財務(wù)管理現(xiàn)金流量與財務(wù)分析課件

Chapter3CashFlowsandFinancialAnalysis(現(xiàn)金流量與財務(wù)分析)Chapter3CashFlowsandFinanc1A>FinancialInformation(財務(wù)資訊)(p.57)FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內(nèi)的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)CreatesaconflictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiencesA>FinancialInformation(財務(wù)資訊2A-1>UsersofFinancialInformationInvestorsandFinancialAnalystsMajorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperationsA-1>UsersofFinancialInform3A-2>SourcesofFinancialInformation(財務(wù)資訊的來源)p.59AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagement’sperformanceBrokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moody’s,S&PA-2>SourcesofFinancialInfo4A-3>TheOrientationofFinancialAnalysis(財務(wù)分析的導(dǎo)向)p.62AccountingisconcernedwithfinancialstatementsFinanceisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)A-3>TheOrientationofFinanc5B>TheStatementofCashFlows(p.63)ConstructedfromtheBalanceSheetandIncomeStatement需要2個連續(xù)年度的資產(chǎn)負債表及當年的損益表來形成現(xiàn)金流量表編表的方式有2種依據(jù)3個不同的活動(operating,investing,andfinancingactivities)依據(jù)現(xiàn)金的來源與使用B>TheStatementofCashFlows6B-2>BusinessCashFlows(p.66)CashFlowsRulesAssetincreaseuseofcashAssetdecreasesourceofcashLiabilityincreasesourceofcashLiabilitydecreaseuseofcashB-2>BusinessCashFlows(p.667B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1B-3>ConstructingtheStatemen8B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.B-3>ConstructingtheStatemen9B-3>ConstructingtheStatementofCashFlows(Example:p.69)-2Whilethefirmwasprofitable,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.B-3>ConstructingtheStatemen10B-4>FreeCashFlows-1(p.73)UndernormalconditionsmostfirmsgeneratepositivecashflowfromoperationsSomeofthesefundsareusedtomaintainlong-runcompetitivepositionReplaceworn-outfixedassetsPaydividendsonPreferredStockB-4>FreeCashFlows-1(p.73)U11

B-4>FreeCashFlows-2(p.73)Freecashflow(自由現(xiàn)金流量)isthecashgeneratedbeyondreinvestmentneeds(所產(chǎn)生的現(xiàn)金超過再投資所需的資金)FreeCFs =NetCF–non-operatingcashrequirements(to maintainalong-runcompetitionposition)Freecashflowisthecashavailablefordistributiontocommonstockholders.

