公司理财Chap03
公司理财教学资料cha课件
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第四章 公司财务报表分析
资产结构分析
资产结构分析内容...
负债结构分析
负债结构分析内容...
权益结构分析
权益结构分析内容...
损益表分析
损益表分析内容...
现金流量表分析
经营活动现金 流量
经营活动现金流量 内容...
筹资活动现金 流量
筹资活动现金流量 内容...
投资活动现金 流量
投资活动现金流量 内容...
重点知识点
财务报表分析
理解财务数据背后 的含义
投资决策
制定符合公司战略 的投资计划
资本预算
评估和选择投资项 目
风险管理
评估并管理公司面 临的各种风险
01 数字化财务管理
利用新技术提高公司财务管理效率
02 可持续发展
关注环境、社会和公司未来的长期利益
03 智能投资
利用数据分析和人工智能优化投资决策
风险分析方法
分析风险发生的概 率和影响的方法
风险传递
将风险转移给他人或其他机构
风险避免
采取措施避免潜在风险的发生
风险承担
主动承担可能的风险后果
01 危机预警机制
早期发现并应对潜在危机的机制
02 危机应对策略
应对突发危机事件的具体策略和措施
03 危机公关处理
处理危机对公司形象和声誉的影响
总结
公司风险管理是保障公司稳健发展的重要环节，通过识别、 评估和控制风险，可以有效应对各种挑战，确保公司在竞争 激烈的市场中持续增长。
谢谢观看！下次再会
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第6章 总结
公司理财教学资料cha课 件总结
在这一章节中，我们对公司理财教学资料cha课件进行了全 面的介绍和讨论。通过回顾各章内容，我们加深了对理财概 念和实践的理解。重点强调了公司理财中的关键知识点，帮 助读者更好地掌握相关技能。展望未来发展方向，我们期待 在不断的学习和实践中不断提升自己的理财能力，为未来的 发展做好准备。
公司理财Chap01
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
重要概念与技能
• 了解财务管理决策的基本类型和财务经 理的职责 • 了解不同的企业组织形态在财务方面的 应用 • 了解财务管理的目标 • 理解所有者与管理层之间可能发生的利 益冲突 • 理解金融市场的各种类型
两种不同的信息非对称情形
事前的信息非对称---逆向选择（Adverse Selection） • 投资人在雇佣经理人之前并不了解申请人的 实际能力（签约前） 事后的信息非对称---道德风险（Moral Hazard） • 受雇的经理人是否为投资人的利益努力工作 （签约后）
代理成本的表现形式
为自己支付过高的薪金 在职消费（豪华的办公室、公司的飞机等） 工作中的偷懒行为 自我交易（self-dealing） 盗窃和侵占公司财产 为扩张规模而进行低效率的投资
OPM理论
• To finance：“to raise or provide funds or capital for…” • Corporate finance的直译是企业法人的融 资，即公司的融资 • 关键：Other People’s Money(OPM),无论 是权益资本还是债务资本 • 别人的钱不是easy money • 由此带来理财的其他活动（投资决策、股利 决策），目标为出资人创造财富
• 劣势
– 受业主寿命长短影 响 – 权益资本大小受业 主个人财富的限制 – 需承担无限责任 – 所有权转让困难
1-9
合伙制
• 优势
– 业主为2人或2人以 上 – 可获得更多资本 – 相对公司来说，成 立手续比较方便 – 单一税负，只交个 人所得税
chap3公司理财概述
企业与股东的关系（最根本）：用资企业与债权人的关系：借贷
企业与被投资者的关系：投资企业与供应商的关系：享受商业信用企业与销售商的关系：给予商业信用
企业与国家的关系：纳税
企业与内部职工的关系：支付劳动报酬企业与企业分配主体的关系：利润分配
（3
）金融
机构：
中国人民银行、国有商业银行、国家政策性银行、股份制银行、城乡商业银行、农信社、外资银行、其他非银行金融机构（保险公司、信托投资公司等）——四大国有商业银行
——股份制商业银行
其中：12家全国性股份制商业银行
深圳发展银行、浦东发展银行、中国民生银行、华夏银行、招商银行、中信实业银行、中国光大银行、恒丰银行、交通银行、浙商银行、兴业银行、广东发展银行
——全国性股份制银行，例如
——城乡商业银行（各地），例如：。
公司理财chap
•
17、一个人即使已登上顶峰，也仍要 自强不 息。上 午6时6 分30秒 上午6时 6分06: 06:3021 .6.2
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value (par bond)
Chapter 5
Interest Rates and Bond Valuation
Key Concepts and Skills
• Understand bond values and why they fluctuate
• Understand bond ratings and what they mean
• What is the value of the bond 2 years after issuing?
When the required market interest rate is 8%
PV2 100 PVIFA8%,8 1000 PVIF8%,8 1114.7
When the required market interest rate is 10%
• The yield to maturity(到期收益率) is the required market interest rate on the bond.
Bond Valuation
• Primary Principle: – Value of financial securities = PV of expected future cash flows
5.1
公司理财chap001
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 14
Forms of Business Organization
The Sole Proprietorship The Partnership
Voting Rights
Taxation Reinvestment and dividend payout Liability
Know the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various types of financial markets
Slide 12
Financial markets
Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
Ultimately, the firm must be a cash generating activity.
公司理财精要chap002
McGraw-Hill/Irwin McGraw-Hill
© 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
The
Balance Sheet The Income Statement Taxes Cash Flow
Financial Statements, Taxes, and Cash Flow
Chapter 2
McGraw-Hill/Irwin McGraw-Hill
© 2004 The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
income. What is the firm’s tax liability? What is the average tax rate? What is the marginal tax rate? If you are considering a project that will increase the firm’s taxable income by $1 million, what tax rate should you use in your analysis?
