财务报表及财务研究管理知识分析bowp.pptx

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1、1-1-0 0财务管理财务管理江萍江萍20102010年秋季年秋季Handout 11-1-1 1联系方式：64493993 办公室:博学楼1203参考教材:公司理财公司理财(原书第原书第8 8版版)：(美)罗斯、威斯特菲尔德、杰富 著，吴世农 等译，机械工业出版社公司理财公司理财(第五版第五版)：双语教材，布雷利 等著，王化成 编审，朱丽 译校，中国人民大学出版社财务管理分析(第8版)：(美)希金斯 著，沈艺峰 等译，北京大学出版社1-1-2 2评分体系评分体系评分体系评分体系平时成绩：30期末：70Full attendance is highly appreciated1-1-3 3知识

2、框架知识框架知识框架知识框架1.简介2.财务报表解析3.财务业绩评价1-1-4 41.Introduction to Corporate Finance公司理财简介公司理财简介1-1-5 5要点要点I.什么是公司理财？什么是公司理财？II.企业组织形式企业组织形式III.代理问题和公司的控制代理问题和公司的控制IV.财务管理的目标财务管理的目标V.金融市场与企业金融市场与企业1-1-6 6I.I.什么是公司理财？什么是公司理财？1-1-7 7金融学研究的范畴金融学研究的范畴金融学研究的范畴金融学研究的范畴Corporate finance 公司理财Investments 投资学Financia

3、l institutions 金融机构International finance 国际金融1-1-8 8金融学研究的范畴金融学研究的范畴金融学研究的范畴金融学研究的范畴-什么是公司理财？什么是公司理财？什么是公司理财？什么是公司理财？公司理财与以下问题有关:1.企业应进行什么样的长期投资?2.企业如何为这些投资融资？3.企业应如何管理短期资产以及进行短期融资？1-1-9 9资产负债表资产负债表资产负债表资产负债表流动资产流动资产固定资产固定资产1 有形资产有形资产 2 无形资产无形资产股东权益股东权益流动负债流动负债长期负债长期负债1-1-1010资本预算决策资本预算决策资本预算决策资本预算决

4、策流动资产流动资产固定资产固定资产1 有形资产有形资产 2 无形资产无形资产股东权益股东权益流动负债流动负债长期负债长期负债企业应进行什么样的长期投资?1-1-1111资本结构决策资本结构决策资本结构决策资本结构决策流动资产流动资产固定资产固定资产1 有形资产有形资产 2 无形资产无形资产股东权益股东权益流动负债流动负债长期负债长期负债企业应该如何对所做投资进行融资？1-1-1212短期资产管理短期资产管理短期资产管理短期资产管理短期资产应如何管理和融资？Net Working CapitalShareholders EquityCurrent LiabilitiesLong-Term Deb

5、tCurrent AssetsFixed Assets1 Tangible 2 Intangible1-1-1313资本结构资本结构企业的价值可以看做一张饼管理者的目标就是做大这张饼资本结构决策可以看做如何最好的切饼.If how you slice the pie affects the size of the pie,then the capital structure decision matters.如果切饼会影响饼的大小，那么选择合适的资本结构就显得尤为重要。50%Debt50%Equity25%Debt75%Equity70%Debt30%Equity1-1-1414财务经理财务经

6、理财务经理财务经理财务经理的目标是通过以下途径，提高公司价值:1.选择增加价值的项目2.做出理性的融资决策1-1-1515组织结构图组织结构图组织结构图组织结构图总经理总经理运营总监运营总监财务总监财务总监董事会董事会司库司库 总会计师总会计师Cash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing 1-1-1616金融学研究的范畴金融学研究的范畴金融学研究的范畴金融学研究的范畴-投资投资投资投资Wo

7、rk with financial assets such as stocks and bonds 与股票债券等金融资产相关的工作Value of financial assets,risk versus return,and asset allocation 金融资产的估值、风险和收益、资产配置Job opportunities Stockbroker or financial advisor 股票经纪人、金融顾问Portfolio manager资产组合管理人Security analyst证券分析师1-1-1717Financial InstitutesFinancial Institu

