公司理财作业截图完整版
公司理财PPTchap001
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
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Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 4
1.1 What is Corporate Finance?
Corporate Finance addresses the following three questions:
Slide 13
1.2 The Corporate Firm
• The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. • However, businesses can take other forms.
Shareholders’ Equity
McGraw-Hill/Irwin
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Slide 9
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice the pie. 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
公司理财财务管理图文稿
公司理财财务管理 Company number【1089WT-1898YT-1W8CB-9UUT-92108】公司理财（财务管理）第一章、公司理财概述《财务与成本管理》教材一书共十五章、632页、44万字。
其中前十章是讲财务管理，后四章是讲成本管理。
财务管理与成本管理本是两门学科，没有内在的必然联系，实际上它是两门完全独立的学科。
《财务管理》的特点是公式很多，有的公式需要死背硬记，有的在理解后就能记住。
第一章是总论，这章的内容是财务管理内容的总纲，是理解各章内容的一个起点，对掌握各章之间的联系有重要意义。
因此，学习这一章重点是掌握财务管理知识的体系，理解每一个财务指标、公式、名词的概念，掌握它，对以后各章在整个知识体系中的地位和作用有很大帮助。
第一节财务管理的目标一、企业的财务目标有四个问题：企业目标决定了财务管理目标；财务管理目标的三种主张及其理由和问题；讨论财务目标的重要意义；为什么要以利润大小作为财务目标。
这四个问题是财务管理中的基本问题，是组织财务管理工作的出发点。
公司理财是指公司在市场经济条件下，如何低成本筹措所需要的资金并进行各种筹资方式的组合；如何高效率地投资，并进行资源的有效配置；如何制定利润分配政策，并合理地进行利润分配。
公司理财就是要研究筹资决策、投资决策及利润分配决策。
1、企业管理的目标包括三个方面内容：一是生存，企业只有生存，才可能获利，企业生存的基本少破产的风险，使企业长期稳定地生存下去，是对公司理财的第一个要求；二是发展，企业是在发展中求得生存的。
筹集企业发展所需的资金，是对公司理财的第二个要求；三是获利，企业必须获利，才有存在的价值。
通过合理有效地使用资金使企业获利，是对公司理财的第三个要求。
总之，企业的目标（企业管理的目标）就是生存、发展和获利。
2、公司理财的目标三种观点①、利润最大化缺点：没有考虑利润的取得时间，没有考虑所获利润和所投资本额的关系，没有考虑获取利润与所承担风险的大小。
公司理财精要版原书第12版教师手册RWJ_Fund_12e_IM_Chapter18
Chapter 18SHORT-TERM FINANCE AND PLANNING SLIDES18.1Chapter 1818.2Key Concepts and Skills18.3Chapter Outline18.4Sources and Uses of Cash18.5The Operating Cycle18.6Cash Cycle18.7Figure 18.1: Cash Flow Time Line18.8Example Information18.9Example: Operating Cycle18.10Example: Cash Cycle18.11Short-Term Financial Policy18.12Carrying vs. Shortage Costs18.13Temporary vs. Permanent Assets18.14Figure 18.4: Total Asset Requirements over Time18.15Choosing the Best Policy18.16Figure 18.6: A Compromise Financing Policy18.17Cash Budget18.18Example: Cash Budget Information18.19Example: Cash Budget – Cash Collection18.20Example: Cash Budget – Cash Disbursements18.21Example: Cash Budget – Net Cash Flow and Cash Balance 18.22Short-Term Borrowing18.23Example: Compensating Balance18.24Example: Factoring18.25Short-Term Financial Plan18.26Quick Quiz18.27Ethics Issues18.28Comprehensive Problem18.29End of ChapterCHAPTER WEB SITESCHAPTER ORGANIZATION18.1Tracing Cash and Net Working Capital18.2The Operating Cycle and the Cash CycleDefining the Operating and Cash CyclesThe Operating Cycle and the Firm’s Organizational ChartCalculating the Operating and Cash CyclesInterpreting the Cash Cycle18.3Some Aspects of Short-Term Financial PolicyThe Size of the Firm’s Investment in Current AssetsAlternative Financing Policies for Current AssetsWhich Financing Policy Is Best?Current Assets and Liabilities in Practice18.4The Cash BudgetSales and Cash CollectionsCash OutflowsThe Cash Balance18.5Short-Term BorrowingUnsecured LoansSecured LoansOther Sources18.6 A Short-Term Financial Plan18.7Summary and ConclusionsANNOTATED CHAPTER OUTLINELecture Tip: For some reason, many students (and some faculty)view short-term finance generally, and working capitalmanagement specifically, as less important than capital budgetingor the risk-return relationship. You may find it useful to emphasizethe importance of short-term finance in introducing the currentchapter.First, discussions with CFOs quickly lead to the conclusion that, asimportant as capital budgeting and capital structure decisions are,they are made less frequently, while the day-to-day complexitiesinvolving the management of net working capital (especially cashand inventory) consume tremendous amounts of management time.Second, it is clear that while poor long-term investment andfinancing decisions will adversely impact firm value, poor