2010cpa-cg公式（2010cpa-cg formula）.docVIP

2010cpa-cg公式（2010cpa-cg formula） 4, external financing sales growth ratio = asset sales percentage - debt sales percentage of net sales - [(1 + X growth rate), growth rate] * (1 - dividend payment rate) 5, the sustainable growth rate = equity growth rate = equity increase at this period, the new equity = net selling rate * total asset turnover * earnings retention rate * initial equity, total assets at the end of the period, multiplier Or = net interest rates * earnings retention rate (1 / net interest rates * earnings retention rate) Financial Value (p i i s interest rate value value of N - r time - nominal interest rate M times annually) 1, compound interest, final value, compound interest, present value 2, the final value of an ordinary annuity: or 3, the sinking fund: or A = S (A/S, I, n) (36 and 37 coefficients reciprocal) 4, the present value of an ordinary annuity: or P = A (P/A, I, n) 5, the amount of investment recovery: or A = P (A/P, I, n) (38 and 39 coefficients reciprocal) 6, the final value of annuity due: S = A[(S/A, I, 1] n 1) 7, the present value of annuity due: P = A[(P/A, I, 1] n-1) 8. The present value of deferred annuities: the first method: second methods: 9, present value of sustainable annuity: 10. Conversion of nominal interest rates to real interest rates: 11, bond value: installment interest, maturity debt: PV = interest annuity present value + principal compound interest present value Pure discount bond value PV value = / (1 + required rate of return (n) par value at maturity debt to capital and interest payments) Bond PV = I/M x (P/A, i/M, M * N) + principal (P/S, i/M, M * N) (M is the annual interest payment, N is the year) Perpetual bond 1, bond maturity yield = (V - stock value, P - market, G - growth rate, D - dividend R - expected return, Rs - required rate of return T - dividends in the next few years) 2, the general stock model: zero growth stocks: fixed growth: 3, total return = dividend yield + capital gains yield 4, expected va