financial modelling training
Merchandising Financial Training
初始毛利
16.67% 9.09% 18.37% #DIV/0! 528.57% 13.04% 5.26% 54.20% 19.35% 15.79% 808.33% 13.33% -1400.00% 4.76% 4.76% 29.26%
Initial Margin 初始毛利
Q&A
Markdown 降价
Objective 目的
To help you Learn basic retail math and measures used at Wal-Mart Practice and apply basic retail math calculations Be a better business person and a better merchant Learn how to use financial information to help with strategic planning, limiting a reactionary approach Understand how you actions influence the profit components 帮助你 了解在沃尔玛所使用的基本零售数学和评估方法 练习和运用基本零售数学的计算方法 成为一个成功的商人 通过使用这些财务信息来帮助到我们的战略计划,减少负面影响 明白如何通过行动来影响利润指标
•5845 # G.O. Date: 5/18/2005
Non-Comp Store
Sales 销售
•What’s the Comp Store after May 1st, 2006?
•2006年5月1日之后，什么叫作可比较商店? •May 1st date for conversion of 13th Month Comp. Starting May 1st comp will change monthly based on the open date. •从2006年5月1日开始,一家商场只要开业满13个月就会被 列入可比较商店，并且每月更新一次。也就是说，每个月 的可比较商店会不同。 •For example 例如:
金融理财培训PPT模板课件
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财务建模实验报告
财务建模实验报告1. 引言本实验旨在通过运用财务建模工具，对特定企业的财务情况进行分析和预测。
通过构建财务模型，可以更加全面地了解企业的财务状况，并且预测未来的财务表现。
本报告将介绍财务建模的基本概念和步骤，并通过一个实际案例进行详细说明。
2. 财务建模概述财务建模是指利用财务数据和统计方法，建立一种描述和预测企业财务状况和表现的模型。
通过财务建模，可以对企业的财务数据进行分析、比较和预测，从而帮助企业做出更加准确的经营决策。
财务建模的步骤通常包括以下几个方面：2.1 数据准备和整理财务建模的第一步是收集企业的财务数据，并进行整理和准备。
这包括收集和整理企业的资产负债表、利润表和现金流量表等财务报表，以及其他相关的财务数据。
2.2 建立模型在数据准备和整理完成后，可以开始建立财务模型。
财务模型通常基于财务数据和统计方法，可以是基于Excel的电子表格模型，也可以是使用专门的财务建模软件开发的模型。
2.3 模型验证和调整建立财务模型后，需要对其进行验证和调整。
这包括对模型的输入数据和计算过程进行检查，确保模型的准确性和可靠性。
如果发现模型存在问题，需要进行相应的调整和修正。
2.4 模型应用和分析模型验证和调整完成后，可以将财务模型应用于具体的分析和预测工作中。
通过对模型的应用和分析，可以得出对企业财务状况和表现的更加准确的结论，并为企业的经营决策提供支持和指导。
3. 案例分析在本实验中，我们选择了一家假想的制造业公司进行财务建模和分析。
该公司的财务数据包括资产负债表、利润表和现金流量表等。
3.1 数据准备和整理首先，我们收集了该公司最近三年的财务报表数据，并对其进行整理和准备。
我们将数据输入到Excel电子表格中，并按照财务报表的格式进行组织。
3.2 建立模型基于准备好的数据，我们开始建立财务模型。
我们使用Excel电子表格软件，按照财务报表的结构和计算公式，构建了资产负债表、利润表和现金流量表的模型。
FINC6019_Financial Modelling_2010 Semester 1_FINC6019_Financial Modelling_UoSOutline
FINC6019Financial ModelingSemester 1, 2010 Unit of Study OutlineCoordinator: Mr. Hamish MallochPhone: 02 9036 6273,Email:hamish.malloch@.auOffice:Merewether, Room 458Consultation Times:Thursday 4-5 pm. Other times by appointment (e-mail preferred).Classes:Time:Wednesdays 6-9 pm Venue:Carslaw Room 2511.Unit of study information1.1.Faculty Handbook descriptionIt is important for practitioners of finance, at all levels, to be able to evaluate the applicability of a range of models for a given problem and to effectively implement and use the model that is selected. This unit will present methods for model design, implementation and evaluation in the context two fundamental financial models; the discounted cash flow valuation model and the portfolio selection model. Spreadsheet engineering methods for designing, building, and testing spreadsheet models and for performing model-based analysis will be presented. There will be a concise coverage of optimization, sensitivity analysis and simulation featuring a strong spreadsheet orientation and a modelling emphasis.1.2.Aims and contextThe aims of this unit are for students to develop a deeper understanding of financial models, specifically corporate valuation, portfolio and options pricing models. The students will also obtain an understanding of good model design, model implementation and spreadsheet engineering skills, issues with financial data and its impact on the modelling procedure, and the use of techniques such as simulation to test and validate models. Emphasis throughout the course will also be placed on the appropriateness of models used.2.Learning outcomes, learning and teaching activities & assessment2.1.Intended learning outcomesAt the end of this course the student will be able to:∙Apply the principles of model building and implementation to solve problems related to corporate valuation, portfolio construction and options pricing.∙Ascertain the appropriateness of a particular model for its application.∙Understand and be able to deal with issues pertaining to the use of financial data.