corporate-finance-formula-公司金融公式

CorporateFinanceformulaNumberTimeValueofMoneyFormulaFor:AnnualCompoundingCompounded(m)TimesperYearContinuousCompounding1FutureValueofaLumpSum.(FVIFi,n))+1(VP=VFni⎟⎠⎞⎜⎝⎛minm+1PV=FV)PV(=FVin2PresentValueofaLumpSum.(PVIFi,n))+1(FV=PV-ni⎟⎠⎞⎜⎝⎛minm+1FV=PV-)FV(=PV-in3FutureValueofanOrdinaryAnnuity(FVIFAi,n)⎥⎦⎤⎢⎣⎡1-)+1(=FVAiiPMTn()⎥⎦⎤⎢⎣⎡−+=mimiPMTnm/1)/(1FVA4FutureValueAnnuityDueFVAnnuityDue=FVA*(1+i)FVAnnuityDue=FVA*(1+ieffective)5PresentValueofanOrdinaryAnnuity.(PVIFAi,n)⎥⎦⎤⎢⎣⎡iiPMTn)+1(-1=PVA-()⎥⎦⎤⎢⎣⎡mimiPMTnm/)/(+1-1=PVA-6PresentValueAnnuityDuePVAnnuityDue=PVA*(1+i)PVAnnuityDue=PVA*(1+ieffective)7PresentValueofaPerpetuity.iPMT=perpetuityPV]1)1[(PV/1perpetuity−+=miPMT8ContinuousgrowingperpetuityPV=PMT/(i-g)9EffectiveAnnualRategiventheAPR.APR=EAR1-+1=EAR⎟⎠⎞⎜⎝⎛mim1-=EARi10BondpricePV=PV(coupons)+PV(facevalue)11Rateofreturn12Currentyield13Realandnominalrateofreturn14Expectedreturn15DividendYield16ConstantGrowthDividendDiscountModel17DividendDiscountedModel18Equivalentannualcost(EAC)19EstimatingExpectedRatesofReturnwithConstantGrowthDividend20Growthrateg=ROEXplowbackratio21ReturnonEquity22PresentValueofGrowthOpportunity23P/EratioP/E=P0/EPS24NPVPV–(requiredinvestment)25NPV(A+B)NPV(A+B)=NPV(A)+NPV(B)26Percentagereturn27Varianceσ228Standarddeviationσ29GeneralCostofcapital30CostofcapitalwithonlyDebtandEquity31After-taxCostofCapital:WACC32Covarianceofasset1andasset233Twoassetsportfoliovariance34Nassetsportfoliovariance35Betaforoneasseti:βi36Generalportfolioβ37PortfolioβwithonlyDebtandEquity38CAPMmodelr=rf+β(rm–rf)wherermisthemarketreturnandrfistheriskfreerate39Riskpremium(r-rf)r-rf=β(rm–rf)wherermisthemarketreturnandrfistheriskfreerate40Expectedreturnonpreferredstock41ArbitragePricingTheoryReturn=α+b1(rfactor1)+b2(rfactor2)+b3(rfactor3)+…+noise42Fama-Frenchthree-factormodelr-rf=bmarket(rmarketfactor)+bsize(rsizefactor)+bbook-to-market(rbook-to-marketfactor)i=thenominalorAnnualPercentageRaten=thenumberofperiodsm=thenumberofcompoundingperiodsperyearEAR=theEffectiveAnnualRateln=thenaturallogarithm,thelogarithmtothebaseee=thebaseofthenaturallogarithm≈2.71828PMT=theperiodicpaymentorcashflowPerpetuity=aninfiniteannuityg=continuousgrowthrateDIV=dividendEPS=earnspershareP0=currentpriceNPV=netpresentvalueR=return=meanofxRmmarketportfolioreturnRfriskfreereturnρ12correlationbetweenasset1and2