会计报表与财务管理培训(英文版).pptx

《会计报表与财务管理培训(英文版).pptx》由会员分享，可在线阅读，更多相关《会计报表与财务管理培训(英文版).pptx（31页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、SINOTRUST1Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理会计报表和财务管理会计报表和财务管理SINOTRUST2Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理会计报表会计报表 资产负债表，损益表，现金流量表资产负债表，损益表，现金流量表常用会计指标常用会计指标 Du Pont Chart流行财务模型介绍流行财务模型介绍 EVA & MVA; CAPM & SML;Gord

2、en Model企业兼并企业兼并 Why(Synergy),Which Types How(Example,Case Study)会计报表和财务管理SINOTRUST3Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理会计报表会计报表 资产负债表，损益表，现金流量表资产负债表，损益表，现金流量表常用会计指标常用会计指标 Du Pont Chart流行财务模型介绍流行财务模型介绍 EVA & MVA; CAPM & SML;Gorden Model企业兼并企业兼并 Why(Synergy),W

3、hich Types How(Example,Case Study)会计报表和财务管理SINOTRUST4Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理会计报表会计报表 资产负债表，损益表，现金流量表资产负债表，损益表，现金流量表常用会计指标常用会计指标 Du Pont Chart流行财务模型介绍流行财务模型介绍 EVA & MVA; CAPM & SML;Gorden Model企业兼并企业兼并 Why(Synergy),Which Types How(Example,Case Stu

4、dy)会计报表和财务管理SINOTRUST5Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Cash7,28257,600AR632,160351,200Inventories1,287,360 715,200 Total CA1,926,8021,124,000Gross FA1,202,950491,000Less: Deprec. 263,160 146,200 Net FA 939,790 344,800Total Assets2,866,5921,468,80019971996B

5、alance Sheet: AssetsSINOTRUST6Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理19971996Accts payable524,160145,600Notes payable720,000200,000Accruals 489,600 136,000 Total CL1,733,760481,600Long-term debt1,000,000323,432Common stock460,000460,000Retained earnings (327,168

6、) 203,768 Total equity 132,832 663,768Total L&E2,866,5921,468,800Balance Sheet:Liabilities and EquitySINOTRUST7Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Sales5,834,4003,432,000COGS5,728,0002,864,000Other expenses680,000340,000Deprec. 116,960 18,900 Tot. op. costs6,

7、524,9603,222,900 EBIT(690,560)209,100Interest exp. 176,000 62,500 EBT (866,560) 146,600Taxes (40%) (346,624) 58,640 Net income (519,936) 87,960 19971996Income Statement(P/L Sheet)SINOTRUST8Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理(523,936)OPERATING ACTIVITIES Net

8、income(519,936)Add (sources of cash): Depreciation116,960 Increase in Accts. Payable378,560 Increase in accruals353,600Subtract (uses of cash): Increase in Accts.Receivable(280,960) Increase in inventories(572,160)Net cash provided by ops.Statement of Cash Flow(1997)SINOTRUST9Copyright2000 By Sinotr

9、ust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Statement of Cash Flows (1997)L-T INVESTING ACTIVITIES Investment in fixed assets(711,950)FINANCING ACTIVITIES Increase in notes payable520,000 Increase in long-term debt676,568 Payment of cash dividends (11,000) Net cash from financing1,185,568N

10、ET CHANGE IN CASH(50,318)Plus: Cash at beginning of year 57,600Cash at end of year 7,282SINOTRUST10Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理The Du Pont system focuses on: Expense control Asset utilization Debt utilization SINOTRUST11Copyright2000 By Sinotrust Mana

11、gement ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Du Pont EquationsROA=Profit margin*Total assets turnoverROE=ROA*Equity multiplierROE=(Profit margin)(Total asset turnover)(Equity multiplier) =Net income/sales*sales/Total Assets*Total assets/Common equity SINOTRUST12Copyright2000 By Sinotrust Management

12、 ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理The other key ratiosP/E ratio = The market price of stock /EPSEPS = Earnings/The shares outstandingWhat is your idea?SINOTRUST13Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (1)MVA: Market Value Added The difference bet

13、ween the market value of equity and the amount of equity capital that investors supplied MVA=Market value of equity-Equity capital supplied by investors =(Shares outstanding)(Stock Price) -Total common equity SINOTRUST14Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA

14、 & EVA (2)MVA Example Coca-Cola in 1995Market value of Equity:$69bTotal common equity:$8bMVA: $61bEPS: $8.63GM in 1995Market value of Equity: $69bTotal common equity:$87bMVA: $18bEPS: $0.79SINOTRUST15Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (3)EVA: Econo