8、tes金融机构金融机构Companies that specialize in financial matters 专门从事与金融有关事务的公司Banks commercial and investment 商业银行和投资银行Insurance companies 保险公司Brokerage firms 经纪公司1-1-1818金融学研究的范畴金融学研究的范畴金融学研究的范畴金融学研究的范畴-International FinancialInternational Financial国际金融国际金融This is an area of specialization within each of

9、 the areas discussed so far It may allow you to work in other countries or at least travel on a regular basis1-1-1919金融学研究的范畴金融学研究的范畴金融学研究的范畴金融学研究的范畴-International FinancialInternational Financial国际金融国际金融Need to be familiar with exchange rates and political risk 需要熟悉汇率以及政治风险Need to understand the cu

10、stoms of other countries 需要了解异国的风土人情和生活习惯1-1-2020Why Study Corporate finance?Why Study Corporate finance?Marketing 营销Budgets,marketing research,marketing financial products 预算，市场营销研究，金融产品营销Accounting 会计Dual accounting and finance function in smaller business,preparation of financial statements 在中小企业

11、，财务人员身兼会计和财务职能，准备财务报表1-1-2121Why Study Corporate finance?Why Study Corporate finance?Management 管理Business strategy and financial strategy,understand how finance performance affects profitability 经营和金融策略、理解投融资能力对公司盈利能力的影响Personal finance 个人理财Budgeting,retirement planning,college planning,day-to-day

12、cash flow issues 预算，退休金计划、大学教育计划，日常现金流问题1-1-2222II.II.Forms of Business OrganizationForms of Business Organization1-1-2323Forms of Business OrganizationForms of Business Organization Three major formsSole proprietorship独资企业A business owned by one person.Partnership合伙制企业A business formed by two or mo

13、re individuals or entities.Corporation 公司制企业A corporation is a legal“person”separate and distinct from its owners.(公司是一个法人，区别于其所有者即股东)1-1-2424Sole proprietorship(Sole proprietorship(独资企业独资企业)AdvantagesEasiest to startLeast regulatedSingle owner keeps all of the profitsTaxed once as personal incomeDi

14、sadvantagesLimited to life of ownerEquity capital limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interest1-1-2525Sole proprietorship(Sole proprietorship(独资企业独资企业)优点优点 发起容易监管负担轻 唯一的所有者享有公司所有的利润只缴纳个人所得税缺点缺点所有者生命有限公司的权益资本受所有者个人财务的限制无限责任所有权利益流通性差1-1-2626Partnership(Partn

15、ership(合伙制企业合伙制企业)AdvantagesTwo or more ownersMore capital availableRelatively easy to startIncome taxed once as personal incomeDisadvantagesUnlimited liabilityGeneral partnershipLimited partnershipGeneral PartnerLimited PartnerPartnership dissolves when one partner dies or wishes to sellDifficult t

16、o transfer ownership1-1-2727Partnership(Partnership(合伙制企业合伙制企业)优点优点两个或两个以上的所有者公司资本数量不受单个所有者财富的限制发起相对容易只交纳个人所得税缺点缺点承担无限责任普通合伙制有限合伙制普通合伙人有限合伙人其中一个合伙人去世或者想要卖掉自己的股份时 合伙制企业宣布解散所有权利益流通性差1-1-2828Corporation(Corporation(公司制企业公司制企业)AdvantagesLimited liabilityUnlimited lifeSeparation of ownership and manageme

17、ntTransfer of ownership is easyEasier to raise capitalDisadvantagesDouble taxationSeparation of ownership and management agency problem 1-1-2929Corporation(Corporation(公司制企业公司制企业)优点优点承担有限责任公司的寿命无限所有权和经营权分离所有权可流通融资容易缺点缺点双重课税（公司所得税和个人股息分红所得税）所有权和经营权分离会带来代理问题1-1-3030III.III.The Agency Problem and The A

18、gency Problem and Control of the CorporationControl of the Corporation代理问题和公司治理代理问题和公司治理1-1-3131The Agency Problem(The Agency Problem(代理问题代理问题)Separation of ownership and management can be both an advantage and a disadvantageAdvantagesYou can benefit from ownership in several different businesses(di