Know
the difference between book value and market value Know the difference between accounting income and cash flow Know the difference between average and marginal tax rates Know how to determine a firm’s cash flow from its financial statements
公司理财chap030
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 12
Bankruptcy Liquidation
Straight liquidation under Chapter 7:
Financial distress does not usually result in the firm's death. Firms deal with distress by:
– Selling major assets. – Merging with another firm. – Reducing capital spending and research and development. – Issuing new securities. – Negotiating with banks and other creditors. – Exchanging debt for equity. – Filing for bankruptcy.
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 3
Chapter Outline
公司理财原版配套ppt_chap01ppt
2004/8
Zengping, School of Business Administration
Sole Proprietorship
Advantages
① Easiest to start ② Least regulated ③ Single owner keeps all the profits ④ Taxed once as personal income
Job opportunities
Stockbroker or financial advisor Portfolio manager Security analyst
2004/8 Zengping, School of Business Administration
Financial Institutions
The Function of Finance
DISPLAY MONITOR TACHE BRAIN OF DECISION VALUE CREATION
2004/8
Zengping, School of Business Administration
1.2 BUSINESS FINANCE AND THE FINANCIAL MANAGER
① Treasurer – oversees cash management, credit management, capital expenditures and financial planning ② Controller – oversees taxes, cost accounting, financial accounting and data processing
2004/8
Zengping, School of Business Administration
公司理财原版题库Chap030
Chapter 30Financial Distress Multiple Choice Questions1. Financial distress can be best described by which of the following situations in which the firm isforced to take corrective action.A) Cash payments are delayed to creditors.B) The market value of the stock declines by 10%.C) The firm's operating cash flow are insufficient to pay current obligations.D) Cash distributions are eliminated because the board of directors considers the surplus accountto be low.E) None of the above.Answer: C Difficulty: Easy Page: 8302. A firm that has a series of negative earnings, sales declines and workforce reductions is likely headtoA) a change in management.B) a merger.C) financial distress.D) new financing.E) None of the above.Answer: C Difficulty: Medium Page: 8303. Some of the various events which typically occur around the period of financial distress for a firmareA) continued increase in earnings.B) steady growth.C) dividend reductions.D) Both A and B.E) Both A and C.Answer: C Difficulty: Easy Page: 8304. Insolvency can be defined asA) not having cash.B) being illiquid.C) an inability to pay one's debts.D) an inability to increase one's debts.E) the present value of payments being less than assets.Answer: C Difficulty: Easy Page: 8315. Stock-based insolvency is aA) income statement measurement.B) balance sheet measurement.C) only a book value measurement.D) Both A and C.E) Both B and C.Answer: B Difficulty: Easy Page: 8316. Flow-based insolvency isA) a balance sheet measurement.B) a negative equity position.C) when operating cash flow is insufficient to meet current obligations.D) inability to pay one's debts.E) Both C and D.Answer: E Difficulty: Easy Page: 8317. Bankruptcy reorganizations are used by management toA) forestall the inevitable liquidation in all cases.B) provide time to turn the business around.C) allow the courts time to set up an administrative structure.D) All of the above.E) None of the above.Answer: B Difficulty: Easy Page: 8328. A firm has several options available to it in times of financial distress. The firm mayA) reduce capital and R & D spending.B) raising new funds by selling securities or major assets.C) filing for bankruptcy.D) negotiate with lenders.E) All of the above statements are true.Answer: E Difficulty: Medium Page: 8339. Financial restructuring can occur asA) a private workout.B) an employee buy-out.C) a bankruptcy reorganization.D) Both A and C.E) Both B and C.Answer: D Difficulty: Medium Page: 83310. Financial distress can involve which of the followingA) asset restructuring.B) financial restructuring.C) liquidation.D) All of the above.E) None of the above.Answer: D Difficulty: Easy Page: 83311. Most firms in financial distress do not fail and cease to exist. Many firms can actually benefit fromdistress byA) forcing a firm to reevaluate their core operations to retain.B) realigning their capital structure to reduce interest costs.C) enter Chapter 11 and liquidate the firm.D) Both A and B.E) Both A and C.Answer: D Difficulty: Easy Page: 833-83412. Whether bankruptcy is entered either voluntarily or involuntarily the major difference by Chapter 7and Chapter 11 isA) that liquidation occurs in Chapter 11 but reorganization is the objective under Chapter 7.B) that there is no priority of claims under Chapter 11.C) that liquidation occurs in Chapter 7 but reorganization is the objective under chapter 11.D) no lawyers fees are necessary under Chapter 7.E) None of the above.Answer: C Difficulty: Easy Page: 834-83613. If a firm has a stock based insolvency in both book and market value terms and liquidatesA) the payoff will not be 100% to all investors.B) the unsecured creditors are likely to get less than full value.C) the equityholders typically should receive nothing.D) All of the above.E) None of the above.Answer: D Difficulty: Easy Page: 834-83514. A firm in financial distress that reorganizesA) continues to run the business as a going concern.B) must have acceptance of the plan by the creditors.C) may distribute new securities to creditors and shareholders.D) All of the above.E) None of the above.Answer: D Difficulty: Easy Page: 834;836-83815. A corporation is adjudged bankrupt under Chapter 7. When do the shareholders receive anypayment?A) After the trustee liquidates the assets and pays the administrative expenses, the shareholdersare paid before the creditors.B) After the trustee liquidates the assets, the administrative expenses and secured creditors arepaid, then the unsecured creditors, and, then the shareholders divide any remainder.C) After the trustee liquidates the assets, the shareholders are paid, next the administrativeexpenses, the secured creditors, and then the unsecured creditors divide any remainder.D) After the trustee liquidates the assets the shareholders are paid first because they are the ownersof the firm and have the principal stake.E) None of the above.Answer: B Difficulty: Easy Page: 83416. What is the absolute priority rule of the following claims once a corporation is determined to bebankrupt?A) administrative expenses, wages claims, government tax claims, debtholder and thenequityholder claimsB) administrative expenses, wages claims, government tax claims, equityholder and thendebtholder claimsC) wage claims, administrative expenses, debtholder claims, government tax claims andequityholder claimsD) wage claims, administrative expenses, debtholder claims, equityholder claims and governmenttax