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基于TMS320C5416 DSK的DSP实验课程书本书框架结构⏹第一章DSP概述⏹第二章TMS320C5416结构及其开发环境⏹第三章DSP软件开发详解⏹第四章DSP算法实现之一FFT⏹第五章DSP算法实现之二FIR⏹第六章外设和DSK⏹第七章DSP系统设计第一章DSP概述DSP的含义狭义理解可为Digital Signal Processor 数字信号处理器。
广义理解可为Digital Signal Processing 译为数字信号处理技术。
前者是指用于数字信号处理的可编程微处理器，后者则是指数字信号处理的理论和方法。
DSPDSP的结构特点⏹哈佛结构⏹多总线结构⏹指令系统的流水线（pipeline）操作⏹专用的硬件乘法器⏹特殊的DSP指令⏹快速的指令周期⏹硬件配置强DSP的结构特点⏹哈佛结构⏹多总线结构⏹指令系统的流水线（pipeline）操作⏹专用的硬件乘法器⏹特殊的DSP指令⏹快速的指令周期⏹硬件配置强DSP的结构特点⏹哈佛结构⏹多总线结构⏹指令系统的流水线操作⏹专用的硬件乘法器⏹特殊的DSP指令⏹快速的指令周期⏹硬件配置强指令系统的流水线（DSP的结构特点⏹哈佛结构⏹多总线结构⏹指令系统的流水线（pipeline）操作⏹专用的硬件乘法器⏹特殊的DSP指令⏹快速的指令周期⏹硬件配置强专用的硬件乘法器∑-()()A kB n kDSP的结构特点⏹哈佛结构⏹多总线结构⏹指令系统的流水线（pipeline）操作⏹专用的硬件乘法器⏹特殊的DSP指令⏹快速的指令周期⏹硬件配置强快速的指令周期随着集成电路工艺的发展，DSP广泛的采用微米CMOS制造工艺，其运算速度越来越快。
以TMS320C54x为例，其运算速度可达100MIPS以上。
DSP的结构特点⏹哈佛结构⏹多总线结构⏹指令系统的流水线（pipeline）操作⏹专用的硬件乘法器⏹特殊的DSP指令⏹快速的指令周期⏹硬件配置强硬件配置强新一代的DSP芯片的接口功能越来越强，片内具有串口、主机（HPI）、DMA控制器等等。
序言一．扩展频谱技术概述概念：所谓扩展频谱技术一般是指用比信号带宽宽得多的频带宽度来传输信息的技术。
一种典型的扩展频谱系统如图0-1所示：图0-1 典型扩展频谱系统框图它主要由原始信息，信源编译码，信道编译码〔过掉控制〕，载波调制与解调，扩频调制与解扩频和信道六大局部组成。
信源编码的目的是去掉信息的冗余度，压缩信源的数码率，提高信道的传输效率。
过掉控制的目的是增加信息在信道传输中的冗余度，使其具有检错或纠错能力，提高信道传输质量。
调制局部是为使经信道编码后的符号能在适当的频段传输，如微波频段，短波频段等。
扩频调制和解扩是为了某种目的而进行的信号频谱展宽和复原技术。
框图中各点信号的时域和频域特性如图0-2所示。
与传统通信系统不同的是，在信道中传输的是一个宽带的低谱密度的信号。
为什麽要进行扩频？这是因为它具有一些独特的长处。
特点：1)抗干扰能力强，出格是抗窄带干扰能力。
2)可检性抵，(LPI---Low Probability of Intercept)，不容易被侦破。
3)具有多址能力，易于实现码分多址〔CDMA〕技术。
4)可抗多径干扰。
5)可抗频率选择性衰落。
6)频谱操纵率高，容量大〔可有效操纵纠错技术、正交波形编码技术、话音激活技术等〕。
7)具有测距能力。
8)技术复杂。
应用：基于以上这些特点，扩频技术首先应用于军事通信，此刻也开始民用和商用。
1)卫星通信〔多址，抗干扰，便于保密，降低平均功率谱密度〕2)移动通信〔多址，抗干扰，便于保密，抗多径，提高频谱操纵率〕3)无线当地环路4)G PS〔选址，抗干扰，保密，测距〕5)测试仪，干扰仪测时延，无码测试仪`````主要错误谬误：技术复杂，但是随着数字处置技术的开展，集成工艺进步，使扩频系统的实现变的简单，只需对扩展技术有一般的了解就可以从事扩频系统的设计工作。
因此，扩频技术在这些年开展非常迅速，由军用到民用，商用，范围很广。
理论根底：扩展频谱技术的理论根底是信息论中的香农定理[1]此中C------信道容量〔比特/秒〕N-----噪声功率W----带宽〔赫兹〕S ---------信号功率当S/N 很小时〔≤0.1〕得到：在无过掉传输的信息速率C 不变时，如N/S 很大，那么必需使用足够大的带宽W 来传输信号。
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Chapter 1二、短语翻译。
英翻汉Sluggish economy 萧条的经济Full employment 充分就业Trade deficit 贸易赤字in-depth analysis 深入的分析Industrialized countries 工业化free-trade agreement 自由贸易协定international specialization国际专业化product differentiation 产品差别trade surplus 贸易盈余determinative factor 决定性因素三、汉翻英经济双赢economic win-win 关税壁垒tariff barrier收入不平等wage inequality 劳动生产率labor productivity解雇工人lay off works 生产要素factor of production双边协议bilateral deal 回归分析regression analysis市场准入market access 世界经济复world economic recovery四. Translation1. The monitoring system will finally substitute the US Government’s cap on cigar imports from Cuba.2. The quarrel between Mexico and the US will be no avail and it may disrupt the lifting of the agricultural tariffs under the North American Free Trade Agreement.3. An economic cooperation business forum, which will discusshow to minimize the negative impact of global economic imbalance adjustment on China, will take place shortly before the ministerial conference.4. Few Americans attribute this to such obvious causes as a devalued dollar or business cycle.5. Recent research has shed light on the fact that there are heavy financial and political costs associated with the measures necessary to reduce the emission of greenhouse gases.6. There are rumors that the government struck a private deal with the corporation’s chairman last month.7. The opposition is exerting pressure on the US government to change the policy towards textile imports.8. Since the establishment of the bilateral free-trade agreement, the emerging economy has always been at the forefront of science and technology.9. In general, floating exchange rates are supposed to insulate countries from persistent differences in inflation with their trading partners.10. According to conservative estimates, by 2010, China’s import and export volume with North America and the EU would surpass $400 billion respectively, with ten ASEAN countries exceeding $200 billion.