财务管理重点复习章节内容mostimportantchaptersandtopics.doc

这由邱式聪同学和学委整理出的复习资料只供同学复习参考，多谢合作！广州汽车学院财务管理课程重点章节 Important Chapters3；8&9：资本预算决策/项目投资决策（计算）12&13：融资决策（资本结构与公司市值关系图）；加权平均的资本成本（WACC）14&15：了解上市公司决策/公告/行为的信息传递效应对其股价影响的统计结论（股利政策、股票回购、拆股、合股、IPO折价） Stock price reactions to dividend policies, stock repurchase, stock split, reverse split, IPO and SEO16&17：经营周期、现金周期的含义、关系与应用计算；短期财务决策的主要类型以及营运资本管理的最优决策原理；存货管理模型（如经济订货量模型的计算） The main categories of short-term financial policies, and the basic principles for making working capital management decisions 重点概念：如：浮帐、经营性现金流、短期财务规划、财务比率、销售条款、购买力平价公式、利率平价公式、绿鞋条款、现值公式、非现金项目、证券承销方式、主要的存货管理方法、汇率风险的类型、三角套汇等等重点内容：*NPV与IRR决策规则，以及什么情况下IRR规则可能出错但NPV规则则不会；*资本资产定价模型（CAPM）的主要结论、证券市场线（SML）；*加权平均的资本成本（WACC）；*短期财务政策的主要类型、特征及流动资产最优持有额的决策方法；*公司经营周期、现金周期及应用分析；*最优负债结构的确定（图）；*项目投资决策计算具体章节重点内容 Important topics in each chapter1、 三类财务管理决策的含义、具体内容及相互关系；P4-5Three categories of financial management decisions: meanings, their relationship 2、 资产负债表、损益表的联系与区别；P16-21会计利润与现金流量的联系与区别，预估财务报表模型的应用步骤及主要用途；P23-27 The connections and main differences of Balance Sheet and Income Statement; The connections and main differences of accounting profits and cash flows3、 基本财务比率及杜邦等式、内部增长率、可持续增长率的应用；P36-445 categories of baasic financial ratios (calculation); Du Pont identity; Internal growth rate and sustainable growth rate of companies（邱式聪 ）4-5、现值、终值以及年金、永续金的基本计算公式； Present value, future value, and the formulas for calculating the present values of annuity, annuity due, and perpetuity1）现值的基本计算公式：PV0= FVn / (1+i)n 2）终值的基本计算公式： FVn = P0 (1+i)n（具体知识见课本65页4.3知识点和70页表4.4）3）年金的基本计算公式：4）永续金的基本计算公式：PV = C / r（具体知识见课本81页5.2知识点和86页表5.2）6-7、债券、股票的定价公式及收益的决定因素； The pricing formulas for bond and stock, the main factors that determine their value债券的定价公式：（具体知识见课本102页6.1知识点和106页表6.1）收益的决定因素：Default risk premium remember bond ratings（违约风险溢酬记住债券评级）v Taxability premium remember municipal versus taxable（税收溢酬记住市政公债与应税债券的差异）v Liquidity premium bonds that have more frequent trading will generally have lower required returns（流动性溢酬债券交易越频繁，通常要求回报率越低）v Anything else that affects the risk of the cash flows to the bondholders, will affect the required returns（任何影响债券持有者的现金流量的风险的事情，将影响要求回报率）（具体知识见课本120页6.7知识点）股票的定价公式：I The general case（一般情况）II The constant growth case（固定增长率情况）III The required return, R, can be written as the sum of two thing要求回报率，可以写作两部分之和D1/P0+g（具体知识见课本130页7.1知识点和135页表7.1）收益的决定因素：（具体知识见课本134页要求收益率的构成要素知识点）8-9、各种投资决策准则的比较分析以及NPV规则的实际应用； List the main types of investment or capital budgeting decision-making criteria; the advantages of NPV and IRR rule; under what circumstances IRR rule can provide wrong answers while NPV rule will not1)各种投资决策准则的比较分析（具体知识见课本第八章和162页表8.6）NPV基本思想：An investment is worth undertaking if it creates value for its owners.（如果一项投资为所有者创造了价值就是一个值得的投资）u An investment worth more in marketplace than it cost us to acquire（一项投资在市场上价值比它付出的成本要高）Net present value (NPV): the difference between an investments market value and its cost.（净现值NPV：一项投资的市场价值和成本之间的差异）Given our goal of creating value for the stockholders, the capital budgeting process can be viewed as a search for investments with positive net present values.