19、versification)You can take advantage of the expertise of others(comparative advantage)It is easier to transfer ownershipDisadvantageAgency problems if management goals and owner goals are not aligned1-1-3232The Agency Problem(The Agency Problem(代理问题代理问题)所有权和经营权的分离有利有弊所有权和经营权的分离有利有弊优点优点从多种业务经营中受益(多元化

20、)可以充分利用专业化的优势(竞争优势)所有权容易转移缺点缺点管理者和股东利益不一致的时候就会出现代理问题1-1-3333The Agency ProblemThe Agency ProblemAgency relationship代理关系代理关系Principal hires an agent to represent its interests 委托人雇佣代理人代表自己的利益去做一些事情Stockholders(principals)hire managers(agents)to run the company 公司内部即股东雇佣经理人运营公司Agency problem代理问题代理问题Co

21、nflict of interest between principal and agent 委托人和代理人之间发生利益冲突For example,stockholder vs.managers 例如，股东和管理者1-1-3434Corporate GovernanceCorporate Governance公司治理公司治理用以解决代理问题用以解决代理问题方法：管理层激励、内部控制、外部的并购威方法：管理层激励、内部控制、外部的并购威胁、其他的利益相关人监督胁、其他的利益相关人监督Managerial compensation管理层激励管理层激励Incentives can be used t

22、o align management and stockholder interests 激励可以使得管理层和股东的利益密切相关 1-1-3535Corporate GovernanceCorporate Governance公司治理公司治理The incentives need to be structured carefully to make sure that they achieve their goal 激励计划要谨慎执行才能确保达到原定目标激励计划要谨慎执行才能确保达到原定目标Tying bonuses to profits might encourage management

23、to pursue short-run profits and forgo projects that require a large initial outlay.将红利和利润挂钩可能会激励管理层追逐短期利润，而牺牲那些需要较高的期初投资的项目。Stock options may work,but there may be an optimal level of insider ownership.股票期权或许能起作用，但内部人持股比例也许并非越高越好。1-1-3636Corporate GovernanceCorporate GovernanceCorporate control公司控制公

24、司控制Why the threat of a takeover might make managers work toward the goals of stockholders?1-1-3737CorporateCorporate GovernanceGovernanceOther stakeholders such as banksThey can provide a valuable monitoring tool,but they can also try to force the firm to do things that are not in the owners best in

25、terest.他们可以对公司的运营实施较好的监督，但是他们也可能逼迫管理层做一些与其他股东利益相悖的决策1-1-3838IV.IV.财务管理的目标财务管理的目标What should be the goal of a corporation?Survive生存?Avoid financial distress and bankruptcy避免财务危机和破产？Beat the competition 击败竞争对手？Maximize profit 利润最大化？Minimize costs成本最小化？Maximize market share市场份额最大化？Maintain steady earni

26、ngs growth保持稳定增长?1-1-3939IV.IV.财务管理的目标财务管理的目标刚才list的goals可分为2类：一种是与盈利性相关，包括sales，market share，cost control；另一类是与避免破产、安全、稳定、控制风险有关但这两类目标一定程度上是互斥的：追求利润的同时需要承担风险，不可能同时最大化利润和安全度。我们需要的是一个可以同时考虑两者的目标Maximize the current value of the companys stock 最大化公司股票的当前价值1-1-4040Cash flowfrom firm(C)V.Financial Marke

27、tsV.Financial MarketsTaxes(D)GovernmentRetained cash flows(F)Investsin assets(B)Dividends anddebt payments(E)Current assetsFixed assetsShort-term debtLong-term debtEquity sharesUltimately,the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the fin

28、ancial markets.Firm Firm issues securities(A)Financial market1-1-4141企业现金流(C)V.V.金融市场与企业金融市场与企业税收(D)政府留存收益(F)Investsin assets(B)支付股利和债券本利(E)Current assetsFixed assetsShort-term debtLong-term debtEquity shares企业最终必须能产生现金流企业经营活动产生的现金流必须多于从金融市场获得的。企业企业发行证券(A)金融市场1-1-4242Financial MarketsFinancial Marke