五、完形填空1.manufacturingpetitive3.deficit4.budget5.expanding6.recovery7.revival8.emerging9.innovation 10.propertyChapter2二、consumer-goods 消费品discount retailers折扣零售商brand equity 品牌资产价值advertising budget 广告预算real-time sales data 实时销售数据sales promotion促销profit margin 盈利scanner data扫描数据三、汉翻英价格溢价price premium 基线销售base-line sales减价price reductions 广告支出advertising spending营销组合marketing mix 销量溢价quantity premium产品数量（种类）product-line variety 美元分配allocation of dollars四. 翻译1. The government has allocated $ 0.1billion to the development and utilization of renewable energy in the rural areas.2. We should not develop the Western region at the expense of environment. Therefore the government has been following a sustainable development road attaching equal importance toeconomic development and environment protection.3. As a big responsible nation, China will strictly be abide by the WTO rules and honor its commitments.4. The rapid growth in China’s grain production can be ascribed to the fact that the Chinese government has implemented a series of reform policy and measures in the rural areas, such as raising the prices of grain purchased by the state.5. In the globalization era, not all countries play on the level playground. Some developing countries have to adhere to some marketing principles, or even accede to the requests of some governments.6. Over the past year, the global investment demand was on the wane; the major world currencies suffered swift turbulence and some emerging markets underwent severe financial crisis.7. Networks fundamentally alter the nature of competition and level the playing field, especially for smaller business regardless of the barriers like time and distance.8. Through micro credit projects, with the credit available on demand, farmers are able to pay back both the principle and interest in time.9. China’s vigorous economic development is indicative of the fact that China has become one of the countries that enjoy the highesteconomic growth speed in the world.10. With the reform of the wholly state-owned commercial banks, when some qualified commercial banks seek listing in the stock market, others certainly will follow suit.五、完形填空1.blame2.damaged3.short-term4.building5.profiability6.arm7.boosts8.orientation9.moreover 10.loweringChapter3二. Privileged minority 享有特权的少数人Gas station加油站Marketing research 市场调查Professional competence 专业技能A sales point 卖点Product design 产品设计Potential consumer潜在顾客Business disaster 商业灾难三、汉翻英日常生活daily life 广告活动advertising campaigns物理特征physical characteristic 视觉想象visual imagination国媒体national media 销售增长sales increase销售渠道distribution system产品到导向型的广告product-orientated advertising四. 翻译1. Experts have attributed the main cause of the company’s poor performance to its poor HR functions, especially the appointmentof the senior management.2. British Airways intends to create a more flexible and modern corporate culture through the relocation3. Rumors about redundancy make the company at its worst in terms of morale ever since its foundation.4. After financial scandals, many companies can only resort to charity activities to improve their corporate image.5. Politicians should not engage in business affairs that might affect their political judgment.6. As a sleeping partner of the enterprise, he is entitled to share the profits, but is deprived of participating in its management.7. After watching this interview, she realizes how difficult it is to be a venture capitalist. For one thing, you need to have the money; for another, you need to have the insight to pick the right(promising) start-ups.8. T o enter a specific market, in addition to acquiring sufficient knowledge about our target customers, we also need to know about the local policies and abide by them.9. With the efforts of these university students, it was brought to light that this world-famous multinational had established some sweat factories in China.10. In a time when customers change constantly and rapidly intheir needs, only companies who are quick to respond can survive and succeed in the end.