财务报表与财务分析(ppt)
Chapter 2 & 3
Financial Statements and Analysis
(财务报表与财务分析)
The Stockholders’ Report
 The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用于准备与维持财务记录及报告的指导方针是一般会计原则(GAPP)).
 Sources of Financial Information (财务信息的来源)
 Annual Report (年报：主要的信息来源):年报中包括2种信息
 公司总经理的公开信(letter to stockholders)
 4种基本的财务报表(financial statements)
 美国的证管会(SEC) & 台湾的金管会
2.1-2.2 The Balance Sheet & Income Statement (资产负债表&损益表)
 The income statement provides a financial summary of a company’s operating results during a specified period.(流量的观念)
 The balance sheet presents a summary of a firm’s financial position at a given point in time.(存量的观念)
 The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity
 The accounting definition of income is:
Revenue – Expenses ≡ Income
Balance Sheet Analysis
 When analyzing a balance sheet, the Finance Manager should be aware of three concerns:
• Accounting liquidity (会计的变现性)
• Debt versus equity (债务 v.s. 权益)
• Value versus cost (价值 v.s. 成本)
Accounting Liquidity(变现性/流动性)
• Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value (所谓变现性是指在没有严重损失价值之下，可以容易且快速的将资产转换成现金)
• Current assets are the most liquid. (流动资产最具变现性)
• Some fixed assets are intangible. (某些固定资产是无形资产)
• The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations. (企业的资产越具变现性，则企业越不可能经历无法满足短期债务的问题)
• Liquid assets frequently have lower rates of return than fixed assets. (变现性高的资产之报酬率会比固定资产者低)
Debt versus Equity
• Creditors generally receive the first claim on the firm’s cash flow.
• Shareholder’s equity is the residual difference between assets and liabilities.
The Income Statement
 The operations section (营运部分) of the income statement reports the firm’s revenues and expenses from principal operations.
 The non-operating section (非营运部分) of the income statement includes all financing costs, such as interest expense.
 Usually a separate section reports the amount of taxes levied on income.
 Net income (净利) is the “bottom line.”
U.S.C.C. Income Statement
Income Statement Analysis
 There are three things to keep in mind when analyzing an income statement:
• GAAP
• The matching principal of GAAP dictates that revenues be matched with expenses. (GAPP要求收入与费用配合原则)
• Thus, income is reported when it is earned, even though no cash flow may have occurred.
• Non-Cash Items
• Time and Costs
Non-Cash Items
 Depreciation (折旧 费用) is the most apparent. No firm ever writes a check for “depreciation.”
 Another non-cash item is deferred taxes (递延所得税), which does not represent a cash flow.
 Thus, net income is not cash.
Time and Costs
 In the short-run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.
 In the long-run, all inputs of production (and hence costs) are variable.
 会计师并不区分 variable costs 与 fixed costs. 相反地，会计成本的分类方式是为了区隔 product costs from period costs。
2.3 Taxes
 Marginal vs. average tax rates
 Marginal (边际税率)– the percentage paid on the next dollar earned
 Average (平均税率) – the tax bill / taxable income
 Other taxes
Example
• Ordinary income is earned through the sale of a firm’s goods or services and is taxed at the rates depicted in Table 2.3.
2.4 Net Working Capital (NWC)
 Net Working Capital ≡ Current Assets – Current Liabilities

 NWC usually grows with the firm
2.5 Financial Cash Flow
 In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.
 The cash flow received from the firm’s assets (CF(A)) must equal the cash flows to the firm’s creditors (CF(B)) and stockholders (CF(S)).
