《财务管理》课件

财务管理基础教案刘德英1.EssentialsofCorporateFinanceRoss Westerfield JordanThirdEditionChapter1公司理财入门IntroductiontoFinancialManagement主要概念和技能

KeyConceptsandSkills知道财务管理决策的基本类型和财务经理的作用Knowthebasictypesoffinancialmanagementdecisionsandtheroleofthefinancialmanager知道财务管理的目标Knowthegoaloffinancialmanagement知道不同企业组织形式财务含义Knowthefinancialimplicationsofthedifferentformsofbusinessorganization理解所有者和经营者间利益冲突Understandtheconflictsofinterestthatcanarisebetweenownersandmanagers本章主要内容

ChapterOutline公司理财：快速浏览Finance:AQuickLook公司理财与财务经理BusinessFinanceandTheFinancialManager公司组织形式FormsofBusinessOrganization财务管理的目标TheGoalofFinancialManagement代理问题和公司控制TheAgencyProblemandControloftheCorporation金融市场和公司FinancialMarketsandtheCorporation财务管理基本领域

BasicAreasOfFinance公司理财Corporatefinance投资Investments金融机构Financialinstitutions国际财务管理Internationalfinance投资

Investments与金融资产打交道，如股票和债券Workwithfinancialassetssuchasstocksandbonds金融资产价值，风险与收益及资产配置Valueoffinancialassets,riskversusreturnandassetallocation工作机会Jobopportunities证券经纪人或财务顾问Stockbrokerorfinancialadvisor基金经理Portfoliomanager证券分析师Securityanalyst金融机构

FinancialInstitutions专门处理金融事务的公司Companiesthatspecializeinfinancialmatters银行Banks–commercialandinvestment,creditunions,savingsandloans保险公司Insurancecompanies经纪公司Brokeragefirms工作机会Jobopportunities国际财务管理

InternationalFinanceThisisanareaofspecializationamongalloftheareasdiscussedsofarItmayallowyoutoworkinothercountriesoratleasttravelonaregularbasisNeedtobefamiliarwithexchangeratesandpoliticalriskNeedtounderstandthecustomsofothercountriesandspeakingaforeignlanguagefluentlyisalsohelpfulWhyStudyFinance?市场营销MarketingBudgets,marketingresearch,marketingfinancialproducts会计AccountingDualaccountingandfinancefunction,preparationoffinancialstatements管理ManagementStrategicthinking,jobperformanceandprofitability人事PersonalfinanceBudgeting,retirementplanning,collegeplanning,day-to-daycashflowissues公司理财

BusinessFinance财务中必须回答的一些重要问题Someimportantquestionsthatareansweredusingfinance公司要从事什么样的长期投资？Whatlong-terminvestmentsshouldthefirmtakeon?投资所需资金从哪里得到？Wherewillwegetthelong-termfinancingtopayfortheinvestment?如何进行公司日常财务活动管理？Howwillwemanagetheeverydayfinancialactivitiesofthefirm?

财务主管FinancialManager财务主管应该努力解决如下这些问题：Financialmanagerstrytoanswersomeorallofthesequestions公司里财务经理的最高职位通常称为财务总监（CFO）ThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)财务长—现金管理/信用管理/资本支出和财务预测Treasurer–overseescashmanagement,creditmanagement,capitalexpendituresandfinancialplanning会计长—税/成本会计/财务会计/数据处理Controller–overseestaxes,costaccounting,financialaccountinganddataprocessing－财务管理决策

FinancialManagementDecisions资本预算CapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?资本结构CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?营运资本管理WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?FormsofBusinessOrganization有三种主要的组织形式Threemajorformsintheunitedstates独资Soleproprietorship合伙Partnership一般合伙General有限合伙Limited公司CorporationS公司S-Corp有限责任公司Limitedliabilitycompany

独资企业SoleProprietorship优点Advantages容易成立Easiesttostart法规限制小Leastregulated业主拥有利润Singleownerkeepsalltheprofits按个人所得税纳税Taxedonceaspersonalincome