claimsE) None of the above.Answer: A Difficulty: Medium Page: 834-83517. Absolute priority ruleA) is set to ensure senior claims are paid first.B) is the priority rule in liquidations.C) distributes proceeds of secured assets sales to the secured creditors first and the remainder tothe unsecured.D) All of the above.E) None of the above.Answer: D Difficulty: Easy Page: 835Use the following to answer questions 18-19:Magic Mobile Homes is to be liquidated. All creditors, both secured and unsecured, are owed $2 million. Administrative costs of liquidation and wages payments are expected to be $500,000. A sale of assets is expected to bring $1.8 million after all costs and taxes. Secured creditors have a mortgage lien for$1,200,000 on the factory which will be liquidated for $900,000 out of the sale proceeds. The corporate tax rate is 34%.18. How much and what percentage of their claim will the unsecured creditors receive, in total?A) $ 100,000; 12.50%B) $ 290,909; 36.36%C) $ 300,000; 37.50%.D) $ 600,000; 75.00%E) Not enough information to answer.Answer: B Difficulty: Hard Page: 835Rationale:Mortgage Unsecured = $1,200,000 - $900,000 = $300,000.Net Proceeds Remaining = $1,800,000 - $900,000 - $500,000 = $400,000.Unsecured Receive = ($800,000/$1,100,000)($400,000) = $290,909.09.% Received = $209,909.09 / $800,000 = 36.36%.19. How much and what percentage of their claim will the secured creditors receive, in total?A) $ 900,000; 75%B) $ 981,818; 81.82%C) $1,009,091; 84.1%D) $1,200,000; 100%E) Not enough information to answer.Answer: C Difficulty: Hard Page: 835Rationale:As in # 14 except:Mortgage Unsecured Payment = ($300,000/$1,100,000)($400,000) = $109,091Total Mortgage Proceeds =$900,000 + $109,091 = $1,009,091% Received = $1,009,091/$1,200,000 = 84.1%.Use the following to answer questions 20-22:The management of Magic Mobile Homes has proposed to reorganize the firm. The proposal is based on a going-concern value of $2 million. The proposed financial structure is $750,000 in new mortgage debt, $250,000 in subordinated debt and $1,000,000 in new equity. All creditors, both secured and unsecured, are owed $2.5 million dollars. Secured creditors have a mortgage lien for $1,500,000 on the factory. The corporate tax rate is 34%.20. How much should the secured creditors receive?A) $1,000,000B) $1,250,000C) $1,333,333D) $1,500,000E) None of the above.Answer: D Difficulty: Medium Page: 83821. How much should the unsecured creditors receive?A) $ 500,000B) $ 667,000C) $ 750,000D) $1,000,000E) None of the above.Answer: A Difficulty: Medium Page: 838Rationale:$2,000,000 - $1,500,000 = $500,00022. What will the equityholders receive if they had 5 million shares with a par value of $0.50 each?A) $0B) $35,714C) $583,333D) $1,000,000E) None of the above.Answer: A Difficulty: Medium Page: 838Rationale:Receive last in priority. Nothing left, therefore $023. Many corporations choose Chapter 11 bankruptcy proceedings voluntarily because themanagement canA) take up to 120 days to file a reorganization plan.B) continue to run the business.C) reorganize if the required fractions of creditors approve of the plan and it is confirmedreorganization takes place.D) All of the above.E) None of the above.Answer: D Difficulty: Easy Page: 836-83724. Which of the following statements about private workouts of financial distress is NOT true?A) Senior debt is usually replaced with junior debt.B) Debt is usually replaced with equity.C) Private workouts account for about three quarters of all reorganizations.D) Top management are often dismissed or take pay reductions.E) None of the above.Answer: C Difficulty: Medium Page: 83925. Successful private workouts are better for firms than formal bankruptcy becauseA) direct costs are considerably lower in private workouts.B) private workout firms can issue new debt senior to all prior debt.C) stock price increases are greater for private workouts than for firms emerging from formalbankruptcy.D) Both A and B.E) Both A and C.Answer: E Difficulty: Medium Page: 83926. Equityholders may prefer a formal bankruptcy filing becauseA) the firm can issue debtor in possession debt.B) they can delay pre-bankruptcy interest payments.C) the lack of information about the length and magnitude of the cash flow problem favorsequityholders.D) All of the above.E) None of the above.Answer: D Difficulty: Medium Page: 84027. Prepackaged bankruptcies areA) described as a combination of a private workout and a liquidation.B) the easiest way to transfer wealth to the shareholders.C) described as a combination of a completed private workout and the formal bankruptcy filing.D) All of the above.E) None of the above.Answer: C Difficulty: Easy Page: 84128. In a prepackaged bankruptcy the firmA) and creditors agree to a private reorganization outside formal bankruptcy.B) must reach agreement privately with most of the creditors.C) will have difficulty when there are thousands of reluctant trade creditors.D) All of the above.E) None of the above.Answer: D Difficulty: Medium Page: 84129. Financial distress may be more expensive if theA) information about the permanency of shortfall is limited.B) firm has many different types of creditors and other investors.C) firm has never entered into bankruptcy before.D) Both A and B.E) Both B and C.Answer: D Difficulty: Medium Page: 84030. The net payoff to creditors in formal bankruptcy may be low in present value terms becauseA) the financial structure may be complicated with several groups and types of creditors.B) indirect costs of bankruptcy may have been costly in lost revenues and poor maintenance.C) administrative costs are high and increase with the complexity and length of time in the formalbankruptcy process.D) All of the above.E) None of the above.Answer: D Difficulty: Medium Page: 840-84331. Formal bankruptcy can be very expensive and time-consuming. In the case of Revco, the Chapter11 bankruptcy took almost four years, and direct bankruptcy costs of $40.5 million which wasA) 2.7% of the buyout price.B) 10.5% of the buyout price.C) 14.2% of the buyout price.D) 27.0% of the buyout price.E) 50.0% of the buyout price.Answer: A Difficulty: Medium Page: 842-84332. Perhaps equally, if not more damaging, are the indirect costs of financial distress. Some examplesof indirect costs areA) loss of current customers.B) loss of business reputation.C) management consumed in survival and not on a strategic direction.D) All of the above.E) Both A and B.Answer: D Difficulty: Easy Page: 84333. Credit scoring models are used by lenders toA) determine the borrowers capacity to pay.B) aid in the prediction of default or bankruptcy.C) determine the optimal debt equity ratio.D) Both A and B.E) Both A and C.Answer: D Difficulty: Medium Page: 84534. Altman develop the Z-score model for publicly traded manufacturing firms. Using financialstatement data and multiple discriminant analysis, he found thatA) in actual use, a Z-score greater than 2.99 meant bankruptcy within one year.B) in actual use, a Z-score greater