2017年中国人民大学金融专业考研罗斯《公司理财》辅导资料

第16章资本结构：基本概念16.1 复习笔记资本结构是指企业资本的组成要素与比例关系，一般指公司资本中负债与股权所占的比例。

总的来说，有众多的资本结构可供企业选择。

企业可发行大量的或极少的债务，亦可发行优先股、认股权证、可转换债券、可赎回债券，还可计划租赁融资、债券互换及远期合约。

1．公司的价值（1）公司价值的定义公司价值是指公司全部资产的市场价值，即负债和所有者权益之和。

它是以一定期间归属于投资者的现金流量，按照资本成本或投资机会成本贴现的现值表示的。

公司价值不同于利润。

利润只是新创造的价值的一部分，而公司价值不仅包含了新创造的价值，还包含了公司潜在的或预期的获利能力。

根据定义，公司的价值V可以表示为：V≡B＋S其中，B为负债的市场价值，S为所有者权益的市场价值。

（2）公司价值最大化目标公司价值最大化目标是指企业的股东关注整个企业价值的最大化，即企业的负债和所有者权益之和最大化，而并不偏爱仅仅使他们的利益最大化的策略。

这种观点的优点包括：①考虑了货币时间价值和投资风险价值，有利于选择投资方案，统筹安排长短期规划，有效筹措资金，合理制定股利政策；②反映了资产保值增值的要求；③有利于克服管理上的片面性和短期行为。

这一目标存在的问题在于：①对非上市公司不能用股票价格来衡量其价值；②对上市公司，股价不一定能反映企业获利能力，股票价格受多种因素的影响。

（3）企业价值最大化与股东利益最大化追求股东利益的最大化和追求企业价值最大化是企业财务管理的两大基本目标，是企业理财活动所希望实现的结果，是评价企业理财活动的基本标准。

