财务报表与财务分析(中英文).ppt

财务报表与财务分析(中英文).ppt

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Chapter2&3FinancialStatementsandAnalysis（財務報表與財務分析）TheStockholdersReportnTheguidelinesusedtoprepareandmaintainfinancialrecordsandreportsaregenerallyacceptedaccountingprinciples（GAAP）（用於準備與維持財務記錄及報告的指導方針是一般會計原則（GAPP）.nSourcesofFinancialInformation（財務資訊的來源）1）AnnualReport（年報：

主要的資訊來源）:

年報中包括2種資訊a）公司總經理的公開信（lettertostockholders）b）4種基本的財務報表（financialstatements）2）美國的證管會（SEC）&臺灣的金管會2.1-2.2TheBalanceSheet&IncomeStatement（資產負債表&損益表）nTheincomestatementprovidesafinancialsummaryofacompanysoperatingresultsduringaspecifiedperiod.（流量的觀念）nThebalancesheetpresentsasummaryofafirmsfinancialpositionatagivenpointintime.（存量的觀念）nTheBalanceSheetIdentityis:

AssetsLiabilities+StockholdersEquitynTheaccountingdefinitionofincomeis:

RevenueExpensesIncomeBalanceSheetAnalysisnWhenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:

1.Accountingliquidity（會計的變現性）2.Debtversusequity（債務v.s.權益）3.Valueversuscost（價值v.s.成本）AccountingLiquidity（變現性/流動性）Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocashwithoutasignificantlossinvalue（所謂變現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轉換成現金）Currentassetsarethemostliquid.（流動資產最具變現性）Somefixedassetsareintangible.（某些固定資產是無形資產）Themoreliquidafirmsassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.（企業的資產越具變現性，則企業越不可能經歷無法滿足短期債務的問題）Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.（變現性高的資產之報酬率會比固定資產者低）DebtversusEquityCreditorsgenerallyreceivethefirstclaimonthefirmscashflow.Shareholdersequityistheresidualdifferencebetweenassetsandliabilities.ValueversusCostUnderGAAP,auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisthepriceatwhichtheassets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.TheIncomeStatement1）Theoperationssection（營運部分）oftheincomestatementreportsthefirmsrevenuesandexpensesfromprincipaloperations.2）Thenon-operatingsection（非營運部分）oftheincomestatementincludesallfinancingcosts,suchasinterestexpense.3）Usuallyaseparatesectionreportstheamountoftaxesleviedonincome.4）Netincome（淨利）isthe“bottomline.”TotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:

$71Deferred:

$13NetincomeRetainedearnings:

$43Dividends:

$43（4）Netincomeisthe“bottomline.”$2,2621,65532790$19029$21949$17084$86U.S.C.C.IncomeStatement

（1）

（2）（3）IncomeStatementAnalysisnTherearethreethingstokeepinmindwhenanalyzinganincomestatement:

1.GAAPThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.（GAPP要求收入與費用配合原則）Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred.2.Non-CashItems3.TimeandCostsNon-CashItemsnDepreciation（折舊費用）isthemostapparent.Nofirmeverwritesacheckfor“depreciation.”nAnothernon-cashitemisdeferredtaxes（遞延所得稅）,whichdoesnotrepresentacashflow.nThus,netincomeisnotcash.TimeandCostsnIntheshort-run,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.nInthelong-run,allinputsofproduction（andhencecosts）arevariable.n會計師並不區分variablecosts與fixedcosts.相反地，會計成本的分類方式是為了區隔productcostsfromperiodcosts。

2.3TaxesnMarginalvs.averagetaxratesnMarginal（邊際稅率）thepercentagepaidonthenextdollarearnednAverage（平均稅率）thetaxbill/taxableincomenOthertaxesCalculatefederalincometaxesdueiftaxableincome（應稅所得）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%ExampleOrdinaryincomeisearnedthroughthesaleofafirmsgoodsorservicesandistaxedattheratesdepictedinTable2.3.2.4NetWorkingCapital（NWC）nNetWorkingCapitalCurrentAssetsCurrentLiabilitiesnNWCusuallygrowswiththefirm2.5FinancialCashFlownInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.nThecashflowreceivedfromthefirmsassets（CF（A）mustequalthecashflowstothefirmscreditors（CF（B）andstockholders（CF（S）.CF（A）CF（B）+CF（S）2.5TheStatementofCashFlows（現金流量表）-1nConstructedfromtheBalanceSheetandIncomeStatementn需要2個連續年度的資產負債表及當年的損益表來形成現金流量表n編表的方式有2種n依據3個不同的活動（operating,investing,andfinancingactivities）n依據現金的來源與使用（sourcesanduses）TheStatementofCashFlows（現金流量表）-2:

BusinessCashFlowsnCashFlowsRulesnAssetdecreasesourceofcashnLiabilityincreasesourceofcashnSalesofstocksourceofcashnDepreciation&othernoncashchargessourceofcashnAssetincreaseuseofcashnLiabilitydecreaseuseofcashnRepurchaseofstockuseofcashnDividendspaiduseofcashAnalyzingtheFirmsCashFl