缺点Disadvantages受业主生命长短限制Limitedtolifeofowner权益资本受制于业主的个人财富Equitycapitallimitedtoowner’spersonalwealth无限责任Unlimitedliability所有者权益转让困难Difficulttosellownershipinterest合伙企业Partnership优点Advantages两个及以上所有者Twoormoreowners可以获得更多资本Morecapitalavailable相对容易成立Relativelyeasytostart按个人所得税纳税Incometaxedonceaspersonalincome缺点Disadvantages无限责任Unlimitedliability一般合伙Generalpartnership有限合伙Limitedpartnership一个合伙人死亡合伙即解散

Partnershipdissolveswhenonepartnerdiesorwishestosell所有者权益转让困难

Difficulttotransferownership公司Corporation优点Advantages有限责任Limitedliability无限生命Unlimitedlife所有权和经营权的分离Separationofownershipandmanagement股权容易转让Transferofownershipiseasy容易筹集资本Easiertoraisecapital缺点Disadvantages所有权与经营权分离Separationofownershipandmanagement双重课税（按公司所得税税率征税和股利按个人所得税税率征税）Doubletaxation(incometaxedatthecorporaterateandthendividendstaxedatpersonalrate)财务经理目标

GoalOfFinancialManagement公司目标应该是什么？Whatshouldbethegoalofacorporation?利润最大化？Maximizeprofit?成本最小化？Minimizecosts?市场份额最大？Maximizemarketshare?公司当前股票价值最大化？Maximizethecurrentvalueofthecompany’sstock?这是否意味着我们应该做些什么以使股东财富最大化？Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?代理问题TheAgencyProblem代理关系Agencyrelationship委托人雇佣代理人代表其利益Principalhiresanagenttorepresenttheirinterest股东（委托人）雇佣管理者（代理人）经营公司Stockholders(principals)hiremanagers(agents)torunthecompany代理问题Agencyproblem委托人与代理人间利益冲突Conflictofinterestbetweenprincipalandagent管理目标和代理成本Managementgoalsandagencycosts对管理者的管理

ManagingManagers管理性薪酬Managerialcompensation激励可用来使管理者与股东利益保持一致Incentivescanbeusedtoalignmanagementandstockholderinterests为了达到目标，需要认真设计激励条件Theincentivesneedtobestructuredcarefullytomakesurethattheyachievetheirgoal公司控制Corporatecontrol兼并收购威胁可以促进管理者好好经营Thethreatofatakeovermayresultinbettermanagement其他利益相关者Otherstakeholders金融市场FinancialMarkets流向公司的现金流量Cashflowstothefirm一级市场和二级市场Primaryvs.secondarymarkets交易商市场和拍卖市场Dealervs.auctionmarkets交易所和柜台证券Listedvs.overthecountersecuritiesNYSENASDAQQuickQuizWhatarethefourbasicareasoffinance?Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?Whatarethethreemajorformsofbusinessorganization?Whatisthegoaloffinancialmanagement?Whatareagencyproblemsandwhydotheyexistwithinacorporation?公司理财的四个基本领域是什么？三种类型财务管理决策是什么，需要回答哪三个问题？公司三种主要的组织形式是什么？公司财务经理的目标是什么？什么是代理问题，为什么会存在于公司？一级市场和二级市场有什么区别？Chapter02财务报表、税和现金流量GettingStarted!财务之旅Enjoyyourself!24.主要概念和技能了解账面价值与市场价值的区别Knowthedifferencebetweenbookvalueandmarketvalue了解会计利润与现金流量的区别Knowthedifferencebetweenaccountingincomeandcashflow了解平均税率与边际税率Knowthedifferencebetweenaverageandmarginaltaxrates了解如何通过其财务报表确定公司的现金流量Knowhowtodetermineafirm’scashflowfromitsfinancialstatements25.本章大纲资产负债表TheBalanceSheet利润表TheIncomeStatement税Taxes现金流量CashFlow26.资产负债表资产负债表是一张公司某一特定时间点资产和负债状况“快照”的报表Thebalancesheetisasnapshotofthefirm’sassetsandliabilitiesatagivenpointintime资产按流动性大小顺序列示Assetsarelistedinorderofliquidity※容易转化为现金Easeofconversiontocash※没有太大的价值损失Withoutsignificantlossofvalue资产负债表的恒等式BalanceSheetIdentity

