会计报表和财务管理方案分析.pptx
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1、SINOTRUST1MBA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SINOTRUST2MBA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 Study)会计报表和财务管理SINOTRUST3MBA基础培训基础培训会
2、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 Assets2,866,5921,468,80019971996Balance Sheet: AssetsSINOTRUST4MBA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 payable52
3、4,160145,600Notes payable720,000200,000Accruals 489,600 136,000 Total CL1,733,760481,600Long-term debt1,000,000323,432Common stock460,000460,000Retained earnings (327,168) 203,768 Total equity 132,832 663,768Total L&E2,866,5921,468,800Balance Sheet:Liabilities and EquitySINOTRUST5MBA基础培训基础培训会计报表和财务管
4、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. costs6,524,9603,222,900 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
5、)SINOTRUST6MBA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 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 pro
6、vided by ops.Statement of Cash Flow(1997)SINOTRUST7MBA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 cas
7、h from financing1,185,568NET CHANGE IN CASH(50,318)Plus: Cash at beginning of year 57,600Cash at end of year 7,282SINOTRUST8MBA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 SINOTRUST9MBA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=Profi
8、t margin*Total assets turnoverROE=ROA*Equity multiplierROE=(Profit margin)(Total asset turnover)(Equity multiplier) =Net income/sales*sales/Total Assets*Total assets/Common equity SINOTRUST10MBA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
9、 shares outstandingWhat is your idea?SINOTRUST11MBA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 between 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 outsta
10、nding)(Stock Price) -Total common equity SINOTRUST12MBA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 (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: $0.79SINOTRUST13MBA基础培训基础培训会计报表和
11、财务管理会计报表和财务管理MVA & EVA (3)EVA: Economic 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
12、includes:Long-term debt,preferred stock, and common equitySINOTRUST14MBA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 SINOTRUST15MB
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