公司理财公式总结

公司理财公式总结 Document number：PBGCG-0857-BTDO-0089-PTT1998

A s s e t s=L i a b i l i t i e s+S t o c k h o l d e r s’E q u i t y Assets = (Current + Fixed) Assets

Net Working Capital= Current Assets – Current Liabilities

Revenues - Expenses = Income

Sales or Revenues(-) Cost of goods sold(=) Gross profit毛利(-) Administrative/marketing costs行政管

理/营销成本, Depreciation折旧(=) Operating Profit营业利润(-) Interests, Taxes

(=) Net income净收益(-) Dividends to preferred stocks(=) Earning available to common shareholders Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders

Cash Flow From Assets = Operating Cash Flow营运现金流量– Net Capital Spending净资本支出–Changes in NWC净营运资本的变化

OCF (I/S)营运现金流= EBIT息税前利润+ depreciation – taxes = $547

NCS净资本支出( B/S and I/S) = ending net fixed assets – beginning net fixed assets + depreciation = $130

Changes in NWC (B/S) = ending NWC – beginning NWC = $330

CFFA = 547 – 130 – 330 = $87

CF to Creditors (B/S and I/S) = interest paid – net new borrowing = $24

CF to Stockholders (B/S and I/S) = dividends paid – net new equity raised = $63

CFFA = 24 + 63 = $87

Current Ratio 流动比率= CA / CL 2,256 / 1,995 = times

Quick Ratio 速动比率= (CA – Inventory) / CL (2,256 – 301) / 1,995 = .98 times

Cash Ratio 现金比率= Cash / CL 696 / 1,995 = .35 times

NWC to Total Assets = NWC / TA (2,256 – 1,995) / 5,394 = .05

Interval Measure区间测量= CA / average daily operating costs 2,256 / ((2,006 + 1,740)/365) = days Total Debt Ratio资产负债率 = (TA – TE) / TA (5,394 – 2,556) / 5,394 = %

Debt/Equity资本负债率 = TD / TE (5,394 – 2,556) / 2,556 = times

Equity Multiplier权益乘数= TA / TE = 1 + D/E

1 + =

Long-term debt ratio长期债务率 = LTD / (LTD + TE)

843 / (843 + 2,556) = %

Times Interest Earned利息保障倍数 = EBIT息税前利润 Earnings Before Interest and Tax / Interest 1,138 / 7 = times

Cash Coverage现金涵盖比率= (EBIT + Depreciation) / Interest

(1,138 + 116) / 7 = times

Inventory Turnover 存货周转 = Cost of Goods Sold / Inventory

2,006 / 301 = times

Days’ Sales in Inventory 销售库存的天数= 365 / Inventory Turnover

365 / = 55 days

Receivables Turnover 应收帐款周转率= Sales / Accounts Receivable 5,000 / 956 = times

Days’ Sales in Receivabl es = 365 / Receivables Turnover 365 / = 70 days

Total Asset Turnover = Sales / Total Assets

5,000 / 5,394 = .93

It is not unusual for TAT < 1, especially if a firm has a large amount of fixed assets

NWC Turnover = Sales / NWC 5,000 / (2,256 – 1,995) = times

Fixed Asset Turnover = Sales / NFA 5,000 / 3,138 = times

Profit Margin 利润率= Net Income / Sales 689 / 5,000 = %

Return on Assets 资产收益率(ROA) = Net Income / Total Assets 689 / 5,394 = %

Return on Equity 股本回报率 (ROE) = Net Income / Total Equity 689 / 2,556 = %

PE Ratio 市盈率= Price per share 每股价格/ Earnings per share 每股收益 / = times

Market-to-book ratio 市价与账面值比率=market value per share / book value per share 每股市价/每股账面价值 / (2,556 / = times

ROE = PM * TAT * EM

Future Values

FV = PV(1 + r)t PV = FV / (1 + r)t

FV = future value

PV = present value

r = period interest rate, expressed as a decimal （用小数表示）

t = number of periods

Perpetuity 永续年金: PV = C / r

Annuities 年金: ⎥⎥⎥⎥⎦

⎤⎢⎢⎢⎢⎣⎡+-=r r C PV t )1(11 Growing Annuity 增长年金

永久 g r C

PV -=

APR 年度成本百分率 EAR Effective Annual Rate