独立经营人制Word格式.docx
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独立经营人制Word格式.docx
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•9
Managerswillnotactfortheshareholdersunlessintheirbestinterest.
•10Rationalinvestors/efficientmarket.
netpresentvalue
2
thecapitalassetpricingmodel
3
efficientcapitalmarkets
4valueadditivityandthelawofconservationofvalue
capitalstructuretheory
6
optiontheory
7
agencytheory
8utilitytheory
Howaremajorfinancialdecisionsmade?
Whatdeterminesprojectriskandpresentvalue?
Riskandreturn-whathavewemissed?
4
Howimportantaretheexceptionstotheefficientmarkettheory?
5Ismanagementanoff-balancesheetliability?
Howcanweexplainthesuccessofnewsecuritiesandnewmarkets?
Howcanweresolvethedividendcontroversy?
8
Whatrisksshouldafirmtake?
9
Whatisthevalueofliquidity?
10Howcanweexplainmergerwavers?
•publicofferings
•privateplacements:
institutionalinvestors.
•financialinstruments
•Thesecondarymarket
•moneyandcapitalmarkets
•primaryandsecondary
•organizedsecurityexchanges
•over-the-countermarket
•functionsof(l)underwriting,
(2)distributing,and(3)advising.
•thenegotiatedpurchase,
(2)thecompetitivebidpurchase,(3)thecommissionorbest-effortsbasis,(4)privilegedsubscriptions,and(5)directsales.
•k=k*+IRP+DRP+MP+LP
•
•k=thenominalorobservedrate
•k*=therealrisk--freerateofinterest,
•IRP=inflation-riskpremium.
•DRP=default-riskpremium
•MP=maturity
•LP=liquiditypremium
ZellCorperationBalanceSheet:
(Thousandsofdollars)
2003
2004
2005
Assets:
Currentassets
Cash
$100
$30
$35
Maketablesecurities
$230
$600
$550
Accoutsreceivable
$830
$810
Inventoy
$800
$400
$410
Totalcurrentassets
$1,730
$1,860
$1,805
Fixedassets
Plantandequipment
$3,140
$3,300
Less:
Accumulateddepreciation
$1,200
$1,000
$1,100
Netfixedassets
$1,940
$2,140
$2,200
Totalassets
$3,670
$4,000
$4,005
Liabilitiesandowners'
equity
Currentliabilities
Accountspayable
$360
$460
$470
Notepayable
$10
$270
$290
Accruedexpenses
$140
$150
Othercurrentliabilities
$200
Totalcurrentliabilities
$1,110
$1,080
Long-termliabilities
Long-termdebt
$1,300
Owners'
commonstock
$70
$80
$75
Additionalpaid-incapital
$240
$220
Retainedearnings
$1,290
$1,600
$1,310
Totalowners'
$1,560
$1,920
$1,605
Totalliabilitierandowners'
Cosco’sincomestatement
IncomeStatefortheYearEndedDecember31.
Salesrevenues
1,700
100%
2000
Less:
Costofgoodssold
1,000
58.8
1176
Grossprofits
700
41.17
823.4
Operatingexpenses
Sellingexp.
80
4.71
94.2
G&
Aexp.
150
8.82
176.4
Depreciation
100
5.88
117.6
TotaloperatingExp.
330
19.41
388.2
Operatingprofits
370
21.76
435.2
InterestExp
70
4.12
82.4
Netprofitsbeforetaxes
300
17.64
352.8
Taxes(rate=40%)
120
7.1
142
Netprofitsaftertaxes
180
10.58
211.6
Preferredstockdividends
10
0.59
11.8
Earningsavailableforcommonstockholders:
170
200
Earningspershare(EPS)
1.7
2
Cosco’s
StatementofCashFlows(100millionfortheYearEndedDece.31,2005
CashFlowfromOperatingActivities
NetProfitsaftertaxes
Decreaseinaccountsreceivable
Decreaseininventories
Increaseinaccountspayable
Decreaseinaccruals
-100
Cashprovidedbyoperatingactivities
780
CashFlowfromInvestmentActivities
Increaseingrossfixedassets
-300
Changesinbusinessinterests
Cashprovidedbyinvestmentactivities
CashFlowfromFinancingActivties
Decreaseinnotespayable
Increaseinlong-termdebts
Changesinstockholders'
Dividentspaid
-80
Cashprovidedbyfinancingactivities
20
Netincreaseincashandmarketablesecurities
500
财务比率的类型
流动性比率;
资产管理比率;
负债比率;
获利能力比率。
1.流动性比率
(1)净营运资金=流动资产-流动负债
=1860000-1080000
=780000(万元)
(2)流动比率
