财务报表与财务管理知识分析.pptx

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1、Chapter 2 & 3Financial Statements and Analysis(財務報表與財務分析)The Stockholders ReportnThe guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (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).nSources of Financial Information (財務資訊的來源)1)Annual Report (

2、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(letter to stockholders)b)4種基本的財務報表(financial statements)2)美國的證管會(SEC) & 臺灣的金管會2.1-2.2 The Balance Sheet & Income Statement (資產負債表&損益表)nThe income statement provides a financial summary of a companys operating results during a specified period.(流量的觀念)nThe balance shee

3、t presents a summary of a firms financial position at a given point in time.(存量的觀念)nThe Balance Sheet Identity is: Assets Liabilities + Stockholders EquitynThe accounting definition of income is:Revenue Expenses IncomeBalance Sheet AnalysisnWhen analyzing a balance sheet, the Finance Manager should

4、be aware of three concerns:1.Accounting liquidity (會計的變現性)2.Debt versus equity (債務 v.s. 權益)3.Value versus cost (價值 v.s. 成本)Accounting Liquidity(變現性/流動性)Refers to the ease and quickness with which assets can be converted to cashwithout a significant loss in value (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)

5、Current assets are the most liquid. (流動資產最具變現性)Some fixed assets are intangible. (某些固定資產是無形資產)The more liquid a firms assets, the less likely the firm is to experience problems meeting short-term obligations. (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)Liquid assets frequently have lower rates of return than f

6、ixed assets. (變現性高的資產之報酬率會比固定資產者低)Debt versus EquityCreditors generally receive the first claim on the firms cash flow.Shareholders equity is the residual difference between assets and liabilities.Value versus Cost Under GAAP, audited financial statements of firms in the U.S. carry assets at cost. M

7、arket value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost.The Income Statement1)The operations section (營運部分) of the income statement reports the firms revenues and expenses from principal oper

8、ations.2)The non-operating section (非營運部分) of the income statement includes all financing costs, such as interest expense.3)Usually a separate section reports the amount of taxes levied on income.4)Net income (淨利) is the “bottom line.”Total operating revenuesCost of goods soldSelling, general, and a

9、dministrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current: $71 Deferred: $13Net income Retained earnings: $43 Dividends: $43(4) Net income is the “bottom line.”$2,262 1,655 327 90$19029$219 49$170 84$86U.S.C.C. Income S

10、tatement(1)(2)(3)Income Statement AnalysisnThere are three things to keep in mind when analyzing an income statement:1.GAAPThe matching principal of GAAP dictates that revenues be matched with expenses. (GAPP要求收入與費用配合原則)Thus, income is reported when it is earned, even though no cash flow may have oc

11、curred.2.Non-Cash Items3.Time and CostsNon-Cash ItemsnDepreciation (折舊 費用) is the most apparent. No firm ever writes a check for “depreciation.”nAnother non-cash item is deferred taxes (遞延所得稅), which does not represent a cash flow.nThus, net income is not cash.Time and CostsnIn the short-run, certai

12、n equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.nIn the long-run, all inputs of production (and hence costs) are variable.n會計師並不區分 variable costs 與 fixed costs. 相反地，會計成本的分類方式是為了區隔 product costs from period costs。2.3 TaxesnMa

13、rginal vs. average tax ratesnMarginal (邊際稅率) the percentage paid on the next dollar earnednAverage (平均稅率) the tax bill / taxable incomenOther taxesCalculate federal income taxes due if taxable income (應稅所得) is $80,000.Solution:Tax = .15 ($50,000) + .25 ($25,000) + .34 ($80,000 - $75,000)Tax = $15,45

14、0 = Tax liability (稅負)Marginal Tax Rate = 34%Average Tax Rate = $15,450/$80,000 = 19.31%Example Ordinary income is earned through the sale of a firms goods or services and is taxed at the rates depicted in Table 2.3.2.4 Net Working Capital (NWC)nNet Working Capital Current Assets Current Liabilities

15、nNWC usually grows with the firm 2.5 Financial Cash FlownIn finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.nThe cash flow received from the firms assets (CF(A) must equal the cash flows to the firms creditors (CF(B) and stockholde

