财务管理--运用财务报表(中英文)(ppt 24)

財務管理IFinancialManagementI運用財務報表WorkingwithFinancialStatements2Sec.1現金流量與財務報表CashFlowandFinancialStatementsSourcesofCash：公司產生現金的活動。*資產減少(現金以外)：應收帳款收回，出售固定資產*負債增加：發行債券，向銀行借款*權益增加：增資，營業收入UsesofCash：公司現金支出的活動*資產增加(現金以外)：購買原料或進貨，購買固定資產*負債減少：償還債券，償還借款*權益減少：發放股利，營業費用3Sec.2現金流量表theStatementofCashFlows目的：為了比較不同公司或同一公司不同年度財務報表，所面臨的基本規模不同而無法逕行比較。Acommon-SizeStatementisastandardizedfinancialstatementpresentingallitemsinpercentageterms.Common-sizebalancesheet：每一個項目都以總資產的百分比來表示。Common-sizeincomestatement：每一個項目都以銷貨的百分比來表示。4Sec.2現金流量表(續１）Common-BaseYearFinancialStatements：TrendAnalysisItisastandardizedfinancialstatementpresentingallitemsrelativetoacertainbase-yearamount.CombinedCommon-SizeandBase-YearAnalysis*目的：消除資產或銷貨不同所導致各帳戶呈現的成長或衰退現象。*先做共同比分析，再根據各項目的比率進行趨勢分析。5Sec.3比率分析RatioAnalysis短期償債能力(流動性)比率Short-termsolvency,orliquidity,measures長期償債能力(財務槓桿)比率Long-termsolvency,orfinancialleverage,ratios資產管理(週轉)率Assetmanagement,orturnover,ratios獲利能力Profitabilityratios市場價值比Marketvalueratios61.短期償債能力(流動性)指標Short-TermSolvency，Liquidity，Measures流動比率：速動比率：Quick(Acid-Test)Ratio=現金比率：淨營運資金比：NWCtototalassetsratio=期間衡量：sliabilitieCurrentassetsCurrentratioCurrentsliabilitieCurrentInventoryassetsCurrentsliabilitieCurrentCashratioCashassetsTotalNWCtsoperatingdailyAverageassetsCurrentmeasureIntervalcos7流動比率：Unit：dollarsortimes.Forcreditors：該比率愈高愈好。Forfirm：比率高固然穩健，然亦表示未充分利用流動資產。流動比率至少應為1，若小於1則表示NCW＜0。Beaffectedbyvarioustypesoftransactions：借長資短，則流動比率↑。保留大量舉債能力(特別是長期負債額度)者，低流動比率未必是壞現象。sliabilitieCurrentassetsCurrentratioCurrent8速動比率Quick(Acid-Test)Ratio=Inventory：leastliquidcurrentasset.bookvaluesareleastreliable.qualityisn’tconsidered.剃除存貨係為避免錯估短期流動性。以現金購買存貨，流動性應降低。但流動比率未變，速動比率則降低。sliabilitieCurrentInventoryassetsCurrent9其他流動性比率現金比率：（極短期債權人所關心之比率）NWCtototalassetsratio=（短期流動性）衡量期間：衡量一旦員工罷工，現金流入中斷，公司可維持之天數。averagedailyoperatingcosts=sliabilitieCurrentCashratioCashassetsTotalNWCcostsoperatingdailyAverageassetsCurrentmeasureInterval天365interest&ondepreciatiexcludingcostsTotal102.長期償債能力指標Long-TermSolvencyMeasures(亦稱財務結構，財務槓桿比率financialleverageratio)總負債比TotalDebtRatio=長期負債比Long-TermDebtRatio=利息保障倍數TimesInterestEarned(TIE)=現金涵蓋比率CashCoverageRatio=assetsTotalequityTotalassetsTotalequityTotaldebttermLongdebttermLongInterestEBITInterestEBDITInterestonDepreciatiEBIT11總負債比TotalDebtRatio=總負債比高低孰優，取決於資本結構政策。