资产＝负债+股东权益Assets=Liabilities+Stockholders’Equity27.公司资产负债表模型流动资产固定资产1有形资产2无形资产资产总值股东权益流动负债长期负债负债和所有者权益:28.流动资产流动负债公司应投资什么行业？资本预算决策(投资决策)公司资产负债表模型固定资产1有形资产2无形资产长期负债股东权益29.公司如何为所需要的投资融资？

资本结构决策(融资决策)流动资产固定资产1有形资产2无形资产股东权益流动负债长期负债公司资产负债表模型30.公司需要多少短期现金流量付账?净营运资本投资决策(融资决策净营运资本股东权益流动负债长期负债流动资产固定资产1有形资产2无形资产公司资产负债表模型31.净营运资本与流动性净营运资本※流动资产－流动负债※未来12个月收到的现金超过要付出的现

金时为正值※健康的公司这个值为正值流动性※在没有明显损失的情况下能迅速转化为现金的可能性※流动性好的公司陷入财务危机的可能性小※但流动资产赚取的收益低※在流动性资产和非流动性资产寻求平衡32.美国公司2004年和2005年资产负债表

单位：百万美元2004200520042005资产负债和所有者权益流动资产流动负债现金$104$160应付账款$232$266应收账款455688应付票据

196123存货553555流动负债合计428389流动资产合计$1112$1403固定资产净值1644$1709长期负债$406$454所有者权益股本600640留存收益19202269所有者权益合计$1920$2269资产合计$2756$3112负债和所有者权益合计$2756$311233.资产期末数年初数负债和所有者权益期末数年初数流动资产：流动负债：货币资金短期借款交易性金融资产应付票据应收票据应付账款应收账款预收款项其他应收款应付职工薪酬存货应交税费流动资产合计流动负债合计非流动资产：非流动负债：可供出售金融资产长期借款持有至到期投资应付债券长期股权投资长期应付款长期应收款预计负债投资性房地产非流动负债合计固定资产负债合计在建工程所有者权益：无形资产实收资本（股本）开发支出资本公积商誉盈余公积长期待摊费用未分配利润

非流动资产合计所有者权益合计资产总计负债和所有者权益总计34.负债和权益DebtversusEquity债权人对公司现金流量具有要求权；股东对具有剩余要求权

Creditorshavefirstclaimonafirm’scashflow;equityholdershavearesidualclaim.财务杠杆是公司资本结构中对负债的利用Financialleverageistheuseofdebtinafirm’scapitalstructure.财务杠杆可增加股东报酬，但会使公司陷入财务危机和经营失败的可能性增大Financialleverageincreasesthepotentialrewardtoshareholders,butalsoincreasesthepotentialforfinancialdistressandbusinessfailure.35.市场价值与账面价值

Marketvs.BookValue资产负债表提供了资产、负债和权益的账面价值Thebalancesheetprovidesthebookvalueoftheassets,liabilitiesandequity.市场价值是资产、负债和权益实际可能购买或销售的价格Marketvalueisthepriceatwhichtheassets,liabilitiesorequitycanactuallybeboughtorsold.市场价值和账面价值通常会相差很大，为什么？Marketvalueandbookvalueareoftenverydifferent.Why?哪个对决策过程更重要？36.克林宫公司资产负债表账面价值与市场价值账面市价账面市价资产负债和股东权益净营运资本$400$600长期负债$500$500固定资产净值7001000股东权益6001100$1100$1600$1100$160037.利润表利润表（损益表）如同一部“录象机”，总括地反映企业在一定期间内损益的实现情况！Theincomestatementismorelikeavideoofthefirm’soperationsforaspecifiedperiodoftime.通常先报告这段时间的收入，然后再减去同期的费用Yougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiod配比原则－会计准则要求列示应计的收入及与之配比的费用Matchingprinciple–GAAPsaytoshowrevenuewhenitaccruesandmatchtheexpensesrequiredtogeneratetherevenue38.美国公司利润表美国公司2005年

