華南農(nóng)業(yè)大學(xué)公司理財財務(wù)管理復(fù)習重點白金版市公開課一等獎省賽課微課金獎?wù)n件

C1.IntroductiontoCorporateFinance

C2.FinancialStatementsandCashFlow

C3.FinancialStatementsAnalysisAndlong-termplanning

C4.DiscountsCashFlowValuation

C5.InterestRatesandBondValuation

C6.StockValuation

C7.NetPresentValueandOtherInvestmentRules

C10.RiskandReturnLessons(啟示,教訓(xùn))FromMarketHistory

C11.ReturnandRisk:TheCapitalAssetPricingModel

C12.Risk,CostOfCapital,AndCapitalBudgeting

C14.CapitalStructure:LimitstotheUseOfDebt

C15.Dividends

RevisionandExamination第1頁FormsofBusinessOrganizationTheSoleProprietorship（獨資企業(yè)）ThePartnership（合作制）GeneralPartnership（普通合作制）LimitedPartnership（有限合作制）TheCorporation（企業(yè)制）第2頁1.3TheGoalofFinancialManagementWhatisthecorrectgoal?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizeshareholderwealth?第3頁2.4NetWorkingCapital凈營運資本NetWorkingCapital≡

CurrentAssets–CurrentLiabilitiesThechangeinNWCisusuallypositioninagrowingfirm.第4頁3.3TheDuPontIdentityROE=NI/TEMultiplyby1andthenrearrange:ROE=(NI/TE)(TA/TA)ROE=(NI/TA)(TA/TE)=ROA*EMMultiplyby1againandthenrearrange:ROE=(NI/TA)(TA/TE)(Sales/Sales)ROE=(NI/Sales)(Sales/TA)(TA/TE)ROE=PM*TAT*EMPM:profitmarginTAT:TotalassetsturnoverEM:equitymultiplier第5頁3.3財務(wù)綜合分析:杜邦分析體系

推導(dǎo)過程：教材P74第6頁=15.7%×0.64×1.39第7頁資產(chǎn)酬勞率銷售凈利潤資產(chǎn)周轉(zhuǎn)率企業(yè)A：18%9%2企業(yè)B18%2%9數(shù)字啟示？WhatcanyoudoifyouwereCFOorCEO?第8頁第9頁第10頁FutureValueInterestFactor（復(fù)利終值系數(shù)）4.2TheMultiperiodCase第11頁4.2TheMultiperiodCaseThegeneralformulaforthefuturevalueofaninvestmentovermanyperiodscanbewrittenas:FV=C0×(1+r)TWhere C0iscashflowatdate0,ristheappropriateinterestrate,andTisthenumberofperiodsoverwhichthecashisinvested.第12頁ThealgebraicformulatePV=C1/(1+r)PV=C2/(1+r)2第13頁4.4SimplificationsPerpetuity永續(xù)年金AconstantstreamofcashflowsthatlastsforeverGrowingperpetuity永續(xù)增終年金AstreamofcashflowsthatgrowsataconstantrateforeverAnnuity年金AstreamofconstantcashflowsthatlastsforafixednumberofperiodsGrowingannuity增終年金Astreamofcashflowsthatgrowsataconstantrateforafixednumberofperiods第14頁PerpetuityAconstantstreamofcashflowsthatlastsforever0…1C2C3C第15頁GrowingPerpetuityAgrowingstreamofcashflowsthatlastsforever0…1C2C×(1+g)3C×(1+g)2第16頁Annuity（重點掌握）Aconstantstreamofcashflowswithafixedmaturity01C2C3CTC第17頁5.1BondsandBondValuationAbondisalegallybindingagreementbetweenaborrowerandalenderthatspecifies(詳盡說明)the:Par(face)value（面值、票面價值）Couponrate（票面利率）Coupon(Couponpayment)（票息）MaturityDate（到期日）第18頁SupposetheXanthCo.weretoissueabondwith10yearstomaturity.TheXanthbondhasanannualcouponof$80.similarbondshaveayieldtomaturityof8percent.Whatwouldthisbondsellfor?CouponFacevalue

PVAnnuityPVTotalbondvalue第19頁SupposetheXanthbondhas10yearstomaturity.Iftheinterestrateinthemarkethasrisento10percent,whatwillthebondbeworth?PV=1000/1.1010=1000/2.5937=$385.55AnnuityPV=80×PVIFA=80×6.1446=$491.57TotalPV=385.55+491.57=$877.12＜1000Discountbond折價債券:thebondsellsforlessthanthefacevaluePremiumbond溢價債券:thebondsellsformorethanthefacevalue第20頁6.1ThePVofCommonStocksAnasset’svalueisthepresentvalueofitsfuturecashflows.Astockprovidestwokindsofcashflows:DividendsCapitalGains資本利得第21頁Case1:ZeroGrowth零增加AssumethatdividendswillremainatthesamelevelforeverSincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:由：得：第22頁Case2:ConstantGrowth固定增加Sincefuturecashflowsgrowataconstantrateforever,thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity:Assumethatdividendswillgrowataconstantrateg,asfollows:

DGM:dividendgrowthmodel第23頁UsingtheDGMtoFindRStartwiththeDGM:RearrangeandsolveforR:R=股利收益率+資本利得收益率？第24頁P5=D6/(R-g)=2.2125/(.15-.10)=44.25P0=5+44.25/1.155=27R=15%第25頁TheNetPresentValue(NPV)Rule

EstimatingNPV:1.Estimatefuturecashflows:howmuch?andwhen?2.Estimatediscountrate3.Estimateinitialcosts第26頁7.2ThePaybackPeriodMethodPaybackPeriod=numberofyearstorecoverinitialcostsAcceptanceCriteria:Setbymanagement第27頁7.5TheInternalRateofReturnMethod第28頁Supposeyoupurchased100sharesofstockatthebeginningoftheyearatapriceof$37pershare.C0=3700IfD=1.85Attheendoftheyearthemarketpriceofthestockis$40.33pershare.Capitalgain=(40.33-37)*100=333TotalDollarReturns=4218-3700=518PercentageReturns=1.85/37+(40.33-37)/37=5%+9%=14%第29頁11.2ExpectedReturn,Variance,andCovariance

協(xié)方差Considerthefollowingtworiskyassetworld.Thereisa1/3chanceofeachstateoftheeconomy,andtheonlyassetsareastockfundandabondfund.probability第30頁ReturnsTotalReturn=expectedreturn+unexpectedreturnUnexpectedreturn=systematicportion+unsystematicportionTherefore,totalreturncanbeexpressedasfollows:TotalReturn=expectedreturn正常收益+systematicportion+unsystematicportion不確定性收益、意外收益第31頁11.10RiskandReturn(CAPM)ExpectedReturnontheMarket:Expectedreturnonanindividualsecurity:MarketRiskPremiumThisappliestoindividualsecuritiesheldwithinwell-diversifiedportfolios.第32頁ExampleSupposethestockofStansfieldEnterprises,apublisherofPowerPointpresentations,hasabetaof2.5.Thefirmis100percentequityfinanced.Assumearisk-freerateof5percentandamarketriskpremiumof10percent.Whatistheappropriatediscountrateforanexpansionofthisfirm?第33頁TheCostofCapitalwithDebtTheWeightedAverageCostofCapital:S:企業(yè)權(quán)益RS:權(quán)益成本(率)B:企業(yè)負債RB:負債成本(率)RWACC:加權(quán)平均成本第34頁第35頁第36頁Summary:NoTaxesInaworldofnotaxes,thevalueofth