short-term financial decisions will impair the firm’s ability to continueoperating. Finally, good working capital decisions can also have amajor impact on firm value.Slide 1: Chapter 18Slide 2: Key Concepts and SkillsSlide 3: Chapter Outline18.1Tracing Cash and Net Working CapitalSlide 4: Sources and Uses of CashDefining Cash in Terms of Other ElementsNet working capital + Fixed assets = Long-term debt + EquityNet working capital = Cash + Other current assets − CurrentliabilitiesSubstituting NWC into the first equation and rearranging;Cash = Long-term debt + Equity + Current Liabilities − Othercurrent assets − Fixed assetsSources of Cash (Activities that increase cash)Increase in long-term debt account (borrowed money)Increase in equity accounts (sold stock)Increase in current liability accounts (borrowed money)Decrease in current asset accounts, other than cash (soldcurrent assets)Decrease in fixed assets (sold fixed assets)Uses of Cash (Activities that decrease cash)Decrease in long-term debt account (repaid loans)Decrease in equity accounts (repurchased stock or paiddividends)Decrease in current liability accounts (repaid suppliers or short-term creditors)Increase in current asset accounts, other than cash (purchasedcurrent assets)Increase in fixed assets (purchased fixed assets)Lecture Tip: Concept question 18.1b asks students to considerwhether net working capital always increases when cashincreas es. The best way to illustrate why the answer to this is “no”is to work an example: Suppose a firm currently has $50,000 incurrent assets and $20,000 in current liabilities; so NWC =$50,000 − 20,000 = 30,000. Management decides to borrow$10,000 using long-term debt. What happens to cash and NWC?Cash increases by $10,000 and NWC = (50,000 + 10,000) −20,000 = 40,000. So, both cash and NWC increase by 10,000.Suppose, on the other hand, management borrowed the $10,000from a bank as a short-term loan. Cash still increases by $10,000,but net working capital doesn’t change ( NWC = (50,000 +10,000) − (20,000 + 10,000) = 30,000). The effect of an increasein cash on NWC depends on where the increase comes from; if theincrease comes from a change in long-term liabilities, equity orfixed assets, then there will be an increase in NWC. On the otherhand, if the increase comes from a change in current liabilities orcurrent assets, then there will be no impact on NWC.18.2 The Operating Cycle and the Cash CycleA.Defining the Operating and Cash CyclesSlide 5: The Operating CycleThe operating cycle is the average time required to acquireinventory, sell it, and collect for it.Operating cycle = Inventory period + Accounts receivableperiodThe inventory period is the time to acquire and sell inventory.Inventory turnover = Cost of goods sold ⁄ A verageinventoryInventory period = 365 ⁄ I nventory turnoverThe accounts receivable period (average collection period) isthe time to collect on the sale.Receivables turnover = Credit sales ⁄ Average receivablesAccounts receivable period = 365 ⁄ Receivables turnover Slide 6: Cash CycleThe cash cycle is the average time between cash disbursementfor purchases and cash received from collections.Cash cycle = Operating cycle − Accounts payable period Slide 7: Figure 18.1: Cash Flow Time LineThe accounts payable period is the time between receipt ofinventory and payment for it.Payables turnover = Cost of goods sold ⁄ Average payablesPayables period = 365 ⁄ Payables turnoverLecture Tip: Students should recognize that a company wouldprefer to take as long as possible before paying bills. You mightmention that accounts payable is often viewed as “free credit;”however, the cost of granting credit is built into the cost of theproduct. Note that the operating cycle begins when inventory ispurchased and the cash cycle begins with the payment of accountspayable.B.The Operating Cycle and the Firm’s Organizational ChartShort-term financial management in a