公司金融复习第二章：财务报表、税收和现金表Thebalancesheet(资产负债表)Assets=Liabilities+shareholders’equityAssets:currentassets;fixedassetsCurrentassets:cash;accountsreceivable;inventoryLiabilities:currentliabilities;long-termdebtCurrentLiabilities:Accountspayable;NotespayableOwners’equity:commonstockandpaid-insurplus;retainedearningsTheincomestatement(损益表)Revenues–expenses=incomeEBIT=netsales–costofgoodssold–depreciationTaxableincome=EBIT–interestpaidNetincome=taxableincome–taxes=dividends+additiontoretainedearningsEarningspershare=netincome/totalsharesoutstandingDividendspershare=totaldividends/totalsharesoutstandingAverageversusMarginalTaxRates(平均税率和边际税率)Averagetaxrate=totaltaxespaid/totaltaxableincomeMarginaltaxrate:theamountoftaxpayableonthenextdollarearnedCashflow(现金流量)NWC=currentassets-currentliabilitiesCashflowfromassets=cashflowtocreditors+cashflowtostockholdersCashflowfromassets=operatingcashflow-netinvestmentinfixedassets-changeinNWCoperatingcashflow=EBIT+depreciation-taxesnetinvestmentinfixedasset=endingnetfixedassets-beginningnetfixedassets+depreciationchangeinNWC=endingNWC–beginningNWCcashflowtocreditors=interestingpaid–netnewborrowingcashflowtostockholders=dividendspaid–netnewequityraised第三章：与财务报表相关的工作Standardizedfinancialstatements(标准化的财务报表)Common-SizeBalancesheets(共同比报表)：用百分比代替具体金额的报表Common-SizeIncomesheets(共同比损益表)：同上Ratioanalysis(比率分析)短期偿债能力比率Currentratio=currentassets/currentliabilities（流动比率）Quickratio=(currentassets-inventory)/currentliabilities(速动比率)Cashratio=cash/currentliabilities长期偿债能力比率Totaldebtratio=(totalassets–totalequity)/totalassetsDebt-equityratio=totaldebt/totalequityEquitymultiplier=totalassets/totalequityTimesinterestearned=EBIT/interestCashcoverageratio=(EBIT+depreciation)/interest资产管理比率或周转率Inventoryturnover=costofgoodsold/inventoryDays’salesininventory=365days/inventoryturnoverReceivablesturnover=sales/accountsreceivableDays’salesinreceivable=365day/receivableturnoverTotalassetturnover=sales/totalassetsCapitalintensity=totalassets/sales获利能力比率Profitmargin=netincome/salesReturnonassets(ROA)=netincome/totalassetsReturnonequity(ROE)=netincome/totalequityROE=(netincome/sales)*(sales/assets)*(assets/equity)(杜邦等式)市场价值比率EPS=netincome/sharesoutstandingPrice-earningsratio=pricepershare/earningspersharePrice-salesratio=pricepershare/salespershareMarket-to-bookratio=marketvaluepershare/bookvaluepersharebookvaluepershare=bookvalueofequity/shares内部增长率和可持续增长率Dividendpayoutratio=cashdividends/netincome（股利支付率）Retentionratio=additiontoretainedearnings/netincome=1-Dividendpayoutratio(盈利留存率b)Internalgrowthrate=(ROA*b)/(1-ROA*b)(内部增长率)Sustainablegrowthrate==(ROE*b)/(1-ROE*b)(可持续增长率)ROE=profitmargin*totalassetsturnover*equitymultiplier第四章：货币的时间价值Futurevaluefactor=(1+r)tPresentvaluefactor=1/(1+r)tBasicpresentvalueequation:pv=fv/(1+r)tenterN1/YPMTPVFV3151000Solvefor-657.50Soweneedinvest657.50today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+quotedrate（名义利率）/m)m-1EAR(有效年利率)=(1+APR（贷款的年百分率）/12)12-1贷款类型：Purediscountloans(纯贴现贷款)Interest-onlyloans(仅付息贷款)Amortizedloans(分期摊销贷款)第六章：利率与债券价值PV=∑t=1nC(1+r)t+FV(1+r)n用好这个公式即可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P0=∑t=1nDt(1+R)t+Pn(1+R)n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5P198T23会考类似个人建议选做习题第二章45689111415192022第三章123456713161722232527303436384244第四章1471826（熟练掌握财务计算器用法即可）第五章12（各做一问即可）1013192022233031354446485558第六章345911151618202122232526283132