同類比率：Debt-equityratio=Equitymultiplier=Equitymultiplier=TotalDebtRatioassetsTotalequityTotalassetsTotalequityTotaldebtTotalequityTotalassetsTotalratioequityDebtequityTotaldebtTotalequityTotalequityTotalassetsTotal/1multiplierEquityassetsTotalequityTotal11112Long-TermDebtRatio=財務分析師較關心長期債務，因為Short-TermDebts受交易實務(慣例)影響而常變動，較不受債務管理政策影響。Totalcapitalization資本總額=Long-TermDebt+TotalEquityTotalassets總資產=Totalcapitalization+Short-TermDebts(currentliabilities)Differentpeople(anddifferentbooks)meandifferentthingsbythetermdebtratio.equityTotaldebttermLongdebttermLong13利息保障倍數與現金涵蓋比率TimesInterestEarned(TIE)=*衡量公司對利息費用之保障能力*亦稱利息涵蓋比率interestcoverageratio。CashCoverageRatio=*為改進TIEratio而設*EBIT+Depreciation代表的償付利息能力較符合cashflow觀念。InterestEBITInterestEBDITInterestonDepreciatiEBIT143.資產管理or週轉率AssetManagement，orTurnover，Measures目的：衡量資產使用效率，運用資產所能產生的銷貨金額。又稱資產利用比率assetutilizationratios。(Sales為核心)InventoryTurnover=ReceivablesTurnover=TotalAssetTurnover=其他：PayablesTurnover,NWCTurnover,FixedAssetTurnoverInventorysoldgoodsofCostsReceivableAccountSalesassetsTotalSales15存貨週轉率與庫存天數InventoryTurnoverandDays’SalesinInventoryInventoryTurnover=只要無缺貨情形，InventoryTurnover愈高愈好Days’SalesinInventory=代表存貨在出貨前平均存在天數。Inventory–若關心過去→以平均值計算為佳若關心未來→以期末值計算即可InventorysoldgoodsofCostTurnoverInventory天36516應收帳款週轉率與應收帳款回收天數ReceivablesTurnoverandDays’SalesinReceivablesReceivablesTurnover=Days’SalesinReceivables=(亦稱AverageCollectionPeriod，ACP)◎應付帳款週轉率與付款天數PayablesTurnover=付款天數=sReceivableAccountSalesTurnoverceivablesRe365天PayablesAccountsoldgoodofCostTurnoverPayables天36517其他AssetTurnoverRatio：衡量每1元的各種Assets可創造多少Sales。NWCTurnover=FixedAssetTurnover=TotalAssetTurnover=NWCSalesassetsfixedNetSalesassetsTotalSales184.ProfitabilityMeasures獲利能力目的：Measurehowefficientlythefirmusesitsassetsandhowefficientlythefirmmanagersitsoperations.重心在於NetIncome邊際利潤ProfitMargin=ReturnonAssets(ROA)=ReturnonEquity(ROE)=SalesincomeNetassetsTotalincomeNetequityTotalincomeNet19邊際利潤ProfitMargin=衡量每元之Sales可產生之NetIncome。假如其他條件相同，則邊際利潤愈高代表費用率愈低。影響邊際利潤之其他條件常不同，例如降低售價格可增加銷貨量，邊際利潤固然降低，但可擴增市場占有率。SalesincomeNet20資產報酬率與股東權益報酬率ROA＆ROEROA=ROE=公司目標－在會計觀點上，ROE係基本的績效衡量指標。ROA與ROE之差異係因債務融資而產生。ROA與ROE均係會計報酬，並非以市場價值為基礎，故不宜與市場報酬相比較。assetsTotalincomeNetequityTotalincomeNet215.MarketValueMeasures市場價值指標publiclytradedco.適用：因為財務報表不含市場價值資訊。每股盈餘EPS=本益比PEratio=*衡量投資者願以多少價格購買目前1元之盈餘。*(虧損公司不適用)*盈餘極低公司會有極高之本益比，應留意其適當性。庫藏股發行股數-goutstandinNISharesincomeNetEPSshareperPrice225.市場價值指標(續)市價對帳面價值比Market-to-BookRatio=*MV代表公司投資之市價，BV代表公司投資之成本*本比率為衡量公司之投資市價與投入成本比。shareperBVvalueBookshareperMVvalueMarket)()(23Sec4.杜邦恆等式TheDuPontIdentity公式：=ProfitMargin×TotalAssetsTurnover×EquityMultipli