单位：百万美元销售收入净额$1509销售成本750折旧

65息税前利润694利息费用

70税前利润624所得税

212净利润

412股利$103转入留存收益30939.WorktheWebExamplePubliclytradedcompaniesmustfileregularreportswiththeSecuritiesandExchangeCommissionThesereportsareusuallyfiledelectronicallyandcanbesearchedattheSECpublicsitecalledEDGARClickonthewebsurfer,pickacompanyandseewhatyoucanfind!40.所得税Taxes税一直都在变Theonethingwecanrelyonwithtaxesisthattheyarealwayschanging边际税率与平均税率Marginalvs.averagetaxrates※边际税率－每增加一元钱需要支付的税率Marginal–thepercentagepaidonthenextdollarearned※平均税率－支付的税/应纳税所得额Average–thetaxbill/taxableincome其他税Othertaxes41.例：边际税率与平均税率假设你的公司应纳税所得额为$400万Supposeyourfirmearns$4millionintaxableincome.▲公司应纳税额是多少？Whatisthefirm’staxliability?

▲平均税率是多少？Whatistheaveragetaxrate?

▲边际税率是多少？Whatisthemarginaltaxrate?如果你正在考虑一个能使公司应税收入增加$100万的项目，你在进行分析时应使用什么税率？42.现金流量概念现金流量是财务经理从财务报表中得到到最重要的信息Cashflowisoneofthemostimportantpiecesofinformationthatafinancialmanagercanderivefromfinancialstatements现金流量表并没有提供给我们所要的现金流量信息Thestatementofcashflowsdoesnotprovideuswiththesameinformationthatwearelookingathere我们想要的现金流量：利用资产产生的现金流量及如何用资产产生的现金流量去偿还购买这些资产所筹资金Wewilllookathowcashisgeneratedfromutilizingassetsandhowitispaidtothosethatfinancethepurchaseoftheassets43.源自资产的现金流量

CashFlowFromAssets源自资产的现金流量（CFFA)＝支付给债权人的现金流量+支付给股东的现金流量源自资产的现金流量＝经营现金流量（OCF）－净资本性支出（NCS）－净经营资本变化额（△NWC）CashFlowFromAssets(CFFA)=CashFlowtoCreditors+CashFlowtoStockholdersCashFlowFromAssets=OperatingCashFlow–NetCapitalSpending–ChangesinNWC44.例：美国公司－第一部分OCF（I/S)=EBIT+折旧－所得税＝$547NCS（B/S和I/S)=期末固定资产净值－期初固定资产净值+折旧＝$130△NWC(B/S)＝期末NWC－期初NWC＝$330CFFA=547-130-330=$8745.美国公司－第二部分流向给债权人的现金流量＝支付利息－新借款净值＝$24流向股东的现金流量＝支付的股利－新权益融资的净值＝$63CFFA＝24+63＝$8746.现金流量总结：表2.5

1、现金流量等式源自资产的现金流量（CFFA)＝支付给债权人的现金流量+支付给股东的现金流量2、源自资产的现金流量源自资产的现金流量＝经营现金流量（OCF）－净资本性支出（NCS）－净经营资本变化额（△NWC）这里：OCF（I/S)=EBIT+折旧－所得税NCS（B/S和I/S)=期末固定资产净值－期初固定资产净值+折旧＝$130△NWC(B/S)＝期末NWC－期初NWC＝$3303、流向债权人的现金流量（债券持有人）支付给债权人的现金流量＝支付利息－新借款净值4、流向股东的现金流量（所有者）支付给股东的现金流量＝支付的股利－新权益融资的净值47.财务状况(单位：百万)资产20032004流动资产现金Cash应收账款Accountsreceivable存货Inventory合计Total固定资产Fixedassets厂场设备Netplantandequipment资产合计TOTALASSETS$45260320$625985$1610$50310385$7451100$1845负债和权益Liabilitiesandequity20032004流动负债Currentliabilities应付账款Accountspayable应信票据Notespayable合计Total长期负债Long-termdebt股东权益Shareholders’equity普通股Ordinaryshares留存收益Retainedearnings合计Total负债和所有者权益合计$210110$320$205290795$1085$1610$260175$435$225290895$1185$184548.营业收入净额Netsales $710.00营业成本Costofgoodssold 480.00折旧Depreciation 30.00DEBIT $200.00利息Interest 20.00应税收益Taxableincome 180.00所得税Tax 53.45净利润Netprofit $126.55股利Dividends 26.55留存收益增加Additiontoretainedearnings $100.00财务状况(单位：百万)49.资产现金流量