∙Develop spreadsheet skills.∙Work effectively in a group environment.2.2. Learning and teaching activitiesClass sessions will typically involve a 2-hour lecture followed by a 1-hour workshop/tutorial session. The lectures will introduce and explain the material and highlight important concepts. You are expected to have made a serious attempt at all workshop questions prior to classes and participation in class discussions is encouraged. You may find some of the workshop questions quite challenging. Struggling with this challenge is a necessary part of gaining real understanding.Required text:“Financial Modeling” (3rd edition) by Simon Benninga. Published 2008 by MIT Press.It is important that the 3rd edition is used as older editions will not be up to date with features of excel and finance theory.Recommended texts (purchase not required):“Valuation: The Art and Science of Corporate Investment Decisions” by Sheridan Titman and John D. Martin. Published 2008 by Pearson-Addison Wesley.“Principles of Finance with Excel” by Simon Benninga. Published 2006 by MIT Press.“Excel Modeling and Estimation in Corporate Finance” (3rd Edition) by Craig W. Holden. Published 2009 by Pearson-Prentice-Hall.“Options, Futures and Other Derivatives” (4th Edition) by John Hull, Published 2000 by Prentice Hall.2.3. AssessmentWorkshop questions will be posted on Blackboard prior to class. Questions will be related to the previous weeks lecture. It is important to attempt questions before class – solutions and feedback will be provided in labs.2.4. Assessment detailsThere are three assessments in this subject:∙ A laboratory exam covering the modelling of free cash flows and portfolio construction from the first 6 weeks of the course. This will take place in the laboratory after the lecture in teaching week7. Students will be required to submit their spreadsheets for marking electronically.∙ A group assignment covering material from the second half of the course which is to be completed by the end of semester. Students are to form groups of 4-5. Material covered will include options valuation, portfolio construction and simulation.∙The final exam covers all material in the course. It will be based around theory and some numerical analysis learned throughout the course.2.5. Workload and minimum requirementsAcademic Board guidelines state that one credit point equates to approximately 1.5 to 2 hours of student effort per week for a typical 13 week semester. This means that if you are an average student seeking to get an average result for this unit then you should plan to spend at least 9 hours each week on learning. The minimum requirement for completion of the unit is to attempt all assessable activities and achieve a pass grade overall.Criteria for the overall assessment and your final total grade for the course:PASS – Demonstrate knowledge and understanding of facts and principles. Be able to apply concepts and principles in new situations.CREDIT – All criteria for a pass in course, plus: demonstrate analytical skills, that is be able to distinguish, classify and relate the assumptions, hypotheses, evidence, or structure of statements and questions within the framework of the subject matter.DISTINCTION – All criteria for a credit plus: demonstrate the ability to originate, integrate and combine ideas into work that constructs a unique view of the subject matter.HIGH DISTINCTION – All criteria for a distinction, plus: students show the ability to appraise, assess or critique ideas and evidence in the subject area using reasoned judgement against articulated standards.2.6. FeedbackStudents will receive feedback on all assessments before the final exam. Suggested answers to the laboratory presentation and group assignment will be placed on Blackboard. General feedback regardingcourse content and other student queries will be provided in lectures. Students are strongly encouraged to use the discussion forum on Blackboard to correspond with the lecturer and each other. This will be checked regularly. Consultation