①股东利益最大化。

股东利益最大化目标存在两种不同的表现形式：一是企业利润最大化；二是股东财富最大化。

前者是企业所有权与经营权没有分离情况下，作为企业的出资人，从而又是企业经营者，所确定的追求财产使用价值最大化的财务管理目标。

在企业所有者与经营权分离的情况下，利润最大化的财务目标转变成股东财富最大化。

公司理财全书课后答案及人大金融考研操作指南:大家一般都是用的中文版本,所以题目和英文原书有些出入,我提供的是英文版的详细答案,除了概念题外,都没有原始题目对应,但是这并不防碍大家找到答案,因为中文和英文的题目在数字上全是一致的,所以大家拿着这份答案可以很容易的找到书中的题目.我今年已经确定被录取了,马上要去工作一段时间了然后准备上学去了.最后写点东西给08的DDMM 吧关于理财:建议大家提早看,因为复试的时候其他几门全是记忆的,而理财想在短期提高很不容易,所以大家如果有时间,建议大家在初试前看一看,熟悉一下,理财的重点是前18章+第22章关于其它三门复试课程:金融学要记忆的很多,而且很多地方都有出题的可能,商行的重点很集中就是第9章,证券和理财重叠的知识很多所以看好理财,证券也就基本拿下了,技术分析那章具体的如K线,波浪线,形态理论等看不懂就算了,考试基本不会涉及的.关于人大考研初试公共课:总的来说,你考试的成败就取决于数学上面,当然其它的你要保证上线,想靠英语政治提分很难,北京今年压分压的太厉害,唯一压不了的只有数学,数学的结果是确定的,对就是对,错就是错,但英语政治2卷就不然,你的作文觉得能拿15分,老师就是给你3分你能怎么样呢? 所以劝大家好好学好数学,其他2门中庸一下也不会影响大局,当然对于立志做人大金融第一又或者冲着公费去的DDMM,可以忽略我上面的那段话.推荐几本书吧:数学:基础还行的话直接看二李的复习全书吧不推荐老陈的二李的看3遍然后做660 11月开始做400+真题就足够了我考2次都是这么复习的题目要反复做特别是660 那书你做透了选择填空不会扣分 400最后做按时间严格做做3遍真题再好好看看简单的卷子140 难的这样的分数基本没问题的如果想150 基本要看发挥了政治:看红宝书看3遍不用背但要认真看选择都是那里面的(当然今年有2个题目确实不是,出题的人因此被狂骂)最后一定记得买20天20题那个一定要背每年大题基本都能压到的8月开始准备政治就行了到最后冲刺的时候多花点时间背 75左右没问题的英语: 我只看过真题,看了很多遍.初试专业课:3本指定教材足够了,好好看几遍,重点的东西记忆一下,至于西经计算,考的很EASY的,没时间的话不专门准备也可,IS-LM的计算几乎每年都考,不过很简单的最后祝大家好运,周2回京工作去了,感谢在这里陪我度过考研的每个人.........R,KEVIN,橙子,大K,小鱼...........9月人大见啦~ ~理财答案感谢橙子,这个答案是给我的,很不错,每个题目都有详细的过程,这样让我轻松的在英文中找到了中文原题)CONCEPT部分解决是是所有章节的概念题CONCEPT QUESTIONS - CHAPTER 11.1 · What are the three basic questions of corporate finance?a. Investment decision (capital budgeting): What long-term investment strategy should a firm adopt?b. Financing decision (capital structure): How much cash must be raised for therequired investments?c. Short-term finance decision (working capital): How much short-term cash flow does company need to pay its bills.· Describe capital structure.Capital structure is the mix of different securities used to finance a firm's investments.· List three reasons why value creation is difficult.Value creation is difficult because it is not easy to observe cash flows directly. The reasons are: a. Cash flows are sometimes difficult to identify.b. The timing of cash flows is difficult to determine.c. Cash flows are uncertain and therefore risky.1.2 · What is a contingent claim?A contingent claim is a claim whose payoffs are dependent on the value of the firm at the end ofthe year. In more general terms, contingent claims depend on the value of an underlng asset.· Describe equity and debt as contingent claims. Both debt and equity depend on the value of the firm. If the value of the firm is greater than the amount owed to debt holders, they will get what the firm owes them, while stockholders will get the difference. But if the value of the firm is less than equity, bondholders will get the value of the firm and equity holders nothing.1.3 · Define a proprietorship, a partnership anda corporation.A proprietorship is a business owned by a single individual with unlimited liability. A partnership is a business owned by two or more individuals with unlimited liability. A corporation is a business which is a "legal person" with many limited liability owners.· What are the advantages of the corporate form of business organization?Limited liability, east of ownership transfer and perpetual succession.1.4 · What are the two types of agency costs? Monitoring costs of the shareholders and the incentive fees paid to the managers.· How are managers bonded to shareholders? a. Shareholders determine the membership to the board of directors, which selects management.b. Management contracts and incentives are build into compensation arrangements.c. If a firm is taken over because the firm's price dropped, managers could lose their jobs.d. Competition in the managerial labor market makes managers perform in the best interest of stockholders.· Can you recall some managerial goals?Maximization of corporate wealth, growth and company size.· What is the set-of-contracts perspective? The view of the corporation as a set of contracting relationships among individuals who have conflicting objectives.1.5 · Distinguish between money markets and capital markets.Money markets are markets for debt securities that pay off in less than one year, while capital markets are markets for long-term debt and equity shares.· What is listing?Listing refers to the procedures by which a company applies and qualifies so that its stock can be traded on the New York Stock Exchange.· What is the difference between a primary market and a secondary market?The primary market is the market where issuers of securities sell them for the first time to investors, while a secondary market is a market for securities previously issued.CONCEPT QUESTIONS - CHAPTER 22.1 · What is the balance-sheet equation? Assets = Liabilities + Stockholders' equity· What three things should be kept in mind when looking at a balance sheet?Accounting liquidity, debt vs. equity, and value vs. cost.2.2 · What is the income statement equation? Revenue - expenses = Income· What are the three things to keep in mind when looking at an income statement?Generally Accepted Accounting Principles (GAAP), noncash items, and time and costs.· What are noncash e xpenses?Noncash expenses are items included as expenses but which do not directly affect cash flow. The most important one is depreciation.2.3 · What is net working capital?It is the difference between current assets and current liabilities.