CashFlowFromAssets经营现金流量Operatingcashflow: EBIT $200.00 +折旧Depreciation +30.00 –所得税Taxes –53.45 $176.55净营运资本变化Changeinnetworkingcapital:

期末净营运资本 $310.00 –期初净营运资本

305.00 $5.00资本净支出Netcapitalspending:

期末固定资产净值 $1,100.00 –期初固定资产净值 –985.00 +折旧Depreciation +30.00

$145.00源自资产的现金流量Cashflowfromassets: $26.5550.债权人现金流量和股东现金流量债权人现金流量Cashflowtodebtholders:Interestpaid $20.00–Netnewborrowing

–20.00 $0.00股东现金流量Cashflowtoshareholders:Dividendspaid $26.55–Netnewequityraised

0.00

$26.55流向股东和债权人的现金流量Cashflowtodebtholdersandshareholders $26.5551.例：现金流量表和利润表信息流动性项目2004：CA＝3625；CL＝17872003：CA＝3596；CL＝2140固定资产和折旧2004：NFA＝2194；2003NFA=2261折旧费用＝500长期负债和权益2004：LTD＝538；普通股＝4622003：LTD＝538；普通股＝462利润表EBIT＝1014；所得税＝368；利息费用＝93；股利＝28552.53.快速测试账面价值与市场价值的区别是什么？我们在作决策时使用哪个？会计收益与现金流量有什么区别？在作决策时使用哪个？平均税率和边际税率有什么区别？在进行财务决策时我们使用哪个？怎样确定公司现金流量？恒等式是什么？我们从哪找到相关信息？54.Chapter3与财务报表相关的工作WorkingWithFinancialStatements55.KeyConceptsandSkills了解如何使报表标准化以进行比较了解如何计算和解释重要的财务比率Knowhowtocomputeandinterpretimportantfinancialratios了解公司盈利性和成长性的决定因素Knowthedeterminantsofafirm’sprofitabilityandgrowth理解财务报表分析存在的问题和陷阱Understandtheproblemsandpitfallsinfinancialstatementanalysis56.ChapterOutline标准财务报表StandardizedFinancialStatements比率分析RatioAnalysis杜邦方程TheDuPontIdentity内部和可持续增长InternalandSustainableGrowth使用财务报表信息UsingFinancialStatementInformation57.标准化财务报表

StandardizedFinancialStatements共同比资产负债表Common-SizeBalanceSheets计算所有项目占资产合计的百分比Computeallaccountsasapercentoftotalassets共同比利润表Common-SizeIncomeStatements计算所有项目占营业收入的百分比Computealllineitemsasapercentofsales标准化报表使得财务信息的比较更容易，特别是在公司成长过程Standardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows标准化报表对不同规模的公司比较更有用处，特别是同行业不同规模的公司Theyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry58.比率分析

RatioAnalysis比率分析用于不同时期或不同公司进行比较更好RatiosalsoallowforbettercomparisonthroughtimeorbetweencompaniesAswelookateachratio,askyourselfwhattheratioistryingtomeasureandwhyisthatinformationimportant比率分析即用公司内部分析也用于外部分析Ratiosareusedbothinternallyandexternally59.比率类别

CategoriesofFinancialRatios短期偿债或流动性比率Short-termsolvencyorliquidityratios长期偿债或财务杠杆比率Long-termsolvencyorfinancialleverageratios资产管理或周转比率Assetmanagementorturnoverratios获利能力比率Profitabilityratios市值比率Marketvalueratios60.资产负债表举例

SampleBalanceSheet现金Cash6,489应付账款A/P340,220应收账款A/R1,052,606应付票据N/P86,631存货Inventory295,255其他流动负债OtherCL1,098,602其他流动资产OtherCA199,375流动负债合计TotalCL1,525,453流动资产合计TotalCA1,553,725长期借款LTDebt871,851固定资产净值NetFA2,535,072普通股C/S1,691,493资产合计TotalAssets4,088,797负债和权益合计TotalLiab.&Equity4,088,797数字单位：千元Numbersinthousands61.利润表举例

