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✓ ✓ ✓\checkmark Week 2: Objective of the Corporation
✓ ✓ ✓\checkmark 第 2 周：公司的目标

Mark as done 标记为完成

This week we will look in more detail at the Financial Manager’s objective to create value via capital budgeting (asset side) and capital structure (liabilities side) decisions. You are going to explore the key properties of the two main sources of funding for corporations (debt and equity) before you are introduced to the goal of maximising shareholder value. Through an example of a real world corporation, you will learn about the importance of coordinating a firm’s corporate strategy and its financial strategy. You will learn about the three financial statements of a corporation, the information that a manager or investor can find in those statements, and how this information can be used. You will also have the opportunity to critically analyse some of the financial ratios that investors and analysts use to assess a firm’s performance.
本周我们将更详细地探讨财务经理通过资本预算（资产方面）和资本结构（负债方面）决策创造价值的目标。您将探索公司两大主要融资来源（债务和股权）的关键特性，然后介绍最大化股东价值的目标。通过一个真实公司的例子，您将了解协调公司的企业战略和财务战略的重要性。您将学习公司的三大财务报表、经理或投资者可以在这些报表中找到的信息，以及如何使用这些信息。您还将有机会批判性地分析一些投资者和分析师用来评估公司绩效的财务比率。

Additional Examples Discussed in the Lecture of the 11th of OCtober 2024
2024 年 10 月 11 日讲座中讨论的其他示例

Question: Consider a project with free cash flows in one year of $200,000 or $ 400 , 000 $ 400 , 000 $400,000\$ 400,000, with each outcome being equally likely. We assume that the project has been financed with equity only. What is the value of equity if the equity cost of capital is 10 % 10 % 10%10 \% ?
问题：考虑一个项目，其一年后的自由现金流为$200,000 或 $ 400 , 000 $ 400 , 000 $400,000\$ 400,000 ，每种结果的可能性相等。我们假设该项目仅通过股权融资。如果股权资本成本为 10 % 10 % 10%10 \% ，那么股权的价值是多少？

Answer: 答案：

E = 0.5 × 200 , 000 + 0.5 × 400 , 000 1 + 0.1 = 272 , 727 E = 0.5 × 200 , 000 + 0.5 × 400 , 000 1 + 0.1 = 272 , 727 E=(0.5 xx200,000+0.5 xx400,000)/(1+0.1)=272,727E=\frac{0.5 \times 200,000+0.5 \times 400,000}{1+0.1}=272,727
Question: The same project as above is financed with a mix of debt and equity. The debt has a face value $ 220 , 000 $ 220 , 000 $220,000\$ 220,000. The cost of debt is 5 % 5 % 5%5 \%. The cost of equity with this new capital structure is 23.75 % 23.75 % 23.75%23.75 \%. Find the value of debt and equity.
问题：与上述相同的项目通过债务和股权的混合方式融资。债务的面值为 $ 220 , 000 $ 220 , 000 $220,000\$ 220,000 。债务成本为 5 % 5 % 5%5 \% 。在这种新的资本结构下，股权成本为 23.75 % 23.75 % 23.75%23.75 \% 。找出债务和股权的价值。