with the lecturer is also available at the allotted time or by appointment.2.7. Academic honesty, plagiarism, legitimate cooperation and group workCommencing students should complete the academic honesty module available via Blackboard before their first assessment submission. Students should refer to Faculty and University policies on academic dishonesty and plagiarism(.au/business/currentstudents/student_information/student_administration_manual), copyright .au/senate/policies/Intellectual_Property_Rule.pdf and the …All your own wo rk website‟ (.au/secretariat/students/plagiarism_index.shtml) for information about legitimate cooperation, group work, how to reference correctly and how to avoid plagiarism.Academic honesty is important to protect students' right to receive due credit for work submitted for assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents the work of others as their own and gain marks and degrees, which are not based on their own efforts and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else to complete an assessment on one‟s behalf and misconduct during supervised assessments.The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in the unit of study, additional assessment (including an unseen exam), and reference of the matter to the University Registrar.All assessments will be checked for plagiarism. Where plagiarism is suspected, the assessment will be fully checked and monitored using manual process, google checks and also electronic plagiarism detectors. In order to do this, the Faculty may reproduce the assessment, provide a copy to another member of faculty, and/or communicate a copy of this assignment to a plagiarism checking service (which may then retain a copy of the assignment on its database for the purpose of future plagiarism checking).Academic dishonesty involves more than just copying material. Cooperation and helping other students may at times trigger academic dishonesty proceedings if it appears you have worked too closely with another studentIndividual assignments must be written and prepared alone. You may consult with other students about ideas and possible research sources but the analysis and writing of the assignment must be done alone. Group assignments should be prepared within the group. Students should contribute fully to the group and take part in all group activities, contributing ideas, analysis and writing to the final product. While students within the group should assist each other freely, students should not carry this level of cooperation out side the group. One group may cooperation and help another group about ideas and possible research sources but the analysis and writing of the assignment must be done by the group alone.3.Student feedback and evaluation3.1 Feedback received from previous studentsStudent feedback from previous semesters included more emphasis on electronic learning and more practical problems to be attempted in workshops. Students also requested less overlapping material with other finance subjects – and more focus on the role of financial analysts. Students also requested earlier posting of lecture notes and additional reading material on blackboard.3.2 Improvements madeLecture notes will now be posted at least one day prior to the lecture. There will be less focus on theory already covered in other finance subjects and more on applied techniques.3.3 Collection of feedback from current studentsFeedback will be collected via a Unit of Study Evaluation form at the end of the semester. Students may contact the lecturer with any concerns or suggestions for improvement throughout the semester (e-mail preferred).4.University policies and servicesAll students must comply with and follow all Faculty and University policies and procedures.Faculty policies are contained in the Administration Manual for Students at.au/business/currentstudents/student_information/student_administration_manual. It is crucial that you take the time to consult this manual early in your studies in order to