SampleIncomeStatement营业收入Revenues3,991,997营业成本CostofGoodsSold1,738,125营业费用Expenses1,269,479折旧Depreciation308,355EBIT739,987利息费用InterestExpense42,013税前收益TaxableIncome697,974所得税Taxes272,210净利润NetIncome425,764EPS2.17每股股利Dividendspershare0.86Numbersinthousands,exceptEPS&DPS62.流动性比率计算

ComputingLiquidityRatios流动比率CurrentRatio=CA/CL1,553,725/1,525,453=1.02times速动比率QuickRatio=(CA–Inventory)/CL(1,553,725–295,225)/1,525,453=.825times现金比率CashRatio=Cash/CL6,489/1,525,453=.004times63.长期偿债能力指标

Long-termSolvencyMeasures总负债比率TotalDebtRatio=(TA–TE)/TA(4,088,797–1,691,493)/4,088,797=.5863timesor58.63%公司资产中几乎59%使用负债融资Thefirmfinancesalmost59%oftheirassetswithdebt.负债权益比Debt/Equity=TD/TE(4,088,797–1,691,493)/1,691,493=1.417times权益乘数EquityMultiplier=TA/TE=1+D/E1+1.417=2.41764.覆盖率计算

ComputingCoverageRatios利息保障倍数TimesInterestEarned=EBIT/Interest739,987/42,013=17.6times现金覆盖率CashCoverage=(EBIT+Depreciation)/Interest(739,987+308,355)/42,013=24.95times65.计算存货周转率

ComputingInventoryRatios存货周转率＝营业成本/存货InventoryTurnover=CostofGoodsSold/Inventory1,738,125/295,255=5.89times存货周转天数＝365/存货周转率Days’SalesinInventory=365/InventoryTurnover365/5.89=62days66.计算应收账款周转率

ComputingReceivablesRatios应收账款周转率＝营业收入/应收账款ReceivablesTurnover=Sales/AccountsReceivable3,991,997/1,052,606=3.79times应收账款周转天数＝365/应收账款周转率Days’SalesinReceivables=365/ReceivablesTurnover365/3.79=96days67.计算资产周转率

ComputingTotalAssetTurnover总资产周转率＝营业收入/资产合计TotalAssetTurnover=Sales/TotalAssets3,991,997/4,088,797=.98times衡量资产使用效率Measureofassetuseefficiency对于有大量固定资产的公司，TAT<1正常NotunusualforTAT<1,especiallyifafirmhasalargeamountoffixedassets68.获利能力指标计算

ComputingProfitabilityMeasures销售净利率＝净利润/营业收入

ProfitMargin=NetIncome/Sales425,764/3,991,997=.1067timesor10.67%资产报酬率（ROA)＝净利润/资产合计ReturnonAssets(ROA)=NetIncome/TotalAssets425,764/4,088,797=.1041timesor10.41%权益报酬率（ROE)＝净利润/权益合计ReturnonEquity(ROE)=NetIncome/TotalEquity425,764/1,691,493=.2517timesor25.17%69.市值指标计算

ComputingMarketValueMeasures市场价格MarketPrice=$61.625pershare流通在外股票股数Sharesoutstanding=205,838,594市盈率＝每股市价/每股利润PERatio=Pricepershare/Earningspershare61.625/2.17=28.4times市净率＝每股市价/每股账面价值

Market-to-bookratio=marketvaluepershare/bookvaluepershare61.625/(1,691,493,000/205,838,594)=7.5times70.杜邦方程的推导

DerivingtheDuPontIdentityROE=NI/TEMultiplyby1andthenrearrangeROE=(NI/TE)(TA/TA)ROE=(NI/TA)(TA/TE)=ROA*EMMultiplyby1againandthenrearrangeROE=(NI/TA)(TA/TE)(Sales/Sales)ROE=(NI/Sales)(Sales/TA)(TA/TE)ROE=PM*TAT*EM71.杜邦方程式的使用