五、完形填空1.sincere2.privileged3.led4.constitutes5.intellectual6.resort7.instead8.reduce9.clients 10.divertChapter4三. Phrase Translation1. 人口流动2. 供应商网络3.标准零配件4. 特殊制造技术3.互补经济体 6.反日情绪7. 外方合作人, 外国附属公司8.上市企业并购mergers and acquisition海外扩overseas expansion全球化战略globalization strategy保护主义措施protectionist measures市场准入access to market知识产权intellectual property right贸易伙伴trading partners资本投入capital investment四. 翻译1. Vendors now offer systems that work only with their hardware, but they are trying to make their equipment integrate with other’s hardware.2. Agricultural exports, by contrast, respond immediately, growing at an annual rate of 17.7 percent in 1980 and 1981.3. This book takes a strategic view of business and develops the ability to take a multidisciplinary approach to managing a business and resolving problems and issues.4. Thanks to the recession and 9/11, Mayor Michael Bloomberg must contend with a whopping budget deficit projected to 60 billion.5. Dispose of batteries properly. Do not throw them into fire or expose to high temperature.6. In the future, in addition to syndicating our groups’ efforts, we will ally with foreign companies to leverage advantages and enhance global competitiveness.7. We are certain that in due course of time, the economic reforms will have brought about results and benefits that will go beyond China’s boundaries.8. One of the major banks has lowered its interest rate and the other bank is expected to follow suit.9. During these quarterly meetings, it’s the boss’s responsibility to respond to each manager’s plan.10. We will put in place a new order of the socialist market economy through completing the market system and rectifying and regulating the market behavior.五、完形填空1. ambivalent,2.integration3. hindered4. from5. by.6. shortage,7. options8. acquisitions9. strategy 10. allianceChapte r 5三、汉翻英上市公司对…随时留意, 小心提防会计师事务所国外子公司经济规划的持观望态度(财务)调帐报告业绩评定指标/方法Generally accepted accounting principles revenue recognitionIncome statement earnings per share Managing director credit-rating agenciesFinance chiefs/executives institutionalinvestors四. 翻译1. Escal ating costs have almost wiped out the company’s profits from last year.2. This area is studded with bars all vying for customer attention. But it’s not easy to pin down what exactly it is that pleases customers the most.3. The project team decided to adhere to its original plan despite the appalling weather.4. At the press conference, the PR manager reiterated that the company’s operation has returned to normal. However, many private shareholders remain skeptical about such claims.5. The new labor law, which took effect last year, is likely to raise the labor cost of a considered number of enterprises6. The less senior employees are reluctant to express their views or make any suggestions because they don’t think their ideas will really be put into practice.7. Local relief organizations have also embarked on fund-raising campaigns so as to provide more financial support for the earthquake victims.8. Up to 30 companies submitted their request for price rises, but most of them didn’t stand a chance of getting approval from theregulatory agency.9. The decision-makers seem to have already given up on the reform program though its initiators are still trying hard to elicit support from other stakeholders.10. The new model, which has just been released onto the market recently, is being touted as the most energy-efficient and environmentally-friendly product of its kind.