large firm involvescoordination between the credit manager, the marketing manager,and the controller. Potential for conflict may exist if particularmanagers concentrate on individual objectives as opposed tooverall firm objectives.C.Calculating the Operating and Cash CyclesLecture Tip: In this chapter, we use average values of inventory,accounts receivable, and accounts payable to compute values ofinventory turnover, accounts receivable turnover and accountspayable turnover, respectively. Remind students that the balancesheet represents a financial “snapshot” of the firm and, as such,balance sheet values literally change on a daily basis. One way toreduce the distortions caused by dividing a “flow” value (incomestatement numbers that represent what has happened over a periodof time) by a “snapshot” value is to use the average “snapshot”value computed over the same period.Slide 8: Example InformationSlide 9: Example: Operating CycleSlide 10: Example: Cash CycleConsider this example (similar to the one in the book):Item Beginning Ending AverageInventory 200,000 300,000 250,000Accounts Receivable 160,000 200,000 180,000Accounts Payable 75,000 100,000 87,500Net sales = 1,150,000; COGS = $820,000Finding inventory period:Inventory tu rnover = 820,000 ⁄ 250,000 = 3.28 timesInventory period = 365 ⁄ 3.28 = 111 daysFinding accounts receivables period:Receivables turnover = 1,150,000 ⁄ 180,000 = 6.39 timesAcc ounts receivables period = 365 ⁄ 6.39 = 57 daysOperating cycle = 111 + 57 = 168 daysFinding accounts payables period:Payables turnover = 820,000 ⁄ 87,500 = 9.37 timesAccounts payables period = 365 ⁄ 9.37 = 39 daysCash cycle = 168 − 39 = 129 daysD.Interpreting the Cash CycleA positive cash cycle means that inventory is paid for before it issold and the cash from the sale is collected. In this situation, a firmmust finance the current assets until the cash is collected. The nextsection addresses the issue of how to finance the cash cycle.Lecture Tip: It may be beneficial to have students consider theinteractions imbedded in the cash cycle. For example, studentsmay feel that the main demand on funds, for example, comes fromthe inventory period. However, the students should consider theinteractions involved when trying to speed up the inventoryturnover. Increasing inventory turnover may involve relaxingcredit terms, which will result in a lower receivables turnover. Theultimate effect will depend on the trade-off between the two and the cash flows that are generated.Real-World Tip: This discussion suggests that, depending oninventory needs and financing costs, some firms will find it usefulto hire others to “store inventory” for them. In fact,Boeing/McDonnell-Douglas Aircraft in St. Louis does exactlythat—small firms are paid to guarantee the delivery of rawmaterials (copper, sheet steel, etc.) to the firm at a moment’snotice. And while these firms also do some preliminary cutting andmachining, their primary role is to hold inventory thatBoeing/McDonnell-Douglas would otherwise have to hold. As aresult, the firm’s financing needs are lessened.The relationship between inventory turnover and financing needsis also apparent in industries with extremely long or short cashcycles. For example, cash cycles are relatively long in the jewelryretailing industry, and particularly short in the grocery industry.18.3 Some Aspects of Short-Term Financial PolicyA.The Size of the Firm’s Investment in Current AssetsSlide 11: Short-Term Financial PolicyIf cash was collected from sales when the bills had to be paid, thencash balances and net working capital could be zero. The greaterthe mismatch between collections and payment, and theuncertainty surrounding collections, the greater the need tomaintain some cash balances and to have positive net workingcapital.Flexible (conservative) policy – high levels of current assetsrelative to sales, relatively more long-term financing:-Keep