familiariseyourself with policies and procedures relating to critical issues such as the Faculty‟s policy on sp ecial consideration (including requirements and timelines. e.g. lodging applications five working days after a missed assessment), appeals (lodge within 15 working days of the decision) and other policies such as enrolment, credit etc. Assistance is availa ble from the Faculty‟s Student Information Office at.au/business/student_information_officeUniversity policies at .au/policy Assistance is available from the University‟s Student Centre .au/current_students/student_administration/or the Student Affairs Unit.The code of conduct is an important policy which outlines the University‟s expectations about treating all staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from acts of discrimination, harassment or bullying..au/ab/policies/Student_code_conduct.pdfLinks to other student services and resources are included on Blackboard and on the Faculty‟s Learning and Teaching website .au/business/learning.5.Topic and assessment scheduleFM: Benninga, Simon (2008) Financial Modeling, 3rd Edition, MIT Press, Cambridge, M.A.。
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
上海财大财务模型建立 Financial Modeling培训课程
您不得不参加的课程：
Ø Ø Ø Ø 丰富的财务模型和案例讲解，涵盖企业管理的方方面面 深入学习经典财务模型如杜邦分析模型，帮助解决企业一般决策问题 掌握产品毛利分析、企业管理仪表板等财务分析模型，并运用于实际工作中 了解“天才”布莱克-斯科尔斯模型及其他特殊的财务模型，认识这些模型在金融和企 业财务领域中的突出作用
时间和地点：
开课 时间和地点 时间 地点 开课时间（2011 年） 10 月 24-25 上海
上海财经大学 MBA 学院 EDP 中心
中国财务培训第一品牌 报名及汇款方式：
l 在线申请。请登陆上海财经大学教育培训网站，选定您想要申请的课程，点击在线申请 即可进行课程申请。 l 以传真或电邮的方式递交课程申请表。您可以致电销售人员索取课程申请表。
用 EXCEL 解决复杂的公司财务问题——复杂的理论也可以轻松实践
l l l 用 Excel 的矩阵函数和模拟运算表解决投资组合问题 讲解企业管理仪表板模型和企业发展战略与目标的调整 介绍二项式期权定价模型和它在 Excel 中的实施， 以及用 Excel 模拟对数正态分布 的定价处理 l 讨论布莱克-斯科尔斯欧洲式看涨期权和看跌期权的定价公式， 以及莱克-斯科尔斯 模型的应用——投资组合保险和实物期权 l l 用多项式建立近似的期限结构模型 用 Markov 过程和大量违约概率及债券回收率的信息建立有风险的公司债券的期望 回报率模型 l 长期国债期货合约中久期与交割最便宜的债院 EDP 中心
中国财务培训第一品牌
Ø Ø Ø Ø 公司财务总监、财务经理 总帐会计、成本分析、财务分析、项目分析等财务人员 研发人员 投行人员、金融从业人员
课程费用：
公开课课程为期2天，培训费用为4500元人民币，包括授课费用、内部资料费用和午餐茶 歇费用。
financial modeling pdf
financial modeling pdfFinancial modeling is a critical skill that allows finance professionals to create financial forecast models used in the decision-making process. These models help managers to make informed decisions by providing a clear picture of the financial health of the company. Financial modeling can be an overwhelming task, but it becomes easier when using a financial modeling PDF.A financial modeling PDF is a comprehensive guide that provides step-by-step instructions on how to create a financial model. The guide is designed for both beginners and advanced financial modelers looking to enhance theirfinancial modeling skills. The PDF is compiled by finance professionals who have years of experience in financial modeling, ensuring that the content is reliable and accurate.The financial modeling PDF is structured in a way that makes it easy to follow. The guide is divided into different sections, with each section covering a specific aspect of financial modeling. The sections are arranged in a logical order, ensuring that you first master the basics before moving to more complex tasks.Some of the sections covered in the financial modeling PDF include financial statement analysis, cash flow forecasting, valuation techniques, and sensitivity analysis. Each section provides detailed explanations, examples, and practical exercises to help you master the concepts. The exercises allow you to apply what you have learned in real-life scenarios, enhancing your understanding of financialmodeling.The financial modeling PDF also covers differentmodeling techniques, including the historical method, forecasting, regression analysis, and Monte Carlo simulations. These techniques are explained in detail, making it easy for you to choose the most appropriate technique for yourspecific financial modeling needs.Another benefit of using a financial modeling PDF isthat it provides you with a reference guide that you can access anytime, anywhere. You can save the PDF on your phone, tablet, or computer, allowing