Cost management refers to a series of scientific management behaviors such as cost accounting, cost analysis, cost decision-making and cost control in the process of enterprise production and operation. Then, the following is a complete set of financial cost management formulas that I share with you. Welcome to read and browse.
Financial statement analysis
1, current ratio = current assets? current liabilities
2. Quick ratio = quick assets? current liabilities
Conservative quick ratio = (cash+short-term securities+notes receivable+net accounts receivable)? current liabilities
3. Business cycle = inventory turnover days+average collection cycle.
4. Inventory turnover rate (times) = cost of sales? Average inventory: average inventory = (inventory at the beginning of the year+inventory at the end of the year)? 2
Inventory turnover days =360/ inventory turnover rate = (average inventory? 360)? Cost of sales
5. Accounts receivable turnover rate (times) = sales revenue? Average accounts receivable
Among them: sales revenue is the net amount after deducting discounts and concessions; Accounts receivable are the amount without deduction of bad debt provision.
Average collection period =360? Accounts receivable turnover rate = (average accounts receivable? 360)? Net sales revenue
6. Turnover rate of current assets (times) = sales revenue? Average current assets
7. Total assets turnover rate = sales revenue? Average total assets
8. Asset-liability ratio = (total liabilities? Total assets)? 100% (also called debt operating ratio)
9. Property right ratio = (total liabilities? Shareholders' equity)? 100% (also called debt-equity ratio)
10, tangible net debt ratio = [total debt? (shareholders' equity-net intangible assets)]? 100%
1 1, multiple of earned interest = earnings before interest and tax? interest expenses
Ratio of long-term liabilities to working capital = long-term liabilities? (Current assets-current liabilities)
12, net profit rate of sales = (net profit? Sales revenue)? 100%
13, gross sales margin = [(sales revenue-cost of sales)? Sales revenue]? 100%
14, net interest rate on assets = (net profit? Average total assets)? 100%
15, ROE = net profit? Average net assets (or year-end net assets)? 100%
Or = net sales interest rate? Asset turnover rate? Equity multiplier
16, equity multiplier = total assets? Total owner's equity = 1? (1- asset-liability ratio) = 1+ equity ratio
17. The average number of common shares outstanding =? (How many common shares are outstanding? Number of months of issue)? 12
18, earnings per share = net profit? Total number of common shares at the end of the year = (net profit-priority dividend)? (Year-end total shares-year-end preferred shares)
19, P/E ratio (multiple) = common stock per market price? earnings per share
20. Dividend per share = total dividend? Total number of ordinary shares at year end
2 1, stock yield = dividend per share of common stock? The common stock price in each stock market.
22. P/B ratio = price per stock market? Net assets per share
23, dividend payout ratio = (dividend per share? Net earnings per share)? 100%
Dividend guarantee multiple = reciprocal of dividend payment rate
24, retained profit ratio = (net profit-all dividends)? Net profit? 100%
25. Net assets per share = year-end shareholders' equity (excluding preferred shares)? Number of common shares at the end of the year (also called book value per share or equity per share)
26. Cash maturity debt ratio = net operating cash inflow? Debt due in this period (refers to long-term debt due in this period and notes payable in this period)
Debt ratio of cash flow = net inflow of operating cash? current liabilities
Total cash debt ratio = net operating cash inflow? Total debt (calculate the company's maximum debt capacity)
27. Sales cash ratio = net inflow of operating cash? sell
Net operating cash flow per share = net operating cash inflow? common stock
Cash recovery rate of all assets = net inflow of operating cash? All assets? 100%
28. Cash investment ratio = net cash inflow from operating activities in recent 5 years? Sum of capital expenditure, inventory increase and cash dividend in recent 5 years
Cash dividend protection multiple = net inflow of operating cash per share? Cash dividend per share
29. Net income operating index = net operating income? Net income = (net income-non-operating income)? net profit
Cash operating indicator = net operating cash flow? Operating cash (operating cash = net operating income+non-cash expenses)
Financial forecast and plan
30. External financing amount = (asset sales percentage-debt sales percentage)? New sales-net sales interest rate? Planned sales? (1- dividend payout ratio)
3 1, sales growth rate = new amount? Base period amount or = (planned amount? Base period amount)-1
32. New sales = sales growth rate? Base period sales
33. External financing sales growth rate = asset sales percentage-debt sales percentage-net sales interest rate? [( 1+ growth rate)? Growth rate]? (1- dividend payout ratio)
34. Sustainable growth rate = growth rate of shareholders' equity = current increase of shareholders' equity? Initial shareholders' equity
= Net profit margin of sales? Total assets turnover rate? Income retention rate? Total assets multiplier at the beginning and end of equity
Or = net interest rate on equity? Income retention rate? (1- net interest rate on equity? Income retention rate)
Financial valuation
(P- present value i- interest rate I- interest S- final value N- time R- nominal interest rate m- compound interest times every year)
