財務(wù)管理財務(wù)報表與財務(wù)分析課件

Chapter2&3FinancialStatementsandAnalysis(財務(wù)報表與財務(wù)分析)Chapter2&3FinancialStateme1TheStockholders’ReportTheguidelinesusedtoprepareandmaintainfinancialrecordsandreportsaregenerallyacceptedaccountingprinciples(GAAP)(用於準備與維持財務(wù)記錄及報告的指導(dǎo)方針是一般會計原則(GAPP)).SourcesofFinancialInformation(財務(wù)資訊的來源)AnnualReport(年報：主要的資訊來源):年報中包括2種資訊公司總經(jīng)理的公開信(lettertostockholders)4種基本的財務(wù)報表(financialstatements)美國的證管會(SEC)&臺灣的金管會TheStockholders’ReportThegu22.1-2.2TheBalanceSheet&IncomeStatement(資產(chǎn)負債表&損益表)Theincomestatementprovidesafinancialsummaryofacompany’soperatingresultsduringaspecifiedperiod.(流量的觀念)Thebalancesheetpresentsasummaryofafirm’sfinancialpositionatagivenpointintime.(存量的觀念)TheBalanceSheetIdentityis: Assets≡Liabilities+Stockholder’sEquityTheaccountingdefinitionofincomeis: Revenue–Expenses≡Income2.1-2.2TheBalanceSheet&In3BalanceSheetAnalysisWhenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:Accountingliquidity(會計的變現(xiàn)性)Debtversusequity(債務(wù)v.s.權(quán)益)Valueversuscost(價值v.s.成本)BalanceSheetAnalysisWhenana4AccountingLiquidity(變現(xiàn)性/流動性)Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash—withoutasignificantlossinvalue(所謂變現(xiàn)性是指在沒有嚴重損失價值之下，可以容易且快速的將資產(chǎn)轉(zhuǎn)換成現(xiàn)金)Currentassetsarethemostliquid.(流動資產(chǎn)最具變現(xiàn)性)Somefixedassetsareintangible.(某些固定資產(chǎn)是無形資產(chǎn))Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.(企業(yè)的資產(chǎn)越具變現(xiàn)性，則企業(yè)越不可能經(jīng)歷無法滿足短期債務(wù)的問題)Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.(變現(xiàn)性高的資產(chǎn)之報酬率會比固定資產(chǎn)者低)AccountingLiquidity(變現(xiàn)性/流動性)R5DebtversusEquityCreditorsgenerallyreceivethefirstclaimonthefirm’scashflow.Shareholder’sequityistheresidualdifferencebetweenassetsandliabilities.ValueversusCostUnderGAAP,auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisthepriceatwhichtheassets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.DebtversusEquityCreditorsge6TheIncomeStatementTheoperationssection(營運部分)oftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations.Thenon-operatingsection(非營運部分)oftheincomestatementincludesallfinancingcosts,suchasinterestexpense.Usuallyaseparatesectionreportstheamountoftaxesleviedonincome.Netincome(淨利)isthe“bottomline.”TheIncomeStatementTheoperat7TotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43(4)Netincomeisthe“bottomline.”$2,2621,65532790$19029$21949$17084$86U.S.C.C.IncomeStatement(1)(2)(3)TotaloperatingrevenuesCosto8IncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.