《公司理财公式总结》由会员分享，可在线阅读，更多相关《公司理财公式总结（7页珍藏版）》请在金锄头文库上搜索。
1、Assets=(Current+Fixed)AssetsNetWorkingCapital=CurrentAssetsCurrentLiabilitiesRevenues-Expenses=IncomeSalesorRevenues(-)Costofgoodssold(=)Grossprofit毛利(-)Administrative/marketingcosts行政管理/营销成本,Depreciation折旧(=)OperatingProfit营业利润(-)Interests,Taxes(=)Netincome净收益(-)Dividendstopreferredstocks(=)Earning
2、availabletocommonshareholdersCashFlowFromAssets(CFFA)=CashFlowtoCreditors+CashFlowtoStockholdersCashFlowFromAssets=OperatingCashFlow营运现金流量NetCapitalSpending净资本支出ChangesinNWC净营运资本的变化OCF(I/S)营运现金流=EBIT息税前利润+depreciationtaxes=$547NCS净资本支出(B/SandI/S)=endingnetfixedassetsbeginningnetfixedassets+depreciat
3、ion=$130ChangesinNWC(B/S)=endingNWCbeginningNWC=$330CFFA=547130330=$87CFtoCreditors(B/SandI/S)=interestpaidnetnewborrowing=$24CFtoStockholders(B/SandI/S)=dividendspaidnetnewequityraised=$63CFFA=24+63=$87CurrentRatio流动比率=CA/CL2,256/1,995=1.13timesQuickRatio速动比率=(CATnventory)/CL(2,256-301)/1,995=.98ti
4、mesCashRatio现金比率=Cash/CL696/1,995=.35timesNWCtoTotalAssets=NWC/TA(2,256-1,995)/5,394=.05IntervalMeasure区间测量=CA/averagedailyoperatingcosts2,256/(2,0061,740)/365)=219.8daysTotalDebtRatio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=1.11timesEquityMultiplier权益乘数=TA
5、/TE=1+D/E1+1.11=2.11Long-termdebtratio长期债务率=LTD/(LTD+TE)843/(843+2,556)=24.80%TimesInterestEarned利息保障倍數=EBIT息税前利润EarningsBeforeInterestandTax/Interest1,138/7=162.57timesCashCoverage现金涵盖比率=(EBIT+Depreciation)/Interest(1,138+116)/7=179.14timesInventoryTurnover存货周转=CostofGoodsSold/Inventory2,006/301=6.
6、66timesDaysSalesinInventory销售库存的天数=365/InventoryTurnover365/6.66=55daysReceivablesTurnover应收帐款周转率=Sales/AccountsReceivable5,000/956=5.23times365/5.23=70daysDaysSalesinReceivables=365/ReceivablesTurnoverTotalAssetTurnover=Sales/TotalAssets5,000/5,394=.93ItisnotunusualforTAT1,especiallyifafirmhasalarg
7、eamountoffixedassetsNWCTurnover=Sales/NWC5,000/(2,256-1,995)=19.16timesFixedAssetTurnover=Sales/NFA5,000/3,138=1.59timesProfitMargin利润率=NetIncome/Sales689/5,000=13.78%ReturnonAssets资产收益率(ROA)=NetIncome/TotalAssets689/5,394=12.77%ReturnonEquity股本回报率(ROE)=NetIncome/TotalEquity689/2,556=26.96%PERatio市盈
8、率=Pricepershare每股价格/Earningspershare每股收益87.65/3.61=24.28timesMarket-to-bookratio市价与账面值比率=marketvaluepershare/bookvaluepershare每股市价/每股账面价值87.65/(2,556/190.9)=6.55timesROE=PM*TAT*EMFutureValuesFV=PV(1+r)tPV=FV/(1+r)tFV=futurevaluePV=presentvalueEAR=-1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！t=numberofperiods
9、Perpetuity永续年金：PV=C/rtAnnuities年金：PV=C|(*r)rG+r11FV=CI-:r一GrowingAnnuity增长年金CPV1-(1+g)r-gI+r)C永久PV=r-gAPR年度成本百分率EAREffectiveAnnualRateBondValue+-(1FV-r)tBondValue=PVofcoupons息票+PVofpar票面价值BondValue=PVofannuity年金+PVoflumpsum总金额CurrentYield现价息率=annualcoupon/price资本利得收益率Yieldtomaturity=currentyield+cap
10、italgainsyield(1+R)=(1+r)(1+h),whereR=nominalrater=realrateh=expectedinflationrateApproximation近似法R=r+hPD0(1g)DR-gR-gD0(1+g)D1requiredreturnR-ggwhereD1/P0isthedividendyield股息率andgisthecapitalgainsyield资本利得收益率averageaccountingreturnAAR=AverageNetIncome/AverageBookValueRethecostofequity农=D.g见ppt14的9Re
11、=Re(E(Rm)-Rf)Risk-freerate,RfMarketriskpremium市场风险溢价，E(RM)-RfSystematicriskofasset系统性风险的资产，：BetawE=E/V=percentfinancedwithequitywD=D/V=percentfinancedwithdebtE=marketvalueofequity=#ofoutstandingsharestimespricepershareD=marketvalueofdebt=#ofoutstandingbondstimesbondpriceV=marketvalueofthefirm=D+E100%=D/V+E/VWACC=weRe+wdRd(1-Tc)after-taxcostofdebtRd(1-Tc)THANKS!学习课件等等致力为企业和个人提供合同协议，策划案计划书,打造全网一站式需求欢迎您的下载，资料仅供参考