15、mic Value AddedValue added to shareholders by management during a given year To measure the effects of managerial actionsEVA = After-tax operating profit - After-tax cost of total capital = EBIT (1-Corporate tax rate)- After-tax cost of total capitalTotal capital includes:Long-term debt,preferred st

16、ock, and common equitySINOTRUST16Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (4)EVA case studyCSX Corporation in 1988, stock price $28BU:Locomotive,containers,trailer,railcarsEVA approach lost $70MSelling off, increasing volumeTill 1993, stock price $82.5 S

17、INOTRUST17Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (5)Security analysts: The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating MarginSINOTRUST18Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报

18、表和财务管理CAPM Model & SML(1)CAPM Capital Asset Pricing ModelSML The Security Market LineSML EquationRequired return On Stock I=Risk-free rate + (Market risk premium)(Stocks beta)OR Ki=KRF+(KM-KRF)biNote: KM,required rate of return on a portfolio consisting of all stocksSINOTRUST19Copyright2000 By Sinot

19、rust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(2)Beta(bi): A measure of the extent to which the returns on a given stock move with the stock market.Beta is the theoretically correct measure of the stocks riskness.SINOTRUST20Copyright2000 By Sinotrust Management ConsultingMBA

20、基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(3)The beta of some stocksStock Beta America Online2.10Bally Entertainment1.55Microsoft Corp1.20General Electric1.15Procter & Gamble1.05Coca-Cola1.00Heinz0.90Empire District Electric 0.55Source: Value Line, August 16,1996SINOTRUST21Copyright2000 By Sinotrust

21、 Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理.T-billsSMLkM = 15 kRF = 8-1 0 1 2SML: ki = 8% + (15% - 8%) bi .ki (%)Risk, biCAPM Model & SML(4)SINOTRUST22Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(5)SML1Original situationRequired Rate of Return

22、 k (%)SML200.51.01.52.0181511 8New SMLInvestors raise inflationexpectations by 3%SINOTRUST23Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(6)1.0kM = 18%kM = 15%SML1Original situationRequired Rate of Return (%)SML2After increasein risk aversionRisk, bi18

23、158SINOTRUST24Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Gorden Model （Constant Growth Model） To evaluate the stock price with the constant growth rate.P0= D0(1+g)/(Ks-g)P0the expected price of the stock todayD0dividend the stockholder expects to receive todayKsrequ

24、ired return rate gexpected growth rateSINOTRUST25Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Why do mergers occur?Synergy“ 2 Plus 2 Equals 5 Effect”If companies A & B merge to form Company C, and if Cs value exceeds that of A & B taken separately, then synergy is sai

25、d to exist.SINOTRUST26Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理 Operating Economies Economics of Scales in management,marketing,production,or distribution Financial Economies Lower transaction cost, better coverage Differential Management Efficiency More efficienc

26、y of the management more productivity of the weaker firms asset Increased market power Reduced competitionSynergy could arise fromSINOTRUST27Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Tax consideration A profitable firm acquires a firm with large accumulated tax los

27、sesPurchase of asset below their replacement cost(economic choice)Diversification Managers Personal incentivesThe other reasons of mergersSINOTRUST28Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理A horizontal merger In the same industry, such as two ICPA vertical merger

28、 Supplier-buyer, such as Intel & DellA congeneric merger The related enterprises, such as Microsoft & IBM A conglomerate merger The unrelated enterprises, such as American Online & Time-WarnerType of MergersSINOTRUST29Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Analy

29、sis of a potential mergerThe Acquiring Firm V.S The Target FirmValuing the target firmSetting the bid pricePostmerger controlStructuring the takeover bid Note:the goal of merger valuation is to value the target businesss equity because a business is acquired from its owners, not from its creditors S

30、INOTRUST30Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Merger exampleThe acquring firm: Hightech The target firm: Apex CorporationStep 1: Valuing the target firm Discounted Cash Flow Approach (DCF) Gorden Model and CAPMStep 2: Setting the bid price The difference betw

31、een Apexs MVA and the evaluated price Offer cash or securities The negotiating skills of the both sides The bargaining positions as determined by fundamental economic situation.Step 3 Postmerger control How to re-position the old managementStep 4 Takeover ActionSINOTRUST31Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理会计报表和财务管理Merger Case StudyThe acquiring firm: Smittys Home Repair The target firm Hills HardwareYou should Identify which type of merger it isTake DCF analysisTake the scope of your bidPresent your decisions in 10 minutes with less than 5 slides