B-4>FreeCashFlows-2(p.73)F12C>RatioAnalysis(財務(wù)比率分析)p.73-90ComparisonsHistory—examinetrends(howthevaluehaschangedovertime)Competition—comparewithotherfirmsinthesameindustryBudget—compareactualvalueswithexpectedordesiredvaluesC>RatioAnalysis(財務(wù)比率分析)p.713C>RatioAnalysis-1CommonSizeStatements(共同比報表/同基財務(wù)報表) 是將報表中的數(shù)字利用一個共同的基準轉(zhuǎn)換成百分比，除了能規(guī)避規(guī)模不一的影響外，也可以「分解」出各會計科目所占的重要性，呈現(xiàn)出結(jié)構(gòu)性的資訊，故稱結(jié)構(gòu)性分析。CommonsizeincomestatementPresentseachlineasapercentofrevenueCommonsizebalancesheetPresentseachlineasapercentoftotalassetsC>RatioAnalysis-1CommonSize14C>RatioAnalysis-2CommonSizeStatements(共同比報表)Thecommonsizeanalysisleadsustoasktherightquestions.Itdoesn’tgiveustheanswers,butitgetsourinvestigationofproblemsstartedintherightdirection.Commonsizeanalysisisparticularlyusefulincomparingafirm’sperformancewithitsownhistory.Example:p.74-75C>RatioAnalysis-2CommonSize15C>RatioAnalysis-3TrendanalysisbyCommon-base-yearstatements(同基年財務(wù)報表) 趨勢分析是指選定某一會計年度為基年(baseyear)，將所欲分析的各年度財務(wù)報表數(shù)額以此基年數(shù)額為相同分母平減，化為指數(shù)的型態(tài)，以觀察公司資產(chǎn)、負債及損益狀況的消長情形。趨勢分析適合進行長期性的分析---多樣本的分析。而轉(zhuǎn)化成指數(shù)值的報表稱為同基年財務(wù)報表。C>RatioAnalysis-3Trendanaly16CommonSizeStatementsCommonSizeStatements17C-3>Ratios-1(p.76)CategoriesofRatios(Table3.1)Liquidity—indicatefirm’sabilitytopayitsbillsintheshortrunAssetManagement—showhowthecompanyusesitsresourcestogeneraterevenue,profitandtoavoidcostC-3>Ratios-1(p.76)Categories18C-3>Ratios-2CategoriesofRatios(Table3.1)DebtManagement—showhoweffectivelythefirmhasusedborrowedfundsandwhetherornotithasahighamountofleverageProfitability—allowassessmentofthecompany’sabilitytomakemoneyMarketValue—giveanindicationofhowinvestorsfeelaboutthecompany’sfinancialfutureC-3>Ratios-2CategoriesofRat19C-3>Ratios-3(1)Liquidityratios流動比率(hastoexceed1.0)速動比率/酸性測驗比率(不考慮存貨的比率)C-3>Ratios-3(1)Liquidityrat20C-3>Ratios-4(2)Assetmanagementratios(資產(chǎn)管理/利用比率)平均收款期間(days;太高的ACP可能是存在有收不回來的應(yīng)收帳款之暗示)存貨週轉(zhuǎn)率(times;ahigherturnoverisbetter)固定資產(chǎn)週轉(zhuǎn)率(times(次);衡量長期績效)總資產(chǎn)週轉(zhuǎn)率(times(次);衡量長期績效)C-3>Ratios-4(2)Assetmanagem21C-3>Ratios-5(3)DebtManagementRatios(債務(wù)管理比率/財務(wù)槓桿比率/長期償債能力):Debt是指長期債務(wù)與流動負債的總和負債比率(比率越高則被投資人視為高風(fēng)險)負債對權(quán)益比率(fixedfinancialcharge&risk)利息保障倍數(shù)(TIE;比率越高隱含安全性越高)現(xiàn)金涵蓋比率固定費用涵蓋比率C-3>Ratios-5(3)DebtManageme22C-3>Ratios-6ProfitabilityRatios(獲利能力比率):一般以百分比的方式表示銷貨報酬率(ROS);profitmargin;netprofitmargin資產(chǎn)報酬率(ROA)權(quán)益報酬率(ROE)C-3>Ratios-6ProfitabilityRat23C-3>Ratios-7MarketValueRatios(市價比率)價盈比(P/Eratio;越高越好)市價對帳面價值比(穩(wěn)健的公司會產(chǎn)生股票市價高於帳面價值)C-3>Ratios-7MarketValueRati24C-3>Ratios-8aDuPontEquations(杜邦恆等式):利用比率之間的關(guān)係以洞悉營運之成功與否C-3>Ratios-8aDuPontEquation25C-3>Ratios-8bExtendedDuPontequationstatesthattheoperationofabusinessisreflectedinitsROEHowever,thisresult—goodorbad—canbemultipliedbyborrowingThewayyoufinanceabusinesscanexaggeratetheresultsfromoperationsTheDuPontequationscanbeusedtoisolateproblemsC-3>Ratios-8bExtendedDuPont26C-3>Ratios-8cC-3>Ratios-8c27C-4>Limitations/WeaknessesofRatioAnalysis(p.90)(1)會計數(shù)字無法反映實際價值(2)會計方法的選擇影響比較效度(windowdressing)(3)多角化投資的影響(4)通膨的影響(5)標竿的選擇問題(6)會計數(shù)字的品質(zhì)問題C-4>Limitations/Weaknessesof28Chapter3CashFlowsandFinancialAnalysis(現(xiàn)金流量與財務(wù)分析)Chapter3CashFlowsandFinanc29A>FinancialInformation(財務(wù)資訊)(p.57)FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內(nèi)的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)CreatesaconflictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiencesA>FinancialInformation(財務(wù)資訊30A-1>UsersofFinancialInformationInvestorsandFinancialAnalystsMajorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperationsA-1>UsersofFinancialInform31A-2>SourcesofFinancialInformation(財務(wù)資訊的來源)p.59AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagement’sperformanceBrokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moody’s,S&PA-2>SourcesofFinancialInfo32A-3>TheOrientationofFinancialAnalysis(財務(wù)分析的導(dǎo)向)p.62AccountingisconcernedwithfinancialstatementsFinanceisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)A-3>TheOrientationofFinanc33B>TheStatementofCashFlows(p.63)ConstructedfromtheBalanceSheetandIncomeStatement需要2個連續(xù)年度的資產(chǎn)負債表及當年的損益表來形成現(xiàn)金流量表編表的方式有2種依據(jù)3個不同的活動(operating,investing,andfinancingactivities)依據(jù)現(xiàn)金的來源與使用B>TheStatementofCashFlows34B-2>BusinessCashFlows(p.66)CashFlowsRulesAssetincreaseuseofcashAssetdecreasesourceofcashLiabilityincreasesourceofcashLiabilitydecreaseuseofcashB-2>BusinessCashFlows(p.6635B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1B-3>ConstructingtheStatemen36B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.B-3>ConstructingtheStatemen37B-3>ConstructingtheStatementofCashFlows(Example:p.69)-2Whilethefirmwasprofitable,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.B-3>ConstructingtheStatemen38B-4>FreeCashFlows-1(p.73)UndernormalconditionsmostfirmsgeneratepositivecashflowfromoperationsSomeofthesefundsareusedtomaintainlong-runcompetitivepositionReplaceworn-outfixedassetsPaydividendsonPreferredStockB-4>FreeCashFlows-1(p.73)U39