Answer: 答案：

D = 0.5 × 200 , 000 + 0.5 × 220 , 000 1 + 0.05 = 200 , 000 E = 0.5 × 180 , 000 1 + 0.2375 = 72 , 727 D = 0.5 × 200 , 000 + 0.5 × 220 , 000 1 + 0.05 = 200 , 000 E = 0.5 × 180 , 000 1 + 0.2375 = 72 , 727 {:[D=(0.5 xx200,000+0.5 xx220,000)/(1+0.05)=200","000],[E=(0.5 xx180,000)/(1+0.2375)=72","727]:}\begin{gathered} D=\frac{0.5 \times 200,000+0.5 \times 220,000}{1+0.05}=200,000 \\ E=\frac{0.5 \times 180,000}{1+0.2375}=72,727 \end{gathered}
Question: A company raises debt with face value of 30, payable at the end of the year. Assume that all agents are risk neutral and discount the future at a rate of zero, i.e a dollar received next year has a present value of one dollar. The company can choose one of the two projects:
问题：一家公司以面值 30 筹集债务，年末偿还。假设所有参与者都是风险中立的，并且以零的利率折现未来，即明年收到的一美元的现值为一美元。公司可以选择两个项目中的一个：
Project A 项目 A Project B 项目 B
p R p R
20% 0 50% 0
40% 30 0% 30
40% 60 50% 60
Project A Project B p R p R 20% 0 50% 0 40% 30 0% 30 40% 60 50% 60| Project A | | Project B | | | :---: | :---: | :---: | :---: | | p | R | p | R | | 20% | 0 | 50% | 0 | | 40% | 30 | 0% | 30 | | 40% | 60 | 50% | 60 |
where p p pp is the probability of each of the outcomes.
其中 p p pp 是每个结果的概率。
What is the value of Proiect A?
项目 A 的价值是多少？
What is the value of Project B?
项目 B 的价值是多少？
What is the value of debt and the value of equity if the company chooses Project A ?
如果公司选择项目 A，债务的价值和股权的价值是多少？
What is the value of debt and the value of equity if the company chooses Project B?
如果公司选择项目 B，债务的价值和股权的价值是多少？
  1. V A = 0.4 + 0.4 × 60 = 36 V A = 0.4 + 0.4 × 60 = 36 V_(A)=0.4+0.4 xx60=36V_{A}=0.4+0.4 \times 60=36
  2. V B = 0.5 × 60 = 30 V B = 0.5 × 60 = 30 quadV_(B)=0.5 xx60=30\quad V_{B}=0.5 \times 60=30
  3. D A = 0.4 + 0.4 × 30 = 24 D A = 0.4 + 0.4 × 30 = 24 quadD_(A)=0.4+0.4 xx30=24\quad D_{A}=0.4+0.4 \times 30=24
E A = 0.4 × 30 = 12 E A = 0.4 × 30 = 12 E_(A)=0.4 xx30=12E_{A}=0.4 \times 30=12
  1. D B = 0.5 × 30 = 15 D B = 0.5 × 30 = 15 quadD_(B)=0.5 xx30=15\quad D_{B}=0.5 \times 30=15
E A = 0.5 × 30 = 15 E A = 0.5 × 30 = 15 E_(A)=0.5 xx30=15E_{A}=0.5 \times 30=15
  1. Starware Software was founded last year to develop software for gaming applications. Initially, the founder invested $ 800 , 000 $ 800 , 000 $800,000\$ 800,000 and received 8 million shares of stock. Starware now needs to raise capital, and it has identified an interested venture capitalist. This venture capitalist will invest $ 1 $ 1 $1\$ 1 million and wants to own 20 % 20 % 20%20 \% of the company after the investment is completed.
    Starware 软件公司成立于去年，旨在开发游戏应用软件。最初，创始人投资了 $ 800 , 000 $ 800 , 000 $800,000\$ 800,000 并获得了 800 万股股票。Starware 现在需要筹集资金，并已确定了一位感兴趣的风险投资家。这位风险投资家将投资 $ 1 $ 1 $1\$ 1 百万，并希望在投资完成后拥有 20 % 20 % 20%20 \% 的公司股份。
    a) How many shares must the venture capitalist receive to end up with 20 % 20 % 20%20 \% of the company? What is the implied price per share of this funding round?
    a) 风险投资家必须获得多少股份才能最终拥有 20 % 20 % 20%20 \% 的公司？这一轮融资的隐含每股价格是多少？
    b) What will the value of the whole firm be after this investment (the postmoney valuation)?
    b) 这项投资后整个公司的价值将是多少（投资后估值）？
    c) What is the founder’s return?
    创始人的回报是什么？
  2. In early 2015, Ford Motor (F) had a book value of equity of $ 24.8 $ 24.8 $24.8\$ 24.8 billion, 4.0 billion shares outstanding, and a market price of $ 16 $ 16 $16\$ 16 per share. Ford also had cash of $ 21.7 $ 21.7 $21.7\$ 21.7 billion, and total debt of $ 119.2 $ 119.2 $119.2\$ 119.2 billion. Three years later, in early 2018, Ford had a book value of equity of $ 35.0 $ 35.0 $35.0\$ 35.0 billion, 4.0 billion shares outstanding with a market price of $ 11 $ 11 $11\$ 11 per share, cash of $ 26.5 $ 26.5 $26.5\$ 26.5 billion, and total debt of $ 154.3 $ 154.3 $154.3\$ 154.3 billion. Over this period, what was the change in Ford’s
    在 2015 年初，福特汽车（F）的股东权益账面价值为 $ 24.8 $ 24.8 $24.8\$ 24.8 十亿，流通股为 40 亿股，市场价格为 $ 16 $ 16 $16\$ 16 每股。福特还拥有 $ 21.7 $ 21.7 $21.7\$ 21.7 十亿现金，总债务为 $ 119.2 $ 119.2 $119.2\$ 119.2 十亿。三年后，在 2018 年初，福特的股东权益账面价值为 $ 35.0 $ 35.0 $35.0\$ 35.0 十亿，流通股为 40 亿股，市场价格为 $ 11 $ 11 $11\$ 11 每股，现金为 $ 26.5 $ 26.5 $26.5\$ 26.5 十亿，总债务为 $ 154.3 $ 154.3 $154.3\$ 154.3 十亿。在此期间，福特的变化是什么
    a) market capitalization?
    市值？
    b) market-to-book ratio?
    市场账面比率？
    c) enterprise value? 企业价值？
  3. Consider the following potential events that might have taken place at Global Conglomerate on December 30, 2022. For each one, indicate which line items in Global’s balance sheet would be affected and by how much. Also indicate the change to Global’s book value of equity. (In all cases, ignore any tax consequences for simplicity.)
    考虑以下可能在 2022 年 12 月 30 日发生的事件，这些事件可能影响全球综合企业。对于每个事件，指出全球企业资产负债表中将受到影响的项目及其影响金额。同时指出全球企业的账面股东权益的变化。（在所有情况下，为简化起见，忽略任何税务后果。）
    a) Global used $ 20 $ 20 $20\$ 20 million of its available cash to repay $ 20 $ 20 $20\$ 20 million of its long-term debt.
    a) 全球使用了 $ 20 $ 20 $20\$ 20 百万的可用现金来偿还 $ 20 $ 20 $20\$ 20 百万的长期债务。
    b) Global used $ 5 $ 5 $5\$ 5 million in cash and $ 5 $ 5 $5\$ 5 million in new long-term debt to purchase a $ 10 $ 10 $10\$ 10 million building.
    b) 全球使用了 $ 5 $ 5 $5\$ 5 百万现金和 $ 5 $ 5 $5\$ 5 百万新长期债务购买了一座 $ 10 $ 10 $10\$ 10 百万的建筑。
    c) A large customer owing $ 3 $ 3 $3\$ 3 million for products it already received declared bankruptcy, leaving no possibility that Global would ever receive payment.
    c) 一家欠款 $ 3 $ 3 $3\$ 3 百万的主要客户因已收到的产品宣告破产，全球公司再无可能收到付款。
    d) A key competitor announces a radical new pricing policy that will drastically undercut Global’s prices.
    d) 一家主要竞争对手宣布了一项激进的新定价政策，将大幅低于 Global 的价格。
  4. Consider a project with free cash flows in one year of $ 130 , 000 $ 130 , 000 $130,000\$ 130,000 or $ 180 , 000 $ 180 , 000 $180,000\$ 180,000, with each outcome being equally likely.
    考虑一个项目，其一年后的自由现金流为 $ 130 , 000 $ 130 , 000 $130,000\$ 130,000 或 $ 180 , 000 $ 180 , 000 $180,000\$ 180,000 ，每种结果的可能性相等。
    a) First we assume that the project has been financed with equity only. What is the value of equity if the equity cost of capital is 20 % 20 % 20%20 \%.
    a) 首先，我们假设该项目仅通过股权融资。如果股权资本成本为 20 % 20 % 20%20 \% ，那么股权的价值是多少。
    b) Now assume that the same project is financed with a mix of debt and equity. The cash flows of the project remain the same. The debt has a face value $ 140 , 000 $ 140 , 000 $140,000\$ 140,000. The cost of debt is 17 % 17 % 17%17 \%. The cost of equity with this new capital structure is 45.11 % 45.11 % 45.11%45.11 \%. Find the value of debt and the value of equity.
    b) 现在假设同一项目通过债务和股权的混合方式融资。项目的现金流保持不变。债务的面值为 $ 140 , 000 $ 140 , 000 $140,000\$ 140,000 。债务成本为 17 % 17 % 17%17 \% 。在这种新的资本结构下，股权成本为 45.11 % 45.11 % 45.11%45.11 \% 。找出债务的价值和股权的价值。
  5. For fiscal year 2015, Costco Wholesale Corporation had a net profit margin of 2.05 % 2.05 % 2.05%2.05 \%, asset turnover of 3.48 , and a book equity multiplier of 3.15 .
    对于 2015 财年，好市多批发公司净利润率为 2.05 % 2.05 % 2.05%2.05 \% ，资产周转率为 3.48，账面股本乘数为 3.15。
    a) Use this data to compute Costco’s ROE using the DuPont Identity.
    使用这些数据通过杜邦身份计算好市多的股本回报率（ROE）。
    b) If Costco’s managers wanted to increase its ROE by one percentage point, how much higher would their asset turnover need to be?
    b) 如果好市多的管理层想将其股本回报率提高一个百分点，他们的资产周转率需要提高多少？
    c) If Costco’s net profit margin fell by one percentage point, by how much would their asset turnover need to increase to maintain their ROE?
    c) 如果好市多的净利润率下降一个百分点，他们的资产周转率需要提高多少才能维持他们的股本回报率？
  6. Consider a retailing firm with a net profit margin of 3.5 % 3.5 % 3.5%3.5 \%, a total asset turnover of 1.8 , total assets of $ 44 $ 44 $44\$ 44 million, and a book value of equity of $ 18 $ 18 $18\$ 18 million.
    考虑一家零售公司，其净利润率为 3.5 % 3.5 % 3.5%3.5 \% ，总资产周转率为 1.8，总资产为 $ 44 $ 44 $44\$ 44 百万，股东权益账面价值为 $ 18 $ 18 $18\$ 18 百万。
    a) What is the firm’s current ROE?
    该公司的当前股本回报率（ROE）是多少？
    b) If the firm increased its net profit margin to 4 % 4 % 4%4 \%, what would be its ROE?
    b) 如果公司将其净利润率提高到 4 % 4 % 4%4 \% ，那么它的股本回报率（ROE）将是多少？
    c) If, in addition, the firm increased its revenues by 20 % 20 % 20%20 \% (while maintaining this higher profit margin and without changing its assets or liabilities), what would be its ROE?
    c) 如果公司在保持更高利润率且不改变其资产或负债的情况下，额外增加了 20 % 20 % 20%20 \% 的收入，那么它的股本回报率（ROE）将是多少？
  7. You are analyzing the leverage of two firms and you note the following (all values in millions of dollars):
    您正在分析两家公司的杠杆情况，您注意到以下内容（所有数值以百万美元计）：
Debt 债务 Book Equity 账面权益 Market Equity 市场股权 Op Income 营业收入 Interest 利息
Firm A 公司 A 500 300 400 100 50
Firm B 公司 B 80 35 40 8 7
Debt Book Equity Market Equity Op Income Interest Firm A 500 300 400 100 50 Firm B 80 35 40 8 7| | Debt | Book Equity | Market Equity | Op Income | Interest | | :---: | :---: | :---: | :---: | :---: | :---: | | Firm A | 500 | 300 | 400 | 100 | 50 | | Firm B | 80 | 35 | 40 | 8 | 7 |
a) What is the market debt-to-equity ratio of each firm?
每家公司的市场债务与股本比率是多少？
b) What is the book debt-to-equity ratio of each firm?
b) 每家公司的账面债务与股本比率是多少？
c) What is the interest coverage ratio of each firm?
c) 每家公司的利息覆盖比率是多少？
d) Which firm may have more difficulty meeting its debt obligations? Explain.
d) 哪家公司可能在满足其债务义务方面面临更多困难？解释。
8. Quisco Systems has 6.5 billion shares outstanding and a share price of $ 18 $ 18 $18\$ 18. Quisco is considering developing a new networking product in house at a cost of $ 500 $ 500 $500\$ 500 million. Alternatively, Quisco can acquire a firm that already has the technology for $ 900 $ 900 $900\$ 900 million worth (at the current price) of Quisco stock. Suppose that absent the expense of the new technology, Quisco will have EPS of $ 0.80 $ 0.80 $0.80\$ 0.80.
8. Quisco Systems 目前有 65 亿股流通股，股价为 $ 18 $ 18 $18\$ 18 。Quisco 正在考虑以 $ 500 $ 500 $500\$ 500 百万的成本在内部开发一款新的网络产品。或者，Quisco 可以以价值 $ 900 $ 900 $900\$ 900 百万的 Quisco 股票收购一家已经拥有该技术的公司（按当前价格计算）。假设在没有新技术费用的情况下，Quisco 的每股收益（EPS）为 $ 0.80 $ 0.80 $0.80\$ 0.80 。
a) Suppose Quisco develops the product in house. What impact would the development cost have on Quisco’s EPS? Assume all costs are incurred this year and are treated as an R&D expense, Quisco’s tax rate is 35 % 35 % 35%35 \%, and the number of shares outstanding is unchanged.
假设 Quisco 在内部开发该产品。开发成本将对 Quisco 的每股收益（EPS）产生什么影响？假设所有成本在今年发生，并作为研发费用处理，Quisco 的税率为 35 % 35 % 35%35 \% ，且流通股数不变。

