公司理财第五版高等院校双语教材·金融系列-chapter 11(PPT 27页)
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公司理财第五版高等院校双语教材·金融系列-chapter 16(PPT 49页)
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Du Pont system: a breakdown of ROE and ROA into component ratios.
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Other financial ratios
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Times interest earned ratio: 已获利息倍数 Cash coverage ratio: 现金流偿债能力比率 Liquidity ratio: 变现能力比率 Net working capital to total assets ratio: 净 营运资本占总资产比 Current ratio: 流动比率 Quick (or acid-test) ratio: 速动比率或酸性测 试比率 Cash ratio: 现金比率 Marketable securities: 有价证券 Asset turnover ratio: 资产周转率
1. 2.
Leverage ratios show how heavily the company is in debt. Liquidity ratios measure how easily the firm can lay its hands on cash.
3.
Efficiency or turnover ratios measure how productively the firm is using its assets.
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Cash ratio
A company’s most liquid assets are its holdings of cash and marketable securities.
公司理财罗斯第11章英文-PPT文档资料
McGraw-Hill/Irwin Corporate Finance, 7/e © 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
11-11
涌金集团董事长魏东辞世的消息今日得以证实，5月1日下午， 魏东的家属提供了魏东的最后留言--“写给我最亲爱的人们”。 4月29日下午4时许，魏东在北京家中辞世(41岁）。辞世 前将写给亲人的最后留言留在书桌抽屉里，在这份最后留言 中，魏东说自己受到失眠和抑郁的长期困扰，不愿再拖累家 人，并希望亲人和朋友能够好好生活。 事件发生后，由涌金集团控制的两家上市公司国金证券和九 芝堂30日均临时停牌。九芝堂称公司发生重大事项，临时停 牌一天。国金证券当天上午发布公告称因股票交易异动，早 盘停牌一小时，但该公司10点30分后亦一直未复牌。上证所 此后公告，国金证券因重大事项未公告，4月30日全天停牌。
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns 11.2 Risk: Systematic and Unsystematic 11.folios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory 11.7 Parametric Approaches to Asset Pricing 11.8 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e
11-11
涌金集团董事长魏东辞世的消息今日得以证实，5月1日下午， 魏东的家属提供了魏东的最后留言--“写给我最亲爱的人们”。 4月29日下午4时许，魏东在北京家中辞世(41岁）。辞世 前将写给亲人的最后留言留在书桌抽屉里，在这份最后留言 中，魏东说自己受到失眠和抑郁的长期困扰，不愿再拖累家 人，并希望亲人和朋友能够好好生活。 事件发生后，由涌金集团控制的两家上市公司国金证券和九 芝堂30日均临时停牌。九芝堂称公司发生重大事项，临时停 牌一天。国金证券当天上午发布公告称因股票交易异动，早 盘停牌一小时，但该公司10点30分后亦一直未复牌。上证所 此后公告，国金证券因重大事项未公告，4月30日全天停牌。
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns 11.2 Risk: Systematic and Unsystematic 11.folios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory 11.7 Parametric Approaches to Asset Pricing 11.8 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e
公司理财及财务管理知识分析(双语)(ppt 45页)
5-12 Decision Criteria Test - Payback
Does the payback rule account for the time value of money?
Does the payback rule account for the risk of the cash flows?
5- 8
NPV – Decision Rule
Minimum Acceptance Criteria: Accept if NPV >0
Ranking Criteria: Choose the highest NPV
Example9.1 see page263
McGraw Hill/Irwin
a discounted basis within the specified time
McGraw Hill/Irwin
9-14 Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
5-15 Computing Discounted Payback for
of later cash flows Biased toward liquidity
Disadvantages
Ignores the time value of money
Requires an arbitrary cutoff point
Ignores cash flows beyond the cutoff date
Does the decision rule adjust for the time value of money?
Does the decision rule adjust for risk?