35. Final compound interest value compound interest present value
36. The ultimate value of ordinary annuity: or
37. Annual sinking fund: or A=S(A/S, I, N) (the coefficients of 36 and 37 are reciprocal).
38. Present value of ordinary annuity: or P=A(P/A, i, n).
39. Investment recovery: or A=P(A/P, I, N) (the coefficients of 38 and 39 are reciprocal).
40. Final value of instant annuity: or S=A[(S/A, i, n+ 1)- 1].
4 1, immediate annuity. Present value: or P=A[(P/A, I, n- 1)+ 1].
42. Present value of deferred annuity: the first method: the second method:
43. The present value of the permanent annuity:
44. Conversion between nominal interest rate and real interest rate:
45. Bond value: interest is paid in installments, and the principal is repaid at maturity: PV= present value of interest annuity+present value of principal compound interest.
Pure discount bond value PV= face value? (1+ necessary rate of return) n (if the principal and interest are repaid in one lump sum at face value, the principal and interest shall be paid)
Calm down. bonds PV=I/M? (P/A，i/M，M？ N)+ principal (P/S, i/M, m? N)(M is the number of interest payments per year, and n is the number of years)
perpetual bond
46. Bond yield to maturity = or
(V- stock value P- market price g- growth rate D- dividend R- expected rate of return Rs- necessary rate of return t- dividend in which year)
47. General stock model: zero growth stock: fixed growth:
48, the total rate of return = dividend yield+return on capital or
Expectations:
50. Variance: standard deviation: coefficient of variation = standard deviation? expectation value
5 1, the expected return of the portfolio =? What is the expected rate of return on securities? The proportion of securities in the total) that is:
M- securities type Aj- the proportion of a security in the total investment; -covariance of j and k securities returns
The expected correlation coefficient between -J and k returns the standard deviation of Q- security.
Standard deviation of portfolio:
52, the total expected rate of return =Q? Expected return of risk portfolio +( 1-Q)? risk-free interest rate
Total standard deviation =Q? Standard deviation of risk portfolio
53, capital asset pricing model:
(1) CoV is covariance, and others are the same as above.
② Linear regression method
③ Direct calculation method
54. Stock market line: the required rate of return of individual stocks.
Investment management
55. Discount indicator: net present value = present value of cash inflow-occurrence value of cash flow.
Profitability index = present value of cash inflow? Cash flow occurrence value
Internal rate of return: used when the flow is equal in the current year? Annuity law? , wait for time? Step by step test?
56. Non-discounting indicator: investment with unequal payback period or divided into several years =n+n-year uncollected amount /n+ 1 year cash outflow.
Accounting yield = (average annual net income? Original investment)? 100%
57. The rate of return required by investors (cost of capital) = debt ratio? Interest rate? (1- income tax)+owner's equity ratio? Equity cost
58. Fixed average annual cost = (original value+operating cost-residual value)/service life (regardless of time value)
Or = (sum of original value+present value of operating cost-present value of residual value)/present value coefficient of annuity (considering time value)
59. Operating cash flow = operating income-cash cost-income tax (by definition) = after-tax net profit+depreciation (by year-end operating results) = (income-cash cost)? (1- income tax rate)+depreciation? Tax rate (according to the impact of income tax on income and depreciation)
60. Method of adjusting cash flow: (? -just the right amount)
6 1, risk-adjusted discount rate method:
Investor's required rate of return = risk-free rate of return+? (market average rate of return-risk-free rate of return) (? Beta coefficient)
Rate of return required by the project = risk-free rate of return+of the project? (Average market return-risk-free return)
62. Net present value = entity cash flow/entity weighted average cost-original investment
Net present value = shareholder's cash flow/shareholder's required rate of return-shareholder's investment
63、? Equity =? Assets? (1+ liabilities/equity)? Assets =? Rights and interests? (1+ liabilities/equity)
Liquidity management
64, cash return line H=3R-2L (upper limit =3? Cash withdrawal line -2? Lower limit)
65. Increase in income = increase in sales? the unit contribution margin
66. Accrued interest on accounts receivable = daily sales? Average cash collection period? Variable cost rate? cost of capital
Average balance = daily sales? Average cash collection period occupied funds = average balance? Variable cost rate
67, discount cost increase = (new sales level? New discount rate-old sales level? Old discount rate) the proportion of customers who enjoy discounts.
