最新《认识一元一次方程》第二课时参考课件PPT课件.ppt 40页

'《认识一元一次方程》第二课时参考课件 回顾：1、一元一次方程的概念：开学初，小明问他是数学老师：“老师，你今年几岁了？”数学老师想考考小明的智力，于是就这样回答：“我的年龄除以3乘以10，再加上20，刚好110。”你知道数学老师今年几岁吗？2、猜猜老师的年龄解：设数学老师今年x岁，则列方程得： 等式的性质性质1、等式两边同时加上（或减去）同一个代数式，所得结果仍是等式。天平持平衡天平两边同时加入相同质量的砝码，天平仍然平衡天平两边同时拿去相同质量的砝码，天平仍然平衡 随堂练习1、解下列方程：(1)x–9=8;(2)5–y=-16(3)3x+4=-13(4)2－3x–1=52、小红编了一道这样的题：我是4月出生的，我的年龄的2倍加上8，正好是我出生那一月的总天数。你猜我有几岁？请你求出小红的年龄。 3、选择：（1）下列说法正确的是（）A.含有一个未知数的等式叫一元一次方程。B.未知数的次数是1的方程叫一元一次方程。C.含有一个未知数，并且未知数的次数是1的整式叫一元一次方程。D.不是一元一次方程。+x=13－xD(2)下列式子中是一元一次方程的是（）A.2x+y=4B.5x–2x2=1C.3x–2=4D.5x–2C(3)使等式3x=x+3成立的x的值是()A.x=-2B.x=3/2C.x=¾D.x=-3/2B 4、填空（1）只含有未知数，并且未知数的次数是，系数不为，这样的方程叫做一元一次方程。（2）由4x=-2x+1可得出4x+=1.（3）由等式3x+2=6的两边都，得3x=4.（4）由方程–2x=4，两边同时乘以，得x=-2.（5）在等式5y–4=6中，两边同时，可得到5y=10，再两边同时，可得到y=2。一个102x减去2-1－2加上4除以5 小结本节课你学到什么知识？1、等式的基本性质。2、运用等式的基本性质解一元一次方程。注意：当我们获得了方程解的后还应检验，要养成检验的习惯。 作业布置P134习题5.2知识技能1问题解决4、5、6、7 会计报表和财务管理 会计报表资产负债表，损益表，现金流量表常用会计指标DuPontChart流行财务模型介绍EVA&MVA;CAPM&SML;GordenModel企业兼并Why(Synergy),WhichTypesHow(Example,CaseStudy)会计报表和财务管理 Cash7,28257,600AR632,160351,200Inventories1,287,360715,200TotalCA1,926,8021,124,000GrossFA1,202,950491,000Less:Deprec.263,160146,200NetFA939,790344,800TotalAssets2,866,5921,468,80019971996BalanceSheet:Assets 19971996Acctspayable524,160145,600Notespayable720,000200,000Accruals489,600136,000TotalCL1,733,760481,600Long-termdebt1,000,000323,432Commonstock460,000460,000Retainedearnings(327,168)203,768Totalequity132,832663,768TotalL&E2,866,5921,468,800BalanceSheet:LiabilitiesandEquity Sales5,834,4003,432,000COGS5,728,0002,864,000Otherexpenses680,000340,000Deprec.116,96018,900Tot.op.costs6,524,9603,222,900EBIT(690,560)209,100Interestexp.176,00062,500EBT(866,560)146,600Taxes(40%)(346,624)58,640Netincome(519,936)87,96019971996IncomeStatement(P/LSheet) (523,936)OPERATINGACTIVITIESNetincome(519,936)Add(sourcesofcash):Depreciation116,960IncreaseinAccts.Payable378,560Increaseinaccruals353,600Subtract(usesofcash):IncreaseinAccts.Receivable(280,960)Increaseininventories(572,160)Netcashprovidedbyops.StatementofCashFlow(1997) StatementofCashFlows(1997)L-TINVESTINGACTIVITIESInvestmentinfixedassets(711,950)FINANCINGACTIVITIESIncreaseinnotespayable520,000Increaseinlong-termdebt676,568Paymentofcashdividends(11,000)Netcashfromfinancing1,185,568NETCHANGEINCASH(50,318)Plus:Cashatbeginningofyear57,600Cashatendofyear7,282 TheDuPontsystemfocuseson:ExpensecontrolAssetutilizationDebtutilization DuPontEquationsROA=Profitmargin*TotalassetsturnoverROE=ROA*EquitymultiplierROE=(Profitmargin)(Totalassetturnover)(Equitymultiplier)=Netincome/sales*sales/TotalAssets*Totalassets/Commonequity TheotherkeyratiosP/Eratio=Themarketpriceofstock/EPSEPS=Earnings/ThesharesoutstandingWhatisyouridea? MVA&EVA(1)MVA:MarketValueAddedThedifferencebetweenthemarketvalueofequityandtheamountofequitycapitalthatinvestorssuppliedMVA=Marketvalueofequity-Equitycapitalsuppliedbyinvestors=(Sharesoutstanding)(StockPrice)-Totalcommonequity MVA&EVA(2)MVAExampleCoca-Colain1995MarketvalueofEquity:$69bTotalcommonequity:$8bMVA:$61bEPS:$8.63GMin1995MarketvalueofEquity:$69bTotalcommonequity:$87bMVA:$18bEPS:$0.79 MVA&EVA(3)EVA:EconomicValueAddedValueaddedtoshareholdersbymanagementduringagivenyearTomeasuretheeffectsofmanagerialactionsEVA=After-taxoperatingprofit-After-taxcostoftotalcapital=EBIT(1-Corporatetaxrate)-After-taxcostoftotalcapitalTotalcapitalincludes:Long-termdebt,preferredstock,andcommonequity