UsingtheDuPontIdentityROE=PM*TAT*EM销售净利率衡量公司的经营效率－其成本控制水平Profitmarginisameasureofthefirm’soperatingefficiency–howwelldoesitcontrolcosts资产周转率衡量公司资产使用效率－其管理资产水平Totalassetturnoverisameasureofthefirm’sassetuseefficiency–howwelldoesitmanageitsassets权益乘数衡量公司财务杠杆水平Equitymultiplierisameasureofthefirm’sfinancialleverage72.股利支付比率和留存收益比率PayoutandRetentionRatios股利支付比率＝现金股利/净利润Dividendpayoutratio=Cashdividends/Netincome0.86/2.17=.3963or39.63%留存收益比率＝留存收益增加额/净利润Retentionratio=Additionstoretainedearnings/Netincome=1–payoutratio1.31/2.17=.6037=60.37%Or1-.3963=.6037=60.37%73.内部增长率TheInternalGrowthRate公司使用留存收益融资可增加多少资产Theinternalgrowthratetellsushowmuchthefirmcangrowassetsusingretainedearningsastheonlysourceoffinancing.74.可持续增长率

TheSustainableGrowthRate可持续增长率表示公司利用来自内部的资金及发行债券来维持固定的债务比率Thesustainablegrowthratetellsushowmuchthefirmcangrowbyusinginternallygeneratedfundsandissuingdebttomaintainaconstantdebtratio.75.成长的决定因素

DeterminantsofGrowth销售净利率-经营效率Profitmargin–operatingefficiency总资产周转率-资产利用效率Totalassetturnover–assetuseefficiency财务杠杆最优负债比率Financialleverage–choiceofoptimaldebtratio股利政策-多少利润留在公司，多少利润发给股东Dividendpolicy–choiceofhowmuchtopaytoshareholdersversusreinvestinginthefirm76.为什么要对财务报表进行评价

WhyEvaluateFinancialStatements?内部使用Internaluses业绩评价Performanceevaluation–compensationandcomparisonbetweendivisions预测未来Planningforthefuture–guideinestimatingfuturecashflows外部使用Externaluses债权人Creditors供应商Suppliers客户Customers股东Stockholders77.标杆Benchmarking仅仅比率本身没什么意义；只有进行对比才能说明问题Ratiosarenotveryhelpfulbythemselves;theyneedtobecomparedtosomething时间趋势分析Time-TrendAnalysisUsedtoseehowthefirm’sperformanceischangingthroughtimeInternalandexternaluses同类分析PeerGroupAnalysisComparetosimilarcompaniesorwithinindustriesSICandNAICScodes78.现实世界的例子

RealWorldExampleRatiosarefiguredusingfinancialdatafromthe1999AnnualReportforEthanAllenComparetheratiostotheindustryratiosinTable3.9inthebookEthanAllen’sfiscalyear会计年度endisJune30.Besuretonotehowtheratiosarecomputedinthetablesothatyoucancomputecomparablenumbers.EthanAllansales=$762MM79.不同利率水平下的现值

PresentValuesatDifferentInterestRates80.PresentValueof$1forDifferentPeriodsandRatesPresent

value

of$1($)Time

(years)r=0%r=5%r=10%r=15%r=20%123456

789101.00.90.80.70.60.50.40.30.20.1081.贴现率的的求解

SolvingfortheDiscountRate你目前有$100，可以投资21年，如果21年到期后你想得到$500，你必须投资多高的利率才能达到目标？在现值或终值方程式中，给定三个值即可求第四个值。Youcurrentlyhave$100availableforinvestmentfora21-yearperiod.Atwhatinterestratemustyouinvestthisamountinorderforittobeworth$500atmaturity?Givenanythreefactorsinthepresentvalueorfuturevalueequation,thefourthfactorcanbesolved.rcanbesolvedinoneofthreeways:UseafinancialcalculatorTakethenthrootofbothsidesoftheequationUsethefuturevaluetablestofindacorrespondingvalue.Inthisexample,youneedtofindtherforwhichtheFVIFafter21yearsis5(500/100).82.TheRuleof72The‘Ruleof72’isahandyruleofthumbthatstates:Ifyouearnrpercentperyear,yourmoneywilldoubleinabout72/rpercentyears.Forexample,ifyouinvestat6percent,yourmoneywilldoubleinabout12years.Thisruleisonlyanapproximaterule.83.多笔现金流量的终值

FutureValueofMultipleCashFlows你现在存入$1000,一年后存入$1500,二年后存入$2000,三年后存入$2500，年利率为10%。第三年末你的账户里有多少钱？Youdeposit$1000now,$1500inoneyear,$2000intwoyearsand$2500inthreeyearsinanaccountpaying10percentinterestperannum.Howmuchdoyouhaveintheaccountattheendofthethirdyear?

