財務(wù)報表與財務(wù)分析(ppt)
Chapter 2 & 3
Financial Statements and Analysis
(財務(wù)報表與財務(wù)分析)
The Stockholders’ Report
 The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用于準備與維持財務(wù)記錄及報告的指導(dǎo)方針是一般會計原則(GAPP)).
 Sources of Financial Information (財務(wù)信息的來源)
 Annual Report (年報：主要的信息來源):年報中包括2種信息
 公司總經(jīng)理的公開信(letter to stockholders)
 4種基本的財務(wù)報表(financial statements)
 美國的證管會(SEC) & 臺灣的金管會
2.1-2.2 The Balance Sheet & Income Statement (資產(chǎn)負債表&損益表)
 The income statement provides a financial summary of a company’s operating results during a specified period.(流量的觀念)
 The balance sheet presents a summary of a firm’s financial position at a given point in time.(存量的觀念)
 The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity
 The accounting definition of income is:
Revenue – Expenses ≡ Income
Balance Sheet Analysis
 When analyzing a balance sheet, the Finance Manager should be aware of three concerns:
• Accounting liquidity (會計的變現(xiàn)性)
• Debt versus equity (債務(wù) v.s. 權(quán)益)
• Value versus cost (價值 v.s. 成本)
Accounting Liquidity(變現(xiàn)性/流動性)
• Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value (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)
• Current assets are the most liquid. (流動資產(chǎn)最具變現(xiàn)性)
• Some fixed assets are intangible. (某些固定資產(chǎn)是無形資產(chǎn))
• The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations. (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)
• Liquid assets frequently have lower rates of return than fixed assets. (變現(xiàn)性高的資產(chǎn)之報酬率會比固定資產(chǎn)者低)
Debt versus Equity
• Creditors generally receive the first claim on the firm’s cash flow.
• Shareholder’s equity is the residual difference between assets and liabilities.
The Income Statement
 The operations section (營運部分) of the income statement reports the firm’s revenues and expenses from principal operations.
 The non-operating section (非營運部分) of the income statement includes all financing costs, such as interest expense.
 Usually a separate section reports the amount of taxes levied on income.
 Net income (凈利) is the “bottom line.”
U.S.C.C. Income Statement
Income Statement Analysis
 There are three things to keep in mind when analyzing an income statement:
• GAAP
• The 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 occurred.
• Non-Cash Items
• Time and Costs
Non-Cash Items
 Depreciation (折舊 費用) is the most apparent. No firm ever writes a check for “depreciation.”
 Another non-cash item is deferred taxes (遞延所得稅), which does not represent a cash flow.
 Thus, net income is not cash.
Time and Costs
 In the short-run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.
 In the long-run, all inputs of production (and hence costs) are variable.
 會計師并不區(qū)分 variable costs 與 fixed costs. 相反地，會計成本的分類方式是為了區(qū)隔 product costs from period costs。
2.3 Taxes
 Marginal vs. average tax rates
 Marginal (邊際稅率)– the percentage paid on the next dollar earned
 Average (平均稅率) – the tax bill / taxable income
 Other taxes
Example
• Ordinary income is earned through the sale of a firm’s goods or services and is taxed at the rates depicted in Table 2.3.
2.4 Net Working Capital (NWC)
 Net Working Capital ≡ Current Assets – Current Liabilities

 NWC usually grows with the firm
2.5 Financial Cash Flow
 In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.
 The cash flow received from the firm’s assets (CF(A)) must equal the cash flows to the firm’s creditors (CF(B)) and stockholders (CF(S)).
CF(A)≡ CF(B) + CF(S)
2.5 The Statement of Cash Flows (現(xiàn)金流量表)-1
 Constructed from the Balance Sheet and Income Statement
 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, and financing activities)
 依據(jù)現(xiàn)金的來源與使用(sources and uses)
The Statement of Cash Flows (現(xiàn)金流量表)-2:Business Cash Flows
 Cash Flows Rules
 Asset decrease  source of cash
 Liability increase  source of cash
 Sales of stock  source of cash
 Depreciation & other noncash charges  source of cash
 Asset increase  use of cash
 Liability decrease  use of cash
 Repurchase of stock  use of cash
 Dividends paid  use of cash
Analyzing the Firm’s Cash Flows
 Cash flow (as opposed to accounting “profits”) is the primary focus of the financial manager.
 An important factor affecting cash flow is depreciation.
 (從會計角度) cash flow is summarized in a firm’s statement of cash flows.
 (從財務(wù)角度) firms focus on both operating cash flow used in managerial 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(wù)報表): Table 3.1-3.4
 Common-Size Balance Sheets (共同比資產(chǎn)負債表)
 Compute all accounts as a percent of total assets
 Common-Size Income Statements (共同比損益表)
 Compute all line items as a percent of sales
 Standardized statements make it easier to compare financial information, particularly as the company grows.
 They are also useful for comparing companies of different sizes, particularly within the same industry.