· What is the change in net working capital? To determine changes in net working capital you subtract uses of net working capital from sources of net working capital.2.4 · How is cash flow different from changes in net working capital?The difference between cash flow and changes in new working capital is that some transactions affect cash flow and not net working capital. Theacquisition of inventories with cash is a good example of a change in working capital requirements.· What is the difference between opera ting cash flow and total cash flow of the firm?The main difference between the two is capital spending and additions to working capital, that is, investment in fixed assets and "investment" in working capital.CONCEPT QUESTIONS - CHAPTER 33.1 · What i s an interest rate?It is the payment required by the lender of money for the use of it during a determined period of time. It is expressed in percentage.· What are institutions that match borrowers and lenders called?They are called financial institutions.· What do we mean when we say a market clears? What is an equilibrium rate of interest?A market clears if the amount of money borrowers want to borrow is equal to the amount lenders wish to lend. An equilibrium rate of interest is the interest rate at which markets clear.3.2 · How does an individual change his consumption across periods throughborrowing and lending.By borrowing and lending different amounts the person can achieve any of all consumption possibilities available.· How do interest r ate changes affect one's degree of impatience?A person's level of patience depends upon the interest rate he or she faces in the market. A person eager to borrow money at a low interest rate will become less eager if that interest rate is raised and may prefer to lend money to take advantage of higher interest rates.3.3 · What is the most important feature of a competitive financial market?No investor, individual or corporation can have a significant effect on total lending or on interest rates. Therefore, investors are price takers.· What conditions are likely to lead to this?a. Trading is costless.b. Information about borrowing and lending opportunities is availablec. There are many traders.3.4 · Describe the basic financial principle of investment decision-making?An investment project is worth undertaking only if it is mores desirable than what is available in the financial markets.3.5 · Describe how the financial markets can be used to evaluate investmentalternatives?The financial markets can be used as a benchmark. If the proposed investment provides a better alternative than the financial markets, it should be undertaken.· What is the separation theorem? Why is it important?The separation theorem says that the decision as to whether to undertake a project (compared to the financial markets) is independent of the consumption preferences of the individual. It is important because we can make investment decisions based on objective data, disregarding personal preferences.3.6 · Give the definitions of net present value, future value and present value?New present value is the difference in present value terms between cash inflows and cash outflows. Given the financial market, the future value is an amount equivalent to the amountcurrently held, and present value is the amount equivalent to an amount to be received or given in the future.· What information does a person need to compute an investment's net presentvalue?Cash inflows, cash outflows and an interest or discount rate.3.7 · In terms of the net-present-value rule, what is the essential differencebetween the individual and the corporation. The main difference is that firms have no consumption endowment.CONCEPT QUESTIONS - CHAPTER 44.1 · Define future value and present value. Future value is the value of a sum after investing over one or more periods. Present value is thevalue today of cash flows to be received in the future.· How does one use net present value when making an investment decision?One determines the present value of future cash flows and then subtracts the cost of the investment. If this value is positive, the investment should be undertaken. If the NPV is negative, then the investment should be rejected.4.2 · What is the difference between simple interest and compound interest?With simple interest, the interest on the original investment is not reinvested. With compound interest, each interest payment is reinvested and one earns interest on interest.· What is the formula for the net present value of a project?TNPV = -C0 + å Ct /(1+I)tt=14.3 · What is a stated annual interest rate? The stated annual interest rate is the annual interest rate without consideration of compounding.· What is an effective annual interest rate? An effective annual interest rate is a rate that takes compounding into account.· What is the relationship between the stated annual interest rate and the effective annual interest rate?Effective annual interest rate = (1 + (r/m) )m - 1.