large cash and securities balances (lower return, but cashavailable for emergencies and unexpected opportunities)-Keep large amounts of inventory (higher carrying costs, butlower shortage costs including lost customers due to stock-outs)-Liberal credit terms, resulting in large receivables (greaterprobability of default from customers and usually a longerreceivables period, but leading to an increase in sales)Restrictive (aggressive) policy – low levels of current assetsrelative to sales, relatively more short-term financing:-Keep low cash and securities balances (may be short of cashin emergencies or unable to take advantage of unexpectedopportunities, but higher return on long-term assets)-Keep low levels of inventory (high shortage costs, particularlybad in industries where there are plenty of close substitutes thatcustomers can turn to, lower carrying costs)-Strict credit policies, or no credit sales (may substantially cutsales level, reduce cash cycle, and need for financing)Slide 12: Carrying vs. Shortage CostsCarrying costs – costs that increase with investment in currentassets-Opportunity cost of investing in (and financing) low-yieldassets-Cost associated with storing inventoryShortage costs – costs that decrease with investment in currentassets-Trading and order costs – commissions, set-up, and paperwork-Stock-out costs – lost sales, business disruptions, and alienatedcustomersLecture Tip: The just-in-time inventory system is designed toreduce the inventory period. In essence, companies pay theirsuppliers to carry the inventory for them. Reducing the inventoryperiod reduces the operating cycle and thus the cash cycle. Thisreduces the need for financing. Ask the students to consider whattype of cost is being minimized and what costs are likely toincrease. Ask them if JIT inventory policies are appropriate for allindustries. It makes sense for industries that have substantialcarrying costs with relatively low shortage costs, but not forindustries where shortage costs outweigh carrying costs.B.Alternative Financing Policies for Current AssetsSlide 13: Temporary vs. Permanent AssetSlide 14: Figure 18.4: Total Asset Requirement over TimeIdeally, we could always finance short-term assets with short-termdebt and long-term assets with long-term debt and equity.However, this is not always feasible.Lecture Tip: Some students tend to think permanent assets consistonly of fixed assets. Emphasize that a certain level of currentassets is also “permanent.” Consider the following example:January February March AprilCurrent Assets 20,000 30,000 20,000 20,000Fixed Assets 50,000 50,000 50,000 50,000Permanent Assets 70,000 70,000 70,000 70,000Temporary Assets 0 10,000 0 0Ask students to consider what the levels of permanent assets andtemporary assets are for each month.A flexible policy would finance $80,000 with long-term debt andhave excess cash of $10,000 to invest in marketable securities inJanuary, March, and April. Overall, the interest expense on theextra $10,000 borrowed long-term will outweigh the interestreceived from the marketable securities.A restrictive policy would finance $70,000 with long-term debt. InFebruary, the firm would borrow $10,000 on a short-term basis tocover the cost of temporary assets in that month. The short-termloan would be repaid in March.C.Which Financing Policy is Best?Slide 15: Choosing the Best PolicySlide 16: Figure 18.6: A Compromise Financing PolicyThings to consider:1. Cash reserves – more important when a firm has unexpectedopportunities on a regular basis or where financial distress is astrong possibility2. Maturity hedging – match liabilities to assets as closely aspossible, avoid financing long-term assets with short-termliabilities (risky due to possibility of increase in rates and the riskof not being able to refinance)3. Relative interest rates – short-term rates are usually, but notalways, lower; they are