公司理财Chap004_PPT

in debt
Equity 1,150 Total
1,060 1,150
4-9
Percentage of Sales Approach
• Some items vary directly with sales, while others do not • Income Statement
– Costs may vary directly with sales - if this is the case, then the profit margin is constant
(880)
Net Income
1,320
Dividends
660
Add. To RE
• Financial Requirements – the amount of financing needed to pay for the required assets
• Plug Variable – determined by management deciding what type of financing will be used to make the balance sheet balance
– Debt is the plug variable and no dividends are paid
Pro Forma Balance Sheet
Case 2
Assets
1,150 Debt
90
– Debt = 1,150 –
(600+460) = 90 – Repay 400 – 90 = 310 Total
• Understand the financial planning process and how decisions are interrelated

❖Understand NPV of an investment ❖Know APR and EAR ❖Understand annuities and perpetuities
Chapter Outline
4.1 Valuation: The One-Period Case 4.2 The Multiperiod Case 4.3 Compounding Periods 4.4 Simplifications 4.5 What Is a Firm Worth?
$9,523.81 $10,000 1.05
❖The amount that a borrower would need to set aside today to be able to meet the promised payment of $10,000 in one year is called the Present Value (PV).
4.1 The One-Period Case
If you were to invest $10,000 at 5-percent interest for one year, your investment would grow to $10,500.
$500 would be interest ($10,000 × .05) $10,000 is the principal repayment ($10,000 × 1) $10,500 is the total due. It can be calculated as:
$10,500 = $10,000×(1.05)
The total amount due at the end of the investment is called the Future Value (FV).

Y = a + b ·X
精品课件
13
§1 筹资概述
五、资金需要量预测 （二）资金习性法 2、回归分析法
y
＊
yi
＊
＊ ＊ Y^i= a + bxi
＊
＊
0
xi
x
n
Q yabx2
i
i
i1
Q 0 Q 0
a
b
ynab x
x y a x b x 2
精品课件
14
§1 筹资概述
五、资金需要量预测
17.6%
105
0.7%
55
—
3300
1250
—
பைடு நூலகம்
830
—
2080
—
—
精品课件
5380
06预计（万元） 90
2880 3132
10 285 6397 500 3168 126
55 3849 1250 992 2242 306 6397 8
§1 筹资概述
五、资金需要量预测
（一）销售百分比法
2、根据销售增加额预测
因偿还债务而产生的筹资动机。
(五)混合性筹资动机
因上述多种情况而产生精的品课筹件 资动机。
2
§1 筹资概述
二、筹资的原则
(一)效益性原则
分析投资机会，讲究投资效益，避免不顾投资效益 的盲目筹资。
研究各种筹资方式，寻求最优筹资组合，以便降低 资本成本，经济有效地筹集资本。
(二)合理性原则
企业筹资必须合理确定所需资金的数量。 企业筹资必须合理确定资本结构。
FS A 0 SS B 0 SS 1P 11d 1
S0 —— 基期销售收入总额 S1 —— 预测期销售收入总额

• Ensure feasibility and internal consistency – help management determine if goals can be accomplished and if the various stated (and unstated) goals of the firm are consistent with one another
• Pro Forma Statements – setting up the plan using projected financial statements allows for consistency and ease of interpretation
• Asset Requirements – the additional assets that will be required to meet sales projections
• Liquidity requirements – determined by net working capital decisions
4-4
Financial Planning Process
• Planning Horizon - divide decisions into short-run decisions (usually next 12 months) and long-run decisions (usually 2 – 5 years)
• Understand how capital structure policy and dividend policy affect a firm’s ability to grow
4-2
Chapter Outline