· Define continuous compoundin g.Continuous compounding compounds investments every instant.4.4 · What are the formulas for perpetuity, growing-perpetuity, annuity, andgrowing annuity?Perpetuity: PV = C/rGrowing Perpetuity: PV = C/(r-g)Annuity: PV = (C/r) [1-1/(1+r)T]Growing Annuity: PV = [C/(r-g)] [1-((1+g) / (1+r))T ]· What are three important points concerning the growing perpetuity formula?1. The numerator.2. The interest rate and the growth rate.3. The timing assumption.· What are four tricks concerning annuities?1. A delayed annuity.2. An annuity in advance3. An infrequent annuity4. The equating of present values of two annuities.CONCEPT QUESTIONS - CHAPTER 55.2 · Define pure discount bonds, level-coupon bonds, and consols.A pure discount bond is one that makes no intervening interest payments. One receives a single lump sum payment at maturity. A level-coupon bond is a combination of an annuity and a lump sum at maturity. A consol is a bond that makes interest payments forever.· Contrast the state interest rate and the effective annual interest rate for bonds pang semi-annual interest.Effective annual interest rate on a bond takes into account two periods of compounding per year received on the coupon payments. The state rate does not take this into account.5.3 · What is the relationship between interest rates and bond prices?There is an inverse relationship. When one goes up, the other goes down.· How does one calculate the eld to maturity on a bond?One finds the discount rate that equates the promised future cash flows with the price of the bond.5.8 · What are the three factors determining a firm's P/E ratio?1. Today's expectations of future growth opportunities.2. The discount rte.3. The accounting method.5.9 · What is the closing price of Gen eral Data? The closing price of General Data is 6 3/16.· What is the PE of General House?The PE of General House is 29.· What is the annual dividend of General Host? The annual dividend of General Host is zero.CONCEPT QUESTIONS - Appendix to Chapter 5· What is the difference between a spot interest rate and the eld to maturity?The eld to maturity is the geometric average of the spot rates during the life of the bond.· Define the forward rate.Given a one-year bond and a two-year bond, one knows the spot rates for both. The forward rate is the rate of return implicit on a one-year bond purchased in the second year that would equate the terminal wealth of purchasing the one-year bond today and another in one year with that of the two-year bond.·What is the relationship between the one-year spot rate, the two-year spot rate and the forward rate over the second year?The forward rate f2 = [(1+r2)2 /(1+r1 )] - 1· What is the expectation hypothesis?Investors set interest rates such that the forward rate over a given period equals the spot rate for that period.What is the liquidity-preference hypothesis? This hypothesis maintains that investors require a risk premium for holding longer-term bonds (i.e. they prefer to be liquid or short-term investors). This implies that the market sets the forward rate for a given period above the expected spot rate for that period.CONCEPT QUESTIONS - CHAPTER 66.2 · List the problems of the payback period rule.1. It does not take into account the time value of money.2. It ignores payments after the payback period.3. The cutoff period is arbitrary.· What are some advantages?1. It is simple to implement.2. It may help in controlling and evaluating managers.6.4 · What are the three steps in calculating AAR?1. Determine average net income.2. Determine average investment3. Divide average net income by average investment.· What are some flaws with the AAR approach?1. It uses accounting figures.2. It takes no account of timing.3. The cutoff period is arbitrary.6.5 · How does one calculate the IRR of a project? Using either trial-and-error or a financial calculator, one finds the discount rate that produces an NPV of zero.6.6 · What is the difference between independentprojects and mutually exclusiveprojects?An independent project is one whose acceptance does not affect the acceptance of another. A mutually exclusive project, on the other hand is one whose acceptance precludes the acceptance of another.· What are two problems with the IRR approach that apply to both independent and mutually exclusive projects?1. The decision rule depends on whether one is investing of financing.2. Multiple rates of return are possible.· What are two additional problems applng only to mutually exclusive projects?1. The IRR approach ignores issues of scale.2. The IRR approach does not accommodate the timing of the cash flows properly.6.7 · How does one calculate a project'sprofitability index?Divide the present value of the cash flows subsequent to the initial investment by the initial investment.· How is the profitability index applied to independent projects, mutually exclusive projects, and situations of capital rationing?1. With independent projects, accept the project if the PI is greater than 1.0 and reject if less than 1.0.2. With mutually exclusive projects, use incremental analysis, subtracting the cash flows of project 2 from project 1. Find the PI. If the PI is greater than 1.0, accept project 1. If less than 1.0, accept project 2.3. In capital rationing, the firm should simply rank the projects according to their respective PIs and accept the projects with the highest PIs, subject to the budget constrain.CONCEPT QUESTIONS - CHAPTER 77.1 · What are the three difficulties in determining incremental cash flows?1. Sunk costs.2. Opportunity costs3. Side effects.