1、公司金融复习第二章：财务报表、税收和现金表The balance sheet(资产负债表)Assets= Liabilities + shareholders equity Assets: current assets; fixed assetsCurrent assets: cash; accounts receivable; inventoryLiabilities: current liabilities; long-term debt Current Liabilities: Accounts payable; Notes payable Owners equity: common s
2、tock and paid-in surplus; retained earningsThe income statement(损益表 )Revenues expenses = incomeEBIT= net sales cost of goods sold depreciationTaxable income = EBIT interest paidNet income = taxable income taxes=dividends + addition to retained earningsEarnings per share = net income/ total shares ou
3、tstandingDividends per share = total dividends/ total shares outstandingAverage versus Marginal Tax Rates(平均税率和边际税率)Average tax rate=total taxes paid/ total taxable incomeMarginal tax rate: the amount of tax payable on the next dollar earnedCash flow(现金流量)NWC=current assets-current liabilitiesCash f
4、low from assets = cash flow to creditors + cash flow to stockholdersCash flow from assets = operating cash flow-net investment in fixed assets-change in NWCoperating cash flow=EBIT +depreciation-taxesnet investment in fixed asset=ending net fixed assets-beginning net fixed assets + depreciationchang
5、e in NWC=ending NWC beginning NWCcash flow to creditors=interesting paid net new borrowingcash flow to stockholders=dividends paid net new equity raised第三章：与财务报表相关的工作Standardized financial statements(标准化的财务报表) Common-Size Balance sheets(共同比报表) ：用百分比代替具体金额的报表Common-Size Income sheets(共同比损益表)：同上Ratio
6、analysis (比率分析)短期偿债能力比率Current ratio = current assets / current liabilities（流动比率）Quick ratio = (current assets - inventory)/current liabilities(速动比率)Cash ratio = cash/current liabilities长期偿债能力比率Total debt ratio = (total assets total equity)/total assetsDebt-equity ratio=total debt/total equityEquity
7、 multiplier = total assets/ total equityTimes interest earned=EBIT/interestCash coverage ratio= (EBIT+ depreciation)/interest资产管理比率或周转率Inventory turnover=cost of good sold/inventoryDays sales in inventory=365 days/inventory turnoverReceivables turnover=sales/accounts receivableDays sales in receivab
8、le =365 day/ receivable turnoverTotal asset turnover = sales/total assetsCapital intensity=total assets/sales获利能力比率Profit margin = net income/salesReturn on assets (ROA)= net income/total assetsReturn on equity(ROE)= net income/total equityROE=(net income/sales)*(sales/assets)*(assets/equity)(杜邦等式 )
9、市场价值比率EPS=net income/shares outstandingPrice-earnings ratio=price per share/earnings per sharePrice-sales ratio=price per share/sales per shareMarket-to-book ratio = market value per share/book value per sharebook value per share=book value of equity/shares内部增长率和可持续增长率Dividend payout ratio=cash divi
10、dends/net income（股利支付率）Retention ratio=addition to retained earnings/net income=1- Dividend payout ratio (盈利留存率 b)Internal growth rate=(ROA*b)/(1-ROA*b) (内部增长率)Sustainable growth rate=(ROE*b)/(1-ROE*b) (可持续增 长率)ROE=profit margin * total assets turnover * equity multiplier第四章：货币的时间价值Future value fact
11、or=(1+r)tPresent value factor=1/(1+r)tBasic present value equation: pv=fv/(1+r)tenterN 1/Y PMT PV FV3 15 1000Solve for -657.50So we need invest 657.50 today答题格式第五章：折现现金流的价值评估多重现金流的终值和现值根据贴现率计算即可fv=c*(1+r)t-1)/rpv=c*(1-(1/(1+r)t)/r年金（区别普通年金和预付年金付款时间）永续年金 pv=c/rEAR(有效年利率)=(1+quoted rate（名义利率）/m) m-1EA
12、R(有效年利率)=(1+APR（贷款的年百分率）/12) 12-1贷款类型：Pure discount loans(纯贴现贷款)Interest-only loans(仅付息贷款)Amortized loans (分期摊销贷款)第六章：利率与债券价值用好 这个公式即可=1 (1+) + (1+)名义收益率与实际收益率（费雪效应）1+R=(1+r)(1+h) R：名义收益率 r：实际收益率 h：通货膨胀率第七章：股票市场与股票定价Pt=Dt+1/(R-g) g 为股利增长 率 R 为要求收益率0=1 D(1+) + (1+)考试有关事项1 零息债券必出题2 债券面值若未指出默认 10003 未给出付息频次则默认年付息4 计算结果统一保留两位小数5 P198 T23 会考类似个人建议选做习题第二章 4 5 6 8 9 11 14 15 19 20 22 第三章 1 2 3 4 5 6 7 13 16 17 22 23 25 27 30 34 36 38 42 44第四章 1 4 7 18 26（熟练掌握财务计算器用法即可）第五章 1 2（各做一问即可）10 13 19 20 22 23 30 31 35 44 46 48 55 58 第六章 3 4 5 9 11 15 16 18 20 21 22 23 25 26 28 31 32