（假定我们的目标是为股东创造价值，资本预算过程就可以被看成是寻找有正的净现值的投资过程）计算净现值： Discounted cash flow (DCF) valuation: the process of valuing an investment by discounting its future flows.（折现现金流量价值评估法：通过对未来现金流量的折现来评估投资项目价值的方法） An investment should be accepted if the net present value is positive and rejected if it is negative.（如果净现值为正，应该接受该投资项目；否则就拒绝） Two comments about our example are in order: （在我们的例题中，两个要点需要注意：）u It is not the rather mechanical process of discounting the cash flows that is important. The task of coming up with the cash flows and the discount rate in first place is much more challenging.（重要的不是对现金流量进行机械性的折旧过程。现金流量和折现率的获得是第一位的并且更有挑战性）u NPV is only a estimate. （净现值只是一个估计值而已）回收期法：l How long does it take to get the initial cost back in a nominal sense?（在通常的意义上，收回原始投资需要多长时间？）l Computation（计算）u Estimate the cash flows（估算现金流量）u Subtract the future cash flows from the initial cost until the initial investment has been recovered（丛原始的成本中减去未来的现金流量，直到原始投资已经全部回收为止）l Decision Rule Accept if the payback period is less than some preset limit（决策法则：如果回收期少于预先设定的年数，就接受）l Assume we will accept the project if it pays back within two years.（如果前面所提到项目的回收期少于两年，就接受该项目）项目投资为165,000；第1年回收63,120；第2年回收70,800；第三年回收91,080u Year 1: 165,000 63,120 = 101,880 still to recoveru Year 2: 101,880 70,800 = 31,080 still to recoveru Year 3: 31,080 91,080 = -60,000 project pays back in year 3l Do we accept or reject the project?l Advantages（优点）l Easy to understand（容易理解）l Adjusts for uncertainty of later cash flows（考虑了后面的现金流量的不确定性）l Biased towards liquidity（偏好于流动性）l Disadvantages（缺点）l Ignores the time value of money（忽视了货币的时间价值）l Requires an arbitrary cutoff point（要求有一个武断的取舍点）l Ignores cash flows beyond the cutoff date（忽视了取舍点以后的现金流量）l Biased against long-term projects, such as research and development, and new projects（偏好于否定长期项目，例如研发项目、新项目）平均会计报酬率：l There are many different definitions for average accounting return，but the AAR is always defined as（平均会计报酬率有很多定义，但是，平均会计报酬率通常被定义为：）Some measure of average accounting profit/Some measure of average accounting valuel The one used in the book is: （本书采用的是：）u Average net income / average book value（平均净利润/平均账面价值）u Note that the average book value depends on how the asset is depreciated.（注意：平均账面价值依赖于折旧是如何计算的）l Need to have a target cutoff rate（需要一个目标的取舍比率）l Decision Rule: Accept the project if the AAR is greater than a preset rate.（决策法则：如果平均会计报酬率大于预设的回报率，就接受该项目）l Assume we require an average accounting return of 25%（假设我们需要25%的平均会计报酬率）l Average Net Income: （平均净利润）u (13,620 + 3,300 + 29,100) / 3 = 15,340l AAR = 15,340 / 72,000 = .213 = 21.3%l Do we accept or reject the project?我们是接受还是拒绝该项目l Advantages（优点）u Easy to calculate（容易计算）u Needed information will usually be available（所需的信息通常是可以得到的）l Disadvantages（缺点）u Not a true rate of return; time value of money is ignored（不是真实的回报率，忽视了货币的时间价值）u Uses an arbitrary benchmark cutoff rate（采用武断的基准取舍点）u Based on accounting net income and book values, not cash flows and market values（基于会计的净利润和账面价值，不是现金流量和市场价值）内部收益率：l Definition: IRR is the return that makes the NPV = 0（定义：内部收益率是使净现值等于零时的报酬率）l Decision Rule: Accept the project if the IRR is greater than the required return（决策法则：接受内部报酬率大于要求回报率的项目）l If you do not have a financial calculator, then this becomes a trial and error process（如果没有财务计算器，计算内部收益率是一个试错的过程）l Calculatorl Enter the cash flows as you did with NPVl Press IRR and then CPTl IRR = 16.13% 12% required returnl Do we accept or reject the project?