Youcansolvebyeither:compoundingtheaccumulatedbalanceforwardoneyearatatimecalculatingthefuturevalueofeachcashflowfirstandthentotallingthem.84.SolutionsSolution1Endofyear1: ($10001.10)+$1500= $2600Endofyear2: ($26001.10)+$2000= $4860Endofyear3: ($48601.10)+$2500= $846Solution2 $1000(1.10)3 = $1331 $1500(1.10)2 = $1815 $2000(1.10)1 = $2200 $25001.00 = $2500 Total = $784685.SolutionsFuturevaluecalculatedbycompoundingforwardoneperiodatatimeTime

(years)012345$0

0

$0$0

2000

$2000$2200

2000

$4200$4620

2000

$6620$7282

2000

$9282$10210.20

2000.00

$12210.20x1.1x1.1x1.1x1.1x1.1Time

(years)012345$2000$2000$2000$2000$2000.0

2200.0

2420.0

2662.0

2928.2

$12210.20x1.14x1.13x1.12x1.1TotalfuturevalueFuturevaluecalculatedbycompoundingeachcashflowseparatelyFigures5.6/5.7—CalculationofFVforMultipleCashFlowStream86.多笔现金流量的现值

PresentValueofMultipleCashFlows你一年后存入$1500,二年后存入$2000,三年后存入$2500，年利率为10%。这些现金流量的现值是多少？Youwilldeposit$1500inoneyear’stime,$2000intwoyearstimeand$2500inthreeyearstimeinanaccountpaying10percentinterestperannum.Whatisthepresentvalueofthesecashflows?Youcansolvebyeither:discountingbackoneyearatatimecalculatingthepresentvalueofeachcashflowfirstandthentotallingthem.87.SolutionsSolution1Endofyear2: ($25001.10–1)+$2000 = $4273Endofyear1: ($42731.10–1)+$1500 = $5385Presentvalue: ($53851.10–1) = $4895Solution2 $2500(1.10)–3 = $1878 $2000(1.10)–2 = $1653 $1500(1.10)–1 = $1364 Total = $489588.SolutionsPresentvaluecalculatedbydiscountingeachcashflowseparately012345$1000$1000$1000$1000$943.40

890.00

839.62

792.09

747.26

$4212.37x1/1.065TotalpresentvalueTime

(years)$1000r=6%x1/1.064x1/1.063x1/1.062x1/1.06012345$4212.37

0.00

$4212.37$3465.11

1000.00

$4465.11$2673.01

1000.00

$3673.01$1833.40

1000.00

$2833.40$943.40

1000.00

$1943.40$0.00

1000.00

$1000.00PresentvaluecalculatedbydiscountingbackoneperiodatatimeTime

(years)Totalpresentvalue=$4212.37r=6%Figures5.8/5.9—CalculationofPVforMultipleCashFlowStream89.年金

Annuities普通年金是指一定期间内发生在每期期末的一系列等额现金流量Anordinaryannuityisaseriesofequalcashflowsthatoccurattheendofeachperiodforsomefixednumberofperiods.如：消费贷款和住房贷款Examplesincludeconsumerloansandhomemortgages.永续年金是指现金流量永远持续的年金Aperpetuityisanannuityinwhichthecashflowscontinueforever.90.年金现值

PresentValueofanAnnuity

C

=等额现金流量

称为年金现金系数C=equalcashflowThediscountingtermiscalledthepresentvalueinterestfactorforannuities(PVIFA).RefertoTableA.3.91.Example1

你在未来5年每年末收到$500,目前的年利率为9%，这一系列现金流量的现值是多少？Youwillreceive$500attheendofeachofthenextfiveyears.Thecurrentinterestrateis9percentperannum.Whatisthepresentvalueofthisseriesofcashflows?

92.Example2

你贷款$7500购买汽车，未来五年每月等额还款，目前的年利率为12%，每月复利。每月还款额是多少？Youborrow$7500tobuyacarandagreetorepaytheloanbywayofequalmonthlyrepaymentsoverfiveyears.Thecurrentinterestrateis12