a. calculate and interpret liquidity measures using selected financial ratios for a company and compare the company with peer companies;

1. 營運資金(working capital)

2. 流動比率(current ratio)

用以衡量短期償債能力，流動比率越高代表短期償債能力越好，通常高於100%。

3. 速動比率(quick ratio)

速動比率又稱酸性比率或酸性測驗，用以衡量極短期的償債能力，越高則代表短期償債能力越好。我們將流動資產扣除存貨及預付費用後，其餘部分稱之為速動資產，速動資產與流動負債的比例稱為速動比率。

4. 現金比率

財務上現金指的是現金及其他等同現金的物品，如可交易證券(marketable securities)等。通常是將速動資產扣除應收帳款。

b. evaluate overall working capital effectiveness of a company, using the operating and cash conversion cycles, and compare the company’s effectiveness with other peer companies;

1. 存貨週轉率

(1) 存貨週轉率(inventory turnover)

存貨週轉率代表商品的銷售速度。一段時間內(通常為一年)，公司產銷成本相對於存貨金額的倍數，代表一段時間內，存貨可以周轉幾次。一般來說存貨愈低愈好，存貨週轉率則愈高愈好。

(2) 存貨轉換期間(inventory turnover period)

存貨轉換期間代表購入商品至轉售出去為止的平均天數，或者是商品存貨可供銷售的平均天數。

2. 應收帳款週轉率

(1) 應收帳款週轉率(receivables turnover)

應收帳款週轉率表現帳款收現之速度，就是將營業額除以應收帳款金額的結果。應收帳款週轉率高，表示帳款回收現金的速度快；週轉率低，表示帳款回收現金的速度慢。

(2) 應收帳款週轉期間(average collection period)

3. 應付帳款週轉率

(1) 應付帳款週轉率(payable turnover ratior)

(2) 應付款週轉期間(payable　payment period)

(3) 平均收款期間

，其中為比重，是每一種帳款的平均收款期間。

4. 營業週期(Operating cycle)

營業週期＝應收帳款週轉期＋存貨週轉期。

5. 現金轉換週期(Cash Cycle)

現金轉換＝應收帳款週轉期＋存貨週轉期－應付帳款週期。

c. classify the components of a cash forecast and prepare a cash forecast, given estimates of revenues, expenses, and other items;

1. 基本概念

現金管理是要確保短期現金支付能力。

2. 現金支付預測的主要內容

現金支付預測包含短、中、長期的預測。在資料上分為已知且明確的現金收支及不確定的現金收支

d. identify and evaluate the necessary tools to use in managing a company’s net daily cash position;

常用的貨幣工具包括：

(1) 國庫券(Treasury Bills)：係政府發行的短期政府票券，有政府信用作保證，市場價格穩定。

(2) 商業本票(Commercial Papers)：是企業簽發的本票，經票券公司承銷而流通於貨幣市場。

(3) 定存單(Certificate of Deposit)：是可以轉讓的定期存款，票面上載明存款金額、月數及利率等，存單期限最短為一個月，最長不得超過一年。

(4) 政府公債(Government Bonds)：乃中央或省、市地方政府發行的債券，承諾於到期日向債權人無條件支付本金和利息之信用證券。中央公債是中央政府為籌措建設資金，支應重大建設而發行的建設公債。

(5) 一般存款

(6) MTN

(7) 特別股

(8) 浮動利率公司債

(9) 附買回交易(repo)。

e. compute and interpret comparable yields on various securities, compare portfolio returns against a standard benchmark, and evaluate a company’s short-term investment policy guidelines;

1. bank discount (basis) yield

(1)

(2) Bank discount yield不完全反應實際的收益，因為(a)其為單利計算(b)其為面值的收益比而非售價的(c)屬銀行的30/360系統，與實際天數間有些許誤差。

2. holding period yield (HPY)

3. effective annual yield

4. money market yield

(1) CD(銀行定存單) equivalent yield

(2)

5. annual HPY

annual HPY = annual HPR -1

6. bond equivalent yield

(1) 在公司財管中的定義

(2) 在數量方法中的定義

the stated annual rate of a semiannually-paid bond：

f. evaluate the performance of a company’s accounts receivable, inventory management, and accounts payable functions against historical figures and comparable peer company values;

公司的存貨、應收帳款及應付帳款都應該保持在一定的水準。我們通常會做縱向(historical)及橫向的(cross-section)比較。

其應收帳款、應付帳款及存貨在評價上即使用先前所討論過的應收帳款期間、存貨期間等指標。

g. evaluate the choices of short-term funding available to a company and recommend a financing method.