16、rs (CF(S).CF(A) CF(B) + CF(S)2.5 The Statement of Cash Flows (現金流量表)-1nConstructed from the Balance Sheet and Income Statementn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, and financing activities)n依據現金的來源與使用(sources and uses)The Statement of Cash Flows (現金流量表)-2:Business C

17、ash FlowsnCash Flows RulesnAsset decrease source of cashnLiability increase source of cashnSales of stock source of cashnDepreciation & other noncash charges source of cashnAsset increase use of cashnLiability decrease use of cashnRepurchase of stock use of cashnDividends paid use of cashAnalyzing t

18、he Firms Cash FlowsnCash flow (as opposed to accounting “profits”) is the primary focus of the financial manager.nAn important factor affecting cash flow is depreciation.n(從會計角度) cash flow is summarized in a firms statement of cash flows.n(從財務角度) firms focus on both operating cash flow used in manag

19、erial decision-making, & free cash flow monitored by participants in the capital market.Depreciation: modified accelerated cost recovery system (MACRS:加速折舊法) 3.1 Standardizing Financial Statements (標準化的財務報表): Table 3.1-3.4nCommon-Size Balance Sheets (共同比資產負債表)nCompute all accounts as a percent of to

20、tal assetsnCommon-Size Income Statements (共同比損益表)nCompute all line items as a percent of salesnStandardized statements make it easier to compare financial information, particularly as the company grows.nThey are also useful for comparing companies of different sizes, particularly within the same ind

21、ustry.3.2 Ratio Analysis (財務比率分析)n常用的財務分析工具有共同比分析(common size financial statement analysis)與財務比率分析(financial ratios analysis)；而常用的分析技術為：nTrend or time-series analysis (趨勢分析): 與公司過去歷史做比較，評估企業一段時期的績效，屬於動態分析)nCross-sectional analysis (橫斷面分析) : 與同業平均或類似公司做比較)nCombined Analysis(合併分析): simply uses a combi

22、nation of both time series analysis and cross-sectional analysisExample:文山公司的橫斷面分析同業平均文山公司流動比率1.546 2.500速動比率0.950 1.667存貨週轉率3.516 5.754存貨銷售平均天數103.821 63.437應收帳款週轉率4.139 8.631應收帳款平均收現天數88.182 42.291固定資產週轉率1.163 1.438總資產週轉率0.394 0.822負債比率0.414 0.457賺得利息倍數5.928 1.330Example: Beta公司的橫斷面-共同比損益表分析Exampl

23、e: 文山公司的趨勢分析Potential Problem/Weaknesses of Ratio Analysis1)會計數字無法反映實際價值2)會計方法的選擇影響比較效度 (window dressing)3)企業的會計年度(fiscal years)不同會影響企業間之比較4)多角化投資企業不易找到比較用的標竿公司(benchmark)5)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6)通貨膨脹的影響7)會計數字的品質問題8)Extraordinary, or one-time, eventsCategories of Financial Ratios (Ta

24、ble 3.5, page 56)1)Short-term solvency or liquidity ratios (短期償債能力/變現性比率)2)Long-term solvency, or financial leverage, ratios (長期償債能力/財務槓桿比率)3)Asset management or turnover ratios (資產管理比率/週轉比率) 4)Profitability ratios (獲利能力比率)5)Market value ratios (企業市場價值比率)(1) Liquidity ratios (變現性/流動性比率) Indicate fir

25、ms ability to pay its bills in the short run Current ratio(流動比率, times): has to exceed 1.0. 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。持有過多現金，其收益性低，造成資源浪費；流動資產高，可能是庫存過高的存貨，或者存貨為已過時應淘汰的產品。 Quick ratio(速動比率/酸性測驗比率(Acid-test ratio), times):它的分子是流動資產減掉存貨及其他流動性更低的流動資產，如預付費用(Pre-paid Expenses) 。 Cash ratio(現金比

26、率): 單位: 倍(times)(2) Debt Management Ratios (債務管理比率/財務槓桿比率/長期償債能力) Debt是指長期債務與流動負債的總和 Total debt ratio (總負債比率=(TA-TE)/TA, %): 比率越高則被投資人視為高風險 Debt-equity ratio (債務-權益比率, TD/TE, %) Equity multiplier (權益乘數=TA/TE=1+D/E, %) Times interest earned ratio (利息保障倍數, 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，財務風險愈小。

