华南理工大学-工商管理学院-公司理财课件-1.pptVIP

* Use the information from the balance sheet and income statement presented previously to work through this example. There is a hyperlink on “I/S” that will take you to that slide. Another one exists on “B/S.” The arrows on the Income Statement and Balance Sheet slides will bring you back here. OCF = 694 + 65 – 212 = 547 NCS = 1709 – 1644 + 65 = 130 Students often have a difficult time understanding why a cash outflow has a positive sign and a cash inflow has a negative sign. Emphasize that we are talking about SPENDING in the net capital spending formula and Investment in NWC. The formula for CFFA takes care of reducing cash flow when NCS is positive and increasing CF when it is negative. Ending NWC = 1403 – 389 = 1014 Beginning NWC = 1112 – 428 = 684 Changes in NWC = 1014 – 684 = 330 Net New Borrowing = ending LT debt – beginning LT debt = 454 – 408 = 46 CF to creditors = 70 – 46 = 24 Net New Equity = 640 – 600 = 40 (Be sure to point out that we want equity raised in the capital markets, not retained earnings. CF to Stockholders = 103 – 40 = 63 * * * * * * * * * * * ROE = 净利润/ 股东权益 = $40 / ($200 + $80) = .1429 股利发放率 = 股利/净利润 = 10/40 = .25 收益留存率(b) = 1 – 股利发放率 = 1 - .25 = .75 可持续增长率 = ROE X b / 1 – ROE X b = .1429 X .75 / (1 – (.1429 X .75)) = .12 利润率 = 净利润/销售收入 = 40/200 = .2 预计净利润 = 利润率 X 预计销售收入= .2 X $240 = $48 预计留存收益增加额 = 预计净利润 X (1 – 股利发放率) = $48 X (1-.25) = $48 X .75 = $36 销售收入增长% = ($240 - $200)/$200 = .2 2009年总资产 $40 + $360 = $400 预计总资产 = $400 X 1.2 = $480 预计流动负债= $20 X 1.2 = $24 预计留存收益= 2009留存收益 + 预计留存收益增加 = $80 + $36 = $116万 预计负债与股东权益= 预计流动负债 + 长期负债 +股东权益 + 预计留存收益 = $24 + $100 + $200 + $116 = $440万 外部融资需求 = 预计资产 – 预计负债与股东权益 = $480 - $440 = $40万 增长与外部筹资 增长水平较低时，内部融资（留存收益）也许会大于所需资产投资需求。 随着增长水平的提高，单靠内部融资将很难满足资产需求，公司将不得不到资本市场中去筹集资金。 因此，了解增长与外部融资需求之间的关系是进行长期规划的一项重要工作。 内部增长率（IGR） 定义：企业仅依靠留存收益为唯一的融资来源时，能实现的资产增长水平 根据前述Tasha玩具商场的信息： 资产收益率 = 1200 / 9500 = .1263 收益提存率或再投资率b = 0.5 4-* 可持续增长率（SGR） 定义：企业在保持现有财务杠杆水平且不进行任何外部权益融资的情况下，能实现的增大增长率 利用前述Tasha玩具