罗斯公司理财PPT第18章
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01课件
2750% Deb50t % 3D0e%bEt quity
The Capital Structure decision can be viewed as how best to slice up a the pie.
5705% Equity
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
investments? 3. How much short-term cash flow does a company need
to pay its bills?
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
4
The Balance-Sheet Model of the Firm
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
President and Chief Operating Officer (COO)
Shareholders’ Equity
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
8
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.
公司理财(罗斯 第五版)
美国联合公司 资产负债表
(19X2年和19X1年)
(单位：百万美）)
19X2 19X1
$140 294 269 58
$761
$107 270 280 50
$707
$1,423 -550 873 245
$1,118
$1,274 -460 814 221
$1,035
$1,879 $1,742
负债与股东权益 流动负债 应付帐款 应付票据 应计费用 流动负债合计
• 金融中介机构：执行使借贷双方（或交易者）匹 配这种市场职能的机构
• 市场出清：愿意借款的总量=愿意贷款的总量 • 均衡利率r：使市场出清时的利率，该利率唯一 • 价格追随者：其交易行为不会对利率产生影响，
只能被动地对价格和利率作出反应 • 完全竞争金融市场：
1 无交易成本，可自由进入和退出 2 有关借贷机会的信息是对称的 3 存在大量交易者，均为价格追随者
现值和折现率
• 现值：未来一定量资金的现在价值 • 折现率(贴现率)：计算现值时适用的利率 • 计算公式：PV，FV，r，T含义同上(r也称贴现率
) 单期：PV=FV1*1/(1+r) 多期：PV=FVT*1/(1+r)T PVIFr，T =1/(1+r)T称为贴现系数，可查表
要等待多久？
1、根据现值、终值、利率求期数 2、如果我们今天存款 $5000 以利息率为 10%, 我们不得不等待多久可以涨到 $10,000?
未来价值和复利
• 复利：在计算时间价值时，本金计算利息，利息也 要计算利息（以下一般按复利计算）
• 未来价值（终值）：现在一定量资金的未来价值 • 计算公式：PV—现在资金量，FV—终值，r—利率
公司理财 斯蒂芬A罗斯 第九版精要
Invests in assets (B)
Current assets Fixed assets Firm issues securities (A) Retained cash flows (F)
Financial markets
Short-term debt
Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
1-1
Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation
1-10
Forms of Business Organization
The Sole Proprietorship The Partnership
General Partnership Limited Partnership
The Corporation
1-11
A Comparison
Know
the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization Know the goal of financial management Understand the conflicts of interest that can arise between owners and managers Understand the various regulations that firms face
罗斯《公司理财》(第11版)笔记和课后习题详解
读书笔记模板
01 思维导图
03 读书笔记 05 作者介绍
目录
02 内容摘要 04 目录分析 06 精彩摘录
思维导图
本书关键字分析思维导图
习题
笔记
经典 书
第章
风险
预算
笔记
教材
习题 复习
收益
第版
笔记
市场
习题
定价
资本
期权
内容摘要
内容摘要
本书是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导电子书。本书遵循该教材的章目编排， 包括8篇，共分31章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。本书具有以 下几个方面的特点：（1）浓缩内容精华，整理名校笔记。本书每章的复习笔记对本章的重难点进行了整理，并参 考了国内名校名师讲授罗斯的《公司理财》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知识精华。（2） 选编考研真题，强化知识考点。部分考研涉及到的重点章节，选编经典真题，并对相关重要知识点进行了延伸和 归纳。（3）解析课后习题，提供详尽答案。国内外教材一般没有提供课（章）后习题答案或者答案很简单，本书 参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。（4）补充相关要点，强化专业知识。一般 来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了 不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相 关经典教材进行了必要的整理和分析。
12.1复习笔记 12.2课后习题详解
第13章风险、资本成本和估值
13.1复习笔记 13.2课后习题详解
精编版罗斯《公司理财》中文版第九版课件资料
现值是指未来一定时间的特定货币按一定利率折算 到现在的价值。
终值是指现在一定数额的资金按一定的利率计算的 一定时间后的价值。
2.1资金时间价值观念
复利终值与现值
复利终值，是指一次性的收、付款项经过若干期的使用 后，所获得的包括本金和利息在内的未来价值。
因为永续年金无终止时间，所以不存在终值问题，永续 年金推倒公式如下：
2.1资金时间价值观念
资金时间价值计算中的几个特殊问题
不等额系列款项现值的计算：为求得不等额的系列付 款的现值之和，可以先计算每次付款的复利现值， 然后加总。
年金与不等额的系列付款混合情况下的现值：如果在 一组不等额的系列款项中，有部分是连续发生的 等额付款，则可分段计算其年金现值及复利现值， 然后加总。
式中： 是第j种证券的预期报酬率； 是第j种证券在全部投 资额中的比重；m是组合中证券种类总数。
2.2风险与收益权衡观念
组合投资的风险及度量。证券组合的风险不仅仅取决 于组合内各种证券的风险，还取决于各个证券之 间的关系。投资组合报酬率概率分布的标准差的 计算公式为：
式中：m是组合内证券种类总数； 是第j种证券在投资总额中 占的比例； 是第k种证券在投资总额中占的比例； 是第j种 证券与第k种证券报酬率的协方差。
1.4公司理财的原则与职能
公司理财原则
资金合理配置原则 财务收支平衡原则 成本－效益原则 风险与收益均衡原则 利益关系协调原则
1.4公司理财的原则与职能
公司理财职能
财务预测 财务决策 财务预算 财务控制 财务分析
1.5公司理财环境
公司理财的宏观环境
经济环境
罗斯《公司理财》英文习题答案DOCchap018
