独立经营人制.docx

1、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

2、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。There is no free lunch2 one dollar today is worth more than a dollar tomorrow;3 high risk high return, low risk low return;4 opportunity cost 5 sunk cost. Limited resources7Unlimited desire.8Never put all your eggs in one basket9

3、 Managers will not act for the shareholders unless in their best interest.10 Rational investors/efficient market. net present value 2 the capital asset pricing model 3 efficient capital markets 4 value additivity and the law of conservation of value capital structure theory 6 option theory 7 agency

4、theory 8 utility theory How are major financial decisions made? 2What determines project risk and present value? 3 Risk and return-what have we missed? 4 How important are the exceptions to the efficient market theory? 5 Is management an off-balance sheet liability? How can we explain the success of

5、 new securities and new markets? 7 How can we resolve the dividend controversy? 8What risks should a firm take? 9What is the value of liquidity? 10 How can we explain merger wavers? public offeringsprivate placements：institutional investors.financial instrumentsThe secondary marketmoney and capital

6、marketsprimary and secondary organized security exchanges over-the-counter marketfunctions of (l) underwriting, (2) distributing, and (3) advising. the negotiated purchase, (2) the competitive bid purchase, (3) the commission or best-efforts basis, (4) privileged subscriptions, and (5) direct sales.

7、 k = k* + IRP + DRP + MP + LP k = the nominal or observed ratek* = the real risk-free rate of interest, IRP = inflation-risk premium.DRP = default-risk premiumMP = maturityLP = liquidity premiumZell Corperation Balance Sheet:(Thousands of dollars)200320042005Assets:Current assets Cash$100 $30 $35 Ma

8、ketable securities$230 $600 $550 Accouts receivable$600 $830 $810 Inventoy$800 $400 $410 Total current assets$1,730 $1,860 $1,805 Fixed assets Plant and equipment$3,140 $3,140 $3,300 Less:Accumulated depreciation$1,200 $1,000 $1,100 Net fixed assets$1,940 $2,140 $2,200 Total assets$3,670 $4,000 $4,0

9、05 Liabilities and owners equityCurrent liabilities Accounts payable$360 $460 $470 Note payable$10 $270 $290 Accrued expenses$140 $150 $140 Other current liabilities$600 $200 $200 Total current liabilities$1,110 $1,080 $1,100 Long-term liabilities Long-term debt$1,000 $1,000 $1,300 Owners equity com

10、mon stock$70 $80 $75 Additional paid-in capital$200 $240 $220 Retained earnings$1,290 $1,600 $1,310 Total owners equity$1,560 $1,920 $1,605 Total liabilitier and owners equity$3,670 $4,000 $4,005 Coscos income statementIncome State for the Year Ended December 31.20042005Sales revenues1,700100%2000Le

11、ss: Cost of goods sold1,00058.81176Gross profits70041.17823.4Less: Operating expensesSelling exp.804.7194.2G & A exp.1508.82176.4Depreciation1005.88117.6Total operating Exp.33019.41388.2Operating profits37021.76435.2Less: Interest Exp704.1282.4Net profits before taxes30017.64352.8Less: Taxes(rate=40

12、%)1207.1142Net profits after taxes18010.58211.6Less: Preferred stock dividends100.5911.8Earnings available for common stockholders:17010200Earnings per share(EPS)1.72Coscos Statement of Cash Flows(100 million for the Year Ended Dece.31,2005Cash Flow from Operating ActivitiesNet Profits after taxes18

13、0Depreciation100Decrease in accounts receivable100Decrease in inventories300Increase in accounts payable200Decrease in accruals-100Cash provided by operating activities780Cash Flow from Investment ActivitiesIncrease in gross fixed assets-300Changes in business interests0Cash provided by investment a

14、ctivities-300Cash Flow from Financing ActivtiesDecrease in notes payable-100Increase in long-term debts200Changes in stockholders equity0Dividents paid-80Cash provided by financing activities20Net increase in cash and marketable securities500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

