公司理财 X

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公司理财

• R19capital budgeting
  • 概念
    • hard capital rationing
      • budget is fixed
    • inflation对tax，profit影响
      • inf+，dep被低估，tax saving作用降低，real tax+，profit lower than expected
  • NPV
    • expansion/replacement project
      • intial outlay
        • FCInv(计算折旧)
        • NWInv=current a-l
        • 期初增加减少投资对NPV影响数值：两部分期初的loutlay和期间的dep（如果设计固定资产要考虑税，t*d
      • operating outlay
        • （S-C-D）(1-t)+D
          • （S—D）（1—t)+D*t
        • S-C-D相当于EBIT
          • 表的形式出题
      • terminating stage
        • 1,NWInv
          • 2,sal-(sal-B)t
      • 区别与计算
    • least common multiple of lives approach
      • 2 solution
    • equivalent annual annuity(EAA)approach
      • 本质比较PMT（前面先算NPV为PV
    • 比较不同lives的NPV
  • risk analysis评估项目的投资风险
    • technique
      • sensitivity analysis
        • one variable
      • scenario analysis
      • monte carlo simulation
    • Rproject
      • CAPM better,WACC reflect the risk of whole company
  • projects with real option
    • type
      • timing
      • sizing
        • abandonment option;expansion option
      • flexibility影响NPV的参数
        • pric-setting option;production产能 flexibility option
    • NPV
      • decision tree；
        • if NPV<0，是否行权（看时间点未来有option选择，现在无不可以舍掉NPV小于0的
  • EI economic income投资
    • is the profit realized from an investment
      • EI=cash flow-economic depr
    • EI1=PV(0)*r
      • EI2=PV(1)*r
        • 课后题13
  • EP economic profit公司
    • NPV=market value added is equal to the present value of EP
      • 课后题14
    • EP=EBIT(1-T)-Capital初*wacc
  • RI residual income股东
    • RI=NI-Equity*Re
  • equity考察
• R20Capital structure
  • theory
    • MM（计算：多公式）
      • assumption:完全有效市场
      • WACC=(D/V)Rd(1-t)+(E/V)Re
        • cost of debt=Rd(1-t)
      • without tax
        • MM1
          • capital structure irrelevance(Vl=Vu)
            • leverage+,rd-,re+,WACC constant
        • MM2
          • re=ro+（ro-rd）（D/E）
          • V=EBIT/R0
            • EBIT=EBT=NI
          • higher leverage raises the cost of equity
      • with tax
        • MM1
          • WACC is minimized at 100% debt(Vl=Vu+t*d)
            • t*d tax shield
            • Equity=Vl-Debt
        • MM2
          • re=ro+（ro-rd）（D/E）(1-t)
            • Re的上升(速度慢)不能100%抵消WACC的下降
          • V=EBIT(1-T)/WACC
        • 未考虑distress
    • static trade-off theory
      • at the point where additional debt would cause the costs of financial distress
      • Vl=Vu+t*d-PV(costs of financial distress)
      • t*d=PV(costs of financial distress),optimal capital structure,firm value max
      • disadvantage:financial distress难以量化
      • 考虑了distress
    • pecking order theory
      • disclose less information
      • 首选internal financial;debt;final choice is equity
  • 相关概念
    • financial distress
      • direct cost;indirect cost
    • agency cost
      • components：monitoring/bonding/residual cost
        • debt+，agency cost-
    • 目标资本结构难以实现的原因
      • short-term opp;market value fluctuations;impractical and expen to maintain target structure
    • 不同情况下是借债还是re融资
      • high inflation 与debt financing反向关系
• 利润分配R21Div and share repurchase
  • 概念相关
    • DRP div reinvestment plan
      • 将公司发放的现金股利，员工可选择换成shares；三种方式
        • 缺点：税负重
    • cash div
      • A-,E-；Liquidity ratio(CA-/CL)-；financial leverage(D/A,D/E)+
    • stock div
      • 不影响A,E ,Liquidity ratio,financial leverage
      • share+,price-,EPS-,P/E constant
      • retained earning -,contributed capital+ same amount,总capital不变
    • stock splits
      • =stock div
        • two for one split=10送10
      • 会计处理不同：doesnot affect any of the balances in shareholder equity accounts
    • reverse stock splits（并股）
      • 增高股价，减少在外发行股份数
    • 区别与联系
    • Analysis of div safety(coverage ratio)
      • NI method
        • div coverage ratio=NI/div paid
      • free cash flow method
        • FCFE coverage ratio=FCFE/(div+share repurchase)
  • div policy
    • does not matter
    • bird in band