公司理财习题答案第十八章Chapter 18: Dividend Policy: Why Does It Matter?18.1February 16:Declaration date - the board of directors declares a dividend payment thatwill be made on March 14.February 24:Ex-dividend date - the shares trade ex dividend on and after this date. Sellersbefore this date receive the dividend. Purchasers on or after this date do notreceive the dividend.February 26:Record date - the declared dividends are distributable to shareholders ofrecord on this date.March 14:Payable date - the checks are mailed.18.2Based on Miller and Modigliani reasoning, the stock will sell for $8.75. This is the same price youpurchased the stock. When the stock goes ex-dividend the stock is expected to fall $0.75 a share.18.3 a.If the dividend is declared, the price of the stock will drop on the ex-dividend dateby the value of the dividend, $5. It will then trade for $95.b. If it is not declared, the price will remain at $100.c. Mann’s outflows for investments are $2,000,000. These outflows occurimmediately. One year from now, the firm will realize $1,000,000 in net incomeand it will pay $500,000 in dividends. Since the only immediate financing need isfor the investments, Mann must finance $2,000,000 through the sale of shares worth$100. It must sell $2,000,000 / $100 = 20,000 shares.d. The MM model is not realistic since it does not account for taxes, brokerage fees,uncertainty over future cash flows, investors’ preferences, signaling effects, andagency costs.18.4 a. The ex-dividend date is Feb. 27, which is two business days before the record date.b. The stock price should drop by $1.25 on the ex-dividend date.18.5 Knowing that share price can be expressed as the present value of expected futuredividends does not make dividend policy relevant. Under the growing perpetuity model, if overall corporate cash flows are unchanged, then a change in dividend policy only changes the timing of the dividends. The PV of those dividends is the same. This is true because, given that future earnings are held constant, dividend policy simply represents a transfer between current and future stockholders.In a more realistic context and assuming a finite holding period, the value of the shares should represent the future stock price as well as the dividends. Any cash flow not paid as a dividend will be reflected in the future stock price. As such the PV of the flows will not change with shifts in dividend policy; dividend policy is still irrelevant.18.6 a. The price is the PV of the dividends,$2.$17..$1511553751152+=b. The current value of your shares is ($15)(500) = $7,500. The annuity you receivemust solve ;$7,500X 1.15X 1.152=+You desire $4,613.3721 each year. You will receive $1,000 in dividends in the firstyear, so you must sell enough shares to generate $3,613.3721. The end-of-yearprice at which you will sell your shares is the PV of the liquidating dividend,$17.5375 / 1.15 = $15.25, so you must sell 236.942 shares. The remaining shareswill each earn the liquidating dividend. At the end of the second year, you willreceive $4,613.38 [= (500 - 236.942) x $17.5375]. (Rounding causes thediscrepancies).18.7 a. The value is the PV of the cash flows.Value = $32,000 + $1,545,600 / 1.12 = $1,412,000b. The current price of $141.20 per share will fall by the value of the dividend to $138.c. i. According to MM, it cannot be true that the low dividend is depressing the price.Since dividend policy is irrelevant, the level of the dividend should not matter.Any funds not distributed as dividends add to the value of the firm hence thestock price. These directors merely want to change the timing of the dividends(more now, less in the future). As the calculations below indicate, the value ofthe firm is unchanged by their proposal. Therefore, share price will beunchanged.To pay the $4.25 dividend, new shares, which total $10,500 (-$42,500 - $32,000)in value, must be sold. Those shares must also earn 12% so the value of the oldshareholders’ interest one year hence will fall $11,760 (=10,500 x 1.12). Underthis scenario, the current value of the firm is Value = $42,500 + $1,533,840 /1.12 = $1,412,000ii. The new shareholders are not entitled to receive the current dividend. They will receive only the value of the equity one year hence. The PV of those flows is$1,533,840 / 1.12 = $1,369,500, so the share price will be $136.95 and 76.67shares will be sold.18.8 a. (1.2 + 15) / 