（我们是接受还是拒绝该项目）l Knowing a return is intuitively appealing（计算结果得到回报率在直观上很有用）l It is a simple way to communicate the value of a project to someone who doesnt know all the estimation details（在是同那些不知道所有估算细节的人进行项目价值的沟通时提供了简易的指标）l If the IRR is high enough, you may not need to estimate a required return, which is often a difficult task（如果内部收益率足够高，就可能不需要对要求回报率进行估算，估算要求的回报率是一个困难的任务）NPV Vs. IRR：净现值法与内部收益率法：l NPV and IRR will generally give us the same decision（净现值法和内部收益率法通常会得出相同的答案）l Exceptions（例外情况）u Non-conventional cash flows cash flow signs change more than once（非常规现金流量现金流量的符号变化超过1次）u Mutually exclusive projects（互斥投资项目） Initial investments are substantially different（初始的投资额有足够大的差异） Timing of cash flows is substantially different（现金流量时期也有足够大的差异）Conflicts Between NPV and IRR净现值法和内部报酬率法之间的冲突：l NPV directly measures the increase in value to the firm（净现值法直接衡量为企业创造的价值）l Whenever there is a conflict between NPV and another decision rule, you should always use NPV（无论何时，如果净现值法与其他决策评估法则冲突，应该永远选择净现值法）l IRR is unreliable in the following situations（内部报酬率法在下列情况下不可靠）u Non-conventional cash flows（非常规现金流量）u Mutually exclusive projects（互斥投资项目）Summary of Decision Rules：决策法则的小结：l The NPV is positive at a required return of 15%, so you should Accept（在要求回报率为15%的情况下，净现值为正数，你应该接受该项目）l If you use the financial calculator, you would get an IRR of 10.11% which would tell you to Reject（你使用财务计算器时，得到内部收益率为10.11%，它会告诉你应该拒绝该项目）l You need to recognize that there are non-conventional cash flows and look at the NPV profile（你需要记住非常规现金流并集中关注净现值）Profitability Index：获利能力指数：l PI，The present value of an investments future cash flows divided by its initial cost（获利能力指数，未来现金流量的现值除以初始的投资）l Measures the benefit per unit cost, based on the time value of money（它衡量了每一单位成本的利润，是建立在货币的时间价值之上的）l A profitability index of 1.1 implies that for every $1 of investment, we create an additional $0.10 in value （获利能力指数为1.1，就意味着每一美元的投资能够创造0.1美元的价值）l This measure can be very useful in situations where we have limited capital（当我们只有有限的资本时，这种衡量是有价值的）l Advantages（优点）l Closely related to NPV, generally leading to identical decisions（同净现值联系紧密，通常会得到相同的结果）l Easy to understand and communicate（容易计算和沟通）l May be useful when available investment funds are limited（当可用的投资资金是有限时，可能会有作用）l Disadvantagesl May lead to incorrect decisions in comparisons of mutually exclusive investments（在互斥投资方案进行比较时可能导致错误的决策）2)NPV规则的实际应用（具体知识见课本150页例8.1NPV规则的应用知识点）If the NPV is positive, accept the projectA positive NPV means that the project is expected to add value to the firm and will therefore increase the wealth of the owners.（正的净现值意味着项目预期将给企业增加价值，因而增加了所有者的财富）Since our goal is to increase owner wealth, NPV is a direct measure of how well this project will meet our goal.