than 1.81 implied a 90% chance of bankruptcy within one year.C) in actual use, a Z-score of less than 1.81 would predict bankruptcy within one year.D) in actual use, a Z-score less than 2.99 meant non-bankruptcy within one year.E) None of the above.Answer: C Difficulty: Medium Page: 84535. The key intuition of a Z-score model like Altman's is thatA) only publicly traded firms can be evaluated.B) one will be just as well off by guessing on default rates.C) all corporations will default at least once.D) financial profiles of bankrupt and non-bankrupt firms are very different one year beforebankruptcy.E) privately traded firms have better financial information which are disclosed to lenders and neednot rely on any efficient market notions.Answer: D Difficulty: Medium Page: 84536. APR, as it relates to financial distress, means the rules ofA) absolute profitability.B) arbitration priority.C) absolute priority.D) absolute profitability.E) automatic profitability.Answer: C Difficulty: Medium Page: 83537. Approximately ____ of all firms in financial distress liquidate.A) 0%B) 10%C) 25%D) 50%E) 100%Answer: B Difficulty: Medium Page: 83338. The difference between liquidation and reorganization isA) reorganization terminates all operations of the firm and liquidation only terminatesnon-profitable operations.B) liquidation terminates only profitable operations and reorganization terminates onlynon-profitable operations.C) liquidation terminates all operations and reorganization maintains the option of the firm goingconcern.D) liquidation only deals with current assets and reorganization only consolidates debt.E) None of the above.Answer: C Difficulty: Medium Page: 83439. Altman's Z-score predicts theA) percentage of payout to equityholders in liquidations.B) percentage of payout to equityholders in reorganization.C) likelihood of a private workout.D) likelihood of bankruptcy of a firm within one year.E) None of the above.Answer: D Difficulty: Medium Page: 845Essay Questions40. The Steel Pony Company, a maker of all-terrain recreational vehicles, is having financialdifficulties due to high interest payments. The estimated "going concern" value if Steel Pony is$4.0 million. The senior debt claim is on all fixed assets. The balance sheet of the firm is as shown: Current Assets $1,100,000 Senior Debt $2,200,000Fixed Assets $2,900,000 Subordinated Debt $3,200,000Stockholders Equity $-2,000,000If Steel Pony decides to file for formal bankruptcy and expects to sell the firm for the "goingconcern" value and pay administrative fees which amounts to 5% of the total going concern value, determine the distribution of the proceeds under the rules of absolute priority.Difficulty: Medium Page: 838Answer:Administrative expenses .05($4,000,000) = $200,000Senior (secured) debt = $2,200,000Subordinate debt = $4,000,000 - $200,000 – $2,200,000 = $1,600,000Stockholders = $041. The Hear Today Corporation has applied to your bank for a loan. You have their financialstatements and the revised Z-score model of:Z = 6.56 (Net Working Capital/Total Assets) + 3.26 (Accumulated Retained Earnings/Total Assets) +1.05 (EBIT/Total Assets) + 6.72 (Book Value of Equity/Total Liabilities) where: Z < 1.23predicts bankruptcy. A Z score between 1.23 and 2.90 indicates gray area. A Z score greater than2.90 indicates no bankruptcy.From the financial statements you gathered net working capital of $237,500; accumulated retained earnings of $120,000; book value of equity of $950,000; total assets of $4,750,000; EBIT of$261,250; and total liabilities of $3,800,000. Should the bank lend to Hear Today?Difficulty: Hard Page: 845-846Answer:Z = 6.56($237,500/$4,750,000) + 3.26($120,000/$4,750,000) + 1.05($261,250/$4,750,000) +6.72($950,000/$3,800,000)= 6.56(.05) + 3.26(.0253) + 1.05(.055) + 6.72(.25)= .328 + .08248 + .05775 + 1.168 = 2.148Z-score falls in the gray or uncertain area. Caution should be exercised in granting a loan. The debt financing is already high at 80% of assets. Other factors such as age of firm may be important here as net working capital and EBIT are reasonable but accumulated retained earnings are low currently.。
罗斯公司理财Chap003全英文题库及答案
Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1. One key reason a long-term financial plan is developed is because:A. the plan determines your financial policy.B. the plan determines your investment policy.C. there are direct connections between achievable corporate growth and the financial policy.D. there is unlimited growth possible in a well-developed financial plan.E. None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNINGType: DEFINITIONS2. Projected future financial statements are called:A. plug statements.B. pro forma statements.C. reconciled statements.D. aggregated statements.E. none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONS3. The percentage of sales method:A. requires that all accounts grow at the same rate.B. separates accounts that vary with sales and those that do not vary with sales.C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONS4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.A. tax reconciliation statementB. statement of standardizationC. statement of cash flowsD. common-base year statementE. common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONS5. Relationships determined from a firm's financial information and used for comparison purposes are known as:A. financial ratios.B. comparison statements.C. dimensional analysis.D. scenario analysis.E. solvency analysis.Difficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONS7. The current ratio is measured as:A. current assets minus current liabilities.B. current assets divided by current liabilities.C. current liabilities minus inventory, divided by current assets.D. cash on hand divided by current liabilities.E. current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONS8. The quick ratio is measured as:A. current assets divided by current liabilities.B. cash on hand plus current liabilities, divided by current assets.C. current liabilities divided by current assets, plus inventory.D. current assets minus inventory, divided by current liabilities.E. current assets minus inventory minus current liabilities.Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONS9. The cash ratio is measured as:A. current assets divided by current liabilities.B. current assets minus cash on hand, divided by current liabilities.C. current liabilities plus current assets, divided by cash on hand.D. cash on hand plus inventory, divided by current liabilities.E. cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONS10. Ratios that measure a firm's financial leverage are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:A. total debt ratio.B. equity multiplier.C. debt-equity ratio.D. current ratio.E. times interest earned ratio.Difficulty level: EasyTopic: TOTAL DEBT RATIOType: DEFINITIONS12. The debt-equity ratio is measured as total:A. equity minus total debt.B. equity divided by total debt.C. debt divided by total equity.D. debt plus total equity.E. debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType: DEFINITIONS13. The equity multiplier ratio is measured as total:A. equity divided by total assets.B. equity plus total debt.C. assets minus total equity, divided by total assets.D. assets plus total equity, divided by total debt.E. assets divided by total equity.Difficulty level: MediumTopic: EQUITY MULTIPLIERType: DEFINITIONS14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType: DEFINITIONS15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType: DEFINITIONS16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17. The inventory turnover ratio is measured as:A. total sales minus inventory.B. inventory times total sales.C. cost of goods sold divided by inventory.D. inventory times cost of goods sold.E. inventory plus cost of goods sold.Difficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18. The financial ratio days' sales in inventory is measured as:A. inventory turnover plus 365 days.B. inventory times 365 days.C. inventory plus cost of goods sold, divided by 365 days.D. 365 days divided by the inventory.E. 365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS' SALES IN INVENTORYType: DEFINITIONS19. The receivables turnover ratio is measured as:A. sales plus accounts receivable.B. sales divided by accounts receivable.C. sales minus accounts receivable, divided by sales.D. accounts receivable times sales.E. accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINITIONS20. The financial ratio days' sales in receivables is measured as:A. receivables turnover plus 365 days.B. accounts receivable times 365 days.C. accounts receivable plus sales, divided by 365 days.D. 365 days divided by the receivables turnover.E. 365 days divided by the accounts receivable.Difficulty level: MediumTopic: DAYS' SALES IN RECEIVABLESType: DEFINITIONS21. The total asset turnover ratio is measured as:A. sales minus total assets.B. sales divided by total assets.C. sales times total assets.D. total assets divided by sales.E. total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TURNOVERType: DEFINITIONS22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: PROFITABILITY RATIOSType: DEFINITIONS23. The financial ratio measured as net income divided by sales is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24. The financial ratio measured as net income divided by total assets is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25. The financial ratio measured as net income divided by total equity is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:A. return on assets.B. return on equity.C. debt-equity ratio.D. price-earnings ratio.E. Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27. The market-to-book ratio is measured as:A. total equity divided by total assets.B. net income times market price per share of stock.C. net income divided by market price per share of stock.D. market price per share of stock divided by earnings per share.E. market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28. The _____ breaks down return on equity into three component parts.A. Du Pont identityB. return on assetsC. statement of cash flowsD. asset turnover ratioE. equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29. The External Funds Needed (EFN) equation does not measure the:A. additional asset requirements given a change in sales.B. additional total liabilities raised given the change in sales.C. rate of return to shareholders given the change in sales.D. net income expected to be earned given the change in sales.E. None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30. To calculate sustainable growth rate without using return on equity, the analyst needs the:A. profit margin.B. payout ratio.C. debt-to-equity ratio.D. total asset turnover.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS31. Growth can be reconciled with the goal of maximizing firm value:A. because greater growth always adds to value.B. because growth must be an outcome of decisions that maximize NPV.C. because growth and wealth maximization are the same.D. because growth of any type cannot decrease value.E. None of the above.Difficulty level: MediumTopic: GROWTHType: DEFINITIONS32. Sustainable growth can be determined by the:A. profit margin, total asset turnover and the price to earnings ratio.B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.C. Total growth less capital gains growth.D. Either A or B.E. None of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS33. Which of the following will increase sustainable growth?A. Buy back existing stockB. Decrease debtC. Increase profit marginD. Increase asset requirement or asset turnover ratioE. Increase dividend payout ratioDifficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS34. The main objective of long-term financial planning models is to:A. determine the asset requirements given the investment activities of the firm.B. plan for contingencies or uncertain events.C. determine the external financing needs.D. All of the above.E. None of the above.Difficulty level: MediumTopic: LONG TERM PLANNINGType: DEFINITIONS35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.A. income; total assetsB. liability; net incomeC. asset; salesD. liability; total assetsE. equity; salesDifficulty level: MediumTopic: COMMON-SIZE BALANCE SHEETType: DEFINITIONS36. Which one of the following statements is correct concerning ratio analysis?A. A single ratio is often computed differently by different individuals.B. Ratios do not address the problem of size differences among firms.C. Only a very limited number of ratios can be used for analytical purposes.D. Each ratio has a specific formula that is used consistently by all analysts.E. Ratios can not be used for comparison purposes over periods of time.Difficulty level: MediumTopic: RATIO ANALYSISType: DEFINITIONS37. Which of the following are liquidity ratios?I. cash coverage ratioII. current ratioIII. quick ratioIV. inventory turnoverA. II and III onlyB. I and II onlyC. II, III, and IV onlyD. I, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?A. accounts payableB. cashC. inventoryD. accounts receivableE. fixed assetsDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?A. currentB. cashC. debt-equityD. quickE. total debtDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:A. $1 in equity.B. $1 in total sales.C. $1 in current assets.D. $.53 in equity.E. $.53 in total assets.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS41. The long-term debt ratio is probably of most interest to a firm's:A. credit customers.B. employees.C. suppliers.D. mortgage holder.E. shareholders.