(GAPP要求收入與費用配合原則)Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred.Non-CashItemsTimeandCostsIncomeStatementAnalysisThere9Non-CashItemsDepreciation(折舊費用)isthemostapparent.Nofirmeverwritesacheckfor“depreciation.”Anothernon-cashitemisdeferredtaxes(遞延所得稅),whichdoesnotrepresentacashflow.Thus,netincomeisnotcash.Non-CashItemsDepreciation(折舊10TimeandCostsIntheshort-run,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelong-run,allinputsofproduction(andhencecosts)arevariable.會計師並不區(qū)分variablecosts與fixedcosts.相反地，會計成本的分類方式是為了區(qū)隔productcostsfromperiodcosts。TimeandCostsIntheshort-run112.3TaxesMarginalvs.averagetaxratesMarginal(邊際稅率)–thepercentagepaidonthenextdollarearnedAverage(平均稅率)–thetaxbill/taxableincomeOthertaxes2.3TaxesMarginalvs.average12Calculatefederalincometaxesdueiftaxableincome(應(yīng)稅所得)is$80,000.Solution:Tax=.15($50,000)+.25($25,000)+.34($80,000-$75,000)Tax=$15,450=Taxliability(稅負)MarginalTaxRate=34%AverageTaxRate=$15,450/$80,000=19.31%ExampleOrdinaryincomeisearnedthroughthesaleofafirm’sgoodsorservicesandistaxedattheratesdepictedinTable2.3.Calculatefederalincometaxes132.4NetWorkingCapital(NWC)NetWorkingCapital ≡CurrentAssets–CurrentLiabilitiesNWCusuallygrowswiththefirm

2.4NetWorkingCapital(NWC)N142.5FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Thecashflowreceivedfromthefirm’sassets(CF(A))mustequalthecashflowstothefirm’screditors(CF(B))andstockholders(CF(S)).CF(A)≡CF(B)+CF(S)2.5FinancialCashFlowInfina152.5TheStatementofCashFlows(現(xiàn)金流量表)-1ConstructedfromtheBalanceSheetandIncomeStatement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(sourcesanduses)2.5TheStatementofCashFlow16TheStatementofCashFlows(現(xiàn)金流量表)-2:BusinessCashFlowsCashFlowsRulesAssetdecreasesourceofcashLiabilityincreasesourceofcashSalesofstocksourceofcashDepreciation&othernoncashchargessourceofcashAssetincreaseuseofcashLiabilitydecreaseuseofcashRepurchaseofstockuseofcashDividendspaiduseofcashTheStatementofCashFlows(現(xiàn)17AnalyzingtheFirm’sCashFlowsCashflow

(asopposedtoaccounting“profits”)istheprimaryfocusofthefinancialmanager.Animportantfactoraffectingcashflowisdepreciation.(從會計角度)cashflowissummarizedinafirm’sstatementofcashflows.(從財務(wù)角度)firmsfocusonbothoperatingcashflowusedinmanagerialdecision-making,&freecashflowmonitoredbyparticipantsinthecapitalmarket.AnalyzingtheFirm’sCashFlow18Depreciation:modifiedacceleratedcostrecoverysystem(MACRS:加速折舊法)