· Define sunk costs, opportunity costs, and side effects.1. Sunk costs are costs that have already been incurred and that will not be affected by the decision whether to undertake the investment.2. Opportunity costs are costs incurred by the firm because, if it decides to undertake a project, it will forego other opportunities for using the assets.3. Side effects appear when a project negatively affects cash flows from other parts of the firm.7.2 · What are the items leading to cash flow in any year?Cash flow from operations (revenue-operating costs-taxes) plus cash flow of investment (costof new machines + changes in net working capital + opportunity costs).· Why did we determi ne income when NPV Analysis discounts cash flows, not income?Because we need to determine how much is paid out in taxes.· Why is working capital viewed as a cash outflow?Because increases in working capital must be funded by cash generated elsewhere in the firm.7.3 · What is the difference between the nominal and the real interest rate?The nominal interest rate is the real interest rate with a premium for inflation.· What is the difference between nominal and real cash flows?Real cash flows are nominal cash flows adjusted for inflation.7.4 · What is the equivalent annual cost method of capital budgeting?The decision as to which of various mutually exclusive machines to buy is based on the equivalent annual cost. The EAC is determined by dividing the net present value of costs by an annuity factor that has the same life as the machines. The machine with the lowest EAC should be acquired.· Can you list the assumptions that we must to use EAC?1. All machines do the same job.2. They have different operating costs and lives3. The machine will be indefinitely replaced. CONCEPT QUESTIONS - CHAPTER 88.1 · What are the ways a firm can create positive NPV.1. Be first to introduce a new product.2. Further develop a core competency to product goods or services at lower costs than competitors.3. Create a barrier that makes it difficult for the other firms to compete effectively.4. Introduce variation on existing products to take advantage of unsatisfied demand5. Create product differentiation by aggressive advertising and marketing networks.6. Use innovation in organizational processes to do all of the above.· How can managers use the market to help them screen out negative NPV projects?8.2 · What is a decision tree?It is a method to help capital budgeting decision-makers evaluating projects involving sequential decisions. At every point in the tree, there are different alternatives that should be analyzed.· What are potential problems in using a decision tree?Potential problems 1) that a different discount rate should be used for different branches in the tree and 2) it is difficult for decision trees to capture managerial options.8.3 · What is a sensitivity analysis?It is a technique used to determine how the result of a decision changes when some of the parameters or assumptions change.· Why is it important to perform a sensitivity analysis?Because it provides an analysis of the consequences of possible prediction or assumption errors.· What is a break-even analysis?It is a technique used to determine the volume of production necessary to break even, that is, to cover not only variable costs but fixed costs aswell.· Describe how sensitivity analysis interacts with break-even analysis.Sensitivity analysis can determine how the financial break-even point changes when some factors (such as fixed costs, variable costs, or revenue) change.CONCEPT QUESTIONS - CHAPTER 99.1 · What are the two parts of total return? Dividend income and capital gain (or loss)· Why are unrealized capi tal gains or losses included in the calculation of returns? Because it is as much a part of returns as dividends, even if the investor decides to hold onto the stock and not to realize the capital gain.· What is the difference between a dollar returnand a percentage return?A dollar return is the amount of money the original investment provided, while percentage return is the percentage of the original investment represented by the total return.9.2 · What is the largest one-period return in the 63-year history of commonstocks we have displayed, and when did it occur? What is the smallest return, and when did it occur?Largest common stock return: 53.99% in 1933. Smallest common stock return: -43.34% in 1931.· In how many years did the common stock r eturn exceed 30 percent, and inhow many years was it below 20 percent?It exceeded 30% in 16 years. It was below 20% in 39 years.· For common stocks, what is the longest period of time without a single losingyear? What is the longest streak of losing years? There are 6 consecutive years of positive returns. The longest losing streak was 4 years.· What is the longest period of time such that if you have invested at thebeginning of the period, you would still not have had a positive return on your common-stock investment by the end?The longest period of time was 14 years (from 1929 to 1942).9.4 · What is the major observation about capital markets that we will seek toexplain?That the return on risky assets has been higher on average than the return on risk-free assets.