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1、学习必备 欢迎下载 C 1 Corporate Finance addresses the following three questions:1.What long-term investments should the firm choose?Capital Budgeting(资本预算)2.How should the firm raise funds for the selected investments?Capital Structure(资本结构)3.How should short-term assets be managed and financed?Working Capi
2、tal Management(营运资本)Capital Budgeting:The process of planning and managing a firm s long-term investments is called capital budgeting.Capital Structure:A firm s capital structure(or financial structure)is the specific mixture of long-term debt and equity the firm uses to finance its operations.Worki
3、ng Capital Management:The term working capital refers to firms short-tern assets and its short-term liabilities.Managing the firms working capital is a day-to-day activity that ensures that the firm has sufficient resources to continue its operations and avoid costly interruptions.Sole Proprietorshi
4、p:A sole proprietorship is a business owned by one person.The owner can keep all the profit.However,he has unlimited liability for business debts.Partnership:A partnership is similar to a proprietorship,except that there are two or more owners.General Partnership:All the partners share in gains or l
5、osses,and all have unlimited liability for all partnership debts,not just some particular share.Limited Partnership:One or more general partners will run the business and have unlimited liability,but there will be one or more limited partners who will not actively participate in the business.Primary
6、 disadvantages:1.unlimited liability for business debt on the part of the owners 2.limited life of the business 3.difficulty of transferring ownership Corporation:A corporation is a legal person separate and distinct from its owners.Disadvantages:Double taxation,separation of ownership and control r
7、ights.The goal of financial management is to maximize the current value per share of the existing stock.A more general goal：Maximize the market value of the existing owners equity.Agency relationship：Principal hires an agent to represent his/her interest Agency problem：Separation of ownership and co
8、ntrol rights,Conflict of interest between principal and agent.Agency costs：refers to the costs of the conflict of interest between stockholders and management.C2 Goal:cash is king The goal of financial management：is to maximize the market value of the stock The balance sheet equation(Balance sheet i
9、dentity)学习必备 欢迎下载 Assets=liabilities+shareholders equity The value of liabilities and shareholders equity =current liabilities+long term debt+shareholders equity Net working capital净营运资本=Current assets current liabilities Liquidity流动性:refers to the speed and ease which an asset can be converted to c
10、ash.the more liquid business is,the less likely it is to experience financial distress.Debt versus Equity（负债与权益）:Shareholders equity=Assets-Liabilities Market value VS book value Book value 账面价值：under Generally Accepted Accounting Principles（公认会计原则 GAAP），audited financial statements generally show a
11、ssets at historical cost。historical cost历史成本：assets carried on the books MV:what the asset could sold for BV:what the firm paid for them 异同：1.For current assets,short-term debt,many debt,market value and book value might be somewhat similar because current assets are brought and converted into cash
12、over a relatively short span of time;2.For fixed assets,it would be purely a coincidence if the actual market value of an asset(what the asset could be sold for)were equal to its book value 3.Many of the most valuable assets that a firm have-good management,a good reputation,talented employees-dont