1 = $16.2Expected share price is $16.2.b. He can invest the dividends into the Gibson stock.Dividends that he gets = $1.2 million x 50% x 1,000 / 1,000,000 = $600Expected share price after dividend = (0.6 + 15) / 1 =$15.6Number of shares that Jeff needs to buy = 600 / 15.6 = 3818.9Alternative 1: Dividends are paid out to the shareholders now.2 (1-31%) (1+7% (1-31%))3 = $1.59 millionAlternative 2: NBM invests cash in the financial assets:i. T-bill2 (1+7% (1-35%))3 (1-31%) = $1.58 millionii. Preferred stock2 {1+11% [1-(1-30%) x 35%]3} (1-31%) = $1.75 millionThe after-tax cash flow for the shareholders is maximized when the firm invests the cash in the preferred stocks.公司理财习题答案第十八章18.10 You should not expect to find either low dividend, high growth stocks or tax-free municipalbonds in the University of Pennsylvania’s portfolio. Since the university does not pay taxes on investment income, it will want to invest in securities, which provide the highest pre-tax return. Since tax-free municipal bonds generally provide lower returns than taxablesecurities, there is no reason for the university to hold municipal bonds.The Litzenberger-Ramaswamy research (discussed in the section on empirical evidence) found that high dividend stocks pay higher pre-tax returns than risk comparable lowdividend stocks because of the taxes on dividend income. Since the University ofPennsylvania does not pay taxes, it would be wise to invest in high dividend stocks rather than low dividend stocks in the same risk class.18.11 a. If T C = T0 then (P e - P b) / D =1. The stock price will fall by the amount of thedividend.b. If T C = 0 and T0 0 then (P e - P b) / D =1 - T0. The stock price will fall by the after-tax proceeds from the dividend.c. In a, there was no tax disadvantage to dividends. Thus, investors are indifferentbetween buying the stock at P b and receiving the dividend or waiting, buying thestock at P e and receiving a subsequent capital gain. When only the dividend istaxed, after-tax proceeds must be equated for investors to be indifferent. Since theafter-tax proceeds from the dividend are D (1 - T0), the price will fall by thatamount.d. No, Elton and Gruber’s paper is not a prescription for dividend policy. In a worldwith taxes, a firm should never issue stock to pay a dividend, but the presence oftaxes does not imply that firms should not pay dividends from excess cash. Theprudent firm, when faced with other financial considerations and legal constraintsmay choose to pay dividends.18.12 a. Let x be the ordinary income tax rate. The individual receives an after-tax dividendof $1,000(1-x) which she invests in Treasury bonds. The T-bond will generateafter-tax cash flows to the investor of $1,000 (1 - x)[1+0.08(1-x)].If the firm invests the money, its proceeds are $1,000 [1 + 0.08 (1-0.35)]To be indifferent, the investor’s proceeds must be the same whether she invests theafter-tax dividend or receives the proceeds from the firm’s investment and paystaxes on that amount.1,000 (1 - x) [1 + 0.08 (1 - x)] = (1 - x) {1,000 [1 + 0.08 (1 - 0.35)]}x = 0.35Note: This argument does not depend upon the length of time the investment is held.b.Yes, this is a reasonable answer. She is only indifferent if the after-tax proceedsfrom the $1,000 investment in identical securities are identical; that occurs onlywhen the tax rates are identical.c. Since both investors will receive the same pre-tax return, you would expect the sameanswer as in part a. Yet, because Carlson enjoys a tax benefit from investing instock, the tax rate on ordinary income, which induces indifference, is much lower.1,000 (1 - x) [1 + 0.12(1 - x)] = (1 - x) {1,000 [1 + 0.12 (1 – 0.3) (0.35)]}x = 24.5%d. It is a compelling argument, but there are legal constraints, which deter firms frominvesting large sums in stock of other companies.18.13 The fallacy behind both groups’ arguments is that they are considering dividends the onlyreturn on a stock. They ignored capital