公司理财公式总结

Assets=Liabilities+Stockholders’EquityAssets=(Current+Fixed)AssetsNetWorkingCapital=CurrentAssets–CurrentLiabilitiesRevenues-Expenses=IncomeSalesorRevenues(-)Costofgoodssold(=)Grossprofit毛利(-)Administrative/marketingcosts行政管理/营销成本,Depreciation折旧(=)OperatingProfit营业利润(-)Interests,Taxes(=)Netincome净收益(-)Dividendstopreferredstocks(=)EarningavailabletocommonshareholdersCashFlowFromAssets(CFFA)=CashFlowtoCreditors+CashFlowtoStockholdersCashFlowFromAssets=OperatingCashFlow营运现金流量–NetCapitalSpending净资本支出–ChangesinNWC净营运资本的变化OCF(I/S)营运现金流=EBIT息税前利润+depreciation–taxes=$547NCS净资本支出(B/SandI/S)=endingnetfixedassets–beginningnetfixedassets+depreciation=$130ChangesinNWC(B/S)=endingNWC–beginningNWC=$330CFFA=547–130–330=$87CFtoCreditors(B/SandI/S)=interestpaid–netnewborrowing=$24CFtoStockholders(B/SandI/S)=dividendspaid–netnewequityraised=$63CFFA=24+63=$87CurrentRatio流动比率=CA/CL2,256/1,995=1.13timesQuickRatio速动比率=(CA–Inventory)/CL(2,256–301)/1,995=.98timesCashRatio现金比率=Cash/CL696/1,995=.35timesNWCtoTotalAssets=NWC/TA(2,256–1,995)/5,394=.05IntervalMeasure区间测量=CA/averagedailyoperatingcosts2,256/((2,006+1,740)/365)=219.8daysTotalDebtRatio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=1.11timesEquityMultiplier权益乘数=TA/TE=1+D/E1+1.11=2.11Long-termdebtratio长期债务率=LTD/(LTD+TE)843/(843+2,556)=24.80%TimesInterestEarned利息保障倍數=EBIT息税前利润EarningsBeforeInterestandTax/Interest1,138/7=162.57timesCashCoverage现金涵盖比率=(EBIT+Depreciation)/Interest(1,138+116)/7=179.14timesInventoryTurnover存货周转=CostofGoodsSold/Inventory2,006/301=6.66timesDays’SalesinInventory销售库存的天数=365/InventoryTurnover365/6.66=55daysReceivablesTurnover应收帐款周转率=Sales/AccountsReceivable5,000/956=5.23timesDays’SalesinReceivables=365/ReceivablesTurnover365/5.23=70daysTotalAssetTurnover=Sales/TotalAssets5,000/5,394=.93ItisnotunusualforTAT1,especiallyifafirmhasalargeamountoffixedassetsNWCTurnover=Sales/NWC5,000/(2,256–1,995)=19.16timesFixedAssetTurnover=Sales/NFA5,000/3,138=1.59timesProfitMargin利润率=NetIncome/Sales689/5,000=13.78%ReturnonAssets资产收益率(ROA)=NetIncome/TotalAssets689/5,394=12.77%ReturnonEquity股本回报率(ROE)=NetIncome/TotalEquity689/2,556=26.96%PERatio市盈率=Pricepershare每股价格/Earningspershare每股收益87.65/3.61=24.28timesMarket-to-bookratio市价与账面值比率=marketvaluepershare/bookvaluepershare每股市价/每股账面价值87.65/(2,556/190.9)=6.55timesROE=PM*TAT*EMFutureValuesFV=PV(1+r)tPV=FV/(1+r)tFV=futurevaluePV=presentvaluer=periodinterestrate,expressedasadecimal（用小数表示）t=numberofperiodsPerpetuity永续年金:PV=C/rAnnuities年金:rrCPVt)1(11rrCFVt1)1(GrowingAnnuity增长年金trggrCPV)1()1(1永久grCPVAPR年度成本百分率EAREffectiveAnnualRate1mAPR1EARm此处均为年利率，有时候给了年利率要换成月、季利率、天利率！！！自己体会！！！！ttr)(1FVrr)(11-1CValueBondBondValue=PVofcoupons息票+PVofpar票面价值BondValue=PVofannuity年金+PVoflumpsum总金额CurrentYield现价息率=annualcoupon/priceYieldtomaturity=currentyield+capitalgainsyield资本利得收益率(1+R)=(1+r)(1+h),whereR=nominalrater=realrateh=expectedinflationrateApproximation近似法R=r+hg-RDg-Rg)1(DP100requiredreturngPDgPg)1(DR0100whereD1/P0isthedividendyield股息率andgisthecapitalgainsyield资本利得收益率averageaccountingreturnAAR=AverageNetIncome/AverageBookValueERthecostofequitygPDRE01见ppt14的9Risk-freerate,RfMarketriskpremium市场风险溢价,E(RM)–RfSystematicriskofasset系统性风险的资产,BetawE=E/V=percentfinancedwithequitywD=D/V=percentfinancedwithdebtE=marketvalueofequity=#ofoutstandingsharestimespricepershareD=marketvalueofdebt=#ofoutstandingbondstimesbondpriceV=marketvalueofthefirm=D+E100%=D/V+E/VWACC=wERE+wDRD(1-TC)after-taxcostofdebtRD(1-TC)))((fMEfERRERR