公司理财精要9版-英文-第二章.ppt

公司理财精要9版-英文-第二章.ppt

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2-1CHAPTER2FinancialStatementsandCashFlow2-2ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3TaxesX-2.4Networkingcapital2.5financialcashflow2-32.1TheBalanceSheetlAnaccountantssnapshotofthefirm。

lItisaconvenientmeansoforganizationandsummarizingwhatafirmowns（itsassets）,whatafirmowes（itsliabilities）,andthedifferencebetweenthetwo（thefirmsequity）atagivenpointintime.lAssetsarelistedinorderofdecreasingliquiditylBalanceSheetIdentity（特性）lAssets=Liabilities+StockholdersEquityTheBalanceSheet-Figure2.12-4AssetsLiabilities+StockholdersEquityNetworkingcapitallThedifferencebetweenafirmscurrentassetsanditscurrentliabilities.=CurrentAssetsCurrentLiabilitiesNetworkingcapital:

$100-70=$30lTherearethreeparticularlyimportantthingstokeepwhenexaminingabalancesheet:

1.liquidity,2.debtversusequity,3.Marketvalueversusbookvalue.2-8LiquiditylReferstothespeedandeasewithwhichanassetcanbeconvertedtocash.lGoldisarelativelyliquidasset;acustommanufacturingfacilityisnot.lLiquidityactuallyhastwodimensions:

easeofconversionversuslossofvalue.lAhighliquidassetsisthereforeonethatcanbequicklysoldwithoutsignificantlossofvalue.lLiquidfirmsarelesslikelytoexperiencefinancialdistresslButliquidassetstypicallyearnalowerreturnlTrade-offtofindbalancebetweenliquidandilliquidassets2-9DebtversusEquitylGenerally,whenafirmborrows,itgivesthebondholdersfirstclaimonthefirmscashflow.lThusshareholdersequityistheresidualdifferencebetweenassetsandliabilities.shareholdersequity=assets-liabilitiesMarketValuevs.BookValuelThebalancesheetprovidesthebookvalueoftheassets,liabilities,andequity.lMarketvalueisthepriceatwhichtheassets,liabilities,orequitycanactuallybeboughtorsold.lMarketvalueandbookvalueareoftenverydifferent.Why?

lWhichismoreimportanttothedecision-makingprocess?

2-10Example2.2KlingonCorporationKLINGONCORPORATIONBalanceSheetsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholdersEquityNWC$400$600LTD$500$500NFA7001,000SE6001,1001,1001,6001,1001,6002-11IncomeStatementlIfthebalancesheetislikeasnapshot,theincomestatementislikeavideorecordingofwhatthepeopledidbetweentwosnapshot.lYougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiod.（table2.2）lOnenumberofparticularimportanceisearningsbeforeinterestandtaxes（EBIT）,whichsummarizesearningsbeforetaxesandfinancingcosts.lMatchingprincipleGAAPsaystoshowrevenuewhenitaccruesandmatchtheexpensesrequiredtogeneratetherevenue2-12GAAP:

generallyacceptedaccountingprinciple公认会计原则USCorporationIncomeStatementTable2.22-13X-WorktheWebExamplelPubliclytradedcompaniesmustfileregularreportswiththeSecuritiesandExchangeCommission（SEC）lThesereportsareusuallyfiledelectronicallyandcanbesearchedattheSECpublicsitecalledEDGARlClickonthewebsurfer,pickacompany,andseewhatyoucanfind!

2-14l纳斯达克纳斯达克是全美证券商协会自动报价系统（NationalAssociationofSecuritiesDealersAutomatedQuotations）英文缩写，始建于1971年，是一个完全采用电子交易、为新兴产业提供竞争舞台、自我监管、面向全球的股票市场,纳斯达克是全美也是世界最大的股票电子交易市场。

http:

/.hk也称联交所、港交所大陆A股：

上交所、深交所网站；也可通过和讯网、搜狐网、新浪网等查上市公司历年信息。

X-TaxeslTheonethingwecanrelyonwithtaxesisthattheyarealwayschanginglMarginalvs.averagetaxrateslMarginaltaxratethepercentagepaidonthenextdollarearnedlAveragetaxratethetaxbill/taxableincomelOthertaxes2-16X-Example:

MarginalVs.AverageRateslSupposeyourfirmearns$4millionintaxableincome.lWhatisthefirmstaxliability?

lWhatistheaveragetaxrate?

lWhatisthemarginaltaxrate?

lIfyouareconsideringaprojectthatwillincreasethefirmstaxableincomeby$1million,whattaxrateshouldyouuseinyouranalysis?

2-17l中华人民共和国企业所得税法已由中华人民共和国第十届全国人民代表大会第五次会议于2007年3月16日通过，自2008年1月1日起施行。

l目录目录l第一章第一章总则总则l第二章第二章应纳税所得额应纳税所得额l第三章第三章应纳税额应纳税额l第四章第四章税收优惠税收优惠l第五章第五章源泉扣缴源泉扣缴l第六章第六章特别纳税调整特别纳税调整l第七章第七章征收管理征收管理l第八章第八章附则附则TheConceptofCashFlowlCashflowisoneofthemostimportantpiecesofinformationthatafinancialmanagercanderivefromfinancialstatementslWewilllookathowcashisgeneratedfromutilizingassetsandhowitispaidtothosethatfinancethepurchaseoftheassets2-19lCF（A）=CF（B）+CF（S）QuickQuizlWhatisthedifferencebetweenbookvalueandmarketvalue?

Whichshouldweusefordecision-makingpurposes?

lWhatisthedifferencebetweenaccountingincomeandcashflow?

Whichdoweneedtousewhenmakingdecisions?

lWhatisthedifferencebetweenaverageandmarginaltaxrates?

Whichshouldweusewhenmakingfinancialdecisions?

lHowdowedetermineafirmscashflows?

Whataretheequations,andwheredowefindtheinformation?

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