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
Assets: current assets; fixed assets
Current assets: cash; accounts receivable; inventory
Liabilities:current liabilities; long-term debt
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=currentassets-current liabilities
Cash flow from assets = cash flow to creditors + cash flow to stockholders
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
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-bookratio = 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
(盈利留存率 b)
Internal growth rate=(ROA*b)/(1-ROA*b) (内部增长率)
Sustainable growth rate==(ROE*b)/(1-ROE*b) (可持续增长率)
ROE=profit margin * total assets turnover * equity multiplier
第四章：货币的时间价值
Future value factor=(1+r)t
Present value factor=1/(1+r)t
Basic present value equation: pv=fv/(1+r)t
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第五章：折现现金流的价值评估
多重现金流的终值和现值根据贴现率计算即可
fv=c*((1+r)t-1)/r
pv=c*(1-(1/(1+r)t))/r
年金（区别普通年金和预付年金付款时间）
永续年金 pv=c/r
EAR(有效年利率)=(1+quoted rate（名义利率）/m)m-1
EAR(有效年利率)=(1+APR（贷款的年百分率）/12)12-1
贷款类型：
Pure discount loans(纯贴现贷款)
Interest-only loans(仅付息贷款)
Amortized loans (分期摊销贷款)
第六章：利率与债券价值
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名义收益率与实际收益率（费雪效应）
1+R=(1+r)(1+h) R：名义收益率 r：实际收益率 h：通货膨胀率
第七章：股票市场与股票定价
Pt=Dt+1/(R-g) g为股利增长率 R为要求收益率
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考试有关事项
1零息债券必出题
2债券面值若未指出默认1000
3未给出付息频次则默认年付息
4计算结果统一保留两位小数
5P198T23会考类似
个人建议选做习题
第二章 4 5 6 8 9 11 14 15 19 20 22
第三章 1 2 3 4 5 6 7 13 16 17 22 23 25 27 30 3436 38 42 44
第四章 1 4 7 18 26（熟练掌握财务计算器用法即可）
第五章 1 2（各做一问即可）10 13 19 20 22 23 30 31 35 44 46 48 55 58
第六章 3 4 5 9 11 15 16 18 20 21 22 2325 26 2831 32
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