公司理财(第5版)第1章 公司理财导论
• 得到普遍认同并在理论和实践中产生了广泛影响的观点主 要有三种:利润最大化、股东财富最大化和企业价值最大 化。
一、企业的利益相关者
现代企业理论把企业视为利益相关者签订的一组契约的集 合,由于各个利益主体之间的利益目标存在着差异,公司理 财活动应该为谁服务是各种公司理财目标理论的主要内容。
雇员 其他公司 材料供应商
• 公司理财的目标就是创造和保持公司的价值。
复习
• 重点概念
– 个人业主制；合伙制；公司制；股份有限公司；有限责任公司； 公司理财；公司投资；公司融资；盈利分配；营运资金管理；利 润最大化；股东财富最大化；公司价值最大化
• 思考与练习
– 1. 简述个人业主制、合伙制、公司制企业的定义和特征。 – 2.公司有哪些基本特征?有限责任公司和股份有限公司的主要区别
(一)个人业主制企业的定义和特征
• 定义：
– 由单个自然人出资兴办,完全归个人所有和控制的企业。
• 特征：
– 开设、转让、关闭手续简单、费用低; – 所有权与经营权统一,利益冲突少; – 企业主控制企业全部资产,获得全部利润; – 不需要支付企业所得税,只需交纳个人所得税等。 – 风险大； – 规模受业主个人财富限制 – 企业寿命往往有限。
• 董事会必须对股东大会负责,接受股东大会监督。董事长 由董事会选举产生,董事长主持股东大会,召集并主持董事 会,在诉讼事务和非诉讼事务上对外均代表公司。
• (三)监事会
– 监事会(不设监事会的公司为监事)是公司的法定监督机构,负责检 查公司财务,并对董事、经理行为的合法性及是否损害公司利益进 行监督。
• (1)公司应该采取什么样的长期投资策略? • (2)公司应该如何为长期投资策略筹资? • (3)如何解决短期流动资金不足问题?
一、企业的利益相关者
现代企业理论把企业视为利益相关者签订的一组契约的集 合,由于各个利益主体之间的利益目标存在着差异,公司理 财活动应该为谁服务是各种公司理财目标理论的主要内容。
雇员 其他公司 材料供应商
• 公司理财的目标就是创造和保持公司的价值。
复习
• 重点概念
– 个人业主制；合伙制；公司制；股份有限公司；有限责任公司； 公司理财；公司投资；公司融资；盈利分配；营运资金管理；利 润最大化；股东财富最大化；公司价值最大化
• 思考与练习
– 1. 简述个人业主制、合伙制、公司制企业的定义和特征。 – 2.公司有哪些基本特征?有限责任公司和股份有限公司的主要区别
(一)个人业主制企业的定义和特征
• 定义：
– 由单个自然人出资兴办,完全归个人所有和控制的企业。
• 特征：
– 开设、转让、关闭手续简单、费用低; – 所有权与经营权统一,利益冲突少; – 企业主控制企业全部资产,获得全部利润; – 不需要支付企业所得税,只需交纳个人所得税等。 – 风险大； – 规模受业主个人财富限制 – 企业寿命往往有限。
• 董事会必须对股东大会负责,接受股东大会监督。董事长 由董事会选举产生,董事长主持股东大会,召集并主持董事 会,在诉讼事务和非诉讼事务上对外均代表公司。
• (三)监事会
– 监事会(不设监事会的公司为监事)是公司的法定监督机构,负责检 查公司财务,并对董事、经理行为的合法性及是否损害公司利益进 行监督。
• (1)公司应该采取什么样的长期投资策略? • (2)公司应该如何为长期投资策略筹资? • (3)如何解决短期流动资金不足问题?