13、appeared on the balance sheet at all.4.For both of them,assets=debt+equity Corporate finance is interested in the market value of the firm Financial leverage e财务杠杆：the use of debt in a firms capital structure.the more debt a firm has(as a percentage of assets),the greater is its degree of financial
14、leverage The income statement(利润表):measures performance over some period of time The income statement equation:Revenues 收益 Expenses=Income GAPP and the income statement:1.the realization/general principle(实现/一般原则):revenue is recognized at the time of sale,which need not be the same as the time of co
15、llection(accrues权责发生制)2.the matching principle配比原则:expenses shown on the income statement are based on the matching principle 3.the figure shown on the income statement may not be at all representative of the actual cash inflows and outflows that occurred during a particular period.Noncash items(非现金
16、项目)1.A primary reason that accounting income differs from cash flow is that an income statement contains noncash items.2.Depreciation折旧 is one of the most important example.Time and costs：1.To financial managers:costs are divided into fixed costs and variable costs 2.To the accountants:costs are div
17、ided into production costs（产品成本）and period 值则历史成本异同财务杠杆利润表收益实现一般原则发生制配比原则非现金项目折旧产品成本权责学习必备欢迎下载发行在外期间成本每股盈余的股数每股股利平均税率额边际税率多赚所应支付的税现金流量税额除以应税所得特征新筹集的净权益现金来源现金运用现金流量表同比报表财务报表利润表同基年度财务报表一短期偿债能力流动性比率学习必备欢迎下载流动比率速动比率酸性比率存货现金比率净营运资本对资产总额的比率间隔时间指标二长期偿债也叫利息保障倍数比率现金偿债比率折扣前息税前盈余计量企业从经营活动中产生现金的能力的指标计量可用以应付筹资义务
18、的现金三资产周转比率存货周转率销售商品成本存货存货周转天数应收账款周转率应收账款周转天数平均学习必备 欢迎下载 costs(期间成本)(EPS)Earnings per share 每股盈余=Net income/Total shares outstanding(发行在外的股数)Dividends per share每股股利=Total dividends/Total shares outstanding TAXES:Average tax rate平均税率:tax bill divided by taxable income（税额除以应税所得额）Marginal tax rate 边际税率(
19、relevant for most financial decisions):the rate of extra tax u would pay if u earned one more dollar多赚￥1 所应支付的税 CASH FLOW现金流量(free cash flow)：the difference between the number of dollars that come in and went out Calculating cash flow:特征 CF from assets 来自资产的现金流=CF to creditors+CF to stockholders CF(
20、A)=CF(B)+CF(S)CF from assets =operating CF-net capital spending change in NWC Operating CF 经营现金流量:results from the firms day-to-day activities of producing and selling Capital spending资本性支出:money spent on fixed assets-$received from the sale of it Change in net working capital净营运资本变动:the net change
21、in current assets relative to current liabilities for the period being examined and represents the amount spent on net working capital Operating CF（经营现金流）=EBIT+Depreciation Tax Net capital spending=ending net fixed assets beginning net fixed assets+depreciation Change in NWC=Ending NWC-Beginning NWC
22、 CF to creditors债权人=interest paid net new borrowing 利息支出-新的借款净额 CF to stockholder s=dividend paid net equity raised 派发的股利-新筹集的净权益 C3 sources of cash(现金来源):Activities that bring in cash uses of cash（现金运用）：Activities that involve spending cash the statement of Cash Flow 现金流量表：there is some flexibility
23、 in summarizing the sources and uses of cash in the form of a financial statement,the result is called.Common-size statements 同比报表:a useful way of standardizing financial statements（财务报表）is to express each item on the balance sheet as a percentage of assets and to express each item on the income sta
24、tement(利润表)as a percentage of sales.Common-base year financial statements:trend analysis 同基年度财务报表：a useful way of standardizing financial statements in this case is to choose a base year and then express each item relative to the base amount.一、Short-term solvency/liquidity ratios短期偿债能力/流动性比率：值则历史成本异
25、同财务杠杆利润表收益实现一般原则发生制配比原则非现金项目折旧产品成本权责学习必备欢迎下载发行在外期间成本每股盈余的股数每股股利平均税率额边际税率多赚所应支付的税现金流量税额除以应税所得特征新筹集的净权益现金来源现金运用现金流量表同比报表财务报表利润表同基年度财务报表一短期偿债能力流动性比率学习必备欢迎下载流动比率速动比率酸性比率存货现金比率净营运资本对资产总额的比率间隔时间指标二长期偿债也叫利息保障倍数比率现金偿债比率折扣前息税前盈余计量企业从经营活动中产生现金的能力的指标计量可用以应付筹资义务的现金三资产周转比率存货周转率销售商品成本存货存货周转天数应收账款周转率应收账款周转天数平均学习必备
