1、EMBA財(cái)務(wù)管理李志宏政大財(cái)務(wù)管理系教授兼EMBA執(zhí)行長(zhǎng)精選ppt 2. 代理問(wèn)題(agency problem) 股東 VS. 經(jīng)理人 股東 VS. 債權(quán)人 3. 金融市場(chǎng)(Financial Markets) a. Money Market Capital Market。 b. Primary Market Secondary Market 。 4. 利率決定因素 K = K* + IP + DP + LP + MP K：名目利率(nominal interest rate) K* ：真實(shí)利率(real interest rate) IP ：通貨膨脹溢酬(inflation premium

2、) DP ：違約風(fēng)險(xiǎn)溢酬(default premium) LP ：變現(xiàn)力溢酬(liquidity premium) MP ：到期風(fēng)險(xiǎn)溢酬(maturity risk premium)精選ppt 5. 利率期間結(jié)構(gòu) 描述殖利率(yield to - maturity)與到期期間(time to - maturity)的關(guān)係。(見(jiàn)圖) 美國(guó)國(guó)庫(kù)券的利率期間結(jié)構(gòu) 解釋期間結(jié)構(gòu)之理論 a. 預(yù)期理論 (Expectation Theory) b. 變現(xiàn)力偏好理論 (Liquidity Preference Theory) c. 市場(chǎng)區(qū)隔理論 (Market Segmentation Theory)

3、精選pptBalance SheetsAssets 2006 2007 Cash$ 52,000$ 57,600Receivables402,000351,200Inventories836,000715,200 Total current assets$ 1,290,000$ 1,124,000Gross fixed assets $ 527,000$ 491,000Less : Accumulated Depreciation166,200146,200 Net fixed assets$ 360,800$ 344,800Total assets$ 1,650,800$ 1,468,800

4、Liabilities and EquityAccounts payable$ 175,200$ 145,600Notes payable225,000200,000Accruals140,000136,600 Total current liabilities $ 540,200$ 481,600Long-term debt$ 424,612$ 323,432Common stock$ 460,000$ 460,000Retained earnings225,988203,768 Total equity$ 685,988663,768Total Liabilities and Equity

5、$ 1,650,800 $ 1,468,800精選pptIncome Statements 2006 2007Sales$ 3,850,000$ 3,432,000Cost of goods sold3,250,0002,864,000Other expenses430,300340,000Depreciation20,00018,900 Total operating costs$ 3,700,000$ 3,222,900Earnings before interest and taxes(EBIT)$ 149,700$ 209,100Less interest expense76,0006

6、2,500Earnings before taxes (EBT)73,700$ 146,600Income taxes (40%)29,48058,640Net income$ 44,220$ 87,960Other DataEPS$0.442$0.880December 31 stock price$6.00$8.50Shares outstanding (December 31 )100,000100,000Dividends per share$0.22$0.22Lease payments$40,000$40,000精選pptStatement of Cash Flows (2007)

7、Operating Activities: Net income$ 44,220 Additions (sources of cash): Depreciation20,000 Increase in accounts payable29,600 Increase in accruals 4,000 Subtractions (Uses of cash): Increase in receivables(50,800) Increase in inventories(120,800) Net cash flow from operations($ 73,780)Long-Term Invest

8、ing Activities: Investment in fixed assets($ 36,000)Financing Activities: Increase in notes payable$ 25,000 Increase in long-term debt101,180 Payment of cash dividends(22,000) Net cash flow from financing $104,180Net Increase (Decrease) in Cash ($ 5,600)Cash at Beginning of year57,600Cash at End of

9、Year$ 52,000精選ppt Financial Ratio AnalysisShort-Term Solvency Ability to pay bills in the short-run Long-Term SolvencyAbility to meet long-term obligationsAssets ManagementIntensity and efficiency of assets useProfitabilityMarket ValueGoing beyond financial statements精選ppt20062007IndustryCurrent rat

10、io2.3X2.4X2.7XQuick ratio0.8X0.8X1.0X精選pptRatio Analysis: Asset Management Ratios20062007IndustryInventory turnover4.8X4.6X7.0XDSO36.8 days37.6 days32.0 days Fixed assets turnover10.0X10.7X10.7XFixed assets turnover2.3X2.3X2.6X精選pptRatio Analysis: Debt Management Ratios 20062007IndustryDebt ratio54.

11、8%58.4%50.0% TIE3.3X2.0X2.5XFCC2.4X1.6X2.1X精選pptRatio Analysis: Profitability Ratios20062007IndustryPM2.6%1.1%3.5%BEP 14.2 9.1 19.1 ROA 6.0 2.7 9.1ROE 13.3 6.4 18.2精選pptRatio Analysis: Market Value Ratios20062007IndustryP/E9.7X13.6X14.2XM/B 1.3X0.9X1.4X 精選pptCommon Financial Ratios精選pptCommon Financ

12、ial Ratios (continued)精選pptCommon Financial Ratios (continued)精選pptCommon Financial Ratios (continued)精選ppt報(bào)酬與風(fēng)險(xiǎn) Return and Risk The Concept of Portfolio Management 精選pptNow assume :Case 1 : =1 RP140 B 80 A 0 30 50 VP精選pptCase 2 : = -1.0 RP 14.0 B 10.0 8.0 A 0 VP精選pptCase 3 : = 0 RP140 B109.2 8 A 0 2.68 3 6 VP精選pptThe Efficient frontier of InvestmentThe Efficient Se