29、tsFirmsInvestorsSecondary Market二级市场moneysecuritiesSueBobStocks and BondsMoneyPrimary Market一级市场1-1-4343金融市场金融市场金融市场金融市场企业投资者 二级市场(流通交易)货币证券SueBob股票和债券货币 一级市场(发行)1-1-4444金融市场金融市场Primary Market一级市场Issuance of a security for the first time 证券首次发行的市场Secondary Markets二级市场Buying and selling of previously

30、 issued securities 进行已发行证券买卖的市场Securities may be traded in either a dealer or auction market 证券通过经纪人或竞价交易1-1-4545Identification of cash flowIdentification of cash flowAccounting profit vs.cash flowsExampleA company,sell gold,buy 90w,sell 100wProfit:sales(100w)-cost(90w)=profit(10w)Cash flow:Assume a

31、ll sale are credit sale and all cost are paid in cashCash inflow(0)-cash outflow(90w)=net cash flow(-90w)1-1-4646Timing of cash flowsTiming of cash flowsOne of the most important principal in finance is people prefer to receive earlier cash flows rather than later.One dollar received today is worth

32、more than one dollar received next year.1-1-4747Cash flow timing exampleCash flow timing exampleTwo products,both will provide additional cash flows over a 4-year periodInitial cost:10,000Year Product A Product B1 0 40002 0 40003 0 40004 20000 4000Which one is better?1-1-4848Risk of cash flowsRisk o

33、f cash flows某公司考虑拓展海外市场：欧洲或者日本 悲观 最可能情况 乐观 欧洲 75000 100000 125000 日本 0 150000 200000 如果不考虑悲观情形，日本是最佳选择。但如果三种情形都可能发生，选择哪个国家？1-1-4949财务报表分析2.Interpreting Financial 2.Interpreting Financial StatementsStatements1-1-5050OutlineOutlineI.The Balance Sheet资产负债表II.The Income Statement利润表III.Cash Flow Stateme

34、nt现金流量表IV.Financial Statement and the Value Problem 财务报表和证券估值1-1-5151I.The Balance Sheet(I.The Balance Sheet(资产负债表资产负债表)资产负债表是公司的财务快照，反映了企业在某一时点所拥有的全部资产和与之相对应的全部要求权Assets are listed(上市)in order of increasing liquidity(流动性)Ease of conversion(转换)to cash without significant loss of valueBalance Sheet I

35、dentity(恒等式)Assets=Liabilities+Stockholders Equity1-1-5252Figure 1Figure 1Results of Mgrs Results of Mgrs Investment decisions(投资决策)Financing decisions(融资决策)1-1-5353Financial Statements Financial Statements Balance SheetBalance SheetAssets12/31/0712/31/08changecash400500100marketable securities可交易证券

36、100500400accounts receivable 应收账款 1,5001,200(300)Inventories存货1,5001,800300current assets流动资产3,5004,000500gross plant and equipment 厂房与机器设备原值9,00010,0001,000 accumulated depreciation累计折旧3,5004,000500Net plant and equipment 厂房与机器设备净值 5,5006,000500total assets9,00010,0001,0001-1-5454Financial Statemen

37、ts Financial Statements-Balance Sheet-Balance SheetLiabilities12/31/0712/31/08changeaccounts payable应付账款6001,000400notes payable at 10%应付票据2002000Accruals应计负债300800500current liabilities短期负债1,1002,000900deferred taxes 递延税9001,000100long term debt at 10%长期负债2,4002,000(400)stockholders equity common s

38、tock普通股2,0002,0000 retained earnings留存收益2,6003,000400total stockholders equity4,6005,000400total liabilities and shareholders equity9,00010,0001,0001-1-5555Balance Sheet AnalysisBalance Sheet Analysis When analyzing a balance sheet,the Finance Manager should be aware of(注意)three concerns(三个问题):1.Liq