ECOM144 Principles of Corporate Finance Problem Set 2 Solutions
ECOM144 公司财务原理 习题集 2 解答

  1. a) After the funding round, the founder’s 8 million shares will represent 80 % 80 % 80%80 \% ownership of the firm. To solve for the new total number of shares (TOTAL): 8 , 000 , 000 = 0.80 × 8 , 000 , 000 = 0.80 × 8,000,000=0.80 xx8,000,000=0.80 \times TOTAL
    a) 在融资轮之后，创始人的 800 万股将代表 80 % 80 % 80%80 \% 对公司的所有权。要计算新的总股份数（TOTAL）： 8 , 000 , 000 = 0.80 × 8 , 000 , 000 = 0.80 × 8,000,000=0.80 xx8,000,000=0.80 \times TOTAL
    So TOTAL = 10 , 000 , 000 = 10 , 000 , 000 =10,000,000=10,000,000 shares. If the new total is 10 million shares, and the venture capitalist will end up with 20 % 20 % 20%20 \%, then the venture capitalist must buy 2 million shares. Given the investment of $ 1 $ 1 $1\$ 1 million for 2 million shares, the implied price per share is $ 0.50 $ 0.50 $0.50\$ 0.50.
    总共 = 10 , 000 , 000 = 10 , 000 , 000 =10,000,000=10,000,000 股。如果新的总数是 1000 万股，而风险投资家最终将拥有 20 % 20 % 20%20 \% ，那么风险投资家必须购买 200 万股。考虑到投资 $ 1 $ 1 $1\$ 1 百万用于 200 万股，隐含每股价格为 $ 0.50 $ 0.50 $0.50\$ 0.50 。
    b) After this investment, there will be 10 million shares outstanding, with a price of $ 0.50 $ 0.50 $0.50\$ 0.50 per share, so the post-money valuation is $ 5 $ 5 $5\$ 5 million.
    b) 在这项投资之后，将有 1000 万股流通，股价为 $ 0.50 $ 0.50 $0.50\$ 0.50 每股，因此投资后的估值为 $ 5 $ 5 $5\$ 5 百万。
    c) The founder invested $ 800 , 000 $ 800 , 000 $800,000\$ 800,000 and her shares are now worth $ 4 $ 4 $4\$ 4 million. Hence, her return is ( 4 , 000 , 000 800 , 000 − 1 ) = 400 % 4 , 000 , 000 800 , 000 − 1 = 400 % ((4,000,000)/(800,000)-1)=400%\left(\frac{4,000,000}{800,000}-1\right)=400 \%.
    c) 创始人投资了 $ 800 , 000 $ 800 , 000 $800,000\$ 800,000 ，她的股份现在价值 $ 4 $ 4 $4\$ 4 百万。因此，她的回报是 ( 4 , 000 , 000 800 , 000 − 1 ) = 400 % 4 , 000 , 000 800 , 000 − 1 = 400 % ((4,000,000)/(800,000)-1)=400%\left(\frac{4,000,000}{800,000}-1\right)=400 \% 。
  2. a) 2015 Market Capitalization: 4 × 16 = $ 64 4 × 16 = $ 64 4xx16=$644 \times 16=\$ 64 billion. 2018 Market Capitalization: 4 × 11 = $ 44 4 × 11 = $ 44 4xx11=$444 \times 11=\$ 44 billion. The change over the period is − $ 20 − $ 20 -$20-\$ 20 billion.
    a) 2015 年市值： 4 × 16 = $ 64 4 × 16 = $ 64 4xx16=$644 \times 16=\$ 64 十亿。2018 年市值： 4 × 11 = $ 44 4 × 11 = $ 44 4xx11=$444 \times 11=\$ 44 十亿。该期间的变化为 − $ 20 − $ 20 -$20-\$ 20 十亿。
    b) 2015 Market-to-Book: 64 24.8 = 64 24.8 = (64)/(24.8)=\frac{64}{24.8}= 2.58. 2018 Market-to-Book: 44 35 = 1.26 44 35 = 1.26 (44)/(35)=1.26\frac{44}{35}=1.26. The change over the period is: 1.26 − 2.58 = − 1.32 1.26 − 2.58 = − 1.32 1.26-2.58=-1.321.26-2.58=-1.32.
    b) 2015 市场账面比率: 64 24.8 = 64 24.8 = (64)/(24.8)=\frac{64}{24.8}= 2.58. 2018 市场账面比率: 44 35 = 1.26 44 35 = 1.26 (44)/(35)=1.26\frac{44}{35}=1.26 . 该期间的变化为: 1.26 − 2.58 = − 1.32 1.26 − 2.58 = − 1.32 1.26-2.58=-1.321.26-2.58=-1.32 .
    c) 2015 Enterprise Value: 64 − 21.7 + 119.2 = $ 161.5 64 − 21.7 + 119.2 = $ 161.5 64-21.7+119.2=$161.564-21.7+119.2=\$ 161.5 billion. 2018 Enterprise Value: 44 − 26.5 + 154.3 = $ 171.8 44 − 26.5 + 154.3 = $ 171.8 44-26.5+154.3=$171.844-26.5+154.3=\$ 171.8 billion. The change over the period is: 171.8 − 161.5 = $ 10.3 171.8 − 161.5 = $ 10.3 171.8-161.5=$10.3171.8-161.5=\$ 10.3 billion.
    c) 2015 年企业价值： 64 − 21.7 + 119.2 = $ 161.5 64 − 21.7 + 119.2 = $ 161.5 64-21.7+119.2=$161.564-21.7+119.2=\$ 161.5 十亿。2018 年企业价值： 44 − 26.5 + 154.3 = $ 171.8 44 − 26.5 + 154.3 = $ 171.8 44-26.5+154.3=$171.844-26.5+154.3=\$ 171.8 十亿。期间变化为： 171.8 − 161.5 = $ 10.3 171.8 − 161.5 = $ 10.3 171.8-161.5=$10.3171.8-161.5=\$ 10.3 十亿。
  3. a) Long-term liabilities would decrease by $ 20 $ 20 $20\$ 20 million, and cash would decrease by the same amount. The book value of equity would be unchanged.
    a) 长期负债将减少 $ 20 $ 20 $20\$ 20 百万，现金也将减少相同的金额。股东权益的账面价值将保持不变。
    b) Long-term assets would increase by $ 10 $ 10 $10\$ 10 million, cash would decrease by $ 5 $ 5 $5\$ 5 million, and long-term liabilities would increase by $ 5 $ 5 $5\$ 5 million. There would be no change to the book value of equity.
    b) 长期资产将增加 $ 10 $ 10 $10\$ 10 百万，现金将减少 $ 5 $ 5 $5\$ 5 百万，长期负债将增加 $ 5 $ 5 $5\$ 5 百万。股东权益的账面价值将没有变化。
    c) Accounts receivable would decrease by $ 3 $ 3 $3\$ 3 million, as would the book value of equity.
    应收账款将减少 $ 3 $ 3 $3\$ 3 百万，股东权益的账面价值也将减少。
    d) This event would not affect the balance sheet.
    d) 此事件不会影响资产负债表。
  4. Consider a project with free cash flows in one year of $ 130 , 000 $ 130 , 000 $130,000\$ 130,000 or $ 180 , 000 $ 180 , 000 $180,000\$ 180,000, with each outcome being equally likely.
    考虑一个项目，其一年后的自由现金流为 $ 130 , 000 $ 130 , 000 $130,000\$ 130,000 或 $ 180 , 000 $ 180 , 000 $180,000\$ 180,000 ，每种结果的可能性相等。
    a)