五、完形填空1. toll2.leveraged3. grips4. shaping5.counterpart6. joint7.potential8. with9.light 10. transparent 11. responses 12. onChapter 8三、汉翻英公司未来愿景消减成本利用资源投资组合untapped niches 尚未被竞争者发现的市场机会convenience stores 便利店market segments 市场细分premium brand 高端品牌实施战略execute strategy竞争优势competitive advantage实证研究empirical studies核心品牌core brand分销系统distribution system控股公司 a holding company文化冲突culture clashes股东财富shareholders wealth四. 翻译1. The management believes that its existing manufacturing and marketing expertise can be leveraged with the new business.2. Jack Welch, General Electric chairman, was universally acclaimed as one of the most successful manager in the 20th century.3. The Japanese company is unanimous in its support of divestiture since the acquired business unit is destroying the corporate value.4. This study reveals several fault lines that companies frequently encounter as they execute their corporate strategy.5. Problems arose at the very outset when Anheuser Busch acquired Eagle Snacks.6. AT&T put up with losses in NCR almost from the start, butcontinued to subsidize it.7. Mattel expected to derive above-average profitability from the acquisition of The Learning Company.8. We must bear in mind that a corporate strategy must be constantly evaluated and divestiture decisions made before it is too late.9. AT&T realized that telecom equipment is not identical to computer technologies.10. We can’t view the fai lure of the acquisition strategy in isolation. It’s the result of a combination of several factors, rather than unidimensional.五、完形填空1.acquisitions .2.executing3.divestiture4.at5. on6.plunged7.that8.synergies9.core 10.premium。
实验一 连续时间信号产生与运算实验目的：(1)、熟悉和掌握常用信号的MATLAB 函数；(2)、掌握连续时间信号的产生；(3)、掌握将非周期信号经周期延拓形成周期信号的方法；(4)、掌握信号的基本运算方法。
实验内容：1、 画出以下连续时间信号的波形 10()cos(2)f t t π−=，11()sin(2)f t t π−=，12()2cos(2)f t t π−=，13()2sin(2)f t t π−=，20()()f t Sa t π−=，21()4()f t Sa t −=， 30()2[(3)(5)f t u t u t −=−−−，31()4[(2)(3)]f t u t u t −=+−−，40()t f t e −=，41()()t f t e u t −−=，242()2()t f t e u t −−=45()2j t f t e π=，画出实部、虚部、模和相角的波形（实部函数ｒｅａｌ（ｆ），虚函数ｉｍａｇ（ｆ），模函数ａｂｓ（ｆ），相角ａｎｇｌｅ（ｆ））(110)6()2j t −+=，画出实部、虚部、模和相角的波形7()()f t u t =，8()()f t t δ=f 9为周期矩形信号，其幅度从-1到1，占空比为75%，（矩形信号函数square(t ,占空比)）f 10为三角形脉冲信号，包括高度为1，宽度为2的等腰三角形，以及高度为1，宽度为2的锯齿波（三角形脉冲函数ｔｒｉｐｕｌｓ（ｔ，宽度），锯齿波函数ｓａｗｔｏｏｔｈ（ｔ＊ｐｉ，０．５）） f 11为周期锯齿波信号，包括高度从-1到1，中心位于t=0的周期三角形脉冲，以及斜率为负的周期锯齿波0.4120()cos(2)t f t e t π−−=，0.5121()2sin(2)t f t e t π−−=2、 信号本身运算画出f 1(t )为宽度是4，高为1，斜度为0.5的三角脉冲，然后画出f 1(-t )，f 1(2t )，f 1(2-2t )的波形画出0.52()()t f t e u t −=，画出右移2(2)f t −和左移2(2)f t +的波形。
7Chapter 11. Financial management & financial objectivesChapter GuideA. Financial management functionA1. The nature and purpose of financial management a) Explain the nature & purpose of financial management,b) Explain the relationship between financial management and financial andmanagement accounting.A2. Financial objectives and relationship with corporate strategya) Discuss the relationship between financial objectives, corporate objectivesand corporate strategy.b) Identify and describe a variety of financial objectives, including:i. Shareholder wealth maximisation, ii. Profit maximisation,iii. Earnings per share growth,A3. Stakeholders and impact on corporate objectives a) Identify the range of stakeholders, their objectivesb) Discuss the possible conflict between stakeholder objectives.c) Discuss the role of management in meeting stakeholder objectivesincluding the use of agency theory.d) Describe and apply ways of measuring achievement of corporateobjectives, including:e) Ratio analysis, using appropriate ratios such as return on capital employed,return on equity , earnings per share and dividend per sharef) Changes in dividends and share prices as part