MVA&EVA(4)EVAcasestudyCSXCorporationin1988,stockprice$28BU:Locomotive,containers,trailer,railcarsEVAapproachlost$70MSellingoff,increasingvolumeTill1993,stockprice$82.5 MVA&EVA(5)Securityanalysts:ThestockpricestrackEVAfarmorecloselythanotherfactorssuchasEPS,ROEandOperatingMargin CAPMModel&SML(1)CAPMCapitalAssetPricingModelSMLTheSecurityMarketLineSMLEquationRequiredreturnOnStockI=Risk-freerate+(Marketriskpremium)(Stock’sbeta)ORKi=KRF+(KM-KRF)biNote:KM,requiredrateofreturnonaportfolioconsistingofallstocks CAPMModel&SML(2)Beta(bi):Ameasureoftheextenttowhichthereturnsonagivenstockmovewiththestockmarket.Betaisthetheoreticallycorrectmeasureofthestock’sriskness. CAPMModel&SML(3)ThebetaofsomestocksStockBetaAmericaOnline2.10BallyEntertainment1.55MicrosoftCorp1.20GeneralElectric1.15Procter&Gamble1.05Coca-Cola1.00Heinz0.90EmpireDistrictElectric0.55Source:ValueLine,August16,1996 .T-billsSMLkM=15kRF=8-1012SML:ki=8%+(15%-8%)bi.ki(%)Risk,biCAPMModel&SML(4) CAPMModel&SML(5)SML1OriginalsituationRequiredRateofReturnk(%)SML200.51.01.52.01815118NewSMLInvestorsraiseinflationexpectationsby3% CAPMModel&SML(6)1.0kM=18%kM=15%SML1OriginalsituationRequiredRateofReturn(%)SML2AfterincreaseinriskaversionRisk,bi18158 GordenModel（ConstantGrowthModel）Toevaluatethestockpricewiththeconstantgrowthrate.P0=D0(1+g)/(Ks-g)P0theexpectedpriceofthestocktodayD0dividendthestockholderexpectstoreceivetodayKsrequiredreturnrategexpectedgrowthrate Whydomergersoccur?Synergy“2Plus2Equals5Effect”IfcompaniesA&BmergetoformCompanyC,andifC’svalueexceedsthatofA&Btakenseparately,thensynergyissaidtoexist. OperatingEconomiesEconomicsofScalesinmanagement,marketing,production,ordistributionFinancialEconomiesLowertransactioncost,bettercoverageDifferentialManagementEfficiencyMoreefficiencyofthemanagementmoreproductivityoftheweakerfirm’sassetIncreasedmarketpowerReducedcompetitionSynergycouldarisefrom TaxconsiderationAprofitablefirmacquiresafirmwithlargeaccumulatedtaxlossesPurchaseofassetbelowtheirreplacementcost(economicchoice)DiversificationManager’sPersonalincentivesTheotherreasonsofmergers AhorizontalmergerInthesameindustry,suchastwoICPAverticalmergerSupplier-buyer,suchasIntel&DellAcongenericmergerTherelatedenterprises,suchasMicrosoft&IBMAconglomeratemergerTheunrelatedenterprises,suchasAmericanOnline&Time-WarnerTypeofMergers AnalysisofapotentialmergerTheAcquiringFirmV.STheTargetFirmValuingthetargetfirmSettingthebidpricePostmergercontrolStructuringthetakeoverbidNote:thegoalofmergervaluationistovaluethetargetbusiness’sequitybecauseabusinessisacquiredfromitsowners,notfromitscreditors MergerexampleTheacquringfirm:HightechThetargetfirm:ApexCorporationStep1:ValuingthetargetfirmDiscountedCashFlowApproach(DCF)GordenModelandCAPMStep2:SettingthebidpriceThedifferencebetweenApex’sMVAandtheevaluatedpriceOffercashorsecuritiesThenegotiatingskillsofthebothsidesThebargainingpositionsasdeterminedbyfundamentaleconomicsituation…..Step3PostmergercontrolHowtore-positiontheoldmanagementStep4TakeoverAction MergerCaseStudyTheacquiringfirm:Smitty’sHomeRepairThetargetfirmHill’sHardwareYoushouldIdentifywhichtypeofmergeritisTakeDCFanalysisTakethescopeofyourbidPresentyourdecisionsin10minuteswithlessthan5slides'