almost always more volatileLecture Tip: Personal financial situations provide ample examplesof maturity matching. We tend to use 30-year loans when we buyhouses and 4–5 year loans for cars. Why wouldn’t we finance theseassets with short-term loans? What if you borrowed $200,000 tobuy a house using a 1-year note? In one year, you either have topay off the loan with cash or refinance. If you refinance, you havethe transaction costs associated with obtaining a new loan and thepossibility that rates increased substantially during the year.Adjustable loans adjust annually, the initial rate is generally lowerthan a fixed rate loan, and there are limits to how much the loanrate can increase in any given year and over the life of the loan.Also, there are no transaction costs associated with the rateadjustment on an ARM.D.Current Assets and Liabilities in PracticeThe level of current assets and current liabilities depends largelyon the industry involved. The same is true for the cash cycle.18.4The Cash BudgetA.Sales and Cash CollectionsSlide 17: Cash BudgetCash budget – a schedule of projected cash receipts anddisbursementsSlide 18: Example: Cash Budget InformationSlide 19: Example: Cash Budget – Cash CollectionsA cash budget requires sales forecasts for a series of periods. Theother cash flows in the cash budget are generally based on the salesestimates. We also need to know the average collection period onreceivables to determine when the cash inflow from sales actuallyoccurs.B.Cash OutflowsSlide 20: Example: Cash Budget – Cash DisbursementsCommon cash outflows:-Accounts payable – what is the accounts payables period?-Wages, taxes, and other expenses – usually expressed as a percentof sales (implies that they are variable costs)-Fixed expenses, when applicable-Capital expenditures – determined by the capital budget-Long-term financing expenses – interest expense, dividends,sinking fund payments, etc.-Short-term borrowing – determined based on the otherinformationC.The Cash BalanceSlide 21: Example: Cash Budget – Net Cash Flow and Cash BalanceNet cash inflow is the difference between cash collections and cashdisbursements18.5 Short-Term BorrowingSlide 22: Short-Term BorrowingA.Unsecured LoansLine of credit – formal or informal prearranged short-term loansCommitment fee – charge to secure a committed line of creditCompensating balance – deposit in a low (or no) interest accountas part of a loan agreementCost of a compensating balance – if the compensating balancerequirement is on the used portion, less money than what isborrowed is actually available for use. If it is on the unusedportion, the requirement becomes a commitment fee.Slide 23: Example: Compensating BalanceExample: Consider a $50,000 line of credit with a 5%compensating balance requirement. The quoted rate on the line isprime + 5%, and the prime rate is currently 8%. Suppose the firmwants to borrow $28,500. How much do they have to borrow?What is the effective annual rate?Loan Amount: 28,500 = (1 − .05)LL = 28,500 ⁄ .95 = 30,000Effective rate: Interest paid = 30,000(.13) = 3,900. Effective rate =3,900 ⁄ 28,500 = .1368 = 13.68%Lecture Tip: Credit cards are an excellent way to illustrate theconcept of a “personal” line of credit. The consumer c an use theline of credit on the credit card to purchase goods or services. Theline of credit remains active until we abuse the privilege (i.e., latepayments). There is often a cost for this line of credit in the form ofannual fees. This is in addition to the often high rates of interest.College students are targeted by credit card companies and canend up holding several cards at one time. The cost of the annualfees can add up—especially if they don’t need the additional creditto begin with. Students also have the habit of charging to theirlimits and then just making the minimum payment.Lecture Tip: Trade credit represents another source of unsecuredfinancing. However, the