· What does the observation tell us about investors for the period from 1926through 1994.An investor in this period was rewarded forinvestment in the stock market with an extra or excess return over what would have achieved by simply investing in T-bills.9.5 · What is the definition of sample estimates of variance and standarddeviation?Variance is given by Var (R) = (1 / (T-1) ) St (Rt - R)2 where T is the number of periods, Rt is the period return and R is the sample mean. Standard deviation is given by SD = Var 1/2. For large T, (T-1) may be approximated by T.· How does the normal distribution help us interpret standard deviation?For a normal distribution, the probability of having a return that is above or below the men by a certain amount only depends on the standard deviation.9.6 · How can financial managers use the history of capital markets to estimatethe required rate of return on nonfinancial investments with the same risk as the average common stock?They can determine the historical risk premium and add this amount to the current risk-free rate to determine the required return on investments of that risk.CONCEPT QUESTIONS - CHAPTER 1111.1· What are the two basic parts of a return?1. The expected part2. The surprise part· Under what conditions will some news have no effect on common stock prices?If there is no surprise in the news, there will not be any effect on prices. That is, the news was fully expected.11.2· Describe the difference between systematic risk and unsystematic risk.A systematic risk is any risk that affects a largenumber of assets, each to a greater or lesser degree. An unsystematic risk is a risk that specifically affects a single asset or a small group of assets.· Why is unsystematic risk sometimes referred to as idiosyncratic risk?Because information such as the announcement of a labor strike, may affect only some companies.11.3 · What is an inflation beta? A GNP beta? An interest-rate beta?An inflation beta is a measure of the sensitivity of a stock's return to changes in the expected inflation rate. A GNP beta measures the sensitivity of a stock's return to changes in the expected GNP. An interest rate beta reflects the sensitivity of a stock's return to changes in the market interest rate.· What is the difference between a k-factor model and the market model?The main difference is that the market model assumes that only one factor, usually a stock market aggregate, is enough to explain stock returns, while a k-factor model relies on k factors to explain returns.· Define the beta coefficient.The beta coefficient is a measure of the sensitivity of stock's return to unexpected changes in one factor.11.4· How can the return on a portfolio be expressed in terms of a factor model?It is the weighted average of expected returns plus the weighted average of each security's beta times a factor F plus the weighted average of the unsystematic risks of the individual securities.· What risk is diversified away in a large portfolio?The unsystematic risk.11.5· What is the relationship between the one-factor model and CAPM?Assuming the market portfolio is properly scaled, it can be shown that the one-factor model is identical to the CAPM.11.7 · Empirical models are sometimes called factor models. What is the difference between a factor as we have used it previously in this chapter and an attribute as we use it in this section?A factor is generally a market wide or industry wide factor proxng the systematic risk. An attribute is related with the returns of the stocks.· What is data mining and why might it overstate the relation between some stock attribute and returns?Choosing parameters because they have been shown to be related to returns is data mining. The relation found between some attribute and returnscan be accidental, thus overstated.· What is wrong with measuring the performance of a U.S. growth stock manager against a benchmark composed of English stocks?Using a benchmark composed of English stocks is wrong because the stocks included are not of the same style as those in a U.S. growth stock fund.CONCEPT QUESTIONS - CHAPTER 1212.1· What is the disadvantage of using too few observations when estimating beta?Small samples can lead to inaccurate estimations.· Wha t is the disadvantage of using too many observations when estimating beta?Firms may change their industries over time making observations from the distant past out-of-date.· What is the disadvantage of using the industry beta as the estimate of the beta of an individual firm?The operations of a particular firm may not be similar to the industry average.12.2· What are the determinants of equity betas?1. The responsiveness of a firm's revenues to economy wide movements.2. The degree of a firm's operating leverage.3. The degree of a firm's financial leverage.· What is the difference between an asset beta and an equity beta?Financial leverage.12.6h What is liquidity?Liquidity in this context means the cost of bung and selling stocks. Thosestocks that are expensive to trade are considered less liquid.。

