公司理财复习整理

Ch011.Forms of business organization 企业组织形态• Sole proprietorship 单一业主制• Partnership 合伙制• Corporation 股份公司制2.Corporation 股份公司制Advan ta ges:• Limited liability 有限责任• Unlimited life 不受限制的公司寿命• Separation of ownership and management 所有权和管理相分离• Transfer of ownership is easy 所有权容易转让• Easier to raise capital 容易筹资Disadvantages: • Separation of ownership and management 所有权和管理相分离• Double taxation (income is taxed at the corporate rate and then dividends are taxed at the personal rate) 双重课税3.Three equivalent goals of financial management: 财务管理的目标• Maximize shareholder wealth 股东财富最大化• Maximize share price 股票价值最大化• Maximize firm value 企业价值最大化Ch021.The balance sheet is a snapshot of the firm’s assets and liabilities at a given pointin time. 资产负债表是企业在某一给定时点上的资产和负债的概貌。

2.Assets = Liabilities + Stockholders’ Equity 资产=负债+股东权益3.Cash flow from assets = OCF – net capital spending – changes in NWC4.Free cash flow -> Cash Flow From Assets5.EBIT=sales-costs-depreciationTax=(sales-costs-depreciation-interest)×tax rateOCF=EBIT + depreciation – taxesCH03mon-Size Balance Sheet : 标准化资产负债表Compute all accounts as a percent of total assetsmon-Size Income Statements : 标准化资产损益表Compute all line items as a percent of sales3.Current Ratio=current assets / current liabilities 流动比率=流动资产/流动负债Quick Ratio=(CA-inventory) / CL 速动比率=（流动资产-存货）/流动负债Cash Ratio=cash / CL 现金比率=现金/流动负债4.ROA=net income / total assetsROE=net income / total equityProfit margin=net income / salesTotal asset turnover=sales / total assetsEquity Multiplier(权益乘数)=total assets / total equityReceivables turnover=sales / accounts receivableDays’ sales in receivables=365 / receivables turnoverInventory turnover=costs of goods sold / InventoryDays’ sales in inventory=365 / inventory turnoverEPS = Net Income / Shares OutstandingPE 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 Share5.Operating cycle=days’ sales in receivables+ days’ sales in inventory6.Du Pont Identity: ROE=ROA×EM （看P78题目）Ch041.Percent of Sales Approach 销售百分比法EFN(external financing needed) 外部融资需求Internal growth rate(内部增长率)=ROA×b1−ROA×bSustainable growth rate(可持续增长率)=ROE×b1−ROE×bb: retention ratio(提存率)=1-dividend payout ratio(股利支付率)Dividend payout ratio=cash dividends / net income2.Profit margin ↑sustainable growth ↑Dividend policy: dividend payout ratio ↓sustainable growth ↑Financial policy: debt-equity ratio ↑sustainable growth ↑Total asset turnover ↑sustainable growth ↑Ch05、Ch061.FV = PV(1 + r)tPV = FV / (1 + r)t2. Annuity PV=C ×(1−PV factorr)= C ×(1−1(1+r )tr)Annuity FV=C ×(FV factor−1r)= C ×((1+r)t −1r)Perpetuity (永续年金): PV = C / r EAR=(1+APR m)m−1EAR=e q −1 (compounded continuously)Ch071. Bond value (债券价值)=PV of the coupons + PV of the face amount=C ×(1−1(1+r )tr)+ F(1+r )2. The time to maturity ↑ the interest rate risk ↑The coupon rate ↓the interest rate risk ↑3. Discount bond: The bond sells for less than face value.Premium bond: The bond sells for more than face value. 