cost of this form of borrowing is largelyimplicit, since it is represented by the opportunity cost of nottaking the discount offered, if any. To compute the effective annualcost of trade credit, we first use the credit terms to determine aperiodic opportunity cost. For example, if the terms are 2/10 net30, rational managers will either pay $.98 per dollar of goodsordered on the 10th day, or the full invoice cost on the 30th day. Inthe latter case, the firm is actually paying $.02 to borrow $0.98 for20 da ys. In one year, there are 365 ⁄ 20 = 18.25 such periods.Therefore, the annualized cost is (1 + .02 ⁄ .98)18.25− 1 = 44.58%.B.Secured LoansAccounts Receivable Financing-Assigning receivables – receivables are security for a loan, butthe borrower retains the risk of uncollected receivablesSlide 24: Example: Factoring-Factoring – receivables are sold at a discountInventory Loans-Blanket inventory lien – all inventory acts as security for theloan-Trust receipt – borrower holds specific inventory in trust forthe lender (e.g., automobile dealer financing)-Field warehouse financing – public warehouse acts as acontrol agent to supervise inventory for the lenderLecture Tip: Inventory needs to be non-perishable, marketable,and not subject to obsolescence in order to be useful for inventoryloans. Some view inventory financing as a means of raisingadditional short-term funds after receivables financing has beenexhausted; however, it is standard practice in some industries,such as auto sales.Real-World Tip: An interesting discussion of inventory financingis the story of Tino De Angelis, who has come to be known as the“salad oil king.” Mr. De Angelis, a former butcher, constructed anempire with a reported value of $100 million (in 1963) basedlargely on his supposed acumen in buying and selling vegetableoil. The magnitude of his operation is apparent when you considerthat at one point, he had contracted to purchase 600 millionpounds of the product, or one-third of the total amount produceddomestically.Unfortunately, Mr. De Angelis’ business acumen was greatlyexaggerated. He resorted to borrowing against his inventory,which supposedly consisted of millions of gallons of vegetable oilheld in steel vats spread across New Jersey. Unfortunately for hiscreditors, the vats were largely empty. The resulting default caused millions of dollars in losses to banks, insurance companies,brokerage firms, and the New York Stock Exchange. Mr. DeAngelis was paroled in 1972 after serving seven years of a 20-yearprison sentence.C.Other Sources-Commercial paper – short-term publicly traded loans-Trade credit – accounts payableLecture Tip: In Corporate Liquidity, by Kenneth Parkinson andJarl Kallberg, commercial paper is called “the most importantsource of short-term borrowing for large U.S. companies.” Thecommercial paper market has grown dramatically over the last few years. Parkinson and Kallberg describe a typical commercialpaper transaction:-The issuer sells a note to an investor for an agreed-upon rate,principal (usually in $1 million increments), and maturity date(270 days or less).-The issuer contracts with the issuing bank to prepare the noteand deliver it to the investor’s custodial bank.-The investor instructs her bank to wire funds to thecommercial paper issuer upon delivery and verification of thenote. Since commercial paper is sold on a discounted basis, theamount of funds wired is less than the face amount of the note.-On the maturity date, the note is returned to the issuer’spaying agent and the face amount of the note is transferred tothe investor. The note is marked paid and returned to theissuer.18.6 A Short-Term Financial PlanSlide 25: Short-Term Financial PlanThe cash budget is used to determine how a firm will raise the cashto meet any cash deficits computed in the budget. It is also used todetermine when marketable security investments may benecessary. For temporary imbalances, short-term borrowing andmarketable securities are in order. For long-term short-falls,solutions include issuing bonds or equity. For long-term cashsurpluses, solutions include paying dividends, repurchasing shares,or refunding debt.18.7Summary and ConclusionsSlide 26: Quick QuizSlide 27: Ethics IssuesSlide 28: Comprehensive ProblemSlide 29: End of Chapter。