CF(A)≡ CF(B) + CF(S)
2.5 The Statement of Cash Flows (现金流量表)-1
 Constructed from the Balance Sheet and Income Statement
 需要2个连续年度的资产负债表及当年的损益表来形成现金流量表
 编表的方式有2种
 依据3个不同的活动(operating, investing, and financing activities)
 依据现金的来源与使用(sources and uses)
The Statement of Cash Flows (现金流量表)-2:Business Cash Flows
 Cash Flows Rules
 Asset decrease  source of cash
 Liability increase  source of cash
 Sales of stock  source of cash
 Depreciation & other noncash charges  source of cash
 Asset increase  use of cash
 Liability decrease  use of cash
 Repurchase of stock  use of cash
 Dividends paid  use of cash
Analyzing the Firm’s Cash Flows
 Cash flow (as opposed to accounting “profits”) is the primary focus of the financial manager.
 An important factor affecting cash flow is depreciation.
 (从会计角度) cash flow is summarized in a firm’s statement of cash flows.
 (从财务角度) firms focus on both operating cash flow used in managerial decision-making, & free cash flow monitored by participants in the capital market.
Depreciation: modified accelerated cost recovery system (MACRS:加速折旧法)
3.1 Standardizing Financial Statements (标准化的财务报表): Table 3.1-3.4
 Common-Size Balance Sheets (共同比资产负债表)
 Compute all accounts as a percent of total assets
 Common-Size Income Statements (共同比损益表)
 Compute all line items as a percent of sales
 Standardized statements make it easier to compare financial information, particularly as the company grows.
 They are also useful for comparing companies of different sizes, particularly within the same industry.
3.2 Ratio Analysis (财务比率分析)
 常用的财务分析工具有共同比分析(common size financial statement analysis)与财务比率分析(financial ratios analysis)；而常用的分析技术为：
 Trend or time-series analysis (趋势分析): 与公司过去历史做比较，评估企业一段时期的绩效，属于动态分析)
 Cross-sectional analysis (横断面分析) : 与同业平均或类似公司做比较)
 Combined Analysis(合并分析): simply uses a combination of both time series analysis and cross-sectional analysis
Example:文山公司的横断面分析
Example: Beta公司的横断面-共同比损益表分析
Example: 文山公司的趋势分析
Potential Problem/Weaknesses of Ratio Analysis
 会计数字无法反映实际价值
 会计方法的选择影响比较效度 (window dressing)
 企业的会计年度(fiscal years)不同会影响企业间之比较
 多角化投资企业不易找到比较用的标竿公司(benchmark)
 国际化与全球化的竞争下，要进行评比会因各国(地)的会计准则之不同而更加困难
 通货膨胀的影响
 会计数字的质量问题
 Extraordinary, or one-time, events
Categories of Financial Ratios (Table 3.5, page 56)
 Short-term solvency or liquidity ratios (短期偿债能力/变现性比率)
 Long-term solvency, or financial leverage, ratios (长期偿债能力/财务杠杆比率)
 Asset management or turnover ratios (资产管理比率/周转比率)
 Profitability ratios (获利能力比率)
 Market value ratios (企业市场价值比率)
(1) Liquidity ratios (变现性/流动性比率)
• Indicate firm’s ability to pay its bills in the short run
– Current ratio(流动比率, times): has to exceed 1.0. 很多人会认为值愈大，短期偿债能力越强，所以愈大愈好。但到底好不好是要比较的。持有过多现金，其收益性低，造成资源浪费；流动资产高，可能是库存过高的存货，或者存货为已过时应淘汰的产品。
– Quick ratio(速动比率/酸性测验比率(Acid-test ratio), times):它的分子是流动资产减掉存货及其它流动性更低的流动资产，如预付费用(Pre-paid Expenses) 。
– Cash ratio(现金比率): 单位: 倍(times)
(2) Debt Management Ratios (债务管理比率/财务杠杆比率/长期偿债能力)
• Debt是指长期债务与流动负债的总和
– Total debt ratio (总负债比率=(TA-TE)/TA, %): 比率越高则被投资人视为高风险
– Debt-equity ratio (债务-权益比率, TD/TE, %)
– Equity multiplier (权益乘数=TA/TE=1+D/E, %)
– Times interest earned ratio (利息保障倍数, TIE, times):比率越高隐含安全性越高，公司支付利息的能力就愈强，财务风险愈小。
– Cash coverage (现金涵盖比率): 此比率解决TIE以EBIT为基础的问题，也就是说TIE无法真正衡量公司有多少现金可用于支付利息费用的问题。
(3) Activity ratios or Asset management ratios(资产管理比率)
• show how the company uses its resources to generate revenue, profit and to avoid cost
– Inventory turnover (存货周转率, times (次)):存货周转率愈高，就代表公司管理存货的效率愈高，不过若是存货周转率太高，也可能意味着公司的存货水平太低，可能会错失销售的机会。A higher turnover is better.