68. Ordering cost = fixed ordering cost+annual demand/each purchase? Order variable cost
Acquisition cost = ordering cost+acquisition cost = storage cost = fixed cost+unit variable cost? Quantity per purchase /2
Total inventory cost = acquisition cost+storage cost+shortage cost TC=TCa+TCc+TCs
(K- cost per order d- total demand Kc- unit storage cost N- order times U- unit price p- daily delivery quantity D- daily consumption)
69. Economic order quantity
Total cost, optimal order times, economic order quantity, capital occupation, optimal order cycle, economic order quantity and total cost of continuous procurement.
Capital occupied by economic order quantity =70, reorder point (R)= delivery time (L)? Average daily demand (d)+ insurance reserve (B) R=L? D+B(Ku- unit out-of-stock cost; S- a shortage of orders; N—— number of annual orders; Kc- unit inventory cost)
Total cost of insurance reserve = shortage cost+insurance reserve cost = unit shortage cost? Shortage? Annual order times+insurance reserve? Unit inventory cost: TC(S, B)=Ku? s？ N + B？ kilocurie
Financing management
7 1、
72. Real interest rate (short-term loan) = nominal interest rate /( 1- compensation balance ratio) or = interest/actual available loan amount.
73. Conversion ratio of convertible bonds = face value of bonds? Conversion price
Dividend distribution
74. Earnings per share after issuing stock dividends (market price) = earnings per share before issuing (market price)? (1+ stock dividend payout ratio)
General model of capital cost and capital structure: capital cost = capital occupation fee/financing amount? (1- rate of increase)
75, bank borrowing costs:
(K 1- Bank borrowing cost; I- annual interest rate; L- total amount of financing; T- income tax rate; R 1- loan interest rate; F 1- financing interest rate)
Pre-tax cost considering time value (K):(P- principal) After-tax cost (K 1): (K 1) = K? ( 1-T)
76. Bond costs:
(Kb- bond cost; I- annual interest rate; T- income tax rate; Rb？ Bond interest rate; B- the amount of funds raised (according to the issue price); Fb- financing rate)
Pre-tax cost (K) considering time value: (P face value) After-tax cost (KB K):(P KB) = K? ( 1-T)
77, retained earnings cost:
The first method: dividend growth model:
The second method: capital asset pricing model:
The third method: risk premium method: (Kb- debt cost; RPc- risk premium)
78. Common stock cost: (including: D 1? 1 dividends; P0？ Market price; g？ Annual growth rate)
Preferred stock cost = annual dividend yield /( 1- financing rate)
79, financing breakthrough point = the amount of funds that can be raised at a specific cost? The proportion of such funds in the capital structure
80. Weighted average cost of capital: (Kw is the weighted average cost of capital; Wj is the ratio of class J funds to total funds; Kj is the cost of J-fund)
8 1, financing breakthrough point = the amount of certain funds that can be raised at a specific cost/the proportion of such funds.
82.(p- unit price V- unit variable cost F- total fixed cost S- sales volume VC- total variable cost Q- sales volume N- common stock) operating leverage: formula 1: formula 2: financial leverage: or (d? Give priority to dividends; t？ Income tax rate)
Total leverage: DTL = USD? DFL or
83. (EPS-earnings per share; SF- sinking fund; D- priority dividend; VEPS free earnings per share)
There is no difference in earnings per share; Or: there is no difference in free earnings per share;
When EBIT is greater than the indifference point, debt financing is beneficial; When EBIT is less than the indifference point, common stock financing is beneficial.