of total shareholder return. g) Explain ways to encourage the achievement of stakeholder objectives,including8 i. managerial reward schemes such as share options andperformance-related payii. regulatory requirements such as corporate governance codes of best practice and stock exchange listing regulationsA4. Financial and other objectives in not-for-profit organisationsa) Discuss the impact of not-for-profit status on financial and other objectives.b) Discuss the nature and importance of Value for Money as an objective andhow to measure the achievement of objectives in not-for-profit organisations.c) Discuss ways of measuring the achievement of objectives in not-for-profitorganisations.Chapter Overview9✓ Financial management defined as the management of the finance of anorganisation in order to achieve the financial objectives of the organisation1.1 Financial management✓ Maximizationof shareholder’s wealth is often assumed to be the mainobjective of a business.Lecture example 1Walter Wall Carpets made profits before tax in 20x8 of $9,320,000. Tax amounted to $2,800,000. The company’s share capital is as follow:$ Ordinary Shares ( $1 at par) 10,000,000 8% preference share 2,000,000 12,000,000Required(a) Calculate the EPS for 20X8(b) Discuss why EPS may not be a good measure of performance, and what other measures could be used to assess Walter’s performance?✓ In short-term, funds may be needed to pay for purchase of inventory, or tosmooth out changes in receivables. The financial management is here to ensure that working capital requirements are met.1.2 Financial planningThe financial manager will need to plan to ensure that enough funding is available at the right time to meet the needs of the organisation for short, medium and long-term capital.✓ In the medium or long term, the organisation may have planned purchasesof non-current assets. The financial manager must ensure that funding is available.1. Nature and purpose of financialmanagement101.3 Financial controlThe control function of the financial manager becomes relevant for funding which has been raised; the financial manager may compare data on actual performance with forecast performance.1.4.1 Investment decisions1.4 Financial management decisions ✓ Investment decisions (in projects, takeovers or working capital) need to beanalyzed to ensure that they are beneficial to the investor; this is covered in later chapters.✓ Investments can help a firm to achieve key corporate objectives such asmarket share, quality etc; these will be monitored by the management accounting department. Investments also help a firm to achieve key financial objectives such as improving earnings per share.Lecture example 2Magneto plc has objectives to improve earnings per share and dividends per share by 10% pa.£m Last year Current year Profits before interest and tax 22,300 23,726 Interest (3,000) (3,000) Tax (5,790) (6,218) Profits after interest and tax 13,510 14,508 Preference dividends (200) (200) Dividends (7,986) (8,585) Retained earnings 5,324 5,723 No ordinary shares issued (millions) 100,000 100,000RequiredEvaluate whether Magneto has achieved its earnings & dividend per share objectives111.4.2 Financing decisionFinancing decisions mainly focus on how much debt a firm should use, and aim to minimise the cost of capital. This is covered in later chapters1.4.3 Dividend decisionThe dividend decision is determined by how much a firm has decided to spend on investments and how much of the finance needed for this it has decided to raise externally, and is a good example of the interrelationship between these 3 decisions. The dividend decision is covered in later chapters.