公司理财第五版课件
Corporate Finance
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
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》汉化.ppt
长期外汇交易风险
长期变动来自于不同国家相对经济状况的 变化难以预期 可能受劳动力市场或政府的影响 更难通过套期保值来进行管理 尽量使同种货币长期的现金流入和流出相 配比 在外国借款可能可以缓和部分问题
换算风险
在会计上，无论是否将外币实际转让为美元，国 外经营的收益都必须被换算为美元来进行报告。 如果换算出来的损益直接报告在利润表上，将导 致EPS的波动性大大增加 目前的会计规范要求所有的现金流量都以预设汇 率进行换算，转换损益被集中累计在股东权益下 的一个特别帐户中
£ 1.50
$1
= × ¥ 120 ¥ 80
$1
£ 1
巴克莱银行
S¥(0) = 120
里昂信贷银行
S£(0) = 1.50
法国农业信贷银 行的报价为 S(¥ /£ )=85, 因此， 存在套利机会
¥
法国农业信贷银行
S¥/£(0) = 85
£
那么，我们怎么才能获利呢？
三角套汇
这就如同1 – 2 – 3那么 简单:
远期汇率 – 在远期合约中指明的汇率 如果远期汇率高于现汇汇率，则外币是以溢价在出 售（当以美元进行等值报价时） 如果远期汇率低于现汇汇率，则外币是以折价在进 行出售
绝对购买力平价
用不同货币购买同一件东西的价格应当是 相同的（即“同价法则”） 绝对购买力平价成立需要的条件：
交易成本为零 没有交易障碍（无税、关税等等） 不同地点的商品没有差别
客户市场
(批发)
市场参与人包括跨国银行、银行客户、非银行
经纪商、外汇市场经纪人和中央银行。
汇率
用另一种货币表示的一国货币的价格。 大多数货币都是用美元来进行报价的。 考察下述报价：
公司理财5ppt课件
第一节 收益与风险
我们用期望收益率作为综合评价指标，称为预期 收益率。预期收益率表示为：
N
E(rt )
j 1
r
j
Pj
（离散型）
E(rt) r(r)dr
（连续型）
收益率的不确定越大，其离散程度也就大，收益 率的方差或标准差就可能作为度量风险的指标。
2
N
i 1(ri
E(r))2Pi
rA rB
协r方A与差rB。=的co相v(关rA系,rB数)=，E(记rA-为(ErAr))A(rrBB-E(rB))为rArArAr与BrBrB的
并且 rA rB 1 在线形关系：
的充rA分必arB要条c 件是rA与rB以概率1存
当 关，表rA示rB 受到1 相时同，因a素 变0 化，影称响为时rA，与公rB完司全A与正公相
第三节 资本资产定价模型（CAPM）
模型的主要假设条件如下： ⑴ 投资者仅依据资产组合的预期收益率和 方差作出资产组合 ⑵所有投资者处于同一水平阶段，有齐次预期 ⑶无套利机会 ⑷资本市场不存在磨擦 如果投资者可以以无风险利率 r f 借或贷
，则 (1)rf rM 描述了最优风险资产组合与
无风险资产的所有各种组合的收益率情况。 我们称超过M点的组合为由贷款形成的杠
仅反应在组合与rM无风险资产 r f 的比例不同。
第三节 资本资产定价模型（CAPM）
标准CAPM与证券市场线
单个证券i对市场投资组合的风险的贡献，
恰好是 covr(i,rM)。
市场投资风险组合的风险（方差）中占的 比重可以表示为：
c orM i,v 2rM )(i M 2M iMiM M i i
此最优投资组合越接近T点。
公司理财 (《公司理财》PPT课件
第2节 利润表分析
一、认识利润表 利润表也称作损益表，它是反映公司经
营成果的报表，与资产负债表不同的是， 它反映的不同一个时点，而是一定时期 的数据，所以人们把它归结为动态报表。
收入
收入，是指公司在日常活动中形成的、 会导致所有者权益增加的、与所有者投 入资本无关的经济利益的总流入。收入 具体包括销售商品收入、提供劳务收入 和让渡资产使用权收入。
（三）政府
国家的中央政府和地方政府为了弥补财政收支 上的赤字。或是为了国家或地方的某项公共工 程建设，可以通过发行各种债券筹集资金，所 以政府是金融市场的资金需求者。政府有时也 会出于对经济活动的干预和调节而向金融市场 提供资金。中央政府和地方政府都是金融市场 的参与者。
（四）个人
个人是金融市场重要的资金供应者。在 我国，个人或是直接参与金融市场的交 易活动，或是成为金融市场间接融资的 资金供应者。当然，个人也可以成为金 融市场上的资金需求者。
资产
资产是指公司过去的交易或者事项形成 的、由公司拥有或者控制的、预期会给 公司带来经济利益的资源。
在同时满足以下条件时，确认为资产: (1)与该资源有关的经济利益很可能流入
公司； (2)该资源的成本或者价值能够可靠地计
量。
负债
负债是指公司过去的交易或者事项形成 的、预期会导致经济利益流出公司的现 时义务。
该指标反映公司应收账款的流动程度。计算公 式为：
赊销收入净额
应收账款周转率＝—————————
平均应收账款余额
式中：
赊销收入净额＝销售收入－现销收入－销售退 回、折让、折扣
平均应收账款余额＝（期初应收账款＋期末应 收账款）÷２
（二）存货周转率
该指标衡量公司销售能力和存货是否过 量。计算公式为：
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Chapter 11
Risk, return, and capital budgeting
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Objectives
Measure and interpret the market risk, or beta, of a security 2. Relate the market risk of a security to the rate of return that investors demand 3. Calculate the opportunity cost of capital for a period
A portfolio invested 50-50 in Amazon and ExxonMobil would have a beta of (.5 × 2.49) + (.5 × .41) = 1.45
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Market portfolio: 市场组合 Beta or β: 贝塔系数 Aggressive stock: 进取型股票 Defensive stock: 防守型股票
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The security market line
Security market line: relationship between expected return and beta
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The security market line describes the expected returns and risks from investing different fractions of your funds in the market. It also sets a standard for other investments. Investors will be willing to hold other investments only if they offer equally good prospects. Thus the required risk premium for any investments is given by the security market line: Risk premium on investment = beta × expected market risk premium