（因为我们的目标是增加所有者的财富，净现值直接衡量了一个项目在多大程度上达到了我们的目标要求）10&11、风险收益的衡量、定量关系；何为证券市场线（SML）、资本资产定价模型？ The numerical or theoretical relationship of rate of return and risk (CAPM and its formula);风险收益的衡量、定量关系（具体知识见课本192页10.1知识点）1)Dollar Returns美元收益l Total dollar return = income from investment + capital gain (loss) due to change in price（现金总收入=投资利润+由于价格变化而带来资本收益（损失）l Example:u You bought a bond for $950 1 year ago. You have received two coupons of $30 each. You can sell the bond for $975 today. What is your total dollar return? Income = 30 + 30 = 60 Capital gain = 975 950 = 25 Total dollar return = 60 + 25 = $85Percentage Returns百分比收益率l It is generally more intuitive to think in terms of percentages than dollar returns（百分比收益率比绝对额收益通常对于投资收益反映得更直观）l Dividend yield = income / beginning price（股利收益率=现金收入/初始价格）l Capital gains yield = (ending price beginning price) / beginning price（资本利得收益率=（期末价格期初价格）/期初价格）l Total percentage return = dividend yield + capital gains yield（总的百分比收益率=股利收益率+资本利得收益率）2)何为证券市场线（SML）（具体知识见课本228页11.7知识点）The security market line (SML) is the representation of market equilibrium（证券市场线是市场均衡的反映）The slope of the SML is the reward-to-risk ratio（证券市场线的斜率就是收益率风险比率）: (E(RM) Rf) / bMBut since the beta for the market is ALWAYS equal to one, the slope can be rewritten as ： （由于市场的贝塔系数永远等于1，所以该斜率可以重写为）Slope = E(RM) Rf = market risk premium3)何为资本资产定价模型（具体知识见课本232页表11.9）The capital asset pricing model (CAPM) defines the relationship between risk and return（资本资产定价模型定义了风险与收益率之间的关系）E(RA) = Rf + bA(E(RM) Rf)If we know an assets systematic risk, we can use the CAPM to determine its expected return（如果我们知道一个资产的系统风险水平，我们就可以用CAPM模型来计算它的预期收益率）This is true whether we are talking about financial assets or physical assets（不管我们讨论的是金融资产还是实物资产，这都是成立的。）12、加权平均资金成本的含义、计算及主要用途； The meaning of Weighted Average Cost of Capital (WACC), its calculation, and its applications in Financial Management1) 加权平均资金成本的含义加权平均资金成本是企业为了保持股票价值必须获得的现有的总体收益率.2)加权平均资金成本的计算（具体知识见课本245页的12.1知识点）Equity Informationu 50 million sharesu $80 per shareu Beta = 1.15u Market risk premium = 9%u Risk-free rate = 5%Debt Informationu $1 billion in outstanding debt (face value)u Current quote = 110u Coupon rate = 9%, semiannual couponsu 15 years to maturityTax rate = 40%l What is the cost of equity?u RE = 5 + 1.15(9) = 15.35%l What is the cost of debt?u N = 30; PV = -1100; PMT = 45; FV = 1000; CPT I/Y = 3.9268u RD = 3.927(2) = 7.854%l What is the after-tax cost of debt?u RD(1-TC) = 7.854(1-.4) = 4.712%l What are the capital structure weights?u E = 50 million (80) = 4 billionu D = 1 billion (1.10) = 1.1 billionu V = 4 + 1.1 = 5.1 billionu wE = E/V = 4 / 5.1 = .7843u wD = D/V = 1.1 / 5.1 = .2157l What is the WACC?u WACC = .7843(15.35%) + .2157(4.712%) = 13.06%3)加权平均资金成本的主要用途（具体知识见课本244页的12.4知识点）加权平均资金成本的主要用途是以企业总体资产的要求收益率,对风险水平和企业总体风险相似的现金流,它是合适的折现率,从而能对投资项目进行评估.13、负债或财务杠杆的盈利放大作用（258261页）、最优资本结构的权衡分析（图）(266268页)； The leverage effects of debt and the optimal capital structure analysis (Curve or figure analysis at page 405)14&15、资本市场中的上市公司决策/公告/行为的信息传递效应对股价影响的统计结论。