15、=1 860 0001 080 000 =780 000（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

16、为权益收益率为（5）每股收益计算公式为每股收益为paymengtsEnd of year principal(5)End yearLoan paymentBegainning principal(2)(2) (4)-1Interest(3)Principal(4)0.1 (2)(1) (3)1$1,892.74 $6,000.00 $600.00 $1,292.74 $4,707.26 2$1,892.74 $4,707.26 $470.73 $1,422.01 $3,285.25 3$1,892.74 $3,285.25 $328.53 $1,564.21 $1,721.04 4$1,892

17、.74 $1,721.04 $172.10 $1,720.64 Compound InterestPresent ValueAnnuitiesAnnuities DueAmortized Loans Compound Interest with Nonannual PeriodsPresent Value of an Uneven StreamPerpetuitiesSimple compounding Complex compoundingPresent value of an Annuity Thus, the present value of this annuity is $2,106

18、.00. From examining the mathematics involves and the graph of the movement of these funds through time in Table 5-6, we see that procedure can be generalized to (5-9) Where PMT= the annuity payment deposited or received at the end of each yeari= the annuity discout (or interest) ratePV = the present

19、 value of the future annuity n = the number of years for which the annuity will last the present-value interest factor for an annuity for I and n (PVIFA i, n), defined as 1/(1+I) has been compiled for various combinations of I and n in Appendix E with an abbreviated version provided in Table 5-7. Ta

20、ble 5-6Illustration of a Five-Year $500 Annuity Discounted to the Present at 6 percentYEAR 0 1 2 3 4 5Dollars received at the 500 500 500 500 500 the end of year $471.50 445.00 420.00 396.00 373.50Present value of the annuity $2,106.00 Table 5-7PVIFi,n or the Present Value of an Annuity of $1 N 1% 2

21、% 3% 4% 5% 6% 7% 8% 9% 10%1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.9092 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.7363 2.941 2.884 2.829 2.775 2.723 2.673 2.642 2.577 2.531 2.4874 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 5 4.853 4.713 4.580 4.452 4.3

22、29 4.212 4.100 3.003 3.890 3.7916 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.3557 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 8 7.652 7.326 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.75910 9.471 8.983 8.530 8

23、.111 7.722 7.360 7.024 6.710 6.418 6.14511 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.81413 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.094 7.487 7.10314 13.004 12.106 11.296 10.563 9.899 9.295 8.746 8.244 7.786 7.3671

24、5 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.560 8.061 7.606Using this new notation we can rewrite equation (5-9) as follows: PV = PMT (PVIFA i, n ) (5-9a) Solving the previous example to find the present value of $500 received at the end of each of the next five years discounted back to the p

25、resent at 6 percent, we look in the I =6 percent column and n=5 row and find the PVIFA 6%,5 to be 4.212. Substituting the appropriate values into equation (5-9a), we find PV = $500 (4.212) = $2,106Table 5-8Present Value of a Six-Year Annuity Discounted at 8 PercentOne dollar received 1 2 3 4 5 6At t

26、he end of year Present value0.9260.8570.7940.7530.6810.6304.623 Present value of the annuityEXAMPLEWhat is the present value of a 10-year $1,000 annuity discounted back to the present at 5 percent? Substituting n=10 years, I=5 percent, and PMT=$1,000 into equation (5-9), we find Determining the valu

27、e for the PVIFA 5%, 10 from Table 5-7, row n =10, column i =5 percent, and substituting it in, we getPV=$1,000(7.722) =$7,722Thus, the present value of this annuity is $7,722.annuity is $5,000, n =5 years, i=8 percent, and PMT is unknown. Substituting this into equation (5-9), we find $5,000 = PMT (3.993) $1,252.19=PMTOBJECTIVE 4 ANNUITIES DUEannuities due are really jus