E = 0.5 × 130 , 000 + 0.5 × 180 , 000 1.2 = 129 , 167 E = 0.5 × 130 , 000 + 0.5 × 180 , 000 1.2 = 129 , 167 E=(0.5 xx130,000+0.5 xx180,000)/(1.2)=129,167E=\frac{0.5 \times 130,000+0.5 \times 180,000}{1.2}=129,167
b)
D = 0.5 × 130 , 000 + 0.5 × 140 , 000 1.17 = 115 , 385 E = 0.5 × 40 , 000 1.4511 = 13 , 782 D = 0.5 × 130 , 000 + 0.5 × 140 , 000 1.17 = 115 , 385 E = 0.5 × 40 , 000 1.4511 = 13 , 782 {:[D=(0.5 xx130,000+0.5 xx140,000)/(1.17)=115","385],[E=(0.5 xx40,000)/(1.4511)=13","782]:}\begin{gathered} D=\frac{0.5 \times 130,000+0.5 \times 140,000}{1.17}=115,385 \\ E=\frac{0.5 \times 40,000}{1.4511}=13,782 \end{gathered}
  1. a) R O E = 2.05 % × 3.48 × 3.15 = 22.47 % R O E = 2.05 % × 3.48 × 3.15 = 22.47 % ROE=2.05%xx3.48 xx3.15=22.47%R O E=2.05 \% \times 3.48 \times 3.15=22.47 \%.
    b) Costco’s new asset turnover
    b) 好市多的新资产周转率
23.47 % / ( 2.05 % × 3.15 ) = 3.63 23.47 % / ( 2.05 % × 3.15 ) = 3.63 23.47%//(2.05%xx3.15)=3.6323.47 \% /(2.05 \% \times 3.15)=3.63
or an increase of 3.63 − 3.48 = 0.15 3.63 − 3.48 = 0.15 3.63-3.48=0.153.63-3.48=0.15.
或增加 3.63 − 3.48 = 0.15 3.63 − 3.48 = 0.15 3.63-3.48=0.153.63-3.48=0.15 。
c) Costco’s new asset turnover
c) 好市多的新资产周转率
22.47 % / ( 1.05 % × 3.15 ) = 6.79 22.47 % / ( 1.05 % × 3.15 ) = 6.79 22.47%//(1.05%xx3.15)=6.7922.47 \% /(1.05 \% \times 3.15)=6.79
or an increase of 6.79 − 3.48 = 3.31 6.79 − 3.48 = 3.31 6.79-3.48=3.316.79-3.48=3.31
或增加 6.79 − 3.48 = 3.31 6.79 − 3.48 = 3.31 6.79-3.48=3.316.79-3.48=3.31
6. a) 3.5 × 1.8 × 44 18 = 15.4 % 3.5 × 1.8 × 44 18 = 15.4 % 3.5 xx1.8 xx(44)/(18)=15.4%3.5 \times 1.8 \times \frac{44}{18}=15.4 \%
b) 4 × 1.8 × 44 18 = 17.6 % 4 × 1.8 × 44 18 = 17.6 % 4xx1.8 xx(44)/(18)=17.6%4 \times 1.8 \times \frac{44}{18}=17.6 \%
c) 4 × ( 1.8 × 1.2 ) × 44 18 = 21.1 % 4 × ( 1.8 × 1.2 ) × 44 18 = 21.1 % 4xx(1.8 xx1.2)xx(44)/(18)=21.1%4 \times(1.8 \times 1.2) \times \frac{44}{18}=21.1 \%
7. a) Firm A: 5 U U 400 = 1.25 5 U U 400 = 1.25 (5UU)/(400)=1.25\frac{5 U U}{400}=1.25 Firm B: δ U 40 = 2 δ U 40 = 2 (delta U)/(40)=2\frac{\delta U}{40}=2
7. a) 公司 A: 5 U U 400 = 1.25 5 U U 400 = 1.25 (5UU)/(400)=1.25\frac{5 U U}{400}=1.25 公司 B: δ U 40 = 2 δ U 40 = 2 (delta U)/(40)=2\frac{\delta U}{40}=2
b) Firm A: 500 300 = 1.67 500 300 = 1.67 (500)/(300)=1.67\frac{500}{300}=1.67 Firm B: 80 35 = 2.29 80 35 = 2.29 (80)/(35)=2.29\frac{80}{35}=2.29
b) 公司 A: 500 300 = 1.67 500 300 = 1.67 (500)/(300)=1.67\frac{500}{300}=1.67 公司 B: 80 35 = 2.29 80 35 = 2.29 (80)/(35)=2.29\frac{80}{35}=2.29
c) Firm A: 100 50 = 2 100 50 = 2 (100)/(50)=2\frac{100}{50}=2 Firm B: 8 7 = 1.14 8 7 = 1.14 (8)/(7)=1.14\frac{8}{7}=1.14
c) 公司 A: 100 50 = 2 100 50 = 2 (100)/(50)=2\frac{100}{50}=2 公司 B: 8 7 = 1.14 8 7 = 1.14 (8)/(7)=1.14\frac{8}{7}=1.14
d) Firm B has a lower coverage ratio and will have slightly more difficulty meeting its debt obligations than Firm A.
d) 公司 B 的覆盖率较低，满足其债务义务的难度将比公司 A 稍大。
8. a) Assume the new product would not change this year’s revenues. If Quisco develops the product in-house, its earnings would fall by 500 × ( 1 ∧ 0.35 ) = 500 × 1 ∧ 0.35 = 500 xx(1^0.35)=500 \times\left(1^{\wedge} 0.35\right)= $ 325 $ 325 $325\$ 325 million. With no change to the number of shares outstanding, its EPS would decrease by 325 6500 = $ 0.05 325 6500 = $ 0.05 (325)/(6500)=$0.05\frac{325}{6500}=\$ 0.05 to $ 0.75 $ 0.75 $0.75\$ 0.75.
8. a) 假设新产品不会改变今年的收入。如果 Quisco 在内部开发该产品，其收益将减少 500 × ( 1 ∧ 0.35 ) = 500 × 1 ∧ 0.35 = 500 xx(1^0.35)=500 \times\left(1^{\wedge} 0.35\right)= $ 325 $ 325 $325\$ 325 百万。在未改变流通股数量的情况下，其每股收益将减少 325 6500 = $ 0.05 325 6500 = $ 0.05 (325)/(6500)=$0.05\frac{325}{6500}=\$ 0.05 至 $ 0.75 $ 0.75 $0.75\$ 0.75 。
b) If Quisco acquires the technology for $ 900 $ 900 $900\$ 900 million worth of its stock, it will issue 900 18 = 50 900 18 = 50 (900)/(18)=50\frac{900}{18}=50 million new shares. Because earnings without this transaction are 0.80 × 6.5 0.80 × 6.5 0.80 xx6.50.80 \times 6.5 billion = $ 5.2 = $ 5.2 =$5.2=\$ 5.2 billion, its EPS with the purchase is 5.2 6.55 = $ 0.794 5.2 6.55 = $ 0.794 (5.2)/(6.55)=$0.794\frac{5.2}{6.55}=\$ 0.794.
b) 如果 Quisco 以价值 $ 900 $ 900 $900\$ 900 百万的股票收购该技术，它将发行 900 18 = 50 900 18 = 50 (900)/(18)=50\frac{900}{18}=50 百万新股。因为在没有这笔交易的情况下，收益为 0.80 × 6.5 0.80 × 6.5 0.80 xx6.50.80 \times 6.5 十亿 = $ 5.2 = $ 5.2 =$5.2=\$ 5.2 十亿，收购后的每股收益为 5.2 6.55 = $ 0.794 5.2 6.55 = $ 0.794 (5.2)/(6.55)=$0.794\frac{5.2}{6.55}=\$ 0.794 。
c) Acquiring the technology would have a smaller impact on earnings, but this method is not cheaper. Developing it in-house is less costly and provides an immediate tax benefit. The earnings impact is not a good measure of the expense. In addition, note that because the acquisition permanently increases the number of shares outstanding, it will reduce Quisco’s earnings per share in future years as well.
c) 收购该技术对收益的影响较小，但这种方法并不便宜。内部开发成本更低，并且提供了即时的税收优惠。收益影响并不是衡量费用的好标准。此外，请注意，由于收购会永久增加流通在外的股份数量，因此也会在未来几年减少 Quisco 的每股收益。

