公司理财复习整理new

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1、Ch011.Formsofbusinessorganization企业组织形态•Soleproprietorship单一业主制•Partnership合伙制•Corporation股份公司制2.Corporation股份公司制Advantages:•Limitedliability有限责任•Unlimitedlife不受限制的公司寿命•Separationofownershipandmanagement所有权和管理相分离•Transferofownershipiseasy所有权容易转让•Easiertoraise

2、capital容易筹资Disadvantages:•Separationofownershipandmanagement所有权和管理相分离•Doubletaxation(incomeistaxedatthecorporaterateandthendividendsaretaxedatthepersonalrate)双重课税3.Threeequivalentgoalsoffinancialmanagement:财务管理的目标•Maximizeshareholderwealth股东财富最大化•Maximizeshar

3、eprice股票价值最大化•Maximizefirmvalue企业价值最大化Ch021.Thebalancesheetisasnapshotofthefirm’sassetsandliabilitiesatagivenpointintime.资产负债表是企业在某一给定时点上的资产和负债的概貌。2.Assets=Liabilities+Stockholders’Equity资产=负债+股东权益3.Cashflowfromassets=OCF–netcapitalspending–changesinNWC4.Free

4、cashflow->CashFlowFromAssets5.EBIT=sales-costs-depreciationTax=(sales-costs-depreciation-interest)×taxrateOCF=EBIT+depreciation–taxesCH031.Common-SizeBalanceSheet:标准化资产负债表Computeallaccountsasapercentoftotalassets2.Common-SizeIncomeStatements:标准化资产损益表Computeal

5、llineitemsasapercentofsales3.CurrentRatio=currentassets/currentliabilities流动比率=流动资产/流动负债QuickRatio=(CA-inventory)/CL速动比率=（流动资产-存货）/流动负债CashRatio=cash/CL现金比率=现金/流动负债4.ROA=netincome/totalassetsROE=netincome/totalequityProfitmargin=netincome/salesTotalassetturno

6、ver=sales/totalassetsEquityMultiplier(权益乘数)=totalassets/totalequityReceivablesturnover=sales/accountsreceivableDays’salesinreceivables=365/receivablesturnoverInventoryturnover=costsofgoodssold/InventoryDays’salesininventory=365/inventoryturnoverEPS=NetIncome/

7、SharesOutstandingPERatio=Pricepershare/EarningspersharePrice-Salesratio=PricePerShare/SalesPerShareMarket-to-bookratio=MarketValuePerShare/BookValuePerShare5.Operatingcycle=days’salesinreceivables+days’salesininventory6.DuPontIdentity:ROE=ROA×EM（看P78题目）Ch041.

8、PercentofSalesApproach销售百分比法EFN(externalfinancingneeded)外部融资需求???×?Internalgrowthrate(内部增长率)=?−???×????×?Sustainablegrowthrate(可持续增长率)=?−???×?b:retentionratio(提存率)=1-dividendpayoutratio(股