Depreciation:modifiedacceler193.1StandardizingFinancialStatements(標準化的財務(wù)報表):Table3.1-3.4Common-SizeBalanceSheets(共同比資產(chǎn)負債表)ComputeallaccountsasapercentoftotalassetsCommon-SizeIncomeStatements(共同比損益表)ComputealllineitemsasapercentofsalesStandardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows.Theyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.3.1StandardizingFinancialSt203.2RatioAnalysis(財務(wù)比率分析)常用的財務(wù)分析工具有共同比分析(commonsizefinancialstatementanalysis)與財務(wù)比率分析(financialratiosanalysis)；而常用的分析技術(shù)為：Trendortime-seriesanalysis(趨勢分析):

與公司過去歷史做比較，評估企業(yè)一段時期的績效，屬於動態(tài)分析)Cross-sectionalanalysis(橫斷面分析):與同業(yè)平均或類似公司做比較)CombinedAnalysis(合併分析):simplyusesacombinationofbothtimeseriesanalysisandcross-sectionalanalysis3.2RatioAnalysis(財務(wù)比率分析)常用的21Example:文山公司的橫斷面分析同業(yè)平均文山公司流動比率1.5462.500速動比率0.9501.667存貨週轉(zhuǎn)率3.5165.754存貨銷售平均天數(shù)103.82163.437應(yīng)收帳款週轉(zhuǎn)率4.1398.631應(yīng)收帳款平均收現(xiàn)天數(shù)88.18242.291固定資產(chǎn)週轉(zhuǎn)率1.1631.438總資產(chǎn)週轉(zhuǎn)率0.3940.822負債比率0.4140.457賺得利息倍數(shù)5.9281.330Example:文山公司的橫斷面分析同業(yè)平均文山公司流動比率22Example:Beta公司的橫斷面-共同比損益表分析Example:Beta公司的橫斷面-共同比損益表分析23Example:文山公司的趨勢分析Example:文山公司的趨勢分析24PotentialProblem/WeaknessesofRatioAnalysis會計數(shù)字無法反映實際價值會計方法的選擇影響比較效度(windowdressing)企業(yè)的會計年度(fiscalyears)不同會影響企業(yè)間之比較多角化投資企業(yè)不易找到比較用的標竿公司(benchmark)國際化與全球化的競爭下，要進行評比會因各國(地)的會計準則之不同而更加困難通貨膨脹的影響會計數(shù)字的品質(zhì)問題Extraordinary,orone-time,eventsPotentialProblem/Weaknesseso25CategoriesofFinancialRatios(Table3.5,page56)Short-termsolvencyorliquidityratios(短期償債能力/變現(xiàn)性比率)Long-termsolvency,orfinancialleverage,ratios(長期償債能力/財務(wù)槓桿比率)Assetmanagementorturnoverratios(資產(chǎn)管理比率/週轉(zhuǎn)比率)Profitabilityratios(獲利能力比率)Marketvalueratios(企業(yè)市場價值比率)CategoriesofFinancialRatios26(1)Liquidityratios(變現(xiàn)性/流動性比率)Indicatefirm’sabilitytopayitsbillsintheshortrunCurrentratio(流動比率,times):hastoexceed1.0.很多人會認為值愈大，短期償債能力越強，所以愈大愈好。但到底好不好是要比較的。持有過多現(xiàn)金，其收益性低，造成資源浪費；流動資產(chǎn)高，可能是庫存過高的存貨，或者存貨為已過時應(yīng)淘汰的產(chǎn)品。Quickratio(速動比率/酸性測驗比率(Acid-testratio),times):它的分子是流動資產(chǎn)減掉存貨及其他流動性更低的流動資產(chǎn)，如預(yù)付費用(Pre-paidExpenses)。Cashratio(現(xiàn)金比率):單位:倍(times)(1)Liquidityratios(變現(xiàn)性/流動性比27(2)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Totaldebtratio(總負債比率=(TA-TE)/TA,%):比率越高則被投資人視為高風(fēng)險Debt-equityratio(債務(wù)-權(quán)益比率,TD/TE,%)Equitymultiplier(權(quán)益乘數(shù)=TA/TE=1+D/E,%)Timesinterestearnedratio(利息保障倍數(shù),TIE,times):比率越高隱含安全性越高，公司支付利息的能力就愈強，財務(wù)風(fēng)險愈小。Cashcoverage(現(xiàn)金涵蓋比率):此比率解決TIE以EBIT為基礎(chǔ)的問題，也就是說TIE無法真正衡量公司有多少現(xiàn)金可用於支付利息費用的問題。