University of London 伦敦大学

The Objective of the Corporation
公司的目标

Debt and Equity 债务和股权
Dr Radoslawa Nikolowa 拉多斯瓦瓦·尼科洛娃博士
School of Economics and Finance
经济与金融学院

Debt 债务

Debt: fixed claim with high priority in financial trouble and no management control.
债务：在财务困境中具有高优先级且没有管理控制的固定索赔。
  • Debt-holders are entitled to fixed payments in the future (interest payments and repaying principal).
    债权人有权在未来获得固定的支付（利息支付和偿还本金）。
  • If the company fails to make those payments, it cedes control of the business to the debtholders.
    如果公司未能进行这些支付，它将把业务控制权让给债权人。

Debt 债务

Bank borrowing is the most common form of debt
银行借款是最常见的债务形式
Advantages: 优势：
✓ ✓ ✓\checkmark Only form of debt for small firms
✓ ✓ ✓\checkmark 小型企业唯一的债务形式
✓ ✓ ✓\checkmark Banks can supply advice etc.
✓ ✓ ✓\checkmark 银行可以提供建议等。
✓ ✓ ✓\checkmark Easy to arrange  ✓ ✓ ✓\checkmark 容易安排
Disadvantages: 缺点：
✓ ✓ ✓\checkmark Can be more expensive than market debt Finance
✓ ✓ ✓\checkmark 可能比市场债务融资更昂贵
✓ ✓ ✓\checkmark Availability often dependent on Bank’s performance rather than firms
✓ ✓ ✓\checkmark 可用性通常取决于银行的表现而非公司的表现

Bonds 债券

Bond: security, sold by governments or corporations, that promises future fixed payments to investors (called bondholders).
债券：由政府或公司发行的证券，承诺向投资者（称为债券持有人）支付未来的固定款项。
The final date of payment of the bond is called the maturity date.
债券的最终支付日期称为到期日。
Bondholders receive two types of payments: interest payments (also called coupons) and principal repayment.
债券持有人收到两种类型的支付：利息支付（也称为票息）和本金偿还。
The principal (also called the face value) is the notional amount used to calculate the interest.
本金（也称为面值）是用于计算利息的名义金额。
Features of a May Department Stores Bond
梅百货公司债券的特点
Term 期限 Explanation 翻译文本：解释
Amount of issue 发行金额 $200 million 2 亿美元 The company issued $ 2 0 0 $ 2 0 0 $200\mathbf{\$ 2 0 0} million worth of bonds.
公司发行了价值 $ 2 0 0 $ 2 0 0 $200\mathbf{\$ 2 0 0} 百万的债券。
Date of issue 发行日期 8/4/94 The bonds were sold on 8/4/94.
债券于 1994 年 8 月 4 日出售。
Maturity 到期 8/1/24 The principal will be paid 30 years after the issue date.
本金将在发行日期后的 30 年支付。
Face value 面值 $1,000 The denomination of the bonds is $ 1 , 000 $ 1 , 000 $1,000\$ 1,000.
债券的面值为 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 。
Annual coupon 年息券 8.375 Each bondholder will receive $ 83.75 $ 83.75 $83.75\$ 83.75 per bond per year ( 8.375 % 8.375 % 8.375%8.375 \% of face value).
每位债券持有人将每年收到 $ 83.75 $ 83.75 $83.75\$ 83.75 每债券（ 8.375 % 8.375 % 8.375%8.375 \% 的面值）。
Offer price 报价 100 The offer price will be 100 % 100 % 100%100 \% of the $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 face value per bond.
报价将为每个债券面值 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 的 100 % 100 % 100%100 \% 。
Coupon payment dates 票息支付日期 2/1,8/1 Coupons of $ 83.75 / 2 = $ 41.875 $ 83.75 / 2 = $ 41.875 $83.75//2=$41.875\$ 83.75 / 2=\$ 41.875 will be paid on these dates.
$ 83.75 / 2 = $ 41.875 $ 83.75 / 2 = $ 41.875 $83.75//2=$41.875\$ 83.75 / 2=\$ 41.875 的息票将在这些日期支付。
Security 安全 None 翻译文本：无 The bonds are debentures.
这些债券是无担保债券。
Sinking fund 偿债基金 Annuai, beginning 8/1/05
年金，从 2005 年 8 月 1 日开始		 The firm will make annual payments towards the sinking fund.
该公司将每年向偿债基金支付款项。
Call provision 提前赎回条款 Not callable before 8/1/04
在 2004 年 8 月 1 日之前不可赎回		 The bonds have a deferred call feature.
这些债券具有延期赎回特性。
Call price 行权价格 104.188 initially, declining to 100
104.188 最初，下降至 100		 After 8/1/04, the company can buy back the bonds for $1,041.88 per bond, with this price declining to $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 on 8 / 1 / 14 8 / 1 / 14 8//1//148 / 1 / 14
在 2004 年 8 月 1 日之后，公司可以以每个债券 1,041.88 美元的价格回购债券，该价格将在 8 / 1 / 14 8 / 1 / 14 8//1//148 / 1 / 14 下降至 $ 1 , 000 $ 1 , 000 $1,000\$ 1,000 。
Rating 评级 Moody's A2 穆迪 A2 This is one of Moody's higher ratings. The bonds have a low probability of default.
这是穆迪的较高评级之一。这些债券的违约概率很低。
Features of a May Department Stores Bond Term Explanation Amount of issue $200 million The company issued $200 million worth of bonds. Date of issue 8/4/94 The bonds were sold on 8/4/94. Maturity 8/1/24 The principal will be paid 30 years after the issue date. Face value $1,000 The denomination of the bonds is $1,000. Annual coupon 8.375 Each bondholder will receive $83.75 per bond per year ( 8.375% of face value). Offer price 100 The offer price will be 100% of the $1,000 face value per bond. Coupon payment dates 2/1,8/1 Coupons of $83.75//2=$41.875 will be paid on these dates. Security None The bonds are debentures. Sinking fund Annuai, beginning 8/1/05 The firm will make annual payments towards the sinking fund. Call provision Not callable before 8/1/04 The bonds have a deferred call feature. Call price 104.188 initially, declining to 100 After 8/1/04, the company can buy back the bonds for $1,041.88 per bond, with this price declining to $1,000 on 8//1//14 Rating Moody's A2 This is one of Moody's higher ratings. The bonds have a low probability of default.| Features of a May Department Stores Bond | | | | :---: | :---: | :---: | | Term | | Explanation | | Amount of issue | $200 million | The company issued $\mathbf{\$ 2 0 0}$ million worth of bonds. | | Date of issue | 8/4/94 | The bonds were sold on 8/4/94. | | Maturity | 8/1/24 | The principal will be paid 30 years after the issue date. | | Face value | $1,000 | The denomination of the bonds is $\$ 1,000$. | | Annual coupon | 8.375 | Each bondholder will receive $\$ 83.75$ per bond per year ( $8.375 \%$ of face value). | | Offer price | 100 | The offer price will be $100 \%$ of the $\$ 1,000$ face value per bond. | | Coupon payment dates | 2/1,8/1 | Coupons of $\$ 83.75 / 2=\$ 41.875$ will be paid on these dates. | | Security | None | The bonds are debentures. | | Sinking fund | Annuai, beginning 8/1/05 | The firm will make annual payments towards the sinking fund. | | Call provision | Not callable before 8/1/04 | The bonds have a deferred call feature. | | Call price | 104.188 initially, declining to 100 | After 8/1/04, the company can buy back the bonds for $1,041.88 per bond, with this price declining to $\$ 1,000$ on $8 / 1 / 14$ | | Rating | Moody's A2 | This is one of Moody's higher ratings. The bonds have a low probability of default. |

