Assets = Liabilities + Stockholders’ Equity
Assets = (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 / CL 2,256 / 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 / CL 696 / 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 Turnover 365 / 5.23 = 70 days
Total Asset Turnover = Sales / Total Assets
5,000 / 5,394 = .93
It is not unusual for TAT
NWC Turnover = Sales / NWC 5,000 / (2,256 – 1,995) = 19.16 times
Fixed Asset Turnover = Sales / NFA 5,000 / 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 Equity 689 / 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)t PV = 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
⎡11-t ⎢(1r ) Annuities 年金: PV =C ⎢r ⎢⎢⎣
t ⎡(1+r ) -1⎤FV =C ⎢⎥ r ⎣⎦⎤⎥⎥ ⎥⎥⎦
Growing Annuity增长年金
t ⎡⎛(1+g ) ⎫⎤⎢1- ⎥ PV =⎪ ⎪r -g ⎢⎝(1+r ) ⎭⎥⎣⎦C
永久 PV =
C r -g
APR 年度成本百分率 EAR Effective Annual Rate
⎡APR ⎤EAR = ⎢1 + ⎥- 1m ⎣⎦
天利率！！！自己体会！！！！
m
⎡⎤11-⎢t ⎥FV (1+r) Bond Value = C ⎢⎥+t r ⎢⎥(1+r)
⎢⎥⎣⎦
Bond 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
P 0=D 0(1+g) D 1= R -g R -g
required returnR =D 0(1+g) D +g = 1+g where D1/P0 is the dividend yield股息率and g P 0P 0
is the capital gains yield资本利得收益率
average accounting return AAR = Average Net Income/Average Book Value
R E the cost of equity
R E =D 1+g 见ppt14的9 P 0
R E =R f +βE (E (R M ) -R f )
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, βBeta
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 = wE R E + wD R D (1-TC )
after-tax cost of debt RD (1-TC )
Assets = Liabilities + Stockholders’ Equity
Assets = (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 / CL 2,256 / 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 / CL 696 / 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 Turnover 365 / 5.23 = 70 days
Total Asset Turnover = Sales / Total Assets
5,000 / 5,394 = .93
It is not unusual for TAT
NWC Turnover = Sales / NWC 5,000 / (2,256 – 1,995) = 19.16 times
Fixed Asset Turnover = Sales / NFA 5,000 / 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 Equity 689 / 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)t PV = 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
⎡11-t ⎢(1r ) Annuities 年金: PV =C ⎢r ⎢⎢⎣
t ⎡(1+r ) -1⎤FV =C ⎢⎥ r ⎣⎦⎤⎥⎥ ⎥⎥⎦
Growing Annuity增长年金
t ⎡⎛(1+g ) ⎫⎤⎢1- ⎥ PV =⎪ ⎪r -g ⎢⎝(1+r ) ⎭⎥⎣⎦C
永久 PV =
C r -g
APR 年度成本百分率 EAR Effective Annual Rate
⎡APR ⎤EAR = ⎢1 + ⎥- 1m ⎣⎦
天利率！！！自己体会！！！！
m
⎡⎤11-⎢t ⎥FV (1+r) Bond Value = C ⎢⎥+t r ⎢⎥(1+r)
⎢⎥⎣⎦
Bond 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
P 0=D 0(1+g) D 1= R -g R -g
required returnR =D 0(1+g) D +g = 1+g where D1/P0 is the dividend yield股息率and g P 0P 0
is the capital gains yield资本利得收益率
average accounting return AAR = Average Net Income/Average Book Value
R E the cost of equity
R E =D 1+g 见ppt14的9 P 0
R E =R f +βE (E (R M ) -R f )
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, βBeta
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 = wE R E + wD R D (1-TC )
after-tax cost of debt RD (1-TC )