财务管理.docx

财务管理.docx

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财务管理

Chapter4

FinancialPlanningandForecasting

Definitionsaboutbudgetingandpercentofsalesmethod→topredictthefutureassets/liabilitiesaccordingtotherelationshipbetweenthepresentsalesrevenueandassets/liabilities.→DFN（Discretionaryfinancingneeds）/AFN（Additionalfundsneeded）.

1.Budget（putthingsinPerspective）isaquantitativeexpressionofaplanofactionthathelpsmanagerscoordinateandimplementtheplan.

（1）comprehensivebudget（全面预算体系）:

asetoffinancialstatementandotherschedulesshowingtheexpectedresultsforafutureperiod.

（2）thecomprehensivebudgetisatooltomakeplanningefficientandalsoprovidesameansformonitoringwhetheractivitiesaregoingaccordingtoplan.

Itshouldinclude:

（1）financialbudgets:

Jproformabalancesheet;Jcashbudget;Jproformaincomestatement.

（2）operatingbudgets:

Jproductionschedules;Jpurchasingschedules;Jfixedassetacquisition（capitalbudgeting）.

2.Organizationofbudget:

（1）continuousbudget（延续或滚动预算）:

Jabudgetforamonth（oraquarter）willbeaddedasoneoftheseperiodsgoesby.Thustherewouldbea12monthbudgetatalltimes.

Jbypreparingcontinuousbudgets,managersarethenkeptawareoftheneedsforthenext12months,regardlessofthetimeoftheyear.

（2）staticbudget（静态预算）（preparedforonlyonlevelofvolumewhichistheorganization’sgoal）:

Jthestaticbudgetisnotalteredafteritisdrawnup,regardlessofchangesinvolume,saleprices,orcosts.

Jthefocusofthestaticbudgetisfutureplanning.

（3）flexiblebudget（弹性预算）（asetofbudgetscoveringarangeofvolumeratherthanasinglevolumelevel.Itisalsocalledavariancebudget）:

Jtheflexiblebudgetshowshowrevenuesandcostsvarywithvolumethroughoutthebudgetrange;Jthefocusoftheflexiblebudgetisevaluatingpastperformance.

3.After-taxcashflow=Earningsaftertaxes+depreciationexpense+deferredtaxes

4.Percentofsalesmethod:

permitsacompanytoforecasttheamountoffinancingitwillneedforagivenincreaseinsales.

（1）***/currentsales=***%

（2）projectedsales×***%=$$$

（3）projectedsales×（netincome/sales）×[1-（cashdividends/netincome）]=&&&

（4）discretionaryfinancingneeded=projectedtotalassets–projectedtotalliabilities–projectedowner’sequity

5.DFN（Discretionaryfinancingneeds）:

fundsthatafirmmustraiseexternallythroughborrowingorbysellingnewcommonorpreferredstock.

EFN（Externalfinancingneeds）:

Allthefirm’sneedsforfinancingbeyondthefundsprovidedinternallythroughtheretentionofearnings,thusEFN=Predictedchangeintotalassets–predictedchangeinretainedearnings.

Chapter5

TheTimeValueofMoney

FVn=PV0（1+i）n=PV0FVIFi,n

Compoundedinterest→

PV0=FVn[1/（1+i）n]=FVnPVIFi.n

FVAn=PMT×FVIFAi,n

Ordinaryannuity

PV=PMT×PVIFAi,n

Annuitiesdue=Annuities×（1+i）

Annuities

Delayedannuity（unevencashflowstreams）:

先把不均衡的年金加成均等，用普通年金方法算完后，减去多加（加上多减）的钱数的现值。

PV=R/I→perpetuity

PerpetuityandGrowingperpetuity

PV=R/i-g→Growingperpetuity,growthrate=g

Chapter6

AnalysisofRiskandReturn

Theriskandreturnofonecertainasset→...oftwoassets→...ofnassets→...ofarisk-free

assetandnriskyassets→therelationshipbetweenariskyassetandnriskyassets→howto

decidethepriceofariskyasset

1.concepts:

（1）holdingperiodreturn→R=[Dt+（Pt-Pt-1）]/Pt-1

↓↓↓

Dividendendingbeginning

priceprice

（2）expectedreturn:

r=E（r）多个资产时加权平均

（3）σ=标准差=standarddeviationσAB=Cov（RA,RB）=E[（RAt-E（RA））（RBt-E（RB））]