Debt 债务

Figure 10: Sources of corporate debt - US vs Europe
图 10：企业债务来源 - 美国与欧洲

Equity 股权

Equity: residual claim with lowest priority in financial trouble, ownership.
股权：在财务困境中优先级最低的剩余索赔，所有权。
  • Equity-holders are entitled to whatever cash-flows are left over once debt-holders have been paid.
    股东有权获得在债权人得到支付后剩余的现金流。
  • Owner’s equity, common stock, venture capital
    所有者权益，普通股，风险资本

Equity 股权

Private equity involves a private arrangement between investor and firm and so is not (easily) tradable.
私募股权涉及投资者与公司之间的私人安排，因此不易交易。
Advantages: 优势：
✓ ✓ ✓\checkmark Only form of equity for small firms
✓ ✓ ✓\checkmark 小型企业唯一的股权形式
✓ ✓ ✓\checkmark Strong relationship between investors and firms
✓ ✓ ✓\checkmark 投资者与公司的强关系
Disadvantages: 缺点：
✓ ✓ ✓\checkmark Illiquid  ✓ ✓ ✓\checkmark 非流动性
✓ ✓ ✓\checkmark Expensive for the firm
✓ ✓ ✓\checkmark 对公司来说成本高昂

Equity 股权

  • Equity typically refers to publicly traded equity
    股权通常指公开交易的股权
  • Public equity ownership is divided into many shares and sold to a dispersed base of investors
    公众股权所有权被分为许多股份，并出售给分散的投资者基础
  • In order to go public, a firm must get a listing on a Stock Exchange and then sell shares through an Initial Public Offering (IPO)
    为了上市，公司必须在证券交易所获得上市资格，然后通过首次公开募股（IPO）出售股票
  • Listing involves meeting some minimum standards for the Exchange (financial statements, size etc.)
    上市涉及满足交易所的一些最低标准（财务报表、规模等）。
  • IPO is a long, complex, and costly process for the firm (more on that later in the module)
    首次公开募股（IPO）对公司来说是一个漫长、复杂且成本高昂的过程（稍后在本模块中会详细介绍）

University of London 伦敦大学

The Objective of the Corporation
公司的目标

The Objective of the Corporation
公司的目标

School of Economics and Finance
经济与金融学院

The Objective of the Corporation
公司的目标

The objective: maximize the value of the firm.
目标：最大化公司的价值。

The Objective of the Corporation
公司的目标

In practice the objective is narrower: maximize shareholders wealth.
在实践中，目标更为狭窄：最大化股东财富。
Assets 资产 Liabilities 负债

在位资产和增长资产
Assets in place and
growth assets
Assets in place and growth assets| Assets in place and | | :---: | | growth assets |
 Debt 债务

最大化市场对股权价值的估计
Maximize the
market's
estimate of
Equity value
Maximize the market's estimate of Equity value| Maximize the | | :--- | | market's | | estimate of | | Equity value |
Equity 股权
Assets Liabilities "Assets in place and growth assets" Debt "Maximize the market's estimate of Equity value" Equity | Assets | Liabilities | | | :---: | :--- | :--- | | Assets in place and <br> growth assets | Debt | Maximize the <br> market's <br> estimate of <br> Equity value | | | Equity | |

The Investment Decision 投资决策

Choose among real investment opportunities: projects.
选择真实的投资机会：项目。
Invest in projects that create value: positive NPV or return higher than a hurdle rate.
投资于创造价值的项目：正的净现值或回报高于门槛利率。
To create value we need to know how to measure value (Valuation). Key principles:
要创造价值，我们需要知道如何衡量价值（估值）。关键原则：
  • Cash is king 现金为王
  • Account for time value of money
    考虑货币的时间价值
  • Account for risk 考虑风险

The Financing and Payout Decision
融资与支付决策

Financing decision: find the right mix of debt and equity to finance your operations.
融资决策：找到合适的债务和股权组合来为您的运营提供资金。
Financing decision requires:
融资决策需要：
  • Understanding the functions of financial markets
    理解金融市场的功能
  • Understanding agency conflicts
    理解代理冲突
  • Get a sense of the trade-offs: which are the forces that (really) matter
    了解权衡的感觉：哪些力量（真正）重要
Payout decision: If there are no positive NPV investments, return (some of the) cash to investors.
支付决策：如果没有正的净现值投资，则将（部分）现金返还给投资者。

University of London 伦敦大学

The Objective of the Corporation
公司的目标

Corporate Finance and Corporate Strategy
企业财务与企业战略
School of Economics and Finance
经济与金融学院

The Need for Coordination
协调的必要性

The Financial strategy should be coordinated with the Investment / Operations strategy.
财务战略应与投资/运营战略协调一致。
What happens when firms do not properly coordinate their operational plans and their financial plans?
当公司未能妥善协调其运营计划和财务计划时，会发生什么？
An example: the US supermarkets industry in the 1980s
一个例子：1980 年代的美国超市行业