(2)DebtManagementRatios(債務(wù)28(3)ActivityratiosorAssetmanagementratios(資產(chǎn)管理比率)showhowthecompanyusesitsresourcestogeneraterevenue,profitandtoavoidcostInventoryturnover(存貨週轉(zhuǎn)率,times(次)):存貨週轉(zhuǎn)率愈高，就代表公司管理存貨的效率愈高，不過若是存貨週轉(zhuǎn)率太高，也可能意味著公司的存貨水準太低，可能會錯失銷售的機會。Ahigherturnoverisbetter.Days’salesininventory(存貨週轉(zhuǎn)天數(shù),days)Receivablesturnover(應(yīng)收帳管週轉(zhuǎn)率,times(次))Averagecollectionperiod(平均收款期間,days):單位是”多少天(days)”;太高的ACP可能是存在有收不回來的應(yīng)收帳款之暗示(3)ActivityratiosorAssetm29(3)ActivityratiosorAssetmanagementratios(資產(chǎn)管理比率)Averagepaymentperiod(平均付款期間):單位是”多少天(days)”;太高的PAP暗示公司在信用交易上有轉(zhuǎn)壞的現(xiàn)象Fixedassetturnoverratio(固定資產(chǎn)週轉(zhuǎn)率):times(次);衡量長期績效(=Sales/netFA)Totalassetturnoverratio(總資產(chǎn)週轉(zhuǎn)率):times(次);衡量長期績效(=Sales/TA)(3)ActivityratiosorAssetm30(4)ProfitabilityRatios(獲利能力比率)用於顯示流動性、資產(chǎn)管理、與負債管理對公司營運結(jié)果的綜合影響，一般以百分比的方式表示。其中的以下三者用於衡量以銷貨為基礎(chǔ)下，企業(yè)每做一元的生意，可以獲得多少毛利、營業(yè)盈餘、及稅後淨利。值得注意的是，在薄利多銷的情況下(即:降低產(chǎn)品售價而求銷貨量增加)，以提高企業(yè)的總利潤，則Sales的增加使此三項獲利率會降低。Grossprofitmargin(毛利率)Operatingprofitmargin(營運盈餘率)Netprofitmargin(淨利率，銷貨利潤邊際)=(稅後淨利÷銷貨收入)(4)ProfitabilityRatios(獲利能力比31(4)ProfitabilityRatios(獲利能力比率)Earningspershare(每股盈餘,EPS)Returnontotalasset(資產(chǎn)報酬率,ROA):衡量企業(yè)所投資的每一元資產(chǎn)，在一個會計期間內(nèi)所能賺取的利潤有多少元，又稱為投資報酬率(returnoninvestment,ROI)=(稅後淨利÷資產(chǎn)總額)Returnon(common)equity(權(quán)益報酬率,ROE):衡量一企業(yè)自有資金之報酬率，此比率可用於看出經(jīng)理人如何能夠善於運用外來資金，來提高股東自有資金的報酬率。在其他因素不變下，企業(yè)的負債比率(debtratio)越高，則ROA也會越高。(ROE=稅後淨利÷普通股權(quán)益)(4)ProfitabilityRatios(獲利能力比32(5)MarketValueRatios(企業(yè)市場價值比率)此類比率用於觀察市場中的投資人同時根據(jù)風(fēng)險與報酬下，其心目中對公司過去績效與未來潛力的指標。Price/Earningsratio(價盈比or本益比,P/Eratio):表示投資人對每元的稅後淨利所願意支付的價格，所以公司未來的成長潛能越高則本益比就越大，投資人就越有信心。然而當每股盈餘(EPS)接近於零時，(P/E)值就會接近無限大，則此時對本益比大小的解釋也就無太大的意義了。(5)MarketValueRatios(企業(yè)市場價值33(5)MarketValueRatios(企業(yè)市場價值比率)Market/Book(M/B)ratio(市價對帳面價值比):當此比率小於1時，代表市場對該企業(yè)的評價不盡理想；穩(wěn)健的公司會產(chǎn)生股價高於帳面價值。(5)MarketValueRatios(企業(yè)市場價值34企業(yè)總體財務(wù)分析：杜邦衡等式(DuPontIdentity)DuPontIdentity推導(dǎo)出權(quán)益報酬率可以是資產(chǎn)報酬率和財務(wù)槓桿之間的關(guān)係。而資產(chǎn)報酬率又可分解為銷貨利潤邊際和資產(chǎn)週轉(zhuǎn)率。所以利用比率之間的關(guān)係以洞悉營運之成功與否下頁公式(1)為杜邦方程式；公式(2)為延展的杜邦方程式(ExtendedDoPontequation)TheDuPontequationscanbeusedtoisolateproblems.