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.A. .75; .75B. .50; 1.00C. .45; 1.75D. .40; 2.50E. .35; 3.00Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS43. From a cash flow position, which one of the following ratios best measures a firm's ability to pay the interest on its debts?A. times interest earned ratioB. cash coverage ratioC. cash ratioD. quick ratioE. Interval measureDifficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS44. The higher the inventory turnover measure, the:A. faster a firm sells its inventory.B. faster a firm collects payment on its sales.C. longer it takes a firm to sell its inventory.D. greater the amount of inventory held by a firm.E. lesser the amount of inventory held by a firm.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?A. It takes a firm 10 days to collect payment from its customers.B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.C. It takes a firm 36.5 days to pay its creditors.D. The firm has an average collection period of 36.5 days.E. The firm has ten times more in accounts receivable than it does in cash.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:A. total assets for every $1 in cash.B. total assets for every $1 in total debt.C. total assets for every $1 in equity.D. sales for every $1 in total assets.E. long-term assets for every $1 in short-term assets.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.A. return on assetsB. return on equityC. profit marginD. Du Pont measureE. total asset turnoverDifficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:A. has no debt of any kind.B. is using its assets as efficiently as possible.C. has no net working capital.D. also has a current ratio of 10.E. has an equity multiplier of 2.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:A. profit margin.B. return on assets.C. return on equity.D. equity multiplier.E. earnings per share.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:A. return on equity will increase.B. return on assets will decrease.C. profit margin will decline.D. equity multiplier will decrease.E. price-earnings ratio will increase.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:A. Joe's will have a lower profit margin.B. Joe's will have a lower return on equity.C. Moe's will have a higher net income.D. Moe's will have a lower profit margin.E. Moe's will have a higher return on assets.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:A. the price per share increased.B. the earnings per share decreased.C. investors are paying a higher price for each share of stock purchased.D. investors are receiving a higher rate of return this year.E. either the price per share, the earnings per share, or both changed.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:A. has a higher market price than one share of stock in Turner's.B. has a higher market price per dollar of earnings than does one share of Turner's.C. sells at a lower price per share than one share of Turner's.D. represents a larger percentage of firm ownership than does one share of Turner's stock.E. earns a greater profit per share than does one share of Turner's stock.Difficulty level: MediumTopic: MARKET VALUE RATIOType: DEFINITIONS54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?I. slow industry outlookII. high prospect of firm growthIII. very low current earningsIV. investors with a low opinion of the firmA. I and II onlyB. II and III onlyC. II and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:A. cause the accountants to increase the equity of the firm by an additional $2.B. increase the market price per share by $1.C. increase the market price per share by $12.D. tend to cause the market price per share to rise.E. only affect book values but not market values.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS56. Which one of the following sets of ratios applies most directly to shareholders?A. return on assets and profit marginB. quick ratio and times interest earnedC. price-earnings ratio and debt-equity ratioD. market-to-book ratio and price-earnings ratioE. cash coverage ratio and times equity multiplierDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS57. The three parts of the Du Pont identity can be generally described as:I. operating efficiency, asset use efficiency and firm profitability.II. financial leverage, operating efficiency and asset use efficiency.III. the equity multiplier, the profit margin and the total asset turnover.IV. the debt-equity ratio, the capital intensity ratio and the profit margin.A. I and II onlyB. II and III onlyC. I and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS58. If a firm decreases its operating costs, all else constant, then:A. the profit margin increases while the equity multiplier decreases.B. the return on assets increases while the return on equity decreases.C. the total asset turnover rate decreases while the profit margin increases.D. both the profit margin and the equity multiplier increase.E. both the return on assets and the return on equity increase.Difficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS59. Which one of the following statements is correct?A. Book values should always be given precedence over market values.B. Financial statements are frequently the basis used for performance evaluations.C. Historical information has no value when predicting the future.D. Potential lenders place little value on financial statement information.E. Reviewing financial information over time has very limited value.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS60. It is easier to evaluate a firm using its financial statements when the firm:A. is a conglomerate.B. is global in nature.C. uses the same accounting procedures as other firms in its industry.D. has a different fiscal year than other firms in its industry.E. tends to have one-time events such as asset sales and property acquisitions.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS61. Which two of the following represent the most effective methods of directly evaluating the financial performance of a firm?I. comparing the current financial ratios to those of the same firm from prior time periodsII. comparing a firm's financial ratios to those of other firms in the firm's peer group who have similar operationsIII. comparing the financial statements of the firm to the financial statements of similar firms operating in other countriesIV. comparing the financial ratios of the firm to the average ratios of all firms located in the same geographic areaA. I and II onlyB. II and III onlyC. III and IV onlyD. I and IV onlyE. I and III onlyDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS62. In the financial planning model, external funds needed (EFN) is equal to changes inA. assets - (liabilities - equity).B. assets - (liabilities + equity).C. (assets + liabilities - equity).D. (assets + equity - liabilities).E. assets - equity.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS63. Which of the following represent problems encountered when comparing the financial statements of one firm with those of another firm?I. Either one, or both, of the firms may be conglomerates and thus have unrelated lines of business.II. The operations of the two firms may vary geographically.III. The firms may use differing accounting methods for inventory purposes.IV. The two firms may be seasonal in nature and have different fiscal year ends.A. I and II onlyB. II and III onlyC. I, III, and IV onlyD. I, II, and III onlyE. I, II, III, and IVDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS64. A firm's sustainable growth rate in sales directly depends on its:A. debt to equity ratio.B. profit margin.C. dividend policy.D. asset efficiency.