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Assets=Liabilities+Stockholders EquityAssets=(Current+Fixed)Assets Net Working Capital=Current Assets Current Liabilities Revenues-Expenses=Income Sales or Revenues(-)Cost of goods sold(=)Gross profit 毛利(-)Administrative/marketing costs行政管理/营销成本,Depreciation 折旧(=)Operating Profit 营业利润(-)Interests,Taxes(=)Net income 净收益(-)Dividends to preferred stocks(=)Earning available to common shareholders Cash Flow From Assets(CFFA)=Cash Flow to Creditors+Cash Flow to Stockholders Cash Flow From Assets=Operating Cash Flow 营运现金流量Net Capital Spending 净资本支出Changes in NWC净营运资本的变化OCF(I/S)营运现金流=EBIT息税前利润+depreciation taxes=$547 NCS 净资本支出(B/S and I/S)=ending net fixed assets beginning net fixed assets+depreciation=$130 Changes in NWC(B/S)=ending NWC beginning NWC=$330 CFFA=547 130 330=$87 CF to Creditors(B/S and I/S)=interest paid net new borrowing=$24 CF to Stockholders(B/S and I/S)=dividends paid net new equity raised=$63 CFFA=24+63=$87 Current Ratio 流动比率=CA/CL2,256/1,995=1.13 times Quick Ratio 速动比率=(CA Inventory)/CL(2,256 301)/1,995=.98 times Cash Ratio 现金比率=Cash/CL696/1,995=.35 times NWC to Total Assets=NWC/TA(2,256 1,995)/5,394=.05 Interval Measure 区间测量=CA/average daily operating costs 2,256/(2,006+1,740)/365)=219.8 days Total Debt Ratio资产负债率=(TA TE)/TA(5,394 2,556)/5,394=52.61%Debt/Equity资本负债率=TD/TE(5,394 2,556)/2,556=1.11 times Equity Multiplier权益乘数=TA/TE=1+D/E 1+1.11=2.11 Long-term debt ratio长期债务率=LTD/(LTD+TE)843/(843+2,556)=24.80%Times Interest Earned利息保障倍 數=EBIT 息税前利润Earnings Before Interest and Tax/Interest 1,138/7=162.57 times Cash Coverage现金涵盖比率=(EBIT+Depreciation)/Interest(1,138+116)/7=179.14 times Inventory Turnover 存货周转=Cost of Goods Sold/Inventory 2,006/301=6.66 times Days Sales in Inventory 销售库存的天数=365/Inventory Turnover 365/6.66=55 days Receivables Turnover 应收帐款周转率=Sales/Accounts Receivable 5,000/956=5.23 times Days Sales in Receivables=365/Receivables Turnover365/5.23=70 days 名师资料总结-精品资料欢迎下载-名师精心整理-第 1 页，共 4 页 -Total Asset Turnover=Sales/Total Assets 5,000/5,394=.93 It is not unusual for TAT 1,especially if a firm has a large amount of fixed assets NWC Turnover=Sales/NWC5,000/(2,256 1,995)=19.16 times Fixed Asset Turnover=Sales/NFA5,000/3,138=1.59 times Profit Margin 利润率=Net Income/Sales 689/5,000=13.78%Return on Assets 资产收益率(ROA)=Net Income/Total Assets 689/5,394=12.77%Return on Equity股本回报率(ROE)=Net Income/Total Equity689/2,556=26.96%PE Ratio 市盈率=Price per share 每股价格/Earnings per share 每股收益87.65/3.61=24.28 times Market-to-book ratio市价与账面值比率=market value per share/book value per share每股市价/每股账面价值87.65/(2,556/190.9)=6.55 times ROE=PM*TAT*EM Future Values FV=PV(1+r)tPV=FV/(1+r)t FV=future value PV=present value r=period interest rate,expressed as a decimal（用小数表示）t=number of periods Perpetuity永续年金:PV=C/r Annuities年金:rrCPVt)1(11rrCFVt1)1(Growing Annuity增长年金trggrCPV)1()1(1永久grCPV名师资料总结-精品资料欢迎下载-名师精心整理-第 2 页，共 4 页 -APR年度成本百分率EAR Effective Annual Rate 1mAPR1EARm此处均为年利率，有时候给了年利率要换成月、季利率、天利率！自己体会！ttr)(1FVrr)(11-1CValueBondBond Value=PV of coupons 息票+PV of par 票面价值Bond Value=PV of annuity 年金+PV of lump sum 总金额Current Yield现价息率=annual coupon/price Yield to maturity=current yield+capital gains yield资本利得收益率(1+R)=(1+r)(1+h),where R=nominal rate r=real rate h=expected inflation rate Approximation 近似法 R=r+h g-RDg-Rg)1(DP100required returngPDgPg)1(DR0100where D1/P0 is the dividend yield股息率 and g is the capital gains yield 资本利得收益率average accounting returnAAR=Average Net Income/Average Book Value ERthe cost of equity gPDRE01见 ppt14 的 9 名师资料总结-精品资料欢迎下载-名师精心整理-第 3 页，共 4 页 -Risk-free rate,Rf Market risk premium市场风险溢价,E(RM)Rf Systematic risk of asset 系统性风险的资产,Beta wE=E/V=percent financed with equity wD=D/V=percent financed with debt E=market value of equity=#of outstanding shares times price per share D=market value of debt=#of outstanding bonds times bond price V=market value of the firm=D+E 100%=D/V+E/V WACC=wERE+wDRD(1-TC)after-tax cost of debt RD(1-TC)(fMEfERRERR名师资料总结-精品资料欢迎下载-名师精心整理-第 4 页，共 4 页 -
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