公司理财复习重点2

公司理财复习重点----by LisaThe primary objective for our companies is to maximize the shareholders’ value.财务工具：1）利率与货币的时间价值The Interest Rate: The rate at which we can exchange money today for money in the future is determined by the current interest rate.利率：将今天的货币转换成未来的货币的比率，是由当前的利息率决定的。

The Time Value of Money: The difference in value between money today and money in the future.货币时间价值：今天的货币价值与未来的货币价值之间的差额。

2）现值与净现值决策法则概念：When the value of a cost or benefit is computed in terms of cash today, we refer to it as the present value. Similarly, we define the net present value(NPV）of a project orinvestment as the difference between the present value of its benefits and the present value.成本或收益的价值以今天的现金来计量时，称为现值。

类似地，讲收益的现值与成本的现值之差定义为项目或投资的净现值。

The NPV Decision Rule: When making an investment decision, take the alternative with the highest NPV. Choosing this alternative is equivalent to receiving its NPV in cash today.净现值决策法则：制定投资决策时，要选择净现值最高的项目。

选择这样的项目就相当于今天收到数额等于项目净现值的现金。

3）无套利与证券价格Arbitrage: The practice of buying and selling equivalent goods in different markets to take advantage of a price different is known as arbitrage.套利：利用同一商品在不同市场的价格差别而进行买卖获利的行为称做套利。

）=PV(A llPriceSecurity（cashby thesecurity)flowspaidRisk-free interest rate = bank deposit rate证券的无套利价格：流）=证券价格PV（证证券支付的全部现4）货币时间价值The Time Value of Money: The equivalent value of two cash flows at two different points in time is sometimes referred to as the time value of money货币时间价值：有时将两个不同时点的现金流的等效值，称为货币时间价值。

5）时间轴的作用We can represent a stream of cash flows on a timeline, a linear representation of the timing of the expected cash flows.可用时间线来表示系列现金流，时间线是对于其现金流的发生时期的线性表述。

6）系列现金流的净现值(benefits)PV-NPV=PVcosts）（PV=(NPVPV（成本）-)收益7）有效年利率The Effective Annual Rate: Interest rates are often started as an effective annual rate(EAR), which indicates the total amount of interest that will be earned at the end of one year.有效年利率：利率通常表述为年利率：利率通常表述为有效年利率，表示在1年后能赚到利息总额。

8）投资决策（NPV，IRR，时间回报率等）①NPV RuleThe NPV Decision Rule: When making an investment decision, take the alternative with the highest NPV. Choosing this alternative is equivalent to receiving its NPV in cash today.净现值决策法则：制定投资决策时，要选择净现值最高的项目。

选择这样的项目就相当于今天收到数额等于项目净现值的现金。

②Alternative Decision RuleThe Payback Rule: This simplest investment rule is the payback investment rule, which is based on the notion that an opportunity that pays back its initial investment quickly is a good idea.投资回收期法则：最简单的投资法则是投资回收期法则，它是基于这样的想法：初始投资回收得越快，就越是好的投资机会。

③The Internal Rate of Return RuleIRR Investment Rule: Take any investment opportunity where IRR exceeds the opportunity cost of capital. Turn down any opportunity whose IRR is less than the opportunity cost of capital.内涵回报率（内部收益率）：接受任何IRR大于资本机会成本的投资机会，拒绝IRR小于资本机会成本的投资机会。

短期融资：1）营运资本Working capital includes the cash that is needed to run the firm on a day-to-day basis. It does not include excess cash, which is cash that is not require to run the business and can be invested at a market rate.营运资本包括公司日常运营所需要的现金，但不包括超额现金，公司运营并不需要超额现金，可以按照市场利率用超额现金投资。

2）商业信用与应收应付账款Trade Credit：The credit that the firm is extending to its customer is known as trade credit.商业信用：公司提供给客户的信用，称作商业信用。

Benefits of Trade Credit:1、trade credit is simple and convenient to use.2、it is a flexible source of funds, and can be used as needed.3、it is sometimes the only source of funding available to a firm.商业信用的收益：1、商业信用简便易行；2、它是一种灵活的资金来源；3、有时商业信用甚至是公司可获得资金的唯一来源。

Trade Credit Versus Standard Loans:1、providing financing at below-market rates is an indirect way to lower prices.2、it may have more information about the credit quality of the customer than a traditional outsider such as a bank.商业信用与标准贷款的比较：1、以低于市场水平的利率提供融资；2、供应商可能与其客户保持长期的业务关系，比银行的传统的外部贷款方更了解客户的信用质量。

Receivable Management(应收账款管理):Determining the Credit Policy确定信用政策：Establishing credit standards 设定信用标准Establishing credit terms 设定信用条件Establishing a collection policy 设定收款政策Monitoring Accounts Receivable 监控应收账款Accounts Receivable Days 应收账款周转天数Aging Schedule 账龄分析表Payable Management 应付账款管理：Determining Accounts Payable Days Outstanding 确定应付账款周转天数Stretching Accounts Payable 应付账款展期3）短期财务计划：①Forecasting Short-Term Financing Needs：1、a company forecast its cash flows todetermine whether it will have surplus cash or a cash deficit is for each period.2、management needs to decide whether that surplus or deficit is temporary or permanent.短期融资需求预测：1、通过预测现金流，公司可以确定煤气的现金流是过剩还是短缺；2、管理者要确定现金的过剩或短缺时暂时性的还是永久性的。

②The Management Principle: The matching principle states that short-term needs shouldbe financed with short-term debt and long-term needs should be financed withlong-term sources of funds.匹配原则：匹配原则表明，短期资金需求应该由短期债务融资来支持，长期资金需求应该由长期资金来源提供。