1、Assets = Liabilities + StockholdersAssets = (Current + Fixed) AssetsNet Work ing Capital= Current Assets Curre nt LiabilitiesRevenues - Expenses = IncomeSales or Revenues(-) Cost of goods sold(=) Gross profit 毛利 (-) Administrative/marketing costs 行 政管理 / 營銷成本 , Depreciation 折舊 (=) Operating Profit 營

2、業(yè)利潤 (-) Interests, Taxes(=) Net income 凈收益 (-) Dividends to preferred stocks(=) Earning available to common shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash Flow From Assets = Operating Cash Flow 營運(yùn)現(xiàn)金流量 Net Capital Spending 凈資本支 出-Cha nges in NWC 凈營運(yùn)資

3、本的變化OCF (l/S 營運(yùn)現(xiàn)金流=EBIT 息稅前利潤 + depreciation taxes = $547NCS 凈資本支出 ( B/S and I/S) = ending net fixed assets beginning net fixed assets + depreciation= $130Changes in NWC (B/S) = ending NWCbeginning NWC = $330CFFA = 547130 330 = $87CF to Creditors (B/S and I/S) = interest paid net new borrowing = $24

4、CF to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio流動(dòng)比率= CA / CL 2,256 / 1,995 = 1.13 timesQuick Ratio速動(dòng)比率= (CAInventory) / CL (2,256 301) / 1,995 = .98 timesCash Ratio現(xiàn)金比率= Cash / CL 696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA (2,

5、256 1,995) / 5,394 = .05Interval Measure 區(qū)間測量 = CA / average daily operating costs 2,256 / (2,006 + 1,740)/ 365) =219.8 daysTotal Debt Ratio資產(chǎn)負(fù)債率=(TA TE) / TA (5,394 -2,556) / 5,394 = 52.61%Debt/Equity資本負(fù)債率= TD / TE (5,394 2,556) / 2,556 = 1.11 timesEquity Multiplier 權(quán)益乘數(shù)= TA / TE = 1 + D/E1 + 1.11

6、= 2.11Long-term debt ratio長期債務(wù)率= LTD / (LTD + TE)843 / (843 + 2,556) = 24.80%Times Interest Earned利息保障倍數(shù)=EBIT 息稅前利潤 Earnings Before Interest and Tax /Interest 1,138 / 7 = 162.57 timesCash Coverage 現(xiàn)金涵蓋比率=(EBIT + Depreciatio n) / I nterest(1,138 + 116) / 7 = 179.14 timesInventory Turnover 存貨周轉(zhuǎn) = Cost

7、 of Goods Sold / Inventory2,006 / 301 = 6.66 timesDays Sales in Inven tor銷售庫存的天數(shù)=365 / Inven tory Turnover365 / 6.66 = 55 daysReceivables Turnover 應(yīng)收帳款周轉(zhuǎn)率 =Sales / Accou nts Receivable 5,000 / 956 = 5.23 timesEquityDays Sales in Receiveasbl= 365 / Receivables Turnover 365 / 5.23 = 70 daysTotal Asset

8、 Turno ver = Sales / Total Assets5,000 / 5,394 = .93It is not unusual for TAT 1, especially if a firm has a large amount of fixed assetsNWC Turnover = Sales / NWC 5,000 / (2,256 -1,995) = 19.16 timesFixed Asset Turnover = Sales / NFA 5,000 / 3,138 = 1.59 timesProfit Margin 利潤率=Net In come / Sales 68

9、9 / 5,000 = 13.78%Retur n on Assets 資產(chǎn)收益率(ROA) = Net In come / Total Assets 689 / 5,394 = 12.77% Retur n onEquity股本回報(bào)率(ROE) = Net In come / Total Equity 689 / 2,556 = 26.96% PE Ratio 市盈率=Priceper share 每股價(jià)格 / Earnings per share 每股收益87.65 / 3.61timesMarket-to-book ratio 市價(jià)與賬面值比率 =market value per sha

10、re / book value per share 價(jià) / 每股賬面價(jià)值87.65 / (2,556 / 190.9) = 6.55 timesROE = PM * TAT * EMFuture ValuesFV = PV(1 + r)tFV = future valuePV = prese nt valuer = period interest rate, expressed as a decimal (用小數(shù)表示) t = nu mber of periodsPerpetuity永續(xù)年金:PV = C / rFVC(1r)tr1Growi ng Annuity增長年金PVC1(1tg)r

11、g(1r)永久PV=24.28每股市PV = FV / (1 + r)tAnnuities年金：PV1(1 r$rAPR 年度成本百分率EAR Effective Annual Rate天利率！ ！ ！ 自己體會(huì)！ ！ ！ ！Bond Value = PV of coupons 息票 + PV of par 票面價(jià)值Bond Value = PV of annuity 年金 + PV of lump sum 總金額Curre nt Yield現(xiàn)價(jià)息率=ann ual coup on / priceYield to maturity = curre nt yield + capital gain

12、s yield資本利得收益率(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected in flati on rateApproximation 近似法 R = r + hPD0(i g)0R- gD R- grequired returnRD/1g)Dg)gwhere D1/P0 is the divide nd yield 股息率 and gis the capital gains yield 資本利得收益率average acco unting retur n AAR = Average Net In

13、 come/Average Book ValueREthe cost of equityRED1g見 ppt14 的 9EAR 1mAPRm1此處均為年利率，有時(shí)候給了年利率要換成月、季利率、Bo nd Value1 -C1(1 ArFV(1 r)RERfE(E(RM)Rf)Risk-free rate, RfMarket risk premium 市場風(fēng)險(xiǎn)溢價(jià),E(RM) - RfSystematic risk of asset 系統(tǒng)性風(fēng)險(xiǎn)的資產(chǎn) , ?Beta wE = E/V = percent financed with equity wD = D/V= percent financed with debtE = market value of equity = # of outsta