gains. If dividends are controlled, firms are likely to decrease their dividends. When dividends are reduced, the companies retain moreincome, which causes share price to increase. That increase in share price will add to the investors’ capital gains. Since dividends and capital gains are both ways of compensating investors, if transaction costs are negligible and there are no taxes, investors will beindifferent between the two forms of compensation.18.14 a. The after-tax expected return on Grebe stock is 4 / 20 = 0.2. Since Deaton stock isin the same risk class, it will be priced to yield the same after-tax expected return.0.2(20P)(1T g)4(0.75)P;T g0P$19.170=--+= =b. If T g = 25%, the after-tax expected return on Grebe stock is (4) (1-0.25) / 20 = 0.15.Deaton’s price will be0.15(20P)(0.75)4(0.75)PP$200=-+ =c. In this MM world, when the tax rates are identical, there is no tax disadvantage tothe dividend. Investors are indifferent between $1 in capital gains and $1 individends. Hence, Deaton’s price will also be $20.18.15 P (Payall) = [100 + 25 (1-25%)] / (1 + 25%) = $95P (Payless) = [100 + 25 (50%) + 25 (50%) (1 - 25%)] / (1 + 25%) = $97.5P (Paynone) = $10018.16 a. Dividend yield: 4.5 / 50.50 = 0.0891b. The pricing of bonds was discussed in an earlier chapter. Whenever a bond isselling at par, the yield to maturity is the coupon rate. So, the yield on the DuPontbonds is 11%.c. After-tax shield = (Pre-tax yield) (1 - T)Preferred stock Debti. GM’s pension fund; T=08.91%11.00%ii. GM; T=.348.00%7.26%iii Roger Smith; T = 0.28 6.42%7.92% *GM is exempt from 70% of taxes on dividend income, therefore, its effective taxrate is (0.3) (0.34) = 0.102.d. Corporations, which are exempt from 70% of taxes on dividend income, would holdthe preferred stock.18.17 The bird-in-the-hand argument is based upon the erroneous assumption that increaseddividends make a firm less risky. If capital spending and investment spending areunchanged, the firm’s overall cash flows are not affected by the dividend policy.18.18 This argument is theoretically correct. In the real world with transaction costs of securitytrading, home-made dividends can be more expensive than dividends directly paid out by公司理财习题答案第十八章the firms. However, the existence of financial intermediaries such as mutual funds reduces the transaction costs for individuals greatly. Thus, as a whole, the desire for current income shouldn’t be a major factor favoring high-current-dividend policy.18.19 To minimize her tax burden, your aunt should divest herself of high dividend yield stocksand invest in low dividend yield stock. Or, if possible, she should keep her high dividend stocks, borrow an equivalent amount of money and invest that money in a tax deferredaccount.18.20 This is not evidence on investor preferences. A rise in stock price when the currentdividend is increased may reflect expectations that future earnings, cash flows, etc. willrise. The better performance of the 115 companies, which raised their payouts, may also reflect a signal by management through the dividends that the firms were expected to do well in the future.18.21 Virginia Power’s investors probably were not aware of the cash flow crunch. Thus, theprice drop was due to the negative information about the cost overruns. Even if they were suspicious that there were overruns, the announcement would still cause a drop in pricebecause it removed all uncertainty about overruns and indicated their magnitude.18.22 As the firm has been paying out regular dividends for more than 10 years, the currentsevere cut in dividends can cause the shareholders to lower their expectations on currentand future cash flows of the firm. It then results in the drop in the stock price.18.23 a. Cap’s past behavior suggests a preference for capital gains while Widow Jonesexhibits a preference for current income.b. Cap could show the widow how to construct homemade dividends through the saleof stock. Of course, Cap will also