所以利用分解報酬率而找出企業(yè)經(jīng)營上的問題所在(改善營運的效率、減少閒置的產(chǎn)能或處分閒置的資產(chǎn)、或改變資本結(jié)構(gòu)等問題)企業(yè)總體財務(wù)分析：杜邦衡等式(DuPontIdentit35杜邦方程式分析資產(chǎn)報酬率(ROA)=銷貨利潤邊際資產(chǎn)週轉(zhuǎn)率(式1)權(quán)益報酬率(ROE)=資產(chǎn)報酬率(ROA)權(quán)益乘數(shù) =銷貨利潤邊際資產(chǎn)週轉(zhuǎn)率權(quán)益乘數(shù) (式2)其中權(quán)益乘數(shù)=總資產(chǎn)(TA)/股東權(quán)益(E)杜邦方程式分析資產(chǎn)報酬率(ROA)=銷貨利潤邊際資36Chapter2&3FinancialStatementsandAnalysis(財務(wù)報表與財務(wù)分析)Chapter2&3FinancialStateme37TheStockholders’ReportTheguidelinesusedtoprepareandmaintainfinancialrecordsandreportsaregenerallyacceptedaccountingprinciples(GAAP)(用於準備與維持財務(wù)記錄及報告的指導(dǎo)方針是一般會計原則(GAPP)).SourcesofFinancialInformation(財務(wù)資訊的來源)AnnualReport(年報：主要的資訊來源):年報中包括2種資訊公司總經(jīng)理的公開信(lettertostockholders)4種基本的財務(wù)報表(financialstatements)美國的證管會(SEC)&臺灣的金管會TheStockholders’ReportThegu382.1-2.2TheBalanceSheet&IncomeStatement(資產(chǎn)負債表&損益表)Theincomestatementprovidesafinancialsummaryofacompany’soperatingresultsduringaspecifiedperiod.(流量的觀念)Thebalancesheetpresentsasummaryofafirm’sfinancialpositionatagivenpointintime.(存量的觀念)TheBalanceSheetIdentityis: Assets≡Liabilities+Stockholder’sEquityTheaccountingdefinitionofincomeis: Revenue–Expenses≡Income2.1-2.2TheBalanceSheet&In39BalanceSheetAnalysisWhenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:Accountingliquidity(會計的變現(xiàn)性)Debtversusequity(債務(wù)v.s.權(quán)益)Valueversuscost(價值v.s.成本)BalanceSheetAnalysisWhenana40AccountingLiquidity(變現(xiàn)性/流動性)Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash—withoutasignificantlossinvalue(所謂變現(xiàn)性是指在沒有嚴重損失價值之下，可以容易且快速的將資產(chǎn)轉(zhuǎn)換成現(xiàn)金)Currentassetsarethemostliquid.(流動資產(chǎn)最具變現(xiàn)性)Somefixedassetsareintangible.(某些固定資產(chǎn)是無形資產(chǎn))Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.(企業(yè)的資產(chǎn)越具變現(xiàn)性，則企業(yè)越不可能經(jīng)歷無法滿足短期債務(wù)的問題)Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.(變現(xiàn)性高的資產(chǎn)之報酬率會比固定資產(chǎn)者低)AccountingLiquidity(變現(xiàn)性/流動性)R41DebtversusEquityCreditorsgenerallyreceivethefirstclaimonthefirm’scashflow.Shareholder’sequityistheresidualdifferencebetweenassetsandliabilities.ValueversusCostUnderGAAP,auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisthepriceatwhichtheassets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.DebtversusEquityCreditorsge42TheIncomeStatementTheoperationssection(營運部分)oftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations.Thenon-operatingsection(非營運部分)oftheincomestatementincludesallfinancingcosts,suchasinterestexpense.Usuallyaseparatesectionreportstheamountoftaxesleviedonincome.Netincome(淨利)isthe“bottomline.”TheIncomeStatementTheoperat43TotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43(4)Netincomeisthe“bottomline.”$2,2621,65532790$19029$21949$17084$86U.S.C.C.IncomeStatement(1)(2)(3)TotaloperatingrevenuesCosto44IncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.