财务报表与财务分析(中英文)

Chapter2&3FinancialStatementsandAnalysis(財務報表與財務分析)TheStockholders’ReportTheguidelinesusedtoprepareandmaintainfinancialrecordsandreportsaregenerallyacceptedaccountingprinciples(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)).SourcesofFinancialInformation(財務資訊的來源)1)AnnualReport(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(lettertostockholders)b)4種基本的財務報表(financialstatements)2)美國的證管會(SEC)&臺灣的金管會2.1-2.2TheBalanceSheet&IncomeStatement(資產負債表&損益表)Theincomestatementprovidesafinancialsummaryofacompany’soperatingresultsduringaspecifiedperiod.(流量的觀念)Thebalancesheetpresentsasummaryofafirm’sfinancialpositionatagivenpointintime.(存量的觀念)TheBalanceSheetIdentityis:Assets≡Liabilities+Stockholder’sEquityTheaccountingdefinitionofincomeis:Revenue–Expenses≡IncomeBalanceSheetAnalysisWhenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:1.Accountingliquidity(會計的變現性)2.Debtversusequity(債務v.s.權益)3.Valueversuscost(價值v.s.成本)AccountingLiquidity(變現性/流動性)•Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash—withoutasignificantlossinvalue(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)•Currentassetsarethemostliquid.(流動資產最具變現性)•Somefixedassetsareintangible.(某些固定資產是無形資產)•Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.(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)•Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.(變現性高的資產之報酬率會比固定資產者低)DebtversusEquity•Creditorsgenerallyreceivethefirstclaimonthefirm’scashflow.•Shareholder’sequityistheresidualdifferencebetweenassetsandliabilities.ValueversusCost•UnderGAAP,auditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.•Marketvalueisthepriceatwhichtheassets,liabilities,andequitycouldactuallybeboughtorsold,whichisacompletelydifferentconceptfromhistoricalcost.TheIncomeStatement1)Theoperationssection(營運部分)oftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations.2)Thenon-operatingsection(非營運部分)oftheincomestatementincludesallfinancingcosts,suchasinterestexpense.3)Usuallyaseparatesectionreportstheamountoftaxesleviedonincome.4)Netincome(淨利)isthe“bottomline.”TotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxesCurrent:$71Deferred:$13NetincomeRetainedearnings:$43Dividends:$43(4)Netincomeisthe“bottomline.”$2,2621,65532790$19029$21949$17084$86U.S.C.C.IncomeStatement(1)(2)(3)IncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:1.GAAP•ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.(GAPP要求收入與費用配合原則)•Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred.2.Non-CashItems3.TimeandCostsNon-CashItemsDepreciation(折舊費用)isthemostapparent.Nofirmeverwritesacheckfor“depreciation.”Anothernon-cashitemisdeferredtaxes(遞延所得稅),whichdoesnotrepresentacashflow.Thus,netincomeisnotcash.TimeandCostsIntheshort-run,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelong-run,allinputsofproduction(andhencecosts)arevariable.會計師並不區分variablecosts與fixedcosts.相反地，會計成本的分類方式是為了區隔productcostsfromperiodcosts。2.3TaxesMarginalvs.averagetaxratesMarginal(邊際稅率)–thepercentagepaidonthenextdollarearnedAverage(平均稅率)–thetaxbill/taxableincomeOthertaxesCalculatefederalincometaxesdueiftaxableincome(應稅所得)is$80,000.Solution:Tax=.15($50,000)+.25($25,000)+.34($80,000-$75,000)Tax=$15,450=Taxliability(稅負)MarginalTaxRate=34%AverageTaxRate=$15,450/$80,000=19.31%Example•Ordinaryincomeisearnedthroughthesaleofafirm’sgoodsorservicesandistaxedattheratesdepictedinTable2.3.2.4NetWorkingCapital(NWC)NetWorkingCapital≡CurrentAssets–CurrentLiabilitiesNWCusuallygrowswiththefirm2.5FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Thecashflowreceivedfromthefirm’sassets(CF(A))mustequalthecashflowstothefirm’screditors(CF(B))andstockholders(CF(S)).CF(A)≡CF(B)+CF(S)2.5TheStatementofCashFlows(現金流量表)-1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(sourcesanduses)TheStatementofCashFlows(現金流量表)-2:BusinessCashFlowsCashFlowsRulesAssetdecreasesourceofcashLiabilityincreasesourceofcashSalesofstocksourceofcashDepreciation&othernoncashchargessourceofcashAssetincreaseuseofcashLiabilitydecreaseuseofcashRepurchaseofstockuseofcashDividendspaiduseofcashAnalyzingtheFirm’sCashFlowsCashflow(asopposedtoaccounting“profits”)istheprimaryfocusofthefinancialmanager.Animportantfactoraffectingcashflowisdepreciation.(從會計角度)cashflowissummarizedinafirm’sstatementofcashflows.(從財務角度)firmsfocusonbothoperatingcashflowusedinmanagerialdecision-making,&freecashflowmonitoredbyparticipantsinthecapitalmarket.Depreciation:modifiedacceleratedcostrecoverysystem(MACRS:加速折舊法)3.1StandardizingFinancialStatements(標準化的財務報表):Table3.1-3.4Common-SizeBalanceSheets(共同比資產負債表)Computeallaccountsasapercentofto