Assets = Liabilities + Stockholders’ EquityAssets = (Current + Fixed) AssetsNet Working Capital= Current Assets – Current LiabilitiesRevenues - Expenses = IncomeSales 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 shareholdersCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to StockholdersCash 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 = $547NCS净资本支出( B/S and I/S) = ending net fixed assets –beginning net fixed assets + depreciation = $130Changes in NWC (B/S) = ending NWC – beginning NWC = $330CFFA = 547 – 130 – 330 = $87CF to Creditors (B/S and I/S) = interest paid – net new borrowing = $24CF to Stockholders (B/S and I/S) = dividends paid – net new equity raised = $63CFFA = 24 + 63 = $87Current Ratio 流动比率= CA / CL 2,256 / 1,995 = 1.13 timesQuick Ratio 速动比率= (CA – Inventory) / CL (2,256 – 301) / 1,995 = .98 timesCash Ratio 现金比率= Cash / CL 696 / 1,995 = .35 timesNWC to Total Assets = NWC / TA (2,256 – 1,995) / 5,394 = .05Interval Measure区间测量= CA / average daily operating costs 2,256 / ((2,006 + 1,740)/365) = 219.8 daysTotal 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 timesEquity Multiplier权益乘数= TA / TE = 1 + D/E1 + 1.11 = 2.11Long-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 timesCash Coverage现金涵盖比率= (EBIT + Depreciation) / Interest(1,138 + 116) / 7 = 179.14 timesInventory Turnover存货周转= Cost of Goods Sold / Inventory2,006 / 301 = 6.66 timesDays’ Sales in Inventory 销售库存的天数= 365 / Inventory Turnover365 / 6.66 = 55 daysReceivables 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 daysTotal Asset Turnover = 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 timesMarket-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 timesROE = PM * TAT * EMFuture ValuesFV = PV(1 + r)t PV = FV / (1 + r)tFV = future valuePV = present valuer = period interest rate, expressed as a decimal （用小数表示）t = number of periodsPerpetuity 永续年金: PV = C / rAnnuities 年金: ⎥⎥⎥⎥⎦⎤⎢⎢⎢⎢⎣⎡+-=r r C PV t )1(11 Growing Annuity 增长年金永久 g r CPV -=APR 年度成本百分率 EAR Effective Annual Rate1 m APR 1 EAR m -⎥⎦⎤⎢⎣⎡+=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！！！！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 / priceYield to maturity = current yield + capital gains yield 资本利得收益率(1 + R) = (1 + r)(1 + h), whereR = nominal rater = real rateh = expected inflation rateApproximation 近似法 R = r + h required return g P D g P g)1(D R 0100+=++=where 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 return AAR = Average Net Income/Average Book Value E R the cost of equityg P D R E +=01见ppt14的9 Risk-free rate, RfMarket risk premium 市场风险溢价, E(RM) – RfSystematic risk of asset 系统性风险的资产, βBetawE = E/V = percent financed with equitywD = D/V = percent financed with debtE = market value of equity = # of outstanding shares times price per shareD = market value of debt = # of outstanding bonds times bond price V = market value of the firm = D + E100%= D/V + E/VWACC = w E R E + w D R D (1-T C )after-tax cost of debt R D (1-T C )。