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS65. The sustainable growth rate will be equivalent to the internal growth rate when:A. a firm has no debt.B. the growth rate is positive.C. the plowback ratio is positive but less than 1.D. a firm has a debt-equity ratio exactly equal to 1.E. net income is greater than zero.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS66. The sustainable growth rate:A. assumes there is no external financing of any kind.B. is normally higher than the internal growth rate.C. assumes the debt-equity ratio is variable.D. is based on receiving additional external debt and equity financing.E. assumes that 100% of all income is retained by the firm.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS67. If a firm bases its growth projection on the rate of sustainable growth, and shows positive net income, then the:A. fixed assets will have to increase at the same rate, regardless of the current capacity level.B. number of common shares outstanding will increase at the same rate of growth.C. debt-equity ratio will have to increase.D. debt-equity ratio will remain constant while retained earnings increase.E. fixed assets, debt-equity ratio, and number of common shares outstanding will all increase.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS68. Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 40%. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:A. 40% of the internal rate of growth.B. 60% of the internal rate of growth.C. the internal rate of growth.D. the sustainable rate of growth.E. 60% of the sustainable rate of growth.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS69. One of the primary weaknesses of many financial planning models is that they:A. rely too much on financial relationships and too little on accounting relationships.B. are iterative in nature.C. ignore the goals and objectives of senior management.D. are based solely on best case assumptions.E. ignore the size, risk, and timing of cash flows.Difficulty level: MediumTopic: FINANCIAL PLANNING MODELSType: DEFINITIONS70. Financial planning, when properly executed:A. ignores the normal restraints encountered by a firm.B. ensures that the primary goals of senior management are fully achieved.C. reduces the necessity of daily management oversight of the business operations.D. helps ensure that proper financing is in place to support the desired level of growth.E. eliminates the need to plan more than one year in advance.Difficulty level: MediumTopic: FINANCIAL PLANNINGType: DEFINITIONS71. When examining the EBITDA ratio, lower numbers are:A. considered good.B. considered mediocre.C. considered poor.D. indifferent to higher numbers.E. it is impossible to garner information from this ratio.Difficulty level: MediumTopic: EBITDA RATIOType: DEFINITIONS。
公司理财原版英文课件Chap
RP X 1 ( R1 β1 F ε1 ) X 2 ( R 2 β2 F ε2 ) X N ( R N βN F εN ) RP X 1 R1 X 1 β1 F X 1ε1 X 2 R 2 X 2 β2 F X 2 ε2 X N R N X N βN F X N ε N
R 8%
R 8% 2.30 5% 1.50 (3%) 0.50 (10%) 1% R 12%
12-12
12.3 Portfolios and Factor Models
Now let us consider what happens to portfolios of stocks when each of the stocks follows a one-factor model. We will create portfolios from a list of N stocks and will capture the systematic risk with a 1-factor model. The ith stock in the list has return:
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
12-10
Systematic Risk and Betas: Example
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
If it were the case that the dollar-euro spot exchange rate, S($,€), was expected to increase by 10%, but in fact remained stable during the time period, then: FS = Surprise in the exchange rate = actual – expected = 0% – 10% = – 10%
公司理财(罗斯)第3章
（二）长期偿债能力
（二）长期偿债能力
长期债务与权益总额被称作资本化总额
利息保障倍数（利息覆盖率） TIE (times interest earned)
现金覆盖率= （EBIT+折旧）÷利息
EBDIT（折旧前息税前利润）
＝（691+276）/141＝6.9
（三）营运能力指标（资产管理计量指标）
总资产周转率是衡量一个公司的资产利用率–就 是怎样有效利用资产
权益乘数是一个财务杠杆比率
例:说明两公司02年ROE差异原因,伊利02与03年的变动
例1:说明两公司 净资产
02年ROE差异原因, 伊利02与03年的变
收益率
动
ROE
伊利03
11.9
销售利 总资产 权益乘 润率 周转率 数
3.17 1.82 2.06
故事启示
态度决定人生
面对同一个信息，企业经理人往往也 会作出不同的解读。
因此，企业经理人解读财务数字注意 事项：
（1）独立思考
（2）财报主要功能是管理阶层“问问 题”的起点—例外管理，而不是得到 答案的工具。“魔鬼都躲在细节里”！ 财报分析必须了解公司的营运模式， 不宜以单一财务数字或比率妄下结论。
同比报表,有利于在不同规模的公司 之间做比较 财务报表可以用于分析财务趋势---同基报表,有利于在公司的不同时 期比较
比率分析
(1)短期偿债能力比率 (2)长期偿债比率 (3)营运能力比率 (4)盈利能力比率 (5)市场价值比率
财务比率分析
几点说明 比率分析剔除了公司规模的影响
比率可以想象为侦探小说中的线索。
5.2
留存收益增加
10.5
公司理财Chap011-PPT课件
公司理财Chap011-PPT
4
Cost of Capital – Baker Corporation
公司理财Chap011-PPT
5
Cost of Debt
• Measured interest rate, or yield, paid to bondholders
• Example: $1,000 bond paying $100 annual interest – 10% yield • Calculation is complex discount rate or premium from par value bonds
公司理财Chap011-PPT
8
Adjusting Yield for Tax Considerations
• Yield to maturity indicates how much the firm has to pay on a before-tax basis
• Interest payment on a debt is a tax-deductible expense
• Capital asset pricing model (CAPM)
• Where:
= Required return on common stock; = Risk-free rate of return, usually the current rate on Treasury bill securities; = Beta coefficient (measures the historical volatility of an individual stock’s return relative to a stock market index; = return in the market as measured by an approximate index
《高级公司理财》课件
制定合理的股利分配方案，平 衡股东利益和公司未来发展需
求。
财务战略的制定与实施
财务战略目标
明确公司的财务战略目标，如提高股东 价值、保持财务稳健或实现快速增长。
财务战略实施
确保财务战略的有效执行，通过建立 内部控制和监督机制来确保计划的顺
利实施。
财务战略规划
制定实现财务战略目标的计划，包括 预算、资金管理和风险管理等方面。
《高级公司理财》ppt课 件
目 录
• 公司理财概述 • 公司理财的基本理论 • 公司理财实务 • 公司财务分析 • 公司财务政策与战略
01
公司理财概述
公司理财的定义
公司理财是对公司财务活动进行计划、组织、指 挥、协调与监督的活动。
它涉及公司的资金筹集、运用、耗费、收回和分 配等一系列财务活动。
公司理财需要进行财务 控制，即通过监控公司 的财务状况和经营成果 ，及时发现问题并采取 措施进行调整和改进， 以确保公司财务目标的 实现。
公司理财需要进行财务 分析，即通过对公司的 财务报表进行分析和评 估，了解公司的财务状 况和经营成果，为公司 的战略规划和决策提供 依据。
02
公司理财的基本理论
公司理财的目标是实现公司价值的最大化。
公司理财的目标
实现公司价值的最大化
公司理财的目标是增加公司的市场价值，通过合理配置和 有效利用资源来实现这一目标。
实现股东利益的最大化
公司理财的另一个重要目标是实现股东利益的最大化，即 通过合理配置和有效利用资源来增加股东的财富。
保持公司的财务稳定
公司理财还需要保持公司的财务稳定，通过合理安排公司 的资金筹措和运用，降低财务风险，保持公司的偿债能力 和盈利能力。
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1
Chapter Outline
3.1 Financial Statements Analysis
3.2 Ratio Analysis 3.3 The Du Pont Identity 3.4 Using Financial Statement Information 3.5 Long-Term Financial Planning 3.6 External Financing and Growth 3.7 Some Caveats Regarding Financial Planning Models
98 / 540 = .18 times
6
Computing Leverage Ratios
Total Debt Ratio = (TA – TE) / TA
(3,588 – 2,591) / 3,588 = .28 times or 28% (3,588 – 2,591) / 2,591 = .39 times or 39%
14
Using the Du Pont Identity
ROE = PM * TAT * EM
Profit margin is a measure of the firm’s operating efficiency – how well it controls costs. Total asset turnover is a measure of the firm’s asset use efficiency – how well it manages its assets. Equity multiplier is a measure of the firm’s financial leverage.