Note that the expected rate of return on any portfolio mixing Treasury bills and the market lies on a straight line. The risk premium is proportional to the portfolio beta.
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Content
Measuring market risk Risk and return Capital budgeting and project risk
1.
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Content
Measuring market risk Risk and return Capital budgeting and project risk
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Market portfolio: portfolio of all assets in the economy. In
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2. 3.
Portfolio betas
Beta of portfolio = (fraction of portfolio in first stock × beta of first stock) + (fraction of portfolio in second stock × beta of second stock)
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Market risk premium: 市场风险溢价 Expected risk premium: 期望风险溢价 Capital asset pricing model (CAPM): 资本 资产定价模型 Security market line: 证券市场线
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The procedure for measuring companies’ betas
1.
Observe rates of return, usually monthly, for the stock and the market Plot the observations Fit a line showing the average return to the stock at different market returns Bata is the slope of the fitted line.
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The total expected rate of return is the sum of the risk-free rate and the risk premium
Capital asset pricing model (CAPM): theory of the relationship between risk and return which states that the expected rates of return demanded by investors depend on two things: (1) compensation for the time value of money (the risk-free rate rf) and (2) a risk premium, which depends on beta and the market risk premium.)
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Using the CAPM to estimate expected returns
To calculate the returns that investors are expecting from particular stocks, we need three numbers – the risk-free interest rate, the expected market risk premium, and beta
practice a broad stock market index is used to represent the market
Beta or β: sensitivity of a stock’s return to tOPYRIGHT©ZHULI
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Measuring beta
Aggressive stocks have high betas, betas greater than 1.0, meaning that their returns tend to respond more than one for one to changes in the return of the overall market. The betas of defensive stocks are less than 1.0. The returns of these stocks vary less than one for one with market returns. The average beta of all stocks is 1.0 exactly.
Beta of portfolio: 投资组合的贝塔系数
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Content
Measuring market risk Risk and return Capital budgeting and project risk
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(a) Treasury bills (beta = 0) and the market portfolio (beta = 1.0) Assume a Treasury bill rate of 3% and a market return of 10% The market risk premium is 10-3= 7% (b) A portfolio split evenly between Treasury bills and the market will have beta = .5 and an expected return of 6.5%(point X ). A portfolio invested 20 percent in the market and 80 percent in Treasury bills has beta = .2 and an expected rate of return of 4.4% (point Y ).
