华南农业大学公司理财财务管理复习重点白金版市公开课一等奖省赛课微课金奖课件

C1.IntroductiontoCorporateFinance

C2.FinancialStatementsandCashFlow

C3.FinancialStatementsAnalysisAndlong-termplanning

C4.DiscountsCashFlowValuation

C5.InterestRatesandBondValuation

C6.StockValuation

C7.NetPresentValueandOtherInvestmentRules

C10.RiskandReturnLessons(启示,教训)FromMarketHistory

C11.ReturnandRisk:TheCapitalAssetPricingModel

C12.Risk,CostOfCapital,AndCapitalBudgeting

C14.CapitalStructure:LimitstotheUseOfDebt

C15.Dividends

RevisionandExamination第1页FormsofBusinessOrganizationTheSoleProprietorship（独资企业）ThePartnership（合作制）GeneralPartnership（普通合作制）LimitedPartnership（有限合作制）TheCorporation（企业制）第2页1.3TheGoalofFinancialManagementWhatisthecorrectgoal?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizeshareholderwealth?第3页2.4NetWorkingCapital净营运资本NetWorkingCapital≡

CurrentAssets–CurrentLiabilitiesThechangeinNWCisusuallypositioninagrowingfirm.第4页3.3TheDuPontIdentityROE=NI/TEMultiplyby1andthenrearrange:ROE=(NI/TE)(TA/TA)ROE=(NI/TA)(TA/TE)=ROA*EMMultiplyby1againandthenrearrange:ROE=(NI/TA)(TA/TE)(Sales/Sales)ROE=(NI/Sales)(Sales/TA)(TA/TE)ROE=PM*TAT*EMPM:profitmarginTAT:TotalassetsturnoverEM:equitymultiplier第5页3.3财务综合分析:杜邦分析体系

推导过程：教材P74第6页=15.7%×0.64×1.39第7页资产酬劳率销售净利润资产周转率企业A：18%9%2企业B18%2%9数字启示？WhatcanyoudoifyouwereCFOorCEO?第8页第9页第10页FutureValueInterestFactor（复利终值系数）4.2TheMultiperiodCase第11页4.2TheMultiperiodCaseThegeneralformulaforthefuturevalueofaninvestmentovermanyperiodscanbewrittenas:FV=C0×(1+r)TWhere C0iscashflowatdate0,ristheappropriateinterestrate,andTisthenumberofperiodsoverwhichthecashisinvested.第12页ThealgebraicformulatePV=C1/(1+r)PV=C2/(1+r)2第13页4.4SimplificationsPerpetuity永续年金AconstantstreamofcashflowsthatlastsforeverGrowingperpetuity永续增终年金AstreamofcashflowsthatgrowsataconstantrateforeverAnnuity年金AstreamofconstantcashflowsthatlastsforafixednumberofperiodsGrowingannuity增终年金Astreamofcashflowsthatgrowsataconstantrateforafixednumberofperiods第14页PerpetuityAconstantstreamofcashflowsthatlastsforever0…1C2C3C第15页GrowingPerpetuityAgrowingstreamofcashflowsthatlastsforever0…1C2C×(1+g)3C×(1+g)2第16页Annuity（重点掌握）Aconstantstreamofcashflowswithafixedmaturity01C2C3CTC第17页5.1BondsandBondValuationAbondisalegallybindingagreementbetweenaborrowerandalenderthatspecifies(详尽说明)the:Par(face)value（面值、票面价值）Couponrate（票面利率）Coupon(Couponpayment)（票息）MaturityDate（到期日）第18页SupposetheXanthCo.weretoissueabondwith10yearstomaturity.TheXanthbondhasanannualcouponof$80.similarbondshaveayieldtomaturityof8percent.Whatwouldthisbondsellfor?CouponFacevalue

PVAnnuityPVTotalbondvalue第19页SupposetheXanthbondhas10yearstomaturity.Iftheinterestrateinthemarkethasrisento10percent,whatwillthebondbeworth?PV=1000/1.1010=1000/2.5937=$385.55AnnuityPV=80×PVIFA=80×6.1446=$491.57TotalPV=385.55+491.57=$877.12＜1000Discountbond折价债券:thebondsellsforlessthanthefacevaluePremiumbond溢价债券:thebondsellsformorethanthefacevalue第20页6.1ThePVofCommonStocksAnasset’svalueisthepresentvalueofitsfuturecashflows.Astockprovidestwokindsofcashflows:DividendsCapitalGains资本利得第21页Case1:ZeroGrowth零增加AssumethatdividendswillremainatthesamelevelforeverSincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:由：得：第22页Case2:ConstantGrowth固定增加Sincefuturecashflowsgrowataconstantrateforever,thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity:Assumethatdividendswillgrowataconstantrateg,asfollows:

DGM:dividendgrowthmodel第23页UsingtheDGMtoFindRStartwiththeDGM:RearrangeandsolveforR:R=股利收益率+资本利得收益率？第24页P5=D6/(R-g)=2.2125/(.15-.10)=44.25P0=5+44.25/1.155=27R=15%第25页TheNetPresentValue(NPV)Rule

EstimatingNPV:1.Estimatefuturecashflows:howmuch?andwhen?2.Estimatediscountrate3.Estimateinitialcosts第26页7.2ThePaybackPeriodMethodPaybackPeriod=numberofyearstorecoverinitialcostsAcceptanceCriteria:Setbymanagement第27页7.5TheInternalRateofReturnMethod第28页Supposeyoupurchased100sharesofstockatthebeginningoftheyearatapriceof$37pershare.C0=3700IfD=1.85Attheendoftheyearthemarketpriceofthestockis$40.33pershare.Capitalgain=(40.33-37)*100=333TotalDollarReturns=4218-3700=518PercentageReturns=1.85/37+(40.33-37)/37=5%+9%=14%第29页11.2ExpectedReturn,Variance,andCovariance

协方差Considerthefollowingtworiskyassetworld.Thereisa1/3chanceofeachstateoftheeconomy,andtheonlyassetsareastockfundandabondfund.probability第30页ReturnsTotalReturn=expectedreturn+unexpectedreturnUnexpectedreturn=systematicportion+unsystematicportionTherefore,totalreturncanbeexpressedasfollows:TotalReturn=expectedreturn正常收益+systematicportion+unsystematicportion不确定性收益、意外收益第31页11.10RiskandReturn(CAPM)ExpectedReturnontheMarket:Expectedreturnonanindividualsecurity:MarketRiskPremiumThisappliestoindividualsecuritiesheldwithinwell-diversifiedportfolios.第32页ExampleSupposethestockofStansfieldEnterprises,apublisherofPowerPointpresentations,hasabetaof2.5.Thefirmis100percentequityfinanced.Assumearisk-freerateof5percentandamarketriskpremiumof10percent.Whatistheappropriatediscountrateforanexpansionofthisfirm?第33页TheCostofCapitalwithDebtTheWeightedAverageCostofCapital:S:企业权益RS:权益成本(率)B:企业负债RB:负债成本(率)RWACC:加权平均成本第34页第35页第36页Summary:NoTaxesInaworldofnotaxes,thevalueofth