公司理财公式总结

1、Assets = Liabilities + StockholdersEquityAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets Current LiabilitiesRevenues - Expenses = IncomeSales or Revenues(-) Cost of goods sold(=) Gross profit 毛利 (-) Administrative/marketing costs行政管理 / 营销成本 , Depreciation 折旧 (=) Operating Profit

2、 营业利润 (-) Interests, Taxes(=) Net income 净收益 (-) Dividends to preferred stocks(=) Earning available to common shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash Flow 营运现金流量Net Capital Spending净资本支出 Changes in NWC净营运资本的变

3、化OCF (I/S)营运现金流 = EBIT息税前利润 + depreciation taxes = $547NCS 净资本支出 ( B/S andI/S) = ending net fixedassets beginningnet fixedassets +depreciation = $130Changes in NWC (B/S) = ending NWCbeginning NWC = $330CFFA = 547130 330 = $87CF to Creditors (B/S and I/S) = interest paid net new borrowing = $24CF to

4、Stockholders (B/S and I/S) = dividends paid net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流动比率 = CA / CL2,256 / 1,995 = 1.13 timesQuick Ratio速动比率 = (CA Inventory) / CL(2,256 301) / 1,995 = .98 timesCash Ratio 现金比率 = Cash / CL696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA(2,2561

5、,995) / 5,394 = .05Interval Measure 区间测量 = CA / average daily operating costs2,256 / (2,006 + 1,740)/365) =219.8 daysTotal 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 timesEquity Multiplier 权益乘数 = TA / TE = 1 + D/E1 + 1.11 = 2.11L

6、ong-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 BeforeInterest and Tax /Interest1,138 / 7 = 162.57 timesCash Coverage现金涵盖比率 = (EBIT + Depreciation) / Interest(1,138 + 116) / 7 = 179.14 timesInventory Turnover 存货周转= Cost of G

7、oods Sold / Inventory2,006 / 301 = 6.66 times销售库存的天数= 365 / Inventory TurnoverDays Sales in Inventory365 / 6.66 = 55 daysReceivables Turnover 应收帐款周转率 = Sales / Accounts Receivable 5,000 / 956 = 5.23 times Days Sales in Receivables = 365 / Receivables Turnover365 / 5.23 = 70 daysTotal Asset Turnover

8、= Sales / Total Assets5,000 / 5,394 = .93It is not unusual for TAT < 1, especially if a firm has a large amount of fixed assetsNWC Turnover = Sales / NWC5,000 / (2,256 1,995) = 19.16 timesFixed Asset Turnover = Sales / NFA5,000 / 3,138 = 1.59 timesProfit Margin 利润率 = Net Income / Sales689 / 5,000

9、 = 13.78%Return on Assets 资产收益率 (ROA) = Net Income / Total Assets689 / 5,394 = 12.77%Return on Equity 股本回报率(ROE) = Net Income / Total Equity689 / 2,556 = 26.96%PE Ratio 市盈率 = Price per share 每股价格 / Earnings per share每股收益87.65 / 3.61 = 24.28timesMarket-to-book ratio市价与账面值比率=market value per share / b

10、ook value per share每股市价/ 每股账面价值87.65 / (2,556 / 190.9) = 6.55 timesROE=PM*TAT*EMFuture ValuesFV = PV(1 + r)tPV = FV / (1 + r)tFV = future valuePV = present valuer = period interest rate, expressed as a decimal （用小数表示）t = number of periodsPerpetuity 永续年金 : PV = C / r11r )tAnnuities 年金 : PVC( 1FVCr(1r

11、 )t1rGrowing Annuity 增长年金tPVC( 1g )g1r )r( 1C永久 PVgrAPR年度成本百分率EAR Effective Annual RatemAPREAR11此处均为年利率， 有时候给了年利率要换成月、季利率、m天利率！自己体会！11 -FVBond ValueC(1 r) tr(1 r) tBond 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Current Yield 现价息率 = annual coupon / pri

12、ceYield to maturity = current yield + capital gains yield资本利得收益率(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected inflation rateApproximation 近似法 R = r + hD0(1g)D1P0gR -gR -required return RD0( 1g)gD1gwhere D1/P0 is the dividend yield股息率 and gPP00is the capital gains yield 资本利

13、得收益率average accounting returnAAR = Average Net Income/Average Book ValueRE the cost of equityD1REg 见 ppt14 的 9P0RERfE( E( RM )Rf )Risk-free rate, RfMarket risk premium市场风险溢价 , E(RM) RfSystematic risk of asset 系统性风险的资产,BetawE = E/V = percent financed with equitywD = D/V = percent financed with debtE = market value of equity = # of outstand