    • tax aversion
    • clientele effect
      • 计算：div(1-td)=CG(1-tcg)
    • signaling
      • 发股利暗示未来有growth
  • 影响股利政策因素
    • investment opp;volatility;financial flexibility(回购更灵活);flotation cost;contractual and legal restrictions
    • tax（system）
      • double-taxation
        • 税负最重
      • split-tax rate system
      • tax-imputation system
        • 对投资者最有利
      • 计算real tax
  • div policy
    • constant div payout policy
      • 固定百分比
    • stable div policy
      • expected increase in div=(expected*target payout ratio-previous div)*adjustment factor
        • 减少股利剧烈波动
      • expected div=last div+(expected*target payout ratio-previous div)*adjustment factor
    • residual div policy
      • div=earning-(capital budget*equity% in capital structure)
        • 先满足投资需求
    • 计算
  • share repurchase
    • company buy back its own shares
    • methods
      • buy in the open market
        • 不利于控制成本
      • buy back a fixed number of shares at fixed price(tender order)
      • dutch order(tender order只规定数量，价格有区间,从低到高买)
      • repurchase by direct negotiation(和一个大股东直接协商)
    • 对财务报表的影响
      • 当用自有资金时
        • B/S:A-,E-;leverage ratio(D/E)+
        • I/S;Earnings yield<>=interest income and earnings,EPS变化-+constant
      • 当借钱回购时
        • B/S:Aconstant,D+,E-;leverage ratio(D/E)+
        • I/S;Earnings yield<>=after-tax cost of financing the repurchase,EPS变化-+constant
      • EPS=earning/shares
        • PE=P/EPS
          • earnings yield=EPS/P就是P/E的倒数
      • BVPS每股净资产(Equity/shares)
        • BVPS><=market price(repurchase price),BVPS+ - =
• R22corporate goverance and ESG
  • Ownership & voting rights
    • dispersed ownership & dispersed voting rights
      • principal-agent problem
    • concentrated ownership & concentrated voting rights
      • principal-principal problem大股东与小股东
    • dispersed ownership & concentrated voting rights
      • duality structure
    • concentrated ownership & dispersed voting rights
      • voting cap
  • influential shareholder
    • 8个
  • 股权结构对公司治理的影响
    • 股权越集中，对BOD要求的独立性低；反之，则高
    • board structer
      • two-tier 好于one tier
      • two-tier board包含supervisory,management board
  • 分析师角度评估公司治理
    • board 6
    • executive remuneration
      • transparency;linkage;claw-back policy(公司业绩不好吐回奖金)
    • voting rights
      • straight voting;dual-class share
• R23mergers and acquisitions
  • 相关概念
    • 收购动机之一bootstrapping
      • 小结论：高pe收购低pe，EPS+
    • divestitures
      • ways
        • equity carve out（cash inflow）;spin-off;split-offs;liquidation
      • reason
        • change in strategic focus;poor fit(low profit);reverse synergy;CF needs
  • 分类
    • 方向
      • horizontal;vertical;conglomerate merger(收购完全不相关的公司)
    • 形式
      • statutory merge;subsidiary;consolidation
    • 收购对象，标的
      • stock purchase;asset purchase
    • 支付方式
      • cash offer;securities offer
        • 计算哪种利润高
    • attitude
      • acquire
        • bear hug(BOD);tender offer(shareholders
      • target(hostile)
        • pre-offer
          • poison pill
            • flip-in pill;dead hand provision
          • poison out
            • bondholder提前赎回
          • states with restrictive takeover laws
          • staggered board;restricted vooting rights
          • supermajority vooting provision;fair price amendment;golden parachutes
        • post-offer
          • just say no defense;litigation;greenmial;share repurchase;leveraged recapitalization
          • crown jewel defense;pac-man defense;white kinight defense;white squire defense
  • antitrust law
    • change in HHI
      • Judge challenge
  • value target company
    • 权益最后R是非上市公司估值
    • DCF
      • （权益重点考察）GGM;time multiplier
    • comparable company analysis
      • +premium
      • 1类似几家公司的ratio ave 2收购方price ave
    • comparable transaction analysis
      • price用的takeover price，已经考虑了溢价
    • 可能穿插case计算
  • evaluate a merge bid
    • V(at)=Va+Vt+S-C
    • GAIN(A)=synergy-takeover premium
    • GAIN(T)=takeover premium- premerger value of T