– Days’ sales in inventory (存货周转天数, days)
– Receivables turnover (应收帐管周转率, times(次))
– Average collection period (平均收款期间, days): 单位是”多少天(days)”;太高的ACP可能是存在有收不回来的应收帐款之暗示
(3) Activity ratios or Asset management ratios(资产管理比率)
– Average payment period (平均付款期间): 单位是”多少天(days)”;太高的PAP暗示公司在信用交易上有转坏的现象
– Fixed asset turnover ratio (固定资产周转率): times(次); 衡量长期绩效 (=Sales/net FA)
– Total asset turnover ratio (总资产周转率): times(次); 衡量长期绩效(=Sales/TA)
(4)Profitability Ratios (获利能力比率)
• 用于显示流动性、资产管理、与负债管理对公司营运结果的综合影响，一般以百分比的方式表示。其中的以下三者用于衡量以销货为基础下，企业每做一元的生意，可以获得多少毛利、营业盈余、及税后净利。值得注意的是，在薄利多销的情况下(即:降低产品售价而求销货量增加) ，以提高企业的总利润，则Sales的增加使此三项获利率会降低。
– Gross profit margin (毛利率)
– Operating profit margin (营运盈余率)
– Net profit margin (净利率，销货利润边际)=(税后净利÷销货收入)
(4)Profitability Ratios (获利能力比率)
– Earnings per share (每股盈余, EPS)
– Return on total asset (资产报酬率, ROA): 衡量企业所投资的每一元资产，在一个会计期间内所能赚取的利润有多少元，又称为投资报酬率(return on investment, ROI)=(税后净利÷资产总额)
– Return on (common) equity (权益报酬率, ROE):衡量一企业自有资金之报酬率，此比率可用于看出经理人如何能够善于运用外来资金，来提高股东自有资金的报酬率。在其它因素不变下，企业的负债比率(debt ratio)越高，则ROA也会越高。(ROE=税后净利÷普通股权益)
(5)Market Value Ratios (企业市场价值比率)
• 此模拟率用于观察市场中的投资人同时根据风险与报酬下，其心目中对公司过去绩效与未来潜力的指标。
– Price/Earnings ratio (价盈比 or 本益比, P/E ratio): 表示投资人对每元的税后净利所愿意支付的价格，所以公司未来的成长潜能越高则本益比就越大，投资人就越有信心。然而当每股盈余(EPS)接近于零时，(P/E)值就会接近无限大，则此时对本益比大小的解释也就无太大的意义了。
(5)Market Value Ratios (企业市场价值比率)
– Market/Book (M/B) ratio (市价对账面价值比):当此比率小于1时，代表市场对该企业的评价不尽理想；稳健的公司会产生股价高于账面价值。
企业总体财务分析：杜邦衡等式(Du Pont Identity)
 Du Pont Identity推导出权益报酬率可以是资产报酬率和财务杠杆之间的关系。而资产报酬率又可分解为销货利润边际和资产周转率。所以利用比率之间的关系以洞悉营运之成功与否
 下页公式(1)为杜邦方程式；公式(2)为延展的杜邦方程式(Extended Do Pont equation)
 The Du Pont equations can be used to isolate problems. 所以利用分解报酬率而找出企业经营上的问题所在(改善营运的效率、减少闲置的产能或处分闲置的资产、或改变资本结构等问题)



财务报表与财务分析(ppt)