财管公式总结.doc

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1、Chapter2:Ⅰ.ThecashflowidentityCashflowfromassets=cashflowtocreditors(bondholders)+cashflowtostockholders(owners)Ⅱ.Cashflowfromassetscashflowfromassets=operatingcashflow-Netcapitalspending-Changeinnetworkingcapital(NWC)WhereOperatingcashflow=EBIT+depreciation–taxes（折旧不消耗现金，因为原来的折旧被减了）N

2、etcapitalspending=endingnetfixedassets–beginningnetfixedassets+depreciationChangeinNWC=endingNWC–beginningNWC[NWC=CA–CL]Ⅲ.Cashflowtocreditors(bondholders)Cashflowtocreditors=interestpaid–netnewborrowing[在”long-termdebt”里看]Ⅳ.Cashflowtostockholders(owners)Cashflowtostockholders=dividend

3、spaid–netnewequityraised[在”commonstockandpaid-insurplus”里看]Chapter3Ⅰ.Short-termsolvency,orliquidity,ratiosCurrentratio=currentassetscurrentliabilitiesQuickratio=currentassets-inventorycurrentliabilitiesCashratio=cashcurrentliabilitiesNetworkingcapitaltototalassets=networkingcapitaltot

4、alassetsIntervalmeasure（间隔时间指标）=currentassetsaveragedailyoperatingcostsⅡ.Long-termsolvency,orfinancialleverage,ratiosTotaldebtratio=totalassets-totalequitytotalassetsDebt-equityratio=totaldebttotalequityEquitymultiplier=totalassetstotalequityLong-termdebtratio=long-termdebtlong-termde

5、bt+totalequityTimesinterestearnedratio=EBITinterestCashcoverageratio=EBIT+depreciationinterestⅢ.Assetmanagement,orturnover,ratiosInventoryturnover=costofgoodsinentory(COGS!!!)Days’salesininventory=365daysinventoryturnoverReceivablesturnover=salesaccountsreceivableNWCturnover=salesNWCF

6、ixedassetturnover=salesnetfixedassetsTotalassetturnover=salestotalassetsⅣ.ProfitabilityratiosProfitmargin=netincomesalesROA=netincometotalassetsROE=netincometotalequityROE=netincomesales×salesassets×assetsequityⅤ.MarketvalueratiosPrice-earningsratio=pricepershareearningspershare[EPS=n

7、etincomesharesoutstanding]PEGratio=price-earningsratioearningsgrowthrate(%)Price-salesratio=pricepersharesalespershareMarket-to-book-ratio=marketvaluepersharebookvaluepershareTobin’sQratio=marketvalueofassetsreplacementcostofassetsEnterprisevalue-EBITDAratio=enterprisevalueEBITDAChapt

8、er4Ⅰ.