39、uidity(流动性)2.Debt versus equity(负债与权益)3.Value versus cost(价值与成本)1-1-5656LiquidityLiquidity Refers to(指的是)the ease and quickness(难易程度和速度)with which assets can be converted to cashwithout a significant loss in value(以最小的损失)。Current assets are the most liquid.The more liquid a firms assets,the less lik

40、ely the firm is to experience problems meeting short-term obligations.企业资产流动性越强，则其短期负债违约的可能性就月底。Liquid assets frequently have lower rates of return(收益率)than fixed assets(固定资产).1-1-5757DebtDebt versusversus EquityEquityCreditors generally receive the first claim on the firms cash flow.债权人对于公司的现金流有优先分

41、配请求权。Shareholders equity is the residual difference between assets and liabilities.所有者权益是资产与负债之间的差额 (股东享有剩余财产分配权)1-1-5858ValueValue versusversus CostCostUnder Generally Accepted Accounting Principles(GAAP公认会计准则),audited financial statements of firms in the U.S.carry assets at cost(资产按成本计价).Market va

42、lue is the price at which the assets,liabilities,and equity could actually be bought or sold,which is a completely different concept from historical cost.市场价值是指资产、负债和权益在市场上买卖的价格，与历史成本完全不同。1-1-5959II.Income Statement(II.Income Statement(利润表利润表)The income statement is more like a video of the firms op

43、erations for a specified period of time.利润表是反映企业在一定会计期间经营成果的报表。You generally report revenues first and then deduct any expenses for the period.通常先报告总收益，然后从收益中扣除当期的成本费用。Net Sales-Cost of Goods Sold-Expenses-Taxes=Net Profit 销售收入-销售成本-各项费用-所得税=净利润1-1-6060Statement of income for the year ended 12/31/08

44、Statement of income for the year ended 12/31/08The operations section of the income statement reports the firms revenues and expenses from principal operations(主营业务).revenues 销售收益12,000 cost of sales销售成本6,800gross income毛利润5,200 marketing expense营销费用3,000 Selling,general and administrative expense 管

45、理费用等 600earnings before depreciation,interest and taxes1,600 depreciation 折旧500net operating income净经营利润1,100other income120earnings before interest and taxes(EBIT)息税前利润1,220 interest expense利息费用220earnings before taxes1,000 income taxes at 40%400net income600 dividends paid股利支付200addition to retain

46、ed earnings留存收益增加4001-1-6161The non-operating section of the income statement includes all financing costs,such as interest expense.Statement of income for the year ended 12/31/08Statement of income for the year ended 12/31/08revenues 销售收益12,000 cost of sales销售成本6,800gross income毛利润5,200 marketing e

47、xpense销售费用3,000 Selling,general and administrative expense 管理费用等 600earnings before depreciation,interest and taxes1,600 depreciation 折旧500net operating income净经营利润1,100other income120earnings before interest and taxes(EBIT)息税前利润1,220 interest expense利息费用220earnings before taxes1,000 income taxes at

48、 40%400net income600 dividends paid股利支付200addition to retained earnings留存收益增加4001-1-6262Usually a separate section reports the amount of taxes levied on income.Statement of income for the year ended 12/31/08Statement of income for the year ended 12/31/08*Deferred tax:100Return to P39revenues 销售收益12,

49、000 cost of sales销售成本6,800gross income毛利润5,200 marketing expense销售费用3,000 Selling,general and administrative expense 管理费用等 600earnings before depreciation,interest and taxes1,600 depreciation 折旧500net operating income净经营利润1,100other income120earnings before interest and taxes(EBIT)息税前利润1,220 interes

50、t expense利息费用220earnings before taxes1,000 income taxes at 40%400net income600 dividends paid股利支付200addition to retained earnings留存收益增加4001-1-6363几个技术细节几个技术细节几个技术细节几个技术细节权责发生制(accrual accounting)会计利润的计量两个步骤Step1：确认会计期间的收入收入不等于收到的现金只要企业为获取收入而必须付出的工作已经实质上完成，并有理由相信款项能够得到偿付，就应该确认收入例如，赊销时，收入确认是在销售发生时，而不是