Profit Margin = Net Income / Sales
363 / 2,311 = 15.7%
Return on Assets (ROA) = Net Income / Total Assets
363 / 3,588 = 10.1%
Return on Equity (ROE) = Net Income / Total Equity
363 / 2,591 = 14.0%
12
Computing Market Value Measures
Market Price = $88 per share Shares outstanding = 33 million PE Ratio = Price per share / Earnings per se Du Pont Identity
ROA = 10.1% and EM = 1.39
ROE = 10.1% * 1.385 = 14.0% ROE = 15.7% * 0.64 * 1.385 = 14.0%
PM = 15.7% and TAT = 0.64
Standardized statements make it easier to compare financial information, particularly as the company grows. They are also useful for comparing companies of different sizes, particularly within the same industry.
4
Categories of Financial Ratios
Short-term solvency or liquidity ratios Long-term solvency, or financial leverage, ratios Asset management or turnover ratios Profitability ratios Market value ratios
5
Computing Liquidity Ratios
Current Ratio = CA / CL
708 / 540 = 1.31 times (708 - 422) / 540 = .53 times
Quick Ratio = (CA – Inventory) / CL
Cash Ratio = Cash / CL
— 比率1 ×比率2=营业利润率×资本周转率= ROIC：说明投资决策 和营业决策对ROE的影响；
— 比率3 ×比率4=财务成本率×财务结构=财务杠杆乘数：说明公
司筹资政策对ROE的影响； — 比率5=（1-T）=税收效应：说明所得税对ROE的影响。
17
注意：投入资本=资产净值=现金+WCR+固定资产原值
Chapter 3
Financial Statements Analysis and Long-Term Planning
Key Concepts and Skills
Know how to standardize financial statements for comparison purposes Know how to compute and interpret important financial ratios Be able to develop a financial plan using the percentage of sales approach Understand how capital structure and dividend policies affect a firm’s ability to grow
2,311 / 188 = 12.3 times
Days’ Sales in Receivables = 365 / Receivables Turnover
365 / 12.3 = 30 days
10
Computing Total Asset Turnover
Total Asset Turnover = Sales / Total Assets
Wal-Mart Ford Banc One银行
30%
5.6% 12% 24%
0.9
3.24 0.65 0.34
27%
18% 7.8% 8.2%
1.26
1.67 3.08 2.80
34%
30% 24% 23%
0.70
0.63 0.62 0.66
24%
19% 15% 15%
18
3.4 Using Financial Statements
ROE = (NI / TE) (TA / TA) ROE = (NI / TA) (TA / TE) = ROA * EM
Multiply by 1 again and then rearrange:
ROE = (NI / TA) (TA / TE) (Sales / Sales) ROE = (NI / Sales) (Sales / TA) (TA / TE) ROE = PM * TAT * EM
税后ROE=ROIC×财务杠杆乘数×（1-T） 税前ROE= ROIC×财务杠杆乘数
不同行业的5大公司——ROE的影响因素分解
公 司 营业利润率×资本周转率=ROIC× 财务杠杆乘数=税前ROE×（1-T）= ROE 26% 1.7 44% 1.82 80% 0.69 55% Coca Cola
Merk制药
2
3.1 Standardizing Financial Statements
Common-Size Balance Sheets
Compute all accounts as a percent of total assets
Common-Size Income Statements
Compute all line items as a percent of sales
2,311 / 3,588 = .64 times It is not unusual for TAT to be less than 1, especially if a firm has a large amount of fixed assets.
11
Computing Profitability Measures
Peer Group Analysis
Compare to similar companies or within industries SIC and NAICS codes
19
蓝田神话的破灭
蓝田股份有限公司是一家以养殖、旅游和饮料为主的企业， 自1996年6月在上交所上市后，创造了中国股市长盛不衰的绩优 神话。总资产规模从上市前的2.66亿元发展到2000年末的28.38 亿元，增长了9倍，历年年报的业绩都在每股0.60元以上，最高 达到1.15元。即使遭遇了98年特大洪灾以后，每股收益也达到 了不可思议的0.81元，5年间股本扩张了360％，创造了中国农 业企业罕见的“蓝田神话”。2001年10月26日，中央财经大学 刘姝威教授对蓝田造假行为进行了揭露。很快，蓝田公司资金 链开始断裂，陷入困境。2001年12月更名为生态农业。由于财 务造假等问题，公司数名高级主管于2002年被逮捕，公司也由 20 于连续三年连续亏损，于2003年5月被终止上市。
Debt/Equity = TD / TE
Equity Multiplier = TA / TE = 1 + D/E
1 + .39 = 1.39