4. YTM(到期收益率)计算 Ch081. Dividend Growth Model (constant growth):现值 P 0=D 0×（1+g ）R−g= D 1R−g =股利贴现率−稳定增长率Ch091. Decision Criteria (决策标准) NPV: If the NPV is positive, accept the project.2.Payback period: Accept if the payback period is less than some preset limit.3.Average accounting return: average net income / average book valueAccept the project if the AAR is greater than a preset rate.4.Internal rate of return: IRR is the return that makes the NPV = 0Accept the project if the IRR is greater than the required return.CH101.Sunk costs: costs that have been incurred in the past (irrelevant cost)2.Opportunity costs: costs of lost options (relevant cost)3.PV of costs = EAC×annuity factorCh11（FC=fixed cost）1.accounting break-even(掌握) Q=FC+OCFP−vpayback=depreciation, NPV<0, IRR=02.CF break-even(掌握) Q=FCNever pays back, NPV<0, IRR=-100%P−v3.NPV break-even(了解)4.Operating leverage(经营杠杆): DOL=1+FC/OCFpercentage changes in quantity sold will increase the percentage of OCFCh131.Systematic risk: 跟宏观经济相关的, GDP, interest rate, inflation.2.Unsystematic risk: 跟企业个别相关的->做投资组合，分散非系统风险3.CAPM: R E=R f+β×(R m-R f) R m-R f：market risk premium4. 投资组合β=各单支的β加权5. Market return 未减去无风险收益Market premium 已减去无风险收益 Ch141. Cost of equitya) Dividend growth model: P 0=D 0×（1+g ）R−g= D 1R−g =股利贴现率−稳定增长率b) CAPM: R E =R f +β×(R m -R f ) 2. Cost of debt: 考虑所得税税后！3. Weighted average cost of capital ：WACC=(E/V) ×R E +(D/V) ×R D ×(1+T C )E/V 权益百分比；D/V 债务百分比；T C 所得税税率；R D 债券收益率 Ch161. The no-tax caseI ：The value of the firm levered = the value of the firm unlevered V L =V U 1) A firm ’s capital structure is irrelevant.2) A firm ’s WACC is the same no matter what mixture of debt and equity isused to finance the firm.II : R E =R A +(R A -R D ) ×(D/E) R A =WACC, R D =cost of debt,1) The cost of equity rises as the firm increases its use of debt financing. 2) The risk of the equity depends on: business risk & financial risk.(business risk determines RA, financial risk determined by D/E)2.The tax caseI ：V L=V U+T C×D T C=corporate tax rate, D=the amount of debt1)Debt financing is highly advantageous, and a firm’s optimal capitalstructure is 100 percent debt.2) A firm’s WACC decreases as the firm relies more heavily on debtfinancing.II : R E=R u+(R u-R D) ×(D/E) ×(1-T C) R U=unlevered cost of capital3.The pecking-order theory differ from the trade-off theory:a)No target capital structure 没有目标资本结构b)Profitable firms use less debt 盈利企业拥有更少的债务c)Companies will want financial slack 公司需要宽松的财务环境Ch171.Declaration date 宣告日Ex-dividend date 除息日（登记日前4天）Date of record 登记日Date of payment 派发日the stock price will fall by the amount of the dividend on the ex date(Time 0)2.Perfect market: the dividend policy doesn’t matter.3.Real-World factors favoring a low dividend payout:Taxes, flotation costs, dividend restrictions4.Real-World factors favoring a high dividend payout:Desire for current income, corporate investors, tax-exempt investors5.Stock dividend: To increase the number of shares that each owner holds, eachshare worth less. Expressed as a percentage.Stock split: Expressed as a ratio instead of percentage. Eg:1股变3股Ch181.Operating cycle=inventory period+ accounts receivable period2.Cash cycle=operating cycle- accounts payable period3.流动资产持有策略：Flexible policy：current asset holdings are highest under a flexible policy, is most appropriate when carrying costs are low relative to shortage costs.Restrictive policy: is most appropriate when carrying costs are high relative to shortage costs, resulting in lower current asset holdingsCompromise policy: the firm keeps a reserve of liquidity that it uses toinitially finance seasonal variations in current asset needs. Short-termborrowing is used when the reserve is exhausted. 在折中政策下，公司保持一个流动性储备，用于季节性波动中所需流动资产的最初筹资。