财务战略矩阵财务绩效评价体系.ppt

财务战略矩阵--财务绩效评价体系主讲人:张友棠教授Speaker:(央企)财务综合评价规则第3部分财务竞争战略评价矩阵研究—中国上市公司三维财务竞争战略矩阵研究第4部分财务风险预警评价矩阵研究——BasicKnowledgeofMultinationalCorporationFinancialEvaluation(1)负债成本、权益成本与加权平均资本成本LiabilityCost,EquityCostandWeightedAverageCostofCapital负债:①带息负债,亦称金融性负债→构成“负债成本”②无息负债,亦称非金融性负债Liability:①Liabilitywithinterest(financialliability)→”LiabilityCost”②Liabilitywithoutinterest(non-financialliability)负债成本=带息负债的“财务费用”×(1-所得税率25%)LiabilityCost=”financialexpenses”ofLiabilitywithinterest×(1-etaxrate)权益成本=使用“所有者权益资本”的机会成本(含股息)EquityCost=OpportunityCostofusing“Owners’EquityCapital”(includingdividend)加权平均资本成本()=负债资本成本率×负债资本占投入资本的百分比+权益资本成本率×=LiabilityCapitalCostRatio×percentageofLiabilityCapitalinInvestedCapital+EquityCapitalCostRatio×percentageofEquityCapitalinInvestedCapital(2)营运资本需求与净营运资本WorkingCapitalRequirement(WCR)WorkingCapital(NWC)营运资本需求=非金融性流动资产-非金融性流动负债=(应收项目+存货+预付项目)-(应付项目+预收项目)WorkingCapitalRequirement=non-financialcurrentassets-non-financialcurrentliability=(receivables+inventory+prepayment)-(payables+receivableinadvance)净营运资本=全部流动资产(含金融性流动资产)-全部流动负债(WorkingCapital=allcurrentassets(includingfinancialcurrentassets)-allcurrentliability(includingnon-financialcurrentliability)(3)留存收益率、股利支付率与内部权益筹资率RetainedEarningRatio,DividendPayoutRatioandInternalEquityFinancingRatio净利润:①提取法定盈余公积②提取公益金③提取任意盈余公积④支付现金股利→现金股利⑤未分配利润EarningAfterTax(EAT):①extractlegalsurplusreserve②extractpublicwelfarefund③extractarbitrarysurplusreserve④paycashdividend⑤undistributedprofit留存收益=盈余公积+未分配利润RetainedEarning=SurplusReserve+UndistributedProfit留存收益率=(RE-留存收益)/(EAT-净利润)RetainedEarningRatio=(RE-RetainedEarning)/(Profit)股利支付率=(DP-股利支付)/(EAT-净利润)DividendPayoutRatio=(DP-DividendPayout)/(Profit)因此留存收益率+股利支付率=100%ThereforeRetainedEarningRatio+DividendPayoutRatio=100%内部权益筹资率指留存收益率与股利支付率之间的比例关系。InternalEquityFinancingRatioreferstoproportionalrelationbetweenRetainedEarningRatioandDividendPayoutRatio.(4)EBT、EAT、EBIT与社会贡献率