财务报表分析ch07

Copyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinFinancialStatementAnalysisKRSubramanyamJohnJWild7-207CHAPTERCashFlowAnalysis7-3ALookAtThisChapter•Inthischapterweanalyzecashflowmeasuresforinsightsintoallbusinessactivities,withspecialemphasisonoperations.Attentionisdirectedatcompanyandbusinessconditionswheninterpretingcashflows.Wealsoconsideralternativemeasuresofcashflows.7-4AnalysisObjectives•Explaintherelevanceofcashflowsinanalyzingbusinessactivities•Describethereportingofcashflowsbybusinessactivities•Interpretcashflowsfromoperatingactivities•Analyzecashflowsunderalternativecompanyandbusinessconditions•Describealternativemeasuresofcashflowsandtheirusefulness7-5StatementofCashFlows•Cashisthemostliquidofassets.–Offersbothliquidityandflexibility.–Boththebeginningandtheendofacompany’soperatingcycle.•Contrast:AccrualaccountingandCashbasisaccounting•Financialstatementsanalysisrecognizesthataccrualaccounting,wherecompaniesrecognizerevenuewhenearnedandexpenseswhenincurred,differsfromcashbasisaccounting.•.RelevanceofCash7-6StatementofCashFlows–Netcashflowistheendmeasureofprofitability.Itiscash,notincome,thatultimatelyrepaysloans,replaceequipment,expandsfacilities,andpaysdividends.–Accordingly,analyzingacompany’scashinflowsandoutflows,andtheiroperating,financing,orinvestingsources,isoneofthemostimportantinvestigativeexercises.–Cashflowanalysishelpsinassessingliquidity,solvency,andfinancialflexibility.RelevanceofCash7-7StatementofCashFlows•Liquidity(流动性)isthenearnesstocashofassetsandliabilities•Solvency（偿债能力）istheabilitytopayliabilitieswhentheymature.•Financialflexibility(财务灵活性)istheabilitytoreactandadjusttoopportunitiesandadversities.7-8StatementofCashFlows•Statementofcashflows(SCF)helpsaddressquestionssuchas:Howmuchcashisgeneratedfromorusedinoperations?Whatexpendituresaremadewithcashfromoperations?Howaredividendspaidwhenconfrontinganoperatingloss?Whatisthesourceofcashfordebtpayments?Howistheincreaseininvestmentsfinanced?Whatisthesourceofcashfornewplantassets?Whyiscashlowerwhenincomeincreased?Whatistheuseofcashreceivedfromnewfinancing?RelevanceofCash7-9StatementofCashFlows•TheSCFreportscashreceiptsandcashpaymentsbyoperating,financing,andinvestingactivities:•Operatingactivitiesaretheearning-relatedactivitiesofacompany.ReportingbyActivitiesBeyondrevenueandexpenseactivitiesrepresentedinanincomestatement,theyincludethenetinflowsandoutflowsofcashresultingfromrelatedoperatingactivitieslikeextendingcredittocustomers,investingininventories,andobtainingcreditfromsuppliers.7-10StatementofCashFlows•Investingactivitiesaremeansofacquiringanddisposingofnoncashassets.–Involveassetsexpectedtogenerateincome;lendingfundsandcollectingtheprincipalontheseloans.•Financingactivitiesaremeansofcontributing,withdrawing,andservicingfundstosupportbusinessactivities.–Includeborrowingandrepayingfundswithbondsandotherloans;contributionsandwithdrawalsbyownersandtheirreturnoninvestment.ReportingbyActivities7-11StatementofCashFlowsReportingbyActivities7-12StatementofCashFlows•Therearetwoacceptablemethodsforreportingcashflowsfromoperations:IndirectandDirectmethodsConstructingtheCashFlowStatement7-13StatementofCashFlows•IndirectMethod–Netincomeisadjustedfornon-cashincome(expense)itemsandaccrualstoyieldcashflowfromoperations.Theadvantage:thedisclosureofareconciliationofdifferencesbetweennetincomeandoperatingcashflows.Thiscanaidsomeusersthatpredictcashflowsbyfirstpredictingincomeandthenadjustingincomeforleadsandlagsbetweenincomeandcashflows.Theindirectmethodismostcommonlyemployedinpracticeandweuseitinitiallytoillustratepreparationofthestatementofcashflows.7-14StatementofCashFlows•DirectMethod–Eachincomeitemisadjustedforitsrelatedaccruals•Bothmethodsyieldidenticalresults-onlythepresentationformatdiffers.7-15StatementofCashFlows•Undertheaccrualbasisofaccounting,whichofthefollowingstatementsistrue?I.ReportednetincomeprovidesameasureofoperatingperformanceII.Revenueisrecognizedwhencashisreceived,andexpensesarerecognizedwhenpaymentismadeIII.Cashinflowsarerecognizedwhentheyarereceived,andcashoutflowsarerecognizedwhentheyaremadeA.IonlyB.IIIonlyC.IandIIID.I,IIandIII7-16•c7-17StatementofCashFlows•Thestatementofcashflowsisablendoftheincomestatementandthebalancesheet.Netincomeisfirstadjustedfornoncashincomeandexpenseitemstoyieldcashprofitswhichare,then,furtheradjustedforcashgeneratedandusedbybalancesheettransactionstoyieldcashflowsfromoperations,aswellasinvestingandfinancingactivities.7-18StatementofCashFlows•Considerfirstthenetcashfromoperations.PreparationoftheSCF(Indirectmethod)7-19StatementofCashFlows•Depreciationandamortizationadd-back.PreparationoftheStatementofCashFlows7-20StatementofCashFlowsIncomev/sCashFlows-ExampleConsidera$100saleonaccount(1)Inperiodofsale,netincomeisincreasedby$100butnocashhasbeengenerated.NetIncome100Depreciationandamortizationexpense0Gains(losses)onsaleofassets0Changeinaccountsreceivable(100)NetCashflowfromoperations0•Inperiodofcollectionnoincomeisrecorded.NetIncome0Depreciationandamortizationexp