公司金融复习
第二章：财务报表、税收和现金表
The balance sheet（资产负债表)
Asts= Liabilities + shareholders’ equity
Asts: current asts; fixed asts
Current asts: cash; accounts receivable； inventory
Liabilities：current liabilities； long—term debt
Current Liabilities： Accounts payable; Notes payable
Owners’ equity： common stock and paid—in surplus； retained earnings
The income statement（损益表）
Revenues – expens = income
EBIT= net sales – cost of goods sold – depreciation
Taxable income = EBIT – interest paid
Net income = taxable income – taxes=dividends + addition to retained earnings
Earnings per share = net income/ total shares outstanding
Dividends per share = total dividends/ total shares outstanding
Average versus Marginal Tax Rates(平均税率和边际税率）
Average tax rate=total taxes paid/ total taxable income
Marginal tax rate： the amount of tax payable on the next dollar earned
Cash flow(现金流量)
NWC=current asts-current liabilities
Cash flow from asts = cash flow to creditors + cash flow to stockholders
Cash flow from asts = operating cash flow-net investment in fixed asts-change in NWC operating cash flow=EBIT +depreciation-taxes
net investment in fixed ast=ending net fixed asts-beginning net fixed asts + depreciation change in NWC=ending NWC – beginning NWC
cash flow to creditors=interesting paid – net new borrowing
油渣怎么做好吃
cash flow to stockholders=dividends paid – net new equity raid
大吹大擂第三章：与财务报表相关的工作
Standardized financial statements（标准化的财务报表）
Common—Size Balance sheets(共同比报表）：用百分比代替具体金额的报表
Common-Size Income sheets(共同比损益表)：同上
Ratio analysis （比率分析)
短期偿债能力比率
Current ratio = current asts / current liabilities（流动比率)
Quick ratio = (current asts — inventory）/current liabilities（速动比率）
Cash ratio = cash/current liabilities
长期偿债能力比率
Total debt ratio = （total asts – total equity）/total asts
Debt—equity ratio=total debt/total equity
Equity multiplier = total asts/ total equity
Times interest earned=EBIT/interest
dnf女圣职Cash coverage ratio= （EBIT+ depreciation）/interest
资产管理比率或周转率
Inventory turnover=cost of good sold/inventory
Days' sales in inventory=365 days/inventory turnover
Receivables turnover=sales/accounts receivable
Days' sales in receivable =365 day/ receivable turnover
Total ast turnover = sales/total asts
Capital intensity=total asts/sales
获利能力比率
Profit margin = net income/sales
Return on asts （ROA ）= net income/total asts
Return on equity(ROE)= net income/total equity
ROE=(net income/sales ）*(sales/asts ）*（asts/equity)(杜邦等式)
市场价值比率
EPS=net income/shares outstanding
姜葱梭子蟹
Price —earnings ratio=price per share/earnings per share
Price —sales ratio=price per share/sales per share
Market-to —book ratio = market value per share/book value per share
book value per share=book value of equity/shares
内部增长率和可持续增长率
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 ） （内部增长率)
Sustainable growth rate==(ROE*b ）/（1—ROE*b ） (可持续增长率)
ROE=profit margin * total asts turnover ＊ equity multiplier
第四章：货币的时间价值
Future value factor=（1+r)t
Prent value factor=1/（1+r)t
Basic prent value equation: pv=fv/(1+r)t
第五章：折现现金流的价值评估
多重现金流的终值和现值根据贴现率计算即可
fv=c ＊（(1+r ）t —1）/r
pv=c*(1—（1/（1+r ）t ））/r
年金(区别普通年金和预付年金付款时间）
永续年金 pv=c/r
剌猥
EAR （有效年利率)=（1+quoted rate （名义利率）/m ）m —1
EAR （有效年利率)=（1+APR （贷款的年百分率）/12)12—1
贷款类型: enter N
1/Y PMT PV FV肝复乐胶囊
3
15 1000 Solve for
-657.50 So we need invest 657.50 today 答题格式湿的英语
Pure discount loans（纯贴现贷款）
Interest-only loans（仅付息贷款)
Amortized loans （分期摊销贷款)
第六章：利率与债券价值
用好这个公式即可
名义收益率与实际收益率（费雪效应)
1+R=（1+r)(1+h） R：名义收益率 r：实际收益率 h：通货膨胀率
第七章：股票市场与股票定价
P t=D t+1/（R-g) g为股利增长率 R为要求收益率
考试有关事项
1 零息债券必出题
2 债券面值若未指出默认1000
3 未给出付息频次则默认年付息
4 计算结果统一保留两位小数
5 P198 T23 会考类似
个人建议选做习题
肉丝炒面的做法第二章 4 5 6 8 9 11 14 15 19 20 22
第三章 1 2 3 4 5 6 7 13 16 17 22 23 25 27 30 34 36 38 42 44
第四章 1 4 7 18 26（熟练掌握财务计算器用法即可）
第五章 1 2（各做一问即可）10 13 19 20 22 23 30 31 35 44 46 48 55 58 第六章 3 4 5 9 11 15 16 18 20 21 22 23 25 26 28 31 32
