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独立经营人制.docx

独立经营人制

•独立经营人制

•2 合伙制

•3 公司制

•4 S公司制

•公司多元化

•2 多元化公司集团化

•3集团化公司股份化

•规模

•2 毛利、纯利

•3 息税前利润

•4每股盈利

•5价值最大化

•6福利最大化

•供应

•2 需求

•3 利率（通货膨胀和通货紧缩）

•4 汇率（全球化和购买力平价）

•5预期（信用和效用）

摩尔定律边际定律：

此条定律表示，在保持同等性能的前提下，数字产品的售价以每年30％到40％的幅度下滑。

吉尔德定律：

胜利者浪费定律。

在最为成功的商业运作模式是价格最低的资源将会被尽可能地耗费，以此来保存最昂贵的资源。

Google公司就是一个很好的例子，公司服务器产品达到了大约12万台，支撑起了搜索引擎的整个网络架构，然而在成本相对较高的人力资源方面Google公司却显得十分吝啬，如今公司的员工总数还不到3500人，但就是这样一个公司每年的销量却达到了50亿美元。

•Thereisnofreelunch

•2 onedollartodayisworthmorethanadollartomorrow;

•3 highriskhighreturn,lowrisklowreturn;

•4 opportunitycost

•5sunkcost.

•Limitedresources

•7 Unlimiteddesire.

•8 Neverputallyoureggsinonebasket

•9 Managerswillnotactfortheshareholdersunlessintheirbestinterest.

•10Rationalinvestors/efficientmarket.

netpresentvalue

2 thecapitalassetpricingmodel

3 efficientcapitalmarkets

4valueadditivityandthelawofconservationofvalue

capitalstructuretheory

6 optiontheory

7 agencytheory

8utilitytheory

Howaremajorfinancialdecisionsmade?

2 Whatdeterminesprojectriskandpresentvalue?

3 Riskandreturn-whathavewemissed?

4 Howimportantaretheexceptionstotheefficientmarkettheory?

5Ismanagementanoff-balancesheetliability?

Howcanweexplainthesuccessofnewsecuritiesandnewmarkets?

7 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

$600

$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

$140

Othercurrentliabilities

$600

$200

Totalcurrentliabilities

$1,110

$1,080

$1,100

Long-termliabilities

Long-termdebt

$1,000

$1,300

Owners'equity

commonstock

$70

$80

$75

Additionalpaid-incapital

$200

$240

$220

Retainedearnings

$1,290

$1,600

$1,310

Totalowners'equity

$1,560

$1,920

$1,605

Totalliabilitierandowners'equity

$3,670

$4,000

$4,005

Cosco’sincomestatement

IncomeStatefortheYearEndedDecember31.

2004

2005

Salesrevenues

1,700

100%

2000

Less:

Costofgoodssold

1,000

58.8

1176

Grossprofits

700

41.17

823.4

Less:

Operatingexpenses

Sellingexp.

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

Less:

InterestExp

4.12

82.4

Netprofitsbeforetaxes

300

17.64

352.8

Less:

Taxes（rate=40%）

120

7.1

142

Netprofitsaftertaxes

180

10.58

211.6

Less:

Preferredstockdividends

0.59

11.8

Earningsavailableforcommonstockholders:

170

200

Earningspershare（EPS）

1.7

Cosco’s

StatementofCashFlows（100millionfortheYearEndedDece.31,2005

CashFlowfromOperatingActivities

NetProfitsaftertaxes

180

Depreciation

100

Decreaseinaccountsreceivable

100

Decreaseininventories

300

Increaseinaccountspayable

200

Decreaseinaccruals

-100

Cashprovidedbyoperatingactivities

780

CashFlowfromInvestmentActivities

Increaseingrossfixedassets

-300

Changesinbusinessinterests

Cashprovidedbyinvestmentactivities

-300

CashFlowfromFinancingActivties

Decreaseinnotespayable

-100

Increaseinlong-termdebts

200

Changesinstockholders'equity

Dividentspaid

-80

Cashprovidedbyfinancingactivities

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

计算公式为

公司的存货周转率为

（3）总资产周转率

计算公式为

公司的资产周转率为

3.负债比率

（1）资产负债率

计算公式为

公司的资产负债率为

（2）长期负债比率

计算公式为

长期负债比率为

（3）已获利息倍数

计算公式为

公司的已获利息倍数为

（4）固定费用覆盖率

计算公式为

4.获利能力比率

（1）销售毛利率

计算公式为

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

计算公式为

投资收益率为

（4）股东权益收益率

计算公式为

权益收益率为

（5）每股收益

计算公式为

每股收益为

paymengts

Endofyearprincipal（5）

Endyear

Loanpayment

Begainningprincipal

（2）

[

（2）－（4）]

-1

Interest（3）

Principal（4）

[0.1×

（2）]

[

（1）－（3）]

$1,892.74

$6,000.00

$600.00

$1,292.74

$4,707.26

$1,892.74

$4,707.26

$470.73

$1,422.01

$3,285.25

$1,892.74

$3,285.25

$328.53

$1,564.21

$1,721.04

$1,892.74

$1,721.04

$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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