✓ Profitability 2.1 Corporate objectiveCorporate objective are relevant for the organisation as a whole, relating to key factors for business success, which are typically as follow✓ Market share ✓ Growth ✓ Cash flow✓ Customer satisfaction✓ The quality of the firm’s products ✓ Industrial relations ✓ Added value✓ Profitability and return 2.2 Financial objectivesFinancial target may include: earnings; earnings per share; dividend per share; gearing level; profit retention; operating profitability.The usual assumption in financial management for the private sector is that the primary financial objective of the company is to maximise shareholder’s wealth. And this objective can be assessed from following aspects:✓ Debt and gearing ✓ Liquidity✓ Shareholders’ investment ratios2. Financial objectives and the relationshipwith corporate strategy12✓ The welfare of employees 2.3 Non-financial objectivesA company may have important non-financial objectives, which will limit the achievement of financial objectives. Examples of non-financial objectives are as follow:✓ The welfare of management ✓ The provision of a service✓ The fulfilment of responsibility towards customers ✓ The fulfilment of responsibility towards suppliers ✓ The welfare of society as a wholeCategories 3.1 Stakeholder groups and conflictsStakeholders are individuals or groups who are affected by the activities of the firm. They can be classified as followStakeholder groupsInternal✓ Employees and pensioners ✓ ManagersConnected✓ Shareholders ✓ Debt holders ✓ Customers ✓ Bankers ✓ Suppliers ✓ CompetitorsExternal✓ Government ✓ Pressure groups✓ Local and national communities ✓ Professional and regulatory bodies3. Stakeholders and impact on corporateobjectives13✓ Maximise short-term profits 3.2 Agency theoryAgency relationship describe the relationship between the management and shareholders expressingthe idea that the managers act as agents for the shareholder, using delegated powers to run the company in the shareholder’s best interest.Unless managers are also owners of the business, they may prefer to: ✓ Minimise dividends✓Reduce risk by diversifying✓ Boost their own pay and benefits ✓ Avoid debt financeManagementAgent theoryConflict of interestsConflict of interestsThe danger that management may not act in the best interest of shareholders is referred to as the agency problem .3.3 Corporate governanceIn the UK, corporate governance regulation have been designed to monitor the actions of management. Here are some main requirements:14Lecture example 3ERTIN PLCThe following information relates to Erin plc, a fictitious company incorporated in England.Boardof directors Basic salary Outstanding share options Chairman and Chief executive H A Mefftord210,000 500,00Finance director Mrs F M Barnfield FCCA120,000 100,000Production directorM L T Hojy85,000 100,000Other executive directors S Lompertas75,000 50,000P T Figler 80,000 50,000 Lord Gwumba 100,000 100,000 Non-executive directors Dr P Dorection20,000 60,000Mrs B D Mefftord 25,000 100,000The agenda of a board meeting of Erin plc is as follows. ✓ Minutes of the last meeting ✓ Proposed investment in France✓ Consideration of the remuneration of board members✓ Proposal for the formation of an audit committee, with Mrs. F M Barn field,P T Filer and Dr P Direction as nominated committee membersRequiredIdentify weaknesses in the corporate governance of Ertin plc and describe what actions are required to comply with best practice.15✓ Profitability and return 4.1Measuring financial objectivesAs a part of the system of financial control in an organisation, it will be necessary to have ways of measuring the progress of the enterprise, so that managers know how well the company is doing. A common means of doing this is through ratio analysis, which is concern with comparing and quantifying relationship between financial variables, such