you to refer to it whenever you need to refresh your memory or clarify a concept.In summary, financial modeling is a critical skill thatall finance professionals must possess. The use of afinancial modeling PDF can make the financial modelingprocess less daunting by providing a structured guide that covers all aspects of financial modeling. The guide is designed to be easy to follow, and it's divided into sections that cover different aspects of financial modeling, making it easier to master the concepts. The financial modeling PDF isa valuable reference guide that you can access anytime, anywhere.。
FINANCIAL MODELLING (5)
Seek
final managerial and possibly board approval
Addressing the Possibility of Decision Bias
Project analysis team may be biased if they have incentives to get deals approved The strategic planning committee (investment proposal reviewers) should play the role of a sceptical boss – removing potential biases from the analysis Individuals with their own project ideas may be biased in favour of the project
Discounted Cash Flow (DCF) Analysis is widely used in industry.
M&A Valuations Equity
Analysts
Bringing Theory of Other Courses in a more practical setting.
Considering Investment?
The following five slides contain a few general principles of valuation We need to consider the purpose of the financial models that we construct
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财务模型培训
今天的议题
财务预测模型介绍 工具与数据 构建简单的财务预测模型 构建复杂的财务预测模型
财务模型可以用来做什么？ 财务模型可以用来做什么？
预算Budgeting 成本估算Cost Estimating 销售预测Sales Forecasting 销售预测 市场表现预测Market Share Forecasting 市场表现预测 投资项目的选择Project Selection & Management 投资项目的选择 业务/产品组合管理－ 业务 产品组合管理－组合方案与优化 产品组合管理 实时的市场分析Time-to-Market Analysis 战略决策的评估Real Options Valuation 并购M & A
战略规划项目中的财务预测模型是什么？用来干什么？ 战略规划项目中的财务预测模型是什么？用来干什么？
战略规划项目中的财务预测模型是 模拟各业务在不同运营策略/ 各业务在不同运营策略 模拟各业务在不同运营策略/业务模 式下及不同市场环境下各项业务的 式下及不同市场环境下各项业务的 大体财务表现及发展趋势。
因此， 大体财务表现及发展趋势。
因此，
在模拟业务表现时，先不考虑股权比 例、投资收益、少数股东权益等问 题；在最后并总表时，可以综合考虑 最后计数单位宜采用“千元”、“百 万元”等较大计量单位，切忌采用 元、角、分等极其精准的单位计量
财务预测模型绝对不能直接作为： 财务预测模型绝对不能直接作为： 直接作为
–
精准的预算 绩效考核的标准
–
但是，可以作为制定预算时的初步参 照，且其中部分有关运营方面的假设 项，例如产能利用率、损耗率等也可在 绩效考核中作为参照
在战略项目中， 财务预测模型将用于 在战略项目中，财务预测模型将用于 在战略项目中， 在战略项目中， 比较不同战略备选方案的经济价值 比较不同战略备选方案的经济价值 促进战略规划、行动方案的细化，并进行验证，反过来指导战略的制定 促进战略规划、行动方案的细化，并进行验证，反过来指导战略的制定 根据财务计划对未来进行资源安排提供依据 根据财务计划对未来进行资源安排提供依据
财务预测模型是以内外部业务发展/运营数据为基础， 财务预测模型是以内外部业务发展/运营数据为基础，模拟在不同业务 模式及市场环境下，各战略备选方案的经济价值… 模式及市场环境下，各战略备选方案的经济价值…
预测的数据来源
假如
预测的结果
业务模式
市场环境
内部历史财务数据 /运营数据 不同战略备选项的 财务表现 外部行业财务数据 /标竿运营数据 行业发展趋势数据
财务预测模型
确定最佳战略举措
修改分析框架 并假设关键参数的数值
不同行业适用的财务模型架构不同
制造/ 制造/服务类行业
– 此类行业的特点主要表现在产品/服务的销售是主要收入驱动 因素 – 这类行业可以通过对收入和费用的预测，预测利润
银行业
– 此类行业特点主要表现在收入并非是销售驱动的，利息是驱动 收入的主要因素 – 这类行业的收入是资产负债表驱动的,利润受利率的影响很大
以下主要针对制造/服务行业的财务模型构建方法进行介绍
衡量战略经济价值的常用财务预测数据时，最常比较的数据包括收入、 衡量战略经济价值的常用财务预测数据时，最常比较的数据包括收入、 利润、营运资金以及固定资产投资， 利润、营运资金以及固定资产投资，从而确定最佳战略举措
CEO视角
经常用于经济价值比较 经常用于经济价值比较 的财务预测数据… 的财务预测数据 的财务预测数据… 的财务预测数据
…从而确定最佳战略举 从而确定最佳战略举 …从而确定最佳战略举 从而确定最佳战略举 措 措
战略备选方案一 战略备选方案一
投资者视角
收入 收入 （Revenue） ） （Revenue） ） 战略备选方案一 未除利税前的净利润（ EBIT） 未除利税前的净利润（EBIT） ） 未除利税前的净利润（ 未除利税前的净利润（ ） 净利润（ Net Income） 净利润（Net Income） ） 净利润（ 净利润（ ） 营运资金 营运资金 （Working Capital） ） （Working Capital） ） 战略备选方案二 战略备选方案二 战略备选方案二 固定资产投资 固定资产投资 （CAPEX） ） （CAPEX） ） 其他 其他
NPV、进出口规模（Import & Export）、资产 NPV、进出口规模（Import & Export）、资产 规模（Total Asset）、资产回报率（ROE）… 规模（Total Asset）、资产回报率（ROE）…
CFO视角
衡量项目经济可行性常用的财务预测数据时，最常分析的指标包括： 衡量项目经济可行性常用的财务预测数据时，最常分析的指标包括：销 售利润率、 售利润率、IRR和NPV、投资回报期 和 、
CEO视角
• 投资的
销售利润率 IRR和NPV 和 投资规模 投资收益 投资回报期
可以通过EXCEL工具来建立财务模型 工具来建立财务模型 可以通过
全部通过Excel工 作表来实现 战略规划的财务模型
历史数据输入
核心预测驱动因素
预测结果和价值评估
输入历史上的损益 表、资产负债表、 现金流量表和其它 历史数据
输入预测的收入、 成本、资本性支出 及流动性追加等
输出预测的损益表、 资产负债表和现金流 量表 输入自由现金流量， 进行价值估算
输出 输入
今天的议题
财务预测模型介绍 工具与数据 构建简单的财务预测模型 构建复杂的财务预测模型
2.1 2.2调整
3.1 3.2
•Product by stage
•Manufactur er
ownership •Package type
•Share
•Store checks •Trade interviews
•Birth growth rate •Diary usage trend •Price trend
Consumer research
Cross-country comparison •Birth rate •Population •Geography •Income
•Age of baby •Usage behavior
•Statistics Bureau •Consumer research 驱动因素
数据来源。