26、 欢迎下载 1Current ratio流动比率=current assets/current liabilities 2.速动比率/酸性比率 The Quick(acid-test ratio)=（current assets inventory存货）/current liabilities 3.Cash ratio现金比率=cash/current liabilities 4NWC to total assets净营运资本对资产总额的比率=net working capital/total assets 5Interval measure间隔时间指标=current assets/aver
27、age daily operating costs 二、Long-term solvency/financial leverage ratios长期偿债能力/财务杠杆比率：1.Total debt ratio资产负债率=(total assets total equity)/total assets 2.Debt-equity ratio负债权益率=total debt/total equity 3.Equity multiplier权益乘数=total assets/total equity 4.Long-term debt ratio长期负债率=Long-term debt/(long-t
28、erm debt+total equity)5.利息保障倍数比率(衡量公司兑现其利息义务的能力)（也叫 interest coverage ratio利息保障倍数比率（TIE）Times interest earned ratio=EBIT/interest 6.Cash coverage ratio现金偿债比率=EBITD/interest=（EBIT+depreciation）/interest（Ps.EBDIT 折扣前息税前盈余，计量企业从经营活动中产生现金的能力的指标，计量可用以应付筹资义务的现金）三、Asset management or turnover ratios资产周转比率
29、1.存货周转率 Inventory turnover=销售商品成本/存货=cost of goods sold/inventory(average)存货周转天数 Days sales in inventory=365 days/inventory turnover 2.应收账款周转率 Receivable turnover=sales/accounts receivable应收账款(average)应收账款周转天数 Days sales in receivable（ACP：平均回收期）=365 days/receivables turnover（收回赊账销售收入的时间）3.资产周转率 asse
30、t turnover ratios 净营运资本周转率 NWC Turnover=sales/NWC 固定资产周转率 Fixed asset turnover=sales/net fixed assets 总资产周转率 Total asset turnover=sales/total assets 4.Profitability ratios获利能力计量指标 Profit margin销售净利润率=net income/sales=净利润/销售收入(计量经营效率)（ROA）资产报酬率 Return on assets=net income/total assets(ROE)权益报酬率 Retur
31、n on equity=net income/total equity 转化：ROE=ROA*Equity multiplier=ROA*(1+debt-equity ratio)5.Market value measures 市场价值计量指标 市盈率(市价-盈余比率)(PE ratio)Price-earnings ratio=price per share/earnings per share（每股价格/每股收益 EPS）市销率 Price-sales ratio=price per share/sales per share 市净/账率(市价-账面价值比率)Market-to-book
32、ratio=market value per share/book value per share Book value per share =equity/shares outstanding The Du Pont Identity(杜邦恒等式)ROE=profit margin*Total asset turnover*Equity multiplier 利润边际（率）*总资产周转率*权益指数 值则历史成本异同财务杠杆利润表收益实现一般原则发生制配比原则非现金项目折旧产品成本权责学习必备欢迎下载发行在外期间成本每股盈余的股数每股股利平均税率额边际税率多赚所应支付的税现金流量税额除以应税所
33、得特征新筹集的净权益现金来源现金运用现金流量表同比报表财务报表利润表同基年度财务报表一短期偿债能力流动性比率学习必备欢迎下载流动比率速动比率酸性比率存货现金比率净营运资本对资产总额的比率间隔时间指标二长期偿债也叫利息保障倍数比率现金偿债比率折扣前息税前盈余计量企业从经营活动中产生现金的能力的指标计量可用以应付筹资义务的现金三资产周转比率存货周转率销售商品成本存货存货周转天数应收账款周转率应收账款周转天数平均学习必备 欢迎下载 等式说明 Roe is affected by three things:1 operating efficiency 经营效率（用利润率来计量）2 asset use
34、efficiency资产使用效率 3 financial leverage财务杠杆 C4 Discounted cash flow(DCF)valuation:贴现现金流量估价calculating the present value of a future cash flow to determine its worth today.Discount rate:贴现率 use to discount a future cash flow(是指将未来支付改变为现值所使用的利率)future value factor FVIF（i%，n）利息终值系数(1+r)t PV=FV PVIF(r,t)C
35、5 Annuities:年金 constant cash flow that occur for some fixed number of periods Ordinary annuity:普通年金 a series of constant or level cash flows that occur at the end of each period for.Annuity due:期初应付年金 occur at the beginning Perpetuities:永续年金 the level stream of cash flow continues forever 普通年金现值 PV=
36、C 1-1/(1+r)t/r终值 FV=C(1+r)t-1/r p161 永续年金现值 PV=C/r（优先股）Annual percentage rate(ARP):年百分率 it is equal to the interest rate per period multiplied by the number of periods in a year一年中每期的利率乘以复利期数 Effective annual rate(EAR):实际年利率 it is actually the rate that you will earn EAR=(1+APR/m)m-1 P164 Loan types
37、:P ure discount loans:纯贴现贷款 the borrow receives money today and repays a single lump sum at some time in the future Interest-only loans:仅付息贷款 to pay interest each period and to repay the entire principal at some time in the future Amortized loans:分期偿还贷款 to repay parts of the principal over time 等本还息
