable on the next dollar earnedCash flow（ 現(xiàn)金流量 ）NWC=current assets-cu

4、rrent liabilitiesCash flow from assets = cash flow to creditors + cash flow to stockholdersCash flow from assets = operating cash flow-net investment in fixed assets-change inNWCoperating cash flow =EBIT +depreciation-taxesnet investment in fixed asset =ending net fixed assets-beginning net fixed as

5、sets + depreciationchange in NWC =ending NWC - begi nning NWCcash flow to creditors=in teresti ng paidnet new borrow ingcash flow to stockholders=dividends paid - net new equity raised第三章：與財務(wù)報表相關(guān)的工作Standardized financial statements（ 標準化的財務(wù)報表 ）Common-Size Balance sheets（ 共同比報表 ）：用百分比代替具體金額的報表Common-S

6、ize Income sheets（ 共同比損益表 ）：同上Ratio analysis （ 比率分析 ）短期償債能力比率Current ratio = current assets / current liabilities （流動比率）Quick ratio = （current assets - inventory）/current liabilities（ 速動比率 ）Cash ratio = cash/current liabilities長期償債能力比率Total debt ratio = （total assets - total equity）/total assetsDebt

7、-equity ratio=total debt/total equityEquity multiplier = total assets/ total equityTimes interest earned=EBIT/interestCash coverage ratio= (EBIT+ depreciation)/interest資產(chǎn)管理比率或周轉(zhuǎn)率Inventory turnover=cost of good sold/inventoryDays' sales in inventory=365 days/inventory turnoverReceivables turnover

8、=sales/accounts receivableDays' sales in receivable =365 day / receivable turnoverTotal asset turnover = sales/total assetsCapital intensity=total assets/sales獲利能力比率Profit margin = net income/salesReturn on assets (ROA)= net income/total assetsReturn on equity(ROE)= net income/total equityROE=(n

9、et income/sales)*(sales/assets)*(assets/equity)( 杜邦等式 )市場價值比率EPS=net income/shares outstandingPrice-earnings ratio=price per share/earnings per sharePrice-sales ratio=price per share/sales per shareMarket-to-book ratio = market value per share/book value per sharebook value per share=book value of e

10、quity/shares內(nèi)部增長率和可持續(xù)增長率Dividend payout ratio=cash dividends/net income(股利支付率)Retention ratio=addition to retained earnings/net income=1- Dividend payout ratio(盈利留存率b)Internal growth rate=(ROA*b"(1-ROA*b)(內(nèi)部增長率)Susta in able growth rate=(ROE*b)/(1-ROE*b)(可持續(xù)增長率)ROE=profit margin * total assets

11、turnover * equity multiplier第四章：貨幣的時間價值Future value factor=(1+r) tBasic prese nt value equati on: pv=fv/(1+r)Prese nt value factor=1/(1+r)ten ter3151000N1/YPMTPVFVSolve for-657.50tSo we n eed in vest 657.50 today答題格式第五章：折現(xiàn)現(xiàn)金流的價值評估多重現(xiàn)金流的終值和現(xiàn)值根據(jù)貼現(xiàn)率計算即可fv=c*(1+r) t-1)/rpv=c*(1-(1/(1+r) t)/r年金(區(qū)別普通年金和預(yù)付

12、年金付款時間)永續(xù)年金 pv=c/rEAR(有效年利率)=(1+quoted rate(名義利率)/m) m-1EAR（有效年利率）=（1+APR （貸款的年百分率）/12）12-1 貸款類型：Pure discount loans（ 純貼現(xiàn)貸款）Interest-only loans（僅付息貸款）Amortized loans （ 分期攤銷貸款）第六章：利率與債券價值PV=r亠f=1o +廳 o +叩用好這個公式即可名義收益率與實際收益率（費雪效應(yīng)）1+R=（1+r）（1+h）R :名義收益率 r：實際收益率第七章：股票市場與股票定價Pt=Dt+1/（R-g）g為股利增長率 R為要求收益率E %九P yj_°砂 （1 +考試有關(guān)事項1零息債券必出題2債券面值若未指出默認 10003未給出付息頻次則默認年付息4計算結(jié)果統(tǒng)一保留兩位小數(shù)5 P198 T23 會考類似個人建議選做習(xí)題第二章 4 5 6 8 9 11 14 15 19 20 22h :通貨膨脹率36 38 42 44第三章 1 2 3 4 5 6 7 13 16 17