2021年整理公司理财公式总结

1、Assets = Liabilities + Stockholders EquityAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets 一 Current LiabilitiesRevenues - Expenses = IncomeSales or Revenues(-) Cost of goods sold(=) Gross profi毛禾U (? ) Administrative/marketing costs 行 政 管理/营销本钱 Depreciation 折旧(=) Operating Profi

2、t 营业利润卜 )Interests, Taxes(=)Net income 争 4 攵益(-) Dividends to preferred stocks(=) Ear ning available to comm on shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash FloW营运现金流 it - Net Capital Spending 净资本支 出-Changes in NW

3、C净营运资本的变化OCF (I/S 营运现金流二 EBIT息税前利润 + depreciation - taxes = $547NCS 净资本支出 (B/S and l/S) = ending net fixed assets - beg inning net fixed assets + deprecia廿 on =$130Changes in NWC (B/S) = en di ng NWC一 begi nning NWC = $330CFFA = 547 -130 - 330 = $87CF to Creditors (B/S and l/S) = interest paid一 net

4、new borrowing = $24CF to Stockholders (B/S and l/S) = divide nds paic一 net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流动比率二 CA/CL 2,256/ 1,995 = 1.13 timesQuick Ratio 速动比率二 (CA - Inventory) / CL (2,256 - 301) / 1,995 = .98 timesCash Ratio现金比率二 Cash / CL 696 / 1,995 = .35 timesNWC to To

5、tal Assets = NWC / TA (2,256 - 1,995) / 5,394 = .05Interval Measure 区间测量 =CA / average daily operating costs 2,256 / (2,006 + 1,740)/365)=219.8 daysTotal Debt Ratio 资产负债率 =(TA-TE)/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 权益乘数二 T

6、A/TE = 1 + D/E1 + 1.11 = 2.11Long-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 二 EBIT息税前利润 Earnings Before Interest and Tax /Interest 1,138 / 7 = 162.57 timesCash Coverage现金涵盖比率二(EBIT + Depreciation) / Interest(1,138 + 116)/7 = 179.14 timesInventory

7、Turnover 存货周转 二 Cost of Goods Sold / Inventory2,006 / 301 = 6.66 timesDays Sales in Inven tory 销售库存的天数二 365 / I nve ntory Turnover365 / 6.66 = 55 daysReceivables Turnover 应收帐款周转率二 Sales / Accou nts Receivable 5,000 / 956 = 5.23 timesDays Sales in Receivables = 365 / Receivables Turnover 365 / 5.23 =

8、 70 daysTotal Asset Turnover = 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 / NWC 5,000 / (2,256一 1,995) = 19.16 timesFixed Asset Turnover = Sales / NFA 5,000 / 3 38 = 1.59 timesProfit Margin 利润率 =Net

9、Income / Sales 689 / 5,000 = 13.78%Return on Assets 资产收益率 (ROA) = Net Income / Total Assets 689 / 5,394 = 12.77%Return on Equity 股木回报率 (ROE) = Net Income / 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87.65 / 3.61 = 24.28timesMarket-to-book ratio 巾价与账面值比

10、率 八market value per share / book value per share 每股市 价/ 每股账而价值87.65 / (2,556 / 190.9) = 6.55 timesROE = PM * TAT * EMFuture ValuesFV = PV(1 + r)t PV = FV/(l + 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

11、 / rAnnuities 年金： PV = C 丄 i-PV = r _ g t(l + r)Growing Annuity 増常年金永久 PV =APR 年度本钱百分率 EAR Effective Ann ual RateEAR =APR-1此处均为年利率，有时候给了年利率要换成月.季利率、m1Bo nd Value = C 天利率！ ！自己体会！FV(1 + r)1Bond Value = PV of coupo ns 息票 + PV of par 票面价值Bond Value = PV of ann uity 年金 + PV of lump sum 总金额Current Y ield

12、现价息率二 annual coup on / priceYield to maturity = current yield + capital gains yield 资本利得收益率 (1 + R) = (1 + r)(l + h), whereR = nomin al rater = real rateh = expected in flatio n raterequire d returnD (l +Approximation 近似法 R = r + hg-+ g = 5k + g where D1/P0 is the divide nd yield 股息率 and g Pois the

13、capital gains yield 资本利得收益率average acco un ti ng retur n AAR = Average Net In come/Average Book Valuethe cost of equity丿心=Y +观pptl4的9RE = Rf + 卩丄 E(RJ 一 RJRisk-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，pBetawE = E/V = perce nt finan eed with equitywD = D/V = perce nt finan eed with debtE = market value of equity = # of outsta