EMBA財(cái)務(wù)管理工作要點(diǎn)

2.代理問(wèn)題(agencyproblem)

股東VS.經(jīng)理人

股東VS.債權(quán)人

3.(FinancialMarkets)

a.MoneyMarket＜－－－＞CapitalMarket。

b.PrimaryMarket＜－－－＞SecondaryMarket。

4.利率決定因素

K=K*+IP+DP+LP+MP

K：名目利率(nominalinterestrate)

K*

：真實(shí)利率(realinterestrate)

IP：通貨膨脹溢酬(inflationpremium)

DP：違約風(fēng)險(xiǎn)溢酬(defaultpremium)

LP：變現(xiàn)力溢酬(liquiditypremium)

MP：到期風(fēng)險(xiǎn)溢酬(maturityriskpremium)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(ExpectationTheory)

b.變現(xiàn)力偏好理論(LiquidityPreferenceTheory)

c.市場(chǎng)區(qū)隔理論(MarketSegmentationTheory)BalanceSheetsAssets20062007Cash$52,000$57,600Receivables402,000351,200Inventories836,000715,200Totalcurrentassets$1,290,000$1,124,000Grossfixedassets$527,000$491,000Less:AccumulatedDepreciation166,200146,200Netfixedassets$360,800$344,800Totalassets$1,650,800$1,468,800LiabilitiesandEquityAccountspayable$175,200$145,600Notespayable225,000200,000Accruals140,000136,600Totalcurrentliabilities$540,200$481,600Long-termdebt$424,612$323,432Commonstock$460,000$460,000Retainedearnings225,988203,768Totalequity$685,988663,768TotalLiabilitiesandEquity$1,650,800$1,468,800IncomeStatements20062007Sales$3,850,000$3,432,000Costofgoodssold3,250,0002,864,000Otherexpenses430,300340,000Depreciation20,00018,900Totaloperatingcosts$3,700,000$3,222,900Earningsbeforeinterestandtaxes(EBIT)$149,700$209,100Lessinterestexpense76,00062,500Earningsbeforetaxes(EBT)73,700$146,600Incometaxes(40%)29,48058,640Netincome$44,220$87,960OtherDataEPS$0.442$0.880December31stockprice$6.00$8.50Sharesoutstanding(December31)100,000100,000Dividendspershare$0.22$0.22Leasepayments$40,000$40,000StatementofCashFlows(2007)OperatingActivities:Netincome$44,220Additions(sourcesofcash):Depreciation20,000Increaseinaccountspayable29,600Increaseinaccruals4,000Subtractions(Usesofcash):Increaseinreceivables(50,800)Increaseininventories(120,800)Netcashflowfromoperations($73,780)Long-TermInvestingActivities:

Investmentinfixedassets($36,000)FinancingActivities:Increaseinnotespayable$25,000Increaseinlong-termdebt101,180Paymentofcashdividends(22,000)Netcashflowfromfinancing$104,180NetIncrease(Decrease)inCash($5,600)CashatBeginningofyear57,600CashatEndofYear$52,000FinancialRatioAnalysisShort-TermSolvencyAbilitytopaybillsintheshort-run

Long-TermSolvencyAbilitytomeetlong-termobligationsAssetsManagementIntensityandefficiencyofassetsuseProfitabilityMarketValueGoingbeyondfinancialstatements20062007IndustryCurrentratio2.3X2.4X2.7XQuickratio0.8X0.8X1.0XRatioAnalysis:AssetManagementRatios

20062007IndustryInventoryturnover4.8X4.6X7.0XDSO36.8days37.6days32.0daysFixedassetsturnover10.0X10.7X10.7XFixedassetsturnover2.3X2.3X2.6XRatioAnalysis:DebtManagementRatios

20062007IndustryDebtratio54.8%58.4%50.0%TIE3.3X2.0X2.5XFCC2.4X1.6X2.1XRatioAnalysis:ProfitabilityRatios

20062007IndustryPM2.6%1.1%3.5%BEP14.29.119.1ROA6.02.79.1ROE13.36.418.2RatioAnalysis:MarketValueRatios20062007IndustryP/E9.7X13.6X14.2XM/B1.3X0.9X1.4XCommonFinancialRatiosCommonFinancialRatios(continued)CommonFinancialRatios(continued)CommonFinancialRatios(continued)報(bào)酬與風(fēng)險(xiǎn)

ReturnandRisk

TheConceptofPortfolioManagement

Nowassume:

Case1:ρ=1

RP140B80A03050VP

Case2:ρ=-1.0

RP

14.0B

10.0

8.0A

0VP

TheEfficientfrontierofInvestmentTheEfficientSetofInvestmentsExpectedPortfolioReturn