3.2 Ratio Analysis (財務(wù)比率分析)
 常用的財務(wù)分析工具有共同比分析(common size financial statement analysis)與財務(wù)比率分析(financial ratios analysis)；而常用的分析技術(shù)為：
 Trend or time-series analysis (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，屬于動態(tài)分析)
 Cross-sectional analysis (橫斷面分析) : 與同業(yè)平均或類似公司做比較)
 Combined Analysis(合并分析): simply uses a combination of both time series analysis and cross-sectional analysis
Example:文山公司的橫斷面分析
Example: Beta公司的橫斷面-共同比損益表分析
Example: 文山公司的趨勢分析
Potential Problem/Weaknesses of Ratio Analysis
 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 (window dressing)
 企業(yè)的會計年度(fiscal years)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)字的質(zhì)量問題
 Extraordinary, or one-time, events
Categories of Financial Ratios (Table 3.5, page 56)
 Short-term solvency or liquidity ratios (短期償債能力/變現(xiàn)性比率)
 Long-term solvency, or financial leverage, ratios (長期償債能力/財務(wù)杠桿比率)
 Asset management or turnover ratios (資產(chǎn)管理比率/周轉(zhuǎn)比率)
 Profitability ratios (獲利能力比率)
 Market value ratios (企業(yè)市場價值比率)
(1) Liquidity ratios (變現(xiàn)性/流動性比率)
• Indicate firm’s 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(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。
– 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(chǎn)減掉存貨及其它流動性更低的流動資產(chǎn)，如預(yù)付費用(Pre-paid Expenses) 。
– Cash ratio(現(xiàn)金比率): 單位: 倍(times)
(2) Debt Management Ratios (債務(wù)管理比率/財務(wù)杠桿比率/長期償債能力)
• Debt是指長期債務(wù)與流動負債的總和
– 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(wù)-權(quán)益比率, TD/TE, %)
– Equity multiplier (權(quán)益乘數(shù)=TA/TE=1+D/E, %)
– Times interest earned ratio (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)風險愈小。
– Cash coverage (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)金可用于支付利息費用的問題。
(3) Activity ratios or Asset management ratios(資產(chǎn)管理比率)
• show how the company uses its resources to generate revenue, profit and to avoid cost
– Inventory turnover (存貨周轉(zhuǎn)率, times (次)):存貨周轉(zhuǎn)率愈高，就代表公司管理存貨的效率愈高，不過若是存貨周轉(zhuǎn)率太高，也可能意味著公司的存貨水平太低，可能會錯失銷售的機會。A higher turnover is better.
– Days’ sales in inventory (存貨周轉(zhuǎn)天數(shù), days)
– Receivables turnover (應(yīng)收帳管周轉(zhuǎn)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(yīng)收帳款之暗示
(3) Activity ratios or Asset management ratios(資產(chǎn)管理比率)
– Average payment period (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
– Fixed asset turnover ratio (固定資產(chǎn)周轉(zhuǎn)率): times(次); 衡量長期績效 (=Sales/net FA)
– Total asset turnover ratio (總資產(chǎn)周轉(zhuǎn)率): times(次); 衡量長期績效(=Sales/TA)
(4)Profitability Ratios (獲利能力比率)
• 用于顯示流動性、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。其中的以下三者用于衡量以銷貨為基礎(chǔ)下，企業(yè)每做一元的生意，可以獲得多少毛利、營業(yè)盈余、及稅后凈利。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。
– Gross profit margin (毛利率)
– Operating profit margin (營運盈余率)
– Net profit margin (凈利率，銷貨利潤邊際)=(稅后凈利÷銷貨收入)
(4)Profitability Ratios (獲利能力比率)
– Earnings per share (每股盈余, EPS)
– Return on total asset (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(return on investment, ROI)=(稅后凈利÷資產(chǎn)總額)
– Return on (common) equity (權(quán)益報酬率, ROE):衡量一企業(yè)自有資金之報酬率，此比率可用于看出經(jīng)理人如何能夠善于運用外來資金，來提高股東自有資金的報酬率。在其它因素不變下，企業(yè)的負債比率(debt ratio)越高，則ROA也會越高。(ROE=稅后凈利÷普通股權(quán)益)
(5)Market Value Ratios (企業(yè)市場價值比率)
• 此模擬率用于觀察市場中的投資人同時根據(jù)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/Earnings ratio (價盈比 or 本益比, P/E ratio): 表示投資人對每元的稅后凈利所愿意支付的價格，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。然而當每股盈余(EPS)接近于零時，(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(yè)市場價值比率)
– Market/Book (M/B) ratio (市價對賬面價值比):當此比率小于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)生股價高于賬面價值。
企業(yè)總體財務(wù)分析：杜邦衡等式(Du Pont Identity)
 Du Pont Identity推導(dǎo)出權(quán)益報酬率可以是資產(chǎn)報酬率和財務(wù)杠桿之間的關(guān)系。而資產(chǎn)報酬率又可分解為銷貨利潤邊際和資產(chǎn)周轉(zhuǎn)率。所以利用比率之間的關(guān)系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(Extended Do Pont equation)
 The Du Pont equations can be used to isolate problems. 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、減少閑置的產(chǎn)能或處分閑置的資產(chǎn)、或改變資本結(jié)構(gòu)等問題)



財務(wù)報表與財務(wù)分析(ppt)