公司理财复习

1、公司理财复习融资营运资本管理投资财务管理决策 在长期，采取什么样的投资 需要什么样的建筑物、机器和设备资本预算 如何融资，股权融资还是债务融资 股权和债务各自的比重是多少资本结构 应持有多少现金和存货 如何获得短期筹资，是否应赊销营运资本管理 未来现金流量的价值确定 (4,5) 股票与债券定价 (6,7) 资本预算 (8,9) 风险与报酬(10) 长期融资成本(11)货币的时间价值： 一美元在今天的价值大于在未来某时点的价值 终值 现值 复利4-6Basic Definitions Interest rate (r)Discount rateCost of capitalOpportunity

2、 cost of capitalRequired returnTerminology depends on usage4-7Future Values: General Formula FV = PV(1 + r)tFV = future valuePV = present valuer = period interest rate, expressed as a decimalt = number of periods Future value interest factor = (1 + r)tNote: “yx” key on your calculator4-8The Basic PV

3、 Equation - RefresherPV = FV / (1 + r)tThere are four parts to this equation PV, FV, r and t Know any three, solve for the fourth Be sure and remember the sign convention+CF = Cash INFLOW -CF = Cash OUTFLOW 4-9Discount Rate To find the implied interest rate, rearrange the basic PV equation and solve

4、 for r:FV = PV(1 + r)tr = (FV / PV)1/t 1 If using formulas with a calculator, make use of both the yx and the 1/x keys5-11Chapter 5 Future and Present Values of Multiple Cash Flows Valuing Level Cash Flows: Annuities and Perpetuities EAR & APR5-12Future Value: Multiple Uneven Cash Flows Example 5.2

5、Formulas & Time Line5-13Annuities and Perpetuities Annuity finite series of equal payments that occur at regular intervals If the first payment occurs at the end of the period, it is called an ordinary annuity If the first payment occurs at the beginning of the period, it is called an annuity due Pe

6、rpetuity infinite series of equal payments.5-14Annuities and Perpetuities Basic Formulas Perpetuity: PV = PMT / r Annuities: r1)r1(PMTFVr)r1(11PMTPVtt5-155-16Interest Rates Effective Annual Rate (EAR) The interest rate expressed as if it were compounded once per year. Used to compare two alternative

7、 investments with different compounding periods Annual Percentage Rate (APR) “Nominal” The annual rate quoted by law APR = periodic rate X number of periods per year Periodic rate = APR / periods per year5-17EAR Formula1 mmAPR 1 EARAPR = the quoted ratem = number of compounds per year5-18EAR and APR

8、 in TI BA II+2nd + ICONV 3 fields in worksheet: NOM (Nominal rate-APR) # EFF (Effective annual rate)# C/Y (Compounding periods/yr)# Enter any 2 values, move to the 3rd and press %6-19Chapter 6 Bonds and Bond Valuation Discount bond & Premium bond Inflation and Interest Rates Determinants of Bond Yie

9、lds6-20Bond Definitions Bond Debt contract Interest-only loan Par value (face value) $1,000 Coupon rate Coupon payment Maturity date Yield to maturity6-21Key Features of a Bond Par value: Face amountRe-paid at maturity Assume $1,000 for corporate bonds Coupon interest rate: Stated interest rate Usua

10、lly = YTM at issueMultiply by par value to get coupon payment6-22Key Features of a Bond Maturity: Years until bond must be repaid Yield to maturity (YTM): The market required rate of return for bonds of similar risk and maturity The discount rate used to value a bond Return if bond held to maturity

11、Usually = coupon rate at issue Quoted as an APR6-23The Bond-Pricing EquationttYTM)(1FYTMYTM)(111-C ValueBond PV(Annuity)PV(lump sum)C = Coupon payment; F = Face value6-24Table 6.1折价债券（discount bond) 以低于面值的价格出售的债券溢价债券(Premium Bond) 债券以高于面值的价格出售6-27MPremium1,000Discount3025 20 15 10 5 0 CRYTMCR S/T In

12、verted = downward-sloping L/T S/T6-31Figure 6.5 A Upward-Sloping Yield Curve6-32Factors Affecting Required Return Default risk premium bond ratings Taxability premium municipal versus taxable Liquidity premium bonds that have more frequent trading will generally have lower required returns Maturity