(GAPP要求收入與費用配合原則)Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred.Non-CashItemsTimeandCostsIncomeStatementAnalysisThere45Non-CashItemsDepreciation(折舊費用)isthemostapparent.Nofirmeverwritesacheckfor“depreciation.”Anothernon-cashitemisdeferredtaxes(遞延所得稅),whichdoesnotrepresentacashflow.Thus,netincomeisnotcash.Non-CashItemsDepreciation(折舊46TimeandCostsIntheshort-run,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelong-run,allinputsofproduction(andhencecosts)arevariable.會計師並不區(qū)分variablecosts與fixedcosts.相反地，會計成本的分類方式是為了區(qū)隔productcostsfromperiodcosts。TimeandCostsIntheshort-run472.3TaxesMarginalvs.averagetaxratesMarginal(邊際稅率)–thepercentagepaidonthenextdollarearnedAverage(平均稅率)–thetaxbill/taxableincomeOthertaxes2.3TaxesMarginalvs.average48Calculatefederalincometaxesdueiftaxableincome(應(yīng)稅所得)is$80,000.Solution:Tax=.15($50,000)+.25($25,000)+.34($80,000-$75,000)Tax=$15,450=Taxliability(稅負)MarginalTaxRate=34%AverageTaxRate=$15,450/$80,000=19.31%ExampleOrdinaryincomeisearnedthroughthesaleofafirm’sgoodsorservicesandistaxedattheratesdepictedinTable2.3.Calculatefederalincometaxes492.4NetWorkingCapital(NWC)NetWorkingCapital ≡CurrentAssets–CurrentLiabilitiesNWCusuallygrowswiththefirm

2.4NetWorkingCapital(NWC)N502.5FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Thecashflowreceivedfromthefirm’sassets(CF(A))mustequalthecashflowstothefirm’screditors(CF(B))andstockholders(CF(S)).CF(A)≡CF(B)+CF(S)2.5FinancialCashFlowInfina512.5TheStatementofCashFlows(現(xiàn)金流量表)-1ConstructedfromtheBalanceSheetandIncomeStatement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(sourcesanduses)2.5TheStatementofCashFlow52TheStatementofCashFlows(現(xiàn)金流量表)-2:BusinessCashFlowsCashFlowsRulesAssetdecreasesourceofcashLiabilityincreasesourceofcashSalesofstocksourceofcashDepreciation&othernoncashchargessourceofcashAssetincreaseuseofcashLiabilitydecreaseuseofcashRepurchaseofstockuseofcashDividendspaiduseofcashTheStatementofCashFlows(現(xiàn)53AnalyzingtheFirm’sCashFlowsCashflow

(asopposedtoaccounting“profits”)istheprimaryfocusofthefinancialmanager.Animportantfactoraffectingcashflowisdepreciation.(從會計角度)cashflowissummarizedinafirm’sstatementofcashflows.(從財務(wù)角度)firmsfocusonbothoperatingcashflowusedinmanagerialdecision-making,&freecashflowmonitoredbyparticipantsinthecapitalmarket.AnalyzingtheFirm’sCashFlow54Depreciation:modifiedacceleratedcostrecoverysystem(MACRS:加速折舊法)