B-4>FreeCashFlows-2(p.73)Freecashflow(自由現(xiàn)金流量)isthecashgeneratedbeyondreinvestmentneeds(所產(chǎn)生的現(xiàn)金超過再投資所需的資金)FreeCFs =NetCF–non-operatingcashrequirements(to maintainalong-runcompetitionposition)Freecashflowisthecashavailablefordistributiontocommonstockholders.

B-4>FreeCashFlows-2(p.73)F40C>RatioAnalysis(財務(wù)比率分析)p.73-90ComparisonsHistory—examinetrends(howthevaluehaschangedovertime)Competition—comparewithotherfirmsinthesameindustryBudget—compareactualvalueswithexpectedordesiredvaluesC>RatioAnalysis(財務(wù)比率分析)p.741C>RatioAnalysis-1CommonSizeStatements(共同比報表/同基財務(wù)報表) 是將報表中的數(shù)字利用一個共同的基準轉(zhuǎn)換成百分比，除了能規(guī)避規(guī)模不一的影響外，也可以「分解」出各會計科目所占的重要性，呈現(xiàn)出結(jié)構(gòu)性的資訊，故稱結(jié)構(gòu)性分析。CommonsizeincomestatementPresentseachlineasapercentofrevenueCommonsizebalancesheetPresentseachlineasapercentoftotalassetsC>RatioAnalysis-1CommonSize42C>RatioAnalysis-2CommonSizeStatements(共同比報表)Thecommonsizeanalysisleadsustoasktherightquestions.Itdoesn’tgiveustheanswers,butitgetsourinvestigationofproblemsstartedintherightdirection.Commonsizeanalysisisparticularlyusefulincomparingafirm’sperformancewithitsownhistory.Example:p.74-75C>RatioAnalysis-2CommonSize43C>RatioAnalysis-3TrendanalysisbyCommon-base-yearstatements(同基年財務(wù)報表) 趨勢分析是指選定某一會計年度為基年(baseyear)，將所欲分析的各年度財務(wù)報表數(shù)額以此基年數(shù)額為相同分母平減，化為指數(shù)的型態(tài)，以觀察公司資產(chǎn)、負債及損益狀況的消長情形。趨勢分析適合進行長期性的分析---多樣本的分析。而轉(zhuǎn)化成指數(shù)值的報表稱為同基年財務(wù)報表。C>RatioAnalysis-3Trendanaly44CommonSizeStatementsCommonSizeStatements45C-3>Ratios-1(p.76)CategoriesofRatios(Table3.1)Liquidity—indicatefirm’sabilitytopayitsbillsintheshortrunAssetManagement—showhowthecompanyusesitsresourcestogeneraterevenue,profitandtoavoidcostC-3>Ratios-1(p.76)Categories46C-3>Ratios-2CategoriesofRatios(Table3.1)DebtManagement—showhoweffectivelythefirmhasusedborrowedfundsandwhetherornotithasahighamountofleverageProfitability—allowassessmentofthecompany’sabilitytomakemoneyMarketValue—giveanindicationofhowinvestorsfeelaboutthecompany’sfinancialfutureC-3>Ratios-2CategoriesofRat47C-3>Ratios-3(1)Liquidityratios流動比率(hastoexceed1.0)速動比率/酸性測驗比率(不考慮存貨的比率)C-3>Ratios-3(1)Liquidityrat48C-3>Ratios-4(2)Assetmanagementratios(資產(chǎn)管理/利用比率)平均收款期間(days;太高的ACP可能是存在有收不回來的應(yīng)收帳款之暗示)存貨週轉(zhuǎn)率(times;