13、premium longer term bonds will tend to have higher required returns.Anything else that affects the risk of the cash flows to the bondholders will affect the required returnsReturn to Quiz7-33Chapter 7 Common Stock Valuation Some Features of Common and Preferred Stocks7-34Table 7.1必要报酬率R的构成 股利收益率(div

14、idend yield) = D1/P0 = 预期收益率/当前股价 资本利得收益率(capital gains yield),也称投资价值增长率：gCh8 Net Present Value(NPV) The Payback Rule The Average Accounting Return The Internal Rate of Return(IRR) The Profitability Index8-37Net Present Value Sum of the PVs of all cash flowsInitial cost often is CF0 and is an outflo

15、w.NPV = nt = 0CFt(1 + R)tNPV = nt = 1CFt(1 + R)t- CF0 NOTE: t=08-38Sample Project Data You are looking at a new project and have estimated the following cash flows, net income and book value data:Year 0:CF = -165,000Year 1:CF = 63,120 Year 2:CF = 70,800 Year 3:CF = 91,080 Your required return for as

16、sets of this risk is 12%.8-39Payback Period How long does it take to recover the initial cost of a project? Computation Estimate the cash flows Subtract the future cash flows from the initial cost until initial investment is recovered A “break-even” type measure Decision Rule Accept if the payback p

17、eriod is less than some preset limit8-40Average Accounting Return Many different definitions for average accounting return (AAR) In this book: Note: Average book value depends on how the asset is depreciated. Requires a target cutoff rate Decision Rule: Accept the project if the AAR is greater than

18、target rate.Value Book AverageIncomeNet AverageAAR 8-41IRR Definition and Decision Rule Definition: IRR = discount rate that makes the NPV = 0 Decision Rule: Accept the project if the IRR is greater than the required return8-42NPV vs. IRRNPV)R1(CFn0ttt IRR: Enter NPV = 0, solve for IRR.NPV: Enter r,

19、 solve for NPV0)IRR1(CFn0ttt 8-43Profitability Index For conventional CF Projects: PV(Cash Inflows)Absolute Value of Initial Investment0n1tttCF) r1(CFPI Ch9 Relevant cash flows OCF (tax shield approach)9-45Relevant Cash Flows Include only cash flows that will only occur if the project is accepted In

20、cremental cash flows The stand-alone principle allows us to analyze each project in isolation from the firm simply by focusing on incremental cash flows9-46Relevant Cash Flows:Incremental Cash Flow for a ProjectCorporate cash flow with the project Minus Corporate cash flow without the project9-47Rel

21、evant Cash Flows “Sunk” Costs N Opportunity Costs . Y Side Effects/Erosion. Y Net Working Capital. Y Financing Costs. N Tax Effects . Y 资本性决策的一般步骤 第一步：编制预计利润表 第二步：估计OCF 第三步：估计NWC变动 第四步：估计资本性支出 第五步：计算项目每年总现金流量 第六步：计算NPV或IRR并决策9-49The Tax Shield Approach to OCF OCF = (Sales costs)(1 T) + Deprec*T Part

22、icularly useful when the major incremental cash flows are the purchase of equipment and the associated depreciation tax shield i.e., choosing between two different machines11-50Chapter 10Expected Returns and Variances Risk: Systematic and Unsystematic Diversification and Portfolio Risk Systematic Ri

23、sk and Beta The Security Market Line11-51Expected Returns Expected returns are based on the probabilities of possible outcomes n1iiiRp)R(EWhere:pi = the probability of state “i” occurringRi = the expected return on an asset in state iReturn to Quick Quiz11-52Variance and Standard Deviation Variance

24、and standard deviation measure the volatility of returns Variance = Weighted average of squared deviations Standard Deviation = Square root of variance n1i2ii)R(ER(p2Return to Quick Quiz11-53SML and Equilibrium11-54Reward-to-Risk Ratio Reward-to-Risk Ratio: = Slope of line on graph In equilibrium, ratio should be the same for all assets When E(R) is plotted against for all assets, the result should be a straight lineifiRRE )(11-55The SML and Required Return The Secu