流动比率为
(3)速动比率
速动比率为
2.资产管理比率
(1)平均回款周期
计算公式为
公司的平均回款周期为:
(2)存货周转率
公司的存货周转率为
(3)总资产周转率
公司的资产周转率为
3.负债比率
(1)资产负债率
公司的资产负债率为
(2)长期负债比率
长期负债比率为
(3)已获利息倍数
公司的已获利息倍数为
(4)固定费用覆盖率
4.获利能力比率
(1)销售毛利率
销售毛利率为
(2)销售净利润率
销售净利率为
(3)投资收益率
投资收益率为
(4)股东权益收益率
权益收益率为
(5)每股收益
每股收益为
paymengts
Endofyearprincipal(5)
Endyear
Loanpayment
Begainningprincipal
(2)
[
(2)-(4)]
-1
Interest(3)
Principal(4)
[0.1×
(2)]
[
(1)-(3)]
1
$1,892.74
$6,000.00
$600.00
$1,292.74
$4,707.26
$470.73
$1,422.01
$3,285.25
3
$328.53
$1,564.21
$1,721.04
4
$172.10
$1,720.64
CompoundInterest
PresentValue
Annuities
AnnuitiesDue
AmortizedLoans
CompoundInterestwithNonannualPeriods
PresentValueofanUnevenStream·
Perpetuities
Simplecompounding
Complexcompounding
PresentvalueofanAnnuity
Thus,thepresentvalueofthisannuityis$2,106.00.FromexaminingthemathematicsinvolvesandthegraphofthemovementofthesefundsthroughtimeinTable5-6,weseethatprocedurecanbegeneralizedto
(5-9)
WherePMT=theannuitypaymentdepositedorreceivedattheendofeachyear
i=theannuitydiscout(orinterest)rate
PV=thepresentvalueofthefutureannuity
n=thenumberofyearsforwhichtheannuitywilllast
thepresent-valueinterestfactorforanannuityforIandn(PVIFAi,n),definedas[Σ1/(1+I)]hasbeencompiledforvariouscombinationsofIandninAppendixEwithanabbreviatedversionprovidedinTable5-7.
Table5-6
IllustrationofaFive-Year$500AnnuityDiscountedtothePresentat6percent
YEAR012345
Dollarsreceivedatthe500500500500500
theendofyear$471.50
445.00
420.00
396.00
373.50
Presentvalueofthe
annuity$2,106.00
Table5-7
PVIFi,northePresentValueofanAnnuityof$1
N1%2%3%4%5%6%7%8%9%10%
10.9900.9800.9710.9620.9520.9430.9350.9260.9170.909
21.9701.9421.9131.8861.8591.8331.8081.7831.7591.736
32.9412.8842.8292.7752.7232.6732.6422.5772.5312.487
43.9023.8083.7173.6303.5463.4653.3873.3123.2403.170
54.8534.7134.5804.4524.3294.2124.1003.0033.8903.791
65.7955.6015.4175.2425.0764.9174.7674.6234.4864.355
76.7286.4726.2306.0025.7865.5825.3895.2065.0334.868
87.6527.3267.0206.7336.4636.2105.9715.7475.5355.335
98.5668.1627.7867.4357.1086.8026.5156.2475.9955.759
109.4718.9838.5308.1117.7227.3607.0246.7106.4186.145
1110.3689.7879.2538.7608.3067.8877.4997.1396.8056.495
1211.25510.5759.9549.3858.8638.3847.9437.5367.1616.814
1312.13411.34810.6359.9869.3948.8538.3587.0947.4877.103
1413.00412.10611.29610.5639.8999.2958.7468.2447.7867.367
1513.86512.84911.93811.11810.3809.7129.1088.5608.0617.606
Usingthisnewnotationwecanrewriteequation(5-9)asfollows:
PV=PMT(PVIFAi,n)(5-9a)
Solvingthepreviousexampletofindthepresentvalueof$500receivedattheendofeachofthenextfiveyearsdiscountedbacktothepresentat6percent,welookintheI=6percentcolumnandn=5rowandfindthePVIFA6%,5tobe4.212.Substitutingtheappropriatevaluesintoequation(5-9a),wefind
PV=$500(4.212)
=$2,106
Table5-8
PresentValueofaSix-YearAnnuityDiscountedat8Percent
Onedollarreceived123456
Attheendofyear
Presentvalue
0.926
0.857
0.794
0.753
0.681
0.630
4.623Presentvalueoftheannuity
EXAMPLE
Whatisthepresentvalueofa10-year$1,000annuitydiscountedbacktothepresentat5percent?
Substitutingn=10years,I=5percent,andPMT=$1,000intoequation(5-9),wefind
DeterminingthevalueforthePVIFA5%,10fromTable5-7,rown=10,columni=5percent,andsubstitutingitin,weget
PV=$1,000(7.722)
=$7,722
Thus,thepresentvalueofthisannuityis$7,722.
annuityis$5,000,n=5years,i=8percent,andPMTisunknown.Substitutingthisintoequation(5-9),wefind
$5,000=PMT(3.993)
$1,252.19=PMT
OBJECTIVE4ANNUITIESDUE
annuitiesduearereallyjus
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