公司金融理财复习整理.pdf

Ch01 1. Forms of business organization 企业组织形态 • Sole proprietorship 单一业主制 • Partnership 合伙制 • Corporation 股份公司制 2. Corporation 股份公司制 Advantages: • Limited liability 有限责任 • Unlimited life 不受限制的公司寿命 • Separation of ownership and management 所有权和管理相分离 • Transfer of ownership is easy 所有权容易转让 • Easier to raise capital 容易筹资 Disadvantages: • Separation of ownership and management 所有权和管理相分离 • Double taxation (income is taxed at the corporate rate and then dividends are taxed at the personal rate) 双重课税 3. Three equivalent goals of financial management: 财务管理的目标 • Maximize shareholder wealth 股东财富最大化 • Maximize share price 股票价值最大化 • Maximize firm value 企业价值最大化 Ch02 1. The balance sheet is a snapshot of the firm’s assets and liabilities at a given point in time. 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. Cash flow from assets = OCF – net capital spending – changes in NWC 4. Free cash flow - Cash Flow From Assets 5. EBIT=sales-costs-depreciation Tax=(sales-costs-depreciation-interest)×tax rate OCF=EBIT + depreciation – taxes CH03 1. Common-Size Balance Sheet : 标准化资产负债表 Compute all accounts as a percent of total assets 2. Common-Size Income Statements : 标准化资产损益表 Compute all line items as a percent of sales 3. Current Ratio=current assets / current liabilities 流动比率 =流动资产/流动负债 Quick Ratio=(CA-inventory) / CL 速动比率 = （流动资产-存货）/流动负债 Cash Ratio=cash / CL 现金比率 =现金/流动负债 4. ROA=net income / total assets ROE=net income / total equity Profit margin=net income / sales Total asset turnover=sales / total assets Equity Multiplier(权益乘数) =total assets / total equity Receivables turnover=sales / accounts receivable Days’ sales in receivables=365 / receivables turnover Inventory turnover=costs