公司理财 期末重点总结

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 Capital 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.

Working Capital Management: The term working capital refers to firm’s short-tern assets and its short-term liabilities. Managing the firm’s 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 Proprietorship: 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 losses, 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 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 rights. 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 owner’s equity. Agency relationship：Principal hires an agent to represent his/her interest Agency problem：Separation of ownership and control 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 identity)

Assets = liabilities + shareholder’s equity

The value of liabilities and shareholder’s equity

= current liabilities + long term debt + shareholder’s 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 cash.

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 assets 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 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-don’t 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 firm’s capital structure. the more debt a firm has (as a percentage of assets ), the greater is its degree of financial 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 collection (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 divided into production costs（产品成本）and period

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(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(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 firm’s 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 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

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 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 statement(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：

1．Current 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

4．NWC to total assets净营运资本对资产总额的比率=net working capital/total assets5．Interval measure间隔时间指标= current assets/ average 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-term 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

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 asset turnover ratios

净营运资本周转率NWC Turnover=sales /NWC

固定资产周转率Fixed asset turnove r =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Return 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

①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）

②市销率Price-sales ratio= price per share /sales per share

③市净/账率(市价-账面价值比率)

Market-to-book 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

①利润边际（率） * ②总资产周转率 * ③权益指数

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 efficiency资产使用效率

○3 financial leverage财务杠杆

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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)

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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=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:

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 issuer 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 deductible.

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 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= C×[1-1/(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+APR/n）^n –1

1.YTM < Coupon rate , premium bond溢价债券

到期收益率<票面利率，投资者愿意额外多付出一部分价款，以得到额外的票面利息

2. YTM = Coupon rate， par bond

3. YTM > 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 realized over the life of the bond if all coupons are reinvested at an interest rate equal to the bond’s 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 provision（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 bond’s life. During this period of prohibition, the bond is said to be called protected.

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 protective 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.

C7

Stock valuation

three difficulties for stock valuation：not even the promised 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）]/(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.

2.Dividend right：dividends paid to shareholders represent a return on the capital directly or indirectly contributed to the corporation by the shareholders.

3.Residual claim: some firms have more than one class of common stock. Often, the classes are created with unequal voting rights.

preferred stock优先股: it has preference over common stock in the payment of dividends and in the distribution of corporation assets in the event of liquidation. 优先股特性:1）is a form of equity from illegal and tax standpoint. 2) the holders of preferred stock sometimes have no voting privileges. 3)stated value: preferred shares have a stated liquidating value, usually $100 per share. 4)cumulative and noncumulative dividends(累积和非累积的股利)： most are cumulative. If preferred dividends are cumulative and are not paid in a particular year, they will be carried forward to later years as an arrearage.

C8

净现值NPV：a measure of how much value is created or added today by undertaking an investment.

NPV rule: >0 accepted/rejected

回收期(多久回本): the length of time it takes to recover our initial investment. The Payback Rule： An investment is accepted if its calculated payback period is less than some prespecified number of years

Advantages:

Easy to understand

Adjusts for uncertainty of later cash flow

Biased towards liquidity

Disadvantages:

Ignore the time value of money

Ignores cash flow beyond the cutoff date 忽视回收期后的现金流

Requires an arbitrary cutoff point (取舍时限)

Biased against long-term projects

贴现回收期the discounted payback period: it is the length of time until the sum of the discounted cash flows is equal to the initial investment.

Rule:acceptted if its discounted payback is less than some prespecified number of years.

Advantages；

Include time value of money

Easy to understand

Does not accept negative estimated NPV investments

Biased towards liquidity.

disadvantages:

The cutoff still has to be arbitrarily set

cash flow beyond that point are ignored.

One project has a shorter discounted payback than anther does not mean it has a larger NPV.

Biased against long-term projects, such as research and development, and new projects.

平均会计报酬率 The Average Accounting Return（AAR）：A project is acceptable if its average accounting return exceeds a target average accounting return.

AAR=average net income/average book value平均净利润/平均账面价值

Advantages:

Easy to calculate

Needed information will usually be available

Disadvantages:

Not a true rate of return; time value of money is ignored.

Uses an arbitrary ‘benchmark cutoff rate

Based on accounting (book) values ,not cash flow and market values

Internal rate of return内部报酬率（IRR ）：The discounted rate that makes the NPV equal to zero一项投资的IRR是使得NPV=0时被用作折现率的要求收益率

Internal rate of return rule： accepted IRR > required return.

Ps. 现金流一定，贴现率越低，NPV 越大。

Advantages:

Closely related to NPV, often leading to identical decisions

Easily to understand and communicate

Disadvantages:

May result in multiple answer or not deal with nonconventional cash flows

May lead to incorrect decisions in comparisons of mutually exclusive investments(互斥投资项目) 【多重报酬率时选NPV最大】

Profitability index获利能力指数

PI= Total PV of future cash flows/ initial investment 未来现金流量的现值/初始投资

Judgment：Accepted , if PI>1 (NPV>0)

Advantages:

Closely related to NPV, often leading to identical decisions

Easily to understand and communicate

May be useful when available investments are limited.

