公司理财期末整理(英文版)

一、***是什么意思？1）Capitalbudgeting资金预算2）CapitalStructure资金结构3）Networkingcapital二、组织结构图谁负责谁？三、ThecorporatefirmFormsofBusinessOrganizationAttributes:Itisthecheapestbusinesstoform.Itpaynocorporateincometaxes.Theownerhasunlimitedliability.Itslifeislimited.Ithasdifficultyinraisingfunds.1)Thesoleproprietorship独资企业特点P72)ThePartnership合伙企业（Thebusinessisownedbytwoormorepersons.）Attributes:特征@Initiation@Liability@Life@Abilitytoraisefunds@Taxation@Controlling（1）GeneralPartnership@Allpartnersagreetoprovidefractionoftheworkandcashandtosharetheprofitandloss.@Eachpartnerisliableforallofthedebts.（2）LimitedPartnershipOneormorepartnersaredesignatedgeneralpartnersandotherpartnersaredesignatedlimitedpartners.3）TheCorporation:公司Acorporationisownedbyindividualswhonormallyarenotactiveintheday–to–dayoperationofthatbusiness.Itisbyfarthemostimportantformofbusiness.Features:特征1.Starting@Startingacorporationismorecomplicated@Preparingarticlesofincorporationandasetofbylaws:NameofcorporationIntendedlifeBusinesspurposeNumberofsharesofstockNatureoftherightgrantedtoshareholdersNumberofmembersoftheinitialboardofdirectors2.Threesetsofdistinctinterests:ShareholdersDirectorsCorporationofficer3.Itisalegalentity.4.OwnershipOwnershipisrepresentedbysharesofstock,itiseasytotransferownership.5.Life6.Thecorporationhasunlimitedlife7.LiabilityLiabilityislimitedtotheamountedinvestedintheownership.8.Taxation:doubletaxation9.Raisingfunds:easyThegoaloffinancialmanagement：Maximizethecurrentvaluepershareoftheexistingstock.1.5FinancialMarketsClassificationoffinancialmarkets市场分类CorporationPartnershipLiquiditySharescanbeeasilyexchangedSubjecttosubstantialrestrictionsVotingRightsUsuallyeachsharegetsonevoteGeneralPartnerisincharge;limitedpartnersmayhavesomevotingrightsTaxationDoublePartnerspaytaxespartnershipprofitsReinvestmentanddividendpayoutBroadlatitudeAllprofitsisdistributedtopartnersLiabilityLimitedliabilityGeneralpartnersmayhaveunlimitedliability;limitedpartnersenjoylimitedliabilityContinuityPerpetuallifeLimitedlife1.Moneymarketvscapitalmarket1)MoneyMarketThemarketfordebtsecuritiesthatwillpayoffintheshortterm2)CapitalMarketThemarketforlong-termdebtandforequityshares(commonstock,preferredstock,corporateandgovernmentbonds2.PrimaryMarketvsSecondaryMarkets1)PrimaryMarket一级市场Issuanceofasecurityforthefirsttime2)SecondaryMarkets二级市场Buyingandsellingofpreviouslyissuedsecurities3.Organizedsecurityexchangesvsover-thecountermarket(Securitiesmaybetradedineitheradealerorauctionmarket1)OrganizedsecurityexchangesaretangibleentitiesNYSE2）OCTincludeallsecuritymarketseccepttheorganizedexchanges.NASDAQ2.3TaxesTheonethingwecanrelyonwithtaxesisthattheyarealwayschangingMarginalvs.averagetaxratesMarginal–thepercentagepaidonthenextdollarearnedAverage–thetaxbill/taxableincome1)Averagetaxrateistaxbilldividedyourtaxableincome.2)Marginaltaxrateisthetaxyouwouldpay(inpercent)ifyouearnedonemoredollar.例题：TaxableIncomeTaxRate$0-50,00015%50,001-75,00025%75,001-100,00034%100,001-335,00039%335,001-10,000,00034%--------------------------------Thetaxratesapplytothepartofincomeintheindicatedrangeonly,notallincome.Supposeyourfirmearns$4millionintaxableincome.Usetable2.1,wecanfigureouttaxbillas:.15($50,000)=$7,500.25(75,00-50,000)=6250.34(100,000-75,000)=8500.39(335,000-100,000)=91,650.34(4,000,000-335,000)=1246,100Totaltaxbill1,360,000Averagetaxrate=1,360,000/4,000,000=34%EquationCashflowsfromtheassets=Operatingcashflow–InvestmentinNWC–Investmentinfixedassets1.OperatingcashflowDefinition:Operatingcashflowreferstothecashgeneratedfromoperations.Calculation:Method1:OCF=Sales–Costs–TaxesMethod2:OCF=EBIT+Depreciation–TaxesEgNabors,corporation.2005IncomeStatement($inmillions)Netsales$9,610Less:Costofgoodssold6,310Less:Depreciation1,370Earningsbeforeinterestandtaxes1,930Less:Interestpaid630TaxableIncome$1,300Less:Taxes455Netincome$845Method1:Sales$9,610Less:cost6,310Taxes455Operatingcashflow$2845Nabors,corporation2005IncomeStatement($inmillions)Netsales$9,610Less:Costofgoodssold6,310Less:Depreciation1,370Earningsbeforeinterestandtaxes1,930Less:Interestpaid630TaxableIncome$1,300Less:Taxes455Netincome$845Method2:Earningsbeforeinterestandtaxes$1,930Plusdepreciation1,370Lesstaxes455Operatingcashflow$2845Positivecashflowsweregeneratedfromoperationsof$2845.2.ChangeinNWCDefinition:NetWorkingCapital=currentassets–currentliabilitiesNWCusuallygrowswiththefirmChangeinNWC=endingnetworkingcapital–beginningnetworkingcapital3.ChangeinfixedassetsMethod1:Endinggrossfixedassets-Beginninggrossfixedassets=ChangeinfixedassetsMethod2:Endingnetfixedassts-Beginningnetfixedassets+Depreciation=Changeinfixedassets.FreecashflowCommon-SizeBalanceSheetsComputeallaccountsasapercentoftotalassets(expresseachitemaspercentageoftotalassetsCommon-SizeIncomeStatementsComputealllineitemsasapercentofsales(expresseachitemasapercentageoftotalsales)CategoriesofFinancialRatiosShort-termsolvencyorliquidityratiosLong-termsolvency,orfinancialleverage,ratiosAssetmanagementorturnoverratiosProfitabilityratiosMarketvalueratiosComputingLiquidityRatiosMe