84. Total market value (V)= stock value (S)+ bond value (B) Assuming that B= face value of bonds, then:
S=(EBIT-I)( 1-T)/Ks Ks？ Cost of equity capital (calculated by capital asset model) Kb? Pre-tax debt cost
Weighted average cost of capital or =? (individual capital cost? Individual capital's share of total capital)
Merger, acquisition and control
85, the target enterprise value = valuation income index? Standard P/E ratio (P/E ratio model method)
Return on capital = earnings before interest and tax/(long-term liabilities+shareholders' equity)
Intrinsic value per share = present value of dividend per share+present value of expected price of stock sales (dividend income discount model)
86. Operating cash flow = operating income-operating cost (cash nature)-income tax = earnings before interest and tax+depreciation-income tax.
Free cash flow of enterprise = earnings before interest and tax+depreciation-income tax-capital expenditure-net increase of working capital.
Free cash flow (CFt)= after-tax profit-new sales? (fixed capital growth rate+working capital growth rate)
87, (v-the ultimate value of the target enterprise; WACC weighted average cost of capital (target enterprise discount rate); Free cash flow of the target enterprise)
Zero growth model: stable growth model: refers to the free cash flow of (K+ 1) years.
88.q ratio method: q= stock market value/corresponding asset replacement cost Stock value =q? Asset replacement cost (q? P/B ratio)
89.M&A value = book value of the net assets of the target company? (1+ adjustment factor)? Proportion of shares to be acquired
Or = target net assets per share? (1+ adjustment factor)? Number of shares to be acquired
90.M&A enterprise earnings per share (market price) = M&A earnings per share (market price)? Stock:) interest rate
Earnings per share after merger = net income after merger/total share capital after merger.
= net income after M&A/(number of shares of M&A enterprise+number of shares of target enterprise? Stock:) interest rate)
9 1, M&A income = company value after M&A-sum of company value before M&A S=Vab-(Va+Vb)
M&A completion cost = M&A price +M&A expenses = PB+F.
M&A premium = M&A price-target company value P=Pb-Vb
M&A net income = M&A income -M&A premium -M&A expenses NS = S-P-F P-F.
Or NS= post-merger company value-merger company value-merger price-merger expense ns = VAB-VA-P-F.
Target enterprise value = valuation income index? Standard price-earnings ratio (income method price-earnings ratio model)
Reorganization and liquidation
92. Capital safety rate = asset realization rate-asset-liability ratio = (present value of variable assets-amount of liabilities)/total book value of assets.
Operational safety rate = margin of safety rate = (existing or estimated sales-guaranteed amount)/existing or estimated sales.
Discriminant function value
X 1- (working capital/total assets)? 100; X2- (retained earnings/total assets)? 100; X3- (earnings before interest and tax. Total assets)? 100; X4- (total market value of common stock and preferred stock/total book value of liabilities)? 100; X5- Sales Revenue/Total Assets
costing
93. General formula: indirect cost allocation rate = indirect cost to be allocated? General distribution standard
Indirect cost that products should share = indirect cost sharing rate? Distribution standard of products
Material distribution rate = actual total material consumption (or actual cost)? The sum of the fixed sales volume (or norm cost) of various products and materials.
Labor distribution rate = total wages of production workers? Sum of actual working hours for each product.
Distribution rate of manufacturing expenses = total manufacturing expenses? Total actual (quota, machine) working hours of each product.
Auxiliary production unit cost = total auxiliary expenses? Total amount of products or services provided to the outside world
The cost to be shared by the beneficiary workshops, products and departments = the unit cost of auxiliary production? consume
94. (Equivalent yield method)
WIP equivalent output = WIP quantity? Degree of completion Finished product cost = unit cost? Finished product output
Unit cost = (product cost at the beginning of the month+production cost this month)? (Output of finished products+equivalent output of products at the end of the month)
Month-end product cost = unit cost? Equivalent output of product
95. (Calculated in norm cost)
End-of-month WIP cost = WIP quantity? Unit cost in product quota
Total cost of finished products = (WIP cost at the beginning of the month+expense of this month)-WIP cost at the end of the month.