Cullum Companies Incorporated
卡伦公司股份有限公司

Dallas-based supermarket chain. In 1987:
达拉斯总部的超市连锁店。1987 年：
✓ 70 ✓ 70 ✓70\checkmark 70 stores  ✓ 70 ✓ 70 ✓70\checkmark 70 商店
✓ $ 1 ✓ $ 1 ✓$1\checkmark \$ 1 billion in Sales  ✓ $ 1 ✓ $ 1 ✓$1\checkmark \$ 1 亿销售额
✓ $ 36.4 ✓ $ 36.4 ✓$36.4\checkmark \$ 36.4 million in EBIT  ✓ $ 36.4 ✓ $ 36.4 ✓$36.4\checkmark \$ 36.4 百万的息税前利润
✓ $ 18.1 ✓ $ 18.1 ✓$18.1\checkmark \$ 18.1 million in net income
✓ $ 18.1 ✓ $ 18.1 ✓$18.1\checkmark \$ 18.1 百万净收入
✓ ✓ ✓\checkmark ROE of 17 % 17 % 17%17 \% on average from 1985 to 1987
✓ ✓ ✓\checkmark 从 1985 年到 1987 年平均的 ROE 为 17 % 17 % 17%17 \%
Wave of Leveraged Buyouts (LBOs)
杠杆收购潮（LBO）
✓ ✓ ✓\checkmark Cullum bought out by Morgan Stanley in 1988 for $ 582 $ 582 $582\$ 582 million
✓ ✓ ✓\checkmark Cullum 于 1988 年被摩根士丹利以 $ 582 $ 582 $582\$ 582 百万收购

Cullum Companies Incorporated
卡伦公司股份有限公司

Cullum's Capital Structure (Book Values)
卡伦的资本结构（账面价值）

Before 之前 After 之后
Bank debt 银行债务 115 303
Short-term notes 短期票据 0 215
Equity 股权 142 64
Total 总计 257.4 582
Leverage ratio 杠杆比率 45 % 45 % 45%45 \% 89 % 89 % 89%89 \%
Before After Bank debt 115 303 Short-term notes 0 215 Equity 142 64 Total 257.4 582 Leverage ratio 45% 89%| | Before | After | | :--- | ---: | ---: | | Bank debt | 115 | 303 | | Short-term notes | 0 | 215 | | Equity | 142 | 64 | | Total | 257.4 | 582 | | Leverage ratio | $45 \%$ | $89 \%$ |

Cullum Companies Incorporated
卡伦公司股份有限公司

Did the deal make sense?
这笔交易有意义吗？
> > >> Firm valued at about 220% of its pre-deal value!
> > >> 公司估值约为其交易前价值的 220%!
> > >> Planned to grow over 1987-88 from 70 to 103 stores
> > >> 计划在 1987-88 年间从 70 家增长到 103 家商店
> > >> How would they finance this growth?
> > >> 他们将如何为这一增长融资？
How would competitors respond?
竞争对手将如何回应？

Cullum Companies Incorporated
卡伦公司股份有限公司

What actually happened: 实际发生了什么：
Cullum became cash-strapped and vulnerable to competitors
卡伦变得资金紧张，容易受到竞争对手的威胁
Food Lion, another supermarket chain, sensed Cullum’s vulnerability and entered to steal market share from Cullum.
食品狮，另一家超市连锁，察觉到卡伦的脆弱，进入市场以抢夺卡伦的市场份额。
Cullum was sold to Randall’s food in 1992
Cullum 于 1992 年被出售给 Randall's 食品

What do we Learn from this Example?
我们从这个例子中学到了什么？

This is an example of a financial policy (high leverage) being inconsistent with the product market strategy (growth)
这是一个金融政策（高杠杆）与产品市场战略（增长）不一致的例子
When evaluating a strategy, you need to incorporate:
在评估策略时，您需要纳入：
Realistic assumptions about your financial policy (e.g. can I really keep leverage high)
关于您的财务政策的现实假设（例如，我真的可以保持高杠杆吗）
Realistic implications of this policy (e.g. how likely I am to get into financial distress)
该政策的现实影响（例如，我陷入财务困境的可能性有多大）
By the end of the course you will have tools to choose a sensible financial structure.
到课程结束时，您将拥有选择合理财务结构的工具。

University of London 伦敦大学

The Objective of the Corporation
公司的目标

Financial Statements 财务报表
School of Economics and Finance
经济与金融学院

Financial Statements 财务报表

Accountants prepare financial statements. The financial accounts present the financial position of the firm.
会计师编制财务报表。财务账户展示公司的财务状况。
Three main statements: 三大主要报表：
Balance sheet - statement showing a firm’s accounting (book) value on a particular date.
资产负债表 - 显示公司在特定日期的会计（账面）价值的报表。
Income statement - statement summarizing a firm’s performance over a period of time
收入报表 - 总结公司在一段时间内表现的报表
Statement of cash flows - statement summarizing a firm’s sources and uses of cash over a period of time
现金流量表 - 总结公司在一段时间内现金来源和使用情况的报表

The Balance Sheet 资产负债表

Assets 资产
Liabilities 负债

Market vs Book Value
市场价值与账面价值

The balance sheet provides the book value of the assets, liabilities and equity.
资产负债表提供了资产、负债和股东权益的账面价值。
Market value is the price at which the assets, liabilities, or equity can actually be bought or sold currently.
市场价值是资产、负债或股权当前实际可以买卖的价格。

Market value and book value are almost always very different.
市场价值和账面价值几乎总是非常不同。

The Income Statement 损益表

At the simplest level: Net Income = Revenues - Expenses
在最简单的层面上：净收入 = 收入 - 费用
Intermediate steps: 中间步骤：
EBIT (Earnings before interest and tax) = Revenue - COGS - Operating Expenses. (Sometimes called Operating Income).
息税前利润（EBIT）= 收入 - 销售成本 - 营业费用。（有时称为营业收入）。
Net Income = EBIT - interest - taxes
净收入 = 息税前利润 - 利息 - 税款
Other useful definitions:
其他有用的定义：
Taxes paid = ( = ( =(=( EBIT - interest)tax rate
税款支付 = ( = ( =(=( EBIT - 利息) 税率
Net Income = ( = ( =(=( EBIT - interest)(1-tax rate)
净收入 = ( = ( =(=( 息税前利润 - 利息)(1-税率)

Income is paid out or reinvested
收入被支付或再投资

Shareholders receive a return through:
股东通过以下方式获得回报：
  • Money paid out today.
    今天支付的款项。
  • Money paid out in the future.
    未来支付的款项。
Income is used to:
收入用于：
  • Return money to shareholders today (dividends).
    今天向股东返还资金（分红）。
  • Reinvested in the company with the aim of achieving growth for the future.
    再投资于公司，旨在实现未来的增长。

The Cash Flow Statement
现金流量表

Financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalent from an accounting perspective.
财务报表显示资产负债表账户和收入的变化如何从会计角度影响现金及现金等价物。
Often, the Accountants focus on the cash flow statement last; and Financiers focus on it first!
通常，会计师最后关注现金流量表；而金融专家首先关注它！
Why? Financiers care about the amount and timing of cash flows because this determines how much can be returned to investors. This determines value.
为什么？金融家关心现金流的数量和时机，因为这决定了可以返还给投资者的金额。这决定了价值。

Free Cash Flows 自由现金流

In Finance we care about:
在金融领域，我们关心：
Free Cash Flow (FCF) = (1-tax rate)*EBIT + Depreciation - Capital Expenditure Changes in Net Working Capital
自由现金流（FCF）= (1-税率)*息税前利润（EBIT） + 折旧 - 资本支出 - 营运资本变动
Free Cash Flow (FCF) tells us how much cash the firm produces. This is the amount of cash that can be paid out to investors.
自由现金流（FCF）告诉我们公司产生了多少现金。这是可以支付给投资者的现金金额。
Free Cash Flow = Cash flow to debtholders + Cash flow to shareholders
自由现金流 = 现金流入债权人 + 现金流入股东
Free Cash Flow may also be called FCF, cash from assets or total cash flow.
自由现金流也可以称为 FCF、资产现金或总现金流。

