公司金融课程知识点记录(一) 第二、三章节—

第二、三章重点知识点目录

Income Statement
Balance Statement
1. Profitability Ratios(盈利能力比率)
- 2. Asset Utilization Ratios(资产利用率)
- 3. Liquidity Ratios(流动比率)
- 4. Debt Utilization Ratios(债务利用率)

在第二章中，我们要明白现金流量表的基础数据和资产负债表中的基础数据。以下展示了后续公式中将会用到的报表数据。

Income Statement

1.Sales（销售收益）
2.Cost of goods sold（销售成本）
3.Gross profit（毛利）
4.Selling and administrative expense（销售管理费用）
5.Depreciation expense（折旧费用）
6.Operating profit(EBIT)*（经营利润/息税前利润）
7.Interest expense（利息费用）
8.Earning before taxes(EBT)（税前利润）
9.Taxes
10.Earning after taxes(EAT/Net income)（净利润）
11.Preferred stock dividends（优先股）
12.Earning available to common stockholders(EAC)（普通股可分配利润）
13.Common shares outstanding(CSO)（普通股股数）
14.Earning per share(EPS)=EAC/CSO（每股收益）

利润表使用权责发生制(accrual method) 特别要注意的是EPS的度量，许多投资者会重点关注这个量。还有一个指标：EBITDA是加上折旧/摊销费用后的经营利润，有时可以更加客观的反应出公司的盈利能力，特别是那些固定资产非常大的企业。息前税后利润NOPAT=EBIT*(1-tax rate)

以下展示了后续公式和分析中将会用到的资产负债报表数据：

Balance Statement

Assets
Current assets:
    Cash
    Marketable securities
    Account receivable
       Less:Allowance for bad debts
       Net plant and equipment
    Inventory
    Perpaid expense
       Total current assets
Other assets:
    Investments
Fixed assets
Total assets

Liabilities and Stockholder’s Equity
Current Liabilities:
    Account payable
    Notes payable
    Accrued expense
       Total current liabilities
Long-term Liabilities:
    Bonds payable
       Total liabilities
Stockholder’s equity:
    Preferred stock
    Common stock
    Capital paid in excess of par(common stock)
    Retained earnings
       Total stockholder’s equity
Total liabilities and stockholder’s equity

第三章讲解几种金融分析所用的指标。如下，使用4种不同的金融比率来对公司金融状况做基本分析：

1. Profitability Ratios(盈利能力比率)

Profitability margin allows us to measure the ability of the firm to earn an adequate return on sales, total assets, and invested capital.

Profitability Ratios	formula
Profitability margin	Netincome(EAT)Sales\frac{Net income(EAT)}{Sales} \quadSalesNetincome(EAT)
Return on assets(ROA)	NetincomeTotalassets=NetincomeSales∗SalesTotalassets\frac{Net income}{Total assets} \quad = \frac{Net income}{Sales} *\frac{Sales}{Total assets}\quadTotalassetsNetincome=SalesNetincome∗TotalassetsSales
Return on equity(ROE)	Netincomeequity\frac{Net income}{equity} \quadequityNetincome

ROA=profit margin*assets turnover
ROE=ROA/(1-Debt/Assets)

2. Asset Utilization Ratios(资产利用率)

Asset Utilization Ratios explain why one firm can turn over its assets more rapidly than another.
All of these ratios relate the balance sheet(assets) to the income statement(sales).

Asset Utilization Ratios	formula
Receivables turnover	SalesReceivables\frac{Sales}{Receivables} \quadReceivablesSales
Average collection period	AccountsreceivabledailySales=AccountsreceivableSales/360\frac{Accounts receivable}{daily Sales} \quad = \frac{Accounts receivable}{Sales/360} \quaddailySalesAccountsreceivable=Sales/360Accountsreceivable
Inventory turnover	SalesInventory\frac{Sales}{Inventory} \quadInventorySales
Fixed asset turnover	SalesFixedAssets\frac{Sales}{Fixed Assets} \quadFixedAssetsSales
Total asset turnover	SalesTotalAssets\frac{Sales}{Total Assets} \quadTotalAssetsSales

企业会根据当下形势选择使用的策略：
1. tight credit policy(紧缩政策)
应收账款减少，销售量减少，Receivables turnover会减少
2. relax credit policy(放宽政策)
应收账款增加，销售量增大，Receivables turnover会增大

3. Liquidity Ratios(流动比率)

Liquidity ratios examine the liquidity of the firm.

Liquidity Ratios	formula
Current ratio	CurrentAssetsCurrentLiabilities\frac{Current Assets}{Current Liabilities} \quadCurrentLiabilitiesCurrentAssets
Quick ratio	CurrentAssets−InventoryCurrentlLabilities\frac{Current Assets-Inventory}{Current lLabilities} \quad CurrentlLabilitiesCurrentAssets−Inventory
Cash ratio	Cash+marketableSecuritiesCurrentLiabilities=CashCurrentLiabilities\frac{Cash+marketableSecurities}{Current Liabilities} \quad = \frac{Cash}{Current Liabilities} \quadCurrentLiabilitiesCash+marketableSecurities=CurrentLiabilitiesCash

注意：cash ratio可能会低估企业的偿债能力，如果企业的应收账款周转率和存货周转率低，企业可能会更加偏向使用cash ratios

4. Debt Utilization Ratios(债务利用率)

Debt Utilization ratios examine the liquidity of the firm.

Liquidity Ratios	formula
Debt to total assets	TotalDebtTotalAssets\frac{Total Debt}{Total Assets} \quadTotalAssetsTotalDebt
Times interest earned	EBITInterest\frac{EBIT}{Interest} \quad InterestEBIT
Fixed charge coverage	IncomeBeforeFixedChargesAndTaxesFixedCharges\frac{Income Before Fixed Charges And Taxes}{Fixed Charges} \quadFixedChargesIncomeBeforeFixedChargesAndTaxes

注意：Fixed charge的值要具体问题具体分析。