财务分析与证券定价(英文)chapter8

Chapter8TheAnalysisoftheStatementofShareholders’EquityLinksChapter7gaveadesignforfinancialstatementsthatpreparesthemforanalysis.LinktoPreviousChapterThischapterreformulatesthestatementofowners’equityaccordingtothedesigninChapter7.Thereformulationhighlightscomprehensiveincome.ThisChapterChapters9continuesthereformulationwiththebalancesheetandtheincomestatement.LinktoNextChapterLinktoWebPageHowisthestatementofowners’equityreformulatedtohighlighttheinformationitcontains?Howisdirty-surplusincometreatedinthereformulation?Whatishiddendirty-surplusincome?Whatyouwilllearnfromthischapter•Howstatementsofshareholders’equityarereformulatedtodistinguishcomprehensiveincomefromtransactionswithshareholders•Howdirty-surplusstatementsareplacedonaclean-surplusbasis•Theratiosthatarecalculatedfromthereformulatedstatementofshareholders’equity.•HowGAAPaccountingmissessomeofthevalueeffectsonshareholdersaltogether–socalledhiddendirtysurplusaccounting•AccountingissuesthatarisewithrespecttostockcompensationandconvertiblesecuritiesStandardStatementofShareholders’EquityOpeningbookvalueofequity+Netsharetransactionswithcommonstockholders+Capitalcontributions(paidincapitalfromshareissues)-Sharerepurchases(intotreasurystock)+Netsharetransactionswithpreferredshareholders+Capitalcontributions(shareissues)-Shareredemptions+Changeinretainedearnings+Netincome-Commondividends-preferreddividendsDirtysurplusitemsOtherdirtysurplusitemsClosingbookvalueofequityAfterFASBStatementNo.130,mostdirtysurplusitemsaregroupedintoothercomprehensiveincome,usuallywithinthestatementofshareholders'equity.ReformulatedStatementofStockholderEquityOpeningbookvalue(CSEt-1)+Nettransactionswithcommonshareholders+Capitalcontributions(shareissues)-Sharerepurchases-Commondividends+ComprehensiveIncome+NetIncome+OtherComprehensiveIncome-PreferreddividendsClosingbookvalue(CSEt)Notethatpreferredequityistakenoutofthecommonshareholders'equitystatement(andtreatedasafinancialobligation).DirtySurplusAccountingintheUSOperatingIncome:•Someincome-increasingaccountingchanges(APBNo.20)a.changefromLIFOvaluationofinventoryb.changeinlong-termcontractaccountingc.changetoorfromfullcostaccountinginextractiveindustriesd.achangetriggeredbyaredlineinanaccountingstandard(e.g.changefromcosttoequitymethodforlong-termequities)e.achangemadeforthefirsttimeinconjunctionwithaIPOorbusinesscombination•Changesinaccountingforcontingencies(FASBNo.11)•Foreigncurrencytransactiongainsandlosses(FASBNo.52)•Minimumpensionliabilityadjustment(FASBNo.87)•Taxbenefitsoflosscarryforwardsacquired(FASBNo.109)•TaxbenefitsofpreferreddividendspaidtoESOPS(FASBNo.109)•Unrealizedgainsandlossesonequitysecuritiesavailableforsale(FASBNo.115)FinancingIncomeorExpenses:•PreferredDividends•Unrealizedgainsandlossesondebtsecuritiesavailableforsale(FASBNo.115)•LossesonredemptionofpreferredstockOperatingorFinancingIncomeItems:•Foreigncurrencytranslationgainsandlosses(FASBNo.52)•Unrealizedgainsandlossesonderivativeinstruments(FASBNo.133)BalanceSheetItemstobeReclassified:•Deferredcompensationrelatingtograntof(APBNo.25andFASBNo.123)employeestockoptionsandstock•Dividendspayable•Employeestockownershipplan(ESOP)loan(SOP76-3andSOP93-6)orloanguaranteeAReformulation:VFCorporation,1998GAAPStatementofEquityCOMMONSTOCKADDITIONALPAID-INCAPITALACCUMULATEDOTHERCOMPREHENSIVEINCOMERETAINEDEARNINGSBALANCEJANUARY3,1998$121,225$744,108$(36,110)$1,037,546Netincome388,306Cashdividends:CommonStock(97,943)SeriesBPreferredStock(3,717)(1)TaxbenefitfromPreferredStockdividends568(3)RedemptionofPreferredStock(2,763)(4)RestrictedCommonStock19208(37)(5)Purchaseoftreasuryshares(3,223)($144,175)CommonStockheldintrustfordeferredcompensationplans(233)(6,728)Exerciseofstockoptions,netofsharessurrendered1,67857,195(87)Foreigncurrencytranslation,netof$5,638deferredincometaxes__________________10,471_________(2)BALANCEJANUARY2,1999$119,466$801,511$(25,639)$1,170,970_____________________________________________________________________________________________(Flaggeditemsinvolvedirtysurplusaccounting)ReformulationforVFCorporation(continued)ReformulatedStatementofCommonEquity_____________________________________________________________________________________________BALANCE,JANUARY3,19981,866,769TransactionswithshareholdersStockissues59,013Stockrepurchases(154,359)Commondividends(97,943)(193,289)ComprehensiveincomeNetincome388,306Taxbenefitofpreferreddividends568Lossonredemptionofpreferredstock(2,763)Foreigncurrencytranslationgain10,471Preferreddividends(3,717)392,865Netadditiontodeferredcompensation(37)BALANCE,JANUARY2,19992,066,3082,066,308AFurtherExample:VFCorporation,1991-1994AnExample:VFCorporationBalanceJanuary2,1993$1,153,971SaleofCommonStock$232,068Saleofstockinexercise14,731246,799ofstockoptionsComprehensiveincome$225,931Cashdividends(78,540)147,391Deferredcompensation(761)BalanceJanuary1,1994$1,547,400Thefinalbookvalueisnotaffectedbythechanges.However,theearningsaremodifiedasfollows:Netincomereportedinincomestatement$246,415Taxbenefitfrompreferreddividends1,180Lossonred