公司理财公式总结

1、 Equity Assets = Liabilities + Stockholders Assets = (Current + Fixed) Assets Net Work ing Capital= Current Assets Curre nt Liabilities Revenues - Expenses = Income Sales or Revenues(-) Cost of goods sold(=) Gross profit 毛利 (-) Administrative/marketing costs 行 政管理 / 营销成本 , Depreciation 折旧 (=) Operat

2、ing Profit 营业利润 (-) Interests, Taxes (=) Net income 净收益 (-) Dividends to preferred stocks(=) Earning available to common shareholders Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders Cash Flow From Assets = Operating Cash Flow 营运现金流量 Net Capital Spending 净资本支 出-Cha n

3、ges in NWC净营运资本的变化 OCF (l/S营运现金流=EBIT 息税前利润 + depreciation taxes = $547 NCS 净资本支出 ( B/S and I/S) = ending net fixed assets beginning net fixed assets + depreciation = $130 Changes in NWC (B/S) = ending NWCbeginning NWC = $330 CFFA = 547130 330 = $87 CF to Creditors (B/S and I/S) = interest paid net

4、new borrowing = $24 CF to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63 CFFA = 24 + 63 = $87 Current Ratio 流动比率 = CA / CL 2,256 / 1,995 = 1、13 times Quick Ratio 速动比率 = (CAInventory) / CL (2,256 301) / 1,995 = 、98 times Cash Ratio 现金比率 = Cash / CL 696 / 1,995 = 、 35 times NW

5、C to Total Assets = NWC / TA (2,256 1,995) / 5,394 = 、05 Interval Measure 区间测量 = CA / average daily operating costs 2,256 / (2,006 + 1,740)/ 365) = 219、8 days Total Debt Ratio 资产负债率 = (TATE) / TA (5,394 2,556) / 5,394 = 52、61% Debt/Equity 资本负债率 = TD / TE (5,394 2,556) / 2,556 = 1、11 times Equity Mul

6、tiplier 权益乘数 = TA / TE = 1 + D/E 1 + 1、11 = 2、11 Long-term debt ratio 长期债务率 = LTD / (LTD + TE) 843 / (843 + 2,556) = 24、 80% Times Interest Earned 利息保障倍數 =EBIT息税前利润Earnings Before Interest and Tax / Interest1,138 / 7 = 162 、57 times Cash Coverage 现金涵盖比率=(EBIT + Depreciatio n) / I nterest (1,138 + 11

7、6) / 7 = 179 、14 times Inventory Turnover 存货周转 = Cost of Goods Sold / Inventory 2,006 / 301 = 6、66 times Days Sales in Inven tor销售库存的天数 =365 / Inven tory Turnover 365 / 6 、 66 = 55 days Receivables Turnover 应收帐款周转率 = Sales / Accounts Receivable 5,000 / 956 = 5 、23 times Days Sales in Receiveasbl= 36

8、5 / Receivables Turnover 365 / 5、23 = 70 days Total Asset Turno ver = Sales / Total Assets 5,000 / 5,394 =、93 It is not unusual for TAT 1, especially if a firm has a large amount of fixed assets NWC Turnover = Sales / NWC 5,000 / (2,256 -1,995) = 19、16 times Fixed Asset Turnover = Sales / NFA 5,000

9、/ 3,138 = 1、59 times Profit Margin 利润率=Net In come / Sales 689 / 5,000 = 13、78% Retur n on Assets 资产收益率(ROA) = Net In come / Total Assets 689 / 5,394 = 12、77% Retur n on Equity 股本回报率 (ROE) = Net In come / Total Equity 689 / 2,556 = 26、96% PE Ratio市盈率=Price per share 每股价格 / Earnings per share 每股收益87、

10、65 / 3、61 = 24、 28 times Market-to-book ratio 市价与账面值比率 =market value per share / book value per share 每股市 价/每股账面价值87、65 / (2,556 / 190、9) = 6、55 times ROE = PM * TAT * EM Future Values PV = FV / (1 + r)t FV = PV(1 + r)t FV = future value PV = prese nt value r = period interest rate, expressed as a d

11、ecimal(用小数表示 ) t = nu mber of periods Perpetuity 永续年金:PV = C / r 11t Annuities 年金: PV C(1 r) r FV c(1r)t r 1 Growi ng Annuity 增长年金 PV C 1 (1 t g) r g (1 r) 永久 PV EAR 1 m APR m 1此处均为年利率，有时候给了年利率要换成月、季利率、 APR年度成本百分率 EAR Effective Annual Rate 天利率！ ！ ！ 自己体会！ ！ ！ ！ Bo nd Value 1 - C 1 (1 A r FV (1 r) Bon

12、d Value = PV of coupons 息票 + PV of par 票面价值 Bond Value = PV of annuity 年金 + PV of lump sum 总金额 Curre nt Yield 现价息率=ann ual coup on / price Yield to maturity = curre nt yield + capital gains yield 资本利得收益率 (1 + R) = (1 + r)(1 + h), where R = nominal rate r = real rate h = expected in flati on rate App

13、roximation 近似法 R = r + h PD0(i g) 0R- g D R- g required return R D/1g)D g)gwhere D1/P0 is the divide nd yield 股息率 and g is the capital gains yield 资本利得收益率 average acco unting retur nAAR = Average Net In come/Average Book Value Re the cost of equity Red1g 见 ppt14 的 9 RERfE(E(RM)Rf ) Risk-free rate, Rf Market risk premium 市场风险溢价,E(RM) - Rf Systematic risk of asset 系统性风险的资产 , Beta wE = E/V = percent financed with equity wD = D/V = percent financed with debt E = market value of equity = # of out