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
对抗命运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小人物作文
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
cash flow to stockholders=dividends paid – net new equity raid
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
2022年世界杯
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
彭祖的故事 EPS=net income/shares outstanding
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）
墨鱼粉>胖妈妈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玉米脱粒
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
EAR(有效年利率)=(1+quoted rate（名义利率）/m)m-1
杜国富事迹