σp2=XA2σA2+XB2σB2+2（XAσA）（XBσB）ρABp=portfolio

（4）z=[r-E（r）]/σ即标准化成标准正态分布，z是横轴上的值

（5）v=σ/E（r）变异系数用于比较两种不同规模的投资的风险的时候

（6）ρ相关系数ρAB=Corr（RA,RB）=σAB/σAσB

（7）requiredreturn=risk-freereturn+riskpremium=realrateofreturn+expectedinflationpremium

2.theriskandreturnoftwoassets（graph）

3.Theriskandreturnofnassets&arisk-freeassetandnriskyassets（graph）

efficientfrontier

capitalmarketline（CML）

optimalriskyportfolio（CML与efficientfrontier的切点）

4.therelationshipbetweenariskyassetandnriskyassets

（1）βj=Covariancej,m/variancem=ρjmσjσm/σm2

（2）varianceandstandarddeviationinaportfolioofmanyassets:

thevarianceoftheindividualassetscompletelyvanishasthenumberofassetsbecomeslarge.However,thecovariancetermsremain.σp2=σ*（σ*=allcovariancesinthetable）

（3）characteristicline:

y=ax+ba=β

5.howtodecidethepriceofariskyasset

CapitalAssetPricingModel（CAPM）:

Ri=RF+βI（RM–RF）

Expectedreturnonasecurity=risk-freerate+betaofthesecurity×marketriskpremium

MajorproblemsofCAPM:

1.Estimatingexpectedfuturemarketreturns

2.Determininganappropriaterf

3.Determiningthebestestimateofβ

4.Investorsdon’totallyignoreunsystematicrisk

5.Betasarefrequentlyunstableovertime

6.Requiredreturnsaredeterminedbymacroeconomicfactors

6.名词解释：

1）CML:

capitalmarketline（graph）

2）SML（securitymarketline）:

therelationshipbetweensystematicriskandrequiredratesofreturnforindividualsecurities.（graph）

3）CAPM（Capitalassetspricingmodel）

4）CL（Characteristicline）（graph）

Chapter7&8

ValuationofSecurities

Definitionsofvalue→characteristicsofbondspreferredstockandcommonstock→bondvaluation

1.Definitionsofvalue:

liquidationvalueVSgoing-concernvalue（清算价值与持续经营价值）

BookvalueVSmarketvalue（账面价值与市场价值）

bookvalue=accounting/historicvalue

marketvalue=normallyrelatedtoexpectedfuturecashflow

*marketvaluedoesnotnecessarilybearanyrelationshiptobookvalue

*marketvaluemaybeeithergreaterorlessthanbookvalue

Intrinsicvalue/economicvalueVSMarketvalue（内在价值/经济价值与市场价值）

2.Bonds:

1）Differentkindsofbondspurediscountbond（无息债券）

level-couponbonds（普通债券）

consols（perpetualbonds）（永续债券）

2）Featuresofbondsindenture（合同约束）

callfeatureandbondrefunding（赎回条款）

sinkingfund（偿债基金条款）

convertible（可转换性）

warrant（认股权证）

bondratings（债券信用评级）

Preferredstock:

featuresofpreferredstocksellingpriceandparvalue（面值与销售价格）

Jadjustablerates（可调整收益率）

Jcumulativedividends（可累积）现在没钱，以后会补齐。

Jparticipation（参与盈余分配）

Jmaturity（到期日）

Jcallfeature（可赎回条款）

Jvotingrights（投票权）无投票权

Jpreferredstock’sclaimonassetsandincome（对公司收益和资产的优先索取权）

Jconvertibility（可转换性）

Commonstock:

featuresofcommonstockJresidualclaimonincomeandassets（剩余索取权）

Jpreemptiverights（优先认股权）

Jlimitedliability（有限责任）

Jtakeover（接管）或代理proxy

Jcloselyheldcorporation/privatelyowned（紧密持股公司）

Jpubliclyownedcorporation/tobelisted（上市公司/公众公司）

3.Bondvaluation:

PV=F/（1+i）n→purediscountbonds

PV=CF/i→perpetualbonds（consols）

PV=I×PVIFAi,n+M×PVIFi,n→level-couponbonds

Chapter9

CapitalBudgetingandCashFlowAnalysis

Principlesofestimatingcashflows→howtodealwithtaxes,depreciation,andworkingcapital.