《公司理财》考研罗斯版讲义考研复习笔记第一部分教材精讲第一篇价值本书第一篇介绍公司理财的基础知识，一共包括3章。

第1章“公司理财导论”主要介绍公司理财中的基本概念；第2章“会计报表与现金流量”主要介绍公司主要财务报表和现金流量，前者是公司财务行为的结果和进行财务分析的基础，现金流量则是公司理财的核心和企业价值所在；第3章“财务报表分析与财务模型”主要介绍各种财务报表分析的方法和财务规划中采用的主要模型。

这3章共同构成公司理财课程的基础，也向同学们传递了公司理财的基本理念，就是价值分析，而价值分析的基础则是公司的财务报表和现金流。

第1章公司理财导论1.1 本章要点本章介绍公司理财课程中涉及的基本概念，包括公司理财的主要内容、公司理财的目标以及对公司或企业的界定。

本章还会提出公司理财的一个重要观点：现金至上。

此外，为了实现两权分离状态下对股东利益的保护，有必要探讨公司的代理问题和控制权结构，以及解决代理问题的一些手段，比如法律等。

本章各部分要点如下：1．什么是公司理财所谓公司理财就是公司的投资和融资行为，这些行为的目的是为投资者创造价值。

公司的财务行为可以反映在财务报表中，事实上，从资产负债表就可以看到公司的资金运用（投资）和资金来源（融资）。

由于投融资的重要性，公司的财务经理具有重要作用。

2．企业组织要学习公司理财，首先要了解什么是公司或企业。

从法律角度，企业有三种组织形式，个人独资企业、合伙企业和公司制企业。

这三种企业在融资方面的情况各不相同。

3．现金流的重要性“现金至上”是公司理财的基本理念。

财务经理最重要的工作在于通过开展资本预算、融资和净营运资本活动为公司创造价值，也就是公司创造的现金流必须超过它所使用的现金流。

同学们需要理解公司财务活动与金融市场之间的现金流动。

4．公司理财的目标公司理财的目标是最大化现有所有者权益的市场价值。

但是由于现实中企业的复杂性，这一目标的实现还存在很多的约束。

5．代理问题与控制权现代企业很多采用股份公司的形式，这类公司的股东所有权和经营权之间存在两权分离，因此会导致股东和经理人之间的代理问题。

罗斯《公司理财》重点知识整理说课材料第一章导论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。

第1章公司理财导论1.1 复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。

从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

1．资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。

资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。

2．资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。

广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。

狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。

通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本中的构成（D/A）。

准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。

资本结构是由企业采用各种筹资方式筹集资本形成的。

筹资方式的选择及组合决定着企业资本结构及其变化。

资本结构是企业筹资决策的核心问题。

企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。

资本结构优化有利于降低资本成本，获取财务杠杆利益。

3．财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。

罗斯公司理财第11版笔记和考研习题详解罗斯《公司理财》（第11版）笔记和课后习题详解内容简介本资料是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导书。

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。

本书提供电子书及纸质书，方便对照复习。

•试看部分内容第1篇概论第1章公司理财导论1.1 复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。

从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

1资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。

第1章公司理财导论1.1 本章要点本章介绍公司理财课程中涉及的基本概念，包括公司理财的主要内容、公司理财的目标以及对公司或企业的界定。

本章还会提出公司理财的一个重要观点：现金至上。

此外，为了实现两权分离状态下对股东利益的保护，有必要探讨公司的代理问题和控制权结构，以及解决代理问题的一些手段，比如法律等。

本章各部分要点如下：1．什么是公司理财所谓公司理财就是公司的投资和融资行为，这些行为的目的是为投资者创造价值。

公司的财务行为可以反映在财务报表中，事实上，从资产负债表就可以看到公司的资金运用（投资）和资金来源（融资）。

由于投融资的重要性，公司的财务经理具有重要作用。

2．企业组织要学习公司理财，首先要了解什么是公司或企业。

从法律角度，企业有三种组织形式，个人独资企业、合伙企业和公司制企业。

这三种企业在融资方面的情况各不相同。

3．现金流的重要性“现金至上”是公司理财的基本理念。

财务经理最重要的工作在于通过开展资本预算、融资和净营运资本活动为公司创造价值，也就是公司创造的现金流必须超过它所使用的现金流。

同学们需要理解公司财务活动与金融市场之间的现金流动。

4．公司理财的目标公司理财的目标是最大化现有所有者权益的市场价值。

但是由于现实中企业的复杂性，这一目标的实现还存在很多的约束。

5．代理问题与控制权现代企业很多采用股份公司的形式，这类公司的股东所有权和经营权之间存在两权分离，因此会导致股东和经理人之间的代理问题。

此外，公司还存在各种利益相关者，这些群体也会试图对公司的控制施加影响，甚至损及所有者。

6．法律法规企业在进行经营活动的过程中，受到很多法律的约束，包括规定企业法律地位的法律，针对上市公司的法律，针对公司治理的法律等。

各国不同的法律和治理要求，会在很大程度上影响企业的融资和投资行为。

作为全书的开篇，本章是学习公司理财课程的基础。

书中涉及的概念和观点，需要同学们理解和应用。

1.2 重难点导学一、什么是公司理财1．公司理财的初步认识公司理财，英文为“Corporate Finance”，中文也译为“公司财务”。