as those variables found in the SOFP and IS of the enterprise.Ratios can be grouped into four categories : ✓ Debt and gearing ✓ Liquidity✓ Shareholders’ investment ratios4.1.1 Profitability and returnRRRRRRRR =Profit from operations%ROCE =Profit from operations Revenue ×RevenueCapital employed=Profit Margin ×Asset turnover4.1.2 Debt and gearing GGGGGGGGGG GG GG =DebtEquityII GG II GG GGGGIIII ccccccGGGG =Profit from operationsInterest4.1.3 LiquidityCurrent ratio =Current assetsCurrent liabilitiesAcid test ratio =Current assets −Inventories4. Measuring the performance164.1.4 Shareholders’ investment ratiosDDGG cc GG DD GGGGDD yyGG GG yy DD =Dividend per shareMarket price per share×100%RRGGGGGGGG GG GG ppGGGG IIℎGGGGGG =Profit distributable to ordinary shareholdersPPGGGG cc GG RRGGGGGGGG GG GG GGGGII GG cc =Market price per shareThe value of the P/E ratio reflects the market’s appraisal of the share future prospects.Income statement of Burton plc for year ended 31.12.2010 4.2 Total shareholder returnFor a profit making company, maximization of shareholder wealth is assumed to be the financial objective. The ability of a firm to create wealth for shareholders is measure by total shareholder return.TTccII GG yy IIℎGGGGGGℎccyy DD GGGG GGGGII rr GGGG =Dividend +Change in share priceShare price at the beginning of yearLecture example 4Summary financial information for Burton plc is given below, covering the last two years.2009 2010 £ 000 £ 000 Turnover 43,800 48,000 Cost of sales (16,600) (18,200) Salaries and wages (12,600) (12,900) Other costs(5,900) (7,400) Profit before interest and tax 8,700 9,500 Interest (1,200) (1,000) Tax(2,400) (2,800) Profit after interest and tax 5,1005,70017Statement of financial position of Burton plc as at the year ended31.12.20102009 2010 Non-current asset 30,900 30,200 Current asset Inventory 3,500 4,000 Trade receivables 6,500 8,700 Bank 2,000 2,800 Total Asset 42,900 45,700 Shareholder’s funds 22,600 25,700 Non-current liability 11,300 9,000Current liability9,000 11,000 Total equity and liability 42,900 45,700 Number of shares in issue 9,000 9,000 Dividends payable 2,000 2,200 P/E ratio Burton plc 17.0 18.0 Industry 18.0 18.2RequiredReview Burton’s performance using profit, debt, liquidity, shareholder investor ratios, and total shareholder return in the current year.18Benefit of linking reward schemes and performance4.3 Managerial reward schemesGoal congruence may be better achieved and the agent problem better dealt with by offering organisational rewards for the achievement of certain levels performance. The conventional theory of reward structures is that if the organisation establishes procedures for formal measurement of performance, and rewards individuals for good performance, individuals for good performance, individuals will be more likely to direct their efforts towards achieving the organisation’s goals.✓ Give individuals an incentive to achieve a good performance level ✓ Attract and keep the employees valuable to an organisation✓ By tying an organisation’s key performance indicators to a scheme, it isclear to all employees what performance creates organisational success. ✓ Focused on continued improvement.✓ Schemes based on shares can motivate managers/employees to act in thelong-term interests of the organisation by doing things to increase the organisation’s market valueProblems associated with reward schemes✓ Performance-related pay and performance evaluation systems canencourage dysfunctional behaviour.✓ Schemes designed to ensure long-term achievements may not motivatesince efforts and reward are to distant in time from each other.✓ Performance measure can hardly provide a comprehensive assessment ofwhat a single person achieves for an organisation.