华南农业大学 公司理财 财务管理 复习重点 白金版.ppt

C1.Introduction to Corporate FinanceC2.Financial Statements and Cash FlowC3.Financial Statements Analysis And long-term planningC4.Discounts Cash Flow ValuationC5.Interest Rates and Bond ValuationC6.Stock ValuationC7.Net Present Value and Other Investment RulesC10.Risk and Return Lessons(启示,教训) From Market HistoryC11. Return and Risk: The Capital Asset Pricing ModelC12. Risk, Cost Of Capital, And Capital BudgetingC14.Capital Structure: Limits to the Use Of DebtC15.DividendsRevision and Examination Forms of Business Organization The Sole Proprietorship（独资企业） The Partnership（合伙制） General Partnership（一般合伙制） Limited Partnership（有限合伙制） The Corporation（公司制） 1.3 The Goal of Financial Management What is the correct goal? Maximize profit? Minimize costs? Maximize market share? Maximize shareholder wealth? 2.4 Net Working Capital 净营运资本 Net Working Capital ≡ Current Assets – Current Liabilities The change in NWC is usually position in a growing firm. 3.3 The Du Pont Identity ROE = NI / TE Multiply by 1 and then rearrange: ROE = (NI / TE) (TA / TA) ROE = (NI / TA) (TA / TE) = ROA * EM Multiply by 1 again and then rearrange: ROE = (NI / TA) (TA / TE) (Sales / Sales) ROE = (NI / Sales) (Sales / TA) (TA / TE) ROE = PM * TAT * EM PM: profit margin TAT: Total assets turnover EM: equity multiplier 4.2 The Multiperiod Case The general formula for the future value of an investment over many periods can be written as: FV = C0×(1 + r)T Where C0 is cash flow at date 0, r is the appropriate interest rate, and T is the number of periods over which the cash is invested. The algebraic formulate PV = C1/(1 + r) PV = C2/(1 + r)2 4.4 Simplifications Perpetuity 永续年金 A constant stream of cash flows that lasts forever Growing perpetuity 永续增长年金 A stream of cash flows that grows at a constant rate forever Annuity 年金 A stream of constant cash flows that lasts for a fixed number of periods Growing annuity 增长年金 A stream of cash flows that grows at a constant rate for a fixed numb