38、 amortization with equal principal payments 每年本金清偿额相等 等额还款 amortization with equal payments 每年总支付额相等 Partial amortization:部分分期偿还贷款（每个月所付的钱并不能完全还清贷款，最后需要支付一笔更高的金额）C6 Bond:Securities issued by corporations may be classical roughly as equity securities and debts securities.Debt securities means the iss
39、uer borrows money.differences between debt and equity:1.Debt is not an ownership interest in the form.Creditors generally do not have voting power.2.The payment of interest on debt is considered as cost of doing business and is fully tax deductible.Dividends paid to stockholders are not tax deductib
40、le.值则历史成本异同财务杠杆利润表收益实现一般原则发生制配比原则非现金项目折旧产品成本权责学习必备欢迎下载发行在外期间成本每股盈余的股数每股股利平均税率额边际税率多赚所应支付的税现金流量税额除以应税所得特征新筹集的净权益现金来源现金运用现金流量表同比报表财务报表利润表同基年度财务报表一短期偿债能力流动性比率学习必备欢迎下载流动比率速动比率酸性比率存货现金比率净营运资本对资产总额的比率间隔时间指标二长期偿债也叫利息保障倍数比率现金偿债比率折扣前息税前盈余计量企业从经营活动中产生现金的能力的指标计量可用以应付筹资义务的现金三资产周转比率存货周转率销售商品成本存货存货周转天数应收账款周转率应收账款
41、周转天数平均学习必备 欢迎下载 3.Unpaid debt is liability of the firm.If it is not paid,the corporation can go into bankruptcy.This possibility does not arise when equity is issued.Bond features:票面利息 Coupons:regular interest payments that the issuer promises to make 债券的面值 Face or par value:the amount that will be
42、repaid at the end of the loan.票面利率 Coupon rate:The annual coupon divided by the face value 到期期限 Maturity:the number of years until the face value is paid 到期收益率 Yield to maturity(YTM):interest rate in the market on a bond Bond value=C1-1/(1+r)t/r+F/(1+r)t 194 票面利息现值（年金现值）+票面价值的现值（YTM=r）EAR（实际利率）=（1+A
43、PR/n）n 1 1.YTM Coupon rate,premium bond溢价债券 到期收益率 Coupon rate，discount bond current yield当期收益率=Annual coupon/it price yield to maturity到期收益率:the average rate of return that will be earned on a bond if it is bought now and held until maturity.realized yield 实现报酬率:YTM equals the rate of return realize
44、d over the life of the bond if all coupons are reinvested at an interest rate equal to the bonds YTM 实现报酬率 PN/PO=(1+R)(1+R)(1+R)=（1+R）n 即，R=（PN/PO 1）1/n 这个是 ppt 上的，书上我没看到。Interest rate risk:the risk that arises for bond owners from fluctuating interest rate The Fisher Effect:1+R=（1+r）（1+h）The call p
45、rovision（提前赎回条款）:allows the company to repurchase or call part of all the bond issue at stated prices over a specific period.Deferred call provision(延期赎回条款)：call provisions are often not operative during the first part of a bonds life.During this period of prohibition,the bond is said to be called p
46、rotected.The indenture（债券合约）:is the written agreement between the corporation and its creditors.Includes the following provisions:the basic terms of the bonds;the total amount of bonds issued;a description of property used as security;the repayment arrangements;the call provisions;details of the pro
47、tective covenants Protective covenants（保护性条款）:a protective covenant is that part of the indenture or loan agreement that limits certain actions company might otherwise wish to take during the term of the loan.值则历史成本异同财务杠杆利润表收益实现一般原则发生制配比原则非现金项目折旧产品成本权责学习必备欢迎下载发行在外期间成本每股盈余的股数每股股利平均税率额边际税率多赚所应支付的税现金流量
48、税额除以应税所得特征新筹集的净权益现金来源现金运用现金流量表同比报表财务报表利润表同基年度财务报表一短期偿债能力流动性比率学习必备欢迎下载流动比率速动比率酸性比率存货现金比率净营运资本对资产总额的比率间隔时间指标二长期偿债也叫利息保障倍数比率现金偿债比率折扣前息税前盈余计量企业从经营活动中产生现金的能力的指标计量可用以应付筹资义务的现金三资产周转比率存货周转率销售商品成本存货存货周转天数应收账款周转率应收账款周转天数平均学习必备 欢迎下载 C7 Stock valuation three difficulties for stock valuation：not even the promise
49、d cash flows are known；the life of the investment is essentially forever；there is no way to easily observe the rate of return that the market return。股票 241 general case P0=D1/(1+R)+D2/(1+R)2+.+D3/(1+R)3+.zero growth/preferred：P=D/R;constant growth:D1=D0*(1+g)dividend growth model 股利增长模型 P0=D0*（1+g）/
50、(R-g)nonconstant growth:P0=D1/(1+R)+D2/(1+R)2+.+Dt/(1+R)t+Pt/(1+R)t Pt=Dt（1+g）/(R-g)The required return 要求收益率 R=D1/P0+g=dividend yield+capital gains yield 股票分类 common stock：stock that has no special preference either in paying dividends or in bankruptcy.普通股特性:1.shareholder rights:elect the directors