have to convince her that she lives in an MMworld. Remember that homemade dividends can only be constructed under the MMassumptions.c.Widow Jones may still not invest in Neotech because of the transaction costsinvolved in constructing homemade dividends. Also the Widow may desire theuncertainty resolution which comes with high dividend stocks.18.24 The capital investment needs of small, growing companies are very high. Therefore,payment of dividends could curtail their investment opportunities. Their other option is to issue stock to pay the dividend thereby incurring issuance costs. In either case, thecompanies and thus their investors are better off with a zero dividend policy during thefirms’ rapid growth phases. This fact makes these firms attractive only to low dividendclienteles.This example demonstrates that dividend policy is relevant when there are issuance costs.Indeed, it may be relevant whenever the assumptions behind the MM model are not met. 18.25 Unless there is an unsatisfied high dividend clientele, a firm cannot improve its share priceby switching policies. If the market is in equilibrium, the number of people who desirehigh dividend payout stocks should exactly equal the number of such stocks available. The supplies and demands of each clientele will be exactly met in equilibrium. If the market is not in equilibrium, the supply of high dividend payout stocks may be less than the demand.Only in such a situation could a firm benefit from a policy shift.18.26 a. Div1 = Div0 + s (t EPS1 - Div0)= 1.25 + 0.3 (0.4 x 4.5 -1.25)= 1.415b. Div1 = Div0 + s (t EPS1 - Div0)= 1.25 + 0.6 (0.4 x 4.5 - 1.25)= 1.58Note: Part “a” is more conservative since the adjustment rate is lower.18.27 This finding implies that firms use initial dividends to “signal” their potentialgrowth and positive NPV prospects to the stock market. The initiation of regularcash dividends also serves to convince the market that their high current earningsare not temporary.。
公司理财第五版课件
School of International Trade & Economics
Professor Shao Xueyan
课程宗旨
创造财富 谋之有道 取之有术 管之有方
学习方法
学而不思则罔
思而不学则殆
选自《论语》
哈佛学生学习不是与未来就业相匹配的，他们 学的东西可能与他们将来所要做的工作完全不一样。 广泛的知识面、有专业技能、有一定的远见、有能 力在职业生涯中继续学习是哈佛对学生的培养目标。
◆ Making an outlay immediately vs. Yielding benefits in the distant future. ◆ A single large amount of outlay vs. A stream of smaller amount of cash inflows. ◆ It is difficult to withdraw from an investment. ◆ Time is vital to investment decision–making
Capital Structure
The mix of long term debt and equity financing.
Investment and Financing Decisions
The Investment Decision
Real Assets
The Financing Decision
Agency Problems
• Managers are agents for stockholders, but the managers may act in their own interests rather than maximizing value
罗斯《公司理财》重点知识整理上课讲义
罗斯《公司理财》重点知识整理上课讲义罗斯《公司理财》重点知识整理第一章导论1. 公司目标：为所有者创造价值公司价值在于其产生现金流能力。
2. 财务管理的目标：最大化现有股票的每股现值。
3. 公司理财可以看做对一下几个问题进行研究：1. 资本预算：公司应该投资什么样的长期资产。
2. 资本结构：公司如何筹集所需要的资金。
3. 净运营资本管理：如何管理短期经营活动产生的现金流。
4. 公司制度的优点：有限责任，易于转让所有权，永续经营。
缺点：公司税对股东的双重课税。
第二章会计报表与现金流量资产 = 负债 + 所有者权益（非现金项目有折旧、递延税款）EBIT（经营性净利润） = 净销售额 - 产品成本 - 折旧EBITDA = EBIT + 折旧及摊销现金流量总额CF(A) = 经营性现金流量 - 资本性支出- 净运营资本增加额 = CF(B) + CF(S)经营性现金流量OCF = 息税前利润 + 折旧 - 税资本性输出 = 固定资产增加额 + 折旧净运营资本 = 流动资产 - 流动负债第三章财务报表分析与财务模型1. 短期偿债能力指标（流动性指标）流动比率 = 流动资产/流动负债（一般情况大于一）速动比率 = (流动资产 - 存货)/流动负债（酸性实验比率）现金比率 = 现金/流动负债流动性比率是短期债权人关心的，越高越好；但对公司而言，高流动性比率意味着流动性好，或者现金等短期资产运用效率低下。
对于一家拥有强大借款能力的公司，看似较低的流动性比率可能并非坏的信号2. 长期偿债能力指标（财务杠杆指标）负债比率 = (总资产 - 总权益)/总资产 or (长期负债 + 流动负债)/总资产权益乘数 = 总资产/总权益 = 1 + 负债权益比利息倍数 = EBIT/利息现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息3. 资产管理或资金周转指标存货周转率 = 产品销售成本/存货存货周转天数 = 365天/存货周转率应收账款周转率 = （赊）销售额/应收账款总资产周转率 = 销售额/总资产 = 1/资本密集度4. 盈利性指标销售利润率 = 净利润/销售额资产收益率ROA = 净利润/总资产权益收益率ROE = 净利润/总权益5. 市场价值度量指标市盈率 = 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数市值面值比 = 每股市场价值/每股账面价值企业价值EV = 公司市值+ 有息负债市值- 现金EV乘数= EV/EBITDA6. 杜邦恒等式ROE = 销售利润率（经营效率）x总资产周转率（资产运用效率）x权益乘数（财杠）ROA = 销售利润率x总资产周转率7. 销售百分比法假设项目随销售额变动而成比例变动，目的在于提出一个生成预测财务报表的快速实用方法。