（280288页）Understand the information contents of stock repurchase, stock split, reverse split, IPO and SEO and its applications to reality 16&17：经营周期、现金周期的含义、联系及应用分析；短期财务决策的主要类型以及营运资本管理的最优决策原理；浮帐的含义与简单计算； The meaning of Operating cycle and cash cycle, their connection or relationship, corresponding calculations, and application analysis; Main categories of short-term financial policies, and the general principles for making working capital management decisions经营周期、现金周期的含义：l 经营周期：The time it takes to receive inventory, sell it and collect on the receivables generated from the sale（从收到存货、销售直到回收销售产生的应收帐款的时间）l 现金周期：The time between payment for inventory and receipt from the sale of inventory（从支付原材料存货的货款起到收回产品存货的销售应收帐款为止的时间）经营周期、现金周期联系及应用分析：Cash cycle = operating cycle accounts payable period（现金周期=经营周期应付帐款周转期）（315318页）短期财务决策的主要类型：（318323页）公司所采用的短期财务政策至少体现在以下两个方面:The size of the firms investment in current assets.（企业的流动资产投资规模: 弹性/限制性短期财务政策）The financing of current assets.（流动资产的融资支持结构）营运资本管理的最优决策原理：（318323页）Choosing the Best Policy最优融资政策的选择1）Best policy will be a combination of flexible and restrictive policies（最优融资政策将会是弹性融资政策和限制性融资政策的组合）2）Things to consider（需要考虑的因素）Cash reserves（现金储备）Maturity hedging（期限匹配）Relative interest rates（相对利率）3）Compromise policy borrow short-term to meet peak needs, maintain a cash reserve for emergencies（折衷的融资政策）浮帐的含义与简单计算：（334336页）浮帐的含义：Float difference between cash balance recorded in the cash account and the cash balance recorded at the bank（浮账企业现金帐户余额及其在银行的现金帐户余额的差异）浮帐简单计算：1）Disbursement float（付款浮账）Generated when a firm writes checks（当企业开出支票时产生）Available balance at bank book balance 0（企业在银行的可用余额账面余额0）2）Collection float（收款浮账）Checks received increase book balance before the bank credits the account（收到支票时, 企业账面余额上升, 而在银行其后才贷记其债权）Available balance at bank book balance 0（可用的银行余额-账面余额0）Net float = disbursement float + collection float（净浮账=付款浮账-收款浮账）18、国际财务管理中的专业术语（365页）及汇率风险、政治风险的简要含义、类型及规避方法。（364366页） Key terminology in international financial management; Main types of exchange rate risks and relevant hedging operations or techniques; Political risk and its control1） 国际财务管理中的专业术语l American Depository Receipt (ADR)（美国存托凭证）u A security issued in the United States that represents shares of foreign stocks, allowing that stock to be traded in the United States. （在美国发行的一种代表外国公司股份的证券，该证券允许在美国证券市场进行交易）l Cross-rate（交叉汇率/套算汇率）u The implicit exchange rate between two currencies (usually non U.S.) when both are quoted in some third currency, usually the U.S. dollar.（根据以第三种货币通常为美元所标示的两种货币（通常为非美元）的基础汇率所套算出来的两者直接报价）l Eurobond（欧洲债券）l Eurocurrency (Eurodollars)（欧洲货币，最典型的是欧洲美元）l Foreign bonds（外国债券）l Gilts（金边债券）l London Interbank Offer Rate (LIBOR)（伦敦银行同业拆借利率）l Swaps（掉期/互换）2） 汇率风险含义Risk from day-to-day fluctuations in exchange rates and the fact that companies have contracts to buy and sell goods in the short-run at fixed prices（汇率每天发生波动而企业依据合同在短期内以固定价格购买和销售货物而产生的风险）3） 政治风险含义Changes in value due to political actions in the foreign country（由于外国政府的政治行为而导致企业价值的下降）4） 汇率风险的类型及规避方法交易风险Managing risk（短期汇率风险的管理）u Enter into a forward agreement to guarantee the exchange rate（使用远期汇率合约锁定汇率）u Use foreign currency optio