27、Cash coverage (現金涵蓋比率): 此比率解決TIE以EBIT為基礎的問題，也就是說TIE無法真正衡量公司有多少現金可用於支付利息費用的問題。(3) Activity ratios or Asset management ratios(資產管理比率) show how the company uses its resources to generate revenue, profit and to avoid cost Inventory turnover (存貨週轉率, times (次):存貨週轉率愈高，就代表公司管理存貨的效率愈高，不過若是存貨週轉率太高，也可能意味著公司的存

28、貨水準太低，可能會錯失銷售的機會。A higher turnover is better. Days sales in inventory (存貨週轉天數, days) Receivables turnover (應收帳管週轉率, times(次) Average collection period (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收帳款之暗示(3) Activity ratios or Asset management ratios(資產管理比率) Average payment period (平均付款期間): 單位是”多少

29、天(days)”;太高的PAP暗示公司在信用交易上有轉壞的現象 Fixed asset turnover ratio (固定資產週轉率): times(次); 衡量長期績效 (=Sales/net FA) Total asset turnover ratio (總資產週轉率): times(次); 衡量長期績效(=Sales/TA)(4)Profitability Ratios (獲利能力比率) 用於顯示流動性、資產管理、與負債管理對公司營運結果的綜合影響，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下，企業每做一元的生意，可以獲得多少毛利、營業盈餘、及稅後淨利。值得注意的是，在

30、薄利多銷的情況下(即:降低產品售價而求銷貨量增加) ，以提高企業的總利潤，則Sales的增加使此三項獲利率會降低。 Gross profit margin (毛利率) Operating profit margin (營運盈餘率) Net profit margin (淨利率，銷貨利潤邊際)=(稅後淨利銷貨收入)(4)Profitability Ratios (獲利能力比率) Earnings per share (每股盈餘, EPS) Return on total asset (資產報酬率, ROA): 衡量企業所投資的每一元資產，在一個會計期間內所能賺取的利潤有多少元，又稱為投資報酬率(

31、return on investment, ROI)=(稅後淨利資產總額) Return on (common) equity (權益報酬率, ROE):衡量一企業自有資金之報酬率，此比率可用於看出經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，企業的負債比率(debt ratio)越高，則ROA也會越高。(ROE=稅後淨利普通股權益)TETATASalesSalesNITENIROE(5)Market Value Ratios (企業市場價值比率) 此類比率用於觀察市場中的投資人同時根據風險與報酬下，其心目中對公司過去績效與未來潛力的指標。 Price/Earn

32、ings ratio (價盈比 or 本益比, P/E ratio): 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)Market Value Ratios (企業市場價值比率) Market/Book (M/B) ratio (市價對帳面價值比):當此比率小於1時，代表市場對該企業的評價不盡理想；穩健的公司會產生股價高於帳面價值。普通股每股帳面價值普通股每股市價普通股流通在外的股數保留盈餘法定公積普通股股本普通股流通在外的

33、股數價值普通股股東權益的帳面普通股每股帳面價值ratioBM)/(企業總體財務分析：杜邦衡等式(Du Pont Identity)nDu Pont Identity推導出權益報酬率可以是資產報酬率和財務槓桿之間的關係。而資產報酬率又可分解為銷貨利潤邊際和資產週轉率。所以利用比率之間的關係以洞悉營運之成功與否n下頁公式(1)為杜邦方程式；公式(2)為延展的杜邦方程式(Extended Do Pont equation)nThe Du Pont equations can be used to isolate problems. 所以利用分解報酬率而找出企業經營上的問題所在(改善營運的效率、減少閒

34、置的產能或處分閒置的資產、或改變資本結構等問題)杜邦方程式分析資產報酬率(ROA) = 銷貨利潤邊際 資產週轉率 (式1) 權益報酬率 (ROE)= 資產報酬率(ROA) 權益乘數 = 銷貨利潤邊際 資產週轉率 權益乘數(式2)其中權益乘數 = 總資產(TA) / 股東權益(E)2()()()()()()1()()(式權益乘數總資產週轉率銷售利潤邊際式總資產週轉率銷售利潤邊際MultiplierEquityROAEquityAssetsTotalAssetsTotalIncomeNetAssetsTotalAssetsTotalEquityIncomeNetEquityIncomeNetROEAssetsTotalSalesSalesIncomeNetSalesSalesAssetsTotalIncomeNetAssetsTotalIncomeNetROA