University of London 伦敦大学

The Objective of the Corporation
公司的目标

Financial Ratios 财务比率
School of Economics and Finance
经济与金融学院

Ratio Analysis 比率分析

Financial ratios are means of comparing and investigating the relationships between different pieces of financial information.
财务比率是比较和研究不同财务信息之间关系的手段。
Who uses ratios: 谁使用比率：
  • Internal uses: Performance evaluation, Comparison among divisions, Planning for the future
    内部用途：绩效评估、部门间比较、未来规划
  • External uses: Creditors, Suppliers, Customers, Stockholders
    外部用途：债权人、供应商、客户、股东

Financial Performance Ratio
财务绩效比率

Most visible measure of performance: Return on Equity
最明显的绩效衡量标准：股本回报率
ROE = NI / SE ROE = NI / SE ROE=NI//SE\mathrm{ROE}=\mathrm{NI} / \mathrm{SE}
Where NI = net income and SE = Shareholders’ Equity
其中 NI = 净收入，SE = 股东权益
  • Efficiency of use of owners’ capital
    业主资本使用效率
  • The 'industry standard’ for performance evaluation
    “绩效评估”的“行业标准”
  • But is it a good measure of performance?
    但这是否是一个良好的绩效衡量标准？

Return on Equity (ROE)
股本回报率 (ROE)

The DuPont Identity: R O E = N I S E = N I Sales × Sales Assets × Assets SE  The DuPont Identity:  R O E = N I S E = N I  Sales  ×  Sales   Assets  ×  Assets   SE  {:[" The DuPont Identity: "],[ROE=(NI)/(SE)=(NI)/(" Sales ")xx(" Sales ")/(" Assets ")xx(" Assets ")/(" SE ")]:}\begin{gathered} \text { The DuPont Identity: } \\ R O E=\frac{N I}{S E}=\frac{N I}{\text { Sales }} \times \frac{\text { Sales }}{\text { Assets }} \times \frac{\text { Assets }}{\text { SE }} \end{gathered}
  • ROE=Profit margin x Asset Turnover x Financial leverage
    ROE=利润率 x 资产周转率 x 财务杠杆
  • ROE incorporates both operational and financial performance
    ROE 包含了运营和财务表现
  • ROE uses information from both income statement and balance sheet
    ROE 使用来自损益表和资产负债表的信息

Profitability Ratio 盈利能力比率

Profit margin = NI / Sales
利润率 = 净利润 / 销售额

  • Measures how well the firm is managing its costs relative to its revenues
    衡量公司相对于其收入管理成本的能力
  • Answers: how much of each dollar in sales do shareholders earn?
    答案：每一美元销售中，股东赚取多少？
  • Profit margins are highly heterogeneous across different industries
    利润率在不同产业之间差异很大

Operating or Turnover Ratio
营业或周转比率

General goal of asset management or turnover ratios: to describe how efficiently or intensively a firm uses its assets to generate sales.
资产管理或周转率的一般目标：描述公司使用其资产产生销售的效率或强度。
Also referred to as asset utilization ratio.
也称为资产利用率。

Asset turnover ratio = Sales / Assets
资产周转率 = 销售额 / 资产

Measures how efficiently a firm is in using its assets to create sales (revenue)
衡量公司使用其资产创造销售（收入）的效率

Leverage Ratios 杠杆比率

Where does financing come from
融资来自哪里
How much debt is there on the balance sheet?
资产负债表上有多少债务？
D V = Debt Debt + Equity D V =  Debt   Debt  +  Equity  (D)/(V)=(" Debt ")/(" Debt "+" Equity ")\frac{D}{V}=\frac{\text { Debt }}{\text { Debt }+ \text { Equity }}
How much debt is there on relative to equity?
相对于股本的债务有多少？
D E = Debt Equity D E =  Debt   Equity  (D)/(E)=(" Debt ")/(" Equity ")\frac{D}{E}=\frac{\text { Debt }}{\text { Equity }}

Some Industry Evidence 一些行业证据

Some industry evidence (Higgins Table 2.1)
一些行业证据（希金斯表 2.1）

Return on Equity (ROE) (%)
股本回报率 (ROE) (%)		 = Profit Margin (P) (%)
利润率 (P) (%)		 X

资产周转率 (A) (次)
Asset Turnover
(A) (times)
Asset Turnover (A) (times)| Asset Turnover | | :--- | | (A) (times) |
 X

财务杠杆 (T) (倍)
Financial
Leverage
(T)
(times)
Financial Leverage (T) (times)| Financial | | :--- | | Leverage | | (T) | | (times) |
Bank of America 美国银行 14.2 = = == 21.6 X 0.06 X 11.17
ChevronTexaco 雪佛龙德克萨斯公司 29.5 = 9.3 X 1.53 X 2.06
eBay 11.6 = 23.8 X 0.41 X 1.19
Florida Power and Light
佛罗里达电力与光明公司		 11.8 = 8.4 X 0.37 X 3.76
Genentech 基因泰克 11.6 = 17.0 X 0.49 X 1.39
Harley-Davidson 哈雷-戴维森 27.6 = 16.7 X 0.97 X 1.70
Merck 默克 33.6 = 24.8 X 0.55 X 2.46
Metflix 梅特菲克斯 13.8 = = == 4.3 X 2.01 X 1.61
Morfolk Southern 莫福克南方铁路 11.6 = 12.6 X 0.30 X 3.10
Whole Foods Market 全食超市 13.9 = 3.5 X 2.54 X 1.54
Return on Equity (ROE) (%) = Profit Margin (P) (%) X "Asset Turnover (A) (times)" X "Financial Leverage (T) (times)" Bank of America 14.2 = 21.6 X 0.06 X 11.17 ChevronTexaco 29.5 = 9.3 X 1.53 X 2.06 eBay 11.6 = 23.8 X 0.41 X 1.19 Florida Power and Light 11.8 = 8.4 X 0.37 X 3.76 Genentech 11.6 = 17.0 X 0.49 X 1.39 Harley-Davidson 27.6 = 16.7 X 0.97 X 1.70 Merck 33.6 = 24.8 X 0.55 X 2.46 Metflix 13.8 = 4.3 X 2.01 X 1.61 Morfolk Southern 11.6 = 12.6 X 0.30 X 3.10 Whole Foods Market 13.9 = 3.5 X 2.54 X 1.54| | Return on Equity (ROE) (%) | = | Profit Margin (P) (%) | X | Asset Turnover <br> (A) (times) | X | Financial <br> Leverage <br> (T) <br> (times) | | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | | Bank of America | 14.2 | $=$ | 21.6 | X | 0.06 | X | 11.17 | | ChevronTexaco | 29.5 | = | 9.3 | X | 1.53 | X | 2.06 | | eBay | 11.6 | = | 23.8 | X | 0.41 | X | 1.19 | | Florida Power and Light | 11.8 | = | 8.4 | X | 0.37 | X | 3.76 | | Genentech | 11.6 | = | 17.0 | X | 0.49 | X | 1.39 | | Harley-Davidson | 27.6 | = | 16.7 | X | 0.97 | X | 1.70 | | Merck | 33.6 | = | 24.8 | X | 0.55 | X | 2.46 | | Metflix | 13.8 | $=$ | 4.3 | X | 2.01 | X | 1.61 | | Morfolk Southern | 11.6 | = | 12.6 | X | 0.30 | X | 3.10 | | Whole Foods Market | 13.9 | = | 3.5 | X | 2.54 | X | 1.54 |

Some Other Relevant Ratios
其他相关比率

Coverage ratios: 覆盖比率：
Interest coverage = EBIT/Interest expense
利息保障倍数 = 息税前利润/利息费用
Liquidity ratios: 流动性比率：
Current ratio = Current assets/Current liabilities
流动比率 = 流动资产/流动负债
Quick ratio = (Current assets - Inventory)/Current liabilities
速动比率 = (流动资产 - 存货) / 流动负债
形
  1. Totals do not add due to rounding.
    总计因四舍五入而不相加。