一. 短期融資決策

在現金管理上，如果流動資產不足以應付短期的資金缺口時，我們就會用上短期融資工具。

二. 短期融資工具-與銀行往來

1. 信用額度

事前跟銀行談好一個額度，以供臨時需要者稱為信用額度，這跟貸款的差異在於銀行給你信用額度時，錢其實還沒有給你。

(1) 未承諾信用額度(Uncommitted line of credit)：銀行雖然給你額度，但隨時會取消

(2) 承諾信用額度(Committed line of credit)：在一定時間內不會取消。因此保障較高。

(3) 循環信用額度(Revolving line of credit)：還款後可再動用的借款。其保障更高。在財報上承諾信用額度及循環信用額度都是可以寫在footnote上，以證明公司的償債能力。

2. 折價賣出應收帳款

(1) 銀行承兌匯票(Banker’s Acceptance)

是企業有交易發生時來簽發，經銀行承兌，並承諾於指定到期日兌付的匯票，銀行在承兌後即成為匯票付款之第一債務人。銀行承兌匯票也是用面額貼現方式(貼息)發行，到期時本金利息一次還清。公司可以在需要資金時折價將承兌匯票給賣出。

(2) 應收帳款承購(Factoring)

將應收帳款賣給銀行，由銀行承擔買方的信用風險，企業毋需提供其他擔保品，便可將應收帳款變現金，提高應收帳款週轉率，強化市場競爭力。

3. 短期融資工具-非與銀行往來

(1) 商業本票(Commercial Paper)：由公司所開立的借款憑證，自行或經由仲介賣給投資人。

[Exer.1] [Fabo] Suppose the interest of an $100 face-value bond is paid semiannually, and the stated interest rate is 8%. What’s the effective annual yield of this bond?

Ans. 8.16%

[Exer.2] Which one of the following would best explain a situation where the ratio of “net income to total equity “ for a firm is higher than the industry average?

(A) Net profit margin is higher than the industry average.

(B) Debt ratio is higher than the industry average.

(C) Asset turnover is higher than the industry average.

(D) Equity multiplier must be lower than the industry average.

Ans. A

[Exer.3] If a firm’s current ratio exceed 1.0, what happens as a result of paying cash to reduce accounts payable?

(A) Net working capital increases.

(B) Net working capital decreases.

(C) Current ratio increases.

(D) Current ratio decreases.

(E) None of the above.

Ans. C

[Exer.4] What is the market price of a share of stock for a firm with 100,000 shares outstanding, a book value of equity of $3,000,000, and a market/book ratio of 3.5?

(A) $8.57

(B) $30.00

(C) $85.7

(D) $105.00

(E) $115.00

Ans. D

[Exer.5] Brother Co. has a profit margin on sales of 4% and a ROE of 18%. If Brother’s debt-to-equity ratio is 0.8, what is the total asset turnover ratio?

(A) 2.500

(B) 5.625

(C) 2.000

(D) 10.125

(E) none of the above

Ans. A

[Exer.6] Abby Co. had a 5 days in inventory ( on a 365-day basis ). Cost of goods sold was $4,526. Net working capital was $70 and total current assets were $400. What is Abby’s quick ratio?

(A) 11.315

(B) 1.024

(C) 4.829

(D) 14.000

(E) none of the above

Ans. B

[Exer.7] Long term debt plus stockholder’s equity is sometimes called the firm’s ____.

(A) equity multiplier

(B) financial capacity

(C) long-term solvency

(D) total market value

(E) total capitalization

Ans. E

[Exer.8] Which of the following is a component of shareholders’ equity?

I. Common stock

II. Paid surplus

III. Retained earnings

(A) I only

(B) I and Ⅱonly

(C) ⅢOnly

(D) I and Ⅲonly

(E) Ⅰ,Ⅱ,and Ⅲ

Ans. E

[Exer.9] Suppose that the inventory period is 221 days, the account payable period is 180 days, and the cash is 79 days. What is the operating cycle?

(A) 155 days

(B) 162 days

(C) 238 days

(D) 245 days

(E) 259 days

Ans. E

[Exer.10] The 26-week bill auctioned July 26, 1999 sold at a price of $ 97.715 per $100 face value. At issue, the bill had 182 days to maturity. What is the value of the yield on a discount basis?

Ans. 4.52%