✓ Self-interested performance may be encouraged at the expense of teamwork.✓ High level of output may be achieved at the expenses of quality.✓ They undervalue intrinsic rewards given that they promote extrinsicrewards.19✓ Surplus maximisation 5.1 Objectives for a NFP organisationObjective for a not for profit organisation will not based on profit achievement but rather on achieving a particular response from various target markets. Here are some possible objectives for a NFP organisation:✓ Usage maximisation✓ Budget maximisation/ output maximisation ✓ Satisfaction maximisation✓ Economy 5.2Value for moneyValue for money can be defined as getting the best possible combination of services from the least resources, which means maximising the benefits for the lowest possible cost. This usually accepted as requiring the application of economy, effectiveness and efficiency.✓ Efficiency✓ Effectiveness5. Measuring performance in not for profitorganisations20Chapter summary21Answer to Lecture Example 1a) $ Profit before tax 9,320,000Less tax(2,800,000) 6,520,000Less preference div.(160,000) Earning contribute to ordinary shareholders 6,360,000 Ordinary Shares 10,000,000 EPS 63 p (b)✓ Profits are historic, shareholders care about the future✓ Investment decisions require new finance , shareholders care about debtlevels✓ Profits are not cash flows, shareholders often want to see what returnsthey will be getting as dividends✓ Also profit can be manipulated by depreciation policy and by short-termism ✓ The share price is generally felt to capture shareholders feelings aboutfuture cash flows and risk ✓ Other measures:i). Non-financial objectives ii). TSRAnswer to Lecture Example 2£mLast year Current yearProfits before interest and tax 22,300 23,726 Interest 3,000 3,000 Tax5,790 6,218 Profits after interest and tax 13,510 14,508 Preference dividends (200) (200) Earnings 13,310 14,308 EPS13.3 p 14.3 pEPS Growth = (14.3-13.1)/13.3 = 7.5% Dividends7,986 8,585DPS Growth = (7986-8585)/7986 = 7.5%Lecture example Answers22Magneto has failed to hit these financial objectives but short term profit based measures are not a sufficient basis on which to fully assess the performance of MagnetAnswer to lecture example 3 ✓ Not enough NEDs (min 50%)✓ NEDs don’t seem to be independent, and should not be paid share options ✓ Remuneration should not be discussed by the main board ✓ Audit committee should only include NEDs ✓ No split between Chair & Chief ExecutiveAnswer to lecture example 4Profitability Previous year Current year ROCE 8,700/33900 = 25.7% 9,500/34,700 = 27.4% Gross profit margin 27,200/43,800 = 62.1% 29,800/48,000 = 62.1% Net profit margin 8,700/ 43,800 = 19.9% 9,500/48,000 = 19.8% ROCE of Burtonincrease 1.7% in this year indicate that company is more efficient on using assetLiquidity Previous year Current year Current ratio 12,000/9,000= 1.33 15,500/ 11,000 = 1.41 Acid ratio8,500/9000 = 0.9411,500/11,000 = 1.05Both current ratio and acid ratio are improved this year, indicate company’s ability to pay short-term debt is strengthened.Debt ratios Previous year Current year Gearing 11,300/ 22,600 = 50% 9,000/25,700 = 35% Interest cover 8,700/1,200 = 7.25 9,500/1,000 = 9.5 Gearing does not appear to be a problem, and a higher interest cover indicates Burton is in a stronger position to meet its finance cost.23Investment ratios P/E ratio 17.018.0EPS5,100/9,000 = 57 p5,700/9,000 = 63 p Dividend yield(2,000/9,000)/9.63 = 2.3%(2,200/9,000)/ 11.4 =2.1%The P/E ratio, which is influenced by perceived growth potential, has improved. Revealed investors are confident on Burton’s future.Total shareholder returnTSR = 0.244+1.779.63=21%Total shareholder return looks impressive, but the result should be taken with care due to lack of industry average information.。
