公司理财精要9版-英文-第二章.ppt

1、2-1CHAPTER2FinancialStatementsandCashFlow2-2Chapter Outline2.1 The Balance Sheet2.2 The Income Statement2.3 Taxes X-2.4 Net working capital2.5 financial cash flow2-32.1 The Balance SheetlAn accountants snapshot of the firm。lIt is a convenient means of organization and summarizing what a fir m owns(i

2、ts assets),what a firm owes(its liabilities),and the difference between the two(the firms equity)at a given point in time.lAssets are listed in order of decreasing liquiditylBalance Sheet Identity(特性)lAssets=Liabilities+Stockholders EquityThe Balance Sheet-Figure 2.12-4Assets Liabilities+Stockholder

3、s EquityNet working capital lThe difference between a firms current assets and its current liabilities.=Current Assets Current LiabilitiesNet working capital:$100-70=$30lThere are three particularly important things to keep when examining a balance sheet:1.liquidity,2.debt versus equity,3.Market val

4、ue versus book value.2-8LiquiditylRefers to the speed and ease with which an asset can be converted to cash.lGold is a relatively liquid asset;a custom manufacturing facility is not.lLiquidity actually has two dimensions:ease of conversion versus loss of value.lA high liquid assets is therefore one

5、that can be quickly sold without significant loss of value.lLiquid firms are less likely to experience financial distresslBut liquid assets typically earn a lower returnlTrade-off to find balance between liquid and illiquid assets2-9Debt versus EquitylGenerally,when a firm borrows,it gives the bondh

6、olders first claim on the firms cash flow.lThus shareholders equity is the residual difference between assets and liabilities.shareholders equity=assets-liabilitiesMarket Value vs.Book ValuelThe balance sheet provides the book value of the assets,liabilities,and equity.lMarket value is the price at

7、which the assets,liabilities,or equity can actually be bought or sold.lMarket value and book value are often very different.Why?lWhich is more important to the decision-making process?2-10Example 2.2 Klingon CorporationKLINGON CORPORATIONBalance SheetsMarket Value versus Book ValueBookMarketBookMark

8、etAssetsLiabilities and Shareholders EquityNWC$400$600 LTD$500$500NFA 700 1,000 SE6001,1001,1001,6001,1001,6002-11Income StatementlIf the balance sheet is like a snapshot,the income statement is like a video recording of what the people did between two snapshot.lYou generally report revenues first a

9、nd then deduct any expenses for the period.(table 2.2)lOne number of particular importance is earnings before interest and taxes(EBIT),which summarizes earnings before taxes and financing costs.lMatching principle GAAP says to show revenue when it accrues and match the expenses required to generate

10、the revenue2-12GAAP:generally accepted accounting principle公认会计原则US Corporation Income Statement Table 2.22-13X-Work the Web ExamplelPublicly traded companies must file regular reports with the Securities and Exchange Commission（SEC）lThese reports are usually filed electronically and can be searched

11、 at the SEC public site called EDGARlClick on the web surfer,pick a company,and see what you can find!2-14l纳斯达克纳斯达克 是全美证券商协会自动报价系统（National Association of Securities Dealers Automated Quotations）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

12、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-TaxeslThe one thing we can rely on with taxes is that they are always changinglMarginal vs.average tax rateslMarginal tax rate the percentage paid on the next dollar earnedlAverage tax rate the tax bill/taxable incomelOther taxes2-16X-Example:Marginal Vs.Average Rate

13、slSuppose your firm earns$4 million in taxable income.lWhat is the firms tax liability?lWhat is the average tax rate?lWhat is the marginal tax rate?lIf you are considering a project that will increase the firms taxable income by$1 million,what tax rate should you use in your analysis?2-17l中华人民共和国企业所

14、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 The Concept of Cash FlowlCash flow is one of the most important pieces of information that a financial

15、manager can derive from financial statementslWe will look at how cash is generated from utilizing assets and how it is paid to those that finance the purchase of the assets2-19lCF(A)=CF(B)+CF(S)Quick QuizlWhat is the difference between book value and market value?Which should we use for decision-mak

16、ing purposes?lWhat is the difference between accounting income and cash flow?Which do we need to use when making decisions?lWhat is the difference between average and marginal tax rates?Which should we use when making financial decisions?lHow do we determine a firms cash flows?What are the equations,and where do we find the information?2-23