公司金融复习
第二章：财务报表、税收和现金表
The balance sheet(资产负债表)
Assets= Liabilities + shareholders' equity
current assets; fixed assets :Assets Current assets: cash; accounts receivable; inventory current liabilities; long-term debt Liabilities:Current Liabilities: Accounts payable; Notes payable
Owners' equity: common stock and paid-in surplus; retained earnings
The income statement(损益表)
Revenues –expenses = income
EBIT= net sales –cost of goods sold –depreciation
Taxable income = EBIT –interest paid
Net income = taxable income –taxes=dividends + addition to retained earnings Earnings per share = net income/ total shares outstanding
Dividends per share = total dividends/ total shares outstanding
Average versus Marginal Tax Rates(平均税率和边际税率)
Average tax rate=total taxes paid/ total taxable income
Marginal tax rate: the amount of tax payable on the next dollar earned
Cash flow(现金流量)
NWC=current assets-current liabilities
Cash flow from assets = cash flow to creditors + cash flow to stockholders
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Cash flow from assets = operating cash flow-net investment in fixed assets-change in NWC
operating cash flow=EBIT +depreciation-taxes
net investment in fixed asset=ending net fixed assets-beginning net fixed assets +
depreciation
change in NWC=ending NWC –beginning NWC
cash flow to creditors=interesting paid –net new borrowing
cash flow to stockholders=dividends paid –net new equity raised
第三章：与财务报表相关的工作
Standardized financial statements(标准化的财务报表)
Common-Size Balance sheets(共同比报表)：用百分比代替具体金额的报表
Common-Size Income sheets(共同比损益表)：同上
Ratio analysis (比率分析)
短期偿债能力比率
Current ratio = current assets / current liabilities（流动比率）
Quick ratio = (current assets - inventory)/current liabilities(速动比率)
Cash ratio = cash/current liabilities
长期偿债能力比率
Total debt ratio = (total assets –total equity)/total assets
Debt-equity ratio=total debt/total equity
Equity multiplier = total assets/ total equity
Times interest earned=EBIT/interest
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Cash coverage ratio= (EBIT+ depreciation)/interest
资产管理比率或周转率
Inventory turnover=cost of good sold/inventory
Days' sales in inventory=365 days/inventory turnover
Receivables turnover=sales/accounts receivable
Days' sales in receivable =365 day/ receivable turnover
Total asset turnover = sales/total assets
Capital intensity=total assets/sales
获利能力比率
Profit margin = net income/sales
Return on assets (ROA)= net income/total assets
Return on equity(ROE)= net income/total equity
ROE=(net income/sales)*(sales/assets)*(assets/equity)(杜邦等式)
市场价值比率
EPS=net income/shares outstanding
Price-earnings ratio=price per share/earnings per share
Price-sales ratio=price per share/sales per share
Market-to-book ratio = market value per share/book value per share
book value per share=book value of equity/shares
内部增长率和可持续增长率
Dividend payout ratio=cash dividends/net income（股利支付率）
Retention ratio=addition to retained earnings/net income=1- Dividend payout ratio
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b)
盈利留存率() 内部增长率Internal growth rate=(ROA*b)/(1-ROA*b) () Sustainable growth