1.Principlesofestimatingcashflows:

1）onanincrementalbasis

→ifcashflowstillexistwhenprojectdoesnotexist,thenexcludeit.

2）onanaftertaxbasis

3）includeindirecteffects

→ifnewproductcausesexistingcustomerstodemandlessofcurrentproducts,weneedtorecognizethat.

4）excludesunkcosts

→sunkcostsareirrelevant

5）opportunitycostsofresources

2.EstimatingtheNINV:

step1costplusinstallationandshipping

plus

step2increasesinnetworkingcapital

minus

step3netproceedsfromsaleofexistingassets

plusorminus（高于账面价值时算正outflow）

step4taxesassociatedwiththeabovesale

equals

NINV

Tax:

savingsbeforetaxes（profitcolumn）×taxrate=$$$

netcashflowaftertaxes=savingsbeforetaxes（cashflowcolumn）-$$$

Depreciation:

increaseddepreciationexpense（profitcolumn）,nothingaddedtothecashflowcolumn.

Recoveryofnetworkingcapital:

thetotalamountofaccumulatednetworkingcapitalisusuallyrecoveredattheendofthelifeoftheproject.

Theresultingdecreaseinnetworkingcapitalrepresentsanincreaseinnetcashflow.

Therearegenerallynotaxconsiderationsassociatedwiththerecoveryofnetworkingcapital.

Chapter10&11

CapitalBudgeting:

DecisionCriteria&Risk

Lifeoftheproject→（EAA）

NPVusedwhentwoprojects

IRRNPV与IRR不一致时→”NPVistheking!

”aremutuallyexclusive.

PI

PB

Differentinitialoutlays→IIRR/NPV（same）

MultipleIRRs（现金流有正有负）→MIRR→usedtosolvetheinternalproblemofaproject.

1.Concepts:

1）NPV（netpresentvalue）:

—IO（NINV）

NPV≥0accept

NPV＜0reject

2）PI（profitabilityindex）:

PI=

÷IO（NINV）

PI≥1accept

PI＜1reject

3）IRR（internalrateofreturn）:

—IO=0求出IRR

IRR≥requiredrateofreturn（贴现率）accept

IRR＜requiredrateofreturnreject

4）PB（paybackperiod）:

Thepaybackperiodisthenumberofyearsneededtorecovertheinitialcashoutlay.

2.Lifeoftheproject:

A与B两项投资，持续时间不同。

步骤1，算出两项投资的NPV

2，利用NPV=EAA×PVIFAi,n求出两项投资的EAA

3.NPV与IRR不一致的时候（图）：

4.Differentinitialoutlays

Date0

Date1

NPV（25%）

IRR

A

-10m

40m

22m

300%

B

-25m

65m

27m

160%

-15m

25m

IncrementalIRR:

（-15m+25m）/（1+IIRR）=0求出IIRR=66.67%＞25%accept

NPVofincrementalcashflows:

（-15m+25m）/（1+25%）=5m＞0accept

AcceptprojectB.

5.现金流有正有负时：

MIRR

PVout=PVin把负的现金流都贴到期初，把正的现金流都贴到期末，再把贴到期末的现金流除以（1+MIRR）n，贴回期初，令它与PVout相等，求MIRR。

公式：

Chapter12

TheCostofCapital

Costofdebt→valueofbonds×（1-t）

Preferredstock→发行费用（价格）

f=WACC→

Retainedearning

→Ri=Rf+β（Rm–Rf）

Newissuedstocks

1.CalculatingKa:

Ka=We（Ke）+Wd（Ki）+Wp（Kp）

1）Ki（after-taxcostofdebt）:

利用P=It×PVIFAKd,n+M×PVIFKd,n求出Kd，再利用

Ki=Kd×（1-t）求出Ki

或者

Ki=I（1-t）/B（1-F）

↓↓↓↓

Interesttaxrateparvalueflotation（floatingfee）

ofthebond

↓↓

实际付出的钱公司实际拿到的钱

2）K