Unit cost of finished products = total cost of finished products? Finished product output
96. (Fixed ratio method)
Material (salary) cost that should be allocated to the product = fixed material (salary) cost in the product? Distribution rate of materials (wages)
Material (salary) cost to be allocated to finished products = fixed material (salary) cost of finished products? Distribution rate of materials (wages)
97. What's the charge? Quantity? the analysis of profit
98, basic equation:
Profit = unit price? Variable cost of sales unit? Sales volume-fixed cost or
= marginal contribution-fixed cost = sales revenue? Marginal contribution rate-fixed cost = margin of safety? marginal contribution ratio
99, marginal contribution equation:
Profit = sales? Unit marginal contribution-fixed cost
Profit = sales revenue? Marginal contribution rate-fixed cost
Marginal contribution = sales revenue-variable cost = unit marginal contribution? Sales
Unit marginal contribution = unit price-unit variable cost
Variable cost rate+marginal contribution rate = 1
Break-even activity rate+margin of safety = 1
Capital safety rate+asset-liability ratio = asset realization rate
100, weighted average marginal contribution rate = sum of product marginal contribution/sum of product sales revenue? 100%
Or =? (marginal contribution rate of each product? The proportion of each product in total sales)
10 1, breakeven point critical operating rate = breakeven point sales? Normal sales volume
102, margin of safety = normal sales-guaranteed sales.
Margin of safety = margin of safety? Normal sales (or actual order amount)? 100%
Sales profit margin = safety margin? Marginal contribution rate (profit = margin of safety? Marginal contribution rate)
103, sensitivity coefficient = percentage change of target value (profit)? Percentage change of parameter value
Such as: sales sensitivity coefficient = percentage of profit change? Percentage change of sales, sales sensitivity coefficient, that is, operating leverage coefficient)
cost control
104, general model for variance analysis of variable cost.
Variance = price variance+quantity variance = actual consumption? (Actual price-standard price)
Quantity variance = (actual dosage-standard dosage)? standard price
105, direct material cost variance = material price variance+material quantity variance.
Material price variance = actual quantity? (Actual price-standard price)
Material quantity variance = (actual quantity-standard quantity)? standard price
105, direct labor cost difference = wage rate difference+labor efficiency difference.
Wage rate difference = actual working hours? (Actual wage rate-standard wage rate)
Labor efficiency difference = (actual working hours-standard working hours)? Standard wage rate
106, variable overhead difference = variable overhead consumption difference+variable overhead efficiency difference
Variance of variable overhead consumption = actual working hours? (Actual allocation rate-standard allocation rate)
Variable overhead efficiency difference = (actual working hours-standard working hours)? Standard distribution rate
Standard allocation rate of manufacturing expenses = total budget of manufacturing expenses/total standard hours of direct labor.
Expense standard cost = direct labor standard working hours? Standard distribution rate
107, fixed manufacturing cost
Fixed overhead standard allocation rate = budget? Ability standard working hours
Two factor analysis:
Fixed overhead consumption variance = actual fixed overhead-fixed overhead budget.
Fixed manufacturing cost energy variance = budget-standard cost = (production energy-actual output standard working hours)? Standard distribution rate
Three factors analysis:
Fixed overhead consumption variance = actual fixed overhead-fixed overhead budget.
= Actual amount of fixed manufacturing expenses-standard allocation rate of fixed manufacturing expenses? energy production
Fixed overhead idle energy difference = fixed overhead budget-actual working hours? Standard allocation rate of fixed manufacturing expenses
= (capacity standard working hours-actual working hours)? Standard distribution rate
Fixed overhead efficiency difference = (actual working hours-actual production standard working hours)? Standard distribution rate
Performance assignment
108, marginal contribution = sales revenue-total variable cost controllable marginal contribution = marginal contribution-controllable fixed cost.
Department marginal contribution = revenue-variable cost-controllable fixed cost-uncontrollable fixed cost
Pre-tax profit of department = marginal contribution of department-management expenses
109, return on investment = marginal contribution of the department? Number of assets owned by the department
Residual income = department marginal contribution-department assets? Capital cost rate = department assets? (Return on investment-cost of capital ratio)
1 10, operating cash flow = annual cash income-expenditure
Cash recovery rate = operating cash flow? Average total assets and residual cash flow = operating cash inflow-departmental assets? Capital cost rate
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