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How well does the CAPM work?
CAPM is too simple to capture everything that is going on in the market However, the CAPM captures in a simple way two fundamental ideas 1. Almost everyone agrees that investors require some extra return for taking on risk 2. Investors appear to be concerned principally with the market risk that they cannot eliminate by diversification. Financial managers rely on the capital asset pricing model as a good rule of thumb
Risk, return, and capital budgeting
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Objectives
Measure and interpret the market risk, or beta, of a security 2. Relate the market risk of a security to the rate of return that investors demand 3. Calculate the opportunity cost of capital for a period
A portfolio invested 50-50 in Amazon and ExxonMobil would have a beta of (.5 × 2.49) + (.5 × .41) = 1.45
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Market portfolio: 市场组合 Beta or β: 贝塔系数 Aggressive stock: 进取型股票 Defensive stock: 防守型股票
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The security market line
Security market line: relationship between expected return and beta
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The security market line describes the expected returns and risks from investing different fractions of your funds in the market. It also sets a standard for other investments. Investors will be willing to hold other investments only if they offer equally good prospects. Thus the required risk premium for any investments is given by the security market line: Risk premium on investment = beta × expected market risk premium
Note that the expected rate of return on any portfolio mixing Treasury bills and the market lies on a straight line. The risk premium is proportional to the portfolio beta.
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Measuring market risk Risk and return Capital budgeting and project risk
1.
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Measuring market risk Risk and return Capital budgeting and project risk
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Market portfolio: portfolio of all assets in the economy. In
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2. 3.
Portfolio betas
Beta of portfolio = (fraction of portfolio in first stock × beta of first stock) + (fraction of portfolio in second stock × beta of second stock)
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Market risk premium: 市场风险溢价 Expected risk premium: 期望风险溢价 Capital asset pricing model (CAPM): 资本 资产定价模型 Security market line: 证券市场线
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The procedure for measuring companies’ betas
1.
Observe rates of return, usually monthly, for the stock and the market Plot the observations Fit a line showing the average return to the stock at different market returns Bata is the slope of the fitted line.
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The total expected rate of return is the sum of the risk-free rate and the risk premium
Capital asset pricing model (CAPM): theory of the relationship between risk and return which states that the expected rates of return demanded by investors depend on two things: (1) compensation for the time value of money (the risk-free rate rf) and (2) a risk premium, which depends on beta and the market risk premium.)
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Using the CAPM to estimate expected returns
To calculate the returns that investors are expecting from particular stocks, we need three numbers – the risk-free interest rate, the expected market risk premium, and beta
practice a broad stock market index is used to represent the market
Beta or β: sensitivity of a stock’s return to tOPYRIGHT©ZHULI
4
Measuring beta
Aggressive stocks have high betas, betas greater than 1.0, meaning that their returns tend to respond more than one for one to changes in the return of the overall market. The betas of defensive stocks are less than 1.0. The returns of these stocks vary less than one for one with market returns. The average beta of all stocks is 1.0 exactly.
Beta of portfolio: 投资组合的贝塔系数
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Content
Measuring market risk Risk and return Capital budgeting and project risk
COPYRIGHT©ZHULI
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(a) Treasury bills (beta = 0) and the market portfolio (beta = 1.0) Assume a Treasury bill rate of 3% and a market return of 10% The market risk premium is 10-3= 7% (b) A portfolio split evenly between Treasury bills and the market will have beta = .5 and an expected return of 6.5%(point X ). A portfolio invested 20 percent in the market and 80 percent in Treasury bills has beta = .2 and an expected rate of return of 4.4% (point Y ).
COPYRIGHT©ZHULI
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How well does the CAPM work?
CAPM is too simple to capture everything that is going on in the market However, the CAPM captures in a simple way two fundamental ideas 1. Almost everyone agrees that investors require some extra return for taking on risk 2. Investors appear to be concerned principally with the market risk that they cannot eliminate by diversification. Financial managers rely on the capital asset pricing model as a good rule of thumb