chap009 Profitability Analysis(财务报表分析-台湾中兴大学)

ProfitabilityAnalysis9CHAPTERMcGraw-Hill/Irwin©2004TheMcGraw-HillCompanies,Inc.,AllRightsReserved.AnalyzingProfitabilityFocusofProfitabilityAnalysisProfitabilityanalysisisakeypartoffinancialstatementanalysisAllfinancialstatementsarepertinenttoprofitabilityanalysisEmphasisofprofitabilityanalysisisontheincomestatementAnalyzingProfitabilityFocusofProfitabilityAnalysisProfitabilityanalysishelpsaddressquestionssuchas:Whatisacompany’srelevantincomemeasure?Whatisthequalityofincome?Whatincomecomponentsareimportantforforecasting?Howpersistentareincomeanditscomponents?Whatisacompany’searningpower?AnalyzingProfitabilityMeasuringIncomeIncomeisdefinedasrevenueslessexpensesoverareportingperiodThisdefinitiondoesnotyieldauniqueamountbecauseof:EstimationIssuesAccountingMethodsIncentivesforDisclosureDiversityacrossUsersAnalyzingProfitabilityMeasuringIncome--EstimationIssuesIncomemeasurementdependsonestimatesoffutureeventsTheseestimatesrequire:•Useofjudgmentandprobabilities•Allocationsofrevenuesandexpensesacrossperiods•Predictionofthefutureusefulnessofmanyassets•ForecastsoffutureobligationsAnalyzingProfitabilityMeasuringIncome--EstimationIssuesManagementdiscretionispartofincomemeasurementEstimatesofskilledandexperiencedprofessionalsSomeconsensus(lessvariability)AnalyzingProfitabilityMeasuringIncome--AccountingMethodsProfessionalexperienceRegulatoryagendasBusinesshappeningsAcademicresearchSocialInfluencesPoliticalpressuresAccountingstandardsgoverningincomemeasurementAnalyzingProfitabilityMeasuringIncome--AccountingMethodsMethodsreflecttheoutcomeofnumerousfactors,includingcompromisesDiscretionispermittedtoaccommodatedifferentbusinesscircumstancesMethodsgearedtoward“general-purpose”financialstatementsAnalyzingProfitabilityMeasuringIncome--IncentivesforDisclosureIdeally:FinancialstatementsfairlypresenttransactionsandeventsAccountingisneutral—notaffectinghowtransactionsandeventsareperceivedMethodschosenthataremostapplicabletothecircumstancesRelevantinformationisdisclosed—favorableandunfavorableAnalyzingProfitabilityMeasuringIncome--IncentivesforDisclosureReality:Eachofuspossessopinions--weseetheworldfromdifferentperspectivesManagersbringstrongviewstothetableManagersfeelpressuresofcompetitionandsocietyDirectorsexpectresultsShareholdersconcentrateonthebottomlineCreditorswantsafeguardsFinancialanalystsdislikesurprisesAccountingpreparersandauditorsdemandacceptablepracticesAnalyzingProfitabilityMeasuringIncome--IncentivesforDisclosureResult:“Acceptable”methods,notnecessarily“appropriate”methodsAnalyzingProfitabilityMeasuringIncome--DiversityAcrossUsers•Financialstatementsaregeneral-purposereportsservingdiverseneedsofmanyusers•Diversityofviewsimpliesananalysisusesincomeasaninitialmeasureofprofitability•Useavailableinformationadjustincomemeasurementconsistentwithone’sobjectivesAnalyzingRevenuesTwo-PhaseAnalysisofIncomeAnalysisofincomeanditscomponentsinvolvestwophases1.AnalysisofaccountinganditsmeasurementsPurpose:Toapplyknowledgeofaccountingtoyieldameasureofincome,anditscomponents,consistentwiththeanalysisobjectives2.Applyinganalysistoolstoincome(anditscomponents)andinterpretingtheanalyticalresultsPurpose:Toapplyanalysistoolstoaidachievetheanalysisobjectives—suchasincomeforecastingandestimatingearningpowerAnalyzingRevenuesRevenueSourcesAnalysisofrevenues(sales)helpsaddressquestionssuchas:Whatarethemajorsourcesofrevenue?Howpersistentarerevenuesources?Howarerevenues,receivables,andinventoriesrelated?Whenisrevenuerecorded?Howisrevenuemeasured?AnalyzingRevenuesRevenueSourcesKnowledgeofmajorsourcesofrevenuesisimportanttoprofitabilityanalysisEachmarketandproductlineoftenhasitsowngrowthpattern,profitability,andfuturepotentialCommon-sizeanalysisofrevenuesshowsthepercentofeachmajorclassofrevenuetoitstotalGraphicalanalysisisausefultooltointerpretthesourcesofrevenuesAnalyzingRevenuesRevenueSourcesDiversifiedCompaniespresentspecialchallenges•Differentsegmentsusuallyexperiencevaryingratesofprofitability,risk,andgrowth•Assetcompositionandfinancingrequirementsofsegmentsoftenvary•Evaluation,projection,andvaluationofincomeisaidedbysegmentanalysis•Segmentssharecharacteristicsofvariability,growth,andrisk•Incomeforecastingbenefitsfromforecastsbysegments•MustseparateandinterprettheimpactofindividualsegmentsAnalyzingRevenuesRevenueSourcesFulldisclosurebysegmentsisrarebecauseof:•Difficultiesinseparatingsegments•Management’sreluctancetoreleaseinformationthatcanharmitscompetitivepositionAnalyzingRevenuesRevenueSourcesReportingrequirementsexistfor:•Industrysegments•Internationalactivities•Exportsales•MajorcustomersGAAPAnalyzingRevenuesRevenueSourcesReportingrequirementsconsiderasegmentsignificantifitssales,operatingincome,oridentifiableassetscomprise10percentormoreoftheirrelevanttotalsNotes:Combinedsalesofallsegmentsreportedmustbeatleast75percentofthecompany’stotalsalesTensegmentsisviewedasapracticallimitonthenumberofsegmentsreportedGAAPAnalyzingRevenuesRevenueSourcesInformationdisclosedforeachsegment:(1)sales—bothintersegmentandtouna