Depreciation:modifiedacceler553.1StandardizingFinancialStatements(標準化的財務(wù)報表):Table3.1-3.4Common-SizeBalanceSheets(共同比資產(chǎn)負債表)ComputeallaccountsasapercentoftotalassetsCommon-SizeIncomeStatements(共同比損益表)ComputealllineitemsasapercentofsalesStandardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows.Theyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.3.1StandardizingFinancialSt563.2RatioAnalysis(財務(wù)比率分析)常用的財務(wù)分析工具有共同比分析(commonsizefinancialstatementanalysis)與財務(wù)比率分析(financialratiosanalysis)；而常用的分析技術(shù)為：Trendortime-seriesanalysis(趨勢分析):

與公司過去歷史做比較，評估企業(yè)一段時期的績效，屬於動態(tài)分析)Cross-sectionalanalysis(橫斷面分析):與同業(yè)平均或類似公司做比較)CombinedAnalysis(合併分析):simplyusesacombinationofbothtimeseriesanalysisandcross-sectionalanalysis3.2RatioAnalysis(財務(wù)比率分析)常用的57Example:文山公司的橫斷面分析同業(yè)平均文山公司流動比率1.5462.500速動比率0.9501.667存貨週轉(zhuǎn)率3.5165.754存貨銷售平均天數(shù)103.82163.437應(yīng)收帳款週轉(zhuǎn)率4.1398.631應(yīng)收帳款平均收現(xiàn)天數(shù)88.18242.291固定資產(chǎn)週轉(zhuǎn)率1.1631.438總資產(chǎn)週轉(zhuǎn)率0.3940.822負債比率0.4140.457賺得利息倍數(shù)5.9281.330Example:文山公司的橫斷面分析同業(yè)平均文山公司流動比率58Example:Beta公司的橫斷面-共同比損益表分析Example:Beta公司的橫斷面-共同比損益表分析59Example:文山公司的趨勢分析Example:文山公司的趨勢分析60PotentialProblem/WeaknessesofRatioAnalysis會計數(shù)字無法反映實際價值會計方法的選擇影響比較效度(windowdressing)企業(yè)的會計年度(fiscalyears)不同會影響企業(yè)間之比較多角化投資企業(yè)不易找到比較用的標竿公司(benchmark)國際化與全球化的競爭下，要進行評比會因各國(地)的會計準則之不同而更加困難通貨膨脹的影響會計數(shù)字的品質(zhì)問題Extraordinary,orone-time,eventsPotentialProblem/Weaknesseso61CategoriesofFinancialRatios(Table3.5,page56)Short-termsolvencyorliquidityratios(短期償債能力/變現(xiàn)性比率)Long-termsolvency,orfinancialleverage,ratios(長期償債能力/財務(wù)槓桿比率)Assetmanagementorturnoverratios(資產(chǎn)管理比率/週轉(zhuǎn)比率)Profitabilityratios(獲利能力比率)Marketvalueratios(企業(yè)市場價值比率)CategoriesofFinancialRatios62(1)Liquidityratios(變現(xiàn)性/流動性比率)Indicatefirm’sabilitytopayitsbillsintheshortrunCurrentratio(流動比率,times):hastoexceed1.0.很多人會認為值愈大，短期償債能力越強，所以愈大愈好。但到底好不好是要比較的。持有過多現(xiàn)金，其收益性低，造成資源浪費；流動資產(chǎn)高，可能是庫存過高的存貨，或者存貨為已過時應(yīng)淘汰的產(chǎn)品。Quickratio(速動比率/酸性測驗比率(Acid-testratio),times):它的分子是流動資產(chǎn)減掉存貨及其他流動性更低的流動資產(chǎn)，如預(yù)付費用(Pre-paidExpenses)。Cashratio(現(xiàn)金比率):單位:倍(times)(1)Liquidityratios(變現(xiàn)性/流動性比63(2)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Totaldebtratio(總負債比率=(TA-TE)/TA,%):比率越高則被投資人視為高風(fēng)險Debt-equityratio(債務(wù)-權(quán)益比率,TD/TE,%)Equitymultiplier(權(quán)益乘數(shù)=TA/TE=1+D/E,%)Timesinterestearnedratio(利息保障倍數(shù),TIE,times):比率越高隱含安全性越高，公司支付利息的能力就愈強，財務(wù)風(fēng)險愈小。Cashcoverage(現(xiàn)金涵蓋比率):此比率解決TIE以EBIT為基礎(chǔ)的問題，也就是說TIE無法真正衡量公司有多少現(xiàn)金可用於支付利息費用的問題。(2)DebtManagementRatios(債務(wù)64(3)ActivityratiosorAssetmanagementratios(資產(chǎn)管理比率)showhowthecompanyusesitsre