财管公式总结

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Chapter 2:

Ⅰ. The cash flow identity

Cash flow from assets= cash flow to creditors(bondholders)

+ cash flow to stockholders(owners)

Ⅱ. Cash flow from assets

cash flow from assets= operating cash flow

- Net capital spending

- Change in net working capital(NWC)

Where

Operating cash flow= EBIT + depreciation – taxes （折旧不消耗现金，因为原来的折旧被减了）

Net capital spending= ending net fixed assets – beginning net fixed assets + depreciation

Change in NWC= ending NWC – beginning NWC [NWC= CA – CL] Ⅲ. Cash flow to creditors (bondholders)

Cash flow to creditors= interest paid – net new borrowing [在”long-term debt”里看]

Ⅳ. Cash flow to stockholders (owners)

Cash flow to stockholders= dividends paid – net new equity raised [在”common stock and paid-in surplus”里看] Chapter 3

Ⅰ. Short-term solvency, or liquidity, ratios Current ratio= Quick ratio= Cash ratio=











Net working capital to total assets= Interval measure（间隔时间指标）=

Ⅱ. Long-term solvency, or financial leverage, ratios Total debt ratio= Debt-equity ratio= Equity multiplier= Long-term debt ratio= Times interest earned ratio=








Cash coverage ratio=

Ⅲ. Asset management, or turnover, ratios Inventory turnover= Days’ sales in inventory= Receivables turnover= NWC turnover=





(COGS)



Fixed asset turnover= Total asset turnover= Ⅳ. Profitability ratios Profit margin= ROA= ROE= ROE=

Ⅴ. Market value ratios Price-earnings ratio= PEG ratio= Price-sales ratio= Market-to-book-ratio= Tobin’s Q ratio=

Enterprise value-EBITDA ratio=Chapter 4

Ⅰ. Internal Growth Rate Internal growth rate= Ⅱ. Sustainable Growth Rate Sustainable growth rate=









[EPS=

]

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