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1、Assets = Liabilities + Stockholders EquityAssets = (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 Pro
2、fit 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
3、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 bor
4、rowing = $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 / CL2,256 / 1,995 = 1.13 times Quick Ratio 速动比率= (CA Inventory) / CL(2,256 301) / 1,995 = .98 times Cash Ratio 现金比率= Cash / CL696 / 1,995 = .35 times NWC to Total As
5、sets = 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) = 219.8 days Total Debt Ratio资产负债率= (TA TE) / TA(5,394 2,556) / 5,394 = 52.61% Debt/Equity资本负债率= TD / TE(5,394 2,556) / 2,556 = 1.11 times Equity Multiplier权益乘数 = TA / T
6、E = 1 + D/E 1 + 1.11 = 2.11 Long-term debt ratio长期债务率= LTD / (LTD + TE) 843 / (843 + 2,556) = 24.80% Times Interest Earned利息保障倍 數= EBIT 息税前利润Earnings Before Interest and Tax / Interest 1,138 / 7 = 162.57 times Cash Coverage现金涵盖比率 = (EBIT + Depreciation) / Interest (1,138 + 116) / 7 = 179.14 times In
7、ventory Turnover 存货周转= Cost of Goods Sold / Inventory 2,006 / 301 = 6.66 times Days Sales in Inventory 销售库存的天数= 365 / Inventory Turnover 365 / 6.66 = 55 days Receivables Turnover 应收帐款周转率= Sales / Accounts Receivable 5,000 / 956 = 5.23 times Days Sales in Receivables = 365 / Receivables Turnover365 /
8、 5.23 = 70 days 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 4 页 - - - - - - - - - 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 / NWC5
9、,000 / (2,256 1,995) = 19.16 times Fixed Asset Turnover = Sales / NFA5,000 / 3,138 = 1.59 times Profit Margin 利润率 = Net Income / Sales 689 / 5,000 = 13.78% Return on Assets 资产收益率 (ROA) = Net Income / Total Assets 689 / 5,394 = 12.77% Return on Equity股本回报率(ROE) = Net Income / Total Equity689 / 2,556
10、= 26.96% PE Ratio 市盈率 = Price per share 每股价格 / Earnings per share 每股收益87.65 / 3.61 = 24.28 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87.65 / (2,556 / 190.9) = 6.55 times ROE = PM * TAT * EM Future Values FV = PV(1 + r)tPV = FV / (1 + r)t FV = future v
11、alue 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: rrCPVt)1(11rrCFVt1)1(Growing Annuity增长年金trggrCPV)1()1(1永久grCPV名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 4 页 - - -
12、- - - - - - APR年度成本百分率EAR Effective Annual Rate 1mAPR1EARm此处均为年利率， 有时候给了年利率要换成月、季利率、天利率！ ！自己体会！ ！ ！ttr)(1FVrr)(11-1CValueBondBond Value = PV of coupons 息票 + PV of par 票面价值Bond Value = PV of annuity 年金 + PV of lump sum 总金额Current Yield现价息率= annual coupon / price Yield to maturity = current yield + ca
13、pital gains yield资本利得收益率(1 + R) = (1 + r)(1 + h), where R = nominal rate r = real rate h = expected inflation rate Approximation 近似法 R = r + h g-RDg-Rg)1(DP100required returngPDgPg)1(DR0100where D1/P0 is the dividend yield股息率 and g is the capital gains yield 资本利得收益率average accounting returnAAR = Ave
14、rage Net Income/Average Book Value ERthe cost of equity gPDRE01见 ppt14 的 9 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 4 页 - - - - - - - - - Risk-free rate, Rf Market risk premium市场风险溢价 , E(RM) Rf Systematic risk of asset 系统性风险的资产, Beta wE = E/V = percent fi
15、nanced with equity wD = D/V = percent financed with debt E = market value of equity = # of outstanding shares times price per share D = market value of debt = # of outstanding bonds times bond price V = market value of the firm = D + E 100%= D/V + E/V WACC = wERE + wDRD(1-TC) after-tax cost of debt RD(1-TC) )(fMEfERRERR名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共 4 页 - - - - - - - - -