Disadvantages:

May lead to incorrect decisions of mutually exclusive investments

C9

1. Incremental cash flows增量现金流: evaluate consists of any all changes in the firm’s future cash flow that are direct consequence of taking the project. 项目评估中的增量现金流量包括所有接受该项目而直接导致的公司未来现金流量的变动。

沉没成本Sunk costs： a cost we have already paid or have already incurred the liability to pay. （Not relevant）

机会成本Opportunity costs：requires us to give up a benefit. Don’t require us to actually spend some amount of cash. Opportunity costs is what the asset would sell for today.（relevant）

Side effects(外部效应)

Erosion: a negative impact on the cash flows of an existing product from the introduction of a new product. 侵蚀只有在不引进新产品，销售就不会减少的情况下，才是相关的。Spill over

净营运资本Net working capital: : the firm’s investment in project net working capital closely resembles a loan. The firm supplies working capital at the beginning and recovers it towards the end.（relevant）

融资成本Financing costs：In analyzing a proposed investment, we will not include interest or any other financing costs such as dividends or principals repaid, because we are interested in the cash flow generated by the assets of the project. But interest paid is a component of cash flow to creditors, not cash flow from assets.（Not relevant）

project cash flow项目现金流量= project operating cash flow—project change in net working capital—project capital spending项目的经营性现金流量—项目净营运资本的变动—项目资本性支出

Operating cash flow=EBIT + depreciation-taxes

经营性现金流量

Sensitivity analysis: the basic idea with a sensitivity analysis is to freeze all of the variables except one and then see how sensitive our estimate of NPV is to changes in that one variable. Scenario analysis: we let all the different variables change, bur we let them take on only a small number of values.

C11

dollar returns现金报酬=dividend+capital gains=dividend+(ending market value-initial investment)

percentage return报酬率:represents that how much do we get for each dollar we invest.公式=dollar retruns/initial investment=(dividend+capital gains)/initial

investment=dividends yield+capital gains yield

average return平均收益率：R=(R1+R2+…+Rt)/t

risk premiums风险溢酬：the risk of return on T-bill is the risk-free return, a reward for bearing risk is a risk premium.

two key lessons from capital market history两条教义: 1, risky assets, on average, earn a risk premium . there is a reward for bearing risk. 2. the greater the potential reward from a risky investment, the greater is the risk.

C12

Risk premium=Expected return-Risk free rate

Portfolio return:E(Rp)=W1R1+W2R2+…+WnRn 406

Total risk=Systematic risk+Unsystematic risk:

Systematic risk are unanticipated events that affect almost all assets to some degree because the effects are economy wide. risks are unanticipated events that affect single assets or small groups of assets.

The systematic risk principle states that the reward for bearing risk depends only on the systematic risk of an investment.

βp=W1β1+W1β2+…Wnβn

The reward-to-risk ratio for Asset i is the ratio of its risk premium: [E(Ri)-Rf]/βi CAPM(The capital asset pricing model)资本资产定价模型/SML（证券市场线）

E(Ri)=Rf+[E(Rm)-Rf]×βi 428

Rf:无利率风险

[E(Rm)-Rf]：市场风险溢酬(市场期望收益率与无风险收益率之差)

βi：系统风险

C13

现金股利Cash dividends:

Commonly,public companies pay regular cash dividends four times a https://www.360docs.net/doc/5d18983799.html,ly,t hese are cash payments made directly to shareholders,and they are made in the r egular course of business.

股利增长模型the dividend growth model approach: R=D1/P0+g

disadvantages: (1).it is obviously only applicable to companies that pay divi dent44

（2） the estimated cost of equity is very sensitive to the estimated growth ra te;this approach does not explicitly consider risk.

SML法the SML approach : advantage:K=Rf+beta x（Km-Rf）没找到422附近吧。。

it explicitly adjusts for risk.

it is applicable to companies other than just those with steady. Disadvantage:the difficulty for estimating the market risk premium.the difficul ty for estimating the beta coefficient.

加权平均资本成本WACC=Ws×Rs+W b×Rb 446

Ws=S/S+B W b=B/S+B Rs:权益资本成本 Rb：债务资本成本

the cost of return:the cost of return is the return that the firm's creditors demand on new borrowing.

债务成本

the cost of Debt :is the return that the firm's creditors demand on new borrow ing.

优先股成本

the cost of preferred stock :preferred stock has a fixed dividend paid every p eriod forever,so a share of preferred stock is essentially a perpetuity.

C14

1.firm value and stock value:the value of the firm is the sum of debt value an

d equity value

V=B+S

2.Business risk:the risk inherent in a firm's operation is called the business risk of the firm's equity.

3.Financial risk : as the firm's rely on debt financing ,the required return o

f equity rises.This occurs because the debt financin

g increases the risks borne by the stockholders .This extra risk that arises the risks borne by the stock holders.This extra risk that arises from the use of debt financing is called th

e financial risk o

f the firm's equity.

4.the mean of the financial leverage:

The effect of financial leverage depends on the company's EBIT.When EBIT is rel atively high,leverage is beneficial.

Under the expected scenario,leverage increase the returns to shareholders,as me asured by both ROE and EPS.

5.rs=r0 + B/SL x (ro-rb）

6.The cost of equity depends on three things:

-The required rate of return on the firm's assets

-The firm's cost of debt

-The firm's debt- equity ratio

7.VL=VU+TC x D

8.RN=R0+D/E(R0-Rd)(1-Tc) ppt倒数第五页

WACC=(equity/(equity+debt))*cost of equity+(debt/(equity+debt))*cost of

debt*(1-corporate tax rate)

WACC=(E/V)*Re+(D /V)*Rd*(1-Tc)

a..Direct bankruptcy costs:Legal and administrative expenses associated with t he bankruptcy proceeding .

b.Indirect bankruptcy costs:The cost of avoiding a bankruptcy filling incurred by a financially distressed firm are called indirect bankruptcy costs.

11.If we consider the effect of corporate taxes, we find that capical structure matters a great deal.This conclusion is based on the fact that interest is tax deductible and thus generate a valuable tax shield.