公司理财课件 Chpt016
– Impaired ability to conduct business (e.g., lost sales) – Agency Costs
• Selfish strategy 1: Incentive to take large risks • Selfish strategy 2: Incentive toward underinvestment • Selfish Strategy 3: Milking the property
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Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
16-3
16.2 Description of Costs
• Direct Costs
– Legal and administrative costs (tend to be a small percentage of firm value).
• Expected CF from the Gamble
– To Bondholders = $300 × 0.10 + $0 = $30 – To Stockholders = ($1000 - $300) × 0.10 + $0 =e = $200 • PV of Stocks Without the Gamble = $0
McGraw-Hill/Irwin
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16-5
Selfish Strategy 1: Take Large Risks
公司理财实务153页PPT
•
26、我们像鹰一样，生来就是自由的 ，但是 为了生 存，我 们不得 不为自 己编织 一个笼 子，然 后把自 己关在 里面。 ——博 莱索
•
27、法律如果不讲道理，即使延续时 间再长 ，也还 是没有 制约力 的。— —爱·科 克
•
28、好法律是由坏风俗创造出来的。 ——马 克罗维 乌斯
•
29、在一切能够接受法律支配的人类 的状态 中，哪 里没有 法律， 那里就 没有自 由。— —洛克
•
30、风俗可以造就法律，也可以废除 法律。 ——塞·约翰逊
公司理财实务
谢谢
公司理财试题总结 2漂亮ppt模板
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公司理财试题总结 2漂亮ppt模板
汇报人：××× 编号： 25896
2018
前言
QIAN YAN
在全体同事的共同努力下，在公司领导的全面支 持、关心下，本着一切为客户服务的宗旨，围绕 优化服务、拓展xxx和xxx的宣传和信息的功能， 从客户的利益角度服务、业务管理、提高企业的 知名度和利益最大化，通过扎扎实实的努力，圆 满地完成了2017年的工作。
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年度工作概述(此处添加文本内容)
工作完成情况(此处添加文本内容) 项目成果展示(此处添加文本内容) 工作不足之处(此处添加文本内容)
明年工作计划(此处添加文本内容)
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CONTENTS
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01
年度工作概述
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公司理财作业截图
总论3-财务分析与长期财务计划4-时间价值5-债券估价3-财务分析EFN M公司的最新财务报表如下表所示（单位:美元）资产和销货成本与销售收入成比例关系，负债和权益则不然。
一笔963.60美元的股利刚被付出，且M公司希望维持一个固定的股利支付比率。
来年的销售收入预期是23040美元。
所需的外部融资是多少美元？成本710000其他费用12000息前税前利润183000利息支付19700应税利润163300所得税(35%) 57155净利润106145股利42458留存收益增加6368720051231资产负债和所有者权益流动资产流动负债现金25000 应付账款65000 应收账款43000 应付票据9000 存货76000 合计74000合计144000 长期债务156000 固定资产所有者权益厂房和设备净值364000 普通股和股本溢价21000留存收益257000合计278000可持续增长假设下列比率是固定的，可持续增长率是多少？总资产周转率=1.40利润率=7.6%权益乘数=1.50股利支付比率=25%计算EFN下表显示的是B公司的最新财务报表（假设没有所得税）：资产和成本与销售收入成比例关系，负债和权益则不然。
股利不被支付。
下一年的销售收入预期是5192美元。
所需外部融资是多少美元？4-时间价值假定每年复利计息1次,计算1 000美元在下列情况下的终值a. 期限为10年,利率为5%1. 1628.9美元2.1967.2美元3. 2653.3美元4. 3869.7美元期限为10年,利率为7%1. 1628.9美元2.1967.2美元3. 2653.3美元4. 3869.7美元期限为20年,利率为5%1. 1628.9美元2.1967.2美元3. 2653.3美元4. 3869.7美元a 、如果贴现率为10%，这些现金流的现值为多少？ 1. 3240.01美元 2. 2340.01美元 3. 3420.01美元 4. 3204.01美元b 、当贴现率为18%时，现金流的现值又为多少？1. 2371.61美元2. 2731.61美元3. 1273.61美元4. 1327.61美元c 、当贴现率为24%时，现金流的现值又为多少？ 1. 2432.40美元 2. 2432.40美元 3. 2432.40美元 4. 2432.40美元马克正在研制一种用于激光眼科手术的先进技术，该技术将在近期投入使用。
公司理财罗斯版4时间价值
•P96的第2种方法，自己复习第1种方法。
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公司理财罗斯版4时间价值
v （2）假设多次收付款项：金额不相等、时间间隔相等
•A1 •A2
•At-1
•At
•1
•2
•计算公式：
•终 值 点
•t-1
•t
•例：P97的6-
2
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公司理财罗斯版4时间价值
v 2、现值
v （1）假设多次收付款项：金额相等、时间间隔相等
v 含义：指每期期初等额收付的年金 。
（1）终值计算公式
•C •C
•C •C •C
•0 •1
•A、终值计算方法一 •按照ｎ＋1期的普通年金计算终值。 再把终值点的年金去掉 。
•t-3 •t-2 •t-1 •t
•预付年金终值系数与普通年金终值系数的关系：期数加1，系数减1。
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公司理财罗斯版4时间价值
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公司理财罗斯版4时间价值
v C、付款期数 v 已知现值、年金、利率求期数t。
•例6-6：
•1000=20×[(1-现值系数)/r] •现值系数= 1/(1+r)t =0.25
•t = 4
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公司理财罗斯版4时间价值
v D、贴现率（隐含的利率）-----查表法 v 现在向保险公司一次性支付6710元，问年利率i为
3、关于现金流量时点
v 所有公式、所有现值表和终值表，都假设现 金流量发生在每期期末。
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公司理财罗斯版4时间价值
6.2 评估均衡现金流量：年金和永续年金
v 1、年金 v 年金是指等额、定期的系列收支。具有两个特点：