[财务管理]现金流量与财务分析(PPT 28页)

Chapter3CashFlowsandFinancialAnalysis(現金流量與財務分析)AFinancialInformation(財務資訊)(p.57)FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)CreatesaconflictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiencesA-1UsersofFinancialInformationInvestorsandFinancialAnalystsMajorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperationsA-2SourcesofFinancialInformation(財務資訊的來源)p.59AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagement’sperformanceBrokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moody’s,S&PA-3TheOrientationofFinancialAnalysis(財務分析的導向)p.62AccountingisconcernedwithfinancialstatementsFinanceisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)BTheStatementofCashFlows(p.63)ConstructedfromtheBalanceSheetandIncomeStatement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編表的方式有2種依據3個不同的活動(operating,investing,andfinancingactivities)依據現金的來源與使用B-2BusinessCashFlows(p.66)CashFlowsRulesAssetincreaseuseofcashAssetdecreasesourceofcashLiabilityincreasesourceofcashLiabilitydecreaseuseofcashB-3ConstructingtheStatementofCashFlows(Example:p.69)-1BelfryCompanyBelfryCompanyBalanceSheetIncomeStatementFortheperiodended12/31/X2Fortheperiodended12/31/X2Sales10,000$12/31/X112/31/X2COGS6,000$Cash1,0001,400Grossmargin4,000$Accountsreceivable3,0002,900Inventory2,0003,200Expense1,600$CURRENTASSETS6,0007,500Depreciation500$FixedassetsEBIT1,900$Gross4,0006,000Interest400$Accumulateddeprec.-1,000-1,500EBT1,500$Net3,0004,500Tax500$TOTALASSETS9,00012,000NetIncome1,000$Accountspayable1,5002,100Accruals500400CURRENTLIABILITIES2,0002,500Long-termdebt5,0006,200Equity2,0003,300TOTALCAPITAL7,0009,500TOTALLIABILITIESANDEQUITY9,00012,000AssetsLiabilitiesBelfryCompanyBelfryCompanyBalanceSheetIncomeStatementFortheperiodended12/31/X2Fortheperiodended12/31/X2Sales10,000$12/31/X112/31/X2COGS6,000$Cash1,0001,400Grossmargin4,000$Accountsreceivable3,0002,900Inventory2,0003,200Expense1,600$CURRENTASSETS6,0007,500Depreciation500$FixedassetsEBIT1,900$Gross4,0006,000Interest400$Accumulateddeprec.(1,000)(1,500)EBT1,500$Net3,0004,500Tax500$TOTALASSETS9,00012,000NetIncome1,000$Accountspayable1,5002,100Accruals500400CURRENTLIABILITIES2,0002,500Long-termdebt5,0006,200Equity2,0003,300TOTALCAPITAL7,0009,500TOTALLIABILITIESANDEQUITY9,00012,000AssetsLiabilitiesB-3ConstructingtheStatementofCashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.B-3ConstructingtheStatementofCashFlows(Example:p.69)-2Whilethefirmwasprofitable,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.BelfryCompanyStatementofCashFlowsFortheperiodended12/31/X2CASHFROMOPERATINGACTIVITIESNetincome1,000$Depreciation500$Netchangesincurrentaccounts(600)$Cashfromoperatingactivities900$CASHFROMINVESTINGACTIVITIESPurchaseoffixedassets(2,000)$CASHFROMFINANCINGACTIVITIESIncreaseinlong-termdebt1,200$Saleofstock800$Dividendpaid(500)$Cashfromfinancingactivities1,500$NETCASHFLOW400$Beginningcashbalance1,000$Netcashflow400$Endingcashbalance1,400$B-4FreeCashFlows-1(p.73)UndernormalconditionsmostfirmsgeneratepositivecashflowfromoperationsSomeofthesefundsareusedtomaintainlong-runcompetitivepositionReplaceworn-outfixedassetsPaydividendsonPreferredStockB-4FreeCashFlows-2(p.73)Freecashflow(自由現金流量)isthecashgeneratedbeyondreinvestmentneeds(所產生的現金超過再投資所需的資金)FreeCFs=NetCF–non-operatingcashrequirements(tomaintainalong-runcompetitionposition)Freecashflowisthecashavailablefordistributiontocommonstockholders.CRatioAnalysis(財務比率分析)p.73-90ComparisonsHistory—examinetrends(howthevaluehaschangedovertime)Competition—comparewithotherfirmsinthesameindustryBudget—compareactualvalueswithexpectedordesiredvaluesCRatioAnalysis-1CommonSizeStatements(共同比報表/同基財務報表)是將報表中的數字利用一個共同的基準轉換成百分比，除了能規避規模不一的影響外，也可以「分解」出各會計科目所占的重要性，呈現出結構性的資訊，故稱結構性分析。CommonsizeincomestatementPresentseachlineasapercentofrevenueCommonsizebalancesheetPresentseachlineasapercentoftotalassetsCRatioAnalysis-2CommonSizeStatements(共同比報表)Thecommonsizeanalysisleadsustoasktherightquestions.Itdoesn’tgiveustheanswers,butitgetsourinvestigationofproblemsstartedintherightdirection.Commonsizeanalysisisparticularlyusefulincomparingafirm’sperformancewithitsownhistory.Example:p.74-75CRatioAnalysis-3TrendanalysisbyCommon-base-yearstatements(同基年財務報表)趨勢分析是指選定某一會計年度為基年(baseyear)，將所欲分析的各年度財務報表數額以此基年數額為相同分母平減，化為指數的型態，以觀察公司資產、負債及損益狀況的消長情形。趨勢分析適合進行長期性的分析---多樣本的分析。而轉化成指數值的報表稱為同基年財務報表。CommonSizeStatements$%$%Sales2,187,460$100.0%150,845$100.0%COGS1,203,103$55.0%72,406$48.0%Grossmargin984,357$45.0%78,439$52.0%Expenses